CIPHER PHARMACEUTICALS INC

Ticker: CPHRF CUSIP: 17253X105 Class: COM

MONTRUSCO BOLTON INVESTMENTS INC.'s Holding History (CIK: 0001475940)

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

Q3 2016

Shares 2,267,387 Value ($000) $8,661 Avg Close $4.56 Range $3.55 - $5.73

Q2 2016

Shares 2,272,032 Value ($000) $11,809 Avg Close $5.70 Range $4.72 - $6.37

Q1 2016

Shares 2,313,061 Value ($000) $11,159 Avg Close $4.39 Range $3.56 - $5.49

Q4 2015

Shares 2,358,410 Value ($000) $11,019 Avg Close $4.32 Range $3.57 - $5.60

Q3 2015

Shares 1,920,607 Value ($000) $7,091 Avg Close $6.95 Range $3.55 - $10.25

Q2 2015

Shares 1,698,726 Value ($000) $14,518 Avg Close $9.96 Range $8.52 - $12.33

Q1 2015

Shares 1,398,292 Value ($000) $12,664 Avg Close $12.59 Range $9.07 - $15.28

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	2,267,387	$8,661	$4.56	$3.55 - $5.73
Q2 2016	2,272,032	$11,809	$5.70	$4.72 - $6.37
Q1 2016	2,313,061	$11,159	$4.39	$3.56 - $5.49
Q4 2015	2,358,410	$11,019	$4.32	$3.57 - $5.60
Q3 2015	1,920,607	$7,091	$6.95	$3.55 - $10.25
Q2 2015	1,698,726	$14,518	$9.96	$8.52 - $12.33
Q1 2015	1,398,292	$12,664	$12.59	$9.07 - $15.28