East Capital Explorer AB - Net Asset Value (NAV) SEK 88 per share on 31 December 2013

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| Source: East Capital Explorer AB
NAV and share price development

  * NAV per share on 31 December 2013 amounted to EUR 9.93 (SEK 88)
  * NAV per share (EUR) increased by 7.6% (7.5% in SEK) compared to 30 November
    2013
  * The value of cash, cash equivalents and other short term investments per
    share amounted to EUR 0.65 (SEK 6), corresponding to an aggregate of EUR
    20m (SEK 181m) on 31 December 2013
  * The closing price per share on 31 December 2013 was SEK 62.25 (EUR 7.00)
    corresponding to a decline of 2.4% compared to 30 November 2013
  * The number of shares outstanding in East Capital Explorer on 31 December
    2013 was 31,424,309. The Company did not hold any own shares
  * EUR 1 = SEK 8.89 on 31 December

Events during the month

 · As previously announced, the annual external independent valuation of East
Capital Explorer's direct investment in Russian fashion retailer Melon Fashion
Group (MFG) resulted in a value increase of 59% per share. After the
revaluation, East Capital Explorer's total holding in MFG is valued at EUR 70m,
an increase of EUR 26m

 · A dividend of RUB 72m (EUR 1.6m) was approved and paid out by MFG in
December. Including this, MFG has paid out a total of EUR 3.9m to East Capital
Explorer during 2013

 · As previously announced, East Capital Explorer acquired an additional 6% of
the shares in Trev-2 Group (Trev-2), one of the largest infrastructure
construction and maintenance companies in Estonia, for EUR 1.5m, increasing its
ownership to 40%. The transaction took place at a price 12% above the previous
booked value per share, which was supported by an external independent valuation
made in December.East Capital Explorer's total holding in Trev-2 is valued at
EUR 9.8m after the acquisition and revaluation

 · East Capital Explorer received distributions from East Capital Special
Opportunities Fund of EUR 7.4m, as well as from East Capital Power Utilities
Fund of EUR 1.2m and from East Capital Bering New Europe Fund of EUR 0.8m. The
latter two are thereby liquidated in full as planned



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


 Direct Investments

 Melon Fashion Group           63.1%         68.4%        2.24   70.5       23%

 Starman                        0.0%          2.9%        0.77   24.3        8%

 Trev-2 Group                  10.1%         10.1%        0.31    9.8        3%

 Komercijalna Banka
 Skopje                         4.7%        -19.7%        0.21    6.6        2%
-------------------------------------------------------------------------------
                               34.7%         35.2%        3.54  111.2       36%



 Fund Investments

 East Capital Bering
 Balkan Fund                   -4.8%          8.9%        1.35   42.4       14%

 East Capital Russian
 Domestic Growth Fund           5.1%          7.5%        1.35   42.3       14%

 East Capital Bering
 Russia Fund                   -4.8%        -17.2%        0.73   23.0        7%

 East Capital Special
 Opportunities Fund            -0.9%         19.5%        0.48   15.2        5%

 East Capital Bering
 Central Asia Fund              7.3%         26.3%        0.75   23.4        8%

 East Capital Baltic
 Property Fund II               6.6%         13.1%        0.65   20.5        7%

 East Capital Special
 Opportunities Fund
 II                            -1.8%        -10.2%        0.57   17.9        6%

 East Capital Bering
 Ukraine Fund A                -4.2%        -11.6%        0.11    3.4        1%

 East Capital Bering
 Ukraine Fund R               -15.5%        -18.5%        0.08    2.6        1%
-------------------------------------------------------------------------------
                                0.3%          4.9%        6.07  190.7       61%



 Short-term
 Investments

 Short-term
 investments(2)                                           0.00    0.1        0%

 Cash and cash
 equivalents                                              0.65   20.3        7%
-------------------------------------------------------------------------------
                                                          0.65   20.4        7%


-------------------------------------------------------------------------------
 Total Portfolio                                         10.26  322.4      103%



 Other assets and
 liabilities net                                         -0.33  -10.4       -3%
-------------------------------------------------------------------------------
 Net Asset Value
 (NAV)                          7.6%          8.7%        9.93  311.9      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 European Debt Finance, this holding
 is no longer separately reported but included in short-term investments as the
 remaining assets are limited and are expected to be divested within  the short
 term

 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
Lena Krauss, Head of Investor Relations & Finance, +46 8 505 885 94

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 9 January 2014.

[HUG#1753580]