1. Tencent is a leading provider of internet services in China, including social networks, online games, media, and mobile payment platforms. 2. The company has over 1 billion monthly active users on its Weixin and QQ platforms and generates revenue from VAS on social networks and online games, online advertising, and transactions through its payment platforms. 3. Tencent has experienced resilient growth with diversified revenue streams and generates strong operating cash flows, maintaining a healthy balance sheet with low debt levels.

1. 1Q2016
Corporate Overview

2. 2
Key Platforms
Strategy
Business Model
Financials
1
2
3
4

3. 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 2016
2 For smart devices

4. 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. 5
Key Platforms
Strategy
Business Model
Financials
1
2
3
4

6. 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. 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. 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. 9
Key Platforms
Strategy
Business Model
Financials
1
2
3
4

10. 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. 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. 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. 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. 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. 15
Key Platforms
Strategy
Business Model
Financials
1
2
3
4

16. 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 1.4
2.8 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. 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%

18. 1 In million RMB
2 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

19. TENCENT HOLDINGS LIMITED
www.tencent.com/ir
THANK YOU!