SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

Shannon River Fund Management LLC's Holding History (CIK: 0001301050)

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

Q4 2016

Shares 140,399 Value ($000) $6,019 Avg Close $4.20 Range $3.77 - $4.54

Q3 2016

Shares 60,000 Value ($000) $2,575 Avg Close $3.82 Range $3.00 - $4.52

Q2 2016

Shares 110,000 Value ($000) $3,384 Avg Close $2.92 Range $2.50 - $3.24

Q1 2016

Shares 110,000 Value ($000) $3,103 Avg Close $2.37 Range $1.85 - $2.88

Q4 2015

Shares 110,000 Value ($000) $2,838 Avg Close $2.94 Range $2.41 - $3.93

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	140,399	$6,019	$4.20	$3.77 - $4.54
Q3 2016	60,000	$2,575	$3.82	$3.00 - $4.52
Q2 2016	110,000	$3,384	$2.92	$2.50 - $3.24
Q1 2016	110,000	$3,103	$2.37	$1.85 - $2.88
Q4 2015	110,000	$2,838	$2.94	$2.41 - $3.93