³©ÓÎ Revenue and Competitors

Changyou.com (NASDAQ: CYOU) is a leading developer and operator of online games in China. We began operations as a business unit within Sohu.com Inc. (NASDAQ: SOHU) in 2003, before our carve-out as a separate, stand-alone company in December 2007 and subsequent listing on the NASDAQ Global Select Market in April 2009. We now operate one of the most popular MMOGs in China, two popular web games in China and have enjoyed strong growth in user data and revenues for our games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China. We have a leading in-house technology platform that includes our advanced 2.5D and 3D graphics engine, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology. Our product development team and game operations team work closely together to translate game player feedback into game updates and expansion packs on a timely basis. In addition, our close relationship with Sohu provides us with unique competitive advantages including strategic guidance, pre-launch game reviews, marketing and operational support and access to over 290 million registered users on Sohu's portal.