PHILIP MORRIS INTL INC

Ticker: PM CUSIP: 718172109 Class: Common Stock

ASHFORD CAPITAL MANAGEMENT INC's Holding History (CIK: 0000897070)

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

Q4 2014

Shares 2,727 Value ($000) $222 Avg Close $49.22 Range $46.45 - $51.65

Q3 2014

Shares 2,727 Value ($000) $227 Avg Close $47.89 Range $45.93 - $49.13

Q2 2014

Shares 2,727 Value ($000) $230 Avg Close $48.23 Range $45.73 - $51.29

Q1 2014

Shares 2,727 Value ($000) $223 Avg Close $44.74 Range $41.65 - $48.24

Q4 2013

Shares 3,373 Value ($000) $294 Avg Close $47.83 Range $45.86 - $50.23

Q3 2013

Shares 3,373 Value ($000) $292 Avg Close $47.38 Range $44.86 - $49.49

Q2 2013

Shares 3,373 Value ($000) $292 Avg Close $49.85 Range $46.13 - $51.86

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	2,727	$222	$49.22	$46.45 - $51.65
Q3 2014	2,727	$227	$47.89	$45.93 - $49.13
Q2 2014	2,727	$230	$48.23	$45.73 - $51.29
Q1 2014	2,727	$223	$44.74	$41.65 - $48.24
Q4 2013	3,373	$294	$47.83	$45.86 - $50.23
Q3 2013	3,373	$292	$47.38	$44.86 - $49.49
Q2 2013	3,373	$292	$49.85	$46.13 - $51.86