[approve the Merger Agreement and the Merger. The Special Committee, which is composed solely of independent and disinterested directors, negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors. In connection with the Merger, China Renaissance Securities (Hong Kong) Limited and Duff & Phelps (Duff & Phelps, LLC and Duff & Phelps Securities, LLC)] [Execution Version AGREEMENT AND PLAN OF MERGER among Perfect Peony Holding Company Limited, Perfect World Merger Company Limited and Perfect World Co., Ltd. Dated as of April 26 , 2015 TABLE OF CONTENTS Page ARTICLE I DEFINED TERMS 2 Section 1.01 Certain Defined Terms 2 Section 1.02 Other Defined Terms 10 Section 1.03 Interpretation; Headings 12 ARTICLE II THE MERGER] [Execution Version LIMITED GUARANTEE Limited Guarantee Guarantor Guaranteed Party Merger Agreement Parent Limited Guarantee, dated as of April 26, 2015 (this “ a Merger Sub wholly owned subsidiary of Parent (“ 1. Limited Guarantee . (a) provided Maximum Guarantor Amount (b) (c) The Guarantor agrees to pay on demand all reasonable and documented out-of-pocket expenses (including reasonable fees and expenses] [FORM 6-K PERFECT WORLD CO., LTD. Perfect World Plaza, Building 306, 86 Beiyuan Road Chaoyang District, Beijing 100101 People’s Republic of China (86 10) 5780-5700 Form 20-F x Form 40-F o o o Perfect World Co., Ltd.]

[Perfect World Special Committee Engages Financial Advisor s and Legal Counsel (Beijing China — January 9, 2015) — Perfect World Co., Ltd. (NASDAQ: PWRD) (“Perfect World” or the “Company”), a leading online game developer and operator based in China, today announced that the special committee (the “Special Committee”) of the Company’s board of directors (the “Board”) has retained China Renaissance] [FORM 6-K PERFECT WORLD CO., LTD. Perfect World Plaza, Building 306, 86 Beiyuan Road Chaoyang District, Beijing 100101 People’s Republic of China (86 10) 5780-5700 Form 20-F x Form 40-F o o o Perfect World Co., Ltd.]

[Perfect World Appoints Mr. Yunfan Zhang as Chief Operating Officer (Beijing China Mr. Zhang joined Perfect World in February 2013. He served as the Company’s vice president and later became senior vice president, in charge of the Company’s mobile game publishing business. Prior to joining Perfect World, Mr. Zhang served as the CEO of Beijing Zhizhu Network Technology Co., Ltd.] [FORM 6-K PERFECT WORLD CO., LTD. Perfect World Plaza, Building 306, 86 Beiyuan Road Chaoyang District, Beijing 100101 People’s Republic of China (86 10) 5780-5700 Form 20-F x o o o Perfect World Co., Ltd.]