East Capital Explorer AB - Interim Report 1 January - 31 March 2011

   n Net asset value per share on 31 March 2011 amounted to EUR 12.07 (EUR
11.73 on 31 March 2010[1]). The total net asset value amounted to EUR 421m (EUR
410m), corresponding to a change of -2.1% (20.1%) during the first quarter
(quarter-on-quarter). Since 31 March 2010 the net asset value increased 2.5%
(58%), year-on-year

   n During the first quarter 2011, the net profit for the Group was EUR 1m (EUR
86m). For the shareholders of the Parent Company there was a net loss of EUR 2m
(EUR 68m) and earnings per share amounted to EUR -0.05 (EUR 1.94). Exchange rate
changes in EUR v.s. USD during the quarter had an impact of EUR -10m (EUR 5m)
which was reported in "other comprehensive income"

   n Cash, cash equivalents and other short-term investments on 31 March 2011
amounted to EUR 30m (EUR 88m), corresponding to EUR 0.86 (EUR 2.38) per share

   n In February and April of 2011, East Capital Explorer made follow-on direct
investments of EUR 0.3m in the Georgian food retailer, Populi. The investments
were made at a valuation 41% below the initial USD 5m (EUR 3.6m) investment

   n In February 2011, East Capital Explorer completed the direct investment of
EUR 12m in Komercijalna Banka Skopje. During April East Capital Explorer
received a dividend payment from the bank in the amount of approximately
EUR 0.7m

   n Also in February 2011, East Capital Explorer divested EUR 5m through
reducing its holding in East Capital (Lux) Eastern European Fund. In the
beginning of March, EUR 5m was invested in East Capital Bering Balkan Fund

   n In April 2011, East Capital Explorer received approximately EUR 13m from
the East Capital Special Opportunities Fund and EUR 20m from the East Capital
Power Utilities Fund

   n Also in April 2011, the AGM of East Capital Explorer approved the Board's
proposal under the Company's new dividend policy to pay a dividend to the
shareholders of SEK 0.80 per share from the 2010 results. This was paid out on
20 April 2011

   n The total net asset value on 30 April 2011 amounted to EUR 401m,
corresponding to EUR 11.51 (SEK 103) per share. Cash, cash equivalents and other
short-term investments per the same date amounted to EUR 59m (SEK 531m)
corresponding to EUR 1.70 (SEK 15) per share. EUR 55m (SEK 490m) of those were
available for future investments

   n During the quarter, East Capital Explorer made additional investments into
TEO LT totalling EUR 1.1m. At the end of April the TEO LT AGM decided to pay a
dividend to the company's shareholders. East Capital Explorer expects to receive
a dividend of approximately EUR 1.2m in May


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

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