East Capital Explorer AB - Year-end Report 2014


Key events during the fourth quarter

· On 22 December it was announced that Starman has entered into an agreement to
acquire 100 percent of Lithuanian cable-tv provider Cgates. The transaction has
received approval from competition authorities and closing is expected within
short. In connection to the acquisition, East Capital Explorer will make an
additional invest­ment, of approximately EUR 23m, in Starman by participating in
a new share issue

· The fair value of the investment in Starman was appreciated by 16.2 percent to
EUR 39.5m and 3 Bures (former Vilnius Business Har­bour) by 5.7 percent to EUR
24.2m, while Melon Fashion Group was impaired by 38.1 percent to EUR 35.1m and
Trev-2 by 10.0 percent to EUR 8.5m

· In December, East Capital New Markets Fund merged into East Capital Frontier
Markets Fund. The new holding is classified as a short-term investment. In
December, EUR 5.1m of the fund holding was redeemed

· The Board of East Capital Explorer will propose a redemption program to the
2015 AGM, whereby 5 percent of outstanding shares can be redeemed at SEK 83 per
share (NAV per share, 31 December 2014)

Financial results for the fourth quarter(1)

· The Group's net result for the fourth quarter 2014 was EUR -36.2m (25.3m),
including EUR -35.6m (25.8m) changes in value of invest­ments. Quarterly
earnings per share amounted to EUR -1.21 (0.78) for the quarter

· Net Asset value (NAV) per share decrease by 12.2 percent during the quarter,
from EUR 9.94 to EUR 8.73 (9.85). The total NAV amounted to EUR 261m (309m)

· Cash, cash equivalents and other short term investments on 31 December
amounted to EUR 57.8m (20.3m)

· The closing price of the East Capital Explorer share as of 31 Decem­ber 2014
was SEK 42.50, equivalent to EUR 4.49, a decrease of 8.8 percent from 30
September 2014

(1)Comparable figures in brackets refer to the corresponding period 2013


Contact information
Mia Jurke, CEO, +46 8 505 885 32
Lena Krauss, CFO and Head of Investor Relations, +46 8 505 885 94

Financial reporting calendar
· Annual Report 2014 available in March 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

The information in this year-end report is the information which East Capital
Explorer AB is required to disclose under Sweden's Securities Market Act. It was
released for publication at 08:00 a.m. CET on 12 Febru­ary 2015.


[HUG#1893868]

Attachments

ECEX Year-end Report 2014.pdf