East Capital Explorer AB - Fund Investment Performance December 2014

                                                   Indicative value change, EUR
 Fund Investments                                                December 2014¹
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 East Capital Deep Value Fund                                             -3.5%

 East Capital New Markets Fund, 1-12
 December²                                                                -0.5%

 East Capital Frontier Markets Fund,
 12-31 December²(,)³                                                       1.4%

 East Capital Russia Domestic Growth Fund                                -27.8%

 East Capital Baltic Property Fund II                                      2.0%

 East Capital Bering Ukraine Fund Class R                                  1.4%
-------------------------------------------------------------------------------
 Value change Fund Investments                                            -3.9%


 ¹ Adjusted for investments, divestments and distributions during the period
 ² East Capital New Markets Fund was closed on 12 December 2014 and the funds
 were transferred into East Capital Frontier Markets Fund
 ³ East Capital Frontier Markets Fund, which is a daily traded UCITS fund, will
 be included in short-term investments in East Capital Explorer's financial
 reports. The fund's daily NAV is available on East Capital's home page

 1 EUR = 9.47 SEK on 31 December 2014. Source: Reuters


Fund investments accounted for 52% of East Capital Explorer's total Net Asset
Value in the latest published interim report as of 30 September 2014. In
December, the Company sold shares in East Capital Frontier Markets Fund for an
amount equivalent to EUR 5.1m.

East Capital Explorer's complete NAV (including the value of direct investments,
funds and short-term investments) are published on a quarterly basis in the
Company's interim reports.


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 9 January 2015.

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