Shopify Investor Presentation — May 2024

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May 8, 2024 2This 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 in our Q1 2024 earnings release,

and in our Management's Discussion and Analysis for the year ended December 31, 2023 and in the

section entitled “Risk Factors” in our Annual Information Form for the year ended December 31, 2023

and from time to time in Shopify’s filings with the U.S. Securities and Exchange Commission and the

securities commissions or similar securities regulatory authorities in each of the provinces or territories of

Canada available on www.sec.gov and on www.sedarplus.ca. 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 expressed, 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