[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.]