BMB's Emir Oil Initiates Work-Over of Two Oil Wells in Kazakhstan; Also Intends to Commercialize Natural Gas Production.

Business Editors

PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 20, 2003

InterUnion Financial Corporation ("InterUnion") (OTCBB: IUFN), announced today that BMB Holding, Inc.'s 70%-owned subsidiary, Emir Oil, LLC ("Emir Oil") has initiated the work-over of two existing wells, one located on the Dolinnoe oil field (Dolinnoe-1) and the other on the Emir oil field (Emir-1), in Kazakhstan.

Preliminary results indicate that some service work has to be done to maintain a steady productivity rate on Dolinnoe-1. Emir-1 showed extremely high pressure and good productivity in a test that approximated 30 minutes in length. In accordance with local regulations, test production has been interrupted until local government inspectors approve a detailed work program with appropriate safety measures. More oil trucks will be acquired to provide a steady and smooth oil delivery to the oil storage facilities owned by BMB's 30% partner in Emir Oil.

Given these new field developments, representatives of McDaniel & Associates will be visiting Kazakhstan in early November to view the testing of Dolinnoe-1 and Emir-1 and to inspect the rest of the ADE block before finalizing their review of the reserves of the ADE Fields. It is anticipated that McDaniel & Associates will complete their review by mid-November. McDaniel & Associates Ltd. is a leading independent petroleum consulting firm that has provided its services in virtually all petroleum producing regions in the world including Kazakhstan, Russia, Ukraine, Onshore UK, North Sea, Indonesia, Australia, Africa, Middle East, North America, South America, Cuba and Trinidad.

BMB plans to tie into an existing, unused gas pipeline located near the ADE license in order to commercialize its natural gas production. It will give BMB access to the regional gas pipeline network and to the regional gas market. This market, including the City of Aktau, and local industries are experiencing a shortage of natural gas and BMB believes that there will be good demand for gas from BMB's ADE Fields.

On August 18, 2003, InterUnion announced that it entered into a non-binding Letter of Intent (the "LOI") with BMB Holding, Inc. ("BMB"), for the proposed acquisition by InterUnion of all of the outstanding shares of BMB, which indirectly holds a 70% interest in the Aksaz, Dolinnoe and Emir oil fields in Kazakhstan (the "Acquisition"). The terms of the Acquisition provide that InterUnion will issue to the shareholders of BMB 148,571,429 (revised from 142,857,143 announced on August 18, 2003) Common Shares. InterUnion and BMB expect that the Closing of the Acquisition and the previously announced financing will occur next month. The proposed Acquisition is subject to certain conditions, including due diligence, the execution of a definitive agreement and other necessary approvals.

BMB

BMB Holding, Inc. is a Delaware corporation, with offices in New York and Almaty, Kazakhstan, which is engaged in the development, exploitation, production and exploration of crude oil and natural gas. The Company's operations are primarily focused onshore in the hydrocarbon rich Caspian Sea region of the Republic of Kazakhstan. Emir Oil is a limited liability corporation organized under the laws of Kazakhstan. Emir Oil's principal asset is its license for the ADE Fields - Aksaz, Dolinnoe and Emir - located onshore, 45 kilometres northeast of the Caspian Sea port city of Aktau, in the Mangistau oblast of western Kazakhstan. The ADE hydrocarbon reserves have been evaluated by PGS Reservoir Consultants of Oslo, Norway. PGS estimates recoverable reserves in the three fields at 145 million barrels of oil and 400 billion cubic feet of natural gas (expected case). Of this, reserves currently in the proved category are estimated at 33 million barrels of oil and 100 billion cubic feet of natural gas.

InterUnion

InterUnion Financial Corporation is a business bank specialized in providing financial services.

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as are described in the Company's annual report.