CIPHER PHARMACEUTICALS INC

Ticker: CPHRF CUSIP: 17253X105 Class: COM

Ativo Capital Management LLC's Holding History (CIK: 0001423065)

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

Q2 2015

Shares 49,500 Value ($000) $458 Avg Close $9.96 Range $8.52 - $12.33

Q1 2015

Shares 46,579 Value ($000) $422 Avg Close $12.59 Range $9.07 - $15.28

Q4 2014

Shares 53,585 Value ($000) $759 Avg Close $12.70 Range $9.06 - $18.00

Q1 2014

Shares 74,900 Value ($000) $516 Avg Close $6.85 Range $6.29 - $7.89

Q4 2013

Shares 65,700 Value ($000) $483 Avg Close $7.48 Range $6.07 - $8.78

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	49,500	$458	$9.96	$8.52 - $12.33
Q1 2015	46,579	$422	$12.59	$9.07 - $15.28
Q4 2014	53,585	$759	$12.70	$9.06 - $18.00
Q1 2014	74,900	$516	$6.85	$6.29 - $7.89
Q4 2013	65,700	$483	$7.48	$6.07 - $8.78