East Capital Explorer AB - Interim Report 1 January - 30 September 2011

   n  Net asset value per share on 30 September 2011 amounted to EUR 9.14 (EUR
11.42 on 30 September 2010[1]). The total net asset value amounted to EUR 317m
(EUR 398m), corresponding to a change of -17.1% (3.8%) during the third quarter
and a change of -26.2% (16.6%) during the first nine months of the year. Since
30 September 2010 the net asset value changed -20.3% (22.6%)

   n  For the first nine months 2011, the net result for the Group was EUR -128m
(EUR 77m). For the shareholders of the Parent Company the net result was EUR
-107m (EUR 59m) and earnings per share amounted to EUR -3.07 (EUR 1.70)

   n  Cash, cash equivalents and other short-term investments on 30 September
2011 amounted to EUR 46m (EUR 89m), corresponding to EUR 1.31 (EUR 2.55) per
share

   n  In August, East Capital Explorer made a direct investment of EUR 4m into
Estonian infrastructure construction company, Trev-2 Group

   n  In September, East Capital Explorer undertook to invest EUR 13m in Melon
Fashion Group as part of the previously announced deal with Swedfund that was
agreed in July. The deal is expected to be completed during the fourth quarter

   n  In September, the Board of East Capital Explorer decided to utilize its
authorization to buy-back shares, and the Company repurchased 138,504 of its own
shares at an average price of SEK 55.72 per share, which corresponded to 0.4
percent of the Company's outstanding number of shares

   n  Following the portfolio companies' failure to meet previously set
expectations, East Capital Explorer decided to write down the value of the
shares in Melon Fashion Group by 30 percent and the shares in Populi by 35
percent at the end of the quarter. The above mentioned transaction in Melon
Fashion Group was agreed before the revaluation and subsequently is taking place
at the valuation level prevalent before this write down

   n  East Capital Explorer has continued to buy shares and add to its holding
in TEO LT. At the end of September the additional investment made during 2011
amounted to EUR 2.0m, of which EUR 0.9m was invested during the quarter


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[1] Comparable figures for the corresponding period 2010 are stated in
parentheses.

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