URB.A 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 one-half of
one Series B Non-Voting Class A Share purchase warrant ("Warrant"), which will
entitle the holder of a Warrant to buy at any time up to two years after closing
of the Offering, one Non-Voting Class A Share at a price to be determined in the
context of the market. 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. Urbana intends to use the net
proceeds of the offering for general corporate purposes, including the purchase,
directly or indirectly, additional participations in various securities and
derivatives exchanges as the opportunity rises. The offering is subject to TSX
approval.


The securities described herein have not been and will not be registered under
the United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
registration requirements.


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.


Caldwell Investment Management Ltd. ("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; 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; 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 fact that the Non-Voting Class A Shares may trade at a discount
to the net asset value per share; 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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