Shopify Investor Day Presentation Deck

Our core market still has so much runway ecommerce penetration ΝΑ 5% 3% 3% 1% 2011 EMEA 5% 4% 3% 1% 2012 APAC (ex-China) LATAM 6% 4% 4% 1% 2013 6% 5% 4% 2% 2014 7% 5% 4% 2% 2015 8% 6% 5% 2% 2016 9% 7% 5% 3% 2017 9% 7% 6% 3% 2018 Source: eMarketer, "Retail and ecommerce Sales, by Country" 11% 8% 7% 4% 2019 14% 10% 9% 8% 2020 14% 11% 10% 9% 2021 14% 11% 10% 9% 2022 15% 11% 10% 10% 2023E

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