<p align= justify ><strong>Dismissed - 10/21/2008</strong></p> <p style= text-align: justify; >According to a press release by Optionable Inc., the Shareholders’ class action lawsuit against Optionable Inc. is dismissed. Optionable Inc. (OTC:OPBL) announced that on October 21, 2008 a federal judge has dismissed a shareholder class action lawsuit against the Company. U.S. District Judge Lewis A. Kaplan of the Southern District of New York issued his ruling on Monday noting that the shareholder lawsuit, which claimed that Optionable had misled investors, was deficient. The dismissal is subject to possible appeal by the plaintiffs.</p>
<p align= justify ><strong>Lawsuit - 11/25/207</strong></p>
<p align= justify >According to a press release dated May 12, 2007, a securities fraud class action lawsuit on behalf of those investors who acquired the securities of Optionable Inc. during the period May 6, 2005 to May 10, 2007 was filed. The lawsuit is pending in the United States District Court for the Southern District of New York and names as defendants Optionable Inc. and certain of its top executives.</p>
<p align= justify >The Complaint alleges that the defendants failed to conduct an adequate due diligence investigation into the Company prior to the IPO, and failed to disclose at the time of the IPO that: (1) two of the Company’s board members, including Chairman Mark Nordlicht, and its only purported independent director, Albert Helmig, were actually related parties and board members of a company called Platinum Energy; (2) the Company’s customer base suffered from greater concentration than previously reported, with Bank of Montreal directly connected to over 80% of revenues, higher than the 20% to 30% reported; and (3) defendants had conspired with Bank of Montreal (”BMO”) brokers to provide false trade data that was designed to avoid reporting hundreds of millions of dollars in trading losses. It was only beginning in late April 2007 — after defendants sold $28.94 million of their own shares to NYMEX Holdings in a private sale — that investors learned the truth about the Company. On April 30, 2007, BMO’s announcement of over $300 million in options-related losses shed light on the magnitude of Optionable’s reliance on BMO for a large portion of its revenues. Days later on May 10, 2007, BMO suspended trading through Optionable and announced that its private forensic accountants had discovered that its own brokers — who by then had been terminated — had conspired to under-report trading losses, in order to maintain trading and avoid accountability to BMO.</p>
<p align= justify >On April 27, 2007, BMO announced that it had lost between $300 and $400 million on trades executed through Optionable. In response to this disclosure, the Company’s stock dropped 33%. Then, on May 8, 2007, BMO announced it was suspending all of its business relationships with Optionable. Finally, on May 10, 2007, it was disclosed that Deloitte &amp; Touche LLP had conducted an audit of the trades BMO had conducted with Optionable and found that there had been “serious mismarking of the book of natural gas options.” On this news, the price of Optionable fell further to $0.84, representing a total drop of nearly 90%. During the Class Period, Optionable stock traded as high as $9.10 per share.</p>
<p align= justify >Optionable and certain of its officers and directors are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.</p>