OREANDA-NEWS. March 24, 2009. URSA Bank, Open Joint Stock Company, formerly known as Joint Stock Company "Sibacadembank", invited holders of the ?400,000,000 7.0 per cent. Loan Participation Notes due 2010 issued by URSA Finance Plc (formerly known as Sibacademfinance plc) for the purpose of financing a senior loan to URSA Bank on 21 May 2007 and the ?300,000,000 8.3 per cent. Loan Participation Notes due 2011 issued by the Issuer for the purpose of financing a senior loan to URSA Bank on 16 November 2006 to tender their Notes for cash. 

The Invitation by URSA Bank to holders of Notes constituted a separate Invitation with respect to each series of Notes. The Invitation was made on the terms and subject to the conditions contained in the invitation for offers dated 16 March 2009.  Capitalised terms used in this announcement have the meanings ascribed to them in the Invitation for Offers. The Invitation expired at 4:00 p.m. London Time on Monday, 23 March 2009.

URSA Bank is pleased to announce that it has accepted for purchase an aggregate principal amount of Notes equal to ?74,670,000 of the 2010 Notes and ?26,529,000 of the 2011 Notes. URSA Bank has accordingly increased the Series Invitation Amount of the 2010 Notes to ?74,670,000 and the Maximum Invitation Amount to ?101,199,000, in each case as permitted in the Invitation for Offers. The Purchase Price for the 2010 Notes has been set at the Minimum Purchase Price of ?900 per ?1,000 in principal amount of Notes. The Purchase Price for the 2011 Notes has been set at ?800 per ?1,000 in principal amount of Notes. All Notes tendered at or below the applicable Purchase Price have been accepted in full and will be cancelled.