#1sea connecting the dots Fourth Quarter and Full Year 2021 Results March 2022#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 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 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 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 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 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 and treatments) which could, among other things, impact the business and manufacturing activities of its ecosystem participants, disrupt the global supply chain including those of its sellers on its platforms and merchant partners, and negatively affect consumer discretionary spending. 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,” “total adjusted EBITDA," and "net loss excluding share-based compensation." 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 4Q2021 & FY2021 Results | 1#3sea connecting the dots Group: Triple Digit Growth in GAAP Revenue Total GAAP Revenue US$ Millions DE GAAP Revenue DFS GAAP Revenue EC GAAP Revenue Other Services GAAP Revenue¹ YoY: +106% 3,222.1 14.5 1,566.6 6.6 4Q 2020 24.4 842.2 693.4 4Q 2021 197.5 YoY: +128% 1,595.1 4,375.7 131.8 60.8 1,415.0 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 2020 2,167.1 2,016.0 9.955.2 42.4 469.8 FY 2021 5,123.0 4,320.0 Sea 4Q2021 & FY2021 Results | 2#4sea connecting the dots Group: Revenue Driven By Growth Across 3 Segments DE Bookings1 US$ Billions YoY: +7% 1.2 1.2 1.1 1.0 1.1 US$ Billions 0.8 EC GAAP Revenue 0.9 YoY: +89% 1.2 1.5 1.6 DFS GAAP Revenue US$ Millions 51.3 24.4 YOY: +711% 88.7 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 4Q 2020 1Q 2021 2Q 2021 132.2 197.5 3Q 2021 4Q 2021 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 4Q2021 & FY2021 Results | 3#5Garena Digital Entertainment: Large Global User Base Millions Quarterly Active Users YoY: +7% Quarterly Paying Users Millions YoY: +6% 92.2 93.2 725.2 729.0 648.8 654.0 79.8 610.6 73.1 77.2 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Sea 4Q2021 & FY2021 Results | 4#6SID Shopee E-commerce: Extending Our Leading Position Billions 1.0 Gross Orders 1.1 YoY: +90% 1.4 1.7 2.0 US$ Billions 12.6 11.9 GMV YoY: +53% 15.0 16.8 18.2 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Sea 4Q2021 & FY2021 Results | 5#71. sea Money Digital Financial Services: Robust Growth Across Key Metrics Millions Quarterly Active Users¹ 24.1 4Q 2020 YoY: +90% 45.8 4Q 2021 US$ Billions Total Payment Volume for Mobile Wallet 3.4 2.9 YOY: +70% 4.2 4.6 5.0 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Quarterly active users for digital financial services segment are defined as users who had at least one financial transaction with SeaMoney products and services during the quarter. Transactions include payments or receipt with our mobile wallet, loan disbursements, maintenance of balance in our banks or purchase of insurance policies on the Shopee platform. Sea 4Q2021 & FY2021 Results | 6#8sea connecting the dots Gross Profit US$ Billions Note: Financial figures are unaudited. 0.5 YoY: +146% Total Gross Profit 1.3 1.3 YoY: +189% 3.9 4Q 2020 4Q 2021 FY 2020 FY 2021 Sea 4Q2021 & FY2021 Results | 7#9sea connecting the dots Non-GAAP EBITDA Total Adjusted EBITDA US$ Millions DE Adjusted EBITDA EC Adjusted EBITDA DFS Adjusted EBITDA Other Services Adjusted EBITDA Unallocated Expenses 48.7 4Q 2020 107.0 1,982.7 2,776.0 663.5 602.6 (427.5) (171.3) (877.7) (1,306.9) (12.7) (511.1) (3.4) (149.8) (2,554.2) (56.9) (492.1) (10.3) (39.6) (18.2) 4Q 2021 Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures. (616.9) (170.2) (593.6) (28.2) FY 2020 FY 2021 Sea 4Q2021 & FY2021 Results | 8#10sea connecting the dots Cost and Expense Trends US$ Millions Cost of Revenue 1,032.8 Sales & Marketing Expenses US$ Millions 1,911.4 4Q 2020 4Q 2021 General & Administrative Expenses US$ Millions 189.0 318.6 665.2 1,219.9 4Q 2020 4Q 2021 Research & Development Expenses US$ Millions 109.5 286.6 4Q 2020 4Q 2021 4Q 2020 4Q 2021 Note: Financial figures are unaudited. Sea 4Q2021 & FY2021 Results | 9#11sea connecting the dots Net Loss US$ Millions 4Q 2020 (524.6) Net Loss 4Q 2021 (616.3) Net Loss Excluding Share-based Compensation Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between Net Loss and Net loss excluding share-based compensation. US$ Millions 4Q 2020 4Q 2021 (430.7) (483.5) Sea 4Q2021 & FY2021 Results | 10#12sea connecting the dots Cash and Cash Equivalents and Short-term Investments Note: Financial figures are unaudited. US$ Billions 1.0 3.2 6.3 10.2 FY 2018 FY 2019 FY 2020 FY 2021 Sea 4Q2021 & FY2021 Results | 11#13sea connecting the dots Full Year 2022 Guidance FY 2022 Guidance Digital Entertainment Bookings US$2.9 Billion - US$3.1 Billion E-commerce GAAP Revenue US$8.9 Billion - US$9.1 Billion 75.7% YoY growth at midpoint Digital Financial Services GAAP Revenue US$1.1 Billion - US$1.3 Billion 155.4% YoY growth at midpoint Sea 4Q2021 & FY2021 Results | 12#14sea Appendix connecting the dots Sea 4Q2021 & FY2021 Results | 13#15sea connecting the dots Reconciliation Between GAAP and Non-GAAP EBITDA Note: Financial figures are unaudited. US$ Thousands 4Q 2020 4Q 2021 FY 2020 FY 2021 Digital Entertainment Operating income/(loss) 397,115 Net effect of changes in deferred revenue & related cost 259,107 Depreciation and amortization Digital Entertainment Adjusted EBITDA 7,317 663,539 858,831 (266,399) 10,133 602,565 1,016,793 939,816 26,125 1,982,734 2,500,081 240,109 35,767 2,775,957 E-commerce Operating income/(loss) Depreciation and amortization E-commerce Adjusted EBITDA (467,955) 40,481 (427,474) (941,028) (1,442,593) (2,766,566) 63,291 135,685 212,345 (877,737) (1,306,908) (2,554,221) Digital Financial Services Operating income/(loss) Depreciation and amortization (174,896) 3,633 Digital Financial Services Adjusted EBITDA (171,263) (157,647) 7,834 (149,813) (520,075) 8,983 (511,092) (640,422) 23,498 (616,924) Sea 4Q2021 & FY2021 Results | 14#16sea 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 2020 4Q 2021 FY 2020 FY 2021 (14,335) 1,667 (12,668) (59,138) 2,279 (56,859) (49,006) 9,455 (39,551) (177,633) 7,422 (170,211) Group Operating income/(loss) (357,325) (442,075) (1,303,325) (1,583,060) Net effect of changes in deferred revenue & related cost 259,107 (266,399) 939,816 240,109 Depreciation and amortization 53,098 83,537 180,248 279,032 Share-based compensation Total Adjusted EBITDA 93,847 48,727 132,797 (492,140) 290,246 470,324 106,985 (593,595) Sea 4Q2021 & FY2021 Results | 15#17sea connecting the dots Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation Note: Financial figures are unaudited. US$ Thousands Group Net loss Share-based compensation 4Q 2020 4Q 2021 FY 2020 FY 2021 Net loss excluding share-based compensation (524,569) 93,847 (430,722) (616,289) 132,797 (483,492) (1,624,157) (2,043,030) 290,246 470,324 (1,333,911) (1,572,706) Sea 4Q2021 & FY2021 Results | 16