NEW GOLD INC CDA

Ticker: NGD CUSIP: 644535106 Class: COM

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

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

Q3 2018

Shares 230,000 Value ($000) $182 Avg Close $1.29 Range $0.75 - $2.18

Q2 2018

Shares 230,000 Value ($000) $478 Avg Close $2.31 Range $2.00 - $2.66

Q1 2018

Shares 230,000 Value ($000) $593 Avg Close $2.81 Range $2.28 - $3.56

Q4 2017

Shares 160,000 Value ($000) $526 Avg Close $3.36 Range $2.93 - $4.03

Q3 2017

Shares 87,500 Value ($000) $325 Avg Close $3.45 Range $2.77 - $4.25

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2018	230,000	$182	$1.29	$0.75 - $2.18
Q2 2018	230,000	$478	$2.31	$2.00 - $2.66
Q1 2018	230,000	$593	$2.81	$2.28 - $3.56
Q4 2017	160,000	$526	$3.36	$2.93 - $4.03
Q3 2017	87,500	$325	$3.45	$2.77 - $4.25