SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

PAULSON & CO. INC.'s Holding History (CIK: 0001035674)

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

Q4 2016

Shares 40,700 Value ($000) $1,745 Avg Close $4.20 Range $3.77 - $4.54

Q3 2016

Shares 74,200 Value ($000) $3,185 Avg Close $3.82 Range $3.00 - $4.52

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	40,700	$1,745	$4.20	$3.77 - $4.54
Q3 2016	74,200	$3,185	$3.82	$3.00 - $4.52