SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

EAM Investors, LLC's Holding History (CIK: 0001510989)

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

Q2 2017

Shares 9,266 Value ($000) $805 Avg Close $8.46 Range $6.72 - $10.08

Q1 2017

Shares 10,418 Value ($000) $709 Avg Close $5.76 Range $4.21 - $7.30

Q4 2016

Shares 9,086 Value ($000) $390 Avg Close $4.20 Range $3.77 - $4.54

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2017	9,266	$805	$8.46	$6.72 - $10.08
Q1 2017	10,418	$709	$5.76	$4.21 - $7.30
Q4 2016	9,086	$390	$4.20	$3.77 - $4.54