PAR Capital Management’s Intercontinental Exchange ICE Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q1	–	Sell	-225,000	Closed	-$12.7M	–	81
2016 Q4	$12.7M	Buy	225,000 +75,000	+50%	+$4.15M	0.17%	59
2016 Q3	$8.08M	Hold	150,000	–	–	0.12%	64
2016 Q2	$7.68M	Hold	150,000	–	–	0.13%	58
2016 Q1	$7.05M	Sell	150,000 -50,000	-25%	-$2.43M	0.11%	61
2015 Q4	$10.3M	Sell	200,000 -40,000	-17%	-$2.01M	0.19%	55
2015 Q3	$11.3M	Sell	240,000 -15,000	-6%	-$694K	0.24%	51
2015 Q2	$11.4M	Sell	255,000 -45,000	-15%	-$2.09M	0.26%	50
2015 Q1	$14M	Buy	300,000 +12,500	+4%	+$563K	0.32%	45
2014 Q4	$12.6M	Buy	287,500 +37,500	+15%	+$1.61M	0.29%	46
2014 Q3	$9.75M	Sell	250,000 -150,000	-38%	-$5.75M	0.26%	50
2014 Q2	$15.1M	Buy	400,000 +162,500	+68%	+$6.33M	0.42%	40
2014 Q1	$9.4M	Buy	+237,500	New	+$10M	0.28%	47