SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

National Pension Service's Holding History (CIK: 0001608046)

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

Q1 2020

Shares 136,948 Value ($000) $80,747 Avg Close $45.08 Range $30.53 - $59.39

Q4 2019

Shares 133,542 Value ($000) $68,948 Avg Close $33.82 Range $28.21 - $41.66

Q3 2019

Shares 147,594 Value ($000) $60,853 Avg Close $34.24 Range $28.61 - $40.96

Q2 2019

Shares 141,121 Value ($000) $55,542 Avg Close $26.03 Range $19.04 - $33.89

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	136,948	$80,747	$45.08	$30.53 - $59.39
Q4 2019	133,542	$68,948	$33.82	$28.21 - $41.66
Q3 2019	147,594	$60,853	$34.24	$28.61 - $40.96
Q2 2019	141,121	$55,542	$26.03	$19.04 - $33.89