East Capital Explorer AB - Fund Investment Performance November 2014

                                                   Indicative value change, EUR
 Fund Investments¹                                                November 2014
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 East Capital Deep Value Fund                                             -2.9%

 East Capital New Markets Fund                                            -3.0%

 East Capital Russia Domestic Growth Fund                                -12.5%

 East Capital Baltic Property Fund II²                                     0.0%

 East Capital Bering Ukraine Fund Class R                                 -0.5%
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 Value change Fund Investments                                            -4.1%


 ¹ With an increasing share of direct investments in the portfolio, East
 Capital Explorer has decided to discontinue the previously published monthly
 Net Asset Value (NAV) reports. To avoid selective dissemination of
 information, the Company will continue to publish the monthly performance of
 the alternative investment funds, as these funds distribute this information
 to their other fund holders. East Capital Explorer's complete NAV (including
 direct investments, funds and short-term investments) will be published  in
 the Company's interim reports
 ² East Capital Baltic Property Fund II published NAV on a quarterly basis


 1 EUR = 9.28 SEK on 30 November 2014. Source: Reuters


 Fund investments accounted for 52% of East Capital Explorer's total NAV in the
 latest published interim report, as of 30 September 2014. No transactions have
 taken place in the fund portfolio since 30 September 2014.




 Financial reporting calendar

   * Year-end Report 2014 - 12 Feb 2015
   * Annual General Meeting 2015 - 21 Apr 2015
   * Interim Report, Q1 2015 - 13 May 2015
   * Interim Report, Q2 2015 - 20 Aug 2015
   * Interim Report, Q3 2015 - 5 Nov 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 5 December 2014.
 

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