Toutiao Personalization = Interests… Drive Engagement + Customer Satisfaction MAUs Data-Driven Personalization 250MM al200MM b lo G150MM s, U 100MM A M 50MM 0 2015 2016 2017 Minutes Spent per Day 80 60 es t 40 inu M 20 0 Snapchat Instagram* Toutiao Main Page – User B Main Page – User A (5/18) (8/17) (5/18) Source: Toutiao (5/18), Snap (5/18), Instagram (8/17). *Instagram data reflects time spent by users under the age 194 of 25, assumed to be representative of all Instagram users.