NAV and share price development
  * NAV per share on 30 November 2013 amounted to EUR 9.23 (SEK 82)
  * NAV per share (EUR) increased by 0.8% (1.8% in SEK) compared to 31 October
    2013
  * The value of cash, cash equivalents and other short term investments per
    share amounted to EUR 0.45 (SEK 4), corresponding to an aggregate of EUR
    14m (SEK 126m)
  * The closing price per share on 30 November 2013 was SEK 63.75 (EUR 7.17)
    corresponding to an increase of 16% compared to 31 October 2013
  * The number of shares outstanding in East Capital Explorer on 30 November
    2013 was 31,424,309. The Company did not hold any own shares
  * EUR 1 = SEK 8.89 on 30 November 2013

Events during the month

  * As previously announced East Capital is restructuring some of its
    alternative investment funds in which East Capital Explorer invests. This
    restructuring refers to East Capital's four Bering funds which are domiciled
    in the Cayman Islands. These funds are being transferred to Luxembourg and,
    in conjunction with this, will be combined into two funds, East Capital New
    Markets Fund and East Capital Deep Value Fund. The restructuring is intended
    to be effected as of year-end, provided fund investors approve these changes
    at EGM on 6 December
  * The board of directors of Melon Fashion Group (MFG) has appointed Mikhail
    Urzhumtsev, current CEO as President of MFG as of January 15th, 2014. As
    President Mikhail will focus on the continued strategic work for MFG while
    operational responsibilities have been handed over to Polina Bakshaeva who
    has been appointed as a new CEO of the company. Polina began her career at
    MFG in 2006 as a procurement manager, and later became the Head of Supply
    Department.

    A dividend of total RUB 200m (EUR 4.4m) has been proposed by the company's
    board of directors. The dividend will be subject of approval by the EGM on
    26 December and is proposed to be paid out 27 December

Financial reporting calendar

·         Monthly Net Asset Value report on the fifth working day after the end
of each month
·         Year-end Report 2013 on 20 February 2014
·         Annual Report 2013 available in April 2014
·         Annual General Meeting 2014 on 22 April 2014
·         Interim Report, 1 January - 31 March 2014 on 22 May 2014

Portfolio on 30 November 2013

                            % Value        % Value   Net Asset
                          change(1)      change(1)   Value per Value,
                           November           2013  share, EUR   EURm  % of NAV
-------------------------------------------------------------------------------


 Direct Investments

 Melon Fashion Group           0.0%           5.3%        1.41   44.2       15%

 Starman                       0.0%           2.9%        0.77   24.3        8%

 Trev-2 Group                  0.0%           0.0%        0.24    7.4        3%

 Komercijalna Banka
 Skopje                       -3.0%         -23.1%        0.20    6.3        2%
-------------------------------------------------------------------------------
                              -0.2%           1.2%        2.62   82.2       28%



 Fund Investments

 East Capital Bering
 Balkan Fund                   4.9%          14.3%        1.42   44.5       15%

 East Capital
 Russian Domestic
 Growth Fund                   2.7%           2.3%        1.28   40.3       14%

 East Capital Bering
 Russia Fund                  -2.7%         -13.1%        0.77   24.2        8%

 East Capital
 Special
 Opportunities Fund            1.7%          20.4%        0.73   22.8        8%

 East Capital Bering
 Central Asia Fund             1.0%          17.7%        0.69   21.8        8%

 East Capital Baltic
 Property Fund II              0.0%           6.1%        0.61   19.3        7%

 East Capital
 Special
 Opportunities Fund
 II                            2.7%          -8.6%        0.58   18.2        6%

 East Capital Bering
 Ukraine Fund A                2.4%          -7.8%        0.11    3.6        1%

 East Capital Bering
 Ukraine Fund R                0.6%          -9.5%        0.10    3.0        1%
-------------------------------------------------------------------------------
                               1.9%           4.7%        6.29  197.7       68%



 Short-term
 Investments

 Short-term
 investments(2)                                           0.07    2.1        1%

 Cash and cash
 equivalents                                              0.38   12.1        4%
-------------------------------------------------------------------------------
                                                          0.45   14.1        5%


-------------------------------------------------------------------------------
 Total Portfolio                                          9.36  294.0      101%



 Other assets and
 liabilities net                                         -0.13   -4.1       -1%
-------------------------------------------------------------------------------
 Net Asset Value
 (NAV)                         0.8%           1.1%        9.23  289.9      100%
-------------------------------------------------------------------------------
 1) The value change calculation is adjusted for investments and distributions
 during the period, i.e. it is the percentage change between the starting value
 plus any added investment during the period and the ending value plus any
 proceeds from divestments or dividends received during the period

 2) Due to the ongoing liquidation of East Capital Bering New Europe Fund, East
 Capital Power Utilities Fund and East European Debt Finance, these holdings
 are no longer separately reported but included in short-term investments as
 the remaining assets are limited and are expected to be divested before year-
 end

 Note that certain numerical information may not sum due to rounding


Contact information

Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52
Mathias Pedersen, CFO, East Capital Explorer, +46 8 505 977 48

About East Capital Explorer

East Capital Explorer AB (publ) is a Swedish investment company, created with
the specific aim of bringing unique investment opportunities in Eastern Europe
to a broader investor base. The company makes direct investments into private
and public companies but investments are also made through East Capital's
private equity, real estate and alternative investment funds. East Capital
Explorer's main investment theme is domestic growth and the Company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer has appointed East Capital to manage its investment
activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.

  Listing: NASDAQ OMX Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
       Reuters: ECEX.ST - Bloomberg: ECEX SS Equity - Analysts: Carnegie,
                       Handelsbanken, Remium, Erik Penser


This report has not been subject to review by the company's auditors and the
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 6 December 2013.

[HUG#1748178]