INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

Giverny Capital Inc.'s Holding History (CIK: 0001641864)

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

Q4 2015

Shares 96,001 Value ($000) $13,212 Avg Close $87.52 Range $82.31 - $94.87

Q3 2015

Shares 96,634 Value ($000) $14,009 Avg Close $95.35 Range $87.10 - $106.76

Q2 2015

Shares 94,506 Value ($000) $15,372 Avg Close $102.99 Range $96.57 - $107.49

Q1 2015

Shares 92,587 Value ($000) $14,860 Avg Close $96.47 Range $90.53 - $100.82

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	96,001	$13,212	$87.52	$82.31 - $94.87
Q3 2015	96,634	$14,009	$95.35	$87.10 - $106.76
Q2 2015	94,506	$15,372	$102.99	$96.57 - $107.49
Q1 2015	92,587	$14,860	$96.47	$90.53 - $100.82