INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

Telemark Asset Management, LLC's Holding History (CIK: 0001420816)

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

Q1 2017

Shares 80,000 Value ($000) $13,931 Avg Close $114.39 Range $107.32 - $119.58

Q4 2016

Shares 100,000 Value ($000) $16,599 Avg Close $103.05 Range $95.06 - $110.31

Q1 2016

Shares 250,000 Value ($000) $37,863 Avg Close $84.07 Range $73.78 - $96.70

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	80,000	$13,931	$114.39	$107.32 - $119.58
Q4 2016	100,000	$16,599	$103.05	$95.06 - $110.31
Q1 2016	250,000	$37,863	$84.07	$73.78 - $96.70