URB Urbana Corporation

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

Urbana Corporation ("Urbana") (TSX:URB)(TSX:URB.A) has filed a preliminary short
form prospectus with Canadian securities administrators providing for the
offering of units ("Units"). Each Unit will be comprised of one non-voting Class
A Share ("Non-Voting Class A Share") in the capital of Urbana and a number of
Non-Voting Class A Share purchase warrants ("Warrant") to be determined prior to
filing the final prospectus, which will entitle the holder of a Warrant to buy
at any time after closing one Non-Voting Class A Share at a price and for a time
period to be determined in the context of the market prevailing when the final
prospectus is filed. A copy of the preliminary prospectus is available at
www.sedar.com under Company Profiles - Urbana Corporation


The offering is being marketed on behalf of Urbana by Blackmont Capital Inc. and
National Bank Financial Inc., as co-lead agents together with a syndicate
including BMO Capital Markets Corp., CIBC World Markets Inc., Cormark Securities
Inc., Raymond James Ltd., Scotia Capital Inc., TD Securities Inc., HSBC
Securities (Canada) Inc., Canaccord Capital Corp. and GMP Securities L.P.


Urbana intends to use the net proceeds of the offering to purchase equity shares
in the National Stock Exchange of India Limited (the "NSE"). Urbana's investment
manager, Caldwell Investment Management Ltd. ("CIM"), has entered into a
non-binding term sheet with a large Indian financial intermediary to facilitate
the acquisition by Urbana from existing NSE shareholders of up to 5% of the
equity shares of the NSE. Urbana expects to be able to acquire NSE shares within
a reasonable time following the closing of its current prospectus offering.


Urbana is an investment fund corporation that is listed on the Toronto Stock
Exchange. Urbana's current investment focus is acquiring interests in private
and public exchange properties around the world for long-term gains. Currently,
Urbana's portfolio includes shares or seats of NYSE Euronext, TMX Group, Chicago
Board Options Exchange and The Bombay Stock Exchange, among others.


CIM is the investment manager of Urbana. Thomas S. Caldwell, the Chairman of CIM
is also the Chairman and President of Urbana.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the Units in any jurisdiction in
which such offer, solicitation or sale would be unlawful.


Forward Looking Statements

Certain statements included in this news 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 or
industry results to be materially different from any future results, performance
or achievement expressed or implied by such forward-looking statements. When
used in this news release, words such as "may", "could", "anticipate",
"believe", "plan", "estimate", "expect", "intend" and similar expressions to the
extent they relate to Urbana or CIM are intended to identify forward-looking
statements. These statements reflect Urbana's and CIM's current views regarding
future results or events, are based on information currently available to Urbana
and CIM and speak only as of the date hereof. Forward-looking statements are
based on assumptions and are subject to a number of risks and uncertainties that
could cause the actual results, performance or achievements of Urbana to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements.


These assumptions and risks include, among others, the ability of CIM to find
suitable investments for Urbana; fluctuations in the value of Urbana's
investments; changes in the market prices of securities in which Urbana has an
interest; risks related to fluctuations in market conditions and currencies, the
risk that certain exchanges may have restrictions on ownership and result in
illiquid investments; the concentration of Urbana's investments in the exchange
industry and among certain geographic regions or countries; risks related to
foreign government policies, political or social instability and foreign
withholding taxes; risks arising from Urbana's material interest in Indian stock
exchanges; the term sheet with the large Indian financial intermediary is
non-binding and there can be no assurance that the understandings reflected in
the non-binding term sheet with the large Indian financial intermediary will
result in a completed transaction or that the large Indian financial
intermediary will agree to or be successful in facilitating a transaction
resulting in the acquisition of NSE shares by Urbana; the risk that the purchase
of the NSE shares or other acquisitions may not be completed or if completed,
will be completed on terms and conditions different from those currently
contemplated by Urbana and CIM or otherwise described herein;

 if NSE shares are not available on terms acceptable to Urbana, the net proceeds
of the offering will be used for the purchase of interests in other securities
or derivatives exchanges; the risk that the offering may not be completed or if
completed, will be completed on terms otherwise than as contemplated herein; the
risk that certain exchanges may have restrictions on ownership and result in
illiquid investments; the concentration of Urbana's investments in the exchange
industry and among certain geographic regions or countries; risks related to
foreign government policies, political or social instability and foreign
withholding taxes; risks arising from Urbana's material interest in Indian stock
exchanges, in particular should Urbana acquire interests in the NSE as currently
contemplated; the reliance on and discretion of CIM in making investment
decisions; the potentially high rate of portfolio turnover; risks related to the
effect of consolidation on Urbana's competitive position; reliance on key
personnel of Urbana and CIM; conflicts of interest between Urbana, CIM and other
funds and portfolios managed by CIM; the possibility of termination of the
investment management agreement between Urbana and CIM; the effect of
alternative trading systems on exchanges in which Urbana has an interest; risks
related to the use of leverage and short-term margin borrowings; the absence of
a prior public market for the Warrants; the potential decrease in the market
price of Non-Voting Class A Shares and Warrants if Urbana issues additional
securities; risks related to short selling; the use of options; and risks
related to legal and tax matters and the regulatory environment, and other
factors which are discussed in the section entitled "Risk Factors" in the
preliminary prospectus, in other sections of the preliminary prospectus and in
Urbana's Annual Information Form under the heading "Risk Factors".


Although the forward-looking statements contained in this news release are based
on what Urbana and CIM believe are reasonable assumptions, should one or more of
these risks or uncertainties materialize, or should the assumptions underlying
the forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned, anticipated,
believed, estimated or expected. Readers should not place undue reliance on
forward-looking statements. Unless required by applicable securities law, Urbana
does not intend, and does not assume any obligation, to update or revise these
forward-looking statements.

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