MERCER INTL INC

Ticker: MERC CUSIP: 588056101 Class: COM

LEUTHOLD GROUP, LLC's Holding History (CIK: 0001170152)

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

Q1 2016

Shares 52,373 Value ($000) $495 Avg Close $5.61 Range $4.13 - $6.69

Q4 2015

Shares 60,905 Value ($000) $551 Avg Close $7.02 Range $6.04 - $8.01

Q3 2015

Shares 66,183 Value ($000) $664 Avg Close $7.99 Range $6.49 - $9.64

Q2 2015

Shares 77,831 Value ($000) $1,065 Avg Close $9.73 Range $8.82 - $10.82

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	52,373	$495	$5.61	$4.13 - $6.69
Q4 2015	60,905	$551	$7.02	$6.04 - $8.01
Q3 2015	66,183	$664	$7.99	$6.49 - $9.64
Q2 2015	77,831	$1,065	$9.73	$8.82 - $10.82