Changyou.com (NASDAQ: CYOU) is a leading developer and operator of online games in China. We began operations in 2003 as Sohu.com’s massively multi-player online games (“MMORPG”) business unit, 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 MMORPGs in China, and have enjoyed strong growth in user data and revenues for our games. Our leading in-house technology platform includes an advanced 2.5D graphics engine, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology.