RAYONIER ADVANCED MATLS INC

Ticker: RYAM CUSIP: 75508B104 Class: COM

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q4 2015

Shares 20,800 Value ($000) $204 Avg Close $9.32 Range $6.13 - $13.01

Q3 2015

Shares 26,500 Value ($000) $162 Avg Close $10.12 Range $5.75 - $16.35

Q2 2015

Shares 18,182 Value ($000) $296 Avg Close $16.47 Range $14.71 - $19.64

Q4 2014

Shares 18,519 Value ($000) $413 Avg Close $26.45 Range $21.37 - $33.50

Q3 2014

Shares 53,000 Value ($000) $1,744 Avg Close $35.09 Range $28.65 - $44.18

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	20,800	$204	$9.32	$6.13 - $13.01
Q3 2015	26,500	$162	$10.12	$5.75 - $16.35
Q2 2015	18,182	$296	$16.47	$14.71 - $19.64
Q4 2014	18,519	$413	$26.45	$21.37 - $33.50
Q3 2014	53,000	$1,744	$35.09	$28.65 - $44.18