UNITED GUARDIAN INC

Ticker: UG CUSIP: 910571108 Class: COM

BNP PARIBAS ARBITRAGE, SA's Holding History (CIK: 0001166588)

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

Q2 2014

Shares 140 Value ($000) $4,004 Avg Close $30.62 Range $26.66 - $35.25

Q1 2014

Shares 140 Value ($000) $4,340 Avg Close $28.14 Range $26.60 - $29.58

Q4 2013

Shares 140 Value ($000) $3,937 Avg Close $25.82 Range $24.25 - $29.99

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	140	$4,004	$30.62	$26.66 - $35.25
Q1 2014	140	$4,340	$28.14	$26.60 - $29.58
Q4 2013	140	$3,937	$25.82	$24.25 - $29.99