Shopify Start Up Pitch Deck

84% 7% 26% 51% 2012 Excludes SBC and Sales Tax expense Operating Leverage 79% 8% 25% 46% 2013 AS A PERCENTAGE OF REVENUE S&M -73%- 8% 22% 43% 2014 R&D G&A 60% 8% 17% 35% YTD 2015 24

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