East Capital Explorer AB - Interim Report 1 January - 30 September 2010

  * Net asset value per share on 30 September 2010 amounted to EUR 11.42 (EUR
    9.15). The total net asset value amounted to EUR 398m (EUR 325m),
    corresponding to an increase of 3.8% (11.2%) during the third quarter (q-on-
    q) and an increase of 16.6% (22.5%) since year end. Since 30 September 2009
    the net asset value increased 22.6%, year-on-year (-2.0%)
  * For the first nine months, the net profit amounted to EUR 77m (EUR 80m),
    including EUR 50m (EUR 90m) unrealized value gain on investments. Earnings
    per share amounted to EUR 1.70 (EUR 1.80)
  * During the third quarter 2010, the net profit was EUR 28m (EUR 41m),
    including EUR 21m (EUR 44m) unrealized value gain on investments. Earnings
    per share amounted to EUR 0.62 (EUR 0.96)
  * Cash, cash equivalents and other short-term investments on 30 September
    2010 amounted to EUR 89m (EUR 97m), corresponding to EUR 2.55 (EUR 2.72) per
    share
  * In September 2010, East Capital Explorer announced an investment of EUR 35m
    in East Capital Special Opportunities Fund II. East Capital Explorer
    invested in newly issued shares which were received in the beginning of
    October
  * Also in September 2010, East Capital Explorer announced a direct investment
    of EUR 3.7m in a Georgian food retailer, Populi. The initial investment was
    made as a bridge loan awaiting the issue of new shares that we received in
    the end of October
  * In October 2010, East Capital Explorer announced a direct investment of EUR
    12m in newly issued shares in the Macedonian bank, Komercijalna Banka
    Skopje. The transaction is subject to regulatory approval
  * The total net asset value on 31 October 2010 amounted to EUR 398m,
    corresponding to EUR 11.43 (SEK 106) per share. Cash, cash equivalents and
    other short-term investments per the same date amounted to EUR 52m (SEK
    487m) corresponding to EUR 1.50 (SEK 14) per share. EUR 36m (SEK 335m) of
    those were available for future investments
  * As East Capital Explorer is now fully invested, the company is entering a
    new phase in its development. The Board has decided to make a proposal
    regarding dividends when full year results are published



[HUG#1461305]