This document contains forward-looking statements about the company's plans, intentions and expectations, which are based on management's views of historical trends and future developments. It cautions that actual results may differ from these statements due to risks and uncertainties. It also notes that case studies of merchant growth do not necessarily mean the company's platform was the only contributing factor. Finally, it provides context for using non-GAAP financial measures to supplement GAAP reporting.

2. 2
Safe Harbour
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 in the section
entitled “Risk Factors” 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 should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
MAY 2017

3. One Platform, Every Channel, Any Device.
STOREFRONTS 4

4. 4
One Platform, Every Channel, Any Device.
• snowboards
• shredding
• winter gear
Inventory ShippingOrder Management
AnalyticsPromotionsPayments Apps
A single, integrated back office
Financing

5. 5
Our Market
E N T R E P R E N E U R S H I P
S M B
L A R G E R
299$ PER
MONTH
79$ PER
MONTH
29$ PER
MONTH
Enterprise
SMB
Entrepreneurs

6. 6
Build-a-Business
“I’m biased, but I think being an entrepreneur is a pretty damn good thing.”
– SIR RICHARD BRANSON
2011 2012 2013 2014
TIM FERRISS SETH GODI N G ARY VAYNE RC HU K DAYMOND JOH N
2015
SI R RICHARD BRANS ON
2016
TONY ROBBINS

7. 7
Headroom on SMB TAM
Source: AMI Partners, 2014
(1) Merchants defined as retailers with less than 500 employees. Includes commercially located businesses, sole proprietorships and home-based businesses
(2) Key geographies include: U.S., Canada, U.K., Western Europe, Australia and New Zealand
(3) Average revenue per merchant of approximately $1,243 based on ARPU for 2016.
Global (1)
Current Core Geographies (2)
10M
46M$57B Global TAM (3)
$12B TAM (3)

8. 8
Larger Brands

9. 9
Partner Ecosystem
SH OPIFY APP STORE
SH OPIFY TH EM E STORE
SH OPIFY E XPE R TS
Merchants
App
Developers
Theme
Designers
Agencies

10. Partners
APP AND INTEGRATION PARTNERS
DESIGN AND DEVELOPMENT AGENCIES
STRATEGIC PARTNERS
11

11. Content
Marketing
Search
Engine
Marketing
Leading
Blog
Global
In-person
Events
11

12. 12
Synonymous with Ecommerce
“Shopify” “Ecommerce”
G O O G L E T R E N D S D ATA F I LT E R E D F O R U S A
2009 2010 2011 2012 2013 2014 2015 2016 2017

13. Simplifying and Empowering
DEFINING
THE FUTURE OF
COMMERCE
ECOSYSTEM PAYMENTS
MULTI-CHANNEL
CONVERSATIONAL
COMMERCE
WORKING
CAPITAL
S E R I E S A
2010
S E R I E S B
2011
I P O
2015
S E R I E S C
2013
ONLINE STORES
SIMPLIFIED
SHIPPING
14
F O L L O W - O N
2016
MOBILE
PAYMENTS

14. TH E NUMBE RS
14

15. 15
Financial Highlights
LONG-TERM FOCUSIII
Strong, consistent growth in Revenue,
MRR and GMV
Success-based revenue stream built on a
large recurring subscription (SaaS) base
Strong track record of cash management
and investing for the long term
GROWTHI
POWERFUL BUSINESS MODELII

16. 16
Strong Consistent Revenue Growth
• Growing merchant base
• Expanding GMV
• Introduction and adoption of merchant offerings
• Robust partner ecosystem
D R I V E R S
Q1
2016
+75% $127.4M
$72.7M
Subscription solutions Merchant solutions
$23.7M
$105.0M
2013 20142012
$50.3M
Q1
2017
2015
$205.2M
2016
$389.3M
+112%
+109%
+95%
+90%

17. 17
Strong Consistent MRR Growth
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 end
date by the average monthly subscription plan fee revenue in effect on the last day of that period, assuming they maintain their subscription plans the following month.
2013 20142012 2015
Q1 Q1 Q1Q1
$20.7M
80% CAGR
$1.1M
2016
Q1
2017
Q1

18. 18
Strong Consistent GMV Growth
• More merchants
• Shopify Plus, POS, new sales channels
• Higher avg. GMV per merchant
D R I V E R S
Q1 ‘16 Q1 ‘17
+81% $4.8B
$2.7B
$0.7B
$3.8B
2013 20142012
$1.6B
+133%
+128%
2015
$7.7B+105%
$15.4B
+99%
2016

19. 19
Powerful Business Model
$18.9M
$62.6M
2013 20142012
$36.7M
Q1 ‘16 Q1 ‘17
$72.2M
$40.1M
+94%
GROSS PROFIT
+70%
2015
$113.3M+81%
+80%
$209.5M
2016
+85%

20. 20
Operating Leverage
Excludes the effect of stock-based compensation expenses and related payroll taxes as well as sales and use tax. See Appendix for reconciliation.
10%
9%
9%
8%
7%
15%
16%
22%
25%
26%
32%34%
43%46%
51%
S&M R&D G&A
2013 20142012 2015
84%
79%
74%
AS A PERCENTAGE OF REVENUE
10%
10%
16%
16%
34%38%
Q1 ‘16 Q1 ‘17
• Infrastructure supporting merchant growth
• Enhanced merchant and partner engagement
• Expansion of Shopify Plus
2 0 1 6 I N V E S T M E N T S
63%
60%59%
57%
2016

21. 21
More Merchants
& More GMV
More
Partners
More
Solutions
More International
Penetration
More
Channels
Growth Vectors

22. 23
Investment Highlights
• Enormous Opportunity – Multichannel commerce platform targeted at SMB market.
• Powerful Business Model – Rapidly growing SaaS and success-based business model.
• World-class Product – Well-crafted for simplicity and scalability.
• Vast Ecosystem – Engaged and expanding partner ecosystem that is difficult to replicate.
• Vision – Product-driven team with a long-term focus.

23. 23
Make commerce better
for everyone.

24. APPENDIX
24

25. 25
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles
(GAAP), Shopify uses certain non-GAAP financial measures to provide additional information in order to assist investors in understanding its financial and
operating performance.
Adjusted operating loss, adjusted net loss and adjusted net loss per share are non-GAAP financial measures that exclude the effect of stock-based compensation
expenses and related payroll taxes as well as, where applicable, sales and use tax.
Management uses non-GAAP financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons.
Shopify believes that these non-GAAP measures provide useful information about operating results, enhance the overall understanding of past financial
performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision
making.Non-GAAP financial measures are not recognized measures for financial statement presentation under US GAAP and do not have standardized meanings,
and may not be comparable to similar measures 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, the corresponding measures calculated in accordance with GAAP. See the financial tables below for a reconciliation
of the non-GAAP measures.
MAY 2017

26. 26
Reconciliation to GAAP Figures
2012 2013 2014 2015 2016 Q1’16 Q1’17
GAAP Sales and marketing 12,262 23,351 45,929 70,374 129,214 28,008 45,334
less: Sales and marketing SBC and SBC-related payroll taxes 66 354 696 1,351 4,444 605 1,660
Non-GAAP Sales and Marketing 12,196 22,997 45,233 69,023 124,770 27,403 43,674
% of Revenue 51% 46% 43% 34% 32% 38% 34%
GAAP Research and development 6,452 13,682 25,915 39,722 74,336 13,670 26,594
less: Research and development SBC and SBC-related payroll taxes 282 1,152 2,776 6,373 15,364 2,291 6,318
Non-GAAP Research and development 6,170 12,530 23,139 33,349 58,972 11,379 20,276
% of Revenue 26% 25% 22% 16% 15% 16% 16%
GAAP General and administrative 1,737 3,975 12,379 20,915 43,110 8,119 14,774
less: General and administrative SBC and SBC-related payroll taxes 49 147 712 2,419 4,495 781 1,920
less: Non-recurring sales and use tax expense - - 2,182 566 - - -
Non-GAAP General and administrative 1,688 3,828 9,485 17,930 38,615 7,338 12,854
% of Revenue 7% 8% 9% 9% 10% 10% 10%
GAAP Operating Expense 20,451 41,008 84,223 131,011 246,660 49,797 86,702
less: Operating SBC and SBC-related payroll taxes 397 1,653 4,184 10,143 24,303 3,677 9,898
less: Non-recurring sales and use tax expense - - 2,182 566 - - -
Non-GAAP Operating Expense 20,054 39,355 77,857 120,302 222,357 46,120 76,804
% of Revenue 84% 79% 74% 59% 57% 63% 60%