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

Urbana Corporation ("Urbana")(TSX:URB.A) announces that those Urbana "A" shares,
which have been restricted as to resale, now have all restrictions removed as of
today.


The restricted Urbana "A" shares were issued as part of the December, 2007
roll-over of NYSE Euronext ("NYX") shares, some of which were restricted as to
trading until March, 2009. NYX today announced the removal of those
restrictions, effective immediately, and Urbana is reflecting that action with
its own shares.


The physical release of the restricted Urbana "A" shares may require up to a two
week time period depending upon when Urbana receives "free" NYX shares.


Urbana also announces that it has purchased 423,900 Urbana "A" shares, for
cancellation, at a price of $1.50 as part of the company's Normal Course Issuer
Bid.


Net asset value per share of Urbana's shares as of September 30, 2008 is $2.34
per share, calculated on an after-tax basis.


Urbana is an investment corporation listed on the Toronto Stock Exchange.
Urbana's current focus is buying memberships and shares in private and public
securities exchanges in North America and around the world.


On behalf of the Board,

Thomas S. Caldwell, C.M., President

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.