INTERNATIONAL PAPER CO

Ticker: IP CUSIP: 460146103 Class: COM

Ruffer LLP's Holding History (CIK: 0001426859)

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

Q2 2016

Shares 25,454 Value ($000) $1,079 Avg Close $26.29 Range $24.54 - $27.85

Q1 2016

Shares 44,798 Value ($000) $1,839 Avg Close $22.81 Range $20.01 - $26.25

Q4 2015

Shares 51,560 Value ($000) $1,943 Avg Close $24.89 Range $22.64 - $27.32

Q3 2015

Shares 411,291 Value ($000) $15,541 Avg Close $27.15 Range $22.61 - $29.90

Q2 2015

Shares 572,435 Value ($000) $27,245 Avg Close $31.50 Range $28.63 - $33.87

Q1 2015

Shares 606,753 Value ($000) $33,672 Avg Close $32.75 Range $30.57 - $34.72

Q4 2014

Shares 9,353 Value ($000) $501 Avg Close $30.67 Range $26.30 - $33.18

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	25,454	$1,079	$26.29	$24.54 - $27.85
Q1 2016	44,798	$1,839	$22.81	$20.01 - $26.25
Q4 2015	51,560	$1,943	$24.89	$22.64 - $27.32
Q3 2015	411,291	$15,541	$27.15	$22.61 - $29.90
Q2 2015	572,435	$27,245	$31.50	$28.63 - $33.87
Q1 2015	606,753	$33,672	$32.75	$30.57 - $34.72
Q4 2014	9,353	$501	$30.67	$26.30 - $33.18