Shopify Investor Presentation Deck

Anatomy of a cohort Sample revenue from the cohort Q1 2017 2017 Black Friday Cyber Monday/Holiday sale season O 2018 2019 2020 O Puffy LASHIFY LIVE NATION & more 2021 2022 This cohort includes merchants from a wide range of industries 21% apparel & accessories 5% health & beauty 10+ other verticals (represents % of merchants by vertical) Note: the first year a merchant joins the platform may not be 12 full months and therefore is not fully comparable to the subsequent 12 month periods. 18

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