Elm Ridge Management’s International Paper IP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-335,217	Closed	-$15.8M	–	34
2014 Q2	$15.8M	Buy	+335,217	New	+$15.8M	1.49%	28