Shopify Investor Presentation — February 2021

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This presentation contains forward-looking statements that are based on our management’s current estimates, beliefs and assumptions, which are based on management’s

perception 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 relate

to 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 materially

different from any future results expressed or implied by these forward-looking statements. Although the forward-looking statements contained in this presentation are based

upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on these statements since actual results may vary from the

forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and

which 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 in

the 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 more

of 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 the

forward-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 regarded

as 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-looking

statements 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 to

grow their respective businesses. References in this presentation to increased visits, growth and sales following implementation of our platform do not necessarily mean that

our 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 exclude

certain items. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and