SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q4 2020

Shares 16,668 Value ($000) $18,867 Avg Close $104.97 Range $87.50 - $128.52

Q3 2020

Shares 9,123 Value ($000) $9,333 Avg Close $99.42 Range $83.94 - $114.69

Q4 2018

Shares 860,523 Value ($000) $119,139 Avg Close $14.08 Range $11.76 - $16.69

Q3 2018

Shares 1,767,151 Value ($000) $290,626 Avg Close $15.23 Range $13.06 - $17.66

Q2 2018

Shares 1,709,569 Value ($000) $249,409 Avg Close $14.15 Range $11.25 - $17.51

Q1 2018

Shares 1,453,311 Value ($000) $181,068 Avg Close $12.94 Range $10.10 - $15.48

Q4 2017

Shares 423,561 Value ($000) $42,780 Avg Close $10.24 Range $8.94 - $12.07

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2020	16,668	$18,867	$104.97	$87.50 - $128.52
Q3 2020	9,123	$9,333	$99.42	$83.94 - $114.69
Q4 2018	860,523	$119,139	$14.08	$11.76 - $16.69
Q3 2018	1,767,151	$290,626	$15.23	$13.06 - $17.66
Q2 2018	1,709,569	$249,409	$14.15	$11.25 - $17.51
Q1 2018	1,453,311	$181,068	$12.94	$10.10 - $15.48
Q4 2017	423,561	$42,780	$10.24	$8.94 - $12.07