East Capital Explorer AB - Net Asset Value (NAV) SEK 89 per share on 31 May 2014

| Source: East Capital Explorer AB
NAV and share price development
  * Indicative NAV per share on 31 May 2014 amounted to EUR 9.78 (SEK 89),
    corresponding to a total NAV of EUR 307m (SEK 2,802m) for East Capital
  * NAV per share (EUR) increased by 4.1% (5.4% in SEK) compared to 30 April
  * The value of cash, cash equivalents and other short term investments per
    share amounted to EUR 0.98 (SEK 9), corresponding to an aggregate of EUR
    31m (SEK 281m) on 31 May 2014
  * The closing price per share on 30 May 2014 was SEK 59.00 (EUR 6.47),
    corresponding to an increase of 12.4% compared to 30 April 2014
  * The number of shares outstanding in East Capital Explorer on 31 May 2014 was
    31,424,309. The Company did not hold any own shares
  * EUR 1 = SEK 9.12 on 30 May 2014

Events during the month

  * The Russian stock market recovered significantly in May, with the RTS index
    (EUR) gaining 11.6%, thus outperforming the other markets in the region. The
    index has rebounded around 25% since its low in mid-March, but is
    nevertheless down almost 10% year-to-date. East Capital Russia Domestic
    Growth Fund (100% Russia) gained 20.8% in May and East Capital Deep Value
    Fund (around 32% Russia) gained 5.2%. The de-escalation of the crisis in
    Ukraine in combination with large energy deals supported the Russian stock
    market and the currency. Many domestic oriented stocks rebounded sharply on
    the improved sentiment, currency appreciation and company specific news.
  * On 27 May, East Capital Explorer acquired Vilnius Business Harbour, an A
    Class office complex in the central business district of Vilnius, and a
    neighboring land plot. The acquisition was made as a direct investment, and
    the total purchase price amounted to EUR 61.6m, corresponding to a yield of
    approximately 7%. Of the total amount, the equity commitment of EUR 22.3m
    (the fair value in the NAV report) and the transaction costs were paid in
    cash, while the rest is financed through bank loans. This acquisition is in
    line with East Capital Explorer's increasingly focused investment strategy
    with a growing part of Private Equity and Real Estate investments, and it
    will contribute positively to the portfolio's cash flow.
  * East Capital Special Opportunities Fund II has, as a result of the
    previously announced planned liquidation, successfully divested 88% of its
    portfolio and will subsequently distribute approximately EUR 17.6m to East
    Capital Explorer around 13 June. The remaining part of the Fund's assets is
    expected to be paid out during the autumn of 2014.

Portfolio on 31 May 2014

                          % Value(1)    % Value(1)     NAV per
                              change        change      share, Value,
                                 May          2014         EUR   EURm  % of NAV

 Direct Investments

 Melon Fashion Group            0.0%        -12.0%        1.97   62.0       20%

 Starman                        0.0%          0.0%        0.80   25.0        8%

 Vilnius Business
 Harbour                        0.0%          0.0%        0.71   22.3        7%

 Trev-2 Group                   0.0%          0.0%        0.31    9.8        3%

 Komercijalna Banka
 Skopje                        29.1%         31.6%        0.28    8.7        3%
                                1.6%         -4.7%        4.07  127.9       42%

 Fund Investments

 East Capital Deep
 Value Fund                     5.2%          5.8%        1.55   48.8       16%

 East Capital New
 Markets Fund                   7.3%          2.1%        1.43   45.0       15%

 East Capital Russia
 Domestic Growth Fund          20.8%        -21.7%        1.05   33.1       11%

 East Capital Baltic
 Property Fund II               0.0%         -0.5%        0.65   20.6        7%

 East Capital Bering
 Ukraine Fund R                 1.5%        -16.9%        0.07    2.1        1%
                                8.1%         -4.3%        4.76  149.6       49%


 investments(2)                                           0.64   20.0        7%

 Cash and cash
 equivalents                                              0.34   10.8        4%
                                                          0.98   30.8       10%

 Total Portfolio                                          9.81  308.4      100%

 Other assets and
 liabilities net                                         -0.04   -1.2        0%
 Net Asset Value
 (NAV)                          4.1%         -1.2%        9.78  307.2      100%
 1) The value change calculation is adjusted for investments, divestments 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

 2) Due to the ongoing liquidation of East European Debt Finance and East
 Capital Specials Opportunities Fund II, 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 in 2014

Financial reporting calendar

·         Monthly Net Asset Value report on the fifth working day after the end
of each month
·         Interim Report, 1 January - 30 June 2014 on 21 August 2014
·         Interim Report, 1 January - 30 September 2014 on 7 November 2014
·         Year-end Report 1 January - 31 December 2014 on 12 February 2015

Contact information

Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss, CFO and Head of Investor Relations, East Capital Explorer,
+46 73 988 44 66

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

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 08:00 a.m. CET on 9 June 2014.