CRYP Cryptologic Limited (MM)

CryptoLogic (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a world leader in internet casino and branded gaming software, today provided an update to the announcements made by the company on 19 February and 23 February 2009 regarding the purported requisition for an extraordinary general meeting of the shareholders of CryptoLogic submitted by Mr. Javaid Aziz on 18 February 2009.

CryptoLogic received notification on 4 March 2009 from counsel to Mr. Aziz that he "does not seek to rely on" the purported requisition for an extraordinary general meeting that the company received on 18 February 2009." As such, the company will not be calling an EGM pursuant to the aforementioned 18 February 2009 letter.

Further announcements will be made as appropriate.

CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:

Statements in this news release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.

Contacts: CryptoLogic Stephen Taylor Chief Financial Officer 353 (0) 1 234 0415 Argyle Communications Jason Graham (North American and gaming industry media) (416) 968-7311 ext 229 jgraham@argylecommunications.com Argyle Communications Daniel Tisch (North American and gaming industry media) (416) 968-7311 ext 223 dtisch@argylecommunications.com Corfin Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin Communications Harry Chathli or Alexis Gore (UK media only) +44 207 977 0020