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[SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2011 UNAUDITED FINANCIAL RESULTS Fourth Quarter of 2011: Record Total Revenues of US$246 Million, Up 42% Year-over-Year GAAP Net Income Before Non-Controlling Interest was US$47 Million, Non-GAAP Net Income Before Non-Controlling Interest was US$77 Million, Exceeding the High End of Group Guidance by US$3 Million; GAAP Fully Diluted EPS of US$0.65, Non-GAAP Fully] []

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[MASTER TRANSACTION AGREEMENT By and among SOHU.COM INC., SOHU.COM LIMITED, BEIJING SOHU INTERNET INFORMATION SERVICE CO., LTD. BEIJING SOHU NEW ERA INFORMATION TECHNOLOGY CO., LTD., AND BEIJING SOHU NEW MEDIA INFORMATION TECHNOLOGY CO., LTD. And CHANGYOU.COM LIMITED, CHANGYOU.COM HK LIMITED, BEIJING CHANGYOU GAMESPACE SOFTWARE TECHNOLOGY CO., LTD., AND BEIJING GUANYOU GAMESPACE DIGITAL TECHNOLOGY CO., LTD. NOVEMBER 29, 2011 TABLE OF] [AMENDED AND RESTATED NON-COMPETITION AGREEMENT This Amended and Restated Non-Competition Agreement is dated as of November 29, 2011, by and between Sohu.com Inc., a Delaware corporation (“Sohu”), and Changyou.com Limited, a Cayman Islands corporation (“Changyou”). Sohu and Changyou are individually referred to as a “Party,” and together as the “Parties.” Capitalized terms used herein and not otherwise defined shall have] [SERVICES AGREEMENT This Services Agreement (this “Agreement”) is dated November 29, 2011 and effective as of January 1, 2012 by and between (i) Beijing Changyou Gamespace Software Technology Co., Ltd. (“Gamespace”), a company organized and existing under the laws of the PRC with its registered address at Room 158, Building 1, No. 3 Xijing Road, Badachu Hi -technology Park, Shijingshan] [Online Link and Advertising Agreement Agreement Changyou This Online Link and Advertising Agreement (“this th Sohu floor, Building 1, No 18 yard, Shijingshanlu Yi Shijingshan District, Beijing, P. R. China, and Beijing Sohu New Media Information Technology Co., Ltd (“ Through amicable negotiation, Sohu agrees to provide Changyou with the right and access to certain online links, channels, and space] [American Appraisal China Limited 1506 Dah Sing Financial Centre 108 Gloucester Road/Wanchai/Hong Kong Tel +852 2511 5200 / Fax +852 2511 9626 Leading / Thinking / Performing November 29, 2011 Sohu.com Inc. Sohu.com Internet Plaza No. 1 Park, Zhongguancun East Road, Haidian District Beijing 100084 People’s Republic of China Subject: WRITTEN CONSENT OF AMERICAN APPRAISAL CHINA LIMITED Yours faithfully, AMERICAN] [American Appraisal China Limited 1506 Dah Sing Financial Centre 108 Gloucester Road / Wanchai / Hong Kong Leading / Thinking / Performing November 29, 2011 The Audit Committee Sohu.com Inc. Sohu.com Internet Plaza No. 1 Park, Zhongguancun East Road Haidian District, Beijing 100084 Dear Sirs or Madams: We understand that Sohu.com Inc. (“SOHU” or the “Company”) will sell the business] [Changyou.com to Acquire Leading Game Information Portal 17173.com from Sohu.com and Kick Off its Platform Strategy New York, November 29, 2011 Under the Transaction Agreement, Changyou will acquire from Sohu all assets associated with the 17173 Business for fixed cash consideration of US$162.5 million. The transaction is expected to close in December 2011, subject to customary closing conditions specified in] []