PAYPAL HLDGS INC

Ticker: PYPL CUSIP: 70450Y103 Class: COM

Zuckerman Investment Group, LLC's Holding History (CIK: 0001423296)

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

Q1 2017

Shares 322,127 Value ($000) $13,858 Avg Close $41.74 Range $38.93 - $43.70

Q4 2016

Shares 331,216 Value ($000) $13,073 Avg Close $40.10 Range $37.97 - $44.42

Q3 2016

Shares 370,447 Value ($000) $15,177 Avg Close $38.34 Range $35.63 - $41.20

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	322,127	$13,858	$41.74	$38.93 - $43.70
Q4 2016	331,216	$13,073	$40.10	$37.97 - $44.42
Q3 2016	370,447	$15,177	$38.34	$35.63 - $41.20