29  /  CP 2018 ANNUAL REPORT Stock Performance Graph The following graph provides an indicator of cumulative total shareholder return on the Common Shares, of an assumed investment of $100, as compared to the TSX 60 Index (“TSX 60”), the Standard & Poor's 500 Stock Index (“S&P 500”), and the peer group index (comprising CN, KCS, UP, NS and CSX) on December 31 for each of the years indicated. The values for the assumed investments depicted on the graph and in the table have been calculated assuming that any dividends are reinvested. CP has established a share repurchase program, which is further described in the Share repurchase section in Item 8. Financial Statements and Supplementary Data, Note 20 Shareholders' Equity. During 2018, CP repurchased 4.7 million Common Shares for $1,127 million at an average price of $240.68. The following table presents the number of Common Shares repurchased during each month for the fourth quarter of 2018 and the average price paid by CP for the repurchase of such Common Shares. Issuer Purchase of Equity Securities 2018 Total number of shares purchased (1) Average price paid per share (2) Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares (or units) that may yet be purchased under the plans or programs October 1 to October 31 399,700 $ 259.71 399,700 5,283,240 November 1 to November 30 822,500 272.23 822,500 4,460,740 December 1 to December 31 965,000 249.10 965,000 3,495,740 Ending Balance 2,187,200 $ 259.74 2,187,200 N/A $^{(1) }$Includes shares repurchased but not yet cancelled at quarter end. $^{(2) }$Includes brokerage fees.