UNITED AIRLS HLDGS INC

Ticker: UAL CUSIP: 910047109 Class: COM

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q2 2017

Shares 1,380,202 Value ($000) $103,860 Avg Close $75.50 Range $67.55 - $83.04

Q1 2017

Shares 1,724,458 Value ($000) $121,816 Avg Close $72.28 Range $64.16 - $76.75

Q4 2016

Shares 2,135,914 Value ($000) $155,665 Avg Close $63.72 Range $51.34 - $76.80

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2017	1,380,202	$103,860	$75.50	$67.55 - $83.04
Q1 2017	1,724,458	$121,816	$72.28	$64.16 - $76.75
Q4 2016	2,135,914	$155,665	$63.72	$51.34 - $76.80