Southeast Asia (Shopee) = Mobile-First Social Commerce… $10B in Gross Merchandise Value + ~2x in One Year Sea Limited / Shopee Mobile / Social Shopping Gross Merchandise Value, Southeast Asia $12B ue al V e s i nd ha c r Me e $6B erc m Shopee's ability to grow rapidly over a short period Com - of time is a testament to its focus on building a E mobile-centric, socially engaging marketplace s os with emphasis on high margin products from a r G highly diverse seller base. …Shopee has combined its marketplace offering with integrated payments, logistics infrastructure & $0 a comprehensive set of services. 2016 2017 2018 Forrest Li – CEO, SEA Limited, 2/19 Source: Sea Limited Q1:19 Earnings (2/19). Goldman Sachs Investment Research . Sea Limited operates commerce in Malaysia, Singapore, The Philippines, Thailand, Taiwan, Indonesia & Vietnam. Internet Trends 61 2019