Eastnine — Earnings Release 2009

Feb 6, 2009

PRESS RELEASE

Stockholm, 6 February 2009

Net Asset Value in East Capital Explorer per 31 January 2009

• On 31 January 2009 the net asset value per share in East Capital Explorer amounted to EUR 7.19 (corresponding to SEK 76.21i )
• The change in net asset value per share (EUR) was -1.6 percent compared to 31 December 2008
• Cash and deposits per share amounted to EUR 4.87 (SEK 51.62), corresponding to a total of EUR 176.6m (SEK 1,872m) of which EUR 137.5m (SEK 1,458m) is available for future investments
• The closing price per share on 30 January 2009 was SEK 45.40 (corresponding to EUR 4.28)
• Comment on the effect of recent events in BTA bank of Kazakhstan Very marginal impact for East Capital Explorer's net asset value. East Capital Explorer has no direct exposure to BTA and only non-material indirect exposure through one of our fund investments.

East Capital Explorer has a well-diversified portfolio with indirect exposure to more than 400 companies through the fund investments made so far. East Capital Explorer's total exposure to BTA amounted to 0.1% of the total net asset value on 31 January 2009. This net asset value takes into account the full effect of the decrease in value of BTA during January, based on BTA's share price on 30 January 2009.

	Fair value	Fair value
	change	change Jan	NAV/Share
Portfolio on 31 January 2009	2009 %	%	EUR	% of NAV
Semi-Public Equity Fund Investments
East Capital Bering Russia	-14,4%	-14,4%	0,17	2,4%
East Capital Bering Ukraine	6,4%	6,4%	0,22	3,1%
East Capital Bering Balkan	-0,6%	-0,6%	0,48	6,7%
East Capital Bering Central Asia	-8,5%	-8,5%	0,19	2,6%
East Capital Bering New Europe	-0,3%	-0,3%	0,19	2,6%
East Capital Power Utilities Fund	-11,3%	-11,3%	0,65	9,0%
	-5,9%	-5,9%	1,90	26,5%
Direct Investments
MFG (OAO Melon Fashion Group)	0,0%	0,0%	0,27	3,8%
			0,27	3,8%
Short-term Investments
East Capital (Lux) Eastern European Fund (EUR)	-4,4%	-4,4%	0,15	2,1%
Other short-term investments			4,87	67,7%
			5,02	69,8%
Total Portfolio			7,21	100,3%
Other assets and liabilities net			-0,02	-0,3%
Net Asset Value (NAV)	-1,6%	-1,6%	7,19	100,0%

The total number of shares in East Capital Explorer on the same date was 36,270,160.

This report has not been subject to review by the Company's auditors.

The full net asset value report including the portfolio on 31 January 2009 is included in the attached pdf-file.

Contact information:

Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30 Louise Hedberg, Head of Communications/IR East Capital Explorer +46 8 505 977 20

Financial reporting calendar - East Capital Explorer:

• Monthly Net Asset Value report on the fifth working day after the end of each month
• Year-end report 2009 on 18 February 2009
• Annual General Meeting 2009 on 27 April 2009 in Stockholm
• Interim Report 1 January 31 March 2009 on 14 May 2009

About East Capital Explorer │ East Capital Explorer AB is a Swedish company, created with the specific aim of bringing unique investment opportunities in Eastern Europe to a broader investor base. The company invests mainly in East Capital's private equity and semi-public equity funds that provide exposure to companies not otherwise accessible via the local stock exchanges in Eastern Europe. East Capital Explorer targets fast growing sectors such as the power utilities, financial, retail and consumer goods and real estate sectors. East Capital Explorer has appointed East Capital to manage its investment activities. Since 9 November 2007, East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.

This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.

i 1 EUR = SEK 10.60 on 31 January 2009. Source: Reuters.