PAYPAL HLDGS INC

CUSIP: 70450y103 Class: COM

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

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

Q2 2016
Shares 370,851 Value ($000) $13,540 Avg Close — Range —
Q1 2016
Shares 374,684 Value ($000) $14,463 Avg Close — Range —
Q4 2015
Shares 257,407 Value ($000) $9,318 Avg Close — Range —