Stock Option Grant

December 17th, 2002

Toronto, December 17, 2002 — Banro Corporation (the “Company”) (TSX Venture — YBE) announces that it has granted, pursuant to its stock option plan (the “Plan”), 275,000 stock options, each such option entitling the holder to purchase one common share of the Company at a price of Cdn$3.65 until December 17, 2006. 58,000 of these options were granted subject to and conditional upon shareholders of the Company and the TSX Venture Exchange approving an amendment to the Plan to accommodate such 58,000 options.

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

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.