CP 2020 ANNUAL REPORT 34 Issuer Purchase of Equity Securities CP has established a share repurchase program which is further described in Item 8. Financial Statements and Supplementary Data, Note 20 Shareholders' equity. The following table presents the number of Common Shares repurchased during each month of the fourth quarter of 2020 and the average price paid by CP for the repurchase of such Common Shares. 2020 Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may yet be purchased under the plans or programs October 1 to October 31 230,195  $ 407.28  230,195  1,620,676  November 1 to November 30 451,299  425.89  451,299  1,169,377  December 1 to December 31 640,000  429.23  640,000  nil Ending Balance 1,321,494 $ 424.26 1,321,494 N/A (1) (2) (3) Includes shares repurchased but not yet cancelled at quarter end. (1)  Includes brokerage fees. (2)   The Company's NCIB expired on December 19, 2020. At the time of expiration, 529,377 Common Shares authorized for repurchase had not yet been purchased by the Company. (3)