INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

Kerrisdale Advisers, LLC's Holding History (CIK: 0001569688)

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

Q4 2014

Shares 9,624 Value ($000) $1,544 Avg Close $100.47 Range $91.12 - $114.79

Q3 2014

Shares 9,873 Value ($000) $1,874 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 41,415 Value ($000) $7,507 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 11,166 Value ($000) $2,149 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 34,196 Value ($000) $6,363 Avg Close $106.40 Range $101.46 - $111.01

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	9,624	$1,544	$100.47	$91.12 - $114.79
Q3 2014	9,873	$1,874	$114.33	$108.62 - $117.41
Q2 2014	41,415	$7,507	$112.28	$107.17 - $118.40
Q1 2014	11,166	$2,149	$109.22	$101.79 - $116.27
Q4 2013	34,196	$6,363	$106.40	$101.46 - $111.01