Amendment of Management Agreement

21 January 2011

Aurora Russia Limited

Amendment of Management Agreement

The Board of Aurora Russia Limited is pleased to announce that it has signed an amendment to the terms of the management agreement with Aurora Investment Advisors Limited which implements the revised terms as proposed in the notice of annual general meeting sent to shareholders on 28 October 2010.

Enquiries:

Aurora Russia Limited +44 (0) 207 839 7112

Dan Koch

Numis Securities Limited +44 (0)20 7260 1000

Nominated Adviser: Hugh Jonathan

Corporate Broking: Rupert Krefting / Nathan Brown

Financial Dynamics +44 (0)20 7269 7132

Ed Gascoigne-Pees