[Joint Filing Agreement [Remainder of this page has been left intentionally blank.] Dated: July 20, 2015 Jun Lei Top Brand Holdin s Limited David Xueling Li] [Non-binding Proposal Letter from the Buyer Group July 9 th , 2015 The Board of Directors YY Inc. Building 3-08, Yangcheng Creative Industry Zone No. 309 Huangpu Avenue Middle Tianhe District Guangzhou 510655 The People’s Republic of China Dear Sirs: Mr. Jun Lei , Chairman of the Board of Directors of YY Inc. (the “Company”) , and Mr. David Xueling] [CONSORTIUM AGREEMENT between JUN LEI and DAVID XUELING LI Dated as of July 20, 2015 TABLE OF CONTENTS ARTICLE I HOLDCO OWNERSHIP; ADDITIONAL CONSORTIUM MEMBERS 2 Section 1.01 Holdco Ownership and Arrangements 2 Section 1.02 Additional Consortium Members 2 ARTICLE II PARTICIPATION IN TRANSACTION; ADVISORS; APPROVALS 2 Section 2.01 Transaction Process 2 Section 2.02 Information Sharing and Roles 3 Section] []