...Build Online Store… Shopify Active Merchants & Online Stores Gross Merchandise Volume (GMV) 900K $30B obal 600K $20B Gl , s nt obal ha Gl , rc e M GMV e 300K $10B tiv c A 0 $0 2013 2014 2015 2016 2017E GMV Merchants Source: Shopify, Brian Essex @ Morgan Stanley. Note: Active Merchants refers to merchants with an active Shopify subscription at the end of the relevant period. 2017 52 Active merchants and GMV are estimates based on periodic disclosures. (609K = 2017E)