UNITEDHEALTH GROUP INC

Ticker: UNH CUSIP: 91324P102 Class: Common Stock

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

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

Q1 2016

Shares 9,300 Value ($000) $1,199 Avg Close $100.90 Range $91.59 - $112.15

Q4 2015

Shares 9,300 Value ($000) $1,094 Avg Close $99.29 Range $92.98 - $106.88

Q3 2015

Shares 9,300 Value ($000) $1,079 Avg Close $101.20 Range $80.24 - $106.60

Q2 2015

Shares 10,900 Value ($000) $1,330 Avg Close $99.59 Range $93.46 - $104.83

Q1 2015

Shares 12,200 Value ($000) $1,443 Avg Close $93.18 Range $82.54 - $104.09

Q4 2014

Shares 13,023 Value ($000) $1,316 Avg Close $79.25 Range $67.41 - $87.18

Q3 2014

Shares 13,023 Value ($000) $1,123 Avg Close $70.34 Range $65.48 - $74.09

Q2 2014

Shares 13,160 Value ($000) $1,076 Avg Close $65.19 Range $60.93 - $68.74

Q1 2014

Shares 13,160 Value ($000) $1,079 Avg Close $62.13 Range $57.38 - $68.96

Q4 2013

Shares 13,160 Value ($000) $991 Avg Close $59.09 Range $54.82 - $62.30

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	9,300	$1,199	$100.90	$91.59 - $112.15
Q4 2015	9,300	$1,094	$99.29	$92.98 - $106.88
Q3 2015	9,300	$1,079	$101.20	$80.24 - $106.60
Q2 2015	10,900	$1,330	$99.59	$93.46 - $104.83
Q1 2015	12,200	$1,443	$93.18	$82.54 - $104.09
Q4 2014	13,023	$1,316	$79.25	$67.41 - $87.18
Q3 2014	13,023	$1,123	$70.34	$65.48 - $74.09
Q2 2014	13,160	$1,076	$65.19	$60.93 - $68.74
Q1 2014	13,160	$1,079	$62.13	$57.38 - $68.96
Q4 2013	13,160	$991	$59.09	$54.82 - $62.30