Eastnine — Share Issue/Capital Change 2007

Nov 6, 2007

PRESS RELEASE

Stockholm, November 6, 2007

Strong demand for shares in East Capital Explorer's IPO

• Strong demand for shares in the initial public offering of East Capital Explorer, the offer size was increased by 40% from €260 million to €365 million
• East Capital Explorer has attracted significant interest from institutional investors in Europe, the Middle East, US and Asia. Approximately 40% of the offering will be placed with investors outside Sweden
• Swedish retail investors have shown very strong interest. Of a total of approximately 13,500 shareholders, approximately 12,500 shareholders are Swedish retail investors
• East Capital Explorer will trade under the ticker ECEX. First day of trading on OMX Nordic Exchange Stockholm, Mid-cap segment, is this Friday, November 9, 2007

Reflecting the strong demand, the offering was increased by 40% to €365 million (corresponding to 33,795,350 shares), from the original target size of €260 million. In addition, East Capital Explorer has granted the bookrunners an option to purchase up to an additional 3,611,010 shares which may be exercised up until 30 days after the first day of trading. If the overallotment option is exercised in full, East Capital Explorer will raise a total slightly in excess of €400 million.

Peter Elam Håkansson, Chairman of East Capital, said: "We are extremely proud of the trust shown to us and East Capital Explorer, both by Swedish and international investors – a strong approval of our investment philosophy and confirmation that investors share our excitement for the many opportunities in Eastern Europe."

Gert Tiivas, CEO East Capital Explorer, said: "We are now well on our way to making unique investment opportunities in Eastern Europe accessible to a wide range of investors. Our focus is now to successfully invest the capital and generate attractive returns for our shareholders."

Through East Capital Holding AB, East Capital's partners have invested €10 million in the offering. In addition, East Capital's Eastern European Fund has invested €22.1 million.

Carnegie Investment Bank AB, Citigroup Global Markets Limited and Morgan Stanley & Co. International plc have acted as joint global co-ordinators and joint bookrunners in connection with the offering.

About East Capital Explorer

East Capital Explorer AB is a newly formed Swedish company, created with the specific aim of bringing unique investment opportunities in Eastern Europe to a broader investor base. The company will focus on investments in non-listed and semi-public companies in fast growing sectors in Eastern Europe and has appointed East Capital to manage its investment activities.

East Capital Explorer will invest in certain East Capital Funds with a focus on private and semi-public companies and real estate as well as make selected direct investments. East Capital Explorer will focus on sectors with high growth potential driven by strong domestic demand and convergence with the European Union, including the power utilities, financial, retail and consumer goods and real estate sectors. The Company's geographic focus includes Russia and the other CIS countries, the Balkans, the Baltic States, Central Asia and Central Eastern Europe.

About East Capital

Founded in 1997, East Capital is a leading, independent asset manager focused on investments in Russia and the other CIS countries, the Balkans, the Baltic States, Central Asia and Central Eastern Europe, with approximately €5.0 billion in assets under management as of August 31, 2007 and has offices in Stockholm, Tallinn, Moscow, Paris, Oslo, Hong Kong and Milan.

East Capital has approximately 150 employees representing 26 different nationalities and including 29 investment professionals. As of August 31, 2007, East Capital's funds had public and semi-public investments in 27 countries and 546 companies and private equity investments in 11 countries and 60 companies in its target region.

Contact information:

Gert Tiivas, CEO East Capital Explorer AB +46 8 505 977 30

Louise Hedberg, Head of Communications/IR East Capital Explorer AB +46 8 505 977 20

Peter Elam Håkansson, Chairman of East Capital +46 8 505 885 72

This announcement is not an offer for sale of shares in East Capital Explorer in the United States. Shares in East Capital Explorer have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an exemption from the registration requirements of the Securities Act. Any public offering of shares of East Capital Explorer will be made by means of a prospectus that may be obtained from East Capital Explorer and that will contain detailed information about East Capital Explorer and management, as well as financial statements. East Capital Explorer does not intend to register the securities or conduct a public offering in the United States. This announcement is directed only (a) at persons outside the United Kingdom, (b) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (c) high net worth entities and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). By accepting this announcement, recipients are deemed to confirm that they are such relevant persons. This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.