ALERT! REDUCE CORE POSITION IN BOOKING AT $2046.00

September 12, 2019

CHANGE TO CORE POSITION: REDUCE BOOKING AT $2046.00 (Current position size: 1.75% Regular Weight , previously Overweight at 2.625%)

JUSTIFICATION: In February we increased our core position in BKNG to overweight at $1763. Since then the shares have risen nicely and they are now fairly valued at $2046. We are now reducing this core position to Regular weight from Overweight.

WHO IS BOOKING HOLDINGS INC.: Booking Holdings Inc., formerly The Priceline Group Inc., is a provider of travel and restaurant online reservation and related services. The Company connects consumers wishing to make travel reservations with providers of travel services across the world. It offers consumers an array of accommodation reservations (including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties) through its Booking.com, priceline.com and agoda.com brands. Its other brands include KAYAK, Rentalcars.com and OpenTable, Inc. (OpenTable).