CIPHER PHARMACEUTICALS INC

Ticker: CPHRF CUSIP: 17253X105 Class: COM

RAFFLES ASSOCIATES LP's Holding History (CIK: 0001169581)

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

Q2 2016

Shares 447,800 Value ($000) $2,338 Avg Close $5.70 Range $4.72 - $6.37

Q1 2016

Shares 447,800 Value ($000) $2,125 Avg Close $4.39 Range $3.56 - $5.49

Q4 2015

Shares 447,800 Value ($000) $2,096 Avg Close $4.32 Range $3.57 - $5.60

Q3 2015

Shares 447,800 Value ($000) $1,659 Avg Close $6.95 Range $3.55 - $10.25

Q2 2015

Shares 447,800 Value ($000) $3,833 Avg Close $9.96 Range $8.52 - $12.33

Q1 2015

Shares 447,800 Value ($000) $4,057 Avg Close $12.59 Range $9.07 - $15.28

Q4 2014

Shares 540,300 Value ($000) $7,801 Avg Close $12.70 Range $9.06 - $18.00

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	447,800	$2,338	$5.70	$4.72 - $6.37
Q1 2016	447,800	$2,125	$4.39	$3.56 - $5.49
Q4 2015	447,800	$2,096	$4.32	$3.57 - $5.60
Q3 2015	447,800	$1,659	$6.95	$3.55 - $10.25
Q2 2015	447,800	$3,833	$9.96	$8.52 - $12.33
Q1 2015	447,800	$4,057	$12.59	$9.07 - $15.28
Q4 2014	540,300	$7,801	$12.70	$9.06 - $18.00