NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM ANY EEA STATE (OTHER THAN THE UNITED KINGDOM) CANADA, AUSTRALIA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA.

This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in Aurora Investment Trust plc (the "Company") or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities. Any investment decision must be made exclusively on the basis of the final prospectus published by the Company and any supplement thereto.

3 July 2019

Aurora Investment Trust plc

Publication of Prospectus

Aurora Investment Trust plc has today published a prospectus in relation to a 12 month placing programme of new Ordinary Shares. The Placing Programme has been proposed by the Directors to allow the Company to issue new Ordinary Shares to increase the size of the Company. The Placing Programme may also provide an opportunity to attract new investors and therefore may also improve the liquidity of the Ordinary Shares.

The price of the new Ordinary Shares to be issued under the Placing Programme will be calculated by applying a premium of 1.25 per cent. to the Net Asset Value per Ordinary Share as at the Business Day prior to the close of the relevant placing.

The timetable in respect of the Placing Programme is expected to be as follows:

The prospectus will shortly be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.do.

The prospectus is also available in electronic form on the Company's website at www.aurorainvestmenttrust.com and copies are available for collection during normal business hours on any working day (Saturday, Sunday and public holidays excepted) until 3 July 2020 from the registered office of the Company and the offices of Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW.

Capitalised terms used but not defined in this announcement have the same meanings as set out in the Company's prospectus dated today.

Enquiries:

John Luetchford

PraxisIFM Fund Services (UK) Limited

Company Secretary to Aurora Investment Trust plc

Tel: 020 7653 9687

Steve Tatters

Phoenix Asset Management Partners Limited

Tel: 020 8600 0100

Chris Clarke

Liberum Capital Limited

Tel: 020 3100 2000

Important notices

Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of, this announcement.

Dickson Minto W.S. and Liberum Capital Limited are authorised and regulated in the UK by the Financial Conduct Authority, are acting exclusively for the Company and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for affording advice in relation to the contents of this announcement or any matters referred to herein.

No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by the Company, Dickson Minto W.S., Liberum Capital Limited or any of their respective directors, officers, employees or agents.  Subject to the Listing Rules and/or the Prospectus Rules and/or the Disclosure Guidance and Transparency Rules and/or the Takeover Code and/or FSMA, neither the delivery of this announcement nor any subscription or acquisition made under it shall, in any circumstances, create any implication that there has been no change in the affairs of the Company since the date of this announcement or that the information in it is correct as of any subsequent date.

This announcement is for information only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities or investment advice in any jurisdiction.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.