Phoenix Satellite Television : PROFIT ALERT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PHOENIX MEDIA INVESTMENT (HOLDINGS) LIMITED

鳳 凰 衛 視 投 資 （ 控 股 ） 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 02008)

PROFIT ALERT

This announcement is made by Phoenix Media Investment (Holdings) Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Based on the preliminary unaudited consolidated management accounts of the Group for the financial year ended 31 December 2019 (the "Period"), the Group is expected to record an operating loss for the Period continuing the trend demonstrated by the interim results of the Group for the six months ended 30 June 2019 and published on 16 August 2019. The board of directors of the Company considers that the loss was due to severe traditional media business environment and increase in contribution to the strategic upgrade of the Group. The Group has engaged an independent valuer to conduct a valuation on the internet media's investment in Particle Inc. as at 31 December 2019 (the "Valuation"), and the result of the Valuation in turn will affect the net gain on internet media investment. As of the date of this announcement, the Company is expecting that the Valuation is very likely to have a positive impact on the consolidated results of the Group for the Period driving it back to the profit region.

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The above information is only based on a preliminary assessment by the Group's management according to the latest information currently available and the unaudited management accounts of the Group, which have not been audited or reviewed by the Company's independent auditor, nor have been reviewed by the audit committee of the Company, hence may be subject to further adjustment. The Group's results for the Period is expected to be published by end of March 2020.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board

Phoenix Media Investment (Holdings) Limited

LIU Changle

Chairman

Hong Kong, 9 March 2020

As at the date of this announcement, the board of directors of the Company comprises:

Executive Directors

Mr. LIU Changle (Chairman)(also an alternate director to Mr. CHUI Keung), Mr. CHUI Keung (also an alternate director to Mr. LIU Changle) and Mr. WANG Ji Yan (also an alternate director to Mr. LIU Changle and Mr. CHUI Keung)

Non-executive Directors

Mr. ZHANG Dong, Mr. JIAN Qin, Mr. GONG Jianzhong and Mr. SUN Qiang Chang

Independent Non-executive Directors

Mr. LEUNG Hok Lim, Mr. Thaddeus Thomas BECZAK, Mr. FANG Fenglei and Mr. HE Di

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