2 3 4 11 27 54 70 72 75 77 79 80 84 86 189 1

Antonie Andries Roux Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Antonie Andries Roux Iain Ferguson Bruce Ian Charles Stone Antonie Andries Roux Charles St Leger Searle Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Antonie Andries Roux Ian Charles Stone Cricket Square Hutchins Drive, P.O.Box 2681 Grand Cayman KY1-1111 Cayman Islands 518057 16 30 3002 Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street, P.O. Box 609 Grand Cayman KY1-1107 Cayman Islands 183 17 1712-1716 www.tencent.com 700 2

3,820,923 7,154,544 12,439,960 19,646,031 28,496,072 2,703,366 4,984,123 8,550,492 13,325,831 18,567,764 1,534,503 3,104,895 6,040,731 9,913,133 12,099,069 1,568,008 2,815,650 5,221,611 8,115,209 10,224,831 1,566,020 2,784,577 5,155,646 8,053,625 10,203,083 1,568,008 2,815,650 5,221,611 9,936,338 8,956,702 1,566,020 2,784,577 5,155,646 9,874,754 8,937,627 2,090,312 3,359,696 4,348,823 10,456,373 21,300,877 4,835,132 6,495,861 13,156,942 25,373,741 35,503,488 6,925,444 9,855,557 17,505,765 35,830,114 56,804,365 5,170,396 7,020,926 12,178,507 21,756,946 28,463,834 64,661 98,406 120,146 83,912 624,510 5,235,057 7,119,332 12,298,653 21,840,858 29,088,344 40,770 644,628 644,033 967,211 6,532,673 1,649,617 2,091,597 4,563,079 13,022,045 21,183,348 1,690,387 2,736,225 5,207,112 13,989,256 27,716,021 6,925,444 9,855,557 17,505,765 35,830,114 56,804,365 3

102.031 26.7%5.609 5.490 4

12.2%5.13119.1% 38.3% 69.3% 66.2% C2C B2C A. 5

QQ Qzone QQ B. 410 1 Riot Games Mail.ru B2B2C Buy.qq.com 6

SNS QzoneQQ 5 6 Baa1 BBB C. 7.210 11.3% 19.8% 1.527 QQ QQ QQ.com QQ.com 3.73 6,800 7

QzoneSNS 5.521 QQ QQ Qzone SNS82.7% 2.024 QQ QQ QQ QQ QQ840 2.5G QQ 8

IT 70% comscore Videometrix 9

0.75 0.55 10

721.0 711.7 1.3% 11.3% 152.7 145.4 5.0% 19.8% 16/15 2,363.9 2,279.3 3.7% 25.3% Qzone 552.1 548.1 0.7% 8.3% QQ 8.4 8.0 5.0% 23.5% 77.2 77.5-0.4% 17.5% 31.4 31.2 0.6% 27.6% Qzone Qzone Qzone QQ Qzone QQ QQ QQ 11

Qzone 284.961 45.0% 230.428 48.8% 32.708 20.4% 19.922 45.2% 99.283 57.1% 19.209 103.2% 52.832 86.3% 122.536 24.6% 43.0% 50.1% 132.107 27.3% 46.4%52.8% 102.031 26.7% 109.402 27.5% 12

79.225 43.4% 5.7% 64.018 46.0% 6.6% 8.543 17.3% 1.1% 5.984 54.2% 0.4% 27.415 49.6% 3.0% 7.437 146.4% 46.6% 15.530 84.8% 5.7% 30.916 16.6% 3.3% 39.0%48.0% 39.9% 35.147 25.1% 4.0% 44.4%50.9% 45.1% 25.370 15.3% 3.7% 28.996 23.0% 4.7% 13

7,922,451 7,496,157 (2,741,535) (2,661,407) 5,180,916 4,834,750 137,623 124,159 69,725 9,200 (743,657) (507,252) (1,553,038) (1,469,278) 3,091,569 2,991,579 (5,494) 43,097 (63,721) (21,842) (40,819) (59,926) 2,981,535 2,952,908 (430,332) (506,760) 2,551,203 2,446,148 2,537,026 2,446,437 14,177 (289) 2,551,203 2,446,148 2,899,588 2,769,143 14

74.9625.7% 79.225 6,401,763 80.8% 6,003,135 80.1% 854,310 10.8% 844,900 11.3% 598,438 7.5% 600,572 8.0% 67,940 0.9% 47,550 0.6% 7,922,451 100.0% 7,496,157 100.0% 60.0316.6% 64.01841.4997.4%44.579 QQ 18.5324.9%19.439 Qzone QQ Qzone QzoneQQ 8.4491.1% 8.543 6.006 0.4% 5.984 15

26.6143.0% 27.415 35.5% 34.6% 2,064,145 32.2% 2,039,091 34.0% 290,077 34.0% 349,725 41.4% 306,657 51.2% 201,571 33.6% 80,656 118.7% 71,020 149.4% 2,741,535 2,661,407 20.3911.2% 20.641 3.49717.1% 2.901 16

2.01652.1% 3.067 0.697 0.092 Gamegoo 2.494 2.430 5.07346.6% 7.437 6.8% 9.4% 14.6935.7% 15.530 19.6% 5.06815.1% 4.303 24.4643.7% 25.370 27.6914.7% 28.996 17

28,496,072 19,646,031 (9,928,308) (6,320,200) 18,567,764 13,325,831 468,990 255,922 420,803 38,056 (1,920,853) (945,370) (5,283,154) (2,836,226) 12,253,550 9,838,213 35,505 (838) (24,255) 72,359 (165,731) 3,399 12,099,069 9,913,133 (1,874,238) (1,797,924) 10,224,831 8,115,209 10,203,083 8,053,625 21,748 61,584 10,224,831 8,115,209 10,940,208 8,582,135 18

196.46045.0% 284.961 23,042,758 80.8% 15,482,301 78.8% 3,270,841 11.5% 2,715,931 13.8% 1,992,216 7.0% 1,372,522 7.0% 190,257 0.7% 75,277 0.4% 28,496,072 100.0% 19,646,031 100.0% 154.82348.8% 230.428 95.097 66.4%158.214 QQ QQ 59.72620.9%72.214 QQ QzoneQQ Qzone 27.159 20.4% 32.708 19

13.72545.2% 19.922 63.20257.1% 99.283 32.2% 34.8% 7,633,624 33.1% 4,762,435 30.8% 1,259,756 38.5% 1,010,858 37.2% 794,956 39.9% 441,302 32.2% 239,972 126.1% 105,605 140.3% 9,928,308 6,320,200 47.624 60.3%76.336 10.109 24.6% 12.598 4.41380.1% 7.950 20

4.208 0.381 Riot Games Gamegoo 4.590 2.494 2.430 9.454 103.2% 19.209 4.8% 6.7% 28.36286.3% 52.832 Riot Games 14.4% 18.5% Riot Games 50.0% 18.742 17.979 Riot Games 80.53626.7% 102.031 85.82127.5% 109.402 21

EBITDA (a) 13,298,239 10,323,506 3,502,553 3,403,665 2,773,330 EBITDA (a) 14,030,930 10,819,278 3,722,671 3,581,786 2,917,489 EBITDA (b) 49.2% 55.1% 47.0% 47.8% 52.8% 72,537 35,027 27,959 14,760 12,410 (c) 17,667,030 17,849,546 17,667,030 15,654,534 17,849,546 (a) (b) (c) EBITDA EBITDA EBITDA EBITDA EBITDA EBITDAEBITDA 12,253,550 9,838,213 3,091,569 2,991,579 2,652,502 (468,990) (255,922) (137,623) (124,159) (79,467) (420,803) (38,056) (69,725) (9,200) (23,437) 1,208,261 669,860 390,135 323,282 198,899 726,221 109,411 228,197 222,163 24,833 EBITDA 13,298,239 10,323,506 3,502,553 3,403,665 2,773,330 732,691 495,772 220,118 178,121 144,159 EBITDA 14,030,930 10,819,278 3,722,671 3,581,786 2,917,489 22

(a) (b) (c) (d) 12,253,550 732,691 (708,486) 607,851 82,080 243,000 13,210,686 10,224,831 732,691 (708,486) 431,434 82,080 243,000 11,005,550 10,203,083 724,266 (708,486) 402,596 75,749 243,000 10,940,208 43.0% 46.4% 35.9% 38.6% 23

(a) (b) (c) (d) 9,838,213 495,772 41,640 10,375,625 8,115,209 495,772 35,015 8,645,996 8,053,625 495,772 32,738 8,582,135 50.1% 52.8% 41.3% 44.0% (a) (b) (c) (d) 3,091,569 220,118 (249,449) 185,194 24,249 243,000 3,514,681 2,551,203 220,118 (249,449) 140,554 24,249 243,000 2,929,675 2,537,026 216,959 (249,449) 129,753 22,299 243,000 2,899,588 39.0% 44.4% 32.2% 37.0% 24

(a) (b) (c) (d) 2,991,579 178,121 184,212 24,294 3,378,206 2,446,148 178,121 131,211 24,294 2,779,774 2,446,437 176,934 123,375 22,397 2,769,143 39.9% 45.1% 32.6% 37.1% (a) (b) (c) (d) 2,652,502 144,159 13,167 2,809,828 2,213,282 144,159 11,726 2,369,167 2,200,818 144,159 11,647 2,356,624 48.0% 50.9% 40.1% 42.9% (a) (b) (c) (d) 25

12,612,140 6,978,825 13,716,040 13,011,238 3,071,621 3,071,621 29,399,801 23,061,684 (3,733,331) (2,958,720) (2,958,720) (5,040,720) (4,448,430) 17,667,030 15,654,534 59.192 17.391 41.586 20.070 26

11 5 79 0.75 0.75 15.907 19.008 20 21 27

6 20 11 27 28 1.000 3 28

12.674 7,585,700 400,000 189.70 187.50 75,351,000 211,300 190.00 189.60 40,128,000 3,417,900 185.00 165.80 600,512,000 1,879,100 170.00 152.00 307,000,000 1,421,800 160.00 140.10 207,695,000 151,300 145.00 140.85 21,680,000 104,300 144.90 142.60 14,988,000 7,585,700 1,267,354,000 20 29

I II III I 6,760,000 25.26 600,000 600,000 1 33.05 2,000,000 2,000,000 2 33.05 3,000,000 3,000,000 3 158.5 1,000,000 1,000,000 4 6,600,000 6,600,000 25.26 100,000 60,000 40,000 5 1 Iain Ferguson 25.26 60,000 60,000 Bruce 1 Ian Charles 25.26 60,000 60,000 Stone 1 6,820,000 60,000 6,760,000 30

1. 20% 20% 2. 20% 20% 3. 20% 20%20%20% 4. 25% 25% 5. 192.20 6. 31

I II III 1. 2. 32

I II III 3. II III 72,386,370 60,413,683 88,903,654 36,018,666 I 5% 2% II III I I III II 30% 30% 33

I II III 4. 12 12 12 10% 1% 1% 1% 5. 7 10 34

I II III 6. 15 28 28 28 1 1 1 1 7. (i) (ii) (iii) (i) (ii) (iii) (i) (ii) (iii) 35

I II III 8. II III86,413,132 4.70% 22 22 2% 35,755,2321% 17,877,616 36

14A 5,995,410 35,000 22 35,000 Iain Ferguson Bruce 20,000 20,000 Ian Charles Stone 15,000 15,000 35,000 35,000 37

Antonie Andries Roux Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 87 Iain Ferguson Bruce 3.13 40 Advance Data Services Limited 38

38 40 Best Update International Limited Antonie Andries Roux 53 Roux MIH RouxNaspers M- Net M-Web South AfricaNaspers/MIH RouxMIHRoux Charles St Leger Searle 48 SearleMIH Internet MIH Searle Searle SearleMIHSearle University of Cape TownSearle 39

55 TCL TCL TCL Iain Ferguson Bruce 71 Bruce Bruce Bruce Bruce BruceKCS Limited Ian Charles Stone 61 Stone SITC UK Broadband Stone Stone CSL Stone 40

41 41 46 Internet Explorer MSN MSN IBM James Gordon Mitchell 38 Mitchell Mitchell Mitchell 41

37 MIH MIH 40 36 QQQQ EMBA 36 EMBA 42

45 ad:tech (Publicis) (BBDO)(Dentsu Young & Rubicam) McCann-EricksonEMBA (AMP) 39 IT IT EMBA 38 Sendmail Oracle OracleOracle (University of Michigan, Ann Arbor) (Stanford University) 37 43

39 43 Curtin University of Technology EMBA 36 IT MBA 44

(a)xv 7 8 XV (b)352 (c) (A) 1 189,892,880 10.32% 1 930,000 0.05% 2 66,750,000 3.63% 10,353,600 0.56% 3 40,000 0.002% 4 Iain Ferguson Bruce 105,000 0.006% 5 Ian Charles Stone 75,000 0.004% 6 1. Advance Data Services Limited 2. Best Update International Limited 3. 3,753,600 I II III6,600,000 45

4. I 5. 25,000 I60,000 20,00080,000 6. I60,000 15,000 75,000 (B) 16,285,710 54.29% 5,971,427 54.29% 6,857,130 22.86% 2,514,281 22.86% 46

14A 1. 160,000,000 10,529,802,000 2,152,173,0002,998,664,000839,653,00034,038,000 47

2. 63,559,000 3. 4. 5. 6. 7. 48

8. 9. 10. 11. 1,563,0005,734,000666,000 177,058,000149,603,000475,994,000 57,010,000 47,685,00089,894,000361,936,000 11,902,00080,000 19,057,00033,325,000 158,00015,000 49

XV 2 3336 5% MIH China 1 630,240,380 34.26% Advance Data Services Limited 2 189,892,880 10.32% 2 930,000 0.05% 1. MIH China Naspers Limited MIH (Mauritius) Limited MIH Holdings Limited XV Naspers Limited MIH (Mauritius) Limited MIH Holdings Limited 630,240,380 2. Advance Data Services Limited 336 50

8.97% 2.19% 55.34%24.79% 5% A.2.1 A.4.2 51

17,44610,692 48.791 31.461 (A) 18317 1712-1716 (B) 183 17 1712-1716 52

53

A. 1. i) ii) iii) iv) 14 v) vi) vii) viii) ix) 54

x) xi) xii) xiii) xiv) 2. A.2.1 i) A.2.1 55

ii) iii) 3 iv) v) vi) 3. i) ii) iii) 38 40 iv) 56

4. A.4.2 i) A.4.2 ii) iii) iv) 57

v) 5. i) ii) iii) 58

iv) v) vi) vii) viii) ix) x) 5 5/5 5/5 4/5 Antonie Andries Roux 4/5 Charles St Leger Searle 5/5 4/5 Iain Ferguson Bruce 4/5 Ian Charles Stone 5/5 59

xi) 45 46 xii) 6. i) ii) iii) iv) 60

B. 1. i) Antonie Andries Roux Ian Charles Stone ii) iii) iv) v) vi) vii) viii) 36 ix) 61

2. i) ii) iii) iv) 4 Antonie Andries Roux 4/4 0/4 Ian Charles Stone 4/4 v) Ian Charles Stone vi) 14 62

C. 1. i) ii) iii) iv) v) vi) vii) viii) ix) 63

2. i) ii) iii) iv) 64

v) vi) COSO vii) COSO viii) ix) x) 3. i) Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Bruce Searle 65

ii) iii) iv) v) vi) vii) C.3.3 viii) ix) x) xi) 7,575,000 xii) 66

xiii) 5 Iain Ferguson Bruce 5/5 Ian Charles Stone 5/5 Charles St Leger Searle 5/5 xiv) 14 67

D. 1. i) ii) 2. i) ii) iii) iv) v) vi) 68

E. 1. i) ii) iii) iv) v) vi) 2. i) ii) iii) 69

72 188 70

71

6 5,884,952 3,292,828 7 158,656 386,943 8 21,871 37,229 9 230,915 229,890 10 3,779,976 572,981 12 4,338,075 1,070,633 13 61,903 74,542 30 198,058 219,019 15 4,343,602 4,126,878 17 2,282,869 445,430 21,300,877 10,456,373 16 2,020,796 1,715,412 17 2,211,917 487,872 18 13,716,040 11,725,743 24, 27 4,942,595 1,036,457 19 12,612,140 10,408,257 35,503,488 25,373,741 56,804,365 35,830,114 72

20 198 198 20 123,021 1,100,302 20 (606,874) (258,137) 20 1,935,030 1,199,663 21 302,091 1,919,695 26,710,368 17,795,225 28,463,834 21,756,946 624,510 83,912 29,088,344 21,840,858 28 3,733,331 30 939,534 967,211 26 1,859,808 6,532,673 967,211 73

23 2,244,114 1,380,464 24 5,014,281 2,997,808 25 20,993 17,964 27 7,999,440 5,298,947 708,725 341,103 39(b) 179,499 225,188 29 5,016,296 2,760,571 21,183,348 13,022,045 27,716,021 13,989,256 56,804,365 35,830,114 14,320,140 12,351,696 35,621,017 22,808,069 86 188 72 188 74

243 342 4,958 4,809 11(a) 5,782,381 2,834,852 11(c) 896 287 5,788,478 2,840,290 1,260,180 708,074 3,706 4,584 635 19 187,791 237,525 1,451,677 950,818 7,240,155 3,791,108 20 198 198 20 123,021 1,100,302 20 (606,874) (258,137) 1,827,855 1,199,663 246,667 (140,999) 1,590,867 1,901,027 75

28 3,733,331 11(b) 1,829,429 1,833,802 86,528 56,279 1,915,957 1,890,081 5,649,288 1,890,081 7,240,155 3,791,108 (464,280) (939,263) 5,324,198 1,901,027 86 188 72 188 76

23,042,758 15,482,301 3,270,841 2,715,931 1,992,216 1,372,522 190,257 75,277 5 28,496,072 19,646,031 31, 34 (9,928,308) (6,320,200) 18,567,764 13,325,831 32 468,990 255,922 33 420,803 38,056 34 (1,920,853) (945,370) 34 (5,283,154) (2,836,226) 12,253,550 9,838,213 38 35,505 (838) (24,255) 72,359 (165,731) 3,399 12,099,069 9,913,133 39(a) (1,874,238) (1,797,924) 10,224,831 8,115,209 10,203,083 8,053,625 21,748 61,584 10,224,831 8,115,209 77

41(a) 5.609 4.432 41(b) 5.490 4.328 42 0.75 0.55 86 188 78

10,224,831 8,115,209 (1,233,873) 1,821,129 (34,256) (1,268,129) 1,821,129 8,956,702 9,936,338 8,937,627 9,874,754 19,075 61,584 8,956,702 9,936,338 86 188 79

198 1,100,302 (258,137 ) 1,199,663 1,919,695 17,795,225 21,756,946 83,912 21,840,858 10,203,083 10,203,083 21,748 10,224,831 (1,233,873 ) (1,233,873 ) (1,233,873 ) (31,583 ) (31,583 ) (2,673) (34,256 ) (1,265,456 ) 10,203,083 8,937,627 19,075 8,956,702 9,800 9,800 159,233 159,233 159,233 159,729 159,729 159,729 576,134 576,134 576,134 (438,714 ) (438,714 ) (438,714 ) (89,977 ) 89,977 80

439,650 (439,650 ) (1,047,033 ) (1,047,033 ) (1,047,033 ) 42 (838,290 ) (838,290 ) (56,531 ) (894,821 ) 10,000 (10,000) (977,281 ) (348,737 ) 735,367 449,650 (1,287,940 ) (1,428,941 ) (46,731 ) (1,475,672 ) 43(a) (b) (154,732 ) (154,732 ) 581,725 426,993 23,919 23,919 (13,471 ) 10,448 43(a) (670,985 ) (670,985 ) (670,985 ) (977,281 ) (348,737 ) 735,367 (352,148 ) (1,287,940 ) (2,230,739 ) 521,523 (1,709,216 ) 198 123,021 (606,874 ) 1,935,030 302,091 26,710,368 28,463,834 624,510 29,088,344 86 188 81

197 1,244,425 (123,767 ) 703,563 (166,364 ) 10,520,453 12,178,507 120,146 12,298,653 8,053,625 8,053,625 61,584 8,115,209 1,821,129 1,821,129 1,821,129 1,821,129 8,053,625 9,874,754 61,584 9,936,338 139,621 139,621 139,621 1 199,248 199,249 199,249 356,479 356,479 356,479 (167,519 ) (167,519 ) (167,519 ) (33,149 ) 33,149 82

8,237 (8,237) (639,264 ) (639,264 ) (66,723 ) (705,987 ) (310,222 ) (310,222 ) (310,222 ) 1 (144,123 ) (134,370 ) 496,100 8,237 (647,501 ) (421,656 ) (66,723 ) (488,379 ) 94,246 94,246 94,246 154,198 (123,103 ) 31,095 (31,095 ) 8,249 (8,249) 1 (144,123 ) (134,370 ) 496,100 264,930 (778,853 ) (296,315 ) (97,818 ) (394,133 ) 198 1,100,302 (258,137 ) 1,199,663 1,919,695 17,795,225 21,756,946 83,912 21,840,858 86 188 83

44(a) 15,194,370 13,191,728 (1,836,263) (872,435) 13,358,107 12,319,293 (1,444,442) (268,852) (4,046,246) (1,488,220) 44(a) 599 1,574 (3,427,363) (511,967) (194,915) (71,143) (788,375) (301,831) (5,950) (456,555) (1,706,752) (2,179,096) (23,919) (118,260) 10,448 341,410 5,989,298 114,662 (7,979,595) (6,530,237) (2,055,486) (836,457) (117,115) 54,700 415,055 219,937 20,000 15,338 (15,354,758) (12,014,997) 84

6,682,837 5,298,947 (3,765,941) (202,322) (93,761) 3,760,928 159,729 199,249 (1,047,033) (310,222) (438,714) (167,519) 9,800 (838,290) (639,264) (56,531) (66,723) 4,373,024 4,112,146 2,376,373 4,416,442 10,408,257 6,043,696 (172,490) (51,881) 12,612,140 10,408,257 86 188 85

1 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY 1-1111, Cayman Islands 86

1 2 2.1 4 32 14 19 24 2010 87

2 2.1 9 9 39 9 39 9 10 10 11 11 12 12 88

2 2.1 13 13 2.2 (a) 50% 50% 89

2 2.2 (b) 20% 50% 90

2 2.2 (c) (b) (d) 2.8 91

2 2.2 (d) 39 (e) (f) 92

2 2.2 (g) (h) 11(c) 93

2 2.3 2.4 (a) (b) 94

2 2.4 (c) (i) (ii) (iii) 2.5 95

2 2.5 20 50 3 5 5 5 2.10 2.6 50 96

2 2.7 2.8 (a) (b) 97

2 2.9 11(c) 2.10 2.11 (a) (i) 98

2 2.11 (a) (ii) 12 (iii) 12 (iv) 12 99

2 2.11 (b) 2.12 100

2 2.13 (a) 101

2 2.13 (b) 2.14 2.15 102

2 2.16 2.17 2.18 2.19 12 103

2 2.20 2.21 104

2 2.21 2.22 (a) (b) (c) 105

2 2.22 (c) Black-Scholes BS 106

2 2.23 2.24 (a) 107

2 2.24 (a) 29 (i) (ii) 108

2 2.24 (b) (c) (d) 2.25 2.26 2.27 109

2 2.28 5 3 3.1 (a) i) 25 110

3 3.1 (a) i) 194,171 11,048 20,322 1,676 15,664 34,054 5,429,054 2,528,206 293,787 231,608 194,705 3,733,331 1,796,306 1,559,692 502,427 52,086 5,040,720 3,973,620 111

3 3.1 (a) i) 1,260,180 635 47,110 35,281 140,681 202,244 3,733,331 108,042,000 34,189,000 5% 5% 301,869,000 83,326,000 112

3 3.1 (a) ii) 5% 5% 212,909,000 206,344,000 iii 17 18 19 113

3 3.1 (a) iii 27 5% 5% 3,165,000 1,751,000 (b) 2.24(a) 114

3 3.1 (b) 16 (c) 28 12 115

3 3.1 (c) 1 1 2 2 5 5 174,850 174,850 4,305,090 4,654,790 316,622 641,070 1,002,541 1,960,233 7,999,440 7,999,440 20,993 20,993 7,155,609 7,155,609 15,350,892 491,472 4,946,160 1,002,541 21,791,065 5,298,947 5,298,947 17,964 17,964 4,303,649 4,303,649 9,620,560 9,620,560 116

3 3.1 (c) 1 1 2 2 5 5 174,850 174,850 4,305,090 4,654,790 1,829,429 1,829,429 86,528 86,528 2,090,807 174,850 4,305,090 6,570,747 1,833,802 1,833,802 56,279 56,279 1,890,081 1,890,081 464,280,000 4,500,000,000 3,653,100,000 117

3 3.2 27,716,021 13,989,256 56,804,365 35,830,114 49% 39% 118

3 3.3 3,318,794 1,024,808 4,343,602 3,318,794 1,024,808 4,343,602 20,993 20,993 20,993 20,993 119

3 3.3 3,869,033 257,845 4,126,878 3,869,033 257,845 4,126,878 17,964 17,964 17,964 17,964 120

3 3.3 257,845 802,963 (36,000) 1,024,808 153,462 131,192 (26,809) 257,845 121

4 4.1 (a) 2.24(a) 746,471,000 479,134,000 5% 5% 37,324,000 23,957,000 37,324,000 23,957,000 122

4 4.1 (b) 2.22(c)BS BS 22 BS 63,000,000251,307,000 1,157,928,000666,732,000 91% 91% 5% 5% 65,143,000 32,315,000 (c) 2.24(a) 123

4 4.1 (d) 5% 35,436,000 17,055,000 46,977,000 48,361,000 35,436,000 17,055,000 46,977,000 48,361,000 4.2 197,010,000 219,019,00030 124

5 125

5 23,042,758 3,270,841 1,992,216 190,257 28,496,072 15,409,134 2,011,085 1,197,260 (49,715) 18,567,764 724,418 66,249 58,605 34,666 883,938 67,056 67,056 (23,513) (742) (24,255) (165,731) (165,731) 15,482,301 2,715,931 1,372,522 75,277 19,646,031 10,719,866 1,705,073 931,220 (30,328) 13,325,831 374,991 35,264 21,884 13,923 446,062 37,033 37,033 67,563 4,796 72,359 3,399 3,399 126

5 28,027,516,000 19,632,117,000 468,556,000 13,914,000 42,118,996 27,720,196 2,726,895 13,772 4,409,589 446,608 3,538,071 2,734,762 206,962 159,719 2,658,526 3,869,033 1,145,326 886,024 56,804,365 35,830,114 13,620,472,000 5,282,748,000 3,138,745,000 827,728,000 10% 28,496,072,00019,646,031,000 127

6 1,299,071 1,955,282 68,837 8,118 90,368 3,421,676 (46,836) (784,461) (20,535) (5,598) (47,044) (904,474) 1,252,235 1,170,821 48,302 2,520 43,324 2,517,202 1,252,235 1,170,821 48,302 2,520 43,324 2,517,202 2,174 316 2,490 68,761 1,273,450 57,135 575 42,486 1,442,407 (338) (23) (75) (255) (691) (59,458) (574,870) (17,072) (1,065) (16,115) (668,580) 1,261,538 1,871,237 88,658 1,955 69,440 3,292,828 1,368,462 3,185,873 125,816 7,636 130,305 4,818,092 (106,924) (1,314,636) (37,158) (5,681) (60,865) (1,525,264) 1,261,538 1,871,237 88,658 1,955 69,440 3,292,828 128

6 1,261,538 1,871,237 88,658 1,955 69,440 3,292,828 17,388 1,113 415 122 19,038 363,067 3,030,367 129,038 4,947 256,018 3,783,437 (1,870) (104) (37) (282) (2,293) (77,438) (1,046,924) (34,396) (1,183) (47,791) (1,207,732) (258) (35) (33) (326) 1,547,167 3,869,940 184,274 6,097 277,474 5,884,952 1,731,913 6,159,151 255,073 12,631 385,638 8,544,406 (184,746) (2,288,953) (70,764) (6,534) (108,131) (2,659,128) (258) (35) (33) (326) 1,547,167 3,869,940 184,274 6,097 277,474 5,884,952 883,938,000 446,062,000 13,377,000 12,198,000 310,417,000 210,320,000 129

7 386,943 105,771 500,268 410,362 (728,555) (129,190) 158,656 386,943 8 37,229 68,025 247 (14,829) (29,763) (529) (1,280) 21,871 37,229 38,884,000 53,492,000 3 130

9 229,890 35,296 5,950 198,318 (4,925) (3,724) 230,915 229,890 44 49 4,925,000 3,724,000 10 62,234 257,817 196,806 14,497 531,354 (107,750) (145,140) (9,751) (262,641) 62,234 150,067 51,666 4,746 268,713 62,234 150,067 51,666 4,746 268,713 240,467 32,134 324 26,116 299,041 87,887 25,000 1,751 114,638 (39,091) (62,975) (7,345) (109,411) 302,701 230,997 14,015 25,268 572,981 302,701 377,838 222,130 42,364 945,033 (146,841) (208,115) (17,096) (372,052) 302,701 230,997 14,015 25,268 572,981 131

10 302,701 230,997 14,015 25,268 572,981 43 2,391,995 110,031 663,549 239,084 3,404,659 141,792 469,392 1,187 612,371 (113,508) (436,683) (176,030) (726,221) (78,918) (332) (3,074) (1,490) (83,814) 2,615,778 368,980 707,199 88,019 3,779,976 2,694,696 629,661 1,355,071 282,635 4,962,063 (260,349) (644,798) (193,126) (1,098,273) (78,918) (332) (3,074) (1,490) (83,814) 2,615,778 368,980 707,199 88,019 3,779,976 659,165,000 72,378,000 67,056,000 37,033,000 132

10 64% 60% 3% 3% 18% 17% 133

11 (a) 69 52 (i) 1,827,855 1,199,663 (ii) 3,954,457 1,635,137 5,782,381 2,834,852 100% 100% 30,000,000 (iii) 2,000,000 100% 100% 100% 100% 11,000,000 (iii) 134

11 (a) 80,000,000 100% 100% Tencent Asset 100 100% 100% Management Limited 1,000,000 100% 100% 100% 100% 10,290,000 (iii) 100% 100% 16,500,000 (iii) 100% 100% 10,000,000 (iii) 135

11 (a) 30,000,000 100% 100% 5,000,000 100% 100% 60,000,000 100% 100% 30,000,000 100% Riot Games, Inc. 43,068,238 91.8% Riot Games 136

11 (a) (i) (ii) (iii) 1 (b) (c) 22(b) 314,064,000 163,395,000 137

12 1,070,633 477,622 (i) (ii) (iii) (iv) 3,634,922 412,094 99,537 97,087 26,809 43 (257,585) (24,255) 72,359 (20,000) (15,338) (165,177) 4,338,075 1,070,633 (i) 84,389,000548,447,000 elong Incorporated elong 16.15% elong 20% elong (ii) 892,036,000741,817,000 15.28% 20,000,000 129,432,00010% 20% (iii) 380,000,000 20.20% 46,000,000302,459,000 314,437,000 21.70% 33.37% (iv) 1,218,330,000 138

12 elong 16.15%(i) 576,958 33,065 55,452 (4,554) 524,178 15.28%(i) 871,194 115,218 70,055 14,159 419,441 1,448,152 148,283 125,507 9,605 943,619 31.25% 518,742 25,455 218,540 44,515 20.20% 391,301 23,523 60,326 (12,222) 33.37% 327,299 19,809 59,166 (6,947) SNS 13.79%(i) 258,480 6,759 6,890 (2,475) 21.70% 317,360 48,771 64,963 (33,870) (ii) 1,692,702 343,361 963,817 (22,861) 3,505,884 467,678 1,373,702 (33,860) 4,954,036 615,961 1,499,209 (24,255) 139

12 30.02% 471,650 22,879 191,261 34,684 22.34% 124,472 13,223 31,072 7,729 10.00%(i) 148,250 17,950 50.00% 98,272 3,465 20,794 7,681 (ii) 318,079 32,573 96,386 22,265 1,160,723 90,090 339,513 72,359 (i) 20% (ii) 250,000,000 80,000,000 140

13 74,542 194,915 71,143 (165,731) 3,399 (41,823) 61,903 74,542 14 15 4,343,602 4,343,602 16 2,020,796 2,020,796 1,433,473 1,433,473 18 13,716,040 13,716,040 4,942,595 4,942,595 19 12,612,140 12,612,140 34,725,044 4,343,602 39,068,646 141

14 4,126,878 4,126,878 1,715,412 1,715,412 281,126 281,126 11,725,743 11,725,743 1,036,457 1,036,457 10,408,257 10,408,257 25,166,995 4,126,878 29,293,873 28 3,733,331 3,733,331 26 1,859,808 1,859,808 23 2,244,114 2,244,114 4,911,495 4,911,495 27 7,999,440 7,999,440 20,993 20,993 20,993 20,748,188 20,769,181 142

14 1,380,464 1,380,464 2,923,185 2,923,185 5,298,947 5,298,947 17,964 17,964 17,964 9,602,596 9,620,560 11(b) 1,260,180 2,702 19 187,791 1,450,673 143

14 708,074 3,721 635 237,525 949,955 28 3,733,331 1,829,429 86,528 5,649,288 1,833,802 56,279 1,890,081 144

15 4,126,878 153,462 (i) (ii) (iii) (iv) 1,487,645 2,179,096 (26,809) (1,234,921) 1,821,129 (36,000) 4,343,602 4,126,878 (i) 4.60%444,933,000 (ii) 5.01% 132,090,000108,208,000 (iii) 5.00% 49,875,000 321,709,000 (iv) 612,795,000 145

15 Mail.ru Group Limited 7.76% 7.56% 2,658,527 3,869,033 4.60% 439,518 3.98% 129,961 5.01% 90,788 3,318,794 3,869,033 5.00% 321,709 20.31% 160,000 4.08% 100,000 20.50% 56,435 386,664 257,845 1,024,808 257,845 4,343,602 4,126,878 3,318,794 3,869,033 20% 146

16 0 30 1,103,261 931,438 31 60 443,555 331,922 61 90 246,501 143,785 90 227,479 308,267 2,020,796 1,715,412 1,178,445 1,030,549 673,844 613,427 168,507 71,436 2,020,796 1,715,412 30 120 90 147

17 258,237 258,237 510,425 458,009 187,193 111,063 945,135 2,282,869 445,430 405,915 85,755 483,592 120,991 112,714 46,466 143,370 89,435 270,028 45,764 6,052 790,246 99,461 2,211,917 487,872 4,494,786 933,302 113,050,000 100,448,000 1 3 1.0% 5.1% 12,602,000 5.5% 148

18 2.95% 2.15% 3.1(a) 94% 94% 19 7,833,767 5,688,087 187,791 237,525 4,778,373 4,720,170 12,612,140 10,408,257 187,791 237,525 12,611,379 10,407,767 187,791 237,525 1.16% 1.62% 3.1(a) 6,694,164,000 7,648,272,000 89% 88% 149

20 10,000,000,000 0.0001 0.0001 1,839,814,008 1,835,730,235 17,809,839 13,562,814 22(b) 1,818,890,059 197 1,244,425 (123,767) 703,563 1,824,418 139,621 139,621 15,801,201 1 199,248 199,249 356,479 356,479 (167,519) (167,519) 3,662,975 (33,149) 33,149 (2,624,000) (310,222) (310,222) 1,835,730,235 198 1,100,302 (258,137) 1,199,663 2,042,026 150

20 1,835,730,235 198 1,100,302 (258,137) 1,199,663 2,042,026 159,233 159,233 (i) 7,624,113 159,729 159,729 576,134 576,134 (ii) (438,714) (438,714) (iv) 4,045,360 (89,977) 89,977 (7,585,700) (1,047,033) (1,047,033) 1,839,814,008 198 123,021 (606,874) 1,935,030 1,451,375 151

20 (i) 7,060,933 3.6650 90.3000 563,180 0.0497 0.4396 (ii) 2,773,810 524,805,000438,714,000 (iii) 2,572,145 1,696,478 (iv) 4,045,360 3,662,975 (v) 1,970,840 80 21 i ii ii (236,693) 57,924 12,405 (166,364) 94,246 94,246 154,198 154,198 8,237 8,237 1,821,129 1,821,129 8,249 8,249 20,000 1,821,129 66,161 12,405 1,919,695 152

21 (i) (ii) (ii) 20,000 1,821,129 66,161 12,405 1,919,695 43(a)(ii) (670,985) (670,985) 43(a) (b) (154,732) (154,732) 23,919 23,919 439,650 439,650 (1,233,873) (1,233,873) (31,583) (31,583) 10,000 10,000 (771,798) 587,256 (31,583) 505,811 12,405 302,091 153

21 (i) (ii) 10% 50% 25% 10%50% 22 (a) I II III I II III(i) (ii) (iii) 154

22 (a) (1) I II III 0.0812 1,865,068 11.5050 24,941,918 45.1756 28,991,419 55,798,405 138.3689 2,708,350 158.5000 1,000,000 3,708,350 0.0759 (1,301,875 ) 9.9387 (11,925,949 ) 32.3254 (2,573,377 ) (15,801,201 ) 17.9512 (210,206 ) 58.2388 (331,224 ) (541,430 ) 0.0935 563,193 12.8579 12,805,763 54.9391 28,795,168 158.5000 1,000,000 43,164,124 0.0935 563,193 11.2750 11,069,343 41.4494 6,210,804 17,843,340 0.0935 563,193 12.8579 12,805,763 54.9391 28,795,168 158.5000 1,000,000 43,164,124 191.1886 771,175 771,175 0.0935 (563,180 ) 13.8888 (4,038,282 ) 44.9126 (3,022,651 ) (7,624,113 ) 0.1967 (13 ) 6.0210 (5,544 ) 64.9539 (387,604 ) (393,161 ) 12.3871 8,761,937 59.9665 26,156,088 158.5000 1,000,000 35,918,025 11.4611 8,173,937 42.9814 8,996,582 17,170,519 1,000,000 7,624,113 15,801,201 20187.26 155.40 161.12 155

22 (a) (2) 0.0497 482,700 0.1967 0.4396 80,493 563,193 3.6650 8.3500 4,164,319 5,553,585 I 11.5500 25.2600 4,597,618 7,252,178 8,761,937 12,805,763 II 31.7500 43.5000 12,715,582 14,186,579 45.5000 90.3000 9,733,781 11,660,539 128.4000 194.4000 3,706,725 2,948,050 26,156,088 28,795,168 III 158.5000 1,000,000 1,000,000 35,918,025 43,164,124 156

22 (a) (3) BS 81.69 67.77 BS 191.19 143.66 1.35% - 2.31% 1.72% - 2.73% 0.36% 0.63% 49.10% - 49.90% 51.10% - 52.10% 157

22 (b) 10 10,411,424 1,184,883 3,662,975 (4,847,788) 4,847,788 (1,696,478) 80 13,562,734 101,337 80 13,562,734 20 2,773,810 4,045,360 (5,995,410) 5,995,410 1,147,000 (1,147,000) (2,572,145) 1,970,840 15,838,999 14,406 35,000 158

22 (b) 193.14 137.53 (c) 80,000,0004 7 (d) Riot Games43(a) 159

22 (e) 91%91% 23 0 30 1,514,155 975,869 31 60 351,587 242,547 61 90 108,337 68,632 90 270,035 93,416 2,244,114 1,380,464 24 1,478,391 1,337,627 731,571 533,631 1,840,947 841,095 315,045 252,952 395,375 285,455 5,014,281 2,997,808 160

25 20,993 17,964 475,000,000 27(b) (c) 26 945,135 43(a)(ii) 670,985 131,180 112,508 1,859,808 161

27 (a) 2,958,720 990,887 334,440 2,958,720 1,325,327 (b) 4,410,630 3,973,620 (c) 630,090 7,999,440 5,298,947 (a) 2,958,720,0003,071,621,000 (b) 4,410,630,000 700,000,000 1.43% 2.09% 25 375,000,000 (c) 100,000,000 630,090,000 LIBOR 0.25% 25 (b) 162

28 600,000,000 4.625% 99.74% 592,440,0003,760,928,000 (1) (2) (3) (4) Baa1McGraw-Hill Companies, Inc. BBB 29 163

30 12 150,211 164,442 12 47,847 54,577 198,058 219,019 12 (50,461) (14,633) 12 (889,073) (952,578) (939,534) (967,211) (748,192) (68,967) (326,434) (8,691) 39(a) (10,299) (615,639) 339,946 39(a) (54,895) 1,048 2,455 (741,476) (748,192) 164

30 301,016 301,016 29,709 29,709 (54,895) (54,895) (56,811) (56,811) 219,019 219,019 219,019 219,019 32,832 32,832 (54,841) (54,841) 1,048 1,048 197,010 1,048 198,058 4.2 165

30 1,102,264,000 265,836,000347,355,000 66,459,000 (19,983) (350,000) (369,983) (8,691) (8,691) 6,625 (595,162) (588,537) (22,049) (945,162) (967,211) (22,049) (945,162) (967,211) (326,434) (326,434) 234,210 (222,500) 11,710 339,946 339,946 2,455 2,455 (111,818) (827,716) (939,534) 39(a)(v) 166

30 827,716,000 945,162,000 4,264,270,000 3,610,269,000 31 2.24(a) 32 33 43 708,486 101,406 96,537 (96,790) (17,964) (100,000) (70,000) (1,694) 883 (243,000) 52,395 28,600 420,803 38,056 167

34 35 4,865,744 3,143,967 2,627,106 2,089,273 4,843,784 2,797,872 1,403,699 557,601 6 1,207,732 668,580 10 726,221 109,411 9 4,925 3,724 224,748 124,320 342,957 116,378 10,760 8,000 7,575 3,564 867,064 479,106 17,132,315 10,101,796 2,684,821,000 1,685,525,0002,243,793,000 1,407,948,000 287,968,000 194,090,000 168

35 3,450,307 2,223,725 247,109 207,495 814,771 495,772 321,801 197,238 31,756 19,737 4,865,744 3,143,967 10%-22% 6%-12% 0%-2% 10%-12% 169

36 2,053 2,157 44,622 39,919 108 48 20,474 21,796 67,257 63,920 6 6 2 2 8 8 170

36 20,615 54 20,669 14,741 54 14,795 756 9,266 18,564 28,586 Iain Ferguson Bruce 567 1,059 1,626 Ian Charles Stone 365 806 1,171 365 45 410 Antonie Andries Roux Charles St Leger Searle 2,053 44,622 108 20,474 67,257 18,419 24 18,443 13,282 24 13,306 795 8,218 21,523 30,536 Iain Ferguson Bruce 596 91 687 Ian Charles Stone 383 91 474 383 91 474 Antonie Andries Roux Charles St Leger Searle 2,157 39,919 48 21,796 63,920 171

36 35,000 1,000,000 37 36 33,661 28,832 21,378 22,042 160 70 55,199 50,944 16,000,001-16,500,000 1 18,500,001-19,000,000 1 21,000,001-21,500,000 2 22,000,001-22,500,000 1 25,000,001-25,500,000 1 172

38 108,042 34,189 (72,537) (35,027) 35,505 (838) 27 28 39 (a) (i) (ii) (iii) 25% 18% 20% 22% 24% 25% 50% 173

39 (a) (iii) 15% 50% (iv) (v) 10% 10% 5% 1,863,939 1,127,390 30 10,299 670,534 1,874,238 1,797,924 174

39 (a) 24% 22% 12,099,069 9,913,133 189,986 (75,758) 12,289,055 9,837,375 24% 22% 2,949,373 2,164,223 (1,087,518) (575,213) (464,371) (556,561) 30 54,895 (13,752) (29,217) 186,196 110,391 (62,244) 5,869 30 222,500 595,162 144,054 28,375 1,874,238 1,797,924 175

39 (b) 17% 3% 3% - 5% 1% - 7% 3% - 5% 40 1,279,795,000 59,255,000 41 (a) 10,203,083 8,053,625 1,818,966 1,816,954 5.609 4.432 176

41 (b) 10,203,083 8,053,625 1,818,966 1,816,954 28,897 35,252 10,683 8,777 1,858,546 1,860,983 5.490 4.328 42 838,290,000 639,264,000 6,720,000 3,717,000 0.75 0.55 177

43 (a) Riot Games (i) 231,465,000 1,524,632,000 Riot Games Riot Games Riot Games Riot Games 22.34% Riot Games 8,209,473 Riot Games92.78% Riot Games Riot Games 2,040,456 2,009,000 Riot Games Riot Games Riot Games Riot Games 1,932,376,000 Riot Games Riot Games Riot Games Riot Games 178

43 (a) Riot Games (i) Riot Games 1,524,632 Riot Games 154,732 1,679,364 576,539 187,092 2,442,995 101,135 14,690 671,803 (2,627) (4,589) 30 (269,793) 510,619 1,932,376 2,442,995 54,400 179

43 (a) Riot Games (i) Riot Games 459,037,000 117,502,000 33 Riot Games 413,010,000821,375,000 Riot Games Riot GamesRiot Games (ii) Riot Games Riot GamesRiot Games Riot Games Riot Games Riot Games 154,732,000 Riot Games 180

43 (a) Riot Games (ii) Riot Games (b) Gamegoo Gamegoo134,878,000 Gamegoo Group Limited Gamegoo Gamegoo15% Gamegoo GamegooGamegoo Gamegoo37%13% GamegooGamegoo 62.5% Gamegoo Gamegoo 401,678,000 Gamegoo Gamegoo Gamegoo Gamegoo Gamegoo Gamegoo 181

43 (b) Gamegoo 134,878 389,532 239,901 764,311 136,293 3,700 283,910 (18,745) 30 (42,525) 362,633 401,678 764,311 324 Gamegoo 249,449,000 Gamegoo 140,083,000 33 Gamegoo Gamegoo 42,587,00022,581,000 Gamegoo Gamegoo Gamegoo 228,019,000129,269,000 182

43 (c) 100% 100% 102,800 44,859 57,941 102,800 183

44 (a) 10,224,831 8,115,209 1,874,238 1,797,924 (708,486) 1,208,261 669,860 726,221 109,411 4,925 3,724 1,694 (883) 96,790 17,964 (468,990) (255,922) 732,691 495,772 24,255 (72,359) 165,731 (3,399) 243,000 (108,042) (34,189) (250,693) (483,712) (2,630,368) (51,936) 1,057,643 (179,804) 827,573 478,330 1,816,339 1,551,226 (45,689) 9,942 (1,850,652) 2,253,098 1,024,570 15,194,370 13,191,728 184

44 (a) 2,293 691 (1,694) 883 599 1,574 (b) 45 185

46 (a) 463,046 211,558 132,260 135,165 816,910 100,996 1,412,216 447,719 1,186,867 373,277 651,927 385,000 1,838,794 758,277 3,251,010 1,205,996 (b) 520,396 236,343 1,462,788 572,818 286,135 18,845 2,269,319 828,006 186

46 (c) 596,031 1,064,792 768,291 1,981,543 1,364,322 3,046,335 47 17 22 36 36 187

48 (a) Level Up 26,950,000169,567,000320,722 Level Up International Holdings Pte Ltd. Level Up Level Up 49 Level Up Level UpLevel UpLevel Up 67 Level Up Level Up Level Up (b) 247,760,000201,578,000 619,400,000 8% 188

CNNIC www.tencent.com COSO 189

EBITDA Gamegoo LIBOR Mail.ru MIH China Gamegoo Group Limited Mail.ru Group Limited MIH China (BVI) Limited 190

I II III Riot Games Riot Games Riot Games, Inc. Riot Games Riot Games 571 191

SNS VAS 192