SM ENERGY CO

Ticker: SM CUSIP: 78454L100 Class: EQTY

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q4 2013

Shares 4,047 Value ($000) $336 Avg Close $75.76 Range $68.11 - $83.50

Q3 2013

Shares 5,903 Value ($000) $456 Avg Close $61.42 Range $53.46 - $68.98

Q2 2013

Shares 6,018 Value ($000) $361 Avg Close $54.11 Range $49.06 - $58.20

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	4,047	$336	$75.76	$68.11 - $83.50
Q3 2013	5,903	$456	$61.42	$53.46 - $68.98
Q2 2013	6,018	$361	$54.11	$49.06 - $58.20