East Capital Explorer AB - Year-end Report 2014

· On 22 December it was announced that Starman has entered into an agreement to acquire 100 percent of Lithuanian cable-tv provider Cgates. The transaction has received approval from competition authorities and closing is expected within short. In connection to the acquisition, East Capital Explorer will make an additional invest­ment, of approximately EUR 23m, in Starman by participating in a new share issue

· The fair value of the investment in Starman was appreciated by 16.2 percent to EUR 39.5m and 3 Bures (former Vilnius Business Har­bour) by 5.7 percent to EUR 24.2m, while Melon Fashion Group was impaired by 38.1 percent to EUR 35.1m and Trev-2 by 10.0 percent to EUR 8.5m

· In December, East Capital New Markets Fund merged into East Capital Frontier Markets Fund. The new holding is classified as a short-term investment. In December, EUR 5.1m of the fund holding was redeemed

· The Board of East Capital Explorer will propose a redemption program to the 2015 AGM, whereby 5 percent of outstanding shares can be redeemed at SEK 83 per share (NAV per share, 31 December 2014)

Financial results for the fourth quarter¹

· The Group's net result for the fourth quarter 2014 was EUR -36.2m (25.3m), including EUR -35.6m (25.8m) changes in value of invest­ments. Quarterly earnings per share amounted to EUR -1.21 (0.78) for the quarter

· Net Asset value (NAV) per share decrease by 12.2 percent during the quarter, from EUR 9.94 to EUR 8.73 (9.85). The total NAV amounted to EUR 261m (309m)

· Cash, cash equivalents and other short term investments on 31 December amounted to EUR 57.8m (20.3m)

· The closing price of the East Capital Explorer share as of 31 Decem­ber 2014 was SEK 42.50, equivalent to EUR 4.49, a decrease of 8.8 percent from 30 September 2014

¹Comparable figures in brackets refer to the corresponding period 2013

Contact information
Mia Jurke, CEO, +46 8 505 885 32

Financial reporting calendar
· Annual Report 2014 available in March 2015
· Annual General Meeting 2015 - 21 Apr 2015
· Interim Report, Q1 2015 - 13 May 2015
· Interim Report, Q2 2015 - 20 Aug 2015
· Interim Report, Q3 2015 - 5 Nov 2015

The information in this year-end report is the information which East Capital Explorer AB is required to disclose under Sweden's Securities Market Act. It was released for publication at 08:00 a.m. CET on 12 Febru­ary 2015.