Directorate Change

Aurora Russia Limited
12 February 2007


12 February 2007


                              Directorate Changes


Aurora Russia Limited ('Aurora Russia' or the 'Company'), the AIM-quoted
investment vehicle established to make equity or equity-related investments in
small and mid-sized private companies in Russia, today announces the appointment
to its board of Christopher Cowan, as a Non Executive Director, with immediate
effect.

Coinciding with this appointment, Cowasji Magol has stepped down from his
position as a Non Executive Director of Aurora Russia to pursue other interests,
also with immediate effect.

Mr Cowan, aged 61, has over 40 years experience working for international
companies in a finance role. This includes over 13 years acting as a Group
Finance Director, firstly with Jardine Matheson Holdings, for five years to
1997, and then with Avis Europe Plc for four years until 2002. He was then
appointed Group Finance Director of Prebon Group Limited, a leading
international money broking business which was acquired by Collins Stewart
Tullett PLC in 2004. Most recently, Mr Cowan was Chief Financial Officer of
CreditTrade Inc., a credit derivatives broker operating in London, New York and
Singapore, which was acquired by a competitor in November 2006. Mr Cowan was
also a Non Executive Director of Henlys Group Plc for seven years to 2004.

As a Non Executive Director of Aurora Russia, Mr Cowan will chair the valuation
committee and sit on the audit committee.

Commenting on the directorate changes, Sir Trevor Chinn CVO, Chairman of Aurora
Russia, said:

'We are delighted to welcome Christopher Cowan to the board. We believe his
wealth of finance and financial services sector experience will prove invaluable
in the next stage of Aurora Russia's development.

'We would like to thank Cowasji Magol for his significant contribution to Aurora
Russia both during and since the IPO. We wish him well in all his other
ventures.'

Additional details are set out below:

Christopher Cowan (age 61)

Holding in the Company's ordinary shares: 200,000 (0.27% of the total issued
ordinary shares)

Directorships in previous five years: Henlys Group Plc, CreditTrade UK Limited,
CreditTrade LLP, Prebon Group Limited, Ballards Lane Management Company Limited

Present Directorships: N/A

Save for the information disclosed above there is no other information to be
disclosed under schedule two, paragraph (g) of the AIM rules.




Enquiries

Aurora Russia Limited
James Cook, Moscow         + 7 495 644 1662
John McRoberts, London     [phone]


Financial Dynamics         [phone]
Giles Sanderson
Ed Gascoigne-Pees
Felicity Murdoch


Notes to editors:

Aurora Russia

Aurora Russia floated on the Alternative Investment Market of the London Stock
Exchange on 24 March 2006. The Company has been established to make equity or
equity related investments in small and mid-sized private Russian companies
focused on the financial, business and consumer services sectors where the
Directors believe there is potential for growth together with viable exit
opportunities within two to four years of making such investments. The Company
intends to provide its investee companies with the necessary capital to continue
to expand and develop. The Manager, shall provide hands-on operational support
to deliver significant step changes in performance and value creation.

Aurora Russia will target companies with Enterprise Values of up to
approximately £100 million and will seek to secure blocking or controlling
stakes and board representation. The Company intends generally to take equity
stakes of greater than 20% in each portfolio company. It is anticipated that
each equity investment will typically be between £5 million and £25 million.




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