NOWE FINANSE LIMITED - BUY BACK OF SHARES - NOVEMBER 2008

Hamilton, Bermuda - 10 November, 2008 - The Directors of Nowe Finanse Limited (the "Company") [Ticker: NOWEFIN.BH], wish to advise that they propose to buy back for cancellation up to 10% of the Company's issued share capital on 25 November 2008. 

Shares will be repurchased at a 10% discount to the Net Asset Value per Share.  The NAV shall be calculated using the fair valued price of PZU of PLN 290 as of 31 October, which will be subsequently adjusted by the performance of a basket of two of the leading Polish banks, 50% PKO Bank Polski and 50% Bank Pekao, as recommended by the Investment Manager and adopted by the Board of Directors as being a reasonable and prudent methodology for determining the value of this unlisted security.

In order to facilitate the buy back there will be an additional Valuation Day on 25 November 2008.  The Net Asset Value per Share will be determined on 25 November 2008 as described above.  Shares will be bought back and cancelled on 25 November 2008 and a Stock Exchange Announcement will be made later that day to advise Shareholders of the results of the buy back. If demand is received for more than 10% of the issued share capital, then Shares will be bought back on a pro rata basis.

Funds managed by Charlemagne Capital (IOM) Limited intend to tender their shares for participation in the buy back.

A copy of this announcement (to include a reply slip for use by those Shareholders who may wish to participate in the buy back) is to be distributed to all Shareholders today.  Those Shareholders wishing to offer Shares for repurchase should complete the reply slip as directed and return it as soon as possible, and in any event no later than 5 p.m. UK time on 24 November 2008 to the Administrator, Galileo Fund Services Limited, Third Floor, Britannia House, St. George's Street, Douglas, Isle of Man, IM1 1JE, British Isles (Fax: (44) 1624 692601).

The Directors wish to remind shareholders that they will use their discretion to buy-back or redeem Shares in accordance with guidelines which are designed to ensure that the Company is not open-ended for taxation or regulatory purposes and that accordingly shareholders cannot expect with any degree of certainty that any of the Shares they may offer for re-purchase or redemption will be bought back or redeemed at any particular time. 

The Directors believe that the investment rationale of the Company may cease to exist if any securities of PZU are listed on the Warsaw Stock Exchange.  In these circumstances the Directors' current intention would be to call a special general meeting of the Company to propose to Shareholders that the Company proceed to a voluntary winding-up.  Upon winding-up, the liquidator may, with the authority of a resolution of the Shareholders passed either at a special general meeting or by written resolution, divide among the Shareholders in specie the whole or any part of the assets of the Company.

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