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Company Presentation May 2010
About Changyou Changyou (NASDAQ: CYOU) is a leading online game developer and operator in China, principally focused on MMORPG development and operation. Subsidiary of Sohu.com Limited (NASDAQ: SOHU) Market cap.: US$1.7 billion* FY2009 revenues: US$267.6 million Key operating metrics** Aggregate registered users: 87.40 million Aggregate APA: 2.4 million ARPU: RMB201 2 ,[object Object],**	For the quarter ending March 31, 2010. APA refers to active paying accounts. ARPU refers to average revenue per active paying account.
Sohu ,[object Object],3 Sohu – Leading Internet Brand in China www.sohu.com Leading Chinese  internet portal ,[object Object]
Large user base of over 290 million registered accountswww.sogou.com 3rdgeneration search engine www.goodfeel.com.cn Wireless value added  service provider Sohu  Group ,[object Object],17173.com ,[object Object]
30 million registered accounts, 70 million daily page views and 4.5 million unique visitorswww.chinaren.com First Chinese youth  online community www.17173.com Leading game  portal in China www.focus.cn Real estate  information portal
Why Changyou? Ability to Build and Extend Product Lifecycle Successful Game Franchise Strong Game Development Capabilities Extensive Marketing Network 4 1 2 3 4
Ability to Build and Extend Product Lifecycle 5 Feedback center and customer service team ,[object Object]
Collect game players’ feedback through multiple channels
In-game instant messaging
24-hour telephone hotline

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Cyou Company Presentation V3

  • 2.
  • 3.
  • 4.
  • 5. 30 million registered accounts, 70 million daily page views and 4.5 million unique visitorswww.chinaren.com First Chinese youth online community www.17173.com Leading game portal in China www.focus.cn Real estate information portal
  • 6. Why Changyou? Ability to Build and Extend Product Lifecycle Successful Game Franchise Strong Game Development Capabilities Extensive Marketing Network 4 1 2 3 4
  • 7.
  • 8. Collect game players’ feedback through multiple channels
  • 14.
  • 15. Develop and release regular game updates once a week and expansion packs every few months
  • 16. Review game players’ and game testers’ feedback
  • 17. Timely communicate game player’s feedback to product development team
  • 18. In-depth analysis of industry dataAnalysis and Integration Application Game operation team Product development team Feedback-driven game development creates successful game franchises with consistent growth.
  • 19. TLBB – A Successful Online Game Franchise 6 TLBB ranks in the top 3 surpassing both WoW and AION. * Source: www.barchina.net, based on a survey of over 40,000 internet cafes in China
  • 20.
  • 21. Frequent game updates and release of expansion packs based on game players’ feedback
  • 22. Strong development team inherited from our successful in house developed game, TLBB
  • 23.
  • 24. Strong sales team in second and third-tier cities
  • 25. Systematic management of distribution of ads to significantly increase their effectiveness
  • 26. New game style – cartoon-style graphics with selectable 2D, 2.5D and 3D graphic modesEffective marketing strategies Differentiating game features We believe that these are the building blocks for success for DMD.
  • 27.
  • 28. Advertisements for our games on Sohu’s 17173.com, the leading game portal in China
  • 29. Our games are reviewed and critiqued by 17173.com’s experienced game editors prior to their launch, thereby improving the quality of our games
  • 30.
  • 31. Why Changyou? Understand game development Respect creativity and quality products Market intelligence and localization support Extensive feedback collection system and game reviews, if required Abundant operation and technical experience Subscription-based to MTX conversion, proprietary anti-hacking and anti-cheating technologies Strong marketing platform and support At least 6 months market warming and US$1.5 million marketing budget during OB 10