MERCER INTL INC

Ticker: MERC CUSIP: 588056101 Class: COM

PCJ Investment Counsel Ltd.'s Holding History (CIK: 0001426318)

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

Q3 2018

Shares 128,155 Value ($000) $2,153 Avg Close $13.50 Range $11.96 - $14.52

Q2 2018

Shares 270,000 Value ($000) $4,620 Avg Close $11.57 Range $9.37 - $13.74

Q1 2018

Shares 10,808 Value ($000) $135 Avg Close $10.28 Range $9.17 - $11.34

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2018	128,155	$2,153	$13.50	$11.96 - $14.52
Q2 2018	270,000	$4,620	$11.57	$9.37 - $13.74
Q1 2018	10,808	$135	$10.28	$9.17 - $11.34