Nowe Finanse Limited - Investment Update

Hamilton, Bermuda, 4 December 2007 -- The Directors are pleased to announce that the fund has acquired a further 20,088 PZU shares at a price of PLN 395 per share.

Following the acquisition referred to above, the Company's portfolio is now 79.93% invested in PZU issued securities and 20.07% in cash or near cash securities (based on a share price of PLN 395 per share).

The Board has been advised by its investment manager that the market in PZU shares has now become extremely illiquid and access to such shares is now more limited than previously anticipated.  The principal reason for this, so the investment manager believes, is that there is an amount of expectation that the new Polish Government will look to resolve the outstanding legal issues which would pave the way for a potential flotation of PZU in the fourth quarter of next year.  The investment manager believes that, as a result of the election, a number of potential vendors of PZU shares have decided not to sell their shares but instead to wait for the potential flotation of PZU.

In addition, the investment manager is encountering difficulties in enforcing commitments to sell shares to the Company as counterparties claim that they no longer have access to the underlying PZU shares to satisfy their commitments.

Notwithstanding the above the investment manager is hopeful that the Company will be able to acquire further PZU shares so that it will become fully or near fully invested in the not too distant future.

For further information on Nowe Finanse Limited please contact:-

For more information on the Bermuda Stock Exchange (BSX), contact Bruce McMartin at 1-441-292-7212 or info@bsx.com. Information is also available at bsx.com on Bloomberg at BSX <GO>.

The BSX was founded in 1971 and is the world's leading fully electronic offshore securities market. The BSX list equities, mutual funds and bonds, as well as depository receipts. The BSX is a full member of the World Federation of Exchanges (WFE) and an affiliate member of IOSCO. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S, The Financial Services Authority in the UK as a Designated Investment Exchange, The Bermuda Monetary Authority as a Recognised Investment Exchange and an Approved Stock Exchange under Australia's Foreign Investment Funds (FIF) taxation rules.