[Phoenix New Media Announces Change of Depositary for its ADR Program BEIJING, China, Holders of Phoenix New Media’s ADRs or American depositary shares issued in the ADR program are not required to take any action in connection with the change of depositary. JPMorgan pioneered the depositary receipts market almost 90 years ago, introducing the first ADR in 1927. JPMorgan provides] [001-35158 PHOENIX NEW MEDIA LIMITED Sinolight Plaza, Floor 16 Form 20-F x o o o Yes o x TABLE OF CONTENTS 2 PHOENIX NEW MEDIA LIMITED]

[Phoenix New Media Announces New Agreements with Phoenix TV BEIJING, China, Under the New Agreements, · · · · Each of the New Agreements (except the trademark license agreements as described above) has an initial term of three years and will expire on May 26, 2019 and may be renewed on an annual basis thereafter upon agreement of both parties.] [Program Resource License Agreement Between Phoenix Satellite Television Company Limited and Beijing Tianying Jiuzhou Network Technology Co., Ltd. Program Resource License Agreement this Agreement This Program Resource License Agreement (“ Party A Phoenix Phoenix Satellite Television Company Limited (Phoenix Satellite TV Co., Ltd., hereafter referred to as “ Registered Address: No.2-6, Dai King Street, Taipo Industrial Estate, Taipo, New Territories,] [Program Text/Graphics Resource License Agreement Between Phoenix Satellite Television Company Limited and Beijing Tianying Jiuzhou Network Technology Co., Ltd. Date : May 27, 2016 The Program Text/Graphics Resource License Agreement This “this Agreement” Party A Phoenix Phoenix Satellite Television Company Limited (Phoenix Satellite TV Co., Ltd., hereafter referred to as “ Registered Address: No.2-6, Dai King Street, Taipo Industrial Estate,] [Program Resource License Agreement Between Phoenix Satellite Television Company Limited and Yifeng Lianhe (Beijing) Technology Co., Ltd. Program Resource License Agreement this Agreement This Program Resource License Agreement (“ Party A Phoenix Phoenix Satellite Television Company Limited (Phoenix Satellite TV Co., Ltd., hereafter referred to as “ Registered Address: No.2-6, Dai King Street, Taipo Industrial Estate, Taipo, New Territories, Hong] [Program Text/Graphics Resource License Agreement Between Phoenix Satellite Television Company Limited and Yifeng Lianhe (Beijing) Technology Co., Ltd. Date : M ay 27, 2016 The Program Text/Graphics Resource License Agreement This “this Agreement” Party A Phoenix Phoenix Satellite Television Company Limited (Phoenix Satellite TV Co., Ltd., hereafter referred to as “ Registered Address: No.2-6, Dai King Street, Taipo Industrial Estate,] [Program Resource License Agreement Between Phoenix Satellite Television Company Limited and Beijing Fenghuang Interactive Entertainment Network Technology Co., Ltd Program Resource License Agreement this Agreement This Program Resource License Agreement (“ Party A Phoenix Phoenix Satellite Television Company Limited (Phoenix Satellite TV Co., Ltd., hereafter referred to as “ Registered Address: No.2-6, Dai King Street, Taipo Industrial Estate, Taipo, New] [Program Text/Graphics Resource License Agreement Between Phoenix Satellite Television Company Limited and Beijing Fenghuang Interactive Entertainment Network Technology Co., Ltd Date : May 27, 2016 The Program Text/Graphics Resource License Agreement This “this Agreement” Party A Phoenix Phoenix Satellite Television Company Limited (Phoenix Satellite TV Co., Ltd., hereafter referred to as “ Registered Address: No.2-6, Dai King Street, Taipo Industrial] [THE THIRD TO THE TRADEMARK LICENSE AGREEMENT This Supplemental Agreement is entered into by and among the following three parties: Licensor: Licensee: Yifeng Lianhe (Beijing) Technology Co., Ltd. WHEREAS: 1. Original Agreement 2. Confirmation Letter 3. Second Supplemental Agreement NOW THEREFORE, in the principle of equality and mutual benefit, the parties agree as follows, through friendly negotiation: 1. The Licensor] [001-35158 PHOENIX NEW MEDIA LIMITED Sinolight Plaza, Floor 16 Form 20-F x o o o Yes o x TABLE OF CONTENTS — Press release: Phoenix New Media Announces New Agreements with Phoenix TV — Program Resource License Agreement between Phoenix Satellite Television Company Limited and Beijing Tianying Jiuzhou Network Technology Co., Ltd., dated May 27, 2016 — Program Text/Graphics Resource]

[Phoenix New Media Announces Supplemental Agreement with Lilita BEIJING, May 17, 2016 - Phoenix New Media Limited (“Phoenix New Media”, “ifeng” or the “Company”) (NYSE: FENG), a leading new media company in China, today announced that its affiliated consolidated entity Beijing Tianying Jiuzhou Network Technology Co., Ltd. (“Tianying Jiuzhou”) has entered into a Supplemental Agreement (“Supplemental Agreement”) to revise the] [001-35158 PHOENIX NEW MEDIA LIMITED Sinolight Plaza, Floor 16 Form 20-F x o o o Yes o x TABLE OF CONTENTS 2 PHOENIX NEW MEDIA LIMITED]

[Phoenix New Media Reports First Quarter 201 6 Unaudited Financial Results 1 Q1 6 Mobile Advertising Revenues Up 115.3 % YOY Live Conference Call to be Held at 9 :00 P M U.S. Eastern Time on May 9 BEIJING, China, “ Mr. Ya Li, president of Phoenix New Media, stated, First Quarter 201 6 Financial Results REVENUES Total revenues Net] [001-35158 PHOENIX NEW MEDIA LIMITED Sinolight Plaza, Floor 16 No. 4 Qiyang Road Wangjing, Chaoyang District, Beijing, 100102 People’s Republic of China Form 20-F x o o o Yes o x TABLE OF CONTENTS 2 PHOENIX NEW MEDIA LIMITED]