May 2013

China’s Leading New Media Platform:

Where Internet, Mobile and TV Truly Converge

Phoenix New Media (NYSE: FENG)

2

Disclaimer

This presentation contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private

Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “will,” “expects,”

“anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and

quotations from management in this presentation, as well as Phoenix New Media’s strategic and operational plans, contain forward−looking

statements. Phoenix New Media may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and

Exchange Commission (“SEC”) on Forms 20−F and 6−K in its annual report to shareholders, in press releases and other written materials

and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including

statements about Phoenix New Media’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve

inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any

forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business

development, financial condition and results of operations; the expected growth of the online and mobile advertising, online video and

mobile paid service markets in China; the Company’s reliance on online advertising and MIVAS for the majority of its total revenues; the

Company’s expectations regarding demand for and market acceptance of its services; the Company’s expectations regarding the retention

and strengthening of its relationships with advertisers, partners and customers; fluctuations in the Company’s quarterly operating results;

the Company’s plans to enhance its user experience, infrastructure and service offerings; the Company’s reliance on mobile operators in

China to provide most of its MIVAS; changes by mobile operators in China to their policies for MIVAS; competition in its industry in China;

and relevant government policies and regulations relating to the Company. Further information regarding these and other risks is included

in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual report on Form 20−F.

All information provided in this presentation is as of the date of this presentation, and Phoenix New Media does not undertake any

obligation to update any forward−looking statement, except as required under applicable law.

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Company Snapshot

Exchange / Ticker NYSE: FENG

Market Cap US$343 MM

Price US$4.36

Weighted Avg. ADS

Outstanding 78.8 MM

Analysts Coverage

Morgan Stanley - Gillian Chung

Deutsche Bank - Alan Hellawell

Macquarie Group - Jiong Shao

CICC - Martin Bao

Guosen Securities (HK) - Eric Qiu

GuoYuan Securities (HK) - Chengru Li

CITIC Securities - Yi Guo

*As of May 15, 2013

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China’s Leading New Media Platform: Where Internet, Mobile and TV Truly Converge

Notes

1. iResearch’s iUserTracker ranking for March 2013

2. Since July 2010 by Alexa.com

3. Operating statistics in March 2013 (company data)

#6-ranked Chinese website by monthly unique

visitor(1)

#1-ranked news channel by page view(2)

>260MM monthly online unique visitors(1)

#7-ranked Chinese website by monthly time

spent(1)

>18MM daily mobile unique visitors (3)

5

Impressive User Base Among Chinese Internet

Giants

183,830

240,820

245,180

246,920

262,680

279,590

308,260

338,820

409,250

419,270

0 100,000 200,000 300,000 400,000 500,000

SINA WEIBO

TAOBAO

YOKU

NETS

FENG

QIHU

SOHU

SINA

BIDU

TENCENT

(unit: 1,000)

Monthly Unique Visitors

Source: iResearch / iUserTracker 2013-03

112,270

131,180

206,160

244,880

382,330

441,780

564,830

635,800

1,101,080

0 500,000 1,000,000 1,500,000

NTES

QIHU

FENG

SINA

TAOBAO

SOHU

YOKU

BIDU

TENCENT

(unit: 1,000 hours)

Monthly User Time Spent

Leading New Media Convergence Platform

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Internet •Portal (40+ Channels)

•Blog

•Web-based Game Platform

Mobile •3g Portal

•Mobile Apps

•Digital Reading

•Mobile Video

•Mobile Game

•WVAS

Video •Professional News

•Documentaries

•In-house Produced

Content

Premium exclusive content

from Phoenix TV

Three avenues for connecting with end users

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1998 2005 2006 2007 2009 2010 2011

Phoenix TV founded- a

Leading Chinese

Language TV Network

2nd largest shareholder of

Phoenix TV VC investors

2008

Unique Roots

IPO on NYSE:

May 12, 2011

1996

“New Media” subsidiary

established

Spin-off and established

converged tech platform

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Preferred Media Destination for Mainstream

Internet Users

#1 home page Daily Unique Visitor among all portals since Sep

2012.

Only portal among top-5 with MoM UV and time spent increases in

the era of social network.

Source: iResearch data, Since Oct 2011

ifeng strong media DNA from PTV

Diverse and Premium

Content Editing and Production

Capability

3rd party content Phoenix TV

content

In-house

produced

content

UGC

Higher user demographic with better education, higher income and

more mature.

Daily UV: 49% Increase YoY :

Daily PV: 11% Increase YoY

Source: iResearch / iUserTracker

Traffic Growth on ifeng.com

22.9 34.2

298

330

200

300

400

0

10

20

30

40

Mar-12 Mar-13

Daily UV Daily PV

(mm)

9

Differentiated & Profitable Online Video Strategy

Online Video Mobile Video

Professional News & short-form video clips

Phoenix TV + Differentiated 3rd party video

Low content and bandwidth cost

Highly suitable for mobile consumption

High ad frequency

Daily UV: 61% Increase YoY

Daily PV: 63% Increase YoY

Traffic Growth on v.ifeng

7.9

12.7

35

57

0

20

40

60

0

4

8

12

16

Mar-12 Mar-13

Daily UV Daily PV

(mm)

Source: iResearch / iUserTracker

10

APP “ifeng News” +

“ifeng Video”

accumulated

downloaded #: 28mm

APP “ifeng FM”: one of

the most popular non-

music audio apps

Source: Company data

Innovative Mobile Paid Services + 3G Portal / APP

Mobile

Video

Digital

Book

Mobile

Newspaper

WVAS

Mobile

Apps

3G Portal

Large and quality mobile user base with strong monetization potential.

3g.ifeng.com and APPs contributed 8% of total Ad Rev in 13Q1.

Comprehensive mobile paid services coverage from 2G to 3G: Mobile

Video, Mobile Audio, Mobile Reading, Mobile Games.

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Attractive ROI Driving Strong Ad Growth

Across Portal, Video & Mobile

Source: Company data

Financial

Services

Auto

522 Adv Clients in 2012 / 241 in 1Q13

IT

Products

Consumer

Goods

Average Rev Per Advertiser

549

691

0

200

400

600

800

Mar-12 Mar-13

(RMB in Thousands)

4I for ROI

Intended target audience

Insightful content

Integrated solution

Influential brand

Near and Mid-Term Growth Strategies

Co-op and

investment for

synergy and

strategy

Grow Online Ad

Sales through

big idea + big data

Keep paid

services $ stable,

grow games $

Explore mobile

advertising

User Base

Mo

neti

zati

on

China’s media

gateway of choice

across devices

Capture news

video ad$ shift

from TV to online

Horizontally

expand female

& commercial

channels

Enhance

product

innovation and

user experience

Accelerate

3g.ifeng and

mobile app dev.

Financial Overview

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Revenue

Revenue and Profit Growth

0

30

60

90

120

150

180

2010 2011 2012 3Q12 4Q12 1Q13

Advertising Paid Services

49%

51%

64%

36% 41%

59%

84

151

176

45 48

45

(US$ MM)(1)

14.4

26.8

18.1

2.2

4.1 6.1

17.1% 17.7%

10.3%

4.9%

8.5%

13.7%

0.0%

5.0%

10.0%

15.0%

20.0%

0

5

10

15

20

25

30

2010 2011 2012 3Q12 4Q12 1Q13

Adjusted net profitAdjusted net margin-YearAdjusted net margin-Quarter

Adjusted Net Profit & Margin (Non-GAAP)

Notes

1. 1 US$ = 6.3 CNY

2. Non-GAAP net income excludes preferred shares related charges and share-based compensation expenses. Preferred shares charges: 2010: US$38.0MM; 2011: US$150.7MM. Share-based compensation expenses: 2010:

US$2.6MM; 2011: US$ 10.5MM; 2012: US$1.1MM; 3Q 2012: US$0.4MM; ; 4Q 2012: US$-0.3MM; 1Q 2013: US$-0.1MM

(US$ MM)(1)

39%

61%

49%

51%

45%

55%

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Cost of Revenues and Operating Expenses

Notes

1. Excludes share-based compensation expenses: 2010: US$2.6MM; 2011: US$7.6MM; 2012: US$1.1MM ; 3Q 2012: US$0.4MM ; 4Q 2012: US$-0.3MM ; 1Q 2013: US$-0.1MM

2. 1 US$ = 6.3 CNY

Cost of Revenues Breakdown

(Non-GAAP) (1)

28.7% 30.1%

23.7%

27.7%

15.6%

17.6%

18.7% 16.0%

20.4% 20.8%

20.1%

20.1%

3.7% 3.9% 6.1%

7.0%

6.3% 6.6%

5.4% 6.3% 6.5%

5.0%

8.5%

6.7%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 3Q12 4Q12 1Q13

Revenue Sharing Fees Content and Operational CostsBandwidth Costs Sales Tax and Surcharges

As a % of Revenues

13.5%

15.3%

17.6% 18.6%

22.1%

19.5%

5.6%

6.3%

9.2% 9.8% 9.4% 9.4%

5.7%

6.1%

8.2% 8.9%

8.0% 9.1%

0%

5%

10%

15%

20%

25%

2010 2011 2012 3Q12 4Q12 1Q13

S&M G&A R&D

Operating Expenses Breakdown

(Non-GAAP) (1)

As a % of Revenues

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Key Investment Highlights

Famous and Influential Media Brand

Multiple High-growth Revenue Streams

Robust and Scalable Technology

Highly Attractive and Fast Growing User Base

Leading Internet, Mobile and TV Convergence Platform

Exclusive and Proprietary Content

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Appendix

18

Ownership Structure

Phoenix Satellite Television Holdings Limited

Phoenix Satellite Television (B.V.I.) Holdings Limited

100%

51%

Phoenix New Media Limited

(Cayman Islands) (NYSE: FENG)

100%

12% 37%

Other Morningside

Bertelsmann Asia

Fenghuang On-line (Beijing) Information Technology

Co., Ltd.

100%

Yifeng Lianhe (Beijing) Technology

Co., Ltd.

Beijing Tianying Jiuzhou Network

Technology Co., Ltd.

100%

Beijing Tianying Chuangzhi

Advertising Co., Ltd.

Phoenix Satellite Television Information Limited

(B.V.I.)

Phoenix New Media (Hong Kong)

Company Limited

(Hong Kong)

100%

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Ya Li

COO

Lily Liu

CFO

Shuang Liu

CEO

Executive Management

Education, Wharton School

of Business

Univ of Sci & Tech of China

MBA, MIT Sloan School of

Management

B.A., Dartmouth College

J.D., Duke Law School

B.A., University of

International Business &

Economics, Beijing

Education

18+ (Internet industry and

entrepreneurship) 12+ (finance industry) 12+ (media industry)

Years of

Experience

Selected

Experience

Phoenix TV

Management Team

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Balance Sheet

2010 2011 2012 3Q12 4Q12 1Q13

Cash and Term Deposit 45,583 187,490 182,725 177,311 182,725 189,361

Accounts Receivable 12,229 32,079 44,601 49,030 44,601 42,363

Prepayment 3,078 7,355 6,755 12,195 6,755 5,692

Total Current Assets 63,604 239,038 246,989 251,606 246,989 254,739

PP&E 3,827 6,510 16,277 15,854 16,277 15,091

Total Non-Current Assets 7,390 9,294 19,863 18,953 19,863 18,592

Accounts Payable 8,590 19,192 24,546 27,263 24,546 25,750

Salary Payable 4,137 7,162 10,100 8,141 10,100 7,682

Total Liabilities 24,133 40,906 49,973 52,527 49,973 51,550

Total Shareholders’ Equity (15,073) 207,426 216,879 218,032 216,879 221,781

(US$ 000’s)

Key Balance Sheet Items (1)

Notes

1. 1 US$ = 6.3 CNY

2. The above table is the excerpts of Condensed Consolidated Balance Sheets

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Key Contacts

IR Team Matthew Zhao

Jessie Li

E-mail: investorrelations@ifeng.com

Website: ir.ifeng.com

IR Consultant Jeremy Peruski / ICR

US Investor Hotline: +1 (646) 405-4883