Changyou Announces Pricing of Initial Public Offering on NASDAQ Global Select Market

Changyou.com Limited ("Changyou" or the "Company") (Nasdaq: CYOU), a leading online game developer and operator in China, today announced that its initial public offering of 7,500,000 American Depositary Shares ("ADSs"), each representing two Class A ordinary shares of the Company, was priced at $16.00 per ADS, at the top end of the original pricing range of $14.00 to $16.00. The ADSs will begin trading on the NASDAQ Global Select Market on April 2, 2009 under the symbol "CYOU."

Of the 7,500,000 ADSs being offered, 3,750,000 ADSs are offered by Changyou, and 3,750,000 ADSs are offered by Sohu.com (Game) Limited ("the selling shareholder"), an indirect wholly-owned subsidiary of Sohu.com Inc. (NASDAQ: SOHU). The underwriters have been granted a 30-day option to purchase up to 1,125,000 ADSs from the selling shareholder.