Everyone uses everything Percentage China ecosystem users with each player 2012A-2018E, % of total ecosystem users in China Alibaba Users Tencent Users (China only) Baidu Users 91% 90% 91% 89% 89% 88% 90% 82% 85% 86% 81% 69% 71% 61% 65% 60% 57% 53% 40% 27% 22% 2012A 2013A 2014A 2015A 2016E 2017E 2018E Almost all users in China are members of Tencent and Baidu’s ecosystems and over half are also members of Alibaba’s. SSoouurrcece:: Company Data, Radio Free Mobile www.radiofreemobile.com 15