OREANDA-NEWS. September 22, 2008. URSA Bank announced today that it has authorised a debt repurchase programme pursuant to which the Bank may from time to time repurchase (through open market purchases or private transactions) up to all of the outstanding 9.00 Per Cent. Loan Participation Notes due May 2009 issued by URSA Finance Plc (formerly known as Sibacademfinance plc) for the sole purpose of funding a loan to URSA Bank (of which approximately USD 351 million in principal is currently outstanding).

Mr. John McNaughton, Managing Director of URSA Bank, comments that this program offers URSA Bank's investors the comfort of an immediate access to liquidity, further reinforcing the Bank's commitment to being one of the most investor-friendly partners in Russia. Moreover, the Bank's ability to offer this program is a testament to its prudent liquidity management in the current volatile markets, illustrated by its total capital adequacy ratio of 16.5% at 30 June 2008, and a comfortably high liquidity position, with liquid assets comprising over 19% of total assets at September 19, 2008.