#1sea connecting the dots Fourth Quarter and Full Year 2022 Results March 2023#2sea connecting the dots Disclaimer This presentation by Sea Limited (“Sea") contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expect,” “anticipate," "aim," "future," "intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident," "guidance," and similar statements. Among other things, statements that are not historical facts, including statements about Sea's beliefs and expectations, the business, financial and market outlook, projections, and Sea's strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea's goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the expected growth of its digital entertainment, e-commerce and digital financial services businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; its expectations regarding the use of proceeds from its financing activities, including its follow-on equity offerings and convertible notes offerings; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments, including the COVID-19 pandemic, and the responses thereto (such as voluntary and in some cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities, and the availability of effective vaccines or treatments) and the impact of economies reopening further to the COVID-19 pandemic. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this presentation is as of the date hereof, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law. This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. ("GAAP”), including "adjusted EBITDA,” and “total adjusted EBITDA." The reconciliation of those measures to the most comparable GAAP measures is contained within this presentation. The non-GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of the Company's results under GAAP. This presentation does not contain all relevant information relating to Sea or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of Sea. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of Sea. Sea 4Q 2022 & FY 2022 Results | 1#3sea connecting the dots Total GAAP Revenue US$ Millions EC GAAP Revenue DFS GAAP Revenue DE GAAP Revenue Other Services GAAP Revenue¹ +7% YoY 3,222.1 14.5 197.5 4Q 2021 1,415.0 1,595.1 +25% YoY 3,451.6 19.8 380.2 9,955.2 42.4 4Q 2022 948.9 2,102.7 Note: Financial figures are unaudited. 1. A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services". FY 2021 469.8 4,320.0 O 5,123.0 12,449.7 61.9 1,222.0 FY 2022 3,877.2 7,288.7 Sea 4Q 2022 & FY 2022 Results | 2#4sea connecting the dots Total Adjusted EBITDA US$ Millions EC Adjusted EBITDA DE Adjusted EBITDA DFS Adjusted EBITDA Other Services Adjusted EBITDA Unallocated Expenses 495.7 2,776.0 75.6 602.6 258.2 196.1 (25.4) (8.9) (877.7) (2,554.2) (149.8) (56.9) (492.1) (10.3) 4Q 2021 4Q 2022 Total adjusted EBITDA for 4Q 2022 was positively impacted by approximately US$130 million of accruals reversal¹. Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. 1. 1,313.1 (1,690.6) (228.6) (239.1) (878.1) (33.0) (616.9) (170.2) (593.6) (28.2) FY 2021 FY 2022 As we made the management decision to strongly pivot to a clear focus on cost efficiency, there were accruals reversed during the fourth quarter of 2022 resulting from changes in previous estimations of certain expenses. Sea 4Q 2022 & FY 2022 Results | 3#5sea connecting the dots Cash, Cash Equivalents and Short-term Investments US$ Billions 10.2 4Q 2021 8.8 7.8 7.3 6.9 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Excluding cash consideration used to repurchase our outstanding convertible bonds with a gain, cash, cash equivalents and short-term investments would have increased by US$209.8 million from 3Q 2022. Note: Financial figures are unaudited. Sea 4Q 2022 & FY 2022 Results | 4#6SID Shopee E-commerce GAAP Marketplace Revenue US$ Billions Core Marketplace Revenue Value-added Services Revenue 1.3 +44% YoY 1.8 +29% YoY 0.7 +54% YoY 1.1 4Q 2021 4Q 2022 US$ Millions Adjusted EBITDA Turned Positive Asia Markets Adjusted EBITDA Other Markets Adjusted EBITDA 196.1 320.0 (123.9) (525.8) (352.0) (877.7) 4Q 2021 4Q 2022 Adjusted EBITDA for 4Q 2022 was positively impacted by approximately US$80 million of accruals reversal¹. Note: Financial figures are unaudited. 1. As we made the management decision to strongly pivot to a clear focus on cost efficiency, there were accruals reversed during the fourth quarter of 2022 resulting from changes in previous estimations of certain expenses. Sea 4Q 2022 & FY 2022 Results | 5#71. SID Shopee E-commerce Billions Gross Orders -12% YoY US$ Billions GMV -1% YoY +8% YoY FXN1 2.0 2.0 19.0 19.1 2.0 18.2 18.0 1.9 17.4 1.7 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Current and comparative prior period local currency amounts are converted into United States dollars using the same exchange rates, rather than the actual exchange rates during the respective periods. Sea 4Q 2022 & FY 2022 Results | 6#8Garena Digital Entertainment US$ Millions DE Bookings¹ 1,081.7 826.2 -18% QoQ 717.4 664.7 543.6 Quarterly Active Users Millions -15% QoQ 654.0 615.9 619.3 568.2 485.5 % do Quarterly Paying User Ratio -0.1% QoQ 11.8% 10.0% 9.1% 9.1% 9.0% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Note: Financial figures are unaudited. 1. GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. Sea 4Q 2022 & FY 2022 Results | 7#9sea Money Digital Financial Services US$ Millions GAAP Revenue +92% YoY 279.0 236.0 197.5 326.9 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Note: Financial figures are unaudited. 380.2 As of the end of 4Q 2022: S Total loans receivable was US$2.1 billion, net of allowance for credit losses of US$238.8 million. 4Q 2022 Ⓡ % Non-performing loans past due by more than 90 days as a percentage of our total gross loans receivable declined from less than 4% in 3Q 2022 to less than 2%. This was mainly due to the shortening of loan write-off period in a certain market from 180 days to 120 days in 4Q 2022 based on our assessment of historical credit losses. Without this change in write-off period, the ratio would be about 5%. Sea 4Q 2022 & FY 2022 Results | 8#10sea connecting the dots Gross Profit US$ Billions Note: Financial figures are unaudited. 1.3 +29% YoY 1.7 3.9 +33% YoY 5.2 4Q 2021 4Q 2022 FY 2021 FY 2022 Sea 4Q 2022 & FY 2022 Results | 9#11General & Administrative Expenses sea connecting the dots Costs and Expenses US$ Millions Cost of Revenue 1,911.4 1,754.3 Sales & Marketing Expenses US$ Millions 1,219.9 US$ Millions 4Q 2021 4Q 2022 473.6 4Q 2021 4Q 2022 Provision for Credit Losses US$ Millions 34.5 175.1 352.3 284.1 4Q 2021 4Q 2022 Research & Development Expenses US$ Millions 286.6 244.2 4Q 2021 4Q 2022 4Q 2021 4Q 2022 Note: Financial figures are unaudited. Sea 4Q 2022 & FY 2022 Results | 10#12sea connecting the dots Net Income/(Loss) US$ Millions (616.3) 4Q 2021 422.8 4Q 2022 US$ Billions (1.7) (2.0) FY 2021 FY 2022 Total net income for 4Q 2022 was negatively impacted by US$177.7 million impairment of goodwill related to certain historical investments for the digital entertainment business, and positively impacted by US$199.7 million net gain on debt extinguishment, and approximately US$130 million in reversal of previous accruals for certain expenses¹. Note: Financial figures are unaudited. 1. As we made the management decision to strongly pivot to a clear focus on cost efficiency, there were accruals reversed during the fourth quarter of 2022 resulting from changes in previous estimations of certain expenses. Sea 4Q 2022 & FY 2022 Results | 11#13sea Appendix connecting the dots Sea 4Q 2022 & FY 2022 Results | 12#14sea connecting the dots Reconciliation Between GAAP and Non-GAAP EBITDA Note: Financial figures are unaudited. US$ Thousands Digital Entertainment 4Q 2021 4Q 2022 FY 2021 FY 2022 Operating income/(loss) Net effect of changes in deferred revenue & its related cost Depreciation and amortization Impairment of goodwill Digital Entertainment Adjusted EBITDA 602,565 858,831 400,165 (266,399) (331,321) 10,133 11,726 177,663 258,233 2,500,081 1,971,416 240,109 (879,809) 35,767 43,821 177,663 2,775,957 1,313,091 E-commerce Operating income/(loss) Depreciation and amortization E-commerce Adjusted EBITDA (941,028) 109,486 (2,766,566) (2,013,360) 63,291 86,660 212,345 322,806 (877,737) 196,146 (2,554,221) (1,690,554) Digital Financial Services Operating income/(loss) Depreciation and amortization (157,647) 7,834 61,841 13,760 Digital Financial Services Adjusted EBITDA (149,813) 75,601 (640,422) (277,264) 23,498 (616,924) 48,704 (228,560) Sea 4Q 2022 & FY 2022 Results | 13#15sea connecting the dots Reconciliation Between GAAP and Non-GAAP EBITDA Note: Financial figures are unaudited. US$ Thousands Other Services Operating income/(loss) Depreciation and amortization Other Services Adjusted EBITDA 4Q 2021 4Q 2022 FY 2021 FY 2022 (59,138) 2,279 (56,859) (28,714) (177,633) (252,162) 3,277 7,422 13,013 (25,437) (170,211) (239,149) Group Operating income/(loss) (442,075) Net effect of changes in deferred revenue & its related cost (266,399) (331,321) 342,864 (1,583,060) (1,487,508) 240,109 (879,809) Depreciation and amortization 83,537 115,423 279,032 428,344 Share-based compensation 132,797 191,027 470,324 705,896 Impairment of goodwill 177,663 354,943 Total Adjusted EBITDA (492,140) 495,656 (593,595) (878,134) Sea 4Q 2022 & FY 2022 Results | 14