[PROSPECTUS (SUBJECT TOMPLETION)LOR="#b23040">TED March 30, 2009 7,500,000 American Depositary Shares CHANGYOU.COM LIMITED Representing 15,000,000 Class A Ordinary Shares FACE="Times New Roman" SIZE="5"> STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:19%"> This is the initial public offering of Changyou.com Limited, or Changyou. We are offering 3,750,000 American depositary shares, orSs, and the selling shareholder identified in this prospectus is offering 3,750,000Ss.] [Changyou.com Limited FACE="Times New Roman" SIZE="2"> 7,500,000 American Depositary Shares Representing 15,000,000 ClassA Ordinary Shares UNDERWRITINGREEMENT [ REDIT UISSE ECURITIES C Eleven Madison Avenue New York, New York 10010-3629 U.S.A. ERRILL YNCH IERCE ENNER MITH NCORPORATED M 4 World Financial Center 250 Vesey Street, New York, New York 10080 U.S.A.] [Scotia Centre SIZE="2">P.O. Box 884 Grandyman1-1103 SIZE="2">CAYMAN ISLANDS Tel: (345)949-2648 FACE="Times New Roman" SIZE="2">Fax: (345)949-8613 www.mpbells.com.ky E-mail:mpbells@campbells.com.ky YourRef: Our Ref:/vc/ Direct Email:ourtney@campbells.com.ky 26March 2009 BY DHL FACE="Times New Roman" SIZE="2"> Changyou.com Limited SIZE="2">c/o Offshoreorporations Limited P.O. Box 2804 GT SIZE="2">Fourth Floorotia Centre George Town] [March30, 2009 FACE="Times New Roman" SIZE="2">Changyou.com Limited East Tower, Jing Yan Building FACE="Times New Roman" SIZE="2">No.29 Shijingshan Road, Shijingshan District Beijing 100043 Peoples Republic of China Re: Class A Ordinary Shares of Changyou.com Limited represented by American Depositary Shares Ladies and Gentlemen: Changyou.com Limited SIZE="2">March30, 2009 Page 2 Our opinion set forth herein is subject] [Scotia Centre P.O. Box 884 Grandyman1-1103YMAN ISLANDS Tel: (345) 949-2648 Fax: (345) 949-8613 www.campbells.com.ky Your Ref: Our Ref:/vc/ Direct Email:ourtney@campbells.com.ky 30March 2009 BY DHL FACE="Times New Roman" SIZE="2"> Changyou.com Limited SIZE="2">East Tower, Jing Yan Building No.29 Shijingshan Road, Shijingshan District FACE="Times New Roman" SIZE="2">Beijing 100043 Peoples Republic of China] [Technology Support and Utilization Servicereement This Technology Development and Utilization Servicereement (Agreement) is entered into between the following two parties of August20, 2008: (1) Beijing Gameasee Digital Technology with registereddress of Room 1197, No.3 Xijing Road, Badachu Hi-Tech Park, Shijingshan District, Beijing and legal representative Wang Tao (Party A); and] [CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FACE="Times New Roman" SIZE="2"> We herebynsent to the use in this Registration Statement on Form F-1/Amendment No. 2 of our reportted February 13, 2009, except Notes 1c(iii) and 18b and c to which thete is March 17, 2009, relating to the financial statements of Changyou.com Limited, which appears]

[PROSPECTUS (SUBJECT TO COMPLETION) DATED March 25, 2009 7,500,000 American Depositary Shares CHANGYOU.COM LIMITED Representing 15,000,000 Class A Ordinary Shares This is the initial public offering of Changyou.com Limited, or Changyou. We are offering 3,750,000 American depositary shares, or ADSs, and the selling shareholder identified in this prospectus is offering 3,750,000 ADSs. Each ADS represents two Class A ordinary shares,] [Changyou.com Limited - Class A Ordinary Shares (Incorporated under the laws of the Cayman Islands) Certificate No. Shares xxx xxxx US $2,977,400 Share Capital divided into 200,000,000 Class A Ordinary Shares of a nominal or par value of US$0.01 each, 97,740,000 Class B Ordinary Shares of a nominal or par value of US$0.01 each xxxxxxxxxxxxxxxxxxxxxxxxxx THIS IS TO CERTIFY THAT] [TABLE OF CONTENTS ARTICLE 1. DEFINITIONS 2 SECTION 1.01 American Depositary Shares. 2 SECTION 1.02 Commission. 3 SECTION 1.03 Company. 3 SECTION 1.04 Custodian. 3 SECTION 1.05 Deliver; Surrender. 3 SECTION 1.06 Deposit Agreement. 4 SECTION 1.07 Depositary; Corporate Trust Office. 4 SECTION 1.08 Deposited Securities.] [Your Ref: Our Ref: SC/vc/ Direct Email: scourtney@campbells.com.ky — [ BY DHL Changyou.com Limited East Tower, Jing Yan Building No. 29 Shijingshan Road, Shijingshan District Beijing 100043 People’s Republic of China Dear Sirs: You have requested our opinion concerning statements under the heading “Taxation – Cayman Islands Taxation” in the prospectus forming a part of the Registration Statement. The following] [CONSENT OF Baoquan Zhang Baoquan Zhang EX-23.7 5 dex237.htm CONSENT OF BAOQUAN ZHANG] [CONSENT OF Dave De Yang Dave De Yang EX-23.8 6 dex238.htm CONSENT OF DAVE DE YANG] [CONSENT OF John Zhuang Yang Dated: March 22, 2009 John Zhuang Yang EX-23.9 7 dex239.htm CONSENT OF JOHN ZHUANG YANG]

[PROSPECTUS (SUBJECT TOMPLETION)LOR="#b23040">TED March 25, 2009 7,500,000 American Depositary Shares CHANGYOU.COM LIMITED Representing 15,000,000 Class A Ordinary Shares FACE="Times New Roman" SIZE="5"> STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:19%"> This is the initial public offering of Changyou.com Limited, or Changyou. We are offering 3,750,000 American depositary shares, orSs, and the selling shareholder identified in this prospectus is offering 3,750,000Ss.] [Changyou.com Limited - Class A Ordinary Shares FACE="Times New Roman" SIZE="2"> (Incorporated under the laws of theyman Islands) Certificate No. Shares xxx xxxx US $2,977,400 Sharepital divided into 200,000,000 ClassA Ordinary Shares of a nominal or par value of US$0.01 each, SIZE="2">97,740,000 Class B Ordinary Shares of a nominal or par value of US$0.01 each] [CHANGYOU.COM LIMITED and THE BANK OF NEW YORK MELLON Depositary and OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES Depositreement FACE="Times New Roman" SIZE="2">Dated of TABLE OFNTENTS ARTICLE 1. DEFINITIONS 2 SECTION1.01 American Depositary Shares. 2 SECTION 1.02mmission. 3 SECTION 1.03mpany. 3 SECTION 1.04 Custodian. 3] [Your Ref: Our Ref:/vc/ Direct Email:ourtney@campbells.com.ky [ BY DHL Changyou.com Limited FACE="Times New Roman" SIZE="2">East Tower, Jing Yan Building No.29 Shijingshan Road, Shijingshan District Beijing 100043 Peoples Republic of China Dear Sirs: You have requested our opinionncerning statements under the heading Taxationyman Islands Taxation in the prospectus forming a part of the Registration Statement.] [SIZE="2">CONSENT OF Baoquan Zhang Baoquan ZhangNSENT OF BAOQUAN ZHANG dex237.htm 5 EX-23.7] [SIZE="2">CONSENT OFve De Yangve De YangNSENT OFVE DE YANG dex238.htm 6 EX-23.8] [SIZE="2">CONSENT OF John Zhuang Yangted: March 22, 2009 John Zhuang YangNSENT OF JOHN ZHUANG YANG dex239.htm 7 EX-23.9]