East Capital Explorer AB - Interim Report 1 January - 30 September 2012

  * Net asset value (NAV) per share on 30 September 2012 amounted to EUR 9.07
    (EUR 9.14)[1]. The total net asset value amounted to EUR 301m (EUR 317m),
    corresponding to an increase of 3.7% (-17.1%) during the third quarter.
    Since 30 September 2011 the NAV decreased by 5.2%(2) (-20.3%)(2)
  * For the first nine months, the net result for the Group was EUR 17.1m (EUR
    -128m). For the shareholders of the Parent Company the net result was EUR
    13.7m (EUR -107m) and earnings per share amounted to EUR 0.41 (EUR -3.07)
  * Cash, cash equivalents and other short term investments on 30 September
    2012 amounted to EUR 38m (EUR 46m) of which EUR 37m (EUR 46m) were available
    for future investments
  * In July, East Capital Explorer sold its entire stake in Populi, the Georgian
    food retailer and received a total payment of EUR 1.7m, EUR 1.6m higher than
    the value as of 30 June 2012, and realised an annualized pre-tax return of
    -44%
  * On 7 August, The Company's Board of Directors decided to utilize its
    authorization to repurchase shares. During August and September, East
    Capital Explorer repurchased a total of 552,742 shares, corresponding to
    1.6% of the outstanding shares
  * On 31 August, East Capital Explorer invested EUR 15m into East Capital
    Russia Domestic Growth Fund
  * The closing price of the East Capital Explorer share as of 30 September
    2012 was SEK 51.00 (corresponding to EUR 6.04)



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(1) Comparable figures for the corresponding period 2011 are stated in
parentheses
(2) Not adjusted for dividend and buy-backs

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