ZTO EXPRESS CAYMAN INC

Ticker: ZTO CUSIP: 98980A105 Class: Foreign Stock

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q3 2017

Shares 1,229,196 Value ($000) $17,258 Avg Close — Range —

Q2 2017

Shares 2,506,499 Value ($000) $34,991 Avg Close — Range —

Q1 2017

Shares 742,680 Value ($000) $9,722 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	1,229,196	$17,258	—	—
Q2 2017	2,506,499	$34,991	—	—
Q1 2017	742,680	$9,722	—	—