Urbana Corporation Pleased With the Settlement of Exercise Right Appeals Regarding the Chicago Board Options Exchange

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

Urbana Corporation ("Urbana") (TSX:URB)(TSX:URB.A) invests in seats and shares
of private and public securities exchanges in North America and around the
world. Urbana's largest single exchange investment is 23 seats on the Chicago
Board Options Exchange ("CBOE"). As of last night's close, Urbana's CBOE
investment was worth $67,898,875 million or approximately 39% of the value of
the portfolio.


On Tuesday, November 30, 2009, the CBOE announced they "have reached a
settlement of the appeals in the exercise right litigation. Under this
settlement, CBOE would pay the appealing parties an aggregate amount of
$4,171,243 to settle all appeals. The Chicago Mercantile Exchange ("CME") would
reimburse the CBOE for one-half of this settlement about so CBOE's net payment
would be $2,085,621.50.


This settlement is conditioned on the Delaware Supreme Court granting that
dismissal within two weeks.


The CBOE believes this settlement of the appeals would eliminate all remaining
litigation impediments to demutualization within days or weeks instead of months
and would avoid further legal expenses related to the appeals."


There CBOE has also implemented a seat transaction moratorium from 7am - 10am today.

Urbana views this as a positive development for its holdings in the CBOE.

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. Unless required by applicable
securities law, Urbana does not assume any obligation to update these
forward-looking statements.