2 3 4 11 27 66 81 83 86 87 88 90 92 196

Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Ian Charles Stone Jacobus Petrus (Koos) Bekker Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 518057 1 29 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 17 1712-1716 www.tencent.com 700 2

28,496 43,894 60,437 78,932 102,863 18,568 25,687 32,659 48,059 61,232 12,099 15,051 19,281 29,013 36,216 10,225 12,785 15,563 23,888 29,108 10,203 12,732 15,502 23,810 28,806 8,957 13,619 18,376 21,975 44,723 8,938 13,567 18,327 21,891 44,416 * 10,940 14,287 17,008 24,737 32,410 21,301 38,747 53,549 95,845 151,440 35,503 36,509 53,686 75,321 155,378 56,804 75,256 107,235 171,166 306,818 28,463 41,298 57,945 80,013 120,035 625 850 518 2,111 2,065 29,088 42,148 58,463 82,124 122,100 6,533 12,443 15,505 39,007 60,312 21,183 20,665 33,267 50,035 124,406 27,716 33,108 48,772 89,042 184,718 56,804 75,256 107,235 171,166 306,818 * 3

288.06 21% 3.097 3.055 324.10 31% 3.485 3.437 4

1. 2. QQ IP NBAHBO 5

+ QQ Internet Plus Holdings 3. QQ 853.1 815.3 4.6% 859.7-0.8% QQ 641.5 576.1 11.4% 639.1 0.4% QQ 241.1 217.4 10.9% 239.1 0.8% WeChat 697.0 500.0 39.4% 649.5 7.3% QQ 640.1 654.1-2.1% 653.1-2.0% QQ 572.9 539.8 6.1% 576.8-0.7% 94.6 83.7 13.0% 88.5 6.9% QQ 11% 6.42 11% 2.41 QQ QQ 6 QQ 60 6

QQ 6% 5.73 WeChat 6.97 39% 6 320 9 C2C 3 C2C QQ 30% 53% 213 IP O2O 100% + 7

110% 65% 4. 30% 1,029 38% 1,022 27% 807 QQ 110% 175 172% 87 QQ 72% 88 21% 288 31% 324 8

45% 304.41 47% 302.42 35% 230.68 37% 70.97 QQ 118% 57.33 157% 29.16 QQ 89% 28.17 22% 71.64 28% 89.53 5. 9

0.47 0.36 10

102,863 78,932 (41,631) (30,873) 61,232 48,059 2,327 1,676 1,886 2,759 (7,993) (7,797) (16,825) (14,155) 40,627 30,542 (1,618) (1,182) (2,793) (347) 36,216 29,013 (7,108) (5,125) 29,108 23,888 28,806 23,810 302 78 29,108 23,888 * 32,410 24,737 * 11

30% 1,029 38% 1,022 (1) 80,669 78% 63,310 80% 17,468 17% 8,308 11% (2) 4,726 5% 7,314 9% 102,863 100% 78,932 100% (1) (2) 27% 806.69 26% 565.87 30% 240.82 QQ 24% 23% 27% 12

110% 174.68 172% 86.93 QQ 72% 87.75 35% 416.31 C2C 39% 40% 28,422 35% 20,619 33% 8,941 51% 4,660 56% * 4,268 90% 5,594 76% 41,631 30,873 * 38% 284.22 (1) (2) (3) 27% 13

92% 89.41 24% 42.68 C2C 32% 18.86 3% 79.93 WeChat 10% 8% 19% 168.25 18% 16% 37% 16.18 39% 71.08 21% 288.06 31% 324.10 14

30,441 20,978 (12,661) (8,332) 17,780 12,646 649 443 249 343 (3,024) (2,063) (4,766) (3,975) 10,888 7,394 (363) (273) (1,329) (275) 9,196 6,846 (1,998) (892) 7,198 5,954 7,164 5,860 34 94 7,198 5,954 * 8,953 6,981 * 15

45% 304.41 47% 302.42 23,068 76% 17,137 82% 5,733 19% 2,627 12% * 1,640 5% 1,214 6% 30,441 100% 20,978 100% * 35% 230.68 33% 159.71 37% 70.97 QQ 118% 57.33 157% 29.16 QQ 89% 28.17 16

52% 126.61 C2C 40% 42% 8,383 36% 6,168 36% 2,794 49% 1,577 60% * 1,484 90% 587 48% 12,661 8,332 * 36% 83.83 77% 27.94 153% 14.84 C2C 17

27% 2.49 47% 30.24 10% 20% 47.66 19% 16% 33% 3.63 13.29 124% 19.98 22% 71.64 28% 89.53 18

30,441 26,594 (12,661) (11,014) 17,780 15,580 649 559 249 614 (3,024) (2,042) (4,766) (4,380) 10,888 10,331 (363) (481) (1,329) (702) 9,196 9,148 (1,998) (1,564) 7,198 7,584 7,164 7,445 34 139 7,198 7,584 8,953 8,280 19

14% 304.41 12% 230.68 11% 159.71 2 3D 14% 70.97 16% 57.33 22% 29.16 10% 28.17 15% 126.61 C2C 41% 42% 14% 83.83 11% 27.94 32% 14.84 C2C 48% 30.24 9% 47.66 4% 71.64 8% 89.53 20

EBITDA(a) 43,049 30,908 12,040 10,806 7,929 EBITDA(a) 45,805 32,710 12,831 11,569 8,424 EBITDA (b) 45% 41% 42% 44% 40% 1,510 866 409 373 264 (c) 19,114 22,758 19,114 21,239 22,758 (d) 7,709 4,718 1,883 1,653 1,603 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 21

EBITDA EBITDA 40,627 30,542 10,888 10,331 7,394 : (2,327) (1,676) (649) (559) (443) (1,886) (2,759) (249) (614) (343) 3,159 2,993 826 781 766 3,476 1,808 1,224 867 555 EBITDA 43,049 30,908 12,040 10,806 7,929 2,756 1,802 791 763 495 EBITDA 45,805 32,710 12,831 11,569 8,424 22

* (a) (b) (c) (d) 40,627 2,756 85 (4,275) 198 2,373 41,764 29,108 3,304 85 (4,016) 1,186 3,185 32,852 28,806 3,221 81 (4,016) 1,149 3,169 32,410 3.097 3.485 3.055 3.437 39% 41% 28% 32% * (a) (b) (c) (d) 30,542 1,802 695 (5,197) 59 2,510 30,411 23,888 2,184 695 (5,163) 776 2,553 24,933 23,810 2,152 637 (5,179) 768 2,549 24,737 2.579 2.680 2.545 2.644 39% 39% 30% 32% 23

(a) (b) (c) (d) 10,888 791 18 (929) 46 719 11,533 7,198 959 17 (995) 313 1,525 9,017 7,164 939 16 (995) 304 1,525 8,953 0.769 0.961 0.759 0.949 36% 38% 24% 30% (a) (b) (c) (d) 10,331 763 17 (1,020) 46 379 10,516 7,584 981 18 (783) 275 375 8,450 7,445 959 17 (783) 267 375 8,280 0.800 0.890 0.792 0.881 39% 40% 29% 32% 24

* (a) (b) (c) (d) 7,394 495 149 (1,153) 13 1,170 8,068 5,954 637 149 (1,154) 300 1,213 7,099 5,860 630 136 (1,157) 299 1,213 6,981 0.632 0.752 0.625 0.744 35% 38% 28% 34% * (a) (b) (c) (d) 25

43,438 46,714 41,005 28,650 84,443 75,364 (24,351) (13,995) (40,978) (40,130) 19,114 21,239 191.14 10% 975.25 116.17 161.69 181.91 20.22 26

43 5 87 0.47 0.47 103.74 76.51 88 89 18 19 42 6 27

18 43 24 25 4.70 3 28

I II III I 10,000,000 5,000,000 5,000,000 31.70 1 5,000,000 5,000,000 114.52 2 10,000,000 10,000,000 1. 25% 25% 2. 20% 20% 3. 29

1,098,050 1,098,050 9.30 1 362,800 362,800 9.30 2 70,000 70,000 9.30 3 131,350 131,350 9.99 1 277,050 277,050 8.53 1 54,650 54,650 9.54 1 20,390 20,390 9.54 4 2,540,030 2,540,030 12.12 1 200,300 200,300 12.12 3 57,930 57,930 12.12 4 72,500 72,500 9.78 1 85,000 85,000 9.78 3 128,900 128,900 8.70 1 1,330,000 1,330,000 9.60 1 202,300 20,000 182,300 18.06 1 30

1,835,900 1,145,950 25,000 664,950 18.06 3 2,903,750 900,000 2,003,750 18.06 4 1,250,000 1,250,000 29.32 4 125,000 100,000 25,000 31.70 3 500,000 133,333 366,667 31.70 5 281,250 144,000 137,250 26.08 1 3,092,375 1,196,250 95,625 1,800,500 26.08 3 2,610,100 652,600 400,000 1,557,500 26.08 4 25,000 12,500 12,500 30.14 3 1,043,750 167,500 876,250 38.88 4 250,000 250,000 38.88 5 202,625 61,325 12,500 128,800 37.80 1 1,181,050 255,500 97,550 828,000 37.80 3 125,000 25,000 100,000 37.80 4 812,500 50,000 762,500 49.76 1 31

2,562,500 2,562,500 114.52 6 3,975,000 125,000 3,850,000 114.52 1 62,500 62,500 112.30 6 1,881,800 70,524 86,463 1,724,813 124.30 7 80,650 80,650 116.40 8 525,000 525,000 149.80 7 9 945,875 945,875 148.90 7 10 31,432,000 1,470,875 11,488,432 717,138 20,697,305 32

1. 20% 20% 2. 20% 20% 3. 20% 20% 4. 20% 20% 5. 33.33% 33.33% 6. 33.33% 33.33% 7. 25% 25% 8. 25% 25% 9. 148.00 10. 146.00 11. 142.55 33

Riot Games, Inc.Riot 4,851 4,851 0.082 11,460 11,460 0.082 145,721 120,627 25,094 0.082 10,000 5,000 5,000 0.085 241,605 10,420 231,185 0.100 185,209 185,209 0.100 15,789 2,122 13,667 0.100 200,697 28,388 172,309 0.100 100,000 100,000 0.100 393,834 77,000 316,834 0.984 238,234 8,368 229,866 0.984 1,862,225 406,354 1,455,871 3.720 27,500 27,500 3.720 1,155,927 21,188 15,020 1,119,719 3.720 792,469 15,146 618 776,705 4.066 26,331 19,630 6,701 4.066 645,939 3,800 30,975 611,164 4.351 330,129 3,129 10,499 316,501 4.351 34

91,113 11,832 4,672 74,609 4.351 2,180,334 53,509 31,825 2,095,000 4.351 95,843 12,148 13,953 69,742 4.351 653,802 20,237 60,236 573,329 4.893 2,015,419 50,013 65,320 1,900,086 4.893 444,081 17,354 14,208 412,519 8.157 881,525 16,536 33,003 831,986 8.157 3,957,775 15,683 27,567 3,914,525 8.157 3,630,667 20,489 388,645 3,221,533 25.060 718,650 1,750 50,073 666,827 25.060 447,800 47,289 400,511 25.850 797,020 1,562 83,229 712,229 25.850 1,641,172 2,187 98,129 1,540,856 28.380 66,068 66,068 28.380 225,668 17,881 207,787 28.380 632,970 28,395 604,575 36.780 265,013 2,762 262,251 36.780 22,301,949 2,830,891 960,783 1,031,000 23,141,057 Riot Riot 35

I II III 1. 2. 36

I II III 3. II III 72,386,370 60,413,683 444,518,270 180,093,330 I 5% 2% II III I I III II 30% 30% 37

I II III 4. 12 12 12 1% 1% 1% 10% 5. 7 10 38

I II III 6. 15 28 28 28 1 1 1 1 7. (i) (ii) (iii) (i) (ii) (iii) (i) (ii) (iii) 39

I II III 8. II III 240,921,255 175,093,330 2.56% 1.86% 20 20 40

1. 2. I 15 3. I 2% 178,776,160 II (i) II (ii) II 3% 278,937,260 4. I 1% 89,388,080 II 1% 92,979,085 5. I II 41

6. (i) 13.09 XIVA (ii) (iii) 60 30 (1) (2) (iv) 42

7. 8. I II 14A 74,308,983 75,000 20 ll IIl 33,245,162 43

210,000 Iain Ferguson Bruce 40,000 20,000 20,000 50,000 10,000 40,000 30,000 30,000 90,000 30,000 30,000 90,000 Ian Charles Stone 30,000 15,000 15,000 50,000 10,000 40,000 30,000 30,000 80,000 30,000 25,000 85,000 25,000 5,000 20,000 15,000 15,000 25,000 15,000 5,000 35,000 195,000 75,000 60,000 210,000 44

Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 87 Jacobus Petrus (Koos) Bekker Ian Charles Stone 3.13 45

44 Advance Data Services Limited XV 2 3 42 JD.com, Inc. Jacobus Petrus (Koos) Bekker63 Koos M-Net/ MultiChoice MTN Koos MIH Naspers Vosloo Charles St Leger Searle52 Searle Naspers Internet Listed Assets Naspers Mail.ru Group Limited Naspers Searle University of Cape TownSearle Searle 46

58 TCL TCL TCL Legrand Iain Ferguson Bruce75 Bruce Bruce Bruce Bruce Bruce Bruce Ian Charles Stone65 Stone CSL Stone Stone Stone Stone 47

44 40 EMBA James Gordon Mitchell42 Mitchell Mitchell Mitchell Mitchell 49 ad:tech EMBA 48

42 QQ QQ QQ VIP Sendmail Oracle Oracle Oracle 46 QQ QQ Foxmail 41 41 Palo Alto Naspers 49

42 47 Curtin University of Technology EMBA 43 40 IT MBA 50

51

(a) XV 7 8 XV (b) 352 (c) (A) 1 855,446,400 9.10% * 43,268,000 2 * 40,000 3 Iain Ferguson Bruce * 470,000 4 0.46% 0.0004% 0.005% Ian Charles Stone * 145,000 0.005% 300,000 445,000 5 52

(1) Advance Data Services Limited (2) 33,268,000 ll IIl 10,000,000 (3) 5,000 35,000 (4) 380,000 90,000 (5) 360,000 85,000 * (B) 35,285,705 5,971,427 54.29% 54.29% 53

14A 54

13 13 55

54.29% 22.85% 11.43% 11.43% 54.29% 22.85% 11.43% 11.43% 1 2 50% 50% 50% 50% 760.00 160.00 1. 2. 56

1. 29,783,000,000 2,365,000,000 10,659,000,000 1,291,000,000 4,772,000,000 1,169,000,000 625,000,000 530,000,000 1,773,000,000 245,000,000 410,000,000 32,000,000 53,000,000 2. 57

3. 4. 5. 6. 7. 8. 9. 58

10. 11. 93,000,000 17,000,000 503,000,000 975 41,982 29,000,000 25,000,000 1,000,000 113,000,000 143,120 2,000,000 3 5,000,000 8,000,000 59

10 14 20 31(a) 31(b) 44 14A 60

3.1 61

XV 2 3 336 5% MIH TC 1 3,151,201,900 33.51% Advance Data Services Limited 2 855,446,400 9.10% JPMorgan Chase & Co. 191,923,463 95,009,185 24,090 300,211,641 3(i) 587,168,379 6.24% 83,683,675 0.89% 3(ii) 62

(1) MIH TC Naspers Limited MIH (Mauritius) LimitedMIH Ming He Holdings Limited MIH Holdings Proprietary Limited XV Naspers LimitedMIH (Mauritius) LimitedMIH Ming He Holdings Limited MIH Holdings Proprietary Limited 3,151,201,900 (2) Advance Data Services Limited (3) (i) 25,267,191 9,070,580 245,300 8,843,251 7,108,060 300,211,641 (ii) 32,999,844 9,074,980 11,595,550 3,609,150 8,720,164 336 4.41% 1.09% 19.20% 7.71% 5% 63

A.2.1 A.4.2 30,641 27,690 184.75 154.51 64

(A) 183 17 1712-1716 (B) 183 17 1712-1716 65

A.2.1 A.4.2 66

67

74 77 68

( ) 1 Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 1 69

A.2.1 70

46 47 3.10A 3.10 3.13 71

Iain Ferguson Bruce A.4.2 A.4.2 72

6/6 1/1 1/1 6/6 1/1 Jacobus Petrus (Koos) Bekker 6/6 4/4 0/1 Charles St Leger Searle 6/6 8/8 2/2 1/1 1/1 4/6 1/1 3/4 0/1 Iain Ferguson Bruce 6/6 8/8 2/2 1/1 1/1 Ian Charles Stone 6/6 8/8 2/2 1/1 4/4 1/1 73

Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce Charles St Leger Searle 73 74

Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone ( ) Charles St Leger Searle 73 Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle 73 75

3.13 Ian Charles Stone Jacobus Petrus (Koos) Bekker Ian Charles Stone 73 76

77

COSO 78

Jacobus Petrus (Koos) Bekker 79

81 82 3,500 200 1,300 2,300 1,500 1,500 80

83 195 81

82

6 9,973 7,918 7 4,248 3,830 292 268 8 2,293 751 9 13,439 9,304 10(a) 60,171 51,131 10(b) 6,230 2,941 544 63 27 757 322 12 44,339 13,277 14 5,480 1,209 16 3,674 4,831 151,440 95,845 222 244 13 7,061 4,588 14 11,397 7,804 15 1,198 16 37,331 10,798 17(b) 54,731 9,174 17(a) 43,438 42,713 155,378 75,321 306,818 171,166 83

18 18 12,167 5,131 18 (1,817) (1,309) 19 9,673 2,129 100,012 74,062 120,035 80,013 2,065 2,111 122,100 82,124 24 12,922 5,507 25 37,092 25,028 23 3,626 2,052 27 3,668 2,942 26 3,004 3,478 60,312 39,007 84

21 15,700 8,683 22 70,199 19,123 24 11,429 3,215 25 3,886 1,834 1,608 461 34(b) 462 566 26 21,122 16,153 124,406 50,035 184,718 89,042 306,818 171,166 92 195 83 195 85

80,669 63,310 17,468 8,308 4,726 7,314 5 102,863 78,932 30 (41,631) (30,873) 61,232 48,059 28 2,327 1,676 29 1,886 2,759 30 (7,993) (7,797) 30 (16,825) (14,155) 40,627 30,542 32 (1,618) (1,182) 33 (2,793) (347) 36,216 29,013 34(a) (7,108) (5,125) 29,108 23,888 28,806 23,810 302 78 29,108 23,888 35(a) 3.097 2.579 35(b) 3.055 2.545 92 195 86

29,108 23,888 329 81 12,575 (1,705) 1,975 (289) 736 15,615 (1,913) 44,723 21,975 44,416 21,891 307 84 44,723 21,975 92 195 87

5,131 (1,309) 2,129 74,062 80,013 2,111 82,124 28,806 28,806 302 29,108 329 329 329 12,575 12,575 12,575 1,970 1,970 5 1,975 736 736 736 15,610 28,806 44,416 307 44,723 108 108 165 190 355 21 376 169 169 169 2,058 273 2,331 60 2,391 (652) (652) (652) (144) 144 982 982 982 216 (216) 36 (2,640) (2,640) (549) (3,189) 2,248 (508) 1,661 (2,856) 545 (360) 185 278 278 (44) (44) 19 4,788 (8,160) (3,372) (599) (3,971) (372) (372) 372 (1,195) (1,195) (1,195) 7,036 (508) (8,066) (2,856) (4,394) (353) (4,747) 12,167 (1,817) 9,673 100,012 120,035 2,065 122,100 88

2,846 (871) 3,746 52,224 57,945 518 58,463 23,810 23,810 78 23,888 81 81 81 (1,705) (1,705) (1,705) (295) (295) 6 (289) (1,919) 23,810 21,891 84 21,975 44 44 160 125 285 25 310 299 299 299 1,350 135 1,485 7 1,492 (529) (529) (529) (91) 91 211 (211) (61) (61) (61) (1,761) (1,761) (158) (1,919) 1,657 (438) 471 (1,972) (282) (82) (364) 1,705 1,705 468 468 468 230 230 4 234 628 (1,224) (596) (118) (714) 357 357 357 2,285 (438) 302 (1,972) 177 1,509 1,686 5,131 (1,309) 2,129 74,062 80,013 2,111 82,124 92 195 89

38(a) 50,478 37,414 (5,047) (4,703) 45,431 32,711 (1,349) (1,911) 82 187 (5,440) (4,296) 70 40 (11,423) (31,929) 1,106 1,027 (2,394) (2,524) 193 (500) (2) (4,620) (2,320) 115 48 (3,045) (23) 127 (13,001) (4,622) 223 352 (842) 63 61,810 27,872 (87,186) (12,428) 2,274 1,468 515 290 (63,605) (28,388) 90

8,565 2,549 (2,372) 8,581 4,293 (2,200) (1,693) 13,619 17,842 (1,917) 169 299 (61) (652) (529) 99 44 (2,640) (1,761) (549) (158) (4,547) (103) 18,528 18,350 354 22,673 42,713 20,228 371 (188) 43,438 42,713 92 195 91

1 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 92

1 2.2(a) 43 2 2.1 4 93

2 2.1 (a) 19 (b) 622 622 9 (c) 15 18 11 94

2 2.1 (c) 9 39 9 39 9 39 16 15 95

2 2.2 (a) (i) 96

2 2.2 (a) (i) 39 (ii) (iii) 97

2 2.2 (b) 43(e) 2.3 20% 50% 98

2 2.3 2.25 2.4 11 99

2 2.4 2.5 2.6 2.7 (a) (b) 100

2 2.7 (b) (c) (i) (ii) (iii) 101

2 2.8 20 50 2 5 5 5 2.13 102

2 2.9 50 2.10 2.11 (a) 103

2 2.11 (b) (c) 2.12 43(e) 2.13 104

2 2.14 (a) (i) 12 (ii) 12 (iii) 12 105

2 2.14 (b) 2.15 106

2 2.16 (a) 107

2 2.16 (b) 2.17 (i) (ii) (iii) 108

2 2.17 2.18 2.19 2.20 109

2 2.21 2.22 2.23 12 110

2 2.24 2.25 (i) (ii) 111

2 2.26 2.27 (a) 112

2 2.27 (b) (c) Black-Scholes BS Enhanced FAS 123 113

2 2.27 (c) 2.28 114

2 2.29 (a) 26 (i) (ii) 115

2 2.29 (a) (i) (ii) (iii) (iv) (b) 2.30 116

2 2.31 2.32 2.33 2.34 2.35 5 117

3 3.1 (a) (i) 118

3 3.1 (a) (i) 36 3,169 (7) (2,186) 29 983 3,075 1,049 (302) (1,319) 2,773 (270) 1.08 3.16 119

3 3.1 (a) (i) (ii) 12 5%5% 20.67 6.42 (iii) 1416 17 24 25 120

3 3.1 (a) (iii) 50 50 0.42 0.43 (b) 121

3 3.1 (b) ( ) 30 120 13 122

3 3.1 (c) 1 1 2 2 5 5 5,271 4,409 29,747 7,951 47,378 1,282 2,347 95 3,724 11,774 6,826 6,415 25,015 77,915 77,915 94,960 12,517 38,509 8,046 154,032 2,716 4,517 20,452 1,604 29,289 1,372 505 287 2,164 3,362 702 5,008 9,072 21,563 21,563 27,641 6,591 25,965 1,891 62,088 123

3 3.2 EBITDA EBITDA EBITDA 24,351 8,722 40,978 26,862 65,329 35,584 EBITDA 45,805 32,710 EBITDA 1.43 1.09 EBITDA 124

3 3.3 9,435 7,419 27,485 44,339 736 462 1,198 588 588 3,631 3,370 6,276 13,277 489 489 125

3 3.3 6,276 2,775 14,736 2,682 5,939 1,257 (65) (369) 1,061 (69) 27,947 6,276 126

3 3.3 127

4 (a) 2.27(c) BS 20 0.76 0.60 5.08 4.03 42.87 33.95 39.07 30.94 85%85% 5%5% 1.54 0.73 128

4 (b) 2.29(a) (c) 5% 0.80 0.23 1.83 1.47 0.80 0.23 1.83 1.47 129

4 (d) (e) 130

5 131

5 80,669 17,468 4,726 102,863 52,247 8,527 458 61,232 1,983 171 37 2,191 631 2,437 3,068 (538) 164 (2,419) (2,793) 63,310 8,308 7,314 78,932 42,691 3,648 1,720 48,059 1,919 158 38 2,115 232 1,374 1,606 (26) (166) (155) (347) 132

5 96,251 72,462 6,612 6,470 102,863 78,932 150,608 80,975 44,925 22,779 85,282 51,067 14,412 7,422 9,036 7,235 2,462 1,619 93 69 306,818 171,166 777.04 607.52 168.97 132.11 10% 133

6 2,574 12,261 673 25 961 16,494 (522) (7,106) (338) (13) (529) (8,508) (63) 4 (9) (68) 2,052 5,092 339 12 423 7,918 2,052 5,092 339 12 423 7,918 1 3 2 6 753 3,498 167 3 791 5,212 (2) (4) (13) (2) (15) (36) (179) (2,647) (115) (4) (208) (3,153) (31) (31) 17 6 34 57 2,594 5,959 384 9 1,027 9,973 3,293 15,165 806 25 1,696 20,985 (699) (9,160) (432) (16) (694) (11,001) (46) 10 25 (11) 2,594 5,959 384 9 1,027 9,973 134

6 2,800 10,494 541 47 873 14,755 (397) (5,036) (208) (18) (360) (6,019) (43) 1 (1) (43) 2,403 5,415 334 29 512 8,693 2,403 5,415 334 29 512 8,693 1 23 1 4 29 49 2,299 115 7 146 2,616 (66) (11) (16) (41) (134) (128) (2,537) (125) (9) (190) (2,989) (272) (272) (20) 3 (8) (25) 2,052 5,092 339 12 423 7,918 2,574 12,261 673 25 961 16,494 (522) (7,106) (338) (13) (529) (8,508) (63) 4 (9) (68) 2,052 5,092 339 12 423 7,918 21.91 21.15 1.18 1.02 8.44 7.72 135

7 3,830 2,041 2,199 1,894 (1,783) (100) (5) 2 4,248 3,830 8 751 871 1,581 27 (130) (39) (17) 2,293 751 40 50 136

9 6,558 1,671 1,711 2,933 586 704 14,163 (63) (532) (1,142) (2,324) (360) (273) (4,694) (139) (21) (3) (2) (165) 6,356 1,118 566 609 226 429 9,304 6,356 1,118 566 609 226 429 9,304 845 231 132 1,208 450 300 5,665 175 6 6,596 (97) (37) (53) (6) (193) (281) (329) (2,611) (136) (119) (3,476) (99) (44) (30) (1) (174) 150 13 12 2 (3) 174 7,155 1,219 697 3,665 259 444 13,439 7,306 2,087 2,196 8,598 754 836 21,777 (162) (860) (1,508) (4,935) (495) (387) (8,347) 11 (8) 9 2 (5) 9 7,155 1,219 697 3,665 259 444 13,439 137

9 2,698 1,125 1,386 1,441 45 375 7,070 (648) (919) (950) (21) (271) (2,809) (146) (7) (3) (2) (158) 2,552 470 464 491 24 102 4,103 2,552 470 464 491 24 102 4,103 3,929 728 141 325 5,123 187 346 1,492 89 5 2,119 (68) (56) (22) (3) (149) (184) (222) (1,374) (25) (3) (1,808) (64) (13) (77) 7 (14) (7) 6,356 1,118 566 609 226 429 9,304 6,558 1,671 1,711 2,933 586 704 14,163 (63) (532) (1,142) (2,324) (360) (273) (4,694) (139) (21) (3) (2) (165) 6,356 1,118 566 609 226 429 9,304 30.68 16.06 4.08 2.02 138

9 EV EBITDA EBITDA 8.07-14.11x ( 15% ) 3% 25% 1.74 139

10 (a) 36,040 32,064 24,131 19,067 60,171 51,131 (b) 6,230 2,941 66,401 54,072 (a) 51,131 10,867 (i)(ii) (iii) 12,908 40,628 29(b)(i) 1,931 2,402 (2,802) (346) 329 81 (237) (148) (iv) (4,386) (278) (v) (1,591) (1,638) 2,888 (437) 60,171 51,131 140

10 (a) (i) 52 58.com Inc. 58 4.00 24.57 62 58 1.32 8.46 58 22.9% (ii) 25.08 (iii) 70.97 (iv) Dianping Holdings Ltd. 31.30 12(b) (v) 15.91 16.38 11.28 (vi) 141

10 (a) 55,557 19,517 36,149 (1,764) 323 (1,441) 88,090 31,566 7,435 6,215 (1,038) 6 (1,032) 87,123 26,952 42,364 (2,802) 329 (2,473) 41,829 10,197 19,805 184 41 225 56,552 22,959 3,460 4,439 (530) 40 (490) 64,788 13,657 24,244 (346) 81 (265) 312.07 293.11 20% 142

10 (a) JD.com.Inc. 18.03% 58,468 49,942 26,698 16,551 49,029 28,995 5,459 30,678 37,498 181,287 115,002 (6,459) (5,802) (9,402) (4,977) (9,388) (4,996) 1,159 (108) (8,229) (5,104) 143

10 (b) 30.21 0.47 3.21 (c) (i) QQ 144

10 (c) (ii) (b) 11.98 145

11 10) 6,230 2,941 13 7,061 4,588 7,709 4,691 16 41,005 15,629 17 54,731 9,174 17 43,438 42,713 160,174 79,736 25 40,978 26,862 3,626 1,121 21 15,700 8,683 61,627 12,801 24 24,351 8,722 146,282 58,189 443.39 132.77 12 15 22 23 11.98 5.88 4.89 146

12 (a) 9,435 3,631 (b) 34,879 9,646 (b) 25 44,339 13,277 (a) 6,198 1,735 179 277 2,376 1,619 553 129 9,435 3,631 (i) (ii) (iii) 33.57 28.66 1.765 10.90 5.06% 12.80 147

12 (b) 9,646 6,270 (i) (ii) 14,298 2,682 9,688 1,146 (65) (369) 1,337 (83) 34,904 9,646 (i) Internet Plus Holdings Internet Plus Holdings 10.00 63.96 Internet Plus Holdings Internet Plus Holdings 13.6% (ii) 79.02 (c) 5.86 4.78 148

13 0 30 3,616 2,032 31 60 2,209 1,464 61 90 798 667 90 438 425 7,061 4,588 3,340 1,528 1,500 1,066 815 1,116 1,406 878 7,061 4,588 90 30 120 60 149

14 2,242 857 656 357 999 1,025 553 5,480 1,209 2,252 1,596 3,275 2,028 2,507 688 1,392 1,339 254 303 167 461 1,550 1,389 11,397 7,804 16,877 9,013 0.28% 10.0% 0.3% 8.0% 150

15 16 4.00% 4.30% 3,611 4,831 58 5 3,674 4,831 36,569 10,777 762 21 37,331 10,798 41,005 15,629 151

17 (a) 19,845 15,235 23,593 27,478 43,438 42,713 3.08%3.55% 221.50 243.43 69.95 105.93 (b) 547.31 91.74 18 0.0001 0.00002 1,000,000 50,000,000,000 0.00002 50,000,000,000 0.00002 9,403,923,992 9,370,678,830 58,379,035 88,686,054 152

18 (b) 9,370,678,830 5,131 (1,309) 3,822 165 165 (d) 11,488,432 169 169 2,058 2,058 (e) (652) (652) (f) 21,756,730 (g) (144) 144 19(d) 4,788 4,788 (b) 9,403,923,992 12,167 (1,817) 10,350 153

18 (a) 1,862,110,840 2,846 (871) 1,975 160 160 (a)(d) 3,715,616 114 114 (b)(d) 22,790,915 185 185 1,350 1,350 (e) (529) (529) (b)(f) 19,520,635 (g) (91) 91 (a) (153,000) (61) (61) 628 628 c 7,462,693,824 (b) 9,370,678,830 5,131 (1,309) 3,822 154

18 (a) (b) (c) (d) 11,488,432 41,368,995 8.53 124.30 0.733 49.76 (e) 5,747,513 5,435,277 8.00 6.52 6.68 5.29 (f) 21,756,730 19,520,635 (g) 57,811,262 33,778,133 (h) 12,818,261 6,650,532 155

19 (a) (b) (c) (1,611) 2,531 129 (363) 873 570 2,129 190 190 273 273 982 982 (d) (8,160) (8,160) (372) (372) (1,195) (1,195) 216 216 12,575 12,575 329 329 1,970 1,970 736 736 (11,338) 15,106 458 1,607 1,089 2,015 736 9,673 156

19 (a) (b) (c) (1,442) 4,236 48 (68) 662 310 3,746 125 125 135 135 (1,224) (1,224) 468 468 230 230 357 357 211 211 (1,705) (1,705) 81 81 (295) (295) (1,611) 2,531 129 (363) 873 570 2,129 157

19 (a) (b) 10% 50% 25% 10% 50% (c) 20(d) (d) 98.60 81.60 158

20 (a) I II III I II II III (1) (2) (3) (i) I II III (2) 57.36 36,432,000 31.70 5,000,000 41,432,000 (2) 149.22 1,470,875 1,470,875 (2) 18.28 (11,488,432) (11,488,432) (2) 39.44 (717,138) (717,138) (2) 80.59 25,697,305 31.70 5,000,000 30,697,305 (2) 56.85 8,844,117 31.70 1,250,000 10,094,117 159

20 (a) (i) I II III (1) 11.25 819,266 75.69 12,648,005 158.50 1,000,000 14,467,271 (1) 572.60 2,307,500 2,307,500 (2) 123.67 2,213,700 2,213,700 (1) 11.25 (819,224) 46.54 (2,896,392) (3,715,616) (2) 10.18 (22,790,915) (22,790,915) (1) 14.53 (42) 116.38 (600,000) (600,042) (2) 90.82 (286,350) (286,350) (3) 45,836,452 4,000,000 49,836,452 (2) 57.36 36,432,000 31.70 5,000,000 41,432,000 (2) 18.07 12,527,595 12,527,595 (1) (2) (3) 1,000,000 11,488,432 41,368,995 18 142.75 114.57 109.88 87.00 160

20 (a) (ii) 6.35 8.70 405,950 II 9.10 18.06 2,851,000 10,964,950 25.68 149.80 22,846,305 25,061,100 25,697,305 36,432,000 III 31.70 5,000,000 5,000,000 30,697,305 41,432,000 161

20 (a) (iii) 51.92 41.01 36.97 29.28 (1) 149.22 113.30 0.36%-1.54% 1.56%-1.91% 0.36% 0.34% (2) 40.00%-41.00% 42.00%-44.50% (1) (2) 162

20 (b) (ii) 82,035,522 (ii) 74,308,983 (ii) (6,746,336) (ii) (57,811,262) (ii) 91,786,907 (ii) 8,574,117 (i) 18,065,996 (i) 1,183,445 (ii) 26,602,842 (i) (461,220) (ii) (4,730,292) (i) (226,797) (ii) (32,644,148) (iii) 74,245,696 (ii) 82,035,522 (ii) 28,160 163

20 (b) (i) (ii) (iii) 75,000 25,000 147.94 120.86 120.15 95.15 (c) 164

20 (d) (e) 85%85% 165

21 0 30 10,019 5,775 31 60 1,774 936 61 90 1,518 618 90 2,389 1,354 15,700 8,683 22 54,108 8,949 7,719 6,019 1,628 1,409 966 407 773 588 386 208 314 3,717 2,131 70,199 19,123 23 166

23 2,361 487 1,080 93 489 778 390 3,626 2,052 24 (a) 12,922 5,507 125 (b) 10,715 1,836 (a) 714 1,254 11,429 3,215 24,351 8,722 167

24 (a) 21.00 11.05 LIBOR 1.02% 1.52% LIBOR 1.35% 1.75% 1 714 1,254 1 2 6,623 612 2 5 6,299 4,895 13,636 6,761 (b) 16.50 3.00 LIBOR 0.75% 0.85% 1.125% LIBOR 0.85% 1.00% 25 33,583 22,511 3,509 2,517 37,092 25,028 3,886 1,834 40,978 26,862 168

25 58.00 40.00 42.00 32.00 2.000% 4.700% 1.860% 4.625% 1 3,886 1,834 1 2 3,236 3,651 2 3 4,713 3,042 3 4 12,930 3,649 4 5 9,778 12,169 5 6,435 2,517 40,978 26,862 50 100 11.00 9.00 1.00 10.00 3.00 413.72 275.28 26 10(c) 169

27 12 443 206 12 314 116 757 322 12 (2,713) (2,058) 12 (955) (884) (3,668) (2,942) (2,620) (1,010) 34 (172) (1,956) 326 575 (459) 15 5 11 2 (256) 7 1 (2,911) (2,620) 170

27 (i) (ii) 72 17 209 24 322 (19) 226 (11) 228 424 11 11 53 243 209 252 757 171 47 213 431 24 24 (101) (30) (3) (134) 2 (1) 1 72 17 209 24 322 (i) (ii) 41.25 35.25 10.17 8.66 171

27 (360) (2,033) (172) (377) (2,942) 2 2 41 (266) (198) (173) (596) 5 5 326 326 (459) (459) (2) (2) (4) (314) (1,975) (631) (198) (550) (3,668) (69) (1,128) (187) (57) (1,441) (280) (280) (22) (1,480) (320) (1,822) 11 11 575 575 15 15 (360) (2,033) (172) (377) (2,942) 172

27 19.75 20.33 373.44 106.07 28 29 (a) (2,373) (2,510) (b) 12(b) 3,813 5,111 462 86 331 392 272 144 (470) (300) (149) (164) 1,886 2,759 (a) 16.38 19.59 5.86 4.78 1.48 0.73 173

29 (b) (i) (ii) (iii) 19.31 10(a)) 10(a)(iv) 12(b) 8.68 10.14 30 (a) 31 18,475 15,451 17,094 10,963 193 4,334 5,492 4,255 4,691 2,031 5,814 5,833 (a) 6 3,153 2,989 (b) 9 3,476 1,808 896 997 594 480 35 23 2 15 13 15 (a) (b) 90.39 75.81 71.34 60.22 7.18 6.39 174

31 13,377 11,223 1,076 862 2,841 2,497 1,112 820 69 49 18,475 15,451 12.0 21.0% 6.0 11.5% 0.8 2.0% 10.0 12.0% 175

31 (a) 44(a) 165,607 136,359 699 697 535,733 220,186 702,039 357,242 800,000-15,000,000 2 2 15,000,001-30,000,000 1 5 30,000,001-45,000,000 4 3 45,000,001-60,000,000 3 75,000,001-105,000,000 1 105,000,001-135,000,000 1 195,000,001-255,000,000 1 255,000,001-315,000,000 1 176

31 (b) 195,792 195,896 503 471 516,582 362,860 49 36 712,926 559,263 81,000,001-81,500,000 1 129,000,001-129,500,000 1 183,000,001-183,500,000 2* 210,000,001-210,500,000 1 249,000,001-249,500,000 2* 274,000,001-274,500,000 1 * 177

32 1,510 866 108 316 1,618 1,182 24 25 33 10(a) 2,802 346 (9) 1 2,793 347 34 (a) (i) (ii) 16.5% 178

34 (a) (iii) 25% 15% 50% (iv) 36% 179

34 (a) (v) 12.5% 35% (vi) 10% 10% 5% 5% 6,936 3,169 27 172 1,956 7,108 5,125 180

34 (a) 25% 36,216 29,013 2,793 347 39,009 29,360 25% 9,752 7,340 (3,775) (4,038) (508) (828) (14) 906 698 27 266 1,480 421 470 60 3 7,108 5,125 181

34 (b) 6-17% 3-5% 7% 3% 5% 35 (a) 28,806 23,810 9,300 9,231 3.097 2.579 (b) 182

35 (b) 28,806 23,810 9,300 9,231 130 126 9,430 9,357 3.055 2.545 36 26.40 17.61 0.47 0.36 37 11.09 5.14 2.62 8.57 183

38 (a) 29,108 23,888 7,108 5,125 (3,813) (5,111) 12 (272) (144) 3,159 2,993 3,515 1,825 43 57 (2,327) (1,676) 2,756 1,802 2,793 347 2,225 2,437 (462) (86) 148 73 108 316 (2,469) (1,418) (17) 1,300 (5,081) (1,751) 5,969 1,788 3,654 2,975 (106) (25) 4,439 2,687 50,478 37,414 184

38 (b) 19(d) 39 (a) 2,239 2,496 631 494 2,249 912 5,119 3,902 8,376 3,242 13,495 7,144 185

39 (b) 428 746 827 1,347 1,198 1,200 2,453 3,293 (c) 2,090 1,778 3,363 1,566 540 5 5,993 3,349 186

40 10(c) 14 20 31(a) 31(b) 44 41 42 (a) 38 36 (b) 45,647 29,540 1,278 426 48 21 47,437 29,597 10,056 9,272 131 388 99 168 10,286 9,828 57,723 39,425 187

42 (a) 12,167 5,131 (1,817) (1,309) (c) (448) (377) (c) 472 4,206 10,374 7,651 37,092 25,028 6,024 4,742 347 170 3,886 1,834 10,257 6,746 47,349 31,774 57,723 39,425 188

42 (b) 119 67 (i) 7,381 5,158 (ii) 38,147 24,315 45,647 29,540 (i) (ii) (c) 2,295 3,672 (1,761) (377) 4,206 (377) 4,206 (377) (1,094) (2,640) (71) 472 (448) 189

43 (%) 100% 65,000,000 (a) 2,000,000 100% 100% 11,000,000 (a) 90,000,000 100% Tencent Asset 100 100% Management Limited 1,000,000 100% 100% 10,290,000 100% 16,500,000 100% 10,000,000 (a) 190

43 (%) 30,000,000 100% 5,000,000 100% 120,000,000 100% 30,000,000 100% 100% 120,000,000 Riot Games, Inc. 1,239 100% China Reading Limited 66,683 66.44% (a) (b) 1 191

43 (c) (d) 1,051.51 (e) (a) 20(b) 6.52 5.29 192

44 (a) (i) 32,725 84 19 32,828 1,169 19,940 53,842 19 74,970 Iain Ferguson Bruce 838 2,778 3,616 Ian Charles Stone 670 2,717 3,387 545 1,267 1,812 Jacobus Petrus (Koos) Bekker Charles St Leger Searle 3,222 52,665 84 60,604 38 116,613 193

44 (a) 622 (i) 27,473 75 18 27,566 16,062 56 18 16,136 1,101 15,196 55,264 18 71,579 Iain Ferguson Bruce 710 1,781 2,491 Ian Charles Stone 552 1,675 2,227 434 678 1,112 Jacobus Petrus (Koos) Bekker Charles St Leger Searle 2,797 58,731 131 59,398 54 121,111 194

44 (a) (i) (ii) 75,000 1,000,000 25,000 (iii) (b) (c) (d) (e) 195

I II I II I II C2C II ` 196

COSO EBITDA HBO Internet Plus Holdings www.tencent.com COSO Home Box Office, Inc. Internet Plus Holdings Ltd., 197

IP MIH TC NBA O2O MIH TC Holdings Limited Paramount Pictures, Inc. I II III 198

571 0.0001 0.00002 Sony Music Entertainment 199

II Warner Music Group Corp. 200