East Capital Explorer AB - Net Asset Value (NAV) SEK 87 per

NAV and share price development * Indicative NAV per share on 31 January 2014 amounted to EUR 9.81 (SEK 87), corresponding to a total NAV of EUR 308m (SEK 2,724m) for East Capital Explorer * NAV per share (EUR) declined by 1.2% (1.7% in SEK) compared to 31 December 2013 * The value of cash, cash equivalents and other short term investments per share amounted to EUR 0.68 (SEK 6), corresponding to an aggregate of EUR 22m (SEK 189m) on 31 January 2014 * The closing price per share on 31 January 2014 was SEK 60.00 (EUR 6.79) corresponding to a decline of 3.6% compared to 31 December 2013 * The number of shares outstanding in East Capital Explorer on 31 January 2014 was 31,424,309. The Company did not hold any own shares * EUR 1 = SEK 8.84 on 31 January 2014 Events during the month * As per 1 January 2014, East Capital has restructured part of its funds in order to adapt the funds to the EU regulatory framework for alternative investment fund managers (AIFMD). Four of East Capital's Bering funds, domiciled in the Cayman Islands, are included in the restructuring: East Capital Bering Russia Fund, East Capital Bering Balkan Fund, East Capital Bering Central Asia Fund and East Capital Bering Ukraine Fund A. At year- end, these funds comprised approximately 29% of East Capital Explorer's NAV. East Capital Explorer welcomes the restructuring, as a smaller number of funds will increase visibility and more clearly define the fund portfolio, which is in line with the overall strategy of a more concentrated portfolio with an increased weight of direct and private equity investments. On 1 January, the funds were transferred to two new funds domiciled in Luxembourg; East Capital New Markets Fund that will benefit from the progress within selected Small and Mid Cap companies in Eastern European frontier markets, and East Capital Deep Value Fund that actively manages holdings with an unwarranted liquidity discount and significant yield potential. Please see tables below for more information regarding the reallocation:         Fair Value EURm(2) East Accumulated East Capital Capital Acquisition fair value Fair value New Markets Deep Value   value change 2013-12-31 2014-01-01 2014-01-01 ------------------------------------------------------------------------------ East Capital Bering Balkan Fund 54.94 -13.83 41.10 20.53 20.49 East Capital Bering Russia Fund 43.59 -20.64 22.95 8.92 13.99 East Capital Bering Ukraine Fund A 11.04 -7.64 3.39 1.26 2.13 East Capital Bering Central Asia Fund 29.48 -6.51 22.97 13.41 9.52 ------------------------------------------------------------------------------   139.04 -48.62 90.42 44.12 46.14 The Fair value of the Bering funds were transferred to the new funds according to the following split: East Capital   East Capital New Markets Deep Value East Capital Bering Russia Fund 39% 61% East Capital Bering Balkan Fund 50% 50% East Capital Bering Central Asia Fund 58% 42% East Capital Bering Ukraine Fund A 37% 63% Portfolio on 31 January 2014 % Value(1) % Value(1) Net Asset change change Value per Value,   January 2014 share, EUR EURm % of NAV ------------------------------------------------------------------------------- Direct Investments Melon Fashion Group 0.0% 0.0% 2.24 70.5 23% Starman 0.0% 0.0% 0.80 25.0 8% Trev-2 Group 0.0% 0.0% 0.31 9.8 3% Komercijalna Banka Skopje -4.4% -4.4% 0.20 6.3 2% -------------------------------------------------------------------------------   -0.3% -0.3% 3.55 111.7 36% Fund Investments East Capital Deep Value Fund(2) 2.0% 2.0% 1.50 47.0 15% East Capital New Markets Fund(2) -0.8% -0.8% 1.39 43.8 14% East Capital Russian Domestic Growth Fund -8.7% -8.7% 1.23 38.6 13% East Capital Baltic Property Fund II 0.6% 0.6% 0.66 20.7 7% East Capital Special Opportunities Fund II 11.0% 11.0% 0.63 19.8 6% East Capital Special Opportunities Fund -4.2% -4.2% 0.46 14.5 5% East Capital Bering Ukraine Fund R 1.7% 1.7% 0.08 2.6 1% -------------------------------------------------------------------------------   -0.9% -0.9% 5.95 187.0 61% Short-term Investments Short-term investments(3)     0.00 0.1 0% Cash and cash equivalents     0.68 21.4 7% -------------------------------------------------------------------------------       0.68 21.5 7% ------------------------------------------------------------------------------- Total Portfolio     10.19 320.1 104% Other assets and liabilities net     -0.38 -11.9 -4% ------------------------------------------------------------------------------- Net Asset Value (NAV) -1.2% -1.2% 9.81 308.2 100% ------------------------------------------------------------------------------- 1) The value change calculation is adjusted for investments and distributions during the period, i.e. it is the percentage change between the starting value plus any added investment during the period and the ending value plus any proceeds from divestments or dividends received during the period 2) As an effect of the restructuring of four of the Bering Funds in the portfolio; East Capital Bering Russia Fund, East Capital Bering Balkan Fund, East Capital Central Asia Fund, East Capital Bering Ukraine Fund (class A), all assets in these funds have been transferred into the new Luxembourg domiciled funds East Capital New Markets Fund and East Capital Deep Value Fund according to the table above as of 1 January 2014. Please note that EUR 0.2m of the fair value change for the month of is due to transaction costs of 18 basis points that have been attributed to the funds in connection with the transfer. The accumulated fair value adjustments on the Bering funds from inception were realised in the books on 1 January 2014 and the fair value attributed to the transferred assets as at 1 January 2014 will form the new acquisition value of the new funds 3) Due to the ongoing liquidation of East European Debt Finance, this holding is no longer separately reported but included in short-term investments as the remaining assets are limited and are expected to be short term divested Note that certain numerical information may not sum due to rounding Financial reporting calendar * Monthly Net Asset Value report on the fifth working day after the end of each month * Year-end Report 2013 on 20 February 2014 * Annual Report 2013 available in April 2014 * Annual General Meeting 2014 on 22 April 2014 * Interim Report, 1 January - 31 March 2014 on 22 May 2014 * Interim Report, 1 January - 30 June 2014 on 21 August 2014 * Interim Report, 1 January - 30 September 2014 on 7 November 2014 Contact information Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52 Lena Krauss, Head of Investor Relations & Finance, +46 73 988 44 66 About East Capital Explorer East Capital Explorer AB (publ) is a Swedish investment company, created with the specific aim of bringing unique investment opportunities in Eastern Europe to a broader investor base. The company makes direct investments into private and public companies but investments are also made through East Capital's private equity, real estate and alternative investment funds. East Capital Explorer's main investment theme is domestic growth and the Company targets fast growing sectors such as Retail and Consumer goods, Financials and Real Estate. East Capital Explorer has appointed East Capital to manage its investment activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap. Listing: NASDAQ OMX Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 - Reuters: ECEX.ST - Bloomberg: ECEX SS Equity This report has not been subject to review by the company's auditors and the information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act and demands made in the exchange rules. It was released for publication at 08:30 a.m. CET on 7 February 2014. [HUG#1759979]