2021-02-01 - Asia Partners 2021 Southeast Asia Internet Report

2021 Internet Report
Southeast Asia’s
Golden Age:
Resilience and Recovery
Our hearts go out to each of the families who have lost loved
ones to the tragedy of the COVID-19 pandemic. Please
accept our deepest condolences.
We share our sincere gratitude to the healthcare professionals

who have worked so tirelessly, and sacrificed so much,
throughout the crisis. You truly exemplify the best of
humanity. Thank you.
Asia Partners Confidential | February 2021 2

CONTENTS
Current Update on Our 2019 Asia Partners Internet Report

Accountability: Looking Back at our Eight Key Predictions
The Next Round of IPOs from Southeast Asia

“The Rule of 25”
How Emerging Market Tech Ecosystems Evolve

The Cargo and The Rails
The Tragedy of COVID-19

Southeast Asia Through the Crisis
Where Do We Go From Here?

Industrial Transformation: Education, Autos, Travel and Healthcare
OUR PREDICTIONS FROM 2019
Southeast Asia is entering a golden age of rising affluence that has been associated
1
with large tech company formation in China, Korea, and Japan in the past
The region’s opportunities and unique complexity creates true home court advantage
2
for local platforms
We predict 20+ more billion-dollar value tech companies from Southeast Asia by
3
2029
4 At least half of these 20 companies will pursue IPOs over the next decade
New and existing tech companies in Southeast Asia will create an additional $400 billion
5
of incremental equity value by 2029
We think 70% of the winners will be regional platforms and 30% will be Indonesia-
6
focused platforms
There are 28,000 graduates of first-generation companies, of whom 1,200 are

7
already next generation founders; regional winners will emerge from this group
While the Series A/B ecosystem has strengthened, there is an acute Series C/D gap in
8
the market for $20-100 million checks; Southeast Asia is ready for growth equity

ACCOUNTABILITY: ACTUALS VS. FORECAST
11 with large tech company formation in China, Korea, and Japan in the past 
2 for local platforms
33 2029
55 of incremental equity value by 2029
6 focused platforms

77 already next generation founders; regional winners will emerge from this group
8 the market for $20-100 million checks; Southeast Asia is ready for growth equity

SOUTHEAST ASIA REMAINS IN THE ‘GOLDEN AGE’ OF DISPOSABLE
INCOME, DESPITE SHORT-TERM CONTRACTION FROM COVID-19
Negative growth in
GDP per Capita in Real, Inflation-Adjusted Terms FY2020 due to Size of Tech Companies
Expressed in Constant 2019 U.S. Dollars COVID-19 $US Billions
USA
$56,000 Australia
$20-2,000bn
Japan (Amazon, Apple, Microsoft, Google,
S. Korea Facebook, Rakuten, Yahoo Japan,
$28,000 Netflix, Uber)
$14,000
China $30-700bn
(Alibaba, Tencent, JD, Baidu,
Meituan, Bytedance)
$7,000 Thailand
$2-100bn
THE GOLDEN AGE ` SE Asia
Indonesia
(Sea, Grab, Go-Jek, Lazada,
Tokopedia)
$3,500 Vietnam
$0.5-25bn
(Flipkart, MakeMyTrip)
India
$1,750 Bangladesh
$0-1bn
(Mpesa)
$875
'60 '63 '66 '69 '72 '75 '78 '81 '84 '87 '90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20
Source: IMF, World Bank, Asia Partners Analysis Asia Partners Confidential | February 2021 6
2
for local platforms 
33 2029
6 focused platforms


THERE ARE 3 KINDS OF INTERNET BUSINESS MODELS
GLOBALLY, OF WHICH ‘CAT 3’ IS MOST RELEVANT TO SE ASIA
3. Local Network Effects

(e.g., Alibaba, Sea, Grab, Go-Jek,
Mercado Libre, Tokopedia)
2. Unique Local Winners
(e.g., Baidu, Yandex, VKontakte)
1. Global Network Effects
(e.g., Google, Facebook, Amazon
Web Services, Slack, Microsoft)
The vast majority of emerging markets internet market cap comes from Category 3
Source: Asia Partners Asia Partners Confidential | February 2021 8

WITH THE PASSAGE OF TIME, MULTIPLE NEW DATA POINTS TO
SUPPORT THE BONSAI THESIS
Bonsai Local Exemplar Years of Best Practices to
Proven Model Category Global Inspirations (Founding Date) Adopt
Local Services: Cat 3  Meituan in China (2010) FoodPanda (2012), Go-Food  5 years from China
Food Delivery  Doordash in USA (2013) (2015), Grab Food (2018)
Local Services: Cat 3  Uber in USA (2009) Go-Jek (2010), Grab (2012)  1-3 years from USA
Ride Sharing
Online Health Cat 3  Teladoc in USA (2002) Doctor Anywhere (2016),  13-15 years from USA
 Ping An Good Doctor (2014) HaloDoc (2016)  2-3 years from China
eCommerce Logistics Cat 3  Baozun in China (2007) SCI Commerce (2011),  4-6 years from China
 Cainiao (2013) aCommerce (2013),
NinjaVan (2014), J&T (2015)
Payments Cat 3  Alipay in China (2004) SeaMoney (2014), GoPay  10+ years from China
 WeChat Pay (2013) (2016), GrabPay (2017)
Inventory eCommerce Cat 3  Amazon in USA (1994) Lazada (2012)  18 years from USA
Online Real Estate Cat 3  Zillow in USA (2004) PropertyGuru (2006)  1-3 years from USA
Online Autos Cat 3  Carvana in USA (2012) Carsome (2015), Carro (2015)  3-5 years from USA
 Auto1 in Europe (2012) BeliMobilGue (2017)
Marketplace eCommerce Cat 3  eBay in USA (1995) Tokopedia (2009),  14 years from USA
 Taobao in China (2003) Shopee (2015)  12 years from Japan
 MercadoLibre (2013)  6 years from China
Online Education Cat 3  Chegg in USA (2005) Ruangguru (2014),  9 years from USA
 Yuanfudao in China (2012) Snapask (2015)
Online Games Cat 3  Tencent in China (2004) Garena/Sea (2009)  5 years from China
 Steam in USA (2005)
Online Travel: Affordable Cat 3  OYO in India (2013) RedDoorz (2015)  1-3 years from India
Hotel Marketplace
Online Travel: Cat 3  Expedia in USA (1996) Agoda (1998),  2 years from USA
Online Travel Agency  Ctrip in China (1999) Traveloka (2012)  1 year ahead of China 9
 Kayak in USA (2004)
2
33
We predict 20+ more billion-dollar value tech companies from Southeast Asia by In Process
2029
6 focused platforms


CHINA OFFERS CLUES TO THE NEXT CATEGORY 3 MODELS
Luckin
Local Services Meituan
Coffee
Each Blue Rectangle Indicates an IPO from China 111, Ping An So Young, JD Health,
Online Health Healthcare Tigermed, Yidu Tech
Baozun ESR, Dada Nexus,
E-Commerce Logistics (NASDAQ) Baozun (HK),
Huatai, Hengtai, GF Huatai (LSE), Puyi Inc.,
Wealth Management Securities, First Capital Shenzhen Fortune Trend
Yeahka,
Payments PAX Global Lakala Huifu
Ant Financial
Xiaobai Maimai, Finvolution, Qudian, LexinFintech,
Online Lending Chong Sing Jianpu, Pintec, Jiayin, Weidai, Lufax
Changyou Alliance, Vipshop, JD.com (NASDAQ), CSMall, Yunji, Shanghai JD.com
Inventory eCommerce China Dangdang Jumei, Mango Excellent Lily & Cosmetics (HK)
Zhejiang Venustech, Xiamen Meiya, Cheetah Mobile, Sangfor, DBAPP, Beijing Kingsoft,
Digital Security Dahua Beijing Century, Qihoo 360
NSFOCUS
Zhongfu Info Streamax Hillstone, Beijing ABT, Qi An Xin
E-House China Real Leju
Online Real Estate (NYSE) Estate Info Holdings
E-House (HK) KE Holdings
Bitauto, China Autohome,

Online Autos Fincera
Zhengtong, Link Motion CAR
Yixin Group, Uxin Cheshi
Alibaba.com, Alibaba Group MOGU, Pinduoduo Alibaba Wunong

Marketplace eCommerce Nanji
Jiayuan.com LightInTheBox
(NYSE) Group (HK), Maoyan Net
New Oriental, China Edu, China TAL, China Education Sunlands, Hope, GSX, New
Online Education Distance Education, ATA, Talkweb Ambow Group LAIX Oriental, 17 Edu
Ku6 Youku Tudou, Sky-mobi Baofeng, Southern Xinhuanet, iReader, Tencent Music, iQiYi,
Online Content Media Phoenix New Media Publishing China Literature Bilibili, Inke, Lizhi, Babytree
Tongdao
Online HR 51Job Zhaopin Liepin
Homeinns 7 Days Huazhu Tongcheng- Huazhu
Online Travel Trip.com Hotel Group Group (NASDAQ)
Qunar Tuniu Elong (HK)
Netease Tencent, Hifuture, Kingsoft, Dalian Zeus, Kaiser, Ourpalm, JOYY, Forgame, Yaoji, Ourgame, iDreamSky, HUYA, XD, 7Roads, FriendTimes,
Online Games (NASDAQ) The9, Shanda NetDragon ZQGAME, Whole Easy 500.com Linekong, Bingchuan, Boyaa, Shengxunda CMGE, Douyu, , Archosaur, Netease
Wangsu Science, Ke GDS, UCloud, Chindata,
Data Centres SUNeVision
Hua Heng Sheng
21Vianet Xunlei
Capitalonline, Kingsoft Cloud
Online Advertising Asiacontent.com, Sohu.com, Focus Media, Baidu, Pacific Online, Bluefocus Kingnet, 360 Security, 58.com, Weibo, iClick, Wanka, Glory Star Mobvista, Sogou,
SINA Corp, TOM Group TOM Online Leo Group Intelligent People.cn, Charm, Renren Momo, Tian Ge Qutoutiao, Ruhnn, Youdao, Beijing Daily, Netjoy
Software AsiaInfo-Linkage,
Yonyou Network
China
National
Beat DHC, Beijing Shiji, China TransInfo, Glodon, Sungy Thunder, Yusys, Duolun, Sinosoft, AsiaInfo, Wondershare, Ming Yuan
Thunisoft, Beijing Orient, AutoNavi Mobile Wondertek, Borqs OneConnect, Arcsoft, Geovis Cloud, Foxit
Longtop
China SUNDAY Communications, China Mobile AirNet
Wireless Telcos Mobile (US) China Unicorn, China United (HK), Hutchison Technology
Greatwall Tech, Shen Zhen Sumavision, Shenzhen Huizhou Desay, Hitevision, Haier, Xiaomi,
Consumer Electronic BOE
BOE, Skyworth
TCL
Mindata, MTC, Aisidi, NavInfo
Meitu
Huami, Hopechart IoT, Transsion, Anker
Asat JCET, Semicon Manufacturing Wuhan Guide Infrared, RDA, Shenzhen Goodix, Dawning, Amlogic, Verisilicon, Montage, China
Semiconductors Holdings Int’l Corp, China Resources (HK)
Spreadtrum NAURA
Beijing Waterek, MLS, Leyard Hua Hong, Will Semicon Resources (CH), Beijing Huafeng, iRay
Nanjing Newland, Fiberhome, Jiangsu ZTE Fujian Beijing Ultrapower, Gosuncn, Suzhou Yeahlink, Tianjin 712, Shenzhen
Telecom Equipment Panda Zhongtian, Hengtong, Aisino Corp Star-net Anhui Tatfook, Sunway, Hytera Keda Sinovatio, Yangtze Optical
Genew
Consys
Asia Xinhua Sports, China Jishi Media, Wisdom Wanda Film, Guizhou Broadcasting,
Film/Television Satellite
I-CABLE
Digital TV, VisionChina Beijing Enlight Sports IMAX China Guangxi Radio
China Bright
China China CITIC HKT Beijing

Wireline Telcos Telecom Netcom Telecom Trust Sinnet
HKBN
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Source: Bloomberg for China/HK IPO Dates
SOUTHEAST ASIA IS APPROXIMATELY 10 YEARS SHIFTED IN TIME
Local Services
Each Blue Rectangle Indicates an IPO from SE Asia
Online Health
E-Commerce Logistics
Wealth Management iFast Corp
*MOL
Payments Global DIVA
Credit Bureau
Online Lending Asia
Inventory eCommerce China’s first e-commerce IPO

was in 2007 – Southeast
Digital Security
Asia’s first was in 2017
Online Real Estate
Online Autos
Marketplace eCommerce Sea
Online Education
Online Content
Online HR HRnetgroup
Online Travel
Online Games Xurpas Sea
Data Centres CSF Group Procurri
Digital
Online Advertising SPH Phorm VGI PCL Mediatama
Stratech Awanbiru
Software Systems Technology
Pasifik M1, Maxis XL Axiata, Bakrie Maxis, Tower Bersama, Solosi Digital
Wireless Telcos Satelit Communications
Starhub
Telecom Tunas Pratama Telecom
Consumer Electronic Razer Inc
GFS, Ellipsiz, STATS United Test

Semiconductors ChipPAC, PSI and Assembly
Verigy Avago
Sevak, Nera
Telecom Equipment Telecom
ALT Telecom
Surya Citra, GMM, GMA, Media Elang Mahkota Visi Media Asia, MNC Sky Vision, MNC Studios, MNC
Film/Television ITV PCL, Astro
MCOT
Nusantara Teknologi Mono Next, Astro Malaysia, Intermedia
JKN
Yeah1 Group Vision
Telkom TIME Interlink Telecom,
Wireline Telcos Indonesia
Telstra
dotCom
CS Loxinfo Link Net
NetLink NBN
Converge ICT
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Source: Bloomberg for Southeast Asian IPO Dates Asia Partners Confidential | February 2021 12
* MOL Global has been delisted from NASDAQ
2
33
2029
4 At least half of these 20 companies will pursue IPOs over the next decade In Process
6 focused platforms


NO MEGA-IPOs SINCE 2017, BUT MANY HAVE POTENTIAL
December 16th, 2020
December 21st, 2020
January 7th, 2021

2
33
2029
25% done
6 focused platforms


SEA LTD., THE FIRST LARGE CAP INTERNET IPO FROM SE ASIA,
HAS BEEN THE WORLD’S BEST PERFORMING $100BN+ STOCK
Total Shareholder Return from Jan 2019-Jan 2021 for All Companies Worldwide With a $100bn+ Market Cap
Shareholder Return
Ticker Name Market Cap ($Bn) Country Jan 2019- Present Primary Industry
SE US Equity SEA LTD-ADR $ 118 Singapore 1960% Video Games & eCommerce
TSLA US Equity TESLA INC $ 801 United States 1178% Automobiles
SHOP CN Equity SHOPIFY INC - CLASS A $ 145 Canada 769% Application Software
3690 HK Equity MEITUAN-CLASS B $ 282 China 762% Local Services
PDD US Equity PINDUODUO INC-ADR $ 208 China 662% eCommerce
000858 CH Equity WULIANGYE YIBIN CO LTD-A $ 171 China 532% Beverages
300750 CH Equity CONTEMPORARY AMPEREX TECHN-A $ 141 China 468% Battery Manufacturer
AMD US Equity ADVANCED MICRO DEVICES $ 108 United States 381% Semiconductors
JD US Equity JD.COM INC-ADR $ 143 China 355% eCommerce
SQ US Equity SQUARE INC - A $ 102 United States 304% Financial Technology
NVDA US Equity NVIDIA CORP $ 323 United States 303% Semiconductors
600519 CH Equity KWEICHOW MOUTAI CO LTD-A $ 397 China 285% Beverages
603288 CH Equity FOSHAN HAITIAN FLAVOURING -A $ 101 China 284% Food Manufacturer
ASML NA Equity ASML HOLDING NV $ 231 Netherlands 258% Semiconductors
2330 TT Equity TAIWAN SEMICONDUCTOR MANUFAC $ 600 Taiwan 250% Semiconductors
AAPL US Equity APPLE INC $ 2,151 United States 243% Electronic Manufacturer
QCOM US Equity QUALCOMM INC $ 185 United States 207% Semiconductors & Software
000333 CH Equity MIDEA GROUP CO LTD-A $ 105 China 205% Electrical Appliance Manufacturer
NOW US Equity SERVICENOW INC $ 101 United States 205% Software
PYPL US Equity PAYPAL HOLDINGS INC $ 290 United States 190% Financial Technology
9984 JP Equity SOFTBANK GROUP CORP $ 176 Japan 165% Multinational Conglomerate
1810 HK Equity XIAOMI CORP-CLASS B $ 104 China 142% Electronic Manufacturer
600036 CH Equity CHINA MERCHANTS BANK-A $ 201 China 138% Financial Services
005930 KS Equity SAMSUNG ELECTRONICS CO LTD $ 474 South Korea 138% Electronic Manufacturer
DHR US Equity DANAHER CORP $ 168 United States 132% Diversified Conglomerate
TMO US Equity THERMO FISHER SCIENTIFIC INC $ 201 United States 132% Life Sciences
MSFT US Equity MICROSOFT CORP $ 1,636 United States 127% Computer Software
CHTR US Equity CHARTER COMMUNICATIONS INC-A $ 147 United States 126% Telecommunications
700 HK Equity TENCENT HOLDINGS LTD $ 841 China 120% Video Games & eCommerce
Source: Bloomberg Asia Partners Confidential | February 2021 16

SEA IS TODAY AT A $115BN+ MARKET CAPITALIZATION; ADD’L
~$100BN IN INCREMENTAL EQUITY VALUE FROM SEA ALONE
Sea Limited Market Cap (US$B) (NYSE:SE)
140
Billions
Today:
120 (Jan 2021)
US$117.6B
100
80
~US$100B in
60
incremental equity
value from Sea alone
40
Time of our prediction

(Dec 2019):
20
US$17.6B
0
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Source: Bloomberg | Note: ‘Today’ stock price refers to Jan 14th, 2021 Asia Partners Confidential | February 2021 17
2
33
2029
25% done
6
focused platforms


THIS IS THE SOUTHEAST ASIA CHESSBOARD
Relevant Historical
Technical Number of Examples of
GDP Population Talent(a) Sizable IPOs Scaling Across
Country US$ Billions Millions Thousands Since 2015(b) Southeast Asia
Indonesia $1,089 274 Medium-High 6 Medium
Thailand $509 67 Fewer 37 Medium
Malaysia $336 33 Medium 9 High
Singapore $337 6 High 25 High
Philippines $367 110 Medium 10 Medium
Vietnam $341 97 Medium 8 Medium
(a) Number of LinkedIn profiles with Python or JavaScript as skills and Programmer, Developer, Software Developer, Web Developer, Software Engineer, or Java Engineer as Job Titles, November
2020 search; (b) Number of $100M or larger IPOs from Country on any exchange from 2015 through December 2020.

TWO FREQUENT STRATEGIES WE SEE IN THE MARKET
Relevant Historical
Indonesia $1,089 274 Medium-High

1 6 Medium
Singapore $337
2 6 High 25 High

OF THE FIRST GENERATION OF BILLION DOLLAR PIONEERS, 55%
WERE REGIONAL PLATFORMS AND 30% INDONESIA SPECIALISTS
Representative List of Southeast Asian Billion Dollar Tech Platforms To-Date
Company Primary Businesses Geographical Focus
2 Games,
E-commerce
Southeast Asia and Taiwan
2 Ride Sharing, Payments Southeast Asia
2 E-Commerce Southeast Asia
2 Ride Sharing, Payments Southeast Asia
1 E-Commerce Indonesia
2 Travel Booking Southeast Asia
1 E-Commerce Indonesia
1 Payments Indonesia
Games, Payments, Social Vietnam
Source: Recent Press Articles, Asia Partners Analysis

THE MAJORITY OF SERIES A AND B ROUNDS IN OUR REGION ARE
FOR STRATEGIES 1 AND 2
Headquarters Breakdown of the 299 $1-$20M Investments in Technology Companies in Southeast Asia from 2019 – Oct 2020
1 Vietnam
9%
Malaysia
6% Thailand
5% Philippines
4%
Myanmar
1%
Cambodia
1%
Indonesia
23%
We call this the ‘70/30 Mix’ –

two-sevenths (~30%) of major
winners will be from Indonesia,
and five sevenths will be
Singapore
51%
2
regional (~70%)
Source: AVCJ, Asia Partners Analysis; includes technology and

technology-related businesses Asia Partners Confidential | February 2021 22
THERE IS NOW A ‘FIELD TESTED’ ORGANIZATIONAL TEMPLATE
FOR EXECUTING ON STRATEGY 2
2 Relevant Historical
GM ID
Indonesia $1,089 274 Medium High Adopted by:
66 Medium
GM TH
GM MY
CTO CEO CFO CGO
Singapore $337 6 High 25 High
GM PH
GM VN
Asst. CTO
Remote India, China 6
SINGAPORE HAS BECOME THE ‘COMMERCIAL CAPITAL OF ASIA’
FROM THE STANDPOINT OF REGIONAL EXECUTIVE ROLES
Country of Residence for all LinkedIn Profiles with a either an ‘Asia Pacific’, ‘Asia’, or ‘APAC’ in title (% of Global Total)
Vietnam Myanmar
1% 0% Others
South Korea 20% Singapore
1%
Indonesia 26%
2%
Taiwan
2%
Philippines China
2% 13%
Japan
2% India
Hong Kong SAR
11%
Thailand 13%
3%
Malaysia
4%
~26% of all Asia-wide roles sit in Singapore, double the proportion of that in China or Hong Kong
Source: LinkedIn, Asia Partners Analysis (late 2020) Asia Partners Confidential | February 2021 24
STRATEGY 2 LEVERAGES THE REGION’S CONCENTRATION OF
PROGRAMMERS AND DATA SCIENTISTS IN SINGAPORE
INDICATOR OF GENERAL INDICATOR OF BIG DATA / STATISTICAL
PROGRAMMING (PYTHON OR JAVASCRIPT) COMPUTING CAPABILITIES (R)
% of LinkedIn Profiles who are equipped with % of LinkedIn Profiles who are equipped with
Python / JavaScript capabilities R capabilities
4.0% Singapore >2x 0.9% Singapore ~4x

regional average regional average
3.5% 0.8%
0.7%
3.0%
0.6%
2.5%
0.5%
2.0%
0.4%
1.5%
Average: 1.3% 0.3%
1.0% Average: 0.2%

0.2%
0.5% 0.1%
0.0% 0.0%
Source: LinkedIn, Asia Partners Analysis Asia Partners Confidential | February 2021 25
AND SIMILARLY, THE LEVEL OF SENIOR TECH LEADERSHIP IN
SINGAPORE RELATIVE TO THE REST OF THE REGION
Chief Information Officer + Chief Technology Officer + Chief Product Officer + Chief Information Security Officers as a % of all LinkedIn Profiles
Global Southeast Asia Rest of World
0.25% SG now has ~75% more

tech leaders, in absolute
terms, than Hong Kong
0.20%
0.15%
0.10% Average: 0.10%

Average: 0.08%
0.05%
0.00%
Global Singapore Vietnam Thailand Malaysia Philippines Indonesia United Taiwan Australia China India
States
AN IMPORTANT TREND: THE REST OF THE REGION IS ALSO BUILDING
TECHNICAL TALENT, ENABLING DECENTRALIZED TALENT IN THE
‘ZOOM CALL ERA’ AND MORE HOME-GROWN REGIONAL STARTUPS
# OF AVAILABLE TECH TALENT FOR GENERAL # OF AVAILABLE TECH TALENT FOR BIG DATA /
PROGRAMMING (PYTHON OR JAVASCRIPT) STATISTICAL COMPUTING CAPABILITIES (R)
Absolute Number of LinkedIn Profiles who are Absolute Number of LinkedIn Profiles who are equipped
equipped with Python / JavaScript capabilities with R capabilities
90 22
Thousands
Thousands
80 20
18
70
16
60
14
50 12
40 10
8
30
6
20
4
10 2
0 0
2
33
2029
25% done
6
focused platforms

There are 28,000 graduates of first-generation companies, of whom 1,200 are Better than
77 already next generation founders; regional winners will emerge from this group we thought

AS OF LATE 2020, THERE ARE NOW ALMOST 6,000 FOUNDERS OR CEOs
WHO ARE ALUMNAE/I OF SOUTHEAST ASIAN ‘ACADEMY’ COMPANIES
‘Academy’ Current or Past Ratio (% of Those that Become Currently a Founder % of
Companies at Academy in Southeast Asia
× a Founder / Co-Founder / CEO)
= or Co-Founder or CEO Total
IBM 47,051 1.9% 1 .9 0 %
893 15.2% 1 5 .2 0 %
Microsoft 14,294 4.4% 4 .4 0 %
628 10.7% 1 0 .7 0 %
Google 7,705 5.1% 5 .1 0 %
392 6.7% 6 .7 0 %
Lazada 17,045 2.2% 2 .2 0 %
371 6.3% 6 .3 0 %
Oracle 11,577 3.2% 3 .2 0 %
367 6.2% 6 .2 0 %
Sea Group 23,210 1.4% 1 .4 0 %
336 5.7% 5 .7 0 %
Grab 37,009 0.8% 0 .8 0 %
312 5.3% 5 .3 0 %
Gojek 24,072 1.1% 1 .1 0 %
262 4.5% 4 .5 0 %
Apple 11,602 2.1% 2 .1 0 %
247 4.2% 4 .2 0 %
Amazon 10,085 2.3% 2 .3 0 %
227 3.9% 3 .9 0 %
SAP 6,812 2.4% 2 .4 0 %
166 2.8% 2 .8 0 %
Tokopedia 7,564 2.1% 2 .1 0 %
162 2.8% 2 .8 0 %
Zalora 4,852 3.2% 3 .2 0 %
155 2.6% 2 .6 0 %
Facebook 3,522 4.2% 4 .2 0 %
148 2.5% 2 .5 0 %
Uber 5,231 2.8% 2 .8 0 %
145 2.5% 2 .5 0 %
Rocket 947 12.5% 1 2 .5 0 %
118 2.0% 2 .0 0 %
Traveloka 4,787 2.5% 2 .5 0 %
118 2.0% 2 .0 0 %
Yahoo 1,433 7.9% 7 .9 0 %
113 1.9% 1 .9 0 %
Booking 6,789 1.6% 1 .6 0 %
111 1.9% 1 .9 0 %
Bukalapak 4,496 2.2% 2 .2 0 %
99 1.7% 1 .7 0 %
Alibaba 1,996 4.9% 4 .9 0 %
97 1.6% 1 .6 0 %
Groupon 1,593 5.8% 5 .8 0 %
93 1.6% 1 .6 0 %
OVO 2,434 2.4% 2 .4 0 %
59 1.0% 1 .0 0 %
PayPal 4,116 1.4% 1 .4 0 %
59 1.0% 1 .0 0 %
eBay 1,420 4.1% 4 .1 0 %
58 1.0% 1 .0 0 %
Tencent 1,629 3.4% 3 .4 0 %
55 0.9% 0 .9 0 %
SalesForce 1,486 3.1% 3 .1 0 %
46 0.8% 0 .8 0 %
LINE 1,161 3.8% 3 .8 0 %
44 0.7% 0 .7 0 %
Total 265,918 5,881

29
Previously identified as an ‘academy’ Company in our 2019 report. The rest are new additions this year. Source: LinkedIn
2
33
2029
25% done
6
focused platforms

There are 28,000 graduates of first-generation companies, of whom 1,200 are Better than
77 already next generation founders; regional winners will emerge from this group we thought
While the Series A/B ecosystem has strengthened, there is an acute Series C/D gap in Still a Series
8 the market for $20-100 million checks; Southeast Asia is ready for growth equity C/D Gap

WITH THE BENEFIT OF ANOTHER YEAR OF DATA, THERE IS
STILL AN ACUTE CAPITAL SHORTAGE IN THE $20-100M BAND
Number of US$20-100mm Equity Investments in Technology Companies Per Million Citizens
2014-2018 1H Average 2014 – 2020Q3 Annualized Average
2.32 2.78
24x 100x 600x 17x ~60x ~120x

Less Less Less Less Less Less
0.10 0.16 0.05

0.02 0.00 0.02
United States China/HK Southeast Asia Indonesia United States China/HK Southeast Asia Indonesia
Source: AVCJ, NVCA, Asia Partners Analysis; includes

technology and technology-related businesses
Note: Updated as of September 20th, 2020
WE CAN QUANTIFY THE GAP IN THE MARKET: THERE IS ~$1BN OF
$20-100M INVESTMENTS MISSING EACH YEAR RELATIVE TO CHINA
Dollar Value of Delta versus Multiplied by: = Missing Growth Capital in

$20-100M Deals Southeast Asia 2020E SE Asia GDP the Market Per Year
(% of Nominal GDP, bps) (% of Nominal GDP, bps) (US$ Trillions) (US$ Billions)
~$1.1bn of missing $20-100M

SE Asia 5.1 SE Asia +0.0 Status Quo investments in Southeast Asia
each year, indexed to China’s
ecosystem – and ~$4bn missing
relative to the U.S.
x $3.30
Catch up to
China/HK 8.3 China/HK +3.3 Trillion China/HK
$1.09
USA USA
Catch up to
15.9 +10.9 $3.59
USA
Southeast Asia 2014-2020

Annualized (5.1bps)
Source: AVCJ, NVCA, Asia Partners Analysis; includes technology and
technology-related businesses Asia Partners Confidential | February 2021 32
Note: Updated as of September 20th, 2020
THE ‘SERIES C/D GAP’ IS QUITE APPARENT WHEN DEPICTED
VISUALLY, COMPARING CHINA AND SOUTHEAST ASIA
All Private Technology Investments Above $1M in China and Southeast Asia from 2014 – May 2020, Log-Log Chart
China/HK
Southeast Asia
$12,500
Between $20-100M check
sizes, Southeast Asia has a
$2,500 ~$1.09B ‘Series C/D’ gap
in funding each year
relative to China. Few
investors focus on this gap.
Investment Size (US$ MM)
$500
At larger check sizes,
Southeast Asia’s ecosystem Below $20M check sizes,
mirrors China closely in terms Southeast Asia has a ~$215M
$100 gap in Series A/B funding each
of the distribution of year relative to China.
investments, e.g.
$20
$4
99.9th 99th 90th 0th
Percentile Percentile Percentile Percentile
Rank of Deal Size During 2014 – May 2020 Period from Largest to Smallest (Highest Percentile = Largest Deals)
Source: AVCJ, Asia Partners Analysis; includes technology and technology-related businesses

COMPARING OUR VENTURE ECOSYSTEM WITH OUR NEIGHBORS
$1-20M $20-100M $100M+

Checks Checks Checks

RELATIVE TO OTHER MARKETS, THE SERIES C/D GAP HAS ONLY
WIDENED IN SOUTHEAST ASIA
Relative Change in Cumulative Amount of Private Capital Raised for Tech and Tech-Enabled Businesses By Region (FY 20 vs. FY19) (%)
$1-20M Checks $1-20M Checks $1-20M Checks
+21% -22% -2%

(FY20 vs. FY19) (FY20 vs. FY19) (FY20 vs. FY19)
+47% -11% -17%

$100M+ Checks $100M+ Checks $100M+ Checks
+41% +31% +22%

Growth across all check sizes, very strong year A sizeable decrease in upstream early-stage deals, Despite resilient funding for early-stage deals, a
for the overall tech ecosystem. Investor optimism and growth equity has fell accordingly. sizeable decrease in Series C/D funding.
35
due to a quick recovery from the pandemic. Bn$+ winners, meanwhile, continue to get funded. Bn$ winners, meanwhile, continue to get funded.
PRIVATE INVESTMENT IN CHINA TECH: 2018, 2019, 2020
Cumulative Amount of Private Capital Raised Throughout Each Year for China Tech and Tech-Enabled Businesses
(US$1-20M Deals)
$5,000
$4,500
+21% 2020
$4,000 Increase
(Full Year) 2018
$3,500 2019
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: AVCJ, as of 31st December 2020

(US$20-100M Deals)
$18,000
$16,000
2020
+47%
$14,000
Increase
(Full Year) 2018
$12,000
2019
$10,000
$8,000
$6,000
$4,000
$2,000
$0

(US$100M+ Deals)
$90,000
$80,000 2018
$70,000
$60,000
2020
Ant Financial +41%

$50,000 US$14B Fundraise
Increase
(Full Year) 2019
$40,000
$30,000
$20,000
$10,000
$0

PRIVATE INVESTMENT IN INDIA TECH: 2018, 2019, 2020
Cumulative Amount of Private Capital Raised Throughout Each Year for India Tech and Tech-Enabled Businesses
(US$1-20M Deals)
$3,000
2019
$2,500 -22%
Decrease
(Full Year) 2020
$2,000 2018
$1,500
$1,000
$500
$0

(US$20-100M Deals)
$7,000
-11% 2019
$6,000 Decrease 2020
(Full Year) 2018
$5,000
$4,000
$3,000
$2,000
$1,000
$0

(US$100M+ Deals)
$30,000
2020
$25,000
+31%
Increase
(Full Year)
2019
$20,000
$15,000 2018
$10,000
$5,000
$0

PRIVATE INVESTMENT IN SE ASIA TECH: 2018, 2019, 2020
Cumulative Amount of Private Capital Raised Throughout Each Year for SE Asia Tech and Tech-Enabled Businesses
(US$1-20M Deals)
$1,200
-2%
$1,000
Decrease 2019
(Full Year) 2020
$800
2018
$600
$400
$200
$0

(US$20-100M Deals)
$2,500
-17% 2019
$2,000
Decrease
(Full Year) 2020
$1,500
2018
$1,000
$500
$0

(US$100M+ Deals)
$7,000
$6,000 +22%
Increase 2020
(Full Year) 2018
$5,000
2019
$4,000
$3,000
$2,000
$1,000
$0

WITHIN SOUTHEAST ASIA, THE SERIES C/D GAP HAS WIDENED
ACROSS THE BOARD; MEGA CHECKS WERE DRIVEN BY INDONESIA
Relative Change in Cumulative Amount of Private Capital Raised for Tech and Tech-Enabled Businesses By Region (FY 20 vs. FY19) (%)

SE Asia Indonesia SE Asia ex
-2% +1% Indonesia

-3%

-17% -12% Indonesia

-20%
$100M+ Checks $100M+ Checks $100M+ Checks

+22% +42% Indonesia

+14%

PRIVATE INVESTMENT IN INDONESIA TECH: 2018, 2019, 2020
Cumulative Amount of Private Capital Raised Throughout Each Year for Indonesia Tech and Tech-Enabled Businesses
(US$1-20M Deals)
$300
+1%
Indonesia Alone Increase 2020
2019
$250 (Full Year)
$200
$150
2018
$100
$50
$0

(US$20-100M Deals)
$700
-12%
Indonesia Alone 2019
Decrease
$600
(Full Year) 2020
$500
$400
$300
$200
$100
2018
$0

(US$100M+ Deals)
$3,000
Indonesia Alone
2018
$2,500
+42%
Increase
$2,000 (Full Year)
2020
$1,500
2019
$1,000
$500
$0

PRIVATE INVESTMENT IN SE ASIA (EX ID) TECH: 2018, 2019, 2020
Cumulative Amount of Private Capital Raised Throughout Each Year for SEA (ex ID) Tech and Tech-Enabled Businesses
(US$1-20M Deals)
$800
-3%
$700 - Decrease
(Full Year)
2019
2020
$600 2018
$500
$400
$300
$200
$100
$0

(US$20-100M Deals)
$1,600
$1,400 - -20%
2019
Decrease
$1,200 (Full Year) 2020
2018
$1,000
$800
$600
$400
$200
$0

(US$100M+ Deals)
$4,500
$4,000
- +14%
Increase 2020
$3,500
(Full Year)
2019
$3,000
$2,500
2018
$2,000
$1,500
$1,000
$500
$0

CONTENTS





ALL INTERNET AND SOFTWARE IPOs FROM EMERGING ASIA:
GROSS PROFITS FOR MOST RECENT FISCAL YEAR
1999-Mid 2020 IPOs, by Year; Includes Only IPOs Raising $50M or More; All Exchanges
$25,000.00
$2,500.00
$250.00
$25.00
Looking back at
internet and software
IPOs over the past two
$2.50 decades, the vast
majority today have
over $25M in gross
profits – in most cases,
substantially larger
$0.25 than their gross profits
1995 at IPO 2000 2005 2010 2015 2020
Source: Bloomberg, Asia Partners Analysis

Note: Financial data shown is from the Company’s most recent fiscal year, not at the time of the IPO. Asia Partners Confidential | February 2021 53
ALL INTERNET AND SOFTWARE IPOs FROM EMERGING ASIA
ON NYSE OR NASDAQ: GROSS PROFITS FOR MOST RECENT FY
1999-Mid 2020 IPOs, by Year; Includes Only IPOs Raising $50M or More; Excludes the OTC Exchanges
$25,000.00
$2,500.00
$250.00
$25.00
The same is true of the

subset of internet and
software IPOs that
$2.50 went public on the
NYSE or
NASDAQ – indeed,
for the more recent
IPOs, we can see
$0.25 convergence
1995 2000 2005 2010 approaching the 2015 2020
$25M threshold
ALL IPOs FROM EMERGING ASIA ON NYSE OR NASDAQ:
GROSS PROFITS FOR MOST RECENT FISCAL YEAR
1999-Mid 2020 IPOs, by Year; Includes Only IPOs Raising $50M or More; Excludes the OTC Exchanges
$25,000.00
$2,500.00
$250.00
$25.00
The findings are also

robust across industries;
this exhibit looks at all
$2.50 industries (not just
internet and software),
for companies from
emerging Asia going
public in the U.S.
$0.25
1995 2000 2005 2010 2015 2020

WHAT DETERMINES MY VALUATION?
“The Spike”

CORRELATION OF EV/REVENUE MULTIPLE TO ABSOLUTE CASH FLOW
Emerging Asia Internet and Software 1999-2020 YTD IPOs, by Year; Includes Only IPOs Raising $50M or More; All Exchanges
“The Spike”
20.0x
A The closer a B As cash flows continue to
18.0x business gets to grow, the perceived potential
breakeven, the more for new additional cash-flow
16.0x
credibility it receives streams start to attenuate
14.0x
12.0x
10.0x
8.0x
6.0x
4.0x
2.0x
0.0x
-$200.0 -$100.0 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0

CONTENTS





2020 WAS THE YEAR THAT TECHNOLOGY MARKET CAP IN
SE ASIA EXCEEDED TELCO MARKET CAP, A KEY MILESTONE
Southeast Asia: Aggregate Market Capitalization by Sector, US$ Billions
$300
Telcos
Value Crossover
$30
Tech/Internet
$3
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Bloomberg , Asia Partners Analysis; 2020 is October 16, 2020 Asia Partners Confidential | February 2021 59
…WHICH IS EXACTLY 11 YEARS AFTER WHEN THE CROSSOVER
HAPPENED IN CHINA, CONSISTENT WITH OUR THESIS
China: Aggregate Market Capitalization by Sector, US$ Billions
$10,000
Tech/Internet
Value Crossover
$1,000
Telcos
$100
$10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Bloomberg , Asia Partners Analysis Asia Partners Confidential | February 2021 60
THE STRUGGLE FOR VALUE CAPTURE BETWEEN ‘RAILS AND
CARGO’ UNDERLIES EVERY TECH ECOSYSTEM
Aggregate Market Capitalization ($US Bn): Telcos* (Horizontal Axis) vs. Non-Hardware Tech Companies (Vertical Axis), 2005-2020
The Cargo: $10,000

Evolution
of Market
Cap of
Non-
Hardware
$1,000 Model 2: Détente
Tech
Model 1: Rails Model 3: Rails
($US Bn) Lose to Cargo Succeed
$100
$10
$1
$10 $100 $1,000
The Rails: Evolution of Market Cap of Telcos ($US Bn)
* Telcos include wireless, wireline, and cable/satellite companies Asia Partners Confidential | February 2021 61
Source: Bloomberg , Asia Partners Analysis
MODEL 1 REGIONS: RAILS LOSE GROUND TO CARGO
The Cargo: $10,000

Evolution
of Market
Cap of
Non- Model 1: Rails
$1,000
Hardware Lose to Cargo
Tech
($US Bn)
India
$100
Latin America
$10
Korea
Eastern Europe
$1
$10 $100 $1,000
MODEL 2 REGIONS: DÉTENTE BETWEEN RAILS AND CARGO
The Cargo: $10,000

Evolution
of Market
Cap of
Non-
$1,000
Hardware
Tech Model 2: Détente
($US Bn)
China/HK
$100
$10 Middle East and Africa
$1
$10 $100 $1,000
MODEL 3 REGIONS: RAILS SUCCEED
The Cargo: $10,000

Evolution
of Market
Model 3: Rails
Cap of
Non- Succeed
$1,000
Hardware
Tech
($US Bn)
Japan
$100
$10
$1
$10 $100 $1,000
* Telcos include wireless, wireline, and cable/satellite companies. Softbank classified as a Telco and is included in the data set, but other
Japanese telcos have also seen increases in market capitalization
Source: Bloomberg , Asia Partners Analysis Asia Partners Confidential | February 2021 64
SOUTHEAST ASIA IS AN INTERESTING MARKET WHICH HAS GONE
FROM MODEL 3 TO MODEL 1 STARTING IN 2014
The Cargo: $10,000

Evolution
of Market
Cap of
Non-
$1,000
Hardware
Tech Model 1: Rails
($US Bn) Lose to Cargo
(2014-2020)
$100
$10 Model 3: Rails

Succeed
(2005-2013)
$1
$10 $100 $1,000
AT A MORE GRANULAR LEVEL, THE NATURE OF ‘CARGO’ VARIES
DRAMATICALLY ACROSS ECOSYSTEMS
The ‘Big 7’ TMT Sectors
Telcos
Traditional Hardware
Media
Internet and Data and Data

E-Commerce Processing
Software IT Services

SOME MARKETS ARE HARDWARE DOMINANT…

Telcos
Media


JAPAN ECOSYSTEM DEVELOPMENT: 2005-2020
Mix of Aggregate Market Capitalization Over Time
100%
7% 6% 5% 6% 6% 6% 7% 7% 6% 6% 6% 6% 5% 6% 5% 4%
90%
80% 7% 8% 8%
6% 9% 12%
12% 11% 13% 12% 12% 12%
10% 12% 12%
70% 16%
60%
43%
50% 56% 52% 51% 42% 40% 37% 42% 38% 40% 37%
54% 43% 39%
46% 35%
40%
30%
20%
32% 30% 30% 33% 31% 31% 31%
30% 29% 27%
24% 25% 26%
10% 22% 22% 22%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Telcos Hardware Data and Data Processing Internet and E-Commerce IT Services Software Traditional Media
Note: Telcos include wireless, wireline, and cable/satellite companies. Internet includes games. Asia Partners Confidential | February 2021 68
SOUTH KOREA ECOSYSTEM DEVELOPMENT: 2005-2020
Samsung, LG
100% 3% 3% 3% 3% 2% 3% 3% 3% 3% 3%
3% 4% 4% 5% 3% 4%
90% 5% 6% 6%
7% 7% 7% 8% 10%
8% 9% 12% 12%
11% 12% 16%
80% 11%
70%
60%
67% 62%
50% 73% 63%
73% 74% 79%
74% 74%
68% 74% 73% 69% 74%
40% 66% 70%
30%
20%
10% 23%
19% 19%
15%
10% 10% 8% 7% 8% 8% 7% 7%
6% 5% 5% 4%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
SOME MARKETS ARE CLASSIC ‘MODEL 1s’ WITH TELCOS GIVING
WAY TO PRIMARILY INTERNET AND E-COMMERCE
Telcos
Media


EASTERN EUROPE ECOSYSTEM DEVELOPMENT: 2005-2020
100% 2% 1% 2% 2% 2% 2%
5% 4% 4% 4% 4%
10% 8% 9%
12% 12% 0%
1%
90% 1%
1% 1% 12% 12%
2%
2% 2% 1% 6% 19% 17%
1% 1% 1% 1% 26% 24%
80%
2% 27%
0% 47% 29%
70% 2%
1%
49%
60% 1%
1%
50%
1%
91%
84% 87%
40% 82% 82% 81% 80% 80% 1%
73% 73%
67% 68%
30% 61%
57%
47%
20% 39%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LATAM ECOSYSTEM DEVELOPMENT: 2005-2020
100% 1% 1% 2% 1% 1% 2% 1% 3% 2% 1% 0% 0%
1%
0% 1%
0% 1% 1%
2% 3% 4% 5% 5%
3% 0% 2%
0% 2% 2%
5% 4% 3% 4%
90% 5% 11%
8% 6% 13%
11% 19%
12%
80% 13% 10%
14%
13% 34%
70%
15%
60%
50% 97% 17%

97% 93% 96% 96%
89% 89%
84%
40% 79% 77% 73% 70% 72%
67%
30% 59%
20% 40%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
AFRICA/MIDDLE EAST ECOSYSTEM DEVELOPMENT: 2005-2020
Naspers Israel
100% 2% 3% 2% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1%
3% 4% 3% 4% 5% 5% 6% 7% 8% 8% 8% 8%
7% 10% 12%
2% 3% 4% 17%
90% 3% 3% 2% 1% 7% 9% 8%
3% 10%
2% 14%
80% 2% 2% 18%
2% 21% 21%
2% 32% 26% 21%
70% 2% 23%
2% 2%
4%
60% 3%
3% 3%
50%
88% 88% 87%
84% 82%
40% 80% 80% 78%
74%
69% 66% 66%
30% 59% 60%
54% 55%
20%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
INDIA HAS CARVED OUT A UNIQUE PATH IN IT SERVICES, WHICH
HAS BEEN REMARKABLY DURABLE OVER TIME
Telcos
Media


INDIA ECOSYSTEM DEVELOPMENT: 2005-2020
100% 3%
4% 6% 6% 7% 6% 6% 7% 7% 6% 4%
8% 8% 9% 8% 9%
90%
80%
70% 38%
38%
55%
60% 64% 58% 64%
63% 61% 69% 69% 76%
68% 69% 64% 80%
1% 76%
50% 2%
1%
4%
40%
1%
3%
30% 1%
2% 2% 2%
48% 1% 1% 1%
4% 43% 2% 2% 2% 3%
20% 1% 2% 2%
1% 1% 2% 2%
31% 1% 3%
26% 3% 1% 3%
10% 21% 22% 23% 21% 1% 1%
18% 16% 17% 16%
14% 13%
10% 10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
CHINA HAS BEEN A ‘MODEL 1’ WITH A WELL DIVERSIFIED SHIFT
AWAY FROM TELCOS
Telcos
Media


CHINA/HK ECOSYSTEM DEVELOPMENT: 2005-2020
100% 3% 3%
5% 5% 5% 4% 5% 6% 6% 6% 7% 6% 5% 4%
9% 8%
90% 5% 6%
10% 9%
80% 17%
17% 18% 19%
20% 12% 18%
15%
70% 28%
39%
36% 47% 49% 49%
60% 32% 52%
22% 22% 22%
27%
50%
25%
40%
68% 70% 22%
65% 65%
30% 26% 25%
25% 23%
47% 45% 45% 27%
20% 38% 27%
31%
10% 23%
17% 17% 15%
13% 10%
6%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
REVISITING THE RAILS AND CARGO MODEL: SOUTHEAST ASIA’S
EVOLUTION FROM ‘JAPAN TO CHINA’
The Cargo: $10,000

Evolution
of Market
Cap of
Non-
$1,000
Hardware
Tech Model 1: Rails
($US Bn) Lose to Cargo
(2014-2020)
$100
$10 Model 3: Rails

Succeed
(2005-2013)
$1
$10 $100 $1,000
SOUTHEAST ASIA’S ECOSYSTEM DEVELOPMENT: 2005-2020
Mix of Aggregate Market Capitalization Over Time Sea Ltd.
100%
9% 8% 8% 5%
10% 10% 9% 9% 11% 12% 11% 12% 10% 10%
15% 13%
90% 0% 0%
0% 0% 1% 0% 0%
6% 1% 1% 2% 2% 4% 4% 9%
11% 0%
80% 13% 11% 10% 12% 9%
7% 10% 14% 10%
13% 13% 31%
22% 13%
70%
60%
13%
50%
40% 82%
76% 77% 78% 75% 77% 75%
74% 73% 73%
70% 69% 69% 67%
30% 62%
47%
20%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
SOUTHEAST ASIA’S 2020 LOOKS REMARKABLY LIKE CHINA 2009
Southeast Asia 2020 China/HK 2009

(“Star Wars Episode VII”) (“Star Wars Episode IV”)
100% 100% 5%
5%
90% 90%
80% 80% 17%
31%
70% 70%
60% 60% 22%
13%
50% 50%
40% 40%
30% 30%
47% 47%
20% 20%
10% 10%
0% 0%
2020 2009
Telcos Hardware Telcos Hardware

Data and Data Processing Internet and E-Commerce Data and Data Processing Internet and E-Commerce
IT Services Software IT Services Software
Traditional Media Traditional Media
CONTENTS





BEHIND THE TRAGEDY OF COVID-19 IS A DRAMATIC DIFFERENCE
IN TRAJECTORIES ACROSS SOUTHEAST ASIA’S COUNTRIES
Total COVID-19 cases-to-date divided by population (log scale)
10.0000000%
Memo: USA
1.0000000% Singapore
Memo: India
Philippines
Malaysia
0.1000000% Indonesia
Thailand
0.0100000%
Memo: Taiwan
0.0010000% Vietnam
0.0001000%
0.0000100%
0.0000010%
0.0000001%
Jan '20 Feb '20 Mar '20 Apr '20 May '20 Jun '20 Jul '20 Aug '20 Sep '20 Oct '20 Nov '20 Dec '20 Jan '21
USA Singapore India Philippines Malaysia Indonesia Thailand Taiwan Vietnam
Source: European Centre for Disease Prevention and Control, Asia Partners Calculations Asia Partners Confidential | February 2021 82
OUTSIDE OF SINGAPORE, THE NUMBER OF ADMINISTERED COVID
TESTS IN THE REGION HAS SADLY LAGGED GLOBAL BENCHMARKS
# of COVID-19 tests performed as of January 2021 (Per 1,000 People)
Others Southeast Asia

1200
# of tests performed per
capita in SG is one of
the highest globally
1000
800
600
400
200 Average: 198
0
United States Australia India Singapore Malaysia Philippines Thailand Indonesia Vietnam
Source: Our World In Data COVID database (Oxford Martin School), Asia Partners Analysis 83
ID AND PH CONTINUE TO STRUGGLE WITH HIGH POSITIVE TEST-
RATES, AN IMPORTANT LAGGING INDICATOR OF THE PANDEMIC
Positive Test Rate (%) (# of diagnosed / # of tests performed)
Jan ’20 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Indonesia 0% 0% 7% 17% 11% 11% 13% 15% 16% 14% 13% 15%
Vietnam 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Southeast Asia
Philippines 0% 0% 0% 5% 4% 6% 7% 12% 9% 7% 6% 8%
Malaysia 0% 0% 8% 4% 1% 1% 0% 0% 1% 3% 5% 3%
Singapore 0% 0% 0% 11% 9% 3% 1% 1% 0% 0% 0% 1%
Thailand 2% 1% 2% 2% 0% 0% 0% 0% 0% 0% 0% 0%
United
0% 0% 5% 17% 7% 4% 7% 6% 5% 5% 9% 8%
States
Others
Australia 0% 0% 0% 1% 0% 0% 0% 1% 0% 0% 0% 0%
India 0% 0% 1% 4% 5% 7% 10% 9% 8% 6% 4% 6%
Periods of High Positive Rate (%) 84

Source: Our World In Data COVID database (Oxford Martin School), Asia Partners Analysis
WITH THE NOTABLE EXCEPTION OF VIETNAM, COVID LED TO A
REGIONAL RECESSION IN 2020
Growth in GDP, Constant Prices (%)
FY2016 FY2017 FY2018 FY2019 FY2020
3% 4% 3% -6%
Singapore 1%
-7pp
4% 6% 5% 4% -6%
Malaysia
-10pp
7% 7% 6% 6%
Philippines -8%
-14pp
5% 5% 5% 5%
-1%
Indonesia
-6pp
3% 4% 4% 2% -7%
Thailand
-9pp
7% 7% 7% 7%
2%
Vietnam -5pp
Source: International Monetary Fund Database, Asia Partners Analysis Asia Partners Confidential | February 2021 85
FORTUNATELY, THE ECONOMIC IMPACT IS PREDICTED TO BE
SHORT-TERM; A REBOUND IS CURRENTLY EXPECTED FOR 2021
Growth in GDP, Constant Prices (%) 2-year avg -0.5% Growth in GDP Per Capita (%) 2-year avg +1%
15% 15%
+11pp +14pp
SINGAPORE
10% 10%
MALAYSIA
5% World 5% 8% World
5%
0% 0%
-6% World -6% World
-5% -5%
-10% -10%
2020E 2021E 2020E 2021E
Growth in GDP Per Capita (%) 2-year avg -0.5% Growth in GDP Per Capita (%) 2-year avg +2.5%
15% +15pp 15%

+7pp
PHILIPPINES
10% 10%
INDONESIA
5% 7% World 5% World
6%
0% 0% -1%
-5% -8% World -5% World
-10% -10%
-15% -15%
2020E 2021E 2020E 2021E
Growth in GDP Per Capita (%) 2-year avg -1.5% Growth in GDP Per Capita (%) 2-year avg +4.5%
15% 15%
+5pp
10% +11pp 10%
THAILAND
VIETNAM
5% World 5% 7% World
0% 4% 0% +2%
-5% -7% -5%
World World
-10% -10%
-15% -15%
2020E 2021E 2020E 2021E
Source: International Monetary Fund Database, Asia Partners Analysis 86

THANKFULLY, WE ARE ON THE RECOVERY PATH AS COVID-19
VACCINES BEGIN TO BE DISTRIBUTED ACROSS THE REGION
Indonesia
Singapore
Thailand
Malaysia
Philippines

DESPITE THAT, ONE CAN’T HELP TO WONDER:
“Could it happen
again, in our lifetime?”

PANDEMICS HAVE AFFECTED HUMANITY OVER THE CENTURIES
List of Recorded Pandemics Throughout History
New World Smallpox

Death Toll = 56m
Italian Plague
Death Toll = 1m
Cholera Pandemic
Death Toll = 1m
Russian Flu
Death Toll = 1m
Not likely that pandemics have
became more frequent, we just got Third Plague
Death Toll = 12m
better at recording them post CY1500
Spanish Flu
Death Toll = 45m
Asian Flu
Antonine Plague Japanese Smallpox
Death Toll = 1.1m
Death Toll = 5m Death Toll = 1m
Hong Kong Flu
Death Toll = 1m
Plague of Justinian Black Death
Death Toll = 40m Death Toll = 200m COVID-19
Death Toll = 1.96m
0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000
Calendar Year
Note: Major pandemics only, defined as those with mortality of >1 million. COVID-19 related deaths up to January 13th, 2021.
89
Source: CDC, WHO, BBC, Historical Records, Encyclopedia Britannica, Johns Hopkins University, Asia Partners Analysis
LOOKING AT THE PAST 200 YEARS ALONE, THERE HAS BEEN AN
OUTBREAK WITH OVER 1M FATALITIES EVERY 50+ YEARS
Timeline of Prior Pandemics (since 1800)
Mortality Rate as a % of the World Population At That time (%)
10.000%
Average: 56 Years
Third Plague
Death Toll = 12m Spanish Flu
Death Toll = 45m
1.000%
Cholera Pandemic
Death Toll = 1m
Russian Flu Asian Flu COVID-19
Death Toll = 1m Hong Kong Flu Death Toll =
Death Toll = 1.1m
0.100% Death Toll = 1m 1.96m*
73 5 29 38 12 50
Years Years Years Years Years Years
0.010%
1817 1834 1851 1868 1885 1902 1919 1936 1953 1970 1987 2004 2021
Note: Major pandemics only, defined as those with mortality of >1 million. COVID-19 related deaths up to January 13th, 2021. SARS outbreak for example, has not been included in the dataset 90
due to its thankfully smaller scale. Source: CDC, WHO, BBC, Historical Records, Encyclopedia Britannica, Johns Hopkins University, Asia Partners Analysis
THE GOOD NEWS IS THAT, OVER LONG PERIODS OF TIME, WE ARE
GETTING BETTER AT RESPONDING TO THEM
History of the Pandemics
Mortality Rate as a % of the World Population At That Time (%)
100.00000%
Plague of Black
Justinian Death
New World
10.00000% Smallpox
Antonine Spanish
Plague Flu
Pandemic mortality rates
have been generally declining
Japanese
Smallpox Third
1.00000%
Plague
Italian
Plague Asian
Flu
0.10000% Cholera
Pandemic
Russian
Flu
Hong
Kong Flu COVID-19
0.01000%
0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000
Note: Major pandemics only, defined as those with mortality of >1 million. COVID-19 related deaths up to January 13th, 2021.
Source: CDC, WHO, BBC, Historical Records, Encyclopedia Britannica, Johns Hopkins University, Asia Partners Analysis 91
CONTENTS





COVID CAUSED A DRASTIC CHANGE IN PEOPLE’S BEHAVIORS
Indexed # of Visitors To Each Location Type (0 = mid February 2020) SOUTHEAST ASIA
EXAMPLE
10
0 Grocery &
Pharmacy
-10
Workplace
Parks
-20 Retail
Public
-30 Transport
Hubs
-40
-50
-60
-70
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20

Source: Google Mobility Trends Data, Asia Partners Analysis
TECHNOLOGY WAS PART OF THE SOLUTION IN 2020
REDUCTION IN VISITS TO EXAMPLES OF IMPACTED VERTICALS RELEVANT PLAYERS IN SEA
Online Health Local Services

Grocery &
Pharmacy Food Delivery
Online Online Real

Workplace Education Estate
/ Schools Online HR Digital Security
Film /
Online Games
Television
Parks Consumer
Online Content
Electronics
Inventory Marketplace
eCommerce eCommerce
Retail eCommerce
Payments
Logistics
Public Online Autos Ride Sharing
Transport Online Travel Online Travel

Hubs (Domestic) (International)
Positive Impact Negative Impact

Note: Examples of impacted verticals and relevant players in Southeast Asia are not exhaustive.
WE HAVE A SHAREHOLDER’S PERSPECTIVE ON THREE OF THESE
SEGMENTS, AND AN EMERGING THESIS ON A FOURTH
1 Online Video / 2 Car Marketplace 3 Online Travel

Ed-Tech
Emerging Preliminary View

4
Online Health
95
1 STARTING WITH ONLINE EDUCATION / ED-TECH

Grocery &
Online Online Real

Film /
Online Games
Television
Parks Consumer
Online Content
Electronics
eCommerce eCommerce
Retail eCommerce
Payments
Logistics

Positive Impact Negative Impact

1 SCHOOL CLOSURES WERE ENFORCED GLOBALLY, INCLUDING
IN SOUTHEAST ASIA
Degree of school closure required by the Government as a result of COVID-19
Singapore 0 0 0 2 3 1 1 1 1 1 1 1
Indonesia 0 3 3 3 3 3 2 2 2 2 2 2
Southeast Asia
Thailand 0 0 1 3 3 2 1 1 1 1 1 1
Philippines 0 0 2 3 3 3 3 3 3 3 3 3
Malaysia 0 0 2 3 3 3 2 2 1 2 3 NA
Vietnam 0 3 3 3 2 1 1 3 2 1 1 3
United States 0 0 3 3 3 3 3 3 3 3 3 3
Others
Australia 0 0 1 3 2 2 2 3 3 2 1 0
India 0 0 2 3 3 3 3 3 3 1 2 0
Required Required
Legend 0 No Measures 1 Recommended 2 3
(Only at Some Level) (All Levels)

Source: OxCGRT Database, Asia Partners Analysis
1 AT ONE POINT, >80% OF GLOBAL LEARNERS WERE AFFECTED
FROM SCHOOL CLOSURES DUE TO COVID…
Absolute Value: # of affected learners due to school closures related Percentage: % of affected learners due to school closures related to
to COVID-19, in Billions (Feb 2020 – Dec 2020) COVID-19 (Feb 2020 – Dec 2020)
1.6 90%
At one point, over 83% of
Billions
learners globally were affected from

1.4 80% school closures related to COVID
70%
1.2
60%
1.0
50%
0.8
40%
0.6
30%
0.4
20%
0.2 10%
0.0 0%
98
Source: UNESCO COVID-19 Impact on Education Visualization Data, Asia Partners Analysis
1 …FORCING LEARNERS TO GO ONLINE
Education-tech was one of the largest themes in FY2020…
And industry pioneers have benefited accordingly…

Publicly Listed Example - Chegg Co. (NYSE: CHGG)
Chegg, Inc. is an American education technology Company who provides digital textbook rentals, online tutoring, and other student services
Chegg Stock Price (US$)
Dec 18th: historical
100 Jan 20th: 1st confirmed +44.49 (103.4%) high for Company
COVID-19 case in USA
90
80
70
60
50
40
30
20
10
0
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Source: Capital IQ, Primary Research, Asia Partners Analysis
1 SNAPASK FOR EXAMPLE, HAS BEEN A BENEFICIARY FROM
THE SHIFT TO ONLINE LEARNING
Snapask is an online education platform which connects students with qualified instructors through chat-based live questions-and-answers
tutoring sessions. Used primarily by high school students as an after-school study aid, Snapask is operational in Hong Kong, Taiwan, Japan,
South Korea, Singapore, Malaysia, Thailand, and Indonesia. To date, Snapask served more than 4 million registered users on their platform.
SNAPASK EXAMPLE
Total Registered Students on Snapask Total Revenue for Snapask
~40% ~45%
Consistent Consistent
growth across growth across
multiple markets multiple markets
April November April November

100
Source: Snapask internal data, Asia Partners analysis
2 ONLINE AUTOS

Grocery &
Online Online Real

Film /
Online Games
Television
Parks Consumer
Online Content
Electronics
eCommerce eCommerce
Retail eCommerce
Payments
Logistics

Positive Impact Negative Impact 101

2 A LARGE BEHAVIOR CHANGE DURING THE PANDEMIC HAS BEEN
AN SHIFT AWAY FROM PUBLIC TRANSPORTATION
SOUTHEAST ASIA
Indexed # of Visitors To Each Location Type (0 = mid February 2020) EXAMPLE
30
20
10 Residential
Grocery &
0
Pharmacy
-10
Workplace
Parks
-20 Retail
Public
-30 Transport
Hubs
-40
-50
-60
-70

Source: Google Mobility Trends Data, Asia Partners Analysis
2 PEOPLE FEEL SAFER DRIVING DURING THE PANDEMIC,
INCREASING DEMAND FOR PRIVATE VEHICLE OWNERSHIP
Mobility Trend Movement in Southeast Asia (Indexed as of February 16th, 2020) THAILAND EXAMPLE
120
100 Index (Mid- Feb 2020)
Driving
80
Walking
60
40
20
0
Source: Apple Mobility Trends, Asia Partners Analysis
2 CAR MARKETPLACES HAVE BEEN A NET BENEFICIARY GLOBALLY
Publicly Listed Example - Carvana Co. (NYSE: CVNA)

Carvana operates as an online-only used car dealer that allows customers to shop, finance, and sell or trade-in cars through their website
Carvana Stock Price (US$)
Jan 20th: 1st confirmed Dec 16th: historical
300 COVID-19 case in USA +177.0 (210.7%) weekly high for Company
250
200
150
100
50
0
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Private Company Examples

Source: Capital IQ, Primary Research, Asia Partners Analysis
2 AND THIS HAS ALSO BEEN THE CASE HERE IN SOUTHEAST ASIA
FOR CARSOME
CARSOME EXAMPLE
Monthly Units Transacted on Carsome (All Countries) Spread Earned Per Transaction (All Countries)
~2x ~2x
>100% growth in
multiple countries
(MY, ID, & TH)
Pre-Covid Average (3 Post-Covid Average (3 Pre-Covid Average (3 Post-Covid Average (3

months) months) months) months)
105
Source: Carsome Internal Data, Desktop Research, Asia Partners Analysis
3 ONLINE TRAVEL (DOMESTIC)

Grocery &
Online Online Real

Film /
Online Games
Television
Parks Consumer
Online Content
Electronics
eCommerce eCommerce
Retail eCommerce
Payments
Logistics


3 A TALE OF TWO SEGMENTS: COVID’S EFFECT ON TRAVEL HAS BEEN
DRAMATIC FOR INTERNATIONAL, MORE LIMITED FOR DOMESTIC
WHILE THE IMPACT ON INTERNATIONAL … DOMESTIC TRAVEL HAS REMAINED
TRAVEL HAS BEEN CATASTROPHIC… RELATIVELY RESILIENT
Weekly Average, Frequency of International Flights In and Out of Weekly Average, Frequency of Domestic Flights Within Indonesia
Indonesia By Year (FY19 vs. FY20) By Year (FY19 vs. FY20)
5 -66% 18 -14%
Thousands
Thousands
5 16
4
14
4
12
3
10
3
8
2
6
2
4
1
1 2
0 0
FY19 FY20 FY19 FY20
“International tourist arrivals were down 56% globally from “As markets start to slowly reopen, we’re confident there will be a
January to March, compared to 2019. Including a 47% drop for gradual recovery led by domestic travel demand, which will
America, 58% drop for Europe, and 60% drop for Asia Pacific” drive most of the initial uptake as countries gradually lift the
lockdown measures.”
- World Economic Forum - Amit Saberwal, Founder & CEO (RedDoorz)
107
Source: OAG Database, Asia Partners Analysis, World Economic Forum, Deal Street Asia
3 INDONESIAN DOMESTIC TRAVEL SAW A DECLINE UNTIL JULY,
BUT RECOVERED RELATIVELY QUICKLY
Weekly Frequency of Flights, Indexed Values (Index 100 = FY19 Average) INDONESIA EXAMPLE
PRE-COVID PERIOD COVID PERIOD

120
Domestic
100 Index = 100 Flights
Already at
96% of pre-
COVID
80 levels
60
40
Int.
20 Flights
Still 13% of
pre-COVID
levels
0
108
Source: OAG database, Asia Partners analysis | Note: Excluding outlier data on the month of June
3 AND WITHIN INDONESIAN DOMESTIC TRAVEL, BUSINESS
TRAVEL HAS SEEN A MUCH QUICKER REBOUND IN DEMAND
Weekly Frequency of Flights Into City Type, Indexed Values (Index 100 = FY19 Average) INDONESIA EXAMPLE
PRE-COVID PERIOD COVID PERIOD

120
110
Business
100 Index = 100
Cities
Basically, at
90 pre-COVID
levels already
80
70 Leisure
Cities
60 Still 47% below
pre-COVID
50
DEFINITIONS USED
40
Business Cities Leisure Cities
Flights into… Flights into…
30
Jakarta Denpasar-Bali
20 Surabaya
Yogyakarta
Medan
10 Balikpapan Bandung
109
Source: OAG database, Asia Partners analysis | Note: Excluding outlier data on the month of June
3 A SAFE HARBOR: HOTELS ON THE REDDOORZ PLATFORM
HAVE HAD HIGHER OCCUPANCY THAN INDEPENDENT HOTELS
RedDoorz is the leading online asset-light affordable hotel brand in Southeast Asia. It has over 1,800 properties under its management and
is focused on the resilient budget hotel segment in the region, mainly targeting domestic business travelers in the region. It is currently
present in 5 markets with Indonesia being its core market.
RedDoorz Hotels and Industry Hotels Occupancy - Jakarta

% of rooms occupied (Mar - Sept)
DECLINE TO COVID
RECOVERY
TROUGH
Was already at RedDoorz

~70% of pre- now ~11p.p.
COVID levels higher than
RedDoorz Industry
industry
2nd
lockdown
enforced
RedDoorz
~21p.p. higher
than industry
at trough
Mar01
Mar08
Mar15
Mar22
Mar29
Apr05
Apr12
Apr19
Apr26
May03
May10
May17
May24
May31
Jun07
Jun14
Jun21
Jun28
Jul05
Jul12
Jul19
Jul26
Aug02
Aug09
Aug16
Aug23
Aug30
Sep06
Sep13
Sep20
Sep27
Oct04
Q1 2020 Q2 2020 Q3 2020 Q4 20
Note: Preliminary occupancy data based on Business-Intelligence Data for RedDoorz. Asia Partners Confidential | February 2021 110
Source: STR Hotel Database, RedDoorz Internal Data, Asia Partners Analysis.
3 SOUTHEAST ASIA’S RESILIENCE HAS BEEN EVEN MORE
ROBUST THAN AIRBNB’S GLOBAL DATA
Quarterly Nights (Airbnb) Quarterly Nights (RedDoorz)
Values are Indexed (Q1 19 = 100) Values are Indexed (Q1 19 = 100)
300 Airbnb Growth 300 RedDoorz Growth Relatively

Rate Pre-COVID Rate Pre-COVID unimpacted in
the 1st quarter
+6% QoQ +42% QoQ
250 250
Only fell
slightly below
Exponential growth Q1 19 levels
200 200 trajectory for during trough
Relatively severe RedDoorz Pre-
impact on the COVID
150 1st quarter Fell much below 150
Q1 19 levels
during trough
100 Q1 19 100 Q1 19
50 50
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20
111
Source: RedDoorz Internal Data, Airbnb S1 Filing, Asia Partners Analysis.
3 WHICH HAS PERMITTED REDDOORZ TO GROW REVENUES IN
EVERY QUARTER OF 2020, ENTIRELY ORGANICALLY
RedDoorz Net Revenue (Indexed)
(Q4 2020 Revenue = 100)
100
2019 2020
90
80
70
60
50
40
30
20
Record-high
for the
10 Company
0
Q1 Q2 Q3 Q4
Note: Q4 2020 data is based on preliminary business-intelligence data and is subject to change when actual books are closed.
Source: RedDoorz Internal Data, Asia Partners Analysis. 112
4 BONUS: A PRELIMINARY EMERGING VIEW ON ONLINE HEALTH

Grocery &
Online Online Real

Film /
Online Games
Television
Parks Consumer
Online Content
Electronics
eCommerce eCommerce
Retail eCommerce
Payments
Logistics


HOSPITALS AND CLINICS HAD BEEN PERCEIVED AS ‘HIGH-RISK’
AREAS, CAUSING PATIENT TRAFFIC TO REDUCE SUBSTANTIALLY
Patient visits to hospitals declined across SE Asia, worst in countries where infection rates are highest
X-Axis: % of population infected by COVID-19

0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20%
0%
Y-Axis: % of decline in average patient volumes in hospital
-10%
Thailand
(Before COVID-19 vs. July 2020)
-20% Vietnam
-30%
-40% Malaysia
Singapore
-50%
Indonesia
-60%
-70%
Philippines
-80%

Source: IQVIA, Ministry of Health Singapore, Asia Partners analysis
DURING THIS TIME, DOCTORS AND PATIENTS RESORTED TO
ONLINE CONSULTATIONS INSTEAD (TELEHEALTH)
TELEHEALTH ADOPTION HAS …AND IT IS HERE TO STAY, MANY WILL
SKYROCKETED DURING THE PANDEMIC… CONTINUE USING IT POST THE PANDEMIC
Delta in Telehealth Consultations in Southeast Asia Willingness of Healthcare Professionals to continue using Telemedicine
(before COVID-19 vs. during COVID-19 lockdown) post COVID-19 (% of doctors who have used Telemedicine)
100%
"As hospitals are already packed, the government
~6x wants to ensure only priority patients are going
to emergency rooms and that patients who 90%
don't urgently need hospitalization can be
helped online“ 80%
- Southeast Asia Telehealth Entrepreneur
70%
~4x 60%
~4x ~4x
~3x 50%
~3x
40%
30%
20%
Continue using post the pandemic
10%
Discontinue using post the pandemic
0%

Source: IQVIA, Asia Partners analysis
THE MEDIUM FOR TELEHEATLH IS NOT UNIFORM ACROSS THE
REGION: HIGH PREFERENCE FOR APPS ONLY SEEN IN SG AND TH
Breakdown of non-face-to-face consultation types in Southeast Asia (%)
100% 2%
6% 4%
9%
15%
90% 17%
14% 17%
29%
80%
22% Majority 33% 12%
70% use video
conference
60% tools in
21% ID and
VN
50% 28% 17%
40% 82% 79%

68%
30%
48% In countries with generally poorer In countries with generally better
20% 41% to
doctor quality, patients continue doctor quality, patients are more
35%
engage with their trusted physicians ‘doctor-neutral’ and are more likely
via new digital tools / channels to browse for new doctors via apps
10%
0%
Malaysia Indonesia Vietnam Philippines Singapore Thailand
App-based Telemedicine Facebook Messenger Zoom Skype Zalo Others
Source: IQVIA, Asia Partners analysis
IN ADDITION TO TELEHEALTH, A NEAR-TERM OPPORTUNITY LIES
IN E-PHARMACY AS OFFLINE VOLUMES ARE IMPACTED NEGATIVELY
Overall transaction volumes from offline Overall transaction volumes from offline
‘Pharmacy Chains’ (Index = 100) ‘Independent Drugstores’ (Index = 100)
-38% -37%
100 100
90 90
80 80
70 70
60 60
50 50
40 40
30 30
20 20
10 10
0 0
Before COVID-19 Jul-20 Before COVID-19 Jul-20
“During the pandemic, the public has resorted to online “The pandemic has prompted pharmacies to introduce more
channels to purchase medicine or other health products… convenient ways to interact and gain access to patients...
online applications not only provides benefits to the society, but Delivery services that minimize person-to-person contact, online
it also provides plenty of benefits to Doctors who are pharmacist-patient communication and the adoption of
overwhelmed with the current state of COVID-19” contactless payment are here to stay.”
- Indonesian Health Tech Entrepreneur - Malaysian Pharmacy Owner

Source: IQVIA, Primary Research, Asia Partners analysis
GLOBAL LEADERS IN THE INDUSTRY HAVE THRIVED UNDER
CURRENT MARKET CONDITIONS
Publicly Listed Example - Teladoc Health, Inc. (NYSE: TDOC)
Teladoc is a global provider of telehealth, medical opinions, AI and analytics, and licensable platform services
Teladoc Stock Price (US$)
300 Aug 4th: historical daily
Jan 20th: 1st confirmed +151.2 (153.9%)
COVID-19 case in USA high for Company
250
200
150
100
50
0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Private Company Examples

Source: Yahoo Finance, Primary Research, Asia Partners analysis
FINAL THOUGHTS IN JANUARY 2021
Are Today’s Public

Equity Markets
Overvalued?

WARREN BUFFET’S TIMELESS METRIC
Market Cap Divided by GDP
“The ratio has certain limitations in telling you what you

need to know. Still, it is probably the best single measure
of where valuations stand at any given moment. Nearly
two years ago [in 1999] the ratio rose to an
unprecedented level. That should have been a very
strong warning signal.”
- Warren Buffet in 2001

THE ‘WARREN BUFFET RATIO’: MARKET CAP TO GDP RATIO (U.S.)
Ratio of U.S. Wilshire 5000 Market Cap to U.S. GDP
1971-2021 (%)
200%
January
190% 2021: 193%
180% Previous
170% Maximum:
160% 147%
150%
140%
130%
120%
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
'71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21
Source: https://www.longtermtrends.net/market-cap-to-gdp-the-buffett-indicator/, January 25, 2021 121

MARKET CAP TO GDP RATIO (WORLDWIDE)
Global Market Capitalization Global GDP Ratio of Market Cap to GDP
$US Trillions, Current Dollars $US Trillions, Current Dollars (%)
$120 $100 130% January

2021: 118%
$110 $90 Previous
120%
Maximum:
$100 107%
$80
110%
$90
$70
$80 100%
$70 $60
90%
$60 $50
80%
$50 $40
$40 70%
$30
$30
60%
$20
$20
$10 50%
$10
$0 $0 40%
'03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23
Source: Bloomberg, IMF WEO, Asia Partners Calculations (January 2021) Asia Partners Confidential | February 2021 122
ROOT CAUSE ANALYSIS?
U.S. Federal Reserve balance sheet as percentage of U.S. GDP, 1990-2020
40%
30%
20%
10%
0%
'90 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Source: Bloomberg Asia Partners Confidential | February 2021 123

FINAL THOUGHTS: IN PRAISE OF CAPITAL PRODUCTIVITY
The Ultimate Test of Skill:
Almost 70% of the world’s most

successful tech companies spent –
and raised less than $100M to get to
cash flow breakeven

ALMOST 70% OF THE WORLD’S LARGEST SOFTWARE AND INTERNET
FIRMS SPENT LESS THAN $100M TO GET TO CASH FLOW BREAKEVEN
$US MM
Max Market Cap Cumulative Year of CF Cumulative Fundraising to CF Breakeven Ent Val at CF Breakeven
Name Country Industry 2000-Present Cash Burn Breakeven Equity Debt Total Value EV/Cumul. Burn
MICROSOFT CORP United States Infrastructure Software $1,636,923 Minimal Late 1970s $1 $0 $1 Pre-IPO >100x
AMAZON.COM INC United States Online Marketplace $1,569,884 -$821 2001 $303 $2,053 $2,355 $5,213 6.4x
ALPHABET INC-CL A United States Internet Media & Services $1,200,483 ~$25 2001 ? ? ? Pre-IPO High
FACEBOOK INC-CLASS A United States Internet Media & Services $788,835 -$476 2009 $868 $241 $1,109 $10,000 21.0x
TENCENT HOLDINGS LTD China Internet Media & Services $744,210 Minimal ~2001 $1 $0 $1 Pre-IPO High
ALIBABA GROUP HOLDING-SP ADR China Online Marketplace $705,738 ? ? ? ? ? Pre-IPO High
VISA INC-CLASS A SHARES United States Data & Transaction Processors $463,003 ? 1960s-70s ? ? ? Pre-IPO ?
MASTERCARD INC - A United States Data & Transaction Processors $334,000 ? 1960s-70s ? ? ? Pre-IPO ?
MEITUAN-CLASS B China Specialty Online Retailers $232,042 -$2,754 2018 $3,843 $7,822 $11,666 $23,874 8.7x
SALESFORCE.COM INC United States Application Software $227,054 Minimal ~2003 $18 ? $18 Pre-IPO High
ADOBE INC United States Application Software $225,151 ? Pre-1989 ? ? ? Pre-IPO High
PAYPAL HOLDINGS INC United States Data & Transaction Processors $221,005 -$127 2001 $175 $0 $175 $791 6.2x
NETFLIX INC United States Internet Media & Services $213,316 -$54 2000 $102 $3 $105 Pre-IPO High
ORACLE CORP United States Infrastructure Software $197,480 -$87 1990 $85 $99 $184 $2,672 30.8x
INTL BUSINESS MACHINES CORP United States IT Services $192,472 ? Long Ago ? ? ? ? ?
PINDUODUO INC-ADR China Specialty Online Retailers $181,189 Minimal 2016 $78 $0 $78 Pre-IPO N/A
PROSUS NV Netherlands Internet Media & Services $171,242 ? Long Ago ? ? ? ? ?
ACCENTURE PLC-CL A Ireland IT Services $153,416 ? Long Ago ? ? ? ? ?
SAP SE Germany Application Software $148,065 ? Long Ago ? ? ? ? ?
JD.COM INC-ADR China Online Marketplace $144,096 -$549 2015 $4,501 $1,016 $5,517 $42,057 76.6x
TATA CONSULTANCY SVCS LTD India IT Services $134,547 ? Long Ago ? ? ? ? ?
ZOOM VIDEO COMMUNICATIONS-A United States Application Software $114,787 -$29 2017 $160 $0 $100 Pre-IPO High
YAHOO! INC United States Internet Media & Services $113,901 -$11 1997 $116 $0 $116 $3,033 268.3x
SHOPIFY INC - CLASS A Canada Application Software $112,110 -$64 2018 $2,084 $0 $2,084 $13,328 207.0x
SERVICENOW INC United States Infrastructure Software $99,113 -$20 2010 $24 $0 $24 Pre-IPO High
INTUIT INC United States Application Software $93,452 -$87 2001 $941 -$10 $930 $5,990 68.9x
NASPERS LTD-N SHS South Africa Internet Media & Services $90,102 ? Long Ago ? ? ? ? ?
FIDELITY NATIONAL INFO SERV United States Data & Transaction Processors $89,800 ? Long Ago ? ? ? ? ?
SEA LTD-ADR Singapore Video Games and E-Commerce $88,495 -$2,737 2022? $3,006 $2,272 $5,277 $85,833 31.4x
FUJITSU LTD Japan IT Services $88,356 ? Long Ago ? ? ? ? ?
AMERICA ONLINE LLC United States Internet Media & Services $84,742 -$183 1997 $462 $45 $507 $5,503 30.1x
BOOKING HOLDINGS INC United States Internet Media & Services $84,075 -$194 2000 $327 $0 $327 $510 2.6x
UBER TECHNOLOGIES INC United States Internet Media & Services $83,973 -$23,572 2022? $19,155 $5,434 $24,589 $89,118 3.8x
KE HOLDINGS INC China Internet Media & Services $82,929 >$1bn 2017 >$1.3bn $144 >$1.5bn Pre-IPO ?
S&P GLOBAL INC United States Information Services $82,266 ? Long Ago ? ? ? ? ?
BAIDU INC - SPON ADR China Internet Media & Services $79,928 -$6 ~2004 $31 $0 $31 $1,961 344.1x
SQUARE INC - A United States Data & Transaction Processors $79,901 -$779 2016 $1,357 $0 $1,357 $4,459 5.7x
EBAY INC United States Online Marketplace $77,123 -$31 1999 $788 $3 $791 $32,440 1061.0x
Source: Bloomberg, Asia Partners Analysis and Rough Estimates Asia Partners Confidential | February 2021 125
WHICH IS WHY WE REITERATE OUR PHILOSOPHICAL AVERSION
TO CASH-BURNING, LOW CAPITAL PRODUCTIVITY ‘UNICORNS’
Asia Partners Confidential | February 2021

126
…AND UNDERSCORE OUR COMMITMENT TO RHINOS
Companies which get to $1bn of valuation on a P/E

multiple… focus on capital productivity
Asia Partners Confidential | February 2021
127
Jill Cheong Pitra Harun Nick Nash Kien Nguyen Sean Oh Oliver Rippel Brook Supanusonti
Singapore Jakarta Singapore Ho Chi Minh City Singapore Singapore Singapore
Asia Partners is a growth equity firm focusing on investments in technology and technology-enabled companies that are transforming Southeast Asia’s economy. Our mission is to help Southeast Asian
entrepreneurs build a new generation of large tech companies by providing them with vital growth equity to help proven business models scale regionally, and to provide them with operating skills
while drawing upon our own experience growing eight multi-billion dollar companies, including Sea, Flipkart, and Bukalapak.
Our co-founding Partners, Nick Nash and Oliver Rippel, helped to navigate two of Emerging Asia’s most notable exits – the largest internet IPO from Southeast Asia (Sea), and the largest technology
exit in Asia’s history (Flipkart). Our team members have invested in or helped to lead 24 companies in Southeast Asia over the past decade, and include Singaporean, Thai, Indonesian, and Vietnamese
nationals, authentically helping our companies expand across the region.
For more information please visit our website at www.asiapartners.com or contact us at info@asiapartners.com.

The document is proprietary to Asia Partners. By accepting delivery of this document, the recipient agrees not to reproduce or distribute the document in whole or in part and not to disclose any of its
contents to any other person except as agreed in writing by Asia Partners. The information contained in the document should be treated in a confidential manner and any reproduction or distribution
thereof, in whole or in part, or the disclosure of any contents therein without the prior written consent of Asia Partners is strictly prohibited.
The information in this document has not been reviewed or approved by any authority in any jurisdiction. Further, this document is for informational purposes only, and is not intended to be, nor shall
it be, construed as financial, legal, tax, investment or other advice, a recommendation to make an investment or adopt any investment strategy, or an offer, solicitation or recommendation to buy or sell
any securities or financial instrument. While the information in this document is provided in good faith, no responsibility or liability, whether direct or indirect, express or implied, contractual, statutory
or otherwise, can be accepted for the content or accuracy or completeness of this document or any omission from this document. Accordingly, recipients may not rely on this document for any purpose
and should obtain independent professional advice with respect thereto.
Asia Partners does not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this document. Opinions expressed are subject to change without
notice. Any opinions contained in this document do not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the
information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. Asia Partners accepts
no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further
communication given in relation to this document; nor shall this document, or any part of it, or the fact of its distribution, form the basis, or be relied on, in connection with any kind of obligation,
contractual or otherwise
Although the information in this document has been compiled from sources which Asia Partners believes to be reliable, Asia Partners has not independently verified the document and expressly
disclaims any liability for the accuracy, completeness or reliability of the document, for updating the document, or otherwise in connection therewith. The performance data contained herein is not
indicative of future results, and there can be no assurance that comparable results to past performance will be achieved, or that performance targets will be met.

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2021 Internet Report

We share our sincere gratitude to the healthcare professionals

Asia Partners Confidential | February 2021 2

Current Update on Our 2019 Asia Partners Internet Report

The Next Round of IPOs from Southeast Asia

How Emerging Market Tech Ecosystems Evolve

The Tragedy of COVID-19

Where Do We Go From Here?

There are 28,000 graduates of first-generation companies, of whom 1,200 are

Asia Partners Confidential | February 2021 4

There are 28,000 graduates of first-generation companies, of whom 1,200 are

Asia Partners Confidential | February 2021 5

There are 28,000 graduates of first-generation companies, of whom 1,200 are

Asia Partners Confidential | February 2021 7

3. Local Network Effects

Source: Asia Partners Asia Partners Confidential | February 2021 8

There are 28,000 graduates of first-generation companies, of whom 1,200 are

Asia Partners Confidential | February 2021 10

Bitauto, China Autohome,

Alibaba.com, Alibaba Group MOGU, Pinduoduo Alibaba Wunong

China China CITIC HKT Beijing

Inventory eCommerce China’s first e-commerce IPO

Data Centres CSF Group Procurri

Consumer Electronic Razer Inc

GFS, Ellipsiz, STATS United Test

There are 28,000 graduates of first-generation companies, of whom 1,200 are

Asia Partners Confidential | February 2021 13

December 16th, 2020

December 21st, 2020

January 7th, 2021

Asia Partners Confidential | February 2021 14

There are 28,000 graduates of first-generation companies, of whom 1,200 are

Asia Partners Confidential | February 2021 15

Source: Bloomberg Asia Partners Confidential | February 2021 16

Time of our prediction

Asia Partners Confidential | February 2021 18

Indonesia $1,089 274 Medium-High 6 Medium

Thailand $509 67 Fewer 37 Medium

Malaysia $336 33 Medium 9 High

Singapore $337 6 High 25 High

Philippines $367 110 Medium 10 Medium

Vietnam $341 97 Medium 8 Medium

Asia Partners Confidential | February 2021 19

Indonesia $1,089 274 Medium-High

Thailand $509 67 Fewer 37 Medium

Malaysia $336 33 Medium 9 High

Philippines $367 110 Medium 10 Medium

Vietnam $341 97 Medium 8 Medium

Asia Partners Confidential | February 2021 20

Company Primary Businesses Geographical Focus

2 Ride Sharing, Payments Southeast Asia

2 E-Commerce Southeast Asia

2 Ride Sharing, Payments Southeast Asia

2 Travel Booking Southeast Asia

Games, Payments, Social Vietnam

Source: Recent Press Articles, Asia Partners Analysis

We call this the ‘70/30 Mix’ –

Source: AVCJ, Asia Partners Analysis; includes technology and

Remote India, China 6

4.0% Singapore >2x 0.9% Singapore ~4x

1.0% Average: 0.2%

Global Southeast Asia Rest of World

0.25% SG now has ~75% more