1Q2016Corporate Overview

2

Key Platforms

Strategy

Business Model

Financials

1

2

3

4

3

Leading Social Platforms in China and Globally

Weixin & WeChat Moments

• Mobile-centric creation for smart phones

Weixin & WeChat 2 762.4 million 1

• White-collar users

• Official Accounts

connect users to content and service

providers moving onto the mobile platform

QQ Qzone

• Successful transition from PC to mobile

QQ IM 877.1 million 1

Mobile QQ2 658.0 million 1

• Young, entertainment-oriented users

• Open Platform + groups

connect users to online content developers

and interest groups

1 Monthly active user accounts as of Mar 20162 For smart devices

4

Leader in Online Entertainment, Media & Mobile Utilities

• #2 mobile app; Top 3 on PC

• #1 master licensor of music copyrights

Music• #1 mobile app

• #1 PC portal

• #1 by mobile

video views• #1 on PC

• Largest digital publisher

• #1 in multiple genres across

PC and Smart Phone

News

Video

Online Games

Literature

• #1 by MAU

App Store• #1 by MAU • #1 by MAU

Mobile Security Mobile Browser

5

Key Platforms

Strategy

Business Model

Financials

1

2

3

4

6

“Connection” Strategy

WeixinQQ

For Merchants:

• Access to large user base

• Unified user log-in enables CRM

and targeted advertising

• Online payment facilitates

transactions

For Users:

• Always connected

• Access to rich mix of content,

services, and transactions

• Control multiple smart devices

For Tencent:

• Deepen user stickiness via

broadened product offering

• Increase traffic conversion through

transactions and advertising

• Tap into new markets unlocked by

mobile Internet

7

Investing in Strategic Partnerships

• Focus on eCommerce and O2O initiatives

• Drive new users to partner platforms / enable

CRM tools / facilitate transactions

Exclusive ContentCategory Leaders

• IP content increasingly valuable

• Preferred partner due to large user base

and vigorous support for IP protection

Food Discounts

& Delivery

Shopping

Health

Consultation

Real Estate

Transportation

DingXiangYuanGuaHao

Games

Video

Music

The Legend of

MIR 2

I am MT2

Didi

Local Services

8

Mobile Payment

• #2 online payment platform in China with over 300 million1 Weixin/QQ mobile payment accounts

bound to bank cards

• TenPay provides infrastructure support to mobile payment solutions as well as to merchants

• Weixin Pay and QQ Wallet are consumer-facing mobile payment solutions; Expanding use cases

for social (red envelope gifting, money transfers), O2O services, online finance, etc.

Money

Market

Funds

Online

Shopping

Phone Card

Top-up

Weixin Pay QQ Wallet

1 As of end of Mar 2016

9

Key Platforms

Strategy

Business Model

Financials

1

2

3

4

10

Our Business Model

Brand: CPD + CPM

Performance: CPC + CPA

Online payment: charge rate

Social Networks: monthly subscription + item purchases

Online Games: monthly subscription + item purchases

Free services to attract new users & generate interaction within community

Value Added Services

Online

Advertising

Others

Fee-based

revenue

Traffic-based

revenue

Transaction-

based revenue

11

Social Networks

Monthly Subscription Packages

Upgrade to a higher membership status for more

value-added services on top of free, basic services

for QQ users

Platform

Share revenues on in-app item sales with

third-party developers

SVIP and VIP services for QQ

VIP services for Qzone

VIP services for QQ Music

VIP services for Tencent Games

YingYongBao

App Centre

Tencent Open Platform

VIP services for Hollywood Movies

VIP services for Tencent Sports

VIP services for QQ Books

12

Online Games

PC Client Games

Leadership in multiple genres

Developing game franchise through events, such as eSports, video/TV programme tie-ins

Advancing portfolio through game updates and innovative new titles

Smart Phone Games

Highly popular games in multiple genres

Implementing best game operation practices from PC to mobile

Leveraging established PC game franchises to build successful mobile games

Runner Racing Action Shooter

Timi Run Everyday WeChat Speed We Fly WeFire

MOBA

WeMOBA

Battle arena Action role-playingSports Shooter

Role-playing

The Legend of Mir 2 Blade &Soul Mobile

13

Media Brand Advertising

Unparalleled user reach and fast-growing traffic

QQ.com

Tencent News App

News Plug-in

Video Portal

Video App

Banner

Embed image ads in apps to direct

traffic to advertisers’ website

In-feed

Integrate ads relevant to content feed

to achieve higher click-throughs

Video pre-roll

Play video commercials before

users’ selected programme

14

Social Performance Advertising

WeixinQQ Qzone Moments

More relevant ads via user targeting lead to more clicks and higher ad efficiency

Text & Image

Post text and image ads in Moments

and Official Accounts to connect and

engage with target users

eCoupon

Show electronic coupons at the

bottom of news articles in Official

Accounts

Short video clips

Autoplay short video commercials in

news feed to promote engagement

15

Key Platforms

Strategy

Business Model

Financials

1

2

3

4

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM

112.5

VAS (Social Networks + Online Games) Online Advertising eCommerce TransactionsOthers (in billion RMB)

16

Resilient Growth & Diversified Revenue Streams

2G / 2.5G MVAS CAGR 56%

0.7 1.1 1.42.8 3.8

7.2

12.4

19.6

28.5

43.9

60.4

1 Effective from Mar 10 2014, we have divested our B2C and C2C eCommerce marketplaces and deconsolidated such revenues.2 Other revenues for FY2015 include revenue from eCommerce transactions. 3 Last twelve months’ revenues as of Mar 31, 2016.

1

102.9

78.9

2 3

17

Sustainable Cash Generation

13,358

19,429

24,374

32,711

45,431

52,659

4,210 4,180 5,124 4,752

8,877 10,528

895 1,225 1,541 1,919 3,189 3,697

2011 2012 2013 2014 2015 LTM

Operating cash flow Capital expenditure paid Dividends paid

2

1 Capital expenditure paid includes purchase of fixed assets, constructions in progress and investment properties, payments for land use rights and payments for intangible assets

(excluding game and other content licenses). Dividends paid include dividends paid to both the Company’s shareholders and non-controlling interests.2 Last twelve months’ revenues as of Mar 31, 2016

Source: Company financial reports

Operating Cash Flow, Capital Expenditure Paid and Dividends Paid

(In million RMB)

Capex as % of OCF:

Dividend as % of OCF:

21%

6%

32%

7%

22%

6%

15%

6%

20%

7%

1

20%

7%

1 In million RMB2 Last twelve months’ revenues as of Mar 31, 2016 3 Fair market value of our listed associates and available-for-sale financial assets was 82 billion RMB as of Mar 31 2016,

18

Other Financial Metrics

9,148

15,249

19,250

27,959

36,554

42,131

2011 2012 2013 2014 2015 LTM

Free Cash Flow

17,668

27,381

36,218

22,758

19,114

27,429

2011 2012 2013 2014 2015 LTM

Net Cash at Period End

0.8x

0.6x

0.7x

1.0x

1.4x 1.4x

2011 2012 2013 2014 2015 LTM

Total Debt to Adjusted EBITDA 1 1

2 2 2

TENCENT HOLDINGS LIMITED

www.tencent.com/ir

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