Document:

EX-4.1

 Exhibit 4.1 
  

 
  

FIRST SUPPLEMENTAL INDENTURE 

Dated as of 

September 3, 2020 

Between 
 TENCENT MUSIC
ENTERTAINMENT GROUP 
 as Company 

and 
 THE BANK OF NEW
YORK MELLON 
 as Trustee 
  

 
  

1.375% NOTES DUE 2025 

2.000% NOTES DUE 2030 

 FIRST SUPPLEMENTAL INDENTURE dated as of September 3, 2020 between Tencent Music
Entertainment Group, an exempted company incorporated in the Cayman Islands (the “Company”), and The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York with limited
liability, as trustee (the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company and the Trustee executed and delivered an Indenture dated as of September 3, 2020 (the “Base
Indenture”) to provide for the issuance of debentures, notes, bonds or other evidences of indebtedness in an unlimited aggregate principal amount to be issued from time to time in one or more series (such Base Indenture, as supplemented and
amended by this First Supplemental Indenture and all indentures supplemental thereto with respect to the Notes (as defined below), herein referred to as the “Indenture”): 

WHEREAS, the Company has duly authorized the issuance of US$300,000,000 aggregate principal amount of 1.375% Notes due 2025 (the “2025
Notes”), and US$500,000,000 aggregate principal amount of 2.000% Notes due 2030 (the “2030 Notes” and, together with the 2025 Notes, the “Notes”); 

WHEREAS, the Company has duly authorized the execution and delivery of this First Supplemental Indenture pursuant to Section 14.01 of the
Base Indenture to establish the terms and the form of the Notes in accordance with Sections 2.01, Section 3.01 and Section 3.03 of the Base Indenture; 

WHEREAS, all things necessary to make this First Supplemental Indenture a valid, legally binding and enforceable agreement of the Company, in
accordance with its terms, have been done. 
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 

That, in consideration of the premises and the purchase of the Notes by the Holders thereof for the equal and proportionate benefit of all of
the present and future Holders of the Notes, each party agrees and covenants as follows: 
 ARTICLE I 

SCOPE AND DEFINITIONS 

Section 1.01    Scope. The changes, modifications and supplements to the Base Indenture effected by this First
Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to
such other series of Securities specifically incorporates such changes, modifications and supplements. 

Section 1.02    Definitions. 

(a)    Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Base
Indenture. 

 (b)    As used herein, the following additional defined terms shall have
the following meanings with respect to the Notes only and be equally applicable to both the singular and the plural forms of any of the terms herein defined: 

“2025 Notes” has the meaning provided in the recitals. 

“2030 Notes” has the meaning provided in the recitals. 

“Additional 2025 Notes” has the meaning provided in Section 2.01(c). 

“Additional 2030 Notes” has the meaning provided in Section 2.02(c). 

“Base Indenture” has the meaning provided in the recitals hereof. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would
be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 2025 Notes or the 2030 Notes, as the case may be, to be
redeemed. 
 “Comparable Treasury Price” means, with respect to any Redemption Date pursuant to Section 2.02, (1) the
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than three such Reference Treasury Dealer
Quotations, the average of all quotations obtained. 
 “DTC” means The Depository Trust Company, New York, New York. 

“First Supplemental Indenture” means this instrument. 

“Group” means the Company and its Controlled Entities. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally
recognized standing. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company. 
 “Initial 2025 Notes” has the meaning provided in Section 2.01(c). 

“Initial 2030 Notes” has the meaning provided in Section 2.01(c). 

“Lien” means any mortgage, charge, pledge, lien or other form of encumbrance or security interest. 

“Make Whole Amount” means an amount determined on the fifth Business Day before the Redemption Date pursuant to
Section 2.03 that is equal to the sum of (i) the present value of the principal amount of the Notes to be redeemed, assuming a scheduled repayment thereof on the date of Stated Maturity for payment of principal on such Notes plus
(ii) the present value of the remaining scheduled payments of interest to and including such date of Stated Maturity for payment of principal on such Notes in each case discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months and, in the case of an incomplete month, the actual number of days elapsed) at the Treasury Yield plus 20 basis points in the
case of the 2025 Notes and 25 basis points in the case of the 2030 Notes. 

  
 2 

 “Non-listed Controlled
Entities” means the Controlled Entities other than (i) any Controlled Entities with shares of common stock or other common equity interests listed on an internationally recognized stock exchange; and (ii) any Subsidiaries or
Consolidated Affiliated Entities of any Controlled Entity referred to in clause (i) of this definition. 
 “Non-recourse Obligation” means indebtedness or other obligations substantially related to (i) the acquisition of assets not previously owned by the Company or any of its Controlled
Entities or (ii) the financing of a project involving the purchase, development, improvement or expansion of properties of the Company or any of its Controlled Entities, as to which the obligee with respect to such indebtedness or obligation
has no recourse to the Company or any of its Controlled Entities of the Company or to the Company’s or any such Controlled Entity’s assets other than the assets which were acquired with the proceeds of such transaction or the project
financed with the proceeds of such transaction (and the proceeds thereof). 
 “Notes” has the meaning provided in the
recitals hereof and Section 2.01(c). 
 “PRC Business Day” means a day other than a Saturday, Sunday or a day on which
banking institutions in the PRC are authorized or obligated by law, regulation or executive order to remain closed. 
 “Prospectus
Supplement” means the preliminary prospectus supplement, dated August 24, 2020 or the prospectus supplement, dated August 26, 2020, relating to the offering of the Notes. 

“Reference Treasury Dealer” means each of any three investment banks of recognized standing that is a primary
U.S. government securities dealer in the United States, selected by the Company in good faith. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date pursuant to Section 2.03, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of 5:00 p.m., New York City time, on the fifth Business Day before such Redemption Date. 

“Relevant Indebtedness” means any indebtedness which is in the form of, or represented or evidenced by, bonds, notes,
debentures, loan stock or other securities which for the time being are, or are intended to be or are commonly, quoted, listed or dealt in or traded on any stock exchange or
over-the-counter or other securities market, except (i) any indebtedness in the form of, or represented or evidenced by, bonds, notes, debentures, loan stock or
other securities initially offered, marketed or issued primarily to Persons resident in the PRC and dominated in Renminbi and (ii) any Non-recourse Obligations. 

  
 3 

 “Treasury Yield” means, with respect to any Redemption Date pursuant to
Section 2.03, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the fifth Business Day before such Redemption Date) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Triggering Event” means (A) any change in or amendment to the laws, regulations and rules of the PRC or the official
interpretation or official application thereof (“Change in Law”) that results in (1) the Group (as in existence immediately subsequent to such Change in Law), as a whole, being legally prohibited from operating substantially
all of the business operations conducted by the Group (as in existence immediately prior to such Change in Law) as of the last date of the period described in the consolidated financial statements of the Company for the most recent fiscal quarter
and (2) the Company being unable to continue to derive substantially all of the economic benefits from the business operations conducted by the Group (as in existence immediately prior to such Change in Law) in the same manner as reflected in
the consolidated financial statements of the Company for the most recent fiscal quarter and (B) the Company has not furnished to the Trustee, prior to the date that is twelve months after the date of the Change in Law, an opinion from an
Independent Financial Advisor or an Independent Legal Counsel stating either (1) the Company is able to continue to derive substantially all of the economic benefits from the business operations conducted by the Group (as in existence
immediately prior to such Change in Law), taken as a whole, as reflected in the consolidated financial statements of the Company for the most recent fiscal quarter (including after giving effect to any corporate restructuring or reorganization plan
of the Company) or (2) such Change in Law would not materially adversely affect the Company’s ability to make principal, premium (if any) and interest payments on the Notes when due. 

“Triggering Event Offer” has the meaning set forth in Section 2.05(a). 

“Triggering Event Payment” has the meaning set forth in Section 2.05(a). 

“Triggering Event Payment Date” has the meaning set forth in Section 2.05(a). 

Section 1.03    Rules of Construction. For all purposes of this First Supplemental Indenture, except as
otherwise expressly provided or unless the context otherwise requires: 
 (a)    The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

(b)    References to “Article” or “Section” or other subdivision herein are references
to an Article, Section or other subdivision of this First Supplemental Indenture, unless the context otherwise requires. 

(c)    References to any agreement, instrument, statute or regulation defined or referred to herein or in any instrument
establishing the terms of the Notes (or executed in connection therewith) are references to such agreement, instrument, statute or regulation as from time to time amended, modified, supplemented or replaced, including (in the case of agreements or
instruments) by waiver or consent and by succession of comparable successor agreements, instruments, statutes or regulations. 

  
 4 

 ARTICLE II 

THE NOTES 

Section 2.01    Terms of the 2025 Notes. The 2025 Notes are hereby created and designated as a separate series
of Securities under the Base Indenture. The following terms relate to the 2025 Notes: 
 (a)    The 2025 Notes shall
constitute a separate series of Securities under the Base Indenture having the title “1.375% Notes due 2025.” 

(b)    The 2025 Notes shall be issued at a price of 99.928% of the principal amount thereof, other than any offering
discounts pursuant to the initial offering and resale of the 2025 Notes. 
 (c)    The aggregate principal amount of the
2025 Notes (the “Initial 2025 Notes”) that may be initially authenticated and delivered under the Indenture shall be US$300,000,000. The Company may from time to time, without the consent of the Holders of the Notes, issue
additional Notes (in any such case “Additional 2025 Notes”) having the same terms and conditions as the Initial 2025 Notes in all respects (or in all respects except for the Issue Date, the issue price or the first Interest Payment
Date). Any Additional 2025 Notes and the Initial 2025 Notes shall constitute a single series under the Indenture, provided that if such Additional 2025 Notes are not fungible with the Initial 2025 Notes for U.S. federal income tax
purposes, such Additional 2025 Notes shall not have the same CUSIP, ISIN or other identifying number as the Initial 2025 Notes. All references to the “2025 Notes” shall include the Initial 2025 Notes and any Additional 2025 Notes
unless the context otherwise requires. The aggregate principal amount of each of the Additional 2025 Notes shall be unlimited. 

(d)    The entire outstanding principal of the 2025 Notes shall be payable on September 3, 2025. 

(e)    The rate at which the 2025 Notes shall bear interest shall be 1.375% per year. The date from which interest shall
accrue on the 2025 Notes shall be September 3, 2020, or the most recent Interest Payment Date to which interest has been paid or provided for. The Interest Payment Dates for the 2025 Notes shall be March 3 and September 3 of each
year, beginning March 3, 2021. Interest shall be payable on each Interest Payment Date to the Holders of record at the close of business on the February 16 and August 19 prior to each Interest Payment Date. The basis upon which
interest shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 

(f)    The 2025 Notes shall be issuable in whole in the form of one or more registered Global Securities, and the
Depositary for such Global Securities shall be DTC. The 2025 Notes shall be substantially in the form attached hereto as Exhibit A, the terms of which are herein incorporated by reference. The 2025 Notes shall be denominated in
U.S. Dollars and shall be issuable in minimum denominations of US$200,000 or any integral multiples of US$1,000 in excess thereof. 

  
 5 

 (g)    The 2025 Notes may be redeemed at the option of the Company prior
to the date of Stated Maturity for payment of principal on the 2025 Notes, as provided in Section 2.03. 

(h)    The 2025 Notes will not have the benefit of any sinking fund. 

(i)    Except as provided herein, the Holders of the 2025 Notes shall have no special rights in addition to those provided
in the Base Indenture upon the occurrence of any particular events. 
 (j)    The 2025 Notes will be senior unsecured
obligations of the Company and will rank at least equal in right of payment to all of the Company’s other existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law). 

(k)    The restrictive covenants set forth in Sections 2.04 and 2.05 shall be applicable to the 2025 Notes. 

Section 2.02    Terms of the 2030 Notes. The 2030 Notes are hereby created and designated as a separate series
of Securities under the Base Indenture. The following terms relate to the 2030 Notes: 
 (a)    The 2030 Notes shall
constitute a separate series of Securities under the Base Indenture having the title “2.000% Notes due 2030.” 

(b)    The 2030 Notes shall be issued at a price of 99.595% of the principal amount thereof, other than any offering
discounts pursuant to the initial offering and resale of the 2030 Notes. 
 (c)    The aggregate principal amount of the
2030 Notes (the “Initial 2030 Notes”) that may be initially authenticated and delivered under the Indenture shall be US$500,000,000. The Company may from time to time, without the consent of the Holders of the Notes, issue
additional Notes (in any such case “Additional 2030 Notes”) having the same terms and conditions as the Initial 2030 Notes in all respects (or in all respects except for the Issue Date, the issue price or the first Interest Payment
Date). Any Additional 2030 Notes and the Initial 2030 Notes shall constitute a single series under the Indenture, provided that if such Additional 2030 Notes are not fungible with the Initial 2030 Notes for U.S. federal income tax
purposes, such Additional 2030 Notes shall not have the same CUSIP, ISIN or other identifying number as the Initial 2030 Notes. All references to the “2030 Notes” shall include the Initial 2030 Notes and any Additional 2030 Notes
unless the context otherwise requires. The aggregate principal amount of each of the Additional 2030 Notes shall be unlimited. 

(d)    The entire outstanding principal of the 2030 Notes shall be payable on September 3, 2030. 

  
 6 

 (e)    The rate at which the 2030 Notes shall bear interest shall be
2.000% per year. The date from which interest shall accrue on the 2030 Notes shall be September 3, 2020, or the most recent Interest Payment Date to which interest has been paid or provided for. The Interest Payment Dates for the 2030 Notes
shall be March 3 and September 3 of each year, beginning March 3, 2021. Interest shall be payable on each Interest Payment Date to the Holders of record at the close of business on the February 16 and August 19 prior to each
Interest Payment Date. The basis upon which interest shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 

(f)    The 2030 Notes shall be issuable in whole in the form of one or more registered Global Securities, and the
Depositary for such Global Securities shall be DTC. The 2030 Notes shall be substantially in the form attached hereto as Exhibit B, the terms of which are herein incorporated by reference. The 2030 Notes shall be denominated in
U.S. Dollars and shall be issuable in minimum denominations of US$200,000 or any integral multiples of US$1,000 in excess thereof. 

(g)    The 2030 Notes may be redeemed at the option of the Company prior to the date of Stated Maturity for payment of
principal on the 2030 Notes, as provided in Section 2.03. 
 (h)    The 2030 Notes will not have the benefit of any
sinking fund. 
 (i)    Except as provided herein, the Holders of the 2030 Notes shall have no special rights in
addition to those provided in the Base Indenture upon the occurrence of any particular events. 
 (j)    The 2030 Notes
will be senior unsecured obligations of the Company and will rank at least equal in right of payment to all of the Company’s other existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to
applicable law). 
 (k)    The restrictive covenants set forth in Sections 2.04 and 2.05 shall be applicable to the
2030 Notes. 
 Section 2.03    Optional Redemption. 

(a)    The provisions of Article IV of the Base Indenture, as amended by the provisions of this First Supplemental
Indenture, shall apply to the Notes. 
 (b)    The Company may, upon giving not less than 30 nor more than 60 days’
written notice to (i) the Trustee and (ii) Holders of the 2025 Notes or the 2030 Notes (which notice shall be irrevocable), as the case may be, redeem the 2025 Notes at any time prior to August 3, 2025 or the 2030 Notes at any time
prior to June 3, 2030, in whole or in part, in each case at a redemption amount equal to the greater of (x) 100% of the principal amount of such Notes to be redeemed and (y) the Make Whole Amount, plus, in each case, accrued and unpaid
interest on such Notes to be redeemed, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date); provided that the
principal amount of a Note remaining outstanding after redemption in part shall be US$200,000 or an integral multiple of US$1,000 in excess thereof. Neither the Trustee nor the Paying Agent is responsible for calculating or verifying the Make Whole
Amount. 

  
 7 

 (c)    In addition, the Company may, upon giving not less than 30 nor
more than 60 days’ written notice to (i) the Trustee and (ii) Holders of the 2025 Notes or the 2030 Notes (which notice shall be irrevocable), as the case may be, redeem the 2025 Notes at any time from or after August 3, 2025,
and the 2030 Notes at any time from or after June 3, 2030, in each case, in whole or in part, in each case at a redemption amount equal to 100% of the principal amount of the applicable Notes to be redeemed. 

(d)    The notice of redemption will be mailed at least 30 but not more than 60 days before the Redemption Date to the
Trustee and each Holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes shall state, among other things, the amount of Notes to be redeemed, the Redemption Date, the manner in which the
redemption price will be calculated and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Company defaults in the payment of the redemption price, interest shall cease to accrue on any
Notes that have been called for redemption at the Redemption Date. If less than all of the Notes of a series are to be redeemed, the Notes to be redeemed shall be selected (i) if listed on a national securities exchange and/or held through the
clearing systems then in compliance with the requirements of such national securities exchange and/or the clearing system, and (ii) if the Notes are not listed on any securities exchange and are not held through the clearing systems then pro
rata, by lot or in such other manner as the Trustee deems appropriate in its sole and absolute discretion, unless otherwise required by law. 

(e)    If the Redemption Date pursuant to this Section 2.03 is on or after the relevant Record Date and on or before
the related Interest Payment Date, any accrued and unpaid interest to the Redemption Date pursuant to this Section 2.03 shall be paid on such Interest Payment Date to the Person in whose name a Note is registered at the close of business on
such Record Date. 
 (f)    The Company or any of its Controlled Entities may, in accordance with all applicable laws
and regulations, at any time purchase the Notes in the open market or otherwise at any price, so long as such purchase does not otherwise violate the terms of the Indenture. The Notes so purchased, while held by or on behalf of the Company or any of
such Controlled Entities, shall not be deemed to be outstanding for the purposes of determining whether the holders of the requisite principal amount of the Outstanding Notes have given any request, demand, authorization, direction, notice, consent
or waiver hereunder. The Notes that the Company or its Affiliates purchase may, in the discretion of the Company, be held, resold or canceled, but will only be resold in compliance with applicable requirements or exemptions under the relevant
securities laws. 
 Section 2.04    Limitation on Liens. The following additional covenant shall apply with
respect to the 2025 Notes and the 2030 Notes so long as any of the 2025 Notes or the 2030 Notes, as the case may be, remain outstanding: 

(a)    Subject to the exceptions set forth in Section 2.04(b) below, the Company will not create or have outstanding,
and the Company will ensure that none of its Principal Controlled Entities will create or have outstanding, any Lien upon the whole or any part of their respective present or future undertaking, assets or revenues (including any uncalled capital)
securing any Relevant Indebtedness, or create or have outstanding any guarantee or indemnity in respect of any Relevant Indebtedness either of the Company or of any of its Principal Controlled Entities, without (x) at the same time or prior thereto
securing or guaranteeing the 2025 Notes or the 2030 Notes, as the case may be, equally and ratably therewith or (y) providing such other security or guarantee for the 2025 Notes or the 2030 Notes, as the case may be, as shall be approved by an
act of the Holders of such series of Notes holding at least a majority of the principal amount of such series of Notes then Outstanding. 

  
 8 

 (b)    The restriction set forth in Section 2.04(a) above will not
apply to: 
 (i)    any Lien arising or already arisen automatically by operation of law which is timely
discharged or disputed in good faith by appropriate proceedings; 
 (ii)    any Lien in respect of the
obligations of any Person which becomes a Principal Controlled Entity or which merges with or into the Company or a Principal Controlled Entity after the date hereof which is in existence at the date on which it becomes a Principal Controlled Entity
or merges with or into the Company or a Principal Controlled Entity; provided that any such Lien was not incurred in anticipation of such acquisition or of such Person becoming a Principal Controlled Entity or being merged with or into the
Company or a Principal Controlled Entity; 
 (iii)    any Lien created or outstanding in favor of the
Company; 
 (iv)    any Lien in respect of Relevant Indebtedness of the Company or any Principal
Controlled Entity with respect to which the Company or such Principal Controlled Entity has paid money or deposited money or securities with a fiscal agent, trustee or depositary to pay or discharge in full the obligations of the Company or such
Principal Controlled Entity in respect thereof (other than the obligation that such money or securities so paid or deposited, and the proceeds therefrom, be sufficient to pay or discharge such obligations in full); 

(v)    any Lien created in connection with Relevant Indebtedness of the Company or any Principal Controlled
Entity denominated in Chinese Renminbi and initially offered, marketed or issued primarily to Persons resident in the PRC; 

(vi)    any Lien created in connection with a project financed with, or created to secure, Non-recourse Obligations; or 
 (vii)    any Lien arising out of the
refinancing, extension, renewal or refunding of any Relevant Indebtedness secured by any Lien permitted by the foregoing clause (ii), (v), (vi) or (vii) of this Section 2.04(b); provided that such Relevant Indebtedness is not
increased beyond the principal amount thereof (together with the costs of such refinancing, extension, renewal or refunding) and is not secured by any additional property or assets. 

  
 9 

 Section 2.05    Repurchase Upon Triggering Event. The
following additional covenant shall apply with respect to the Notes so long as any of the Notes remain outstanding: 

(a)    If a Triggering Event occurs, unless the Company has exercised its right to redeem all of the Notes pursuant to
Section 2.03 hereof or Section 4.07 of the Base Indenture, the Company shall make an offer to repurchase all or, at the Holder’s option, any part (equal to US$200,000 or multiples of US$1,000 in excess thereof) of each Holder’s
Notes pursuant to the offer described below (the “Triggering Event Offer”), at a purchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to, but not including, the date of purchase (the “Triggering Event Payment”) (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). Within
30 days following a Triggering Event, unless the Company has exercised its right to redeem all of the Notes pursuant to Section 2.03 hereof or Section 4.07 of the Base Indenture, the Company will mail a notice of such Triggering Event
Offer to each Holder or otherwise give notice in accordance with the applicable procedures of DTC, with a copy to the Trustee, stating: 

(i)    that a Triggering Event Offer is being made pursuant to this Section 2.05, including a
description of the transaction or transactions that constitute the Triggering Event, and that all Notes properly tendered pursuant to such Triggering Event Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101%
of the aggregate principal amount of such Notes plus accrued and unpaid interest, if any, on such Notes to the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest
Payment Date); 
 (ii)    the purchase date (which shall be no earlier than 30 days and no later than 60
days from the date such notice is mailed) (the “Triggering Event Payment Date”); 

(iii)    that Notes must be tendered in amounts of US$200,000 or multiples of US$1,000 in excess thereof,
and any Note not properly tendered will remain outstanding and continue to accrue interest; 

(iv)    that, unless the Company defaults in the payment of the Triggering Event Payment, any Note accepted
for payment pursuant to the Triggering Event Offer will cease to accrue interest on and after the Triggering Event Payment Date; 

(v)    that Holders electing to have any Notes purchased pursuant to a Triggering Event Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Triggering Event Payment Date; 
 (vi)    that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided that the Paying Agent receives at the address specified in the notice, not later than the close of business
on the 30th day following the date of the Triggering Event notice, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes the principal amount of Notes tendered for purchase, and a statement that such Holder
is withdrawing its tendered Notes and its election to have such Notes purchased; 
 (vii)    that if a
Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to US$200,000 or an integral
multiple of US$1,000 in excess thereof); and (viii) the other instructions, as determined by the Company consistent with this Section 2.05, that a Holder must follow. 

  
 10 

 The notice, if sent in a manner herein provided, shall be conclusively presumed to have been
given, whether or not the Holder receives such notice. If (A) the notice is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but is defective, such Holder’s failure to
receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 

(b)    On the Triggering Event Payment Date, the Company will, to the extent lawful: 

(i)    accept for payment all Notes or portions of Notes (of US$200,000 or integral multiples of US$1,000
in excess thereof) properly tendered pursuant to the Triggering Event Offer; 
 (ii)    deposit with the
Paying Agent, one Business Day prior to the Triggering Event Payment Date, an amount equal to the Triggering Event Payment in respect of all Notes or portions of Notes properly tendered; and 

(iii)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with the terms of this Section 2.05. 

(c)    The Paying Agent shall promptly mail, to each Holder who properly tendered Notes, the purchase price for such Notes
properly tendered, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided
that each new Note will be in a principal amount of US$200,000 or a multiple of US$1,000 in excess thereof. 
 (d)    If
the Triggering Event Payment Date is on or after the relevant Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest to the Triggering Event Payment Date shall be paid on such Interest Payment Date to the
Person in whose name a Note is registered at the close of business on such Record Date. 
 (e)    The Company will not
be required to make a Triggering Event Offer upon a Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases
all Notes properly tendered and not withdrawn under its offer. In the event that such third party terminates or defaults its offer, the Company will be required to make a Triggering Event Offer treating the date of such termination or default as
though it were the date of the Triggering Event. 

  
 11 

 (f)    The Company shall comply with the requirements of Rule 14e-l under the Securities Exchange Act of 1934, as amended, to the extent applicable, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Triggering Event. To the extent that the provision of any such securities laws or regulations conflicts with the Triggering Event Offer provisions of the Notes, the Company will comply with those
securities laws and regulations and will not be deemed to have breached its obligations under the Triggering Event Offer provisions of the Notes by virtue of any such conflict. 

(g)    The Trustee shall not be required to take any steps to ascertain whether a Triggering Event or any event which
could lead to a Triggering Event has occurred and shall not be responsible or liable to any person for any failure to do so. 

Section 2.06    NDRC Post-issue Filing. The Company will notify the Trustee if it does not file or cause to be
filed with the NDRC the requisite information and documents required to be filed with the NDRC within 10 PRC Business Days after the completion of the Notes issuance in accordance with the Circular on Promoting the Reform of the Administrative
System on the Issuance by Enterprises of Foreign Debt Filings and Registrations
(国家发展改革委关于推进企业发行外债备案登记制管理改革的通知[2015]2044
号) issued by the NDRC and which came into effect on September 14, 2015 and any implementation rules as issued by the NDRC as in effect at such time (the “Post-Issuance Filing”). Such notification to the
Trustee shall be made within 10 PRC Business Days after such failure to complete the Post-Issuance Filing. 
 The Trustee shall have no
obligation or duty to monitor or ensure or to assist with the Post-Issuance Filing on or before the relevant deadline or to verify the accuracy, validity and/or genuineness of any documents in relation to or in connection with the Post-Issuance
Filing and/or the relevant documents evidencing the Post-Issuance Filing or to give notice to the Holders confirming the completion of the Post-Issuance Filing, and shall not be liable to Holders or any other person for not doing so. 

Section 2.07    Covenant Defeasance. Upon the Company’s exercise under Section 12.03(a) of the Base
Indenture of the option applicable to Section 12.03(c) thereof, the Company shall, subject to the satisfaction of the conditions set forth in Section 12.03(d) thereof, be released from its obligations under the covenants contained in
Section 6.04 and Section 6.06 thereof and from its obligations under the covenants contained in Section 2.04 and Section 2.05 of this First Supplemental Indenture, on and after the date the conditions set forth in
Section 12.03(d) thereof are satisfied. 
 Section 2.08    Supplemental Indentures. 

(a)    Definition of “Principal Controlled Entity” under Section 1.01 of the Base Indenture shall be
replaced in its entirety by the following with respect to the Notes only: 
 “Principal Controlled Entities” at any time
shall mean one of the Non-listed Controlled Entities of the Company: 
 (i)    as
to which one or more of the following conditions is/are satisfied: 
 (A)    its total revenue or (in
the case of one of the Non-listed Controlled Entities of the Company which has one or more Non-listed Controlled Entities) consolidated total revenue attributable to the
Company is at least 10% of the consolidated total revenue of the Company; 

  
 12 

 (B)    its net profit or (in the case of one of the Non-listed Controlled Entities of the Company which has one or more Non-listed Controlled Entities) consolidated net profit attributable to the Company (in each case before
taxation and exceptional items) is at least 10% of the consolidated net profit of the Company (before taxation and exceptional items); or 

(C)    its net assets or (in the case of one of the Non-listed
Controlled Entities of the Company which has one or more Non-listed Controlled Entities) consolidated net assets attributable to the Company (in each case after deducting minority interests in Subsidiaries)
are at least 10% of the consolidated net assets of the Company (after deducting minority interests in Subsidiaries); 
 all
as calculated by reference to the then latest audited financial statements (consolidated or, as the case may be, unconsolidated) of the Non-listed Controlled Entity of the Company and the then latest audited
consolidated financial statements of the Company; provided that, in relation to clauses (A), (B) and (C) above: 

(1)    in the case of a corporation or other business entity becoming a
Non-listed Controlled Entity after the end of the financial period to which the latest consolidated audited accounts of the Company relate, the reference to the then latest consolidated audited accounts of the
Company and its Non-listed Controlled Entities for the purposes of the calculation above shall, until the consolidated audited accounts of the Company for the financial period in which the relevant corporation
or other business entity becomes a Non-listed Controlled Entity are issued, be deemed to be a reference to the then latest consolidated audited accounts of the Company and its
Non-listed Controlled Entities adjusted to consolidate the latest audited accounts (consolidated in the case of a Non-listed Controlled Entity which itself has Non-listed Controlled Entities) of such Non-listed Controlled Entity in such accounts; 

(2)    if at any relevant time in relation to the Company or any
Non-listed Controlled Entity which itself has Non-listed Controlled Entities, no consolidated accounts are prepared and audited, total revenue, net profit or net assets
of the Company and/or any such Non-listed Controlled Entity shall be determined on the basis of pro forma consolidated accounts prepared for this purpose by or on behalf of the Company; 

(3)    if at any relevant time in relation to any Non-listed
Controlled Entity, no accounts are audited, its net assets (consolidated, if appropriate) shall be determined on the basis of pro forma accounts (consolidated, if appropriate) of the relevant Non-listed
Controlled Entity prepared for this purpose by or on behalf of the Company; and 

  
 13 

 (4)    if the accounts of any Non-listed Controlled Entity (not being a Non-listed Controlled Entity referred to in proviso (1) above) are not consolidated with the accounts of the Company, then the
determination of whether or not such Non-listed Controlled Entity is a Principal Controlled Entity shall be based on a pro forma consolidation of its accounts (consolidated, if appropriate) with the
consolidated accounts of the Company (determined on the basis of the foregoing); or 
 (ii)    to which
is transferred all or substantially all of the assets of a Controlled Entity which immediately prior to the transfer was a Principal Controlled Entity; provided that, with effect from such transfer, the Controlled Entity which so
transfers its assets and undertakings shall cease to be a Principal Controlled Entity (but without prejudice to paragraph (i) above) and the Controlled Entity to which the assets are so transferred shall become a Principal Controlled Entity.

 An Officers’ Certificate delivered to the Trustee certifying in good faith as to whether or not a Non-listed Controlled Entity is a Principal Controlled Entity shall be conclusive in the absence of manifest error and the Trustee shall be entitled to rely conclusively upon such Officers’ Certificate (without
further investigation or enquiry) and shall not be liable to any person for so accepting and relying on such Officers’ Certificate. 

(b)    Section 7.01(e) of the Base Indenture shall be replaced in its entirety by the following with respect to the Notes
only: 
 (i) there occurs with respect to any indebtedness of the Company, whether such indebtedness exists as of the date
hereof or shall hereafter be created, (A) an event of default that has resulted in the holder thereof declaring the principal of such indebtedness to be due and payable prior to its stated maturity or (B) a failure to make a payment of
principal, interest or premium when due (after giving effect to the expiration of any applicable grace period therefor, a “Payment Default”) and, in each case, such default continues for more than 30 days after the expiration of any grace
period or extension of time for payment applicable thereto; provided that any such Event of Default shall be deemed cured and not continuing upon payment of such indebtedness, rescission of such declaration of acceleration, or waiver or with consent
of the applicable lender; and (ii) the outstanding principal amount of such indebtedness, together with the outstanding principal amount of any other indebtedness of the Company under which there has been a Payment Default or the maturity of
which has been so accelerated, is equal to or exceeds the greater of (x) US$100,000,000 (or the Dollar Equivalent thereof) and (y) 2.5% of the Total Equity of the Company; 

  
 14 

 (c)    Section 7.01(f) of the Base Indenture shall be replaced in its
entirety by the following with respect to the Notes only: 
 one or more final judgments or orders for the payment of money
are rendered against the Company and are not paid or discharged, and there is a period of 90 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not
paid or discharged against the Company (net of any amounts that the Company’s insurance carriers have paid or agreed to pay with respect thereto under applicable policies) to exceed the greater of (x) US$100,000,000 (or the Dollar
Equivalent thereof) and (y) 2.5% of the Total Equity of the Company, during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 

(d)    Section 14.01(h) of the Base Indenture shall be replaced in its entirety by the following with respect to the
Notes only: 
 “to conform the text of this Indenture or any series of the Securities to any provision of the
section entitled “Description of Debt Securities” in the Prospectus or of the section entitled “Description of the Notes” in the Prospectus Supplement to the extent that such provision in the Prospectus or the
Prospectus Supplement, as the case may be, was intended to be a verbatim recitation of a provision of this Indenture or such series of the Securities as evidenced by an Officers’ Certificate;” 

(e)    Clause (xi) of Section 14.02(a) of the Base Indenture shall be replaced in its entirety by the following
with respect to the Notes only: 
 “reduce the amount of the premium payable upon the redemption or repurchase of any
Security or change the time at which any Security may be redeemed or repurchased as described in Section 4.07 of the Base Indenture or as described in Section 2.03 or 2.05 of the First Supplemental Indenture, whether through an amendment
or waiver of provisions in the covenants, definitions or otherwise (except through amendments to the definition of “Triggering Event” if applicable).” 

ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.01    Confirmation of Indenture. The Base Indenture, as supplemented and amended by this First
Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this First Supplemental Indenture and all indentures supplemental thereto with respect to the Notes shall be read, taken and construed as one and the same
instrument. 
 Section 3.02    Severability. If any provision in this First Supplemental Indenture or in the
Notes shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions in this First Supplemental Indenture or in the Notes shall be construed as though such invalid, illegal or unenforceable provision were
not contained herein. 
 Section 3.03    Conflicts with Base Indenture. In the event that any provision of
this First Supplemental Indenture limits, qualifies or conflicts with a provision of the Base Indenture, such provision of the First Supplemental Indenture shall prevail. 

  
 15 

 Section 3.04    Benefits of Indenture. Nothing in this First
Supplemental Indenture expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties hereto and their successors and the Holders of
the Notes any benefit or any right, remedy or claim under or by reason of this First Supplemental Indenture or the Base Indenture or any covenant, condition, stipulation, promise or agreement hereof or thereof, and all covenants, conditions,
stipulations, promises and agreements contained herein or therein shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the Notes. 

Section 3.05    Counterparts. This First Supplemental Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 3.06    Governing Law; Waiver of Trial by Jury. This First Supplemental Indenture and the Notes shall
be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

Section 3.07    Recitals. The recitals contained herein shall be taken as the statements of the Company and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

THE COMPANY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS FIRST SUPPLEMENTAL INDENTURE. 
 [Signatures on following
page] 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed as of the date first written above. 
  

			
	Very truly yours,
	
	TENCENT MUSIC ENTERTAINMENT GROUP
		
	By:	 	/s/ Cussion Kar Shun Pang
	Name:	 	Cussion Kar Shun Pang
	Title:	 	Chief Executive Officer

 
			
	THE BANK OF NEW YORK MELLON 
as Trustee
		
	By:	 	/s/ Vivian Hui
	Name:	 	Vivian Hui
	Title:	 	Vice President

  
 A-2 

 EXHIBIT A 

FORM OF 1.375% NOTES DUE 2025 

FACE OF NOTE 

[For Inclusion in a Global Security only — UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 TENCENT MUSIC ENTERTAINMENT GROUP

 1.375% Note Due 2025 
 PRINCIPAL AMOUNT:
US$300,000,000 
 CUSIP: 88034PAA7 

No.:                         
        
 Tencent Music Entertainment Group, an exempted company incorporated in the Cayman Islands
(the “Company,” which term includes any successor thereto under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co, or registered assigns, the principal sum of THREE
HUNDRED MILLION U.S. DOLLARS (US$300,000,000) (or such other principal amount as shall be set forth in the Schedule of Increases or Decreases in Note attached hereto) on September 3, 2025, or on such earlier date as the principal
hereof may become due in accordance with the provisions of this Note. 
 Interest Rate: 1.375% per annum. 

Interest Payment Dates: March 3 and September 3 of each year, commencing on March 3, 2021. 

Record Dates: February 16 and August 19. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually or electronically signed by the Trustee under the Indenture referred to on the reverse hereof. 

  
 A-1 

 IN WITNESS WHEREOF, TENCENT MUSIC ENTERTAINMENT GROUP has caused this Note to be duly
executed. 
  

			
	TENCENT MUSIC ENTERTAINMENT GROUP
		
	By:	 	            
	Name:	 	
	Title:	 	

  
 A-2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Date: 
  

			
	THE BANK OF NEW YORK MELLON 
as Trustee
		
	By:	 	            
	Name:	 	
	Title:	 	

  
 A-3 

 FORM OF REVERSE OF NOTE 

TENCENT MUSIC ENTERTAINMENT GROUP 

1.375% Note Due 2025 

This Note is one of a duly authorized issue of debt securities of the Company of the series designated as the “1.375% Notes due
2025” (the “Notes”), all issued or to be issued under and pursuant to an Indenture, dated as of September 3, 2020 (the “Base Indenture”), duly executed and delivered by and between the Company and The Bank
of New York Mellon, a banking corporation organized and existing under the laws of the State of New York with limited liability, as trustee (the “Trustee,” which term includes any successor trustee), as supplemented by the First
Supplemental Indenture, dated as of September 3, 2020 (the “First Supplemental Indenture”), duly executed and delivered by and between the Company and the Trustee. The Base Indenture as supplemented and amended by the First
Supplemental Indenture and all indentures supplemental thereto with respect to the Notes is referred to herein as the “Indenture”. Capitalized terms used herein and not otherwise defined shall have the meanings given them in the
Indenture. 
 1.    Interest. The Company promises to pay interest on the principal amount of this Note at a rate
of 1.375% per annum. The Company will pay interest semi-annually in arrears on March 3 and September 3 of each year. If a payment date is not a Business Day as defined in the Indenture at a Place of Payment, payment may be
made at that place on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2.    Method of Payment. The Company shall pay interest on
the Notes (except Defaulted Interest), if any, to the Persons in whose name such Notes are registered at the close of business on the Record Date referred to on the face of this Note for such interest installment. In the event that the Notes or a
portion thereof are called for redemption, and the Redemption Date is subsequent to a Record Date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Notes will instead be paid upon presentation and
surrender of such Notes as provided in the Indenture. Payment of interest on the Notes shall be made, in the currency of the United States of America that at the time is legal tender for payment of public and private debts, at the Corporate Trust
Office by wire transfer or, if the Notes are in certificates form and the Company acts as its own paying agent, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address shall appear in the Register
or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the Holder. 

3.    Paving Agent and Registrar. Initially, The Bank of New York Mellon will act as Paying Agent and Registrar.
The Company may change or appoint any Paying Agent or Registrar without notice to any Noteholder. The Company may act in any such capacity. 

  
 A-4 

 4.    Indenture. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Notes are subject to all such terms, and Noteholders are referred to
the Indenture and TIA for a statement of such terms. The Notes are unsecured general obligations of the Company and constitute the series designated on the face of this Note as the “1.375% Notes due 2025,” initially limited to
US$300,000,000 in aggregate principal amount. The Company will furnish to any Noteholder upon written request and without charge a copy of the Base Indenture and the First Supplemental Indenture. Requests may be made to: Tencent Music Entertainment
Group, 17/F, Matsunichi Building, Kejizhongyi Road, Midwest District of Hi-tech Park, Nanshan District, Shenzhen, 518057, the People’s Republic of China, Attention: Chief Financial Officer. 

5.    Redemption and Repurchase. The Notes are subject to optional redemption, and may be the subject of a
mandatory redemption or offer to purchase, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes 

6.    Denominations, Transfer, Exchange. The Notes are in registered form without coupons in the denominations of
US$200,000 or any integral multiple of US$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Notes may be presented for exchange or for registration of transfer (duly
endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Registrar) at the office of the Registrar or at the office of any transfer agent designated by the Company for such purpose. The Company need
not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7.    Persons Deemed Owners. The registered Noteholder may be treated as its owner for all purposes. 

8.    Amendments, Supplements and Waivers. The Indenture and the Notes may be amended or supplemented as provided
in the Indenture. Any consent or waiver by the Noteholders as provided in the Indenture shall be conclusive and binding upon such Holders and upon all future Noteholders and holders of any security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon the Notes. 

9.    Defaults and Remedies. The Events of Default relating to the Notes are defined in Section 7.01 of the
Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Trustee and the Noteholders shall be as set forth in the applicable provisions of the Indenture. 

10.    No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained
in the Indenture or the Notes, or because of any indebtedness evidenced thereby, shall be had against any incorporator as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

  
 A-5 

 11.    Authentication. This Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual or electronic signature of the Trustee. 

12.    Governing Law. The Base Indenture, the First Supplemental Indenture and this Note shall be deemed to be
contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

  
 A-6 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE]
                                         
                                   . 

[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]
                                         
                    the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                        Attorney to transfer such Note on the books of the Company, with full power of substitution in the
premises. 
  

							
		 		  		 	Signature:
				
	Dated:	 	  
	  		 	  

		 		  		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

  
 A-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 2.05 of the First Supplemental Indenture, check the
box below: 
 ☐  Section 2.05 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 2.05 of the First Supplemental Indenture,
state the amount you elect to have purchased: 

US$                      
   
  
  

							
	Dated:	 	  
	  	Your Signature:	  	  

	 	 	 	  	 	  	Sign exactly as your name appears on the face of
this Note)
				
		 		  	Tax Identification No:	  	  

  
 A-8 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE* 

The initial principal amount of this Note is US$300,000,000. The following increases or decreases in a part of this Note have been made: 

 

							
	Date	 	 Amount of decrease in

principal amount of
 this
Note
	 	 Amount of increase in

principal amount of this

Note
	 	 Principal amount of

this Note following
 such
decrease
 (or increase)

		 		 		 	

  

	*	 Insert in Global Notes. 

  
 A-9 

 EXHIBIT B 

FORM OF 2.000% NOTES DUE 2030 

FACE OF NOTE 

[For Inclusion in a Global Security only — UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 TENCENT MUSIC ENTERTAINMENT GROUP

 2.000% Note Due 2030 
 PRINCIPAL AMOUNT:
US$500,000,000 
 CUSIP: 88034PAB5 

No.:                 

TENCENT MUSIC ENTERTAINMENT GROUP, an exempted company incorporated in the Cayman Islands (the “Company,” which term includes
any successor thereto under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co, or registered assigns, the principal sum of FIVE HUNDRED MILLION U.S. DOLLARS (US$500,000,000) (or
such other principal amount as shall be set forth in the Schedule of Increases or Decreases in Note attached hereto) on September 3, 2030, or on such earlier date as the principal hereof may become due in accordance with the provisions of
this Note. 
 Interest Rate: 2.000% per annum. 
 Interest
Payment Dates: March 3 and September 3 of each year, commencing on March 3, 2021. 
 Record Dates: February 16 and August 19. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually or electronically signed by the Trustee under the Indenture referred to on the reverse hereof. 

  
 B-1 

 IN WITNESS WHEREOF, TENCENT MUSIC ENTERTAINMENT GROUP has caused this Note to be duly
executed. 
  

			
	TENCENT MUSIC ENTERTAINMENT GROUP
		
	By:	 	            
	Name:	 	
	Title:	 	

  
 B-2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Date: 
  

			
	THE BANK OF NEW YORK MELLON, 
as Trustee
		
	By:	 	            
	Name:	 	
	Title:	 	

  
 B-3 

 FORM OF REVERSE OF NOTE 

TENCENT MUSIC ENTERTAINMENT GROUP 

2.000% Note Due 2030 

This Note is one of a duly authorized issue of debt securities of the Company of the series designated as the “2.000% Notes due
2030” (the “Notes”), all issued or to be issued under and pursuant to an Indenture, dated as of September 3, 2020 (the “Base Indenture”), duly executed and delivered by and between the Company and The Bank
of New York Mellon, a banking corporation organized and existing under the laws of the State of New York with limited liability, as trustee (the “Trustee,” which term includes any successor trustee), supplemented by the First
Supplemental Indenture, dated as of September 3, 2020 (the “First Supplemental Indenture”), duly executed and delivered by and between the Company and the Trustee. The Base Indenture as supplemented and amended by the First
Supplemental Indenture and all indentures supplemental thereto with respect to the Notes is referred to herein as the “Indenture”. Capitalized terms used herein and not otherwise defined shall have the meanings given them in the
Indenture. 
 1.    Interest. The Company promises to pay interest on the principal amount of this Note at a rate
of 2.000% per annum. The Company will pay interest semi-annually in arrears on March 3 and September 3 of each year. If a payment date is not a Business Day as defined in the Indenture at a Place of Payment, payment may be
made at that place on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2.    Method of Payment. The Company shall pay interest on
the Notes (except Defaulted Interest), if any, to the Persons in whose name such Notes are registered at the close of business on the Record Date referred to on the face of this Note for such interest installment. In the event that the Notes or a
portion thereof are called for redemption, and the Redemption Date is subsequent to a Record Date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Notes will instead be paid upon presentation and
surrender of such Notes as provided in the Indenture. Payment of interest on the Notes shall be made, in the currency of the United States of America that at the time is legal tender for payment of public and private debts, at the Corporate Trust
Office by wire transfer or, if the Notes are in certificates form and the Company acts as its own paying agent, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address shall appear in the Register
or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the Holder. 

3.    Paying Agent and Registrar. Initially, The Bank of New York Mellon will act as Paying Agent and Registrar.
The Company may change or appoint any Paying Agent or Registrar without notice to any Noteholder. The Company may act in any such capacity. 

4.    Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and TIA for a statement of such
terms. The Notes are unsecured general obligations of the Company and constitute the series designated on the face of this Note as the “2.000% Notes due 2030,” initially limited to US$500,000,000 in aggregate principal amount. The Company
will furnish to any Noteholder upon written request and without charge a copy of the Base Indenture and the First Supplemental Indenture. Requests may be made to: Tencent Music Entertainment Group, 17/F, Matsunichi Building, Kejizhongyi Road,
Midwest District of Hi-tech Park, Nanshan District, Shenzhen, 518057, the People’s Republic of China, Attention: Chief Financial Officer. 

  
 B-4 

 5.    Redemption and Repurchase. The Notes are subject to
optional redemption, and may be the subject of a mandatory redemption or offer to purchase, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 6.    Denominations, Transfer, Exchange. The Notes are in registered form without coupons in the denominations
of US$200,000 or any integral multiple of US$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Notes may be presented for exchange or for registration of transfer (duly
endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Registrar) at the office of the Registrar or at the office of any transfer agent designated by the Company for such purpose. The Company need
not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7.    Persons Deemed Owners. The registered Noteholder may be treated as its owner for all purposes. 

8.    Amendments, Supplements and Waivers. The Indenture and the Notes may be amended or supplemented as provided
in the Indenture. Any consent or waiver by the Noteholders as provided in the Indenture shall be conclusive and binding upon such Holders and upon all future Noteholders and holders of any security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon the Notes. 

9.    Defaults and Remedies. The Events of Default relating to the Notes are defined in Section 7.01 of the
Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Trustee and the Noteholders shall be as set forth in the applicable provisions of the Indenture. 

10.    No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained
in the Indenture or the Notes, or because of any indebtedness evidenced thereby, shall be had against any incorporator as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

  
 B-5 

 11.    Authentication. This Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual or electronic signature of the Trustee. 

12.    Governing Law. The Base Indenture, the First Supplemental Indenture and this Note shall be deemed to be
contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

  
 B-6 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE]
                                         
                   . 
 [PLEASE PRINT OR
TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]
                                         
                    the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                     Attorney to transfer such
Note on the books of the Company, with full power of substitution in the premises. 
  

							
	 	 	 	  	 	  	Signature:
				
	Dated:	 	  
	  		  	  

		 		  		  	NOTICE: The signature to this assignment must correspond with name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

  
 B-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 2.05 of the First Supplemental Indenture, check the
box below: 
 ☐  Section 2.05 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 2.05 of the First Supplemental Indenture,
state the amount you elect to have purchased: 

US$                     

 
  

							
	Dated:	 	  
	  	Your Signature:	  	  

	 	 	 	  	 	  	Sign exactly as your name appears on the face of
this Note)
				
		 		  	Tax Identification No:	  	  

  
 B-8 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE* 

The initial principal amount of this Note is US$500,000,000. The following increases or decreases in a part of this Note have been made: 

 

							
	Date	 	 Amount of decrease

in principal amount
 of this
Note
	 	 Amount of increase in

principal amount of
 this
Note
	 	 Principal amount of this

Note following such
 decrease (or
increase)

		 		 		 	

  
  

	*	 Insert in Global Notes. 

  
 B-9EX-10.5

 Exhibit 10.5 

TPG Pace III Holdings Corp. 
 c/o
TPG Global, LLC 
 301 Commerce St., Suite 3300 

Fort Worth, TX 76102 
  

			
	 TPG Pace III Sponsor (Series S)
 301 Commerce
St., Suite 3300
 Fort Worth, TX 76102
	  	October 16, 2019

  

	 	RE:	 Securities Subscription Agreement 

Ladies and Gentlemen: 
 This agreement and the
terms hereof (this “Agreement”) memorializes the purchase of 20,000,000 of Class F ordinary shares (the “Shares”), $0.0001 par value per share (the “Class F Shares”)
in TPG Pace III Holdings Corp., a Cayman Islands exempted company (the “Company”) by TPG Pace III Sponsor (Series S), a series of TPG Pace III Sponsor, Series LLC, a Delaware series limited liability company (the
“Subscriber” or “you”), which occurred on August 12, 2019 (the “Effective Date”). For the purposes of this Agreement, references to “Ordinary Shares” are to, collectively, the
Class F Shares and the Company’s Class A ordinary shares, $0.0001 par value per share (the “Class A Shares”). Pursuant to the Company’s memorandum and articles of association, as amended to the
date hereof (the “Articles”), Class F Shares will convert into Class A Shares on a one-for-one basis, subject to adjustment, upon the terms
and conditions set forth in the Articles. Unless the context otherwise requires, as used herein “Shares” shall be deemed to include any Class A Shares issued upon conversion of the Class F Shares comprising the Shares. The terms
on which the Company sold the Shares to the Subscriber on the Effective Date, and the Company and the Subscriber’s agreements regarding such Shares, are as follows: 

1. Purchase of Shares. 

With effect as of the Effective Date, for the sum of $25,000 (the “Purchase Price”), which the Company acknowledges
receiving in cash, the Company sold and issued the Shares to the Subscriber, and the Subscriber purchased the Shares from the Company, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the
Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the Shares (the “Original Certificate”) or effect such
delivery in book-entry form. Any future forfeiture of shares of the Company (as agreed between the Subscriber and the Company) shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands law. 

 2. Representations, Warranties and Agreements. 

2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows (such representations being true as of the Effective Date or the date hereof, as applicable): 

2.1.1 No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed
upon or made any recommendation or endorsement of the offering of the Shares. 
 2.1.2 No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber,
(ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is
subject. 
 2.1.3 Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing
and in good standing under the laws of the State of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid
and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of
creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

2.1.4 Experience, Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and
is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities
Act (as defined below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its investment in the
Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an
exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares. 

2.1.5 Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had
the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional
information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding of the Company and its business based upon
Subscriber’s own due diligence investigation and the information 

  
 2 

 
furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this
Section 2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects. 

2.1.6 Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited
investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law. 

2.1.7 Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the
Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general
solicitation or general advertising within the meaning of Rule 502 under the Securities Act. 
 2.1.8 Restrictions on
Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to
offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration.
Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the
Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares
until one year following consummation of the initial business combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. 

2.1.9 No Governmental Consents. No governmental, administrative or other third party consents or approvals are required,
necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement. 

  
 3 

 2.2 Company’s Representations, Warranties and Agreements. To induce the
Subscriber to purchase the Shares, the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows: 

2.2.1 Organization and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business
in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and
authority necessary to carry out the transactions contemplated by this Agreement. 
 2.2.2 No Conflicts. The
execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Memorandum and Articles of Association of the
Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is
subject. 
 2.2.3 Title to Shares. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and
registration on the register of members of the Company, the Shares will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will have or receive good
title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements to which the Shares may be subject, (b) transfer restrictions under
federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber. 

2.2.4 No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or
affecting the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover
damages or to obtain other relief in connection with any transactions. 
 2.2.5 Authorization. The Class A Shares
issuable upon conversion of the Class F Shares have been duly authorized and reserved for issuance upon such conversion. 
 2.3
Termination of Rights as Shareholder. If any of the Shares are forfeited, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares. 
 2.4 Share Certificates. In the event an adjustment to the Original
Certificate, if any, is required pursuant to this Section 3, then the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its receipt of notice from the Company advising
Subscriber of such adjustment, following which a new certificate (the “New Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if any, shall
be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form. 

  
 4 

 3. Waiver of Liquidation Distributions; Redemption Rights. In connection with the
Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be established for the benefit of the
Company’s public shareholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete
an initial business combination. For purposes of clarity, in the event the Subscriber purchases securities in the IPO or in the aftermarket, any Class A Shares so purchased shall be eligible to receive any liquidating distributions by the
Company. However, in no event will the Subscriber have the right to redeem any Ordinary Shares held by it into funds held in the Trust Account upon the successful completion of an initial business combination. 

4. Restrictions on Transfer. 

4.1 Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an
“Insider Letter”) to be dated on or prior to the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has
received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange
Commission thereunder and with all applicable state securities laws. 
 4.2 Restrictive Legends. All certificates representing the
Shares shall have endorsed thereon legends substantially as follows: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.” 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP.” 

  
 5 

 4.3 Additional Shares or Substituted Securities. In the event of the declaration of a
share dividend, the declaration of an extraordinary dividend payable in a form other than shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this
Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the
number and/or class of Shares subject to this Section 5 and Section 3. 
 4.4 Registration Rights. Subscriber acknowledges
that the Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a registration rights
agreement to be entered into with the Company prior to the closing of the IPO (the “Registration Rights Agreement”). 
 5. Other
Agreements. 
 5.1 Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as
may reasonably be necessary to carry out the intent of this Agreement. 
 5.2 Notices. All notices, statements or other documents
which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

5.3 Entire Agreement. This Agreement, the Insider Letter and the Registration Rights Agreement each, substantially in the form to be
filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and
understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms
and provisions of this Agreement. 
 5.4 Modifications and Amendments. The terms and provisions of this Agreement may be modified or
amended only by written agreement executed by all parties hereto. 
 5.5 Waivers and Consents. The terms and provisions of this
Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a
waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent. 

  
 6 

 5.6 Assignment. The rights and obligations under this Agreement may not be assigned
by either party hereto without the prior written consent of the other party. 
 5.7 Benefit. All statements, representations,
warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to
create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

5.8 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. 

5.9 Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and
effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect 

5.10 No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this
Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any
abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a
party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand. 

5.11 Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in
any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties. 

5.12 No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any
claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any
such claim. 

  
 7 

 5.13 Headings and Captions. The headings and captions of the various subdivisions of
this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

5.14 Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
signature page were an original thereof. 
 5.15 Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this
Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly
so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that
such party hereto is in breach of the first representation, warranty, or covenant. 
 5.16 Mutual Drafting. This Agreement is the
joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

6. Voting and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s shareholders and shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the
Company’s shareholders in connection with an initial business combination negotiated by the Company. 

  
 8 

 7. Indemnification. Each party shall indemnify the other against any loss, cost or
damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement. 

If the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of the Agreement and return it to us.

  

			
	Very truly yours,
	
	TPG PACE III HOLDINGS CORP.
		
	By:	 	 /s/ Michael LaGatta

	Name:	 	Michael LaGatta
	Title:	 	Vice President

 Accepted and agreed this 16th day of October, 2019 

 

			
	TPG Pace III Sponsor (Series S)
	By its Managing Member
	TPG Pace Governance, LLC
		
	By:	 	 /s/ Ken Murphy

	Name:	 	Ken Murphy
	Title:	 	Vice President

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]