Eastnine — Net Asset Value 2008

Oct 7, 2008

PRESS RELEASE

Stockholm, 7 October 2008

Net Asset Value in East Capital Explorer per 30 September 2008

• On 30 September 2008 the net asset value per share in East Capital Explorer amounted to EUR 8.77 (corresponding to SEK 85.861 )
• The change in net asset value per share (EUR) was -9.8 percent compared to 31 August 2008 and -19.3 percent year-to-date
• The closing price per share on 30 September 2008 was SEK 59.75 (corresponding to EUR 6.10)

Cash and deposits on 30 September 2008 amounted to 195.6 MEUR (1 915 MSEK) which corresponds to 5.39 EUR (52.77 SEK) per share.

The total number of shares on the same date was 36,270,160.

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

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
• Interim report 1 January 30 September 2008 on 13 November 2008
• Year-end report 2009 on 18 February 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 the OMX Nordic Exchange 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.

¹ 1 EUR = 9.79 SEK on 30 September 2008. Source: Reuters.