SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

Callahan Advisors, LLC's Holding History (CIK: 0001395055)

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

Q3 2017

Shares 2,505 Value ($000) $292 Avg Close $10.21 Range $8.48 - $12.39

Q2 2017

Shares 2,405 Value ($000) $209 Avg Close $8.46 Range $6.72 - $10.08

Q1 2017

Shares 3,966 Value ($000) $270 Avg Close $5.76 Range $4.21 - $7.30

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	2,505	$292	$10.21	$8.48 - $12.39
Q2 2017	2,405	$209	$8.46	$6.72 - $10.08
Q1 2017	3,966	$270	$5.76	$4.21 - $7.30