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FENG vs WBTN

Phoenix New Media Limited American Depositary Shares (each representing forty-eight (48) Class A Ordinary Shares) and WEBTOON Entertainment Inc. Common Stock

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Phoenix New Media Limited American Depositary Shares (each representing forty-eight (48) Class A Ordinary Shares)

Phoenix New Media Limited provides content through an integrated Internet platform in the People's Republic of China. It operates in two segments, Net Advertising Services and Paid Services. The company provides various interest-based content verticals, such as news, military affairs, video, technology, finance, entertainment, automobiles, sports, real estate, home living, fashion, and history through its website, ifeng.com; and interactive services, including comment postings and user surveys. It also provides mobile newspaper and mobile video services, as well as e-commerce and wireless value-added services. In addition, the company's mobile channel comprises ifeng News, a news application that provides newsfeeds and other content in the form of text, images, live streaming, and video; ifeng Video, a video application, which offers video news, live broadcasting, Phoenix TV programs content, etc.; i.ifeng.com mobile Internet website; and digital reading applications. It offers content and services through PC, mobile, and third-party channels, as well as transmits content primarily through Phoenix TV to TV viewers. Phoenix New Media Limited was founded in 1998 and is headquartered in Beijing, the People's Republic of China. Phoenix New Media Limited is a subsidiary of Phoenix Satellite Television (B.V.I.) Holding Limited.

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WEBTOON Entertainment Inc. Common Stock

WEBTOON Entertainment Inc. operates a storytelling platform in the United States, Korea, Japan, and internationally. Its platform allows a community of creators and users to discover, create, and share new content. The company's platform offers stories primarily in two ways, including web-comics, a graphical comic-like medium; and web-novels, which are text-based stories. It also provides hosting services for web-comics through web and mobile applications. The company was founded in 2005 and is headquartered in Los Angeles, California. WEBTOON Entertainment Inc. is a subsidiary of NAVER Corporation.

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