Shopify Investor Day Presentation Deck

TAM Products = GMV = Revenue: = IPO Free Cash Flow Margin = = Countries with Payments = $46B 4 $4.5Bn $124MM Negative Double Digits *Product count defined as revenue generating solutions that we control and are sold to merchants via self-serve or through Shopify's sales team **IPO figures reflect last twelve months figures as of March 31st, 2015 4 TAM = Products = GMV = Revenue = Today Free Cash Flow Margin = Countries with Payments = 18x 20+ 50x 50x Positive Double Digits 23 *GMV figure based on trailing twelve months results for Q3 2023 **Revenue and free cash flow figures reflect 2023E estimates based on the midpoint implied by previously stated Q4 outlook ***Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures. Free cash flow margin is a non-GAAP ratio calculated as free cash flow divided by revenue.

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