SOURCE: Press Release

(Dublin, Ireland) — CryptoLogic Limited, a world leader in Internet gaming software, today announced changes to its audit committee due to a change in the independence status of one of its directors.

Wai Ming Yap is a partner in a Singapore law firm that was engaged to counsel the company on its recent Asian investments and growth strategy.

As a result, he is no longer considered an independent director and has therefore resigned from his role on the audit committee while retaining his membership on CryptoLogic’s Board of Directors.

A search is underway to identify a candidate to fill the vacant position on the audit committee. There are two independent directors on the audit committee, and three is the required minimum.

On December 11, 2007, the company was notified by NASDAQ that it was not in compliance with Marketplace Rule 4350, following Mr. Yap’s resignation from the audit committee. NASDAQ Marketplace Rule 4350(d)(4) provides a cure period whereby the company must appoint one additional independent director to the audit committee by the date of its next annual meeting or November 6, 2008.

The company will fulfill this requirement within the timetable allowed by this rule.

NASDAQ rule 4803(a) requires the company to issue this news release within four days of receipt of the non-compliance letter.