SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

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

Q4 2021

Shares 500 Value ($000) $689 Avg Close $146.12 Range $127.19 - $176.29

Q3 2021

Shares 1,000 Value ($000) $1,356 Avg Close $149.84 Range $134.11 - $165.00

Q2 2021

Shares 800 Value ($000) $1,168,784 Avg Close $123.22 Range $102.51 - $155.22

Q1 2021

Shares 400 Value ($000) $442,600 Avg Close $120.82 Range $100.51 - $149.97

Q3 2019

Shares 5,000 Value ($000) $1,558 Avg Close $34.24 Range $28.61 - $40.96

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2021	500	$689	$146.12	$127.19 - $176.29
Q3 2021	1,000	$1,356	$149.84	$134.11 - $165.00
Q2 2021	800	$1,168,784	$123.22	$102.51 - $155.22
Q1 2021	400	$442,600	$120.82	$100.51 - $149.97
Q3 2019	5,000	$1,558	$34.24	$28.61 - $40.96