We Build Connections. For Tencent: For Users: For Merchants:

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2 We Build Connections 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

3 via Our Largest Social Platforms in China Successful transition from PC to mobile QQ IM 805 million 1 Mobile QQ million 1 Young, entertainment-oriented users Open platform + groups connect users to online content developers and interest groups Mobile-centric creation for smart phones Weixin & WeChat 2 1,040 million 1 White-collar users Official accounts + Mini Programs connect users to content and service providers moving onto the mobile platform 1 Monthly active user accounts as of 31 March For smart devices

4 Key Platforms Update Online Games Platform #1 on PC and smart phone in China #1 online games company globally by revenue Weixin & WeChat #1 smart phone community MAU at 1,040m QQ & Qzone QQ smart devices MAU of 694m (1) Qzone smart devices MAU of 550m Online Games Communications & Social Utilities Media Fintech Video #1 by mobile DAU and subscriptions News #1 portfolio of news services by MAU Music #1 music services platform Literature #1 online content library and publishing platform Mobile Payment #1 by MAU and DAU App Store #1 by MAU Mobile Security #1 by MAU Mobile Browser #1 by MAU All above rankings refer to China market, unless otherwise stated. Company data as of 31 March Includes users who logged in and sent a message or participated in certain activities such as QQ Moments, games, Interest Tribes, live broadcast, online music & literature 4

5 We Build Ecosystem Via Strategic Partnerships Category Leaders Strategic Relationship with Content Providers ecommerce Smart Retail Video Local Services Kuaishou Huya Media & Social Games PUBG MU Awakening Might and Magic Heroes Didi Transportation Music WeiYi DingXiangYuan Health Consultation Enrich ecosystem via strategic investments in category leaders, especially in O2O and ecommerce Supply our users to partner platforms, enable customer relationship management tools and facilitate transactions Partner with branded, unique content to extend and deepen our audience appeal We are the preferred partner given our large user base, vigorous support for IP protection and proven monetisation capabilities Source: Company filings and disclosures

6 and Close The Loop With Online Payment Tax Payment Money Market Funds Online Shopping Phone Card Top-up Weixin Pay QQ Wallet Our payment solutions have over 600 million MAU and over 600 million average daily transactions as of December 2016 Payment activity expanding from social payment to commercial transactions, and from online to offline Payments provide users with a frictionless experience for completing transactions, enable merchants to measure advertising effectiveness and facilitate financial institutions distribution of Internet finance products in a more targeted manner

7 Business Model Financials

8 Our Business Model Fee-based revenue VAS: Social networks Digital media subscriptions Membership privileges Virtual item sales Fee-based revenue VAS: Online games Mobile games PC games Traffic-based revenue Online advertising Media Ad includes news, video and music properties Social & Others Ad includes social properties, app store, browser and ad network Transaction-based revenue Others Online payments Cloud services Free services to attract new users and generate interaction within community

9 Social Networks Massive and engaged user base providing network effects across our ecosystem Social communication Weixin / WeChat QQ Combined Weixin and WeChat: 1,040 million (1) QQ IM: 805 million (1) Mobile QQ (for smart devices): 694 million (1) Multiple proven monetisation levers Membership privileges Upgrade to higher privilege membership status to enjoy value added services (on top of free basic services) Media and digital contents News Services Digital Music Video Services Digital media subscriptions Monthly subscription packages for digital media and content services KUAI BAO News Services NOW Live Broadcasting Online Literature Virtual item sales Monetising social experience as users buy virtual gifts to support their friends and favourite artists/hosts Utility Mobile / PC Manager App Store Web Browser (1) Monthly active user as of 31 March 2018

10 Online Games PC Client Games Smart Phone Games Leading market share #1 PC games publisher & developer with 66% market share in China (1) Published top 2 global highest grossing PC game titles (2) #1 smart phone games publisher & developer with 38% market share in China (1) Published 10 out of the top 20 grossing smart phone game titles in China on ios (3) Strong developer #1 ranked PC game developed in-house by subsidiary Riot Games League of Legends (2) #1 ranked mobile game developed in-house by subsidiary Timi Studio Honour of Kings (4) Preferred publisher Published games from partners including Nexon, Electronic Arts, Activision Blizzard, Take2 and Published games from partners including Shanda Games, Changyou, Giant Interactive and Kingsoft Diversity of titles (4) 40 game titles Multiple genres including battle arena, shooter, racing car and role playing games etc. Over 100 game titles Multiple genres including boardgames, shooting, action, strategy, puzzle and role playing games etc. 1. According to iresearch, market share based on revenue (both domestic and overseas) of Chinese online game companies in the second quarter of According to SuperData Research, ranking based on global top grossing PC game titles in the first half of According to App Annie, ranking based on gross revenue in March 2018 on ios in China 4. According to SuperData Research, ranking based on global top grossing smart phone game titles in the first half of Company data as of 31 December Excluding revenue attributed to social network business Source: Company filings and disclosures, iresearch, AppAnnie, SuperData Research

11 Media Advertising Unparalleled user reach and fast-growing traffic QQ.com Tencent News App Tiantian Kuaibao news app 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

12 Social and Others Advertising More relevant ads via user targeting lead to more clicks and higher ad efficiency QQ Kandian Qzone Official Account Moments QQ Browser YingYongBao Qzone Ads In-feed video ads with customized design for interaction Short video clips Short video commercials in news feeds Promotion within Mini Games Customized advertising within Mini Games Promotion Coupon Ads Insert promotion coupons in moment ads

13 Business Model Financials

14 Diversified Revenue Streams Low ARPU collected from large user base Pre-paid (except Online Ad) Resilient to macro fluctuation LTM 2018 VAS (Social Networks + Online Games) Online Advertising Others ecommerce Transactions (in billion RMB) Effective from Mar , we have divested our B2C and C2C ecommerce marketplaces and deconsolidated such revenues. 2 Other revenues for 1Q2015 include revenue from ecommerce transactions. 3 Last twelve months revenues as of March 31, 2018

15 Sustainable Cash Generation Operating Cash Flow, Capital Expenditure Paid and Dividends Paid 1 106,140 98,351 65,518 45,431 32,711 24,374 19,429 17,208 10,566 12,768 4,180 5,124 4,752 8,877 1,225 1,541 1,919 3,189 4,606 5,998 5, LTM 2018 Operating cash flow Capital expenditure paid Dividends paid (In million RMB) 2 Capex as % of OCF: 22% 21% 15% 20% 16% 12% 17% Dividend as % of OCF: 6% 6% 6% 7% 7% 6% 6% 1 Capital expenditure paid includes purchase of property, plant and equipment, constructions in progress and investment properties, payments for land use rights and payments for intangible assets (excluding media content, game licenses and other contents). Dividends paid include dividends paid to both the Company s shareholders and non-controlling interests. 2 Last twelve months data as of March 31, 2018 Source: Company financial reports

16 Other Financial Metrics Total debt / Adjusted EBITDA (1) Total debt / (Adjusted EBITDA Capex paid) (2) 1.4x 1.6x 1.4x 1.5x 1.8x 1.9x 1.6x 1.8x LTM Mar LTM Mar 2018 Adjusted EBITDA / Interest expense 31.3x 30.9x 30.3x 30.5x LTM Mar 2018 Interest income and Interest expense (RMB in billions) (1.5) (2.2) (3.1) (3.5) LTM Mar 2018 Interest income Interest expense 1. Total debt consists of borrowings and notes payable; Adjusted EBITDA consists of EBITDA plus equity-settled share-based compensation expenses 2. Capital expenditure paid includes purchase of property, plant and equipment, constructions in progress and investment properties, payments for land use rights and payments for intangible assets (excluding media contents, game licences and other contents) Source: Company filings and disclosures

17 Tencent Holdings Ltd. Thank you!