UNITED AIRLS HLDGS INC

Ticker: UAL CUSIP: 910047109 Class: COM

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 75,000 Value ($000) $8,387 Avg Close $101.05 Range $88.55 - $116.32

Q2 2025

Shares 30,400 Value ($000) $2,421 Avg Close $73.67 Range $52.00 - $85.80

Q1 2025

Shares 11,400 Value ($000) $787 Avg Close $94.43 Range $64.11 - $116.00

Q3 2024

Shares 20,500 Value ($000) $1,170 Avg Close $46.29 Range $37.02 - $60.23

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	75,000	$8,387	$101.05	$88.55 - $116.32
Q2 2025	30,400	$2,421	$73.67	$52.00 - $85.80
Q1 2025	11,400	$787	$94.43	$64.11 - $116.00
Q3 2024	20,500	$1,170	$46.29	$37.02 - $60.23