Interim Results

Aurora Russia Limited
12 September 2006

12 September 2006: embargoed for 7.01am


                             Aurora Russia Limited

                             Maiden Interim Results

Aurora Russia Limited (the 'Company' or 'Aurora Russia'), the AIM-quoted
investment vehicle established to make equity or equity-related investments in
small and mid-sized private companies in Russia, announces its maiden interim
results for the period from its incorporation on 22 February 2006 to 30 June
2006 '(the Period').

Operational highlights

•         Successful AIM listing and raising of £75 million (before expenses) on
          24 March 2006

•         First two investments since listing have been made:

            • $9.4 million acquisition of stake in OSG Records Management group 
              of companies in July
            • £12.5 million investment to launch Kreditmart, a mortgage and 
              consumer finance broker, announced separately today
•         Key hires made in May 2006 of Andrey Gurin and Oleg Bystranov as
          investment officers by Aurora Investment Advisors Limited ('AIA'), the
          Company's manager

Financial highlights

•         Profit before tax for the Period £0.17 million

•         Basic earnings per share 0.23p for the Period

•         Cash and cash equivalents as at 30 June 2006 of £71.2 million

•         Net asset value at 30 June 2006 £71.7 million, representing 95.6p per
          share



Commenting, Sir Trevor Chinn, Chairman of Aurora Russia, said:

'Aurora Russia's entry into Russia has been met with a great deal of interest by
the Russian market.  The Company was the first private equity investment vehicle
focusing on Russia to be listed on AIM.

During the first quarter of operations, much progress was made by the Company's
manager in developing a strong pipeline of potential transactions and carrying
out due diligence on a number of investment opportunities.  We have continued to
witness strong growth in the Russian economy and expect the strong growth
fundamentals to remain for the rest of 2006 and beyond.  The Board expects that
by the time we publish our full year results, we will be further invested in
exciting growth companies in Russia.'

Enquiries:

Aurora Russia Limited
James Cook, Moscow                                   [phone]
John McRoberts, London                               [phone]

Financial Dynamics                                   [phone]
Giles Sanderson
Svetlana Fedyunin




Chairman's Statement

Aurora Russia Limited ('Aurora Russia' or the 'Company') was incorporated in
Guernsey in February 2006 and listed on AIM in March 2006 having raised £75
million (before expenses) through a placing of ordinary shares at £1 per share.
These results reflect the period from incorporation to 30 June 2006.

In the period ending 30 June 2006, Aurora Russia recorded a net profit of
£173,096 or 0.23p per share.  The net asset value at the end of the period was
£71.7 million or 95.6p per share and cash stood at £71.2 million or 94.9p per
share.

Much progress has been made by the Company's manager, Aurora Investments
Advisors Limited ('AIA'), in developing a strong pipeline of potential
transactions and carrying out due diligence on a number of investment
opportunities, including those outlined in our Admission Document.

John McRoberts and James Cook have been joined at AIA by two Investment
Officers; Andrei Gurin and Oleg Bystranov.  Andrei has extensive experience in
finance and is the former Finance Manager for Eastern Europe for GE.  Most
recently, he held the position of Financial Controller & Treasurer of Delta
Bank, GE's banking subsidiary in Russia where he had worked closely with James
Cook.  Oleg joined from Northstar Corporate Finance after a successful career in
corporate finance in Russia, with positions at Altium Capital in Moscow, where
he worked closely with John McRoberts, and ABN AMRO.

Aurora Russia's entry into Russia has been met with a great deal of interest by
the Russian market.  Aurora Russia was the first private equity investment
vehicle focusing on Russia to be listed on AIM.  It therefore provides its
investee companies with exposure to institutional investors in London.  Due to
the increased popularity among Russian companies to seek a listing in London, an
investment by Aurora Russia is being seen as a first step in this process.

Investment in OSG Records Management

On 24 July 2006, Aurora Russia successfully completed its first investment
paying US$9.4 million (£5.1m) for 40.31% of the common shares of Whitebrooks,
the parent company of the OSG Records Management Group.  A management option
scheme has been agreed and is currently being implemented, resulting in Aurora
Russia's shareholding being 37.1% on a fully diluted basis.  OSG Records
Management is considered the regional market leader in records management,
providing cost-effective total records management, document storage, data
security and confidential data destruction solutions.  OSG Records Management is
the largest operator in Russia (the majority of its business is in Russia),
Ukraine and Kazakhstan, with a presence in Poland, Bulgaria, China and Turkey.
OSG Records Management, which entered the Russian market in 1998, estimates that
it currently controls more than 70% of the formal outsourced records management
market.  We hope that it will continue to grow turnover at a rate of over the
50% per year that it experienced from 2000 to 2005.

Aurora Russia has hedged the sterling cost of this investment using a forward
foreign exchange contract and will continue to review the need for hedging its
investment positions.

Investment to launch Kreditmart

In accordance with our original plans, we have today separately announced our
commitment to invest £12.5 million to launch Kreditmart.  Kreditmart will be a
finance company distributing mortgages, home equity loans and other consumer
finance services products in Russia through a network of loan shops, internet,
bank partners and real estate agents. It plans to establish 10 loan shops
covering seven regions in Russia by the end of 2007 and to build a book of
mortgage assets.  A strong management team has been put together which has a
successful track record for building similar operations in the mortgage and
consumer finance sectors in Russia.

James Cook, who was previously Chairman and CEO of GE Consumer Finance in
Russia, will serve as Chairman. James' previous track record includes the
successful launch and roll-out of both DeltaCredit (sold to Societe Generale in
2005) and DeltaBank (sold to GE Consumer Finance in 2004).

Fund administration

The Board has agreed to release the second tranche of the management fee in the
amount of £500,000 to AIA that was mentioned in the Admission Document and which
was subject to the Board's discretion.

AIA holds an option (the 'Option') entitling it to a 20 per cent carry in the
future returns generated for shareholders provided that the total return on the
ordinary shares when compared to the placing price (£1 per share) has increased
by at least 12 per cent. per annum from the date of the Company's admission to
trading on AIM until the date of exercise of the Option.

During the process of reviewing the value of the Option during the preparation
of these financial statements, it was determined by the Board that an amendment
to the Option deed was required in order to correctly reflect the terms of the
Option as set out above and as presented to investors at the time of the
placing.

Outlook

Since March, the Company has continued to witness strong growth in the Russian
economy.  Annual GDP growth of 6%, higher oil prices and growing reserves, early
repayment of the Paris Club debt, and lower domestic interest rates are all
factors which should continue to support growth in the Russian economy.  We
expect the strong growth fundamentals in the Russian economy to remain for the
rest of 2006 and beyond.

The Board is confident that AIA will continue its excellent work as our manager
and expects that by the time we publish our results for the period ended 31
December 2006, we will be further invested in exciting growth companies in
Russia.

Sir Trevor Chinn


Chairman of the Board
Aurora Russia Limited


AURORA RUSSIA LIMITED

Income Statement
For the period from incorporation on 22 February 2006 to 30 June 2006


                                                                                          £

Administration and operating expenses                                               677,256

Operating loss for the period                                                     (677,256)

Bank interest receivable                                                            850,352

Finance income                                                                      850,352


Profit before tax                                                                   173,096

Tax                                                                                       -

Net profit for the period                                                           173,096


Earnings per share - Basic                                                            0.23p



AURORA RUSSIA LIMITED

Balance Sheet
As at 30 June 2006


                                                                                            £
Current assets
Trade and other receivables                                                           601,219
Cash and cash equivalents                                                          71,226,350
                                                                                   71,827,569

Total assets                                                                       71,827,569

Current liabilities
Trade and other payables                                                              114,460
Total liabilities                                                                     114,460

Net assets                                                                         71,713,109

Equity
Share capital                                                                         750,000
Share premium account                                                                       -
Special reserve                                                                    70,790,013
Revenue reserve                                                                       173,096
Total equity                                                                       71,713,109


Net asset value per share                                                               95.6p




AURORA RUSSIA LIMITED

Cash flow statement
For the period from incorporation on 22 February 2006 to 30 June 2006


                                                                                        £
Cash flows from operating activities
Operating loss                                                                   (677,256)
Adjustments for:
Increase in operating trade and other receivables                                (601,219)
Increase in operating trade and other payables                                     114,460
                                                                               (1,164,015)

Interest received                                                                  850,352

Net cash outflow from operating activities                                       (313,663)

Cash flows from financing activities
Proceeds from issue of ordinary share capital                                   75,000,000
Issue costs                                                                    (3,459,987)

Net cash inflow from financing activities                                       71,540,013

Net increase in cash and cash equivalents                                       71,226,350

Opening cash and cash equivalents                                                        -
Closing cash and cash equivalents                                               71,226,350



AURORA RUSSIA LIMITED

Notes to the Interim Financial Statements
For the period from incorporation on 22 February 2006 to 30 June 2006

1.   Share capital                                                                      30/06/06
                                                                                               £
     Authorised share capital:
     200,000,000 Ordinary Shares of 1p each:
                                                                                       2,000,000
     Issued share capital:
     75,000,000 Ordinary Shares of 1p each:                                              750,000


2.   Statement of changes in equity


                                                     Share
                                Share              Premium           Special         Retained
                              Capital              Account           Reserve         Earnings             Total
                                    £                    £                 £                £                 £
Issue of ordinary share
capital, net of issue costs   750,000           70,790,013                                           71,540,013

Conversion of share
 premium account                              (70,790,013)        70,790,013                                  -

Net profit for the period                                                             173,096           173,096

At 30 June 2006               750,000                    -        70,790,013          173,096        71,713,109



3.   Share premium                                                                        30/06/06
                                                                                                 £

     Premium arising on issue of ordinary shares                                        74,250,000

     Transaction costs on issue of ordinary shares                                     (3,459,987)

     Conversion to special distributable reserve                                      (70,790,013)

     Balance as at 30 June 2006                                                                  -



On 5 April 2006 the Royal Court of Guernsey confirmed the reduction of the
capital by way of cancellation of the Company's share premium account. The
amount cancelled has been credited as a distributable reserve.

4.   Special reserve                                                                      30/06/06
                                                                                                 £

     On conversion from share premium                                                   70,790,013

     Balance as at 30 June 2006                                                         70,790,013


The special reserve is a distributable reserve to be used for all purposes
permitted under Guernsey company law, including the buy back of shares and the
payment of dividends.


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