Private Placement Negotiated

May 2nd, 2002

Toronto, May 2, 2002 — Banro Corporation (the “Company”) (CDNX — YBE) announces that it has negotiated a non-brokered arm’s length private placement of 1,000,000 common shares of the Company at a price of $3.65 per share for proceeds to the Company of $3,650,000. Closing of this transaction is subject to regulatory approval. Proceeds from this financing will be added to the Company’s working capital.

For further information, please contact:
Arnold T. Kondrat
Executive Vice President
Phone: (416) 366-2221
Fax: (416) 366-7722

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