INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

EULAV Asset Management's Holding History (CIK: 0001540826)

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

Q3 2014

Shares 14,000 Value ($000) $2,658 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 15,000 Value ($000) $2,719 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 27,000 Value ($000) $5,197 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 27,000 Value ($000) $5,064 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 26,000 Value ($000) $4,815 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 26,000 Value ($000) $4,969 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	14,000	$2,658	$114.33	$108.62 - $117.41
Q2 2014	15,000	$2,719	$112.28	$107.17 - $118.40
Q1 2014	27,000	$5,197	$109.22	$101.79 - $116.27
Q4 2013	27,000	$5,064	$106.40	$101.46 - $111.01
Q3 2013	26,000	$4,815	$111.55	$106.48 - $117.56
Q2 2013	26,000	$4,969	$118.94	$109.29 - $125.13