Investor Presentaiton

Marketplaces Are Like Self-Regulating Ecosystems Sellers: "Hey, look at all these Buyers showing up. Why would we go to Lazada or Tokopedia, when there's more customers in this ecosystem?" Shopee's External Funding: "We need to pump up this ecosystem large enough to be self-sustainable, and so it doesn't collapse. We'll then make our real money, once everyone's addicted to our platform, we can start "taxing" our inhabitants, and sellers compete with each other, and thus "bribe" us to put them at the front of the line." go to foote 46 46 4640 Shopee Buyers: "What is that rapidly growing ecosystem over there? It seems like there's a lot more variety in it versus the others... lets go check it out" Toko $ Lazada Blibli HAYDEN CAPITAL Fred Liu, CFA | [email protected] 9

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