SM ENERGY CO

Ticker: SM CUSIP: 78454L100 Class: EQTY

MONTRUSCO BOLTON INVESTMENTS INC.'s Holding History (CIK: 0001475940)

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

Q1 2014

Shares 83,575 Value ($000) $5,958 Avg Close $69.50 Range $61.32 - $80.14

Q4 2013

Shares 45,232 Value ($000) $3,759 Avg Close $75.76 Range $68.11 - $83.50

Q3 2013

Shares 53,921 Value ($000) $4,162 Avg Close $61.42 Range $53.46 - $68.98

Q2 2013

Shares 75,882 Value ($000) $4,551 Avg Close $54.11 Range $49.06 - $58.20

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	83,575	$5,958	$69.50	$61.32 - $80.14
Q4 2013	45,232	$3,759	$75.76	$68.11 - $83.50
Q3 2013	53,921	$4,162	$61.42	$53.46 - $68.98
Q2 2013	75,882	$4,551	$54.11	$49.06 - $58.20