CIPHER PHARMACEUTICALS INC

Ticker: CPHRF CUSIP: 17253X105 Class: COM

ACADIAN ASSET MANAGEMENT LLC's Holding History (CIK: 0000916542)

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

Q3 2016

Shares 529,851 Value ($000) $2,024 Avg Close $4.56 Range $3.55 - $5.73

Q2 2016

Shares 681,384 Value ($000) $3,542 Avg Close $5.70 Range $4.72 - $6.37

Q1 2016

Shares 705,884 Value ($000) $3,407 Avg Close $4.39 Range $3.56 - $5.49

Q4 2015

Shares 730,484 Value ($000) $3,415 Avg Close $4.32 Range $3.57 - $5.60

Q3 2015

Shares 739,684 Value ($000) $2,729 Avg Close $6.95 Range $3.55 - $10.25

Q2 2015

Shares 952,261 Value ($000) $8,135 Avg Close $9.96 Range $8.52 - $12.33

Q1 2015

Shares 1,043,561 Value ($000) $9,451 Avg Close $12.59 Range $9.07 - $15.28

Q4 2014

Shares 1,038,661 Value ($000) $15,021 Avg Close $12.70 Range $9.06 - $18.00

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	529,851	$2,024	$4.56	$3.55 - $5.73
Q2 2016	681,384	$3,542	$5.70	$4.72 - $6.37
Q1 2016	705,884	$3,407	$4.39	$3.56 - $5.49
Q4 2015	730,484	$3,415	$4.32	$3.57 - $5.60
Q3 2015	739,684	$2,729	$6.95	$3.55 - $10.25
Q2 2015	952,261	$8,135	$9.96	$8.52 - $12.33
Q1 2015	1,043,561	$9,451	$12.59	$9.07 - $15.28
Q4 2014	1,038,661	$15,021	$12.70	$9.06 - $18.00