Q4 2020 February 2021 Results

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Q4 2020ResultsFebruary 2021

2Safe HarbourThis presentation contains forward-looking statements that are based on our management’s current estimates, beliefs and assumptions, which are based on management’sperception of historic trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances.Although we believe that the plans, intentions, expectations, assumptions and strategies reflected in these forward-looking statements are reasonable, these statements relateto future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materiallydifferent from any future results expressed or implied by these forward-looking statements. Although the forward-looking statements contained in this presentation are basedupon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on these statements since actual results may vary from theforward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control andwhich could materially affect our results. These risks are described in further detail our Management's Discussion and Analysis for the year ended December 31, 2020 and inthe section entitled “Risk Factors” in our Annual Information Form for the year ended December 31, 2020 and elsewhere in our filings with regulatory agencies. If one or moreof these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from those implied or projected by theforward-looking statements. References to long-term trends in our model are forward-looking and made as of the current date. Nothing in this presentation should be regardedas a representation by any person that these long-term trends will be achieved and we undertake no duty to update these long-term trends or any other forward-lookingstatements contained in this presentation, except as required by law.We believe that the case studies presented in this presentation provide a representative sample of how our merchants have been able to use various features of our platform togrow their respective businesses. References in this presentation to increased visits, growth and sales following implementation of our platform do not necessarily mean thatour platform was the only factor contributing to such increases.To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use non-GAAP financial measures that excludecertain items. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies andshould be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Please refer to the slides titled“Non-GAAP Financial Measures” and “Reconciliation to GAAP Figures” for further information.February 2021

Retail ischanging.

4One Platform,Every Channel,Any Device.

5PaymentsCapitalMarketingAnalyticsSingle IntegratedBack Office.Inventory & Fulfillment Order ManagementShippingApps

6Basic 29 per monthOur MarketShopify is theentrepreneurshipcompany formerchants of allsizesEntrepreneursShopify 79 per monthSMBsAdvanced 299 per monthLarger BrandsShopify Plus 2,000 per month

Entrepreneur TAMTotalAddressableMarketAnyone whowants to makemore moneyfrom their sitethan they payfor it 153BSMB TAM (1) (2)(1)Merchants defined as retailers with less than 500 employees. Includes commercially located businesses, soleproprietorships and home-based businesses. Does not include early-stage entrepreneurs or enterprises.(2)Average revenue per merchant of approximately 2,258 based on ARPU for 2020 and 68 million retailbusinesses globally (Source: AMI Partners, 2020)Larger BrandsTAM7

8Word of MouthMerchantAcquisitionCasting a verywide netEntrepreneursShopify StudiosSearch Engine MarketingDigital AdvertisingShopify BlogSMB’SContent MarketingShopify SupportShopify POS SalesGlobal EventsLarger BrandsPartners and AffiliatesShopify Plus Sales

Merchant ProfileEntrepreneurJovana Mullins founded social impact fashionbrand, Alivia, with the goal to give a voice tothose with developmental disabilities bysharing their artwork and stories on everypiece of clothing they sell.Since joining the platform in early 2020, Aliviahas used Shopify Payments, Shop Pay andShopify Shipping to run their online store. Thecompany has also sold its products throughsocial media using Shopify’s multi-channelcapabilities.9

Merchant ProfileSMBPizza Pilgrims is a UK-based restaurant chainowned by brothers, Thom and James Elliot.When COVID-19 lockdowns closed theirrestaurants, they quickly pivoted to sellingmailable pizza kits online.During its time on the platform, Pizza Pilgrimshas leveraged Shopify’s multi-channelcapabilities to sell its products through socialmedia. Pizza Pilgrims also uses ShopifyPayments to process sales on its online store,offering Shop Pay, our accelerated checkout, asan option.10

11LargerBrands

12Merchant-First Focus Through Product InnovationLowering Barriers, Simplifying Operations, Catalyzing Merchant SalesBUYERFACINGon Facebook &InstagramMARKETINGMarketing DashboardShopify TS/POSMulti-currencyRETAILTap & ChipAll-new POSLanguagesLocal SIONECOSYSTEMFraud D2004 - 20172018 - 2021FacebookShops

13Rich and Extensive Partner EcosystemExtending the Value of the Platform Beyond our Merchants6,00042,200AppsEcosystem PartnersApps extending product capabilitiesReferred at least one merchant toShopify in the last 12 months

14Growth-MindedCultureRecruit talented, deeply caring individualsDigital by Default allows employees to easilywork offsiteInvest heavily in personal growth anddevelopmentGlobal reach

15The Numbers

Strong & Competitive Market PositionShare of U.S. Retail eCommerce Sales 2020Source: eMarketer, October 2020, Shopify* Market share based on Shopify’s 2020 US GMV (excluding merchant sales made through POS)

Strong Consistent Revenue GrowthWhen Our Merchants Succeed, Shopify BenefitsMerchant Solutions 2,929.5M 86%Subscription Solutions 977.7M 94% 1,578.2M 47% 1,073.2M 59% 505.2M 673.3M 73% 389.3M17

18MRR Growth Accelerated YoY in Q4 2020.Continued high number of new merchants joining the platformin Q4 following record merchant additions in Q3 82.6M49% CAGR 11.3MQ4Q4Q4Q4Q4Q4201520162017201820192020*Monthly Recurring Revenue, or MRR, is calculated at the end of each period by multiplying the number of merchants who have subscription plans with us at the period enddate by the average monthly subscription plan fee in effect on the last day of that period, assuming they maintain their subscription plans the following month.

Contributing to a YoY Acceleration in Q4 SubscriptionSolutions Revenue Growth 279.4M 53%Apps, Themes, Domains, Shopify Plus Platform Fee Revenue*16%Monthly Recurring Revenue - Shopify PlusMonthly Recurring Revenue - Core20% 183.2M21%13%14%22%14% 66%65%63%63%62%*Approximate Apps, Themes, Domains, Shopify Plus Platform Fee Revenue is calculated by averaging current and previous quarter MRR, multiplying by 3 andsubtracting total from Subscription Solutions revenue19

20Strong Consistent GMV GrowthMerchants Are Joining, Scaling and Succeeding on Shopify 119.6B 96% 41.1B 99% 61.1B 49% 41.1B 56% 26.3B 20.6B 71% 15.4B*Gross Merchandise Volume, or GMV, represents the total dollar value of orders facilitated on the Shopify platform including certain apps and channels for which arevenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes.

21Strong Adjusted Gross Profit* GrowthPowerful Business Model that Focuses on Gross Profit Dollar Growth 1,568.5M 78% 879.4M 510.6M 46% 89% 603.6M 57% 384.6M 263.9M 83% 210.5M*Excludes the effect of stock-based compensation (SBC) expenses and related payroll taxes, and amortization of acquired intangibles. Adjusted Gross Profit is a non-GAAPmeasure, see Appendix for reconciliation.

22Improving Operating Leverage*Strong Revenue Growth Backed By Disciplined Financial ManagementAdjusted general & administrative57%2%8%16%56%2%7%15%55%1%8%Adjusted research & development53%39%2%Transaction & loan losses8%48%2%16%16%2%6%12%32%32%Adjusted sales & marketing30%32%8%14%1%5%11%28%19%24%15%*Operating leverage measured using Adjusted Operating Expenses as a percentage of revenue. Excludes the effect of stock-based compensation expenses and related payroll taxes,amortization of acquired intangibles, and impairment of right-of-use assets and leasehold improvements. Adjusted Operating Expenses is a non-GAAP measure, see Appendix forreconciliation.Numbers may not foot due to rounding.

23Building For the Long TermAdding Energy to the Flywheel Through a Portfolio of Growth InvestmentsAmbitionExpansionCorePlatformShopify PaymentsShopify ShippingShopify CapitalShopify PlusNear-term initiativesInternational ExpansionRetail POSShopify Fulfillment Network6 River SystemsShopify BalanceShop AppWholesale/B2BLong-term initiativesMedium-term initiatives

24Annual Cohorts Provide Strong Foundation for GrowthRevenue by Cohort202020192018Pre-2018 Revenue growth within an annualcohort, driven by GMV growth andexpanded wallet share, has offsetrevenue loss from merchantsleaving the platform Total combined revenue of allprevious cohorts has also grownconsistently*Annual revenue from merchant cohorts that joined the Shopify platform in the period shown.**Note: the first year a merchant joins the platform may not be 12 full months and therefore is not fully comparable to the subsequent 12 month periods.

Growth Investments Aimed at Energizing theShopify Flywheel Well into the FutureOpportunities International Share of Wallet Machine LearningMoreMerchantsSecular Tailwinds E-commerce growth Consumerization ofthe enterprise Rise of entrepreneurshipMoreChannels,Partners &CapabilitiesMoreGMV25

26Investment HighlightsLarge and GrowingOpportunityVastEcosystemMassive market with accelerated ecommerce penetrationEngaged and expanding partner ecosystem that is difficult nnel commerce platform that enables merchants of allsizes to sell to anyone, anywhereProduct-driven team focused on making commerce better foreveryonePowerfulBusiness ModelHealthyBalance SheetSuccess-based business model that puts merchants firstLow-debt balance sheet with a proven, disciplined capitalallocation approachEconomies of ScaleInnovation and Efficiencies 1.7M merchants on the platform generating data that isleveraged to enhance and create new products and improveefficiencies for Shopify, our merchants and their buyersSignificantOpportunity AheadFocus on investing in long-term growth while maintainingoperational discipline and merchant-first orientation

27Make commercebetter for everyone.

28Appendix

29Non-GAAP Financial MeasuresTo supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), Shopifyuses certain non-GAAP financial measures to provide additional information in order to assist investors in understanding our financial and operating performance.Adjusted gross profit and non-GAAP operating expenses are non-GAAP financial measures that exclude the effect of stock-based compensation expenses and related payrolltaxes and amortization of acquired intangibles. Non-GAAP operating expenses also excludes an impairment of right-of-use assets and leasehold improvements.Management uses non-GAAP financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Shopifybelieves that these non-GAAP measures provide useful information about operating results, enhance the overall understanding of past financial performance and futureprospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financialmeasures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings, and may not be comparable to similarmeasures presented by other public companies. Such non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, thecorresponding measures calculated in accordance with GAAP. See the financial tables below for a reconciliation of the non-GAAP measures.February 2021

30Reconciliation of GAAP to Non-GAAP FiguresExpressed in US 520263,891504,388add: SBC and SBC-related payroll taxes2,4414,0907,4721,2091,705add: Amortization of Acquired ,30030%28%19%24%15%GAAP Gross ProfitNon-GAAP Gross Profit% of RevenueGAAP Sales and marketingless: Sales and marketing SBC and SBC-related payroll taxesless: Amortization of Acquired IntangiblesNon-GAAP Sales and Marketing% of Revenue

31Expressed in US %14%11%GAAP General and : General and administrative SBC and SBC-related payroll taxes17,69029,86152,1958,53316,480less: Impairment of right-of-use assets and leasehold 1%GAAP Operating s: Operating SBC and SBC-related payroll taxes101,321172,673286,83452,21380,786less: Amortization of Acquired Intangibles-5151,781341443less: Impairment of right-of-use assets and leasehold 16310,61855%53%39%48%32%GAAP Research and developmentless: Research and development SBC and SBC-related payroll taxesless: Amortization of Acquired IntangiblesNon-GAAP Research and development% of RevenueNon-GAAP General and administrative% of RevenueGAAP Transaction and loan losses% of RevenueNon-GAAP Operating Expenses% of Revenue

piece of clothing they sell. Since joining the platform in early 2020, Alivia has used Shopify Payments, Shop Pay and Shopify Shipping to run their online store. The company has also sold its products through

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