The Mobile Internet Report Key Themes*

Tencent = Virtual Goods Leader in China –
$500
$35,000
Tencent Virtual Goods / Services Revenue ($MM)
$400
$300
$200
$100
Wealth Creation from Virtual Goods / Services > $35B (1) 282
Tencent Desktop / Mobile Virtual Goods / Services Revenue & Market Capitalization, CQ1:03 – CQ3:09
Mobile Virtual Goods / Services Revenue ($MM)
Desktop Virtual Goods / Services Revenue ($MM)
Market Capitalization ($MM)
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
Market Capitalization ($MM)
$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
$-
2003 2004 2005 2006 2007 2008 2009
Note: (1) wealth creation based on Tencent’s market value on 12/3/09. Assumes 1USD = 6.8RMB = 7.7HKD.
Source: Tencent, FactSet, Morgan Stanley Research.