UltimatePay

SANTA CLARA & REDWOOD CITY, CALIFORNIA – March 17, 2010: Changyou.com (US) Inc., the U.S. subsidiary of Changyou.com Ltd. (NASDAQ: CYOU), a leading developer and operator of online games in China, today announces a new partnership with PlaySpan, the global leader in monetization solutions for online games, virtual worlds, and social networks. The agreement enables Changyou players in the United States, Europe, and Malaysia to use PlaySpan’s UltimatePay to purchase premium content from the company’s flagship game Dragon Oath (known as Tian Long Ba Bu in Asia), which the company launched in the North American market last year, and Blade Wars (known as Blade Hero 2 in Asia), which will be introduced to the Western market soon.

Dragon Oath is an award-winning, in-house developed; 2.5D MMORPG martial arts style fighting and community-building game. It was adapted from the popular Chinese novel by the same name, which means “Novel of Eight Demigods.” Blade Wars is the first online action/fighting game developed in China. Set against the backdrop of a mythical Chinese universe, Blade Wars is a 2.5D MMORPG in which game players can choose from 99 different combat postures and have the flexibility to set their own rules for in-game fighting.

UltimatePay (the combination PayByCash’s 12 years of payment services experience and Spare Change’s leading social network micropayment platform) provides over 85 global payment methods including Credit card, PayPal, mobile, cash based, and the top selling Ultimate Game Card.

“Changyou is poised to take advantage of PlaySpan’s UltimatePay to give its players greater access to join the adventure,” said Mr. Martin Tan, general manager of ChangYou.com (US) Inc “UltimatePay gives us the ability to deliver enhanced experiences through premium content and serve a growing base of gamers who need alternative forms of payment like the Ultimate Game Card.”

“We feel honored that Changyou (US) has chosen us to be its partner. We are very confident in our cooperation, since Changyou is such a strong brand in the gaming industry in China and now quickly expands in the U.S.,” said Karl Mehta, Founder & CEO of PlaySpan. “Changyou’s selection of UltimatePay is further testament to PlaySpan’s leadership and global expansion of its virtual currency monetization solutions. UltimatePay is used by the world’s best game developers and publishers, and we are pleased to help Changyou grow its paid user base.”

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About Changyou.com (US) Inc.

Changyou.com (US) Inc., is the U.S. subsidiary of Changyou.com Limited’s (“Changyou”) (NASDAQ: CYOU) massively multi-player online role-playing games (“MMORPG”) business, which began operations as a business unit within Sohu.com Inc. (NASDAQ: SOHU) in 2003. Changyou was carved out as a separate, stand-alone company in December 2007, completed an initial public offering on April 7, 2009, and is now a leading developer and operator of online games in China. Changyou currently operates three online games, including the in-house developed Tian Long Ba Bu, one of the most popular online games in China, and the licensed Blade Online and Blade Hero 2. Changyou has a diversified pipeline of games with various graphic styles and themes, including the licensed Da Hua Shui Hu, Zhong Hua Ying Xiong, Immortal Faith, Legend of the Ancient World, and the in-house developed Duke of Mount Deer, which received an award as one of China’s most anticipated online games. Changyou’s leading technology platform includes advanced 2.5D and 3D graphics engines, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology.

For more information about Changyou, please visit http://www.Changyou.com/en/

About PlaySpan Inc.

PlaySpan™ is the global leader in monetization solutions for over 1,000 online games, virtual worlds, and social networks. PlaySpan's patent-pending in-game digital goods commerce and micropayment platform enables game publishers and developers to generate new revenues, acquire new users, and extend the loyalty of existing users.

PlaySpan also provides global payment solutions through its UltimatePay product which enables users to make safe, convenient, and friendly in-app purchases using over 85 global payment methods in 180 countries. UltimatePay includes PlaySpan’s ULTIMATE GAME CARD, which is a pre-paid card available in over 45,000 retail locations across North America and growing rapidly worldwide.

PlaySpan is headquartered in Silicon Valley with offices in Ohio, Virginia, and Mumbai. Investors include Easton Capital, Menlo Ventures, STIC and Novel TMT Ventures. The company won the 2009 OnHollywood Category Award for Best Gaming Company.

For more information about PlaySpan, visit: http://corp.playspan.com

Media Contact:

Eric Gonzalez

VSC Consulting (on behalf of PlaySpan)

eric@vscconsulting.com

415.272.0836