URB.A Urbana Corporation

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Urbana Corporation ("Urbana") (TSX:URB.A) is pleased to announce that it has
acquired an additional 331,000 shares of the Bombay Stock Exchange ("BSE") for
370 Indian rupees per share, plus brokerage, for a total cost of approximately
$2.85 million CDN. 


This brings Urbana's holdings to 2,709,808 shares or 2.63% of the BSE. The total
value of Urbana's BSE investment is approximately $24 million CDN representing
15% of Urbana's assets. 


We are very pleased with the opportunity to expand our investment in India
through this purchase. The BSE now has an extremely competent management team as
well as the professional staff needed to aggressively compete in the India
exchange environment. The Indian economy is one of the most dynamic in the world
and Urbana sees the BSE as an exceptional vehicle to participate in its growth. 


The BSE has also indicated a desire to demutualize and become a publicly traded
company within the next 12 months. 


This investment is within the context of Urbana's current strategy of acquiring
interests in businesses within the financial services sector. Urbana is an
investment corporation listed on the Toronto Stock Exchange (TSX:URB.A). Urbana
also has interests in numerous North American and international securities
exchanges. 


Forward Looking Statements 

Certain statements in this press release constitute "forward-looking" statements
that involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Urbana to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. There is no assurance that the
membership purchase announced will be completed, or that if completed, such
membership purchase will be a profitable investment for Urbana. Unless required
by applicable securities law, Urbana does not assume any obligation to update
these forward-looking statements.

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