Investor Presentaiton

These Ecosystems Are Being Developed All Across Southeast Asia • • Southeast Asia is very diverse, with currently little cross-border transactions. Investors must think of each country as a separate subsidiary, each with their own odds at success. This makes it both more resilient (losing in one country won't affect its chances in another), while losing some of the natural benefits to scale a larger homogeneous consumer base would provide. Shopee's headquarters is in Singapore, and should be thought of as the "brains" behind this multi-legged model. HAYDEN CAPITAL Fred Liu, CFA | [email protected] 10

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