RAYONIER ADVANCED MATLS INC

Ticker: RYAM CUSIP: 75508B104 Class: COM

KESTREL INVESTMENT MANAGEMENT CORP's Holding History (CIK: 0000917579)

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

Q2 2015

Shares 265,675 Value ($000) $4,320 Avg Close $16.47 Range $14.71 - $19.64

Q1 2015

Shares 521,925 Value ($000) $7,777 Avg Close $18.22 Range $14.43 - $24.01

Q4 2014

Shares 544,625 Value ($000) $12,145 Avg Close $26.45 Range $21.37 - $33.50

Q3 2014

Shares 431,575 Value ($000) $14,203 Avg Close $35.09 Range $28.65 - $44.18

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	265,675	$4,320	$16.47	$14.71 - $19.64
Q1 2015	521,925	$7,777	$18.22	$14.43 - $24.01
Q4 2014	544,625	$12,145	$26.45	$21.37 - $33.50
Q3 2014	431,575	$14,203	$35.09	$28.65 - $44.18