NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA,
CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL

RECOMMENDED VOLUNTARY CASH OFFER TO ACQUIRE ALL SHARES IN FUNCOM BY TENCENT

The Netherlands and China, 22 January 2020. Tencent Holdings Limited ("Tencent")
(through an indirectly owned subsidiary, the "Offeror") and Funcom SE ("Funcom")
today announce that the Offeror will launch a recommended offer to acquire all
of the shares of Funcom not owned by the Offeror through a voluntary cash offer
of NOK 17.00 per share (the "Offer"). Both the Management Board and the
Supervisory Board of Funcom (the "Boards") have unanimously decided to recommend
Funcom's shareholders to accept the Offer. The recommendation is based on a
thorough process where the independence of the decision-making has been
carefully safeguarded, inter alia as the Supervisory Board members affiliated
with Tencent have not participated in the deliberations and decision-making of
the Supervisory Board related to the Offer and the recommendation from the
Supervisory Board and the Management Board. The recommendation by the Boards is
supported by an independent fairness opinion provided by Pareto Securities AS.
Funcom is listed on the Oslo Stock Exchange. The Offeror is an indirectly owned
subsidiary of Tencent, and Tencent is listed on the Hong Kong Stock Exchange.

The Offeror and Funcom have entered into a transaction agreement (the
"Transaction Agreement") regarding an acquisition of Funcom by the Offeror.
Under the terms of the Transaction Agreement, the Offeror will put forward a
recommended voluntary cash offer to acquire the entire issued share capital in
Funcom for NOK 17.00 per share in cash. The Offer values the total share capital
of Funcom at NOK 1.33 billion on a fully diluted basis.

Funcom has successfully developed and published around 30 game titles across
several genres and game platforms and has a strong IP portfolio and pipeline of
games. Following the acquisition, there are no planned changes to Funcom
management, staffing or structure with the Company remaining an independent
business. With the support of Tencent, Funcom will be able to fully capitalise
on inherent capabilities and upside potential:

(i) Tencent's prior experience in working with Western companies such as Epic,
Fatshark, Riot, Sharkmob, Supercell and Ubisoft, proving its capabilities in
spearheading cooperation with its partners that maximise mutual value and
benefits;

(ii) Funcom also has valuable capabilities and insights into the Western core
games market that Tencent plans to leverage within its international expansion
plan; and

(iii) The transaction will further a) provide Funcom with the necessary
resources to focus on key and high potential games and IPs such as Conan and
Dune; b) expand the possibilities for Funcom's key IPs in the mobile platforms
through cooperation with Tencent; and c) strengthen Funcom with Tencent's
extensive operational leverage and insights, for example know-how in game-as-a
-service and in-game operations

Rui Casais, Funcom's CEO and Chairman of the Management Board, commented: "We
have a great relationship with Tencent as our largest shareholder and we are
very excited to be part of the Tencent team. We will continue to develop great
games that people all over the world will play, and believe that the support of
Tencent will take Funcom to the next level. Tencent will provide Funcom with
operational leverage and insights from its vast knowledge as the leading company
in the game space."

Steven Ma, Senior Vice President of Tencent, commented: "We are impressed by
Funcom's strengths as a developer of open-world multiplayer, action and survival
games. Funcom has a strong track-record in developing new titles with long life
spans. We are glad to deepen our relationship with Funcom and look forward to
collaborating with Funcom to deliver more exciting and enjoyable game
experiences to fans worldwide."

ABOUT THE OFFER

The Offer price represents a premium of 27.3% to the closing price of the shares
on 21 January 2020, and a 26.9% and 28.8% premium over the volume weighted
average price of Funcom shares for the 1-month and 3-month period ending on 21
January 2020, respectively. The Offer price is further 8% higher than the
purchase price paid by Tencent to long-time majority shareholder KGJ Capital AS
on 30 September 2019, following a structured trade sale process. The Offer will
be financed with cash at hand.

If the Offeror, during a period from the date of the Transaction Agreement and 6
-months after the settlement of the Offer acquires shares at a higher price than
the Offer Price in any transaction other than a share issue by Funcom, including
through a mandatory offer or squeeze out procedure, the consideration in the
Offer shall be adjusted to be equal to such higher acquisition price.

The Offer will be subject to customary closing conditions for takeovers,
including but not limited to the following conditions:

(i) The Offer shall at or prior to the expiration of the Offer Period have been
accepted by shareholders of Funcom representing more than 90% of the issued and
outstanding share capital and voting rights of Funcom on a fully diluted basis,
which shall include all shares that Funcom would be required to issue if all of
the approximately 4.1 million employee options which are in the money were
exercised;

(ii) No material adverse change in Funcom until the completion of the Offer;

(iii) Funcom shall have conducted its business in all material respects in the
ordinary course and in accordance with contractual obligations, applicable laws,
regulations and decisions of public authorities; and

(iv) The Boards shall not have qualified, amended or withdrawn their
recommendation of the Offer.

The complete details of the Offer, including all terms and conditions, will be
contained in an offer document (the "Offer Document") to be sent to Funcom's
shareholders following review and approval by the Oslo Stock Exchange pursuant
to Chapter 6 of the Norwegian Securities Trading Act. The offer period is
expected to start on or about 5 February 2020 and last five (5) weeks from the
date of approval of the Offer Document, subject to any extension by Offeror
("Offer Period"). The Offeror must publicly announce that the conditions for
closing of the Offer have been met or waived at the latest 24:00 CET on 15 April
2020. Shareholders are urged to read the Offer Document when it is available as
it will contain important information, including the unanimous recommendation
from the Management Board and Supervisory Board of Funcom.

FULL SUPPORT AND RECOMMENDATION

The Boards fully and unanimously support the Offer and recommend that Funcom's
shareholders accept the Offer and vote in favour of the resolutions relating to
the Offer at the upcoming extraordinary general meeting of Funcom, to be held
during the Offer Period. In their decision-making, the Boards have taken the
interests of all stakeholders, including the minority shareholders, into full
consideration. The Boards have concluded that the Offer is fair to Funcom's
shareholders from a financial point of view and in the best interests of Funcom,
the sustainable success of its business and clients, employees, shareholders and
other stakeholders. The Boards have reached this conclusion having given due and
careful consideration to the strategic, financial and social aspects and
consequences of the Offer, supported by the fairness opinion provided by Pareto
Securities AS.

The Boards have the right to withdraw its recommendation of the Offer, subject
to certain conditions, inter alia, in the event a superior competing offer is
made that is not matched by the Offeror within five (5) business days after the
Offeror received notice thereof, but such matching period shall not in any event
expire later than two (2) trading days before the expiry of the Offer Period.
Withdrawal, amendment or qualification of the recommendation from the Boards
will trigger an obligation for Funcom to reimburse Offeror's expenses incurred
in connection with the transaction up to an amount of NOK 5 million if the Offer
is not completed.

The Offer will not be made in any jurisdiction in which the making of the Offer
would not be in compliance with the laws of such jurisdiction. This notification
does not in itself constitute an offer. The Offer will only be made on the basis
of the Offer Document and can only be accepted pursuant to the terms of such
document. This announcement also serves to fulfil the Offeror's announcement
obligation under section 6-19 (3), first sentence of the Norwegian Securities
Trading Act.

Given that Funcom's registered office is in the Netherlands and the shares are
listed in Norway, the Offer will partly be governed by Norwegian law and partly
by Dutch law. Matters of a legal nature related to the offer process, including
questions concerning the compensation offered in connection with the Offer, and
in particular the Offer price, the offer procedure, information on the Offeror's
decision to present an Offer, the content of the Offer Document and publication
of the Offer, will be dealt with under Norwegian law, and the Oslo Stock
Exchange will be the competent authority to approve the Offer Document to be
prepared by the Offeror. Matters of a legal nature related to information to
employees of Funcom, the position statement, and company law questions,
including matters concerning the thresholds at which mandatory offer obligations
are triggered, possible exemptions from the obligation to present an offer and
exceptions from the mandatory offer obligation, will be dealt with pursuant to
the laws of the Netherlands.

J.P. Morgan is acting as financial advisor and Baker McKenzie and AGP Advokater
AS (Norway) are acting as legal advisors to Tencent in connection with the
Offer. ABG Sundal Collier ASA is acting as financial advisor and Advokatfirmaet
CLP DA (Norway) and Weidema van Tol (The Netherlands) are acting as legal
advisors to Funcom in connection with the Offer.

For further information, please contact:

Funcom
Funcom Investor Relations

Stian Drageset - CFO

Email: stiandr@funcom.com / investor@funcom.com

Tencent
Jane Yip

Tel: (86) 755 8601 3388/ (852) 3148 5100 ext. 868961

Email: janeyip@tencent.com/ ir@tencent.com

ABOUT FUNCOM

Funcom is an independent developer and publisher of computer and console games.
Funcom was founded in 1993 and listed on the Oslo Stock Exchange in 2005. Funcom
became one of the pioneers of massively multiplayer online role-playing games
("MMORPG") when Funcom released the PC game Anarchy Online. Over the course of
its history, Funcom has developed and published around 30 game titles across
several genres and gaming platforms. Currently, Funcom holds a broad portfolio
of both released games and owned content, with high-degree control of its IPs.
Funcom's key active game portfolio includes Conan Exiles, Mutant Year Zero,
Secret World Legends, Conan Unconquered as well other games such as Age of
Conan, Anarchy Online, The Park, Hide & Shriek and The Longest Journey.

ABOUT TENCENT

Tencent uses technology to enrich the lives of Internet users. Tencent's
communications and social platforms, Weixin and QQ, connect users with each
other and with digital content and services, both online and offline, making
their lives more convenient. Tencent's targeted advertising platform helps
advertisers reach out to hundreds of millions of consumers in China. Tencent's
FinTech and business services support its partners' business growth and assist
their digital upgrade. Tencent invests heavily in talent and technological
innovation, actively promoting the development of the Internet industry. Tencent
was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed
on the Main Board of the Stock Exchange of Hong Kong.

IMPORTANT NOTICE

This is a joint public announcement by Funcom and Tencent and contains inside
information as meant in the European Market Abuse Regulation (596/2014) and the
Norwegian Securities Trading Act section 3-2 and is further subject to the
disclosure requirements according to Section 5-12 of the Norwegian Securities
Trading Act.

This announcement is for information purposes only and does not constitute an
offer, or any solicitation of any offer, to buy or subscribe for any securities.

The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions.
Neither Tencent nor Funcom assume any responsibility in the event there is a
violation by any person of such restrictions. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions.

The Offer is subject to disclosure and procedural requirements of the Kingdom of
Norway, which are different from those in the United States. In addition, the
payment and settlement procedures with respect to the Offer will comply with the
relevant Norwegian rules, which differ from the United States payment and
settlement procedures.

This release contains certain forward-looking statements within the meaning of
the securities laws and regulations of various international, federal, and state
jurisdictions. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding the Offer,
future plans and objectives of Funcom, the Offeror or Tencent Holdings Limited
are forward-looking statements that involve risk and uncertainties. There can be
no assurances that such statements will prove to be accurate and actual results
could differ materially from those anticipated in such statements.

THE OFFER WILL NOT BE MADE IN ANY JURISDICTION IN WHICH MAKING OF THE OFFER
WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT
DOES NOT IN ITSELF CONSTITUTE AN OFFER. THE OFFER WILL ONLY BE MADE ON THE BASIS
OF THE OFFER DOCUMENT AND CAN ONLY BE ACCEPTED PURSUANT TO THE TERMS OF SUCH
DOCUMENT.