SCHWEITZER-MAUDUIT INTL INC

Ticker: MATV CUSIP: 808541106 Class: Common Stock

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

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

Q1 2015

Shares 146,550 Value ($000) $6,759 Avg Close $25.78 Range $22.83 - $28.40

Q4 2014

Shares 292,050 Value ($000) $12,354 Avg Close $24.50 Range $20.85 - $26.08

Q3 2014

Shares 298,550 Value ($000) $12,333 Avg Close $24.92 Range $23.78 - $26.37

Q2 2014

Shares 308,850 Value ($000) $13,484 Avg Close $24.37 Range $22.46 - $25.83

Q1 2014

Shares 322,350 Value ($000) $13,729 Avg Close $26.23 Range $23.85 - $29.36

Q4 2013

Shares 333,100 Value ($000) $17,145 Avg Close $31.55 Range $27.35 - $36.16

Q3 2013

Shares 413,900 Value ($000) $25,053 Avg Close $32.03 Range $27.72 - $35.08

Q2 2013

Shares 424,300 Value ($000) $21,164 Avg Close $24.97 Range $21.52 - $29.03

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	146,550	$6,759	$25.78	$22.83 - $28.40
Q4 2014	292,050	$12,354	$24.50	$20.85 - $26.08
Q3 2014	298,550	$12,333	$24.92	$23.78 - $26.37
Q2 2014	308,850	$13,484	$24.37	$22.46 - $25.83
Q1 2014	322,350	$13,729	$26.23	$23.85 - $29.36
Q4 2013	333,100	$17,145	$31.55	$27.35 - $36.16
Q3 2013	413,900	$25,053	$32.03	$27.72 - $35.08
Q2 2013	424,300	$21,164	$24.97	$21.52 - $29.03