AGM Statement

Aurora Russia Limited

AGM Statement

28 September 2011

Aurora Russia Limited (the "Company") is pleased to announce that at its Annual General Meeting held at 10 a.m. today all resolutions were passed by a significant majority. At the meeting, Geoff Miller, Chairman, gave the following update:

As previously announced, with the re-election of the five Board members who stood for re-election, Ben Morgan will stand down at the end of the Annual General Meeting. I would like to pass on the Board's thanks for his diligent work, particularly over the past, turbulent year for the Company. I am grateful that the Company will retain Ben's counsel as legal adviser as the Company fulfills the strategy of realising value from its investments as laid out in the announcement of 5 August 2011.

Having received the support of shareholders at today's AGM, the Board is now focused on ensuring that the correct structures are in place to deliver value from the Company's assets. The membership of the existing committees of the Board has changed and an additional committee has been formed, to ensure that all aspects of the Company are overseen in a transparent and accountable fashion.

John Whittle will continue to chair the Valuation and Audit Committees, and the membership of these committees will consist of the entire Board except the Chairman of the Board. John will be joining me and the manager in presenting to shareholders on a quarterly basis to ensure that any valuation and accounting issues investors might have are fully addressed.

The Remuneration Committee is now chaired by Tim Slesinger, and the other members of the committee are Gilbert Chalk and John Whittle. In addition the Board has agreed the creation of the Management Engagement Committee, which will be responsible for the management of the Company's relationship with all of its service providers. This committee is chaired by Gilbert Chalk and the membership is all of the Board except John Whittle, because of his previous connections with Close Fund Services.

With the necessary structures in place, the Company is well positioned to optimise value for shareholders from its investments. It is intended that an update on the underlying businesses will be made on 14 October, prior to the Company going into a close period before its interim results are released in mid-December.

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