INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

Ruffer LLP's Holding History (CIK: 0001426859)

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

Q2 2016

Shares 1,550 Value ($000) $235 Avg Close $95.13 Range $90.08 - $99.15

Q1 2016

Shares 1,670 Value ($000) $253 Avg Close $84.07 Range $73.78 - $96.70

Q4 2015

Shares 1,670 Value ($000) $230 Avg Close $87.52 Range $82.31 - $94.87

Q3 2015

Shares 1,670 Value ($000) $242 Avg Close $95.35 Range $87.10 - $106.76

Q2 2015

Shares 46,174 Value ($000) $7,511 Avg Close $102.99 Range $96.57 - $107.49

Q1 2015

Shares 46,218 Value ($000) $7,419 Avg Close $96.47 Range $90.53 - $100.82

Q4 2014

Shares 109,664 Value ($000) $17,599 Avg Close $100.47 Range $91.12 - $114.79

Q3 2014

Shares 527,542 Value ($000) $100,180 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 1,003,939 Value ($000) $186,684 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 1,174,491 Value ($000) $226,342 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 1,389,016 Value ($000) $260,176 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 1,321,814 Value ($000) $247,691 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 819,565 Value ($000) $156,500 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	1,550	$235	$95.13	$90.08 - $99.15
Q1 2016	1,670	$253	$84.07	$73.78 - $96.70
Q4 2015	1,670	$230	$87.52	$82.31 - $94.87
Q3 2015	1,670	$242	$95.35	$87.10 - $106.76
Q2 2015	46,174	$7,511	$102.99	$96.57 - $107.49
Q1 2015	46,218	$7,419	$96.47	$90.53 - $100.82
Q4 2014	109,664	$17,599	$100.47	$91.12 - $114.79
Q3 2014	527,542	$100,180	$114.33	$108.62 - $117.41
Q2 2014	1,003,939	$186,684	$112.28	$107.17 - $118.40
Q1 2014	1,174,491	$226,342	$109.22	$101.79 - $116.27
Q4 2013	1,389,016	$260,176	$106.40	$101.46 - $111.01
Q3 2013	1,321,814	$247,691	$111.55	$106.48 - $117.56
Q2 2013	819,565	$156,500	$118.94	$109.29 - $125.13