INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

LOUDON INVESTMENT MANAGEMENT, LLC's Holding History (CIK: 0001597089)

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

Q4 2025

Shares 2,728 Value ($000) $808 Avg Close $298.78 Range $262.11 - $324.90

Q3 2025

Shares 2,728 Value ($000) $770 Avg Close $259.55 Range $232.08 - $292.01

Q2 2025

Shares 3,936 Value ($000) $1,160 Avg Close $253.82 Range $210.49 - $292.56

Q1 2025

Shares 4,279 Value ($000) $1,064 Avg Close $239.40 Range $209.20 - $261.47

Q4 2020

Shares 2,426 Value ($000) $305 Avg Close $93.41 Range $81.15 - $103.82

Q3 2020

Shares 2,758 Value ($000) $336 Avg Close $93.86 Range $87.12 - $99.96

Q2 2020

Shares 3,158 Value ($000) $381 Avg Close $91.40 Range $78.00 - $102.76

Q1 2020

Shares 4,906 Value ($000) $544 Avg Close $98.28 Range $67.58 - $117.24

Q4 2019

Shares 5,237 Value ($000) $702 Avg Close $99.90 Range $95.55 - $107.55

Q3 2019

Shares 5,512 Value ($000) $802 Avg Close $102.47 Range $94.04 - $110.34

Q2 2019

Shares 5,512 Value ($000) $760 Avg Close $98.62 Range $91.51 - $103.66

Q1 2019

Shares 5,847 Value ($000) $825 Avg Close $94.64 Range $78.71 - $101.33

Q4 2018

Shares 6,292 Value ($000) $715 Avg Close $87.95 Range $74.66 - $107.42

Q3 2018

Shares 10,165 Value ($000) $1,537 Avg Close $101.25 Range $95.14 - $106.71

Q2 2018

Shares 10,165 Value ($000) $1,420 Avg Close $99.95 Range $94.63 - $110.30

Q1 2018

Shares 10,227 Value ($000) $1,569 Avg Close $107.30 Range $98.32 - $115.38

Q4 2017

Shares 10,568 Value ($000) $1,621 Avg Close $102.11 Range $96.94 - $108.49

Q3 2017

Shares 12,148 Value ($000) $1,762 Avg Close $96.87 Range $92.88 - $103.07

Q2 2017

Shares 13,384 Value ($000) $2,059 Avg Close $103.77 Range $98.95 - $115.36

Q1 2017

Shares 13,427 Value ($000) $2,338 Avg Close $114.39 Range $107.32 - $119.58

Q4 2016

Shares 15,182 Value ($000) $2,520 Avg Close $103.05 Range $95.06 - $110.31

Q3 2016

Shares 15,176 Value ($000) $2,411 Avg Close $101.76 Range $95.61 - $106.13

Q2 2016

Shares 15,343 Value ($000) $2,329 Avg Close $95.13 Range $90.08 - $99.15

Q1 2016

Shares 17,280 Value ($000) $2,617 Avg Close $84.07 Range $73.78 - $96.70

Q4 2015

Shares 14,479 Value ($000) $1,993 Avg Close $87.52 Range $82.31 - $94.87

Q3 2015

Shares 18,975 Value ($000) $2,751 Avg Close $95.35 Range $87.10 - $106.76

Q2 2015

Shares 28,028 Value ($000) $4,559 Avg Close $102.99 Range $96.57 - $107.49

Q1 2015

Shares 10,934 Value ($000) $1,755 Avg Close $96.47 Range $90.53 - $100.82

Q4 2014

Shares 4,854 Value ($000) $779 Avg Close $100.47 Range $91.12 - $114.79

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	2,728	$808	$298.78	$262.11 - $324.90
Q3 2025	2,728	$770	$259.55	$232.08 - $292.01
Q2 2025	3,936	$1,160	$253.82	$210.49 - $292.56
Q1 2025	4,279	$1,064	$239.40	$209.20 - $261.47
Q4 2020	2,426	$305	$93.41	$81.15 - $103.82
Q3 2020	2,758	$336	$93.86	$87.12 - $99.96
Q2 2020	3,158	$381	$91.40	$78.00 - $102.76
Q1 2020	4,906	$544	$98.28	$67.58 - $117.24
Q4 2019	5,237	$702	$99.90	$95.55 - $107.55
Q3 2019	5,512	$802	$102.47	$94.04 - $110.34
Q2 2019	5,512	$760	$98.62	$91.51 - $103.66
Q1 2019	5,847	$825	$94.64	$78.71 - $101.33
Q4 2018	6,292	$715	$87.95	$74.66 - $107.42
Q3 2018	10,165	$1,537	$101.25	$95.14 - $106.71
Q2 2018	10,165	$1,420	$99.95	$94.63 - $110.30
Q1 2018	10,227	$1,569	$107.30	$98.32 - $115.38
Q4 2017	10,568	$1,621	$102.11	$96.94 - $108.49
Q3 2017	12,148	$1,762	$96.87	$92.88 - $103.07
Q2 2017	13,384	$2,059	$103.77	$98.95 - $115.36
Q1 2017	13,427	$2,338	$114.39	$107.32 - $119.58
Q4 2016	15,182	$2,520	$103.05	$95.06 - $110.31
Q3 2016	15,176	$2,411	$101.76	$95.61 - $106.13
Q2 2016	15,343	$2,329	$95.13	$90.08 - $99.15
Q1 2016	17,280	$2,617	$84.07	$73.78 - $96.70
Q4 2015	14,479	$1,993	$87.52	$82.31 - $94.87
Q3 2015	18,975	$2,751	$95.35	$87.10 - $106.76
Q2 2015	28,028	$4,559	$102.99	$96.57 - $107.49
Q1 2015	10,934	$1,755	$96.47	$90.53 - $100.82
Q4 2014	4,854	$779	$100.47	$91.12 - $114.79