INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

HENDLEY & CO INC's Holding History (CIK: 0001084207)

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

Q1 2014

Shares 15,452 Value ($000) $2,974 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 15,927 Value ($000) $2,987 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 16,597 Value ($000) $3,073 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 16,762 Value ($000) $3,203 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	15,452	$2,974	$109.22	$101.79 - $116.27
Q4 2013	15,927	$2,987	$106.40	$101.46 - $111.01
Q3 2013	16,597	$3,073	$111.55	$106.48 - $117.56
Q2 2013	16,762	$3,203	$118.94	$109.29 - $125.13