INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

SCHARF INVESTMENTS, LLC's Holding History (CIK: 0001463746)

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

Q3 2014

Shares 631,183 Value ($000) $119,817 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 575,731 Value ($000) $104,363 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 542,880 Value ($000) $104,499 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 516,538 Value ($000) $96,887 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 5,404 Value ($000) $1,001 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 4,204 Value ($000) $803 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	631,183	$119,817	$114.33	$108.62 - $117.41
Q2 2014	575,731	$104,363	$112.28	$107.17 - $118.40
Q1 2014	542,880	$104,499	$109.22	$101.79 - $116.27
Q4 2013	516,538	$96,887	$106.40	$101.46 - $111.01
Q3 2013	5,404	$1,001	$111.55	$106.48 - $117.56
Q2 2013	4,204	$803	$118.94	$109.29 - $125.13