Shopify Investor Presentation — July 2020

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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 include

the risks due to the uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in

response on global and regional economies and economic activity and the impact of our shift to operate “digitally by default” and are described

in further detail our Management's Discussion and Analysis for the quarter ended June 30, 2020 and in the section entitled “Risk Factors” in our

Annual Information Form for the year ended December 31, 2019 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

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.