Eastnine — Net Asset Value 2012

Jan 9, 2012

Net Asset Value SEK 77 per share on 31 December 2011

• On 31 December 2011 the net asset value per share in East Capital Explorer amounted to EUR 8.69 (corresponding to SEK 77i ). The total net asset value amounted to EUR 293m (corresponding to SEK 2.6bn)
• The total net asset value (EUR) decreased 4.8 percent compared to 30 November 2011
• The value of cash, cash equivalents and other short term investments per share amounted to EUR 1.17 (SEK 10), corresponding to an aggregate of EUR 39m (SEK 351m) of which EUR 28m (SEK 250m) were available for future investments
• During December, external valuations have been performed for East Capital Explorer's investments in Melon Fashion Group and Trev-2 Group. As of 31 December 2011, the fair value of the holding in Melon Fashion Group amounted to EUR 19.5m, corresponding to an increase of 1.4%. The fair value of the holding in Trev-2 Group amounted to EUR 4.0m as of 31 December 2011, which leaves the value unchanged
• A revaluation of East Capital Explorer's direct investment in Populi was also made during December. Populi was valued down with 94 percent and as of 31 December 2011 and the fair value of the holding amounted to EUR 0.1m. The significant write-down in Populi is due to the earlier announced problems in the company that have increased further. The new valuation is based on an external appraisal
• During the period 15 September until 30 December, East Capital Explorer repurchased 1,081,554 of its own shares at an average price of SEK 51.54 per share, which corresponded to 3.1 percent of the company's outstanding number of shares
• The closing price per share on 31 December 2011 was SEK 53.75 (corresponding to EUR 6.03)

ⁱ 1 EUR = 8.92 SEK on 31 December 2011. Source: Bloomberg

	% Fair1 value	% Fair1 value	Fair value per	Fair
	change	change	share,	value,	%
Portfolio on 31 December 2011	December	2011	EUR	EURm	of NAV
Fund Investments
East Capital Bering Russia	-5.9%	-34.4%	0.83	28.1	10%
East Capital Bering Ukraine A	7.1%	-28.5%	0.17	5.6	2%
East Capital Bering Ukraine R	-13.9%	-13.1%	0.16	5.5	2%
East Capital Bering Balkan	2.7%	-18.9%	1.13	38.1	13%
East Capital Bering Central Asia	-6.8%	-34.6%	0.49	16.6	6%
East Capital Bering New Europe	-4.2%	-36.8%	0.36	12.1	4%
East Capital Power Utilities Fund	-16.1%	-39.2%	1.08	36.5	12%
East Capital Special Opportunities Fund	-6.6%	-28.5%	0.87	29.4	10%
East Capital Special Opportunities Fund II	-6.2%	-33.1%	0.73	24.8	8%
East Capital (Lux) Eastern European Fund	-5.3%	-19.1%	0.22	7.4	3%
	-6.5%	-31.5%	6.04	204.1	70%
Direct Investments
Melon Fashion Group	1.4%	-27.1%	0.58	19.5	7%
TEO LT	0.2%	-7.9%	0.47	15.9	5%
East European Debt Finance (EEDF)2	-0.3%	2.7%	0.03	1.1	0%
Populi	-93.5%	-97.3%	0.00	0.1	0%
Komercijalna Banka Skopje	-0.3%	-19.8%	0.29	9.7	3%
Trev-2 Group	0.0%	0.0%	0.12	4.0	1%
	-2.6%	-20.1%	1.49	50.4	17%
Short-term Investments2
Other short-term investments			0.67	22.8	8%
Cash and cash equivalents			0.49	16.6	6%
			1.17	39.4	13%
Total Portfolio			8.70	294.0	100%
Other assets and liabilities net			-0.02	-0.5	0%
Net Asset Value (NAV)	-4.8%	-31.7%	8.69	293.4	100%

1) Fair value change calculation adjusted to reflect investments in East Capital Bering Balkan Fund of EUR 5.0m, in TEO of EUR 3.3m, in Populi of EUR 0.5m, in Komercijalna Banka Skopje of EUR 13.0m, in Trev-2 Group of EUR 4.0m, in MFG of EUR 13.0m, in EEDF of EUR 0.8m as well as divestments of EUR 5.0m from East Capital (Lux) Eastern European Fund, EUR 12.5m from East Capital Special Opportunities Fund, EUR 20.3m from East Capital Power Utilities Fund, and EUR 7.4m from Wimm-Bill-Dann. It is also adjusted for pre-tax dividends of EUR 1.2m and EUR 0.7m received from TEO LT and Komercijalna Banka Skopje respectively.

2) In January 2010, the company announced an investment of EUR 5m in East European Debt Finance together with Intrum Justitia and East Capital Financials Fund. So far EUR 1.1m has been drawn down. The remaining commitment is still held in short term investments.

Note that certain numerical information may not sum due to rounding.

Excluding shares held by the company following buy-backs since September, the number of shares outstanding in East Capital Explorer AB on 31 December 2011 was 33,770,121.

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

The full net asset value report with the portfolio as of 31 December 2011 is included in the attached pdf-file.

Contact information:

Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32 Mathias Pedersen, CFO, East Capital Explorer, +46 8 505 977 48 Charlotte Åsberg, Investor Relations Manager, East Capital Explorer, +46 8 505 885 94

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 2011, 15 February 2012
• Annual Report 2011 available in April 2012
• Annual General Meeting 2011 on 25 April 2012
• Interim Report 1 January 31 March 2012, 8 May 2012

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 alternative investment funds as well as in direct investments into private and public companies. 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 Nordic Stockholm, Mid Cap.

This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act and demands made in the exchange rules. It was released for publication at 07:00 a.m. CET on 9 January 2012.