ChangYou's ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. With respect to matters requiring a shareholder vote, holders of Class A ordinary shares and holders of Class B ordinary shares vote together as one class. Each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to ten votes. Holders of Class B ordinary shares may choose to convert their Class B ordinary shares into the same number of Class A ordinary shares at any time.

ChangYou completed an initial public offering of its ADSs on April 7, 2009. The ADSs are traded on the NASDAQ Global Select Market under the symbol "CYOU." Each ADS represents two Class A ordinary shares.

More detailed descriptions of ChangYou's Class A ordinary shares and ADSs can be found in ChangYou's Registration Statement on Form 8-A (File No. 001-34271) filed with the SEC on March 25, 2009, which incorporates by reference from ChangYou's Registration Statement on Form F-1 (File No. 333-158061) originally filed with the SEC on March 17, 2009 the description of ChangYou's Class A ordinary shares and ADSs included under the headings "Description of Share Capital" and "Description of American Depositary Shares."

Depositary Bank

The Bank of New York Mellon Corporation is ChangYou's depositary bank and their corporate trust office administers all matters related to ChangYou's ADSs. You may reach them at:

The Bank of New York Mellon Corporation
101 Barclay Street,
New York 10286
United States

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