INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q1 2014

Shares 22,883 Value ($000) $4,405 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 19,713 Value ($000) $3,698 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 15,193 Value ($000) $2,813 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 12,961 Value ($000) $2,477 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	22,883	$4,405	$109.22	$101.79 - $116.27
Q4 2013	19,713	$3,698	$106.40	$101.46 - $111.01
Q3 2013	15,193	$2,813	$111.55	$106.48 - $117.56
Q2 2013	12,961	$2,477	$118.94	$109.29 - $125.13