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<p><b>April 30, 2008 - SEC filed complaint aginst two Senior Executives</b></p>
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<p align= justify >On Wednesday, April 30th, the U.S. Securities and Exchange Commission filed a complaint in the U.S. District Court for the Southern District of New York against Two former senior executives at Monster Worldwide Inc., former President and CEO James J. Treacy and former Controller Anthony Bonica over their alleged participation in a multiyear that began in 1997 scheme to secretly backdate stock options granted to thousands of the job-listings Web site’s employees.</p>
<p align= justify >The SEC is alleging that this scheme resulted in grants of in-the-money options to numerous individuals without Monster properly describing its options practices in its public filings or properly accounting for these options in its financial statements. As a result of their conduct, Monster misrepresented that all stock options were granted at the fair market value of the stock on the date of the award, when that was not the case. Monster also filed materially misstated financial statements with the SEC in its Forms 10-K and 10-Q that did not recognize compensation expense for the company’s stock option grants, as required by generally accepted accounting principles. As a result, Monster overstated its aggregate pre-tax operating income by approximately $339.5 million for fiscal years 1997 through 2005.</p>
<p align= justify >The SEC’s complaint further alleges that Treacy and Bonica personally benefited from the fraudulent scheme by receiving and exercising backdated grants of in-the-money options. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains and financial penalties from each defendant, as well as an officer and director bar against Treacy.</p>
<p align= justify ><b>March 15, 2007 Class Actions Filings</b></p>
<p align= justify >The original complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder. Specifically, the complaint alleges that Defendants engaged in a fraudulent scheme and or published a series of materially false and misleading statements that Defendants knew, and or were severely reckless in not knowing, were materially false and misleading, and failed to disclose material information necessary to render such statements not false and misleading. During the Class Period, Defendants granted stock options to themselves and to other Monster officers and directors on dates that Monster stock had reached its lowest, or next-lowest price in weeks or months. These grants almost invariably preceded share gains, and or followed significant drops in the Company’s stock price. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grants.</p>
<p align= justify >On June 12, 2006, The Wall Street Journal published an article titled “Monster Worldwide Gave Officials Options Ahead of Share Run-Ups.” The article stated that Monster may have backdated option grants, and reported that there was a one in nine million chance that the grant dates of the options The Wall Street Journal examined were selected at random. That same day, Monster issued a press release announcing the receipt of a subpoena from the U.S. Attorney for the Southern District of New York, relating to the Company’s stock option granting practices. Shares of Monster reacted negatively to the news, closing at $38.60, down $3.40 from the prior trading day, a one day drop of 8.1%, on unusually heavy volume.</p>
<p align= justify >Subsequently, Defendant Myron Olesnyckyj has pleaded guilty to criminal federal securities fraud and conspiracy to commit securities fraud.</p>