UPDATE: Cheetah Mobile Announces Partnership With Nanigans

Cheetah Mobile Inc.

("Cheetah Mobile" or the "Company"), a leading mobile Internet company that provides mission critical applications to help make the Internet and mobile experience speedier, simpler, and safer for users worldwide, today announced that it has signed a commercial agreement with Nanigans, Inc. ("Nanigans"), a leading worldwide provider of social and mobile advertising software and pioneer in advertising automation software. The commercial agreement comes in conjunction with Cheetah Mobile's recent strategic investment as the lead investor in Nanigans US$24 million Series B financing. Pursuant to the commercial agreement between Cheetah Mobile and Nanigans, Cheetah Mobile will be the exclusive partner of Nanigans in the Greater China region to manage campaigns for advertisers using Nanigans advertising automation software. In addition, Nanigans will be the exclusive third-party advertising automation software provider used by Cheetah Mobile for advertising spend in certain social and mobile apps, until the end of the term of the commercial agreement. Furthermore, Nanigans currently plans to integrate Cheetah Mobile's advertising inventory onto the Nanigans platform, and the two companies will cooperate on co-marketing activities. Mr. Sheng Fu, Chief Executive Officer of Cheetah Mobile, stated, "We are pleased to announce this business partnership with Nanigans. Nanigans plays an important role in the social and mobile advertising ecosystem, as evidenced by its strong customer base. Investing in Nanigans advertising automation software is a significant step for us, as we actively build up our advertising platform and enhance our capabilities globally. We look forward to this deeper cooperation with the Nanigans team and we are confident in our ability to create the world's first-class tools for advertisers and publishers." Ric Calvillo, co-founder and CEO of Nanigans, stated, "Asia Pacific is the second largest digital ad market worldwide, with China representing more than half of the region's spend, according to eMarketer.^* Cheetah Mobile, a leading mobile Internet company in the region, shares Nanigans' commitment to developing best-in-class technology and delivering true value to advertisers worldwide. We look forward to this strategic partnership and using our collective social and mobile expertise to enable more advertisers in Greater China to benefit from our software." Cheetah Mobile has been rapidly expanding its advertising efforts to complement its industry-leading user base of more than 395 million mobile monthly active users. The Company recently announced that it reached a definitive agreement to acquire global mobile advertising network MobPartner. Cheetah Mobile's partnership with and investment in Nanigans will accelerate the Company's expansion efforts by unlocking the Chinese market for Nanigans, improving advertising campaigns across social and mobile channels, and opening up Cheetah Mobile's existing inventory to Nanigans' influential customer base.