Interim Management Statement

Aurora Investment Trust plc

Interim Management Statement
30 November 2008

Objective: Capital appreciation through investments mainly listed  on
the London Stock Exchange.

Benchmarks: The FTSE All-Share and Treasury 7.25% Stock 2007.

Policy:  To invest primarily in equities but with some exposure  also
to Fixed  Interest.   In general  the portfolio  will be     weighted
towards the larger  rather than  the smaller capitalised  stocks.   A
distinctive feature is an emphasis  on investments in companies  with
exposure to economies growing at a faster rate than the UK.

Manager's Comments

SLOWDOWN OR RECESSION?

This title summarises the heated debate which is currently  occurring
amongst economists and forecasters of  both the US and UK  economies.
By contrast, and  without waiting for  further evidence, investment
managers in general  appear to have  made up their  minds. They  have
taken what profits they can and have 'headed for the hills' to  avoid
a repeat of the experience in the mid 1970's at the time of the  last
banking crisis, when oil prices  were rocketing and inflation  rising
rapidly.

In the  UK  stock-market,  the  result  has  been  'carnage'  in  the
financial sector led by banks  (worries over sub-prime mortgages  and
CDOs, not to mention the collapse  of Northern Rock) and by  supposed
private equity bid candidates given the impossibility of raising  the
necessary  finance.   More  recently,   consumer  stocks,   including
house-builders,  have  followed  suit   as  consumer  sentiment   has
deteriorated, culminating  in  a relatively  poor  Christmas  trading
period for the  retailing sector. In  brief, the FTSE  250 index  and
smaller market capitalisations have  been sold, almost regardless  of
future prospects, in a  'flight to cash'  or enhanced liquidity;  the
large stocks have certainly fared better than their smaller brethren.
The only sector to shine in  relative terms was the mining sector  to
which the portfolio is heavily committed.

Against such a background the  Company, whose objective is to  invest
in future growth stocks, has seen its Net Asset Value   under-perform
the Benchmark during the three- month period to 30 November. The  Net
asset value fell by 2.3% by comparison with a rise of 0.6% by the  FT
All-share index. This under-performance can  be ascribed to the  fact
that no less than three of the company's main investment themes  have
suffered during  the recent  turmoil. The  Manager, however,  remains
confident that all of them remain valid and indeed potent.

First, sales of new houses and  flats may be relatively subdued  this
spring but the problem of the dire shortage of modern  accommodation,
particularly in the South-East, will take some two decades to resolve
against a  backcloth of  the disintegration  of the  family unit  and
rapid  immigration.  Moreover  with  certain  current  share   prices
standing at discounts to  NAV there remains  a strong possibility  of
corporate activity  within  the  sector.  The  house-building  sector
habitually outperforms at a time of interest rate reductions- a  near
certain forthcoming feature in 2008.

Secondly, the Irish stock-market has been unduly affected on  account
of a sharp turn in sentiment and the expression of the view that  the
Irish economy is  a property bubble  about to burst.  Since there  is
clear evidence to the contrary, (the house-building sector being  the
sole exception representing only  some 7% of  GDP) and with  official
forecasts for Irish GDP growth  for 2008  in  the range of +3+4%  the
Irish stock-market  looks  well  placed to  perform  when  confidence
rebuilds.

Thirdly, as can be expected from a growth-oriented portfolio there is
a   high   exposure   to   'concept'   stocks   with   small   market
capitalisations. However exciting  their prospects  and despite  some
good newsflow, e.g. from  BTG and Gresham  Computing, the market  has
ignored their long-term  growth prospects and  abandoned them in  the
rush for safety. The Manager, however, remains confident that several
of them will  produce substantial  gains for the  portfolio over  the
next few years, regardless  of the level of  interest rates, the  oil
price, currencies or the absence of growth in the UK economy.

OUTLOOK

The Manager  does not  think that,  in terms  of market  or  economic
performance, 2008 is likely to be a rerun of the mid 1970s. Recession
is likely to be avoided. It  is evident from recent statements of  Mr
Bernanke's, that the Fed  will do whatever is  necessary to avoid  an
outright recession  by  means  of  providing  liquidity  with  future
interest rate reductions. The  Bank of England,  likewise, is set  to
reduce interest rates  in 2008.  A most important  recent feature  is
that both US Dollar and Sterling LIBOR rates have come back into line
with official Base Rates, leading one to conclude that some normality
is beginning  to return  to  the banking  sector, albeit  the  credit
strains are evident..

The current price of  oil is of lesser  importance to the UK  economy
today than in the  mid 1970s and its  price relatively lower in  real
terms than then. The forces of gobalisation have reduced the  pricing
power of the  UK labour force.  In consequence, although  commodities
are being driven up  in price by the  insatiable demands of the  BRIC
countries, the  likelihood  of  a  sustained  period  of  stagflation
remains low. The US  economy is no longer  the sole driving force  of
the global economy  as, to  all intents  and purposes,  it was  then.
Accordingly, the  dynamism of  the densely  populated BRIC  countries
will ensure that global growth will be more sustainable., albeit  not
at the 5% rate which prevailed in late spring.

In summary,  the Manager  is confident  that a  change in  sentiment,
following  a  series  of  interest  rate  reductions  together   with
continued corporate  activity  centred  around  both  Rio  Tinto  and
Xstrata (both large  holdings), will help  change the current  gloomy
view of the markets later into 2008.

MARS ASSET MANAGEMENT LIMITED

+-------------------------------------------+
| N.A.V: 221.36p                            |
| Total net assets £31.704m                 |
|                                           |
| Largest Holdings:                         |
|                                           |
|                                           |
| Rio Tinto                  12.4%          |
| Gartmore Irish Growth      8.9%           |
| Anglo Irish Bank                          |
| Arriva                     7.6%           |
| Xstrata                    5.4%           |
| Scottish & Southern        4.9%           |
| Standard Chartered         4.4%           |
| Drax Group                 4.0%           |
| BTG                        3.8%           |
| Antofagasta                3.7%           |
|                            3.6%           |
|                                           |
|   Total Top Ten              58.7%        |
+-------------------------------------------+




+----------------------------------------------+
| Performance:       |                |        |
|--------------------+----------------+--------|
|                    | FTSE All-Share |    NAV |
|--------------------+----------------+--------|
|                    |              % |      % |
|--------------------+----------------+--------|
|  Since launch      |          +52.2 | +126.4 |
|--------------------+----------------+--------|
|            5 years |          +63.8 |  +79.9 |
|--------------------+----------------+--------|
|            3 years |          +39.9 |  +10.0 |
|--------------------+----------------+--------|
|          12 months |           +5.1 |   -6.3 |
|--------------------+----------------+--------|
|           3 months |           +0.6 |   -2.5 |
+----------------------------------------------+




+-------------------------------------------------------------------+
|                                                                   |
| Fund Details:                                                     |
|                                                                   |
| Manager: Mars Asset Management Ltd   tel: [phone]           |
| website:www.marsassetmanagement.co.uk                             |
|                                                                   |
| Stockbroker  : Cenkos Securities Ltd.                             |
| Launch Date 13/3/1997                                             |
|                                                                   |
| Shares In issue (including 785,000 held in Treasury)  15,107,250  |
| Daily quotes : Financial Times, Daily Telegraph                   |
| Valuations : Bi-monthly                                           |
| Fees -management : 0.75 p.a. charged monthly,  performance fee ;  |
| yes                                                               |
|            administration/secretarial :0.25pa                     |
+-------------------------------------------------------------------+

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