SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

Pine River Capital Management L.P.'s Holding History (CIK: 0001288136)

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

Q3 2016
Shares 30,000 Value ($000) $1,288 Avg Close $3.82 Range $3.00 - $4.52
Q2 2015
Shares 20,000 Value ($000) $679 Avg Close $3.07 Range $1.70 - $4.21