Income tax expenses – Income tax expenses in the quarter ended March 31, 2016 were RMB1,825 million
(US$283 million), an increase of 52% compared to RMB1,203 million in the same quarter of 2015. Our
effective tax rate decreased to 23% in the quarter ended March 31, 2016 from 27% in the same quarter of
2015. Excluding share-based compensation expense, impairment of investments, as well as other unrealized
investment gain/loss, our effective tax rate would have been 14% in the quarter ended March 31, 2016.
Share of results of equity investees – Share of losses of equity investees in the quarter ended March 31,
2016 was RMB712 million (US$111 million), an increase of 81% compared to RMB394 million in the same
quarter of 2015. We record our share of results of equity investees one quarter in arrears. Share of results of
equity investee in the quarter ended March 31, 2016 consisted of the following