Shopify Investor Day Presentation Deck

Revenue Growth ...and that pattern persists across all our cohorts... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Q1-15 Q1-16 Q1-17 Q1-18 Q1-19 Q1-20 18 19 20 Age in Quarters Q1-21 Q1-22 21 22 mu 23 24 25 26 27 28 29 30 31 h *Examples of quarterly revenue retention from merchant cohorts **Revenue retention calculation reflects the quarterly revenue in a given period for each cohort divided by each cohort's first full quarter of revenue after joining the platform, respectively 32 33 34 35

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