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

   n  Net asset value per share on 30 June 2010 amounted to EUR 11.00 (EUR
8.22). The total net asset value amounted to EUR 383m (EUR 292m), corresponding
to a decrease of 6.5% (+12.6%) during the second quarter (q-on-q) and an
increase of 12.3% (10.1%) since year end. Since 30 June 2009 the net asset value
increased 31.4%, year-on-year, (-20.7%)

   n  For the first six months, the net profit amounted to EUR 49m (EUR 39m),
including EUR 29m (EUR 46m) unrealised value gain on investments. Earnings per
share to the shareholders of the parent company amounted to EUR 1.08 (EUR 0.84)

   n  During the second quarter 2010, the net loss was EUR -37m (EUR 44m),
including EUR -58m (EUR 50m) unrealised value loss on investments. Earnings per
share to the shareholders of the parent company amounted to EUR ‑0.86 (EUR 0.97)

   n  Cash, cash equivalents and other short-term investments on 30 June 2010
amounted to EUR 92m (EUR 125m), corresponding to EUR 2.65 (EUR 3.10) per share

   n  In May 2010, East Capital Explorer announced an investment of additional
EUR 5m in East Capital Bering Balkan Fund. East Capital Explorer invested in
newly issued shares which were received in the beginning of June

   n  In June, East Capital Explorer made its first partial exit, receiving EUR
20m from the East Capital Power Utilities Fund after the Fund had posted a 213%
value increase during the preceding twelve months. The annualized return on
investment for the fund since the original investment in December 2007 amounted
to 9.4%

   n  In June, the East Capital Russian Property Fund was closed. The capital
was returned to the fund's investors, less costs incurred by the fund. East
Capital Explorer's share of cost amounted to EUR 1.0m

   n  The total net asset value on 31 July 2010 amounted to EUR 384m,
corresponding to EUR 11.03 (SEK 104 per share). Cash, cash equivalents and other
short-term investments per the same date amounted to EUR 93m (SEK 870m)
corresponding to EUR 2.66 (SEK 25) per share. EUR 88m (SEK 830m) of those were
available for future investments





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