Shopify Start Up Pitch Deck

Headroom on SMB TAM Global (1) Current Core Geographies (2) 46M $46B Global TAM (3) 10M $10B TAM (3) Source: AMI Partners (1) Merchants defined as retailers with less than 500 employees. Includes commercially located businesses, sole proprietorships and home-based businesses (2) Key geographies include: U.S., Canada, U.K., Western Europe, Australia and New Zealand (3) Annualized revenue per merchant of approximately $1,000 based on the three months ended March 31, 2015 10

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