INTERNATIONAL PAPER CO

Ticker: IP CUSIP: 460146103 Class: COM

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

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

Q4 2025

Shares 144,796 Value ($000) $5,704 Avg Close $40.85 Range $35.35 - $49.08

Q3 2025

Shares 142,796 Value ($000) $6,626 Avg Close $48.00 Range $43.94 - $54.91

Q2 2025

Shares 143,496 Value ($000) $6,720 Avg Close $45.98 Range $41.92 - $53.17

Q1 2025

Shares 142,996 Value ($000) $7,629 Avg Close $52.74 Range $47.11 - $57.79

Q4 2024

Shares 94,296 Value ($000) $5,075 Avg Close $51.32 Range $43.58 - $57.99

Q3 2024

Shares 101,848 Value ($000) $4,975 Avg Close $44.19 Range $39.87 - $48.30

Q2 2024

Shares 102,348 Value ($000) $4,416 Avg Close $38.08 Range $30.94 - $44.72

Q1 2024

Shares 100,548 Value ($000) $3,923 Avg Close $33.61 Range $30.12 - $38.52

Q4 2023

Shares 100,448 Value ($000) $3,631 Avg Close $31.96 Range $29.24 - $35.19

Q3 2023

Shares 101,948 Value ($000) $3,616 Avg Close $30.68 Range $27.58 - $33.33

Q2 2023

Shares 103,848 Value ($000) $3,303 Avg Close $29.09 Range $25.99 - $32.69

Q1 2023

Shares 106,648 Value ($000) $3,846 Avg Close $32.51 Range $29.50 - $36.54

Q4 2022

Shares 105,648 Value ($000) $3,659 Avg Close $29.99 Range $26.43 - $33.18

Q3 2022

Shares 106,848 Value ($000) $3,387 Avg Close $35.03 Range $26.81 - $38.92

Q2 2022

Shares 108,948 Value ($000) $4,557 Avg Close $39.31 Range $34.45 - $42.39

Q1 2022

Shares 108,348 Value ($000) $5,000 Avg Close $38.65 Range $34.14 - $41.56

Q4 2021

Shares 108,121 Value ($000) $5,080 Avg Close $41.02 Range $36.66 - $46.83

Q3 2021

Shares 103,069 Value ($000) $5,764 Avg Close $45.90 Range $42.96 - $48.74

Q2 2021

Shares 103,369 Value ($000) $6,338 Avg Close $46.63 Range $41.12 - $50.73

Q1 2021

Shares 104,769 Value ($000) $5,665 Avg Close $39.42 Range $35.46 - $43.93

Q4 2020

Shares 104,969 Value ($000) $5,219 Avg Close $35.85 Range $29.54 - $39.67

Q3 2020

Shares 107,669 Value ($000) $4,365 Avg Close $27.96 Range $24.51 - $32.53

Q2 2020

Shares 100,369 Value ($000) $3,534 Avg Close $24.80 Range $21.36 - $29.94

Q1 2020

Shares 89,973 Value ($000) $2,801 Avg Close $28.50 Range $19.32 - $33.68

Q4 2019

Shares 94,873 Value ($000) $4,369 Avg Close $31.89 Range $27.43 - $34.47

Q3 2019

Shares 94,473 Value ($000) $3,951 Avg Close $29.34 Range $26.08 - $32.62

Q2 2019

Shares 95,173 Value ($000) $4,123 Avg Close $31.37 Range $28.88 - $33.50

Q1 2019

Shares 115,373 Value ($000) $5,338 Avg Close $31.79 Range $27.31 - $33.69

Q4 2018

Shares 115,973 Value ($000) $4,681 Avg Close $30.46 Range $25.95 - $34.65

Q3 2018

Shares 121,873 Value ($000) $5,990 Avg Close $35.63 Range $33.53 - $37.56

Q2 2018

Shares 122,573 Value ($000) $6,384 Avg Close $36.35 Range $33.57 - $40.34

Q1 2018

Shares 121,573 Value ($000) $6,496 Avg Close $39.21 Range $33.60 - $44.58

Q4 2017

Shares 121,073 Value ($000) $7,015 Avg Close $37.59 Range $35.37 - $38.93

Q3 2017

Shares 125,273 Value ($000) $7,118 Avg Close $36.51 Range $33.86 - $38.57

Q2 2017

Shares 135,673 Value ($000) $7,680 Avg Close $34.75 Range $32.17 - $37.45

Q1 2017

Shares 135,073 Value ($000) $6,859 Avg Close $34.17 Range $32.18 - $37.84

Q4 2016

Shares 134,473 Value ($000) $7,135 Avg Close $31.25 Range $27.71 - $35.15

Q3 2016

Shares 143,461 Value ($000) $6,883 Avg Close $29.51 Range $25.89 - $31.75

Q2 2016

Shares 142,861 Value ($000) $6,054 Avg Close $26.29 Range $24.54 - $27.85

Q1 2016

Shares 141,561 Value ($000) $5,810 Avg Close $22.81 Range $20.01 - $26.25

Q4 2015

Shares 141,761 Value ($000) $5,344 Avg Close $24.89 Range $22.64 - $27.32

Q3 2015

Shares 150,961 Value ($000) $5,705 Avg Close $27.15 Range $22.61 - $29.90

Q2 2015

Shares 163,961 Value ($000) $7,803 Avg Close $31.50 Range $28.63 - $33.87

Q1 2015

Shares 163,161 Value ($000) $9,054 Avg Close $32.75 Range $30.57 - $34.72

Q4 2014

Shares 174,461 Value ($000) $9,348 Avg Close $30.67 Range $26.30 - $33.18

Q3 2014

Shares 175,061 Value ($000) $8,357 Avg Close $28.63 Range $27.61 - $30.49

Q2 2014

Shares 177,461 Value ($000) $8,956 Avg Close $27.05 Range $25.40 - $29.30

Q1 2014

Shares 179,061 Value ($000) $8,215 Avg Close $27.24 Range $25.46 - $28.54

Q4 2013

Shares 180,361 Value ($000) $8,843 Avg Close $26.03 Range $24.27 - $28.23

Q3 2013

Shares 181,361 Value ($000) $8,125 Avg Close $26.87 Range $24.85 - $28.29

Q2 2013

Shares 180,661 Value ($000) $8,005 Avg Close $25.91 Range $23.81 - $27.42

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	144,796	$5,704	$40.85	$35.35 - $49.08
Q3 2025	142,796	$6,626	$48.00	$43.94 - $54.91
Q2 2025	143,496	$6,720	$45.98	$41.92 - $53.17
Q1 2025	142,996	$7,629	$52.74	$47.11 - $57.79
Q4 2024	94,296	$5,075	$51.32	$43.58 - $57.99
Q3 2024	101,848	$4,975	$44.19	$39.87 - $48.30
Q2 2024	102,348	$4,416	$38.08	$30.94 - $44.72
Q1 2024	100,548	$3,923	$33.61	$30.12 - $38.52
Q4 2023	100,448	$3,631	$31.96	$29.24 - $35.19
Q3 2023	101,948	$3,616	$30.68	$27.58 - $33.33
Q2 2023	103,848	$3,303	$29.09	$25.99 - $32.69
Q1 2023	106,648	$3,846	$32.51	$29.50 - $36.54
Q4 2022	105,648	$3,659	$29.99	$26.43 - $33.18
Q3 2022	106,848	$3,387	$35.03	$26.81 - $38.92
Q2 2022	108,948	$4,557	$39.31	$34.45 - $42.39
Q1 2022	108,348	$5,000	$38.65	$34.14 - $41.56
Q4 2021	108,121	$5,080	$41.02	$36.66 - $46.83
Q3 2021	103,069	$5,764	$45.90	$42.96 - $48.74
Q2 2021	103,369	$6,338	$46.63	$41.12 - $50.73
Q1 2021	104,769	$5,665	$39.42	$35.46 - $43.93
Q4 2020	104,969	$5,219	$35.85	$29.54 - $39.67
Q3 2020	107,669	$4,365	$27.96	$24.51 - $32.53
Q2 2020	100,369	$3,534	$24.80	$21.36 - $29.94
Q1 2020	89,973	$2,801	$28.50	$19.32 - $33.68
Q4 2019	94,873	$4,369	$31.89	$27.43 - $34.47
Q3 2019	94,473	$3,951	$29.34	$26.08 - $32.62
Q2 2019	95,173	$4,123	$31.37	$28.88 - $33.50
Q1 2019	115,373	$5,338	$31.79	$27.31 - $33.69
Q4 2018	115,973	$4,681	$30.46	$25.95 - $34.65
Q3 2018	121,873	$5,990	$35.63	$33.53 - $37.56
Q2 2018	122,573	$6,384	$36.35	$33.57 - $40.34
Q1 2018	121,573	$6,496	$39.21	$33.60 - $44.58
Q4 2017	121,073	$7,015	$37.59	$35.37 - $38.93
Q3 2017	125,273	$7,118	$36.51	$33.86 - $38.57
Q2 2017	135,673	$7,680	$34.75	$32.17 - $37.45
Q1 2017	135,073	$6,859	$34.17	$32.18 - $37.84
Q4 2016	134,473	$7,135	$31.25	$27.71 - $35.15
Q3 2016	143,461	$6,883	$29.51	$25.89 - $31.75
Q2 2016	142,861	$6,054	$26.29	$24.54 - $27.85
Q1 2016	141,561	$5,810	$22.81	$20.01 - $26.25
Q4 2015	141,761	$5,344	$24.89	$22.64 - $27.32
Q3 2015	150,961	$5,705	$27.15	$22.61 - $29.90
Q2 2015	163,961	$7,803	$31.50	$28.63 - $33.87
Q1 2015	163,161	$9,054	$32.75	$30.57 - $34.72
Q4 2014	174,461	$9,348	$30.67	$26.30 - $33.18
Q3 2014	175,061	$8,357	$28.63	$27.61 - $30.49
Q2 2014	177,461	$8,956	$27.05	$25.40 - $29.30
Q1 2014	179,061	$8,215	$27.24	$25.46 - $28.54
Q4 2013	180,361	$8,843	$26.03	$24.27 - $28.23
Q3 2013	181,361	$8,125	$26.87	$24.85 - $28.29
Q2 2013	180,661	$8,005	$25.91	$23.81 - $27.42