NOWE FINANSE LIMITED - BUY BACK OF SHARES

Hamilton, Bermuda - 2 JULY, 2009 - The Directors of Nowe Finanse Limited (the "Company"; NOWEFIN.BH), wish to advise that the Investment Manager has today purchased for cancellation 200,000 shares of the Company's issued share capital at a price of ‚¬2.025 per Share.

The Company has the authority to purchase up to 14.99 per cent. of the Shares in issue and accordingly, if the Directors consider it to be in the best interests of the Shareholders, they may use such authority to buy Shares in the market, off market or by tender in order to address any imbalance between the supply of and demand for Shares. 

In November 2008, 504,500 shares were tendered by Shareholders and repurchased for cancellation.  The purchase and cancellation of an additional 200,000 shares off market remains within the scope of authority granted to the Directors.

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 Shares 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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