MERCER INTL INC

Ticker: MERC CUSIP: 588056101 Class: COM

PLATINUM INVESTMENT MANAGEMENT LTD's Holding History (CIK: 0001256071)

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

Q4 2014

Shares 3,548,112 Value ($000) $43,606 Avg Close $8.23 Range $6.27 - $9.55

Q3 2014

Shares 6,846,979 Value ($000) $66,758 Avg Close $6.97 Range $6.15 - $7.74

Q2 2014

Shares 7,900,171 Value ($000) $82,951 Avg Close $5.91 Range $4.80 - $7.15

Q1 2014

Shares 7,900,171 Value ($000) $59,251 Avg Close $6.19 Range $4.78 - $6.75

Q4 2013

Shares 7,900,171 Value ($000) $78,764 Avg Close $6.05 Range $4.78 - $7.16

Q3 2013

Shares 7,666,671 Value ($000) $54,356 Avg Close $4.69 Range $4.22 - $5.32

Q2 2013

Shares 7,666,671 Value ($000) $49,986 Avg Close $4.47 Range $3.98 - $4.80

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	3,548,112	$43,606	$8.23	$6.27 - $9.55
Q3 2014	6,846,979	$66,758	$6.97	$6.15 - $7.74
Q2 2014	7,900,171	$82,951	$5.91	$4.80 - $7.15
Q1 2014	7,900,171	$59,251	$6.19	$4.78 - $6.75
Q4 2013	7,900,171	$78,764	$6.05	$4.78 - $7.16
Q3 2013	7,666,671	$54,356	$4.69	$4.22 - $5.32
Q2 2013	7,666,671	$49,986	$4.47	$3.98 - $4.80