INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

BLACKHILL CAPITAL INC's Holding History (CIK: 0000872162)

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

Q4 2014

Shares 3,439 Value ($000) $552 Avg Close $100.47 Range $91.12 - $114.79

Q3 2014

Shares 1,939 Value ($000) $368 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 1,939 Value ($000) $351 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 1,939 Value ($000) $373 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 1,939 Value ($000) $364 Avg Close $106.40 Range $101.46 - $111.01

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	3,439	$552	$100.47	$91.12 - $114.79
Q3 2014	1,939	$368	$114.33	$108.62 - $117.41
Q2 2014	1,939	$351	$112.28	$107.17 - $118.40
Q1 2014	1,939	$373	$109.22	$101.79 - $116.27
Q4 2013	1,939	$364	$106.40	$101.46 - $111.01