BAIDU INC

Ticker: BIDU CUSIP: 056752108 Class: SPON ADR REP A

ASHFORD CAPITAL MANAGEMENT INC's Holding History (CIK: 0000897070)

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

Q1 2015

Shares 1,000 Value ($000) $208 Avg Close — Range —

Q4 2014

Shares 1,000 Value ($000) $228 Avg Close — Range —

Q3 2014

Shares 1,000 Value ($000) $218 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	1,000	$208	—	—
Q4 2014	1,000	$228	—	—
Q3 2014	1,000	$218	—	—