Shopify Investor Presentation Deck

Revenue compounds every year; cohort retention remains strong 2015 All Cohorts 2016 2019 2017 2017 2018 2015 2019 Millions of merchants around the world, across 10+ verticals. Each cohort drives more revenue as time passes, for example: Sample Cohort Q1/19 Q1/17 Q1/15 Revenue Growth* 1.5x 1.9x 3.4x *Examples of quarterly 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. *Note: Calculation is last four quarters of revenue reported (ending in Q4/22) divided by first four full quarters of revenue for each cohort (ie starting in Q2 following each cohort year) 18

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