Pretty sure it's photoshopped. Ring binder into picture and then a few filters on top.
For once, her hand or fingers are missing, so it looks like the paper is floating.
The second is the alignment of the paper doesn't match how she's holding it. The paper looks like it's been photographed from above, you can see this on the rings on the top. All rings are pointing inwards of the paper, which shouldn't be the case if she holds it at an angle.