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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.

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.

Our award-winning, in-house developed game, Tian Long Ba Bu, or TLBB, has been instrumental in our success. Adapted from the popular Chinese martial arts novel of the same name, which in English means "Novel of Eight Demigods," TLBB is a 2.5D martial arts-style fighting and community-building MMORPG. TLBB was awarded the Most-liked Online Game by Game Players by ChinaJoy for five consecutive years from 2006 to 2010 and amongst the World's Top Five Most Profitable Game Franchises in 2009 by Forbes. By collecting feedback from our game players and issuing regular game updates and expansion packs, we continue to capture additional users while driving revenue growth.

We are currently in the process of developing and testing several other proprietary and licensed games with different themes, graphic styles and game-play that complement our current product offering, including the in-house developed Duke of Mount Deer, which received an award as one of China's most anticipated online games.