Ms. Katie Keita reports

SHOPIFY PRICES OFFERING OF CLASS A SUBORDINATE VOTING SHARES

Shopify Inc. has priced its previously announced public offering of 2.6 million Class A subordinate voting shares at a price to the public of $154 (U.S.) per share. The gross proceeds from the offering, before underwriting discounts and offering costs, are expected to be $400.4-million (U.S.).

Shopify expects to use the net proceeds from the offering to strengthen its balance sheet, providing flexibility to finance its growth strategies. Pending the use of proceeds, Shopify intends to invest the net proceeds from the offering in short-term, investment-grade, interest-bearing instruments, or hold them as cash.

Closing of the offering is subject to a number of closing conditions, including the listing of the Class A subordinate voting shares on the New York Stock Exchange and the Toronto Stock Exchange, and any required approvals of each exchange, and is expected to occur on or about Dec. 18, 2018. Morgan Stanley and Credit Suisse are acting as joint bookrunners in connection with the offering.

Shopify has filed a preliminary prospectus supplement, and will file a final prospectus supplement, to its short form base shelf prospectus dated Aug. 3, 2018, with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. The preliminary prospectus supplement has also been filed, and the final prospectus supplement will be filed, with the U.S. Securities and Exchange Commission as a supplement to Shopify's registration statement on Form F-10 under the U.S./Canada multijurisdictional disclosure system. The prospectus supplements, the base shelf prospectus and the registration statement contain important detailed information about the offering. Copies of the Canadian prospectus supplements and the base shelf prospectus can be found on SEDAR. Copies of the U.S. prospectus supplements and the registration statement can be found on EDGAR. Copies of such offering documents may also be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick St., 2nd floor, New York, N.Y., 10014, or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 11 Madison Ave., New York, N.Y., 10010. Prospective investors should read the prospectus supplements, base shelf prospectus and registration statement before making an investment decision.

About Shopify Inc.

Shopify is the leading omnichannel commerce platform. Merchants use Shopify to design, set up and manage their stores across multiple sales channels, including mobile, Web, social media, marketplaces, bricks-and-mortar locations and pop-up shops. The platform also provides merchants with a powerful back-office and a single view of their business, from payments to shipping. The Shopify platform was engineered for reliability and scale, making enterprise-level technology available to businesses of all sizes.

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