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NAV and share price development

• Indicative NAV per share on 31 March 2014 amounted to EUR 9.15 (SEK 82), corresponding to a total NAV of EUR 288m (SEK 2,563m) for East Capital Explorer

• NAV per share (EUR) declined by 2.1% (1.4% in SEK) compared to 28 February 2014

• The value of cash, cash equivalents and other short term investments per share amounted to EUR 1.09 (SEK 10), corresponding to an aggregate of EUR 34m (SEK 306m) on 31 March 2014

• The closing price per share on 31 March 2014 was SEK 50.50 (EUR 5.67), corresponding to a decline of 8.6% compared to 28 February 2014

• The number of shares outstanding in East Capital Explorer on 31 March 2014 was 31,424,309. The Company did not hold any own shares

• EUR 1 = SEK 8.91 on 31 March 2014

Events during the month

• In accordance with East Capital Special Opportunities Fund`s original four plus one year duration term, East Capital Explorer received a final pay-out totaling EUR 14.0m from the fund, corresponding to an annualized return on the investment of 9.4%. The pay-out represents the remaining part of the Fund`s assets

• The market sentiment towards Russia, which represents close to half of East Capital Explorer`s geographic exposure, deteriorated considerably in March when Russia decided to formally annex the Crimea. The portfolio`s public fund holdings with focus on Russia and Ukraine consequently dropped significantly in value; East Capital Russia Domestic Growth Fund, representing 10 percent of the portfolio, lost 14 percent, while East Capital Bering Ukraine Fund R, with a portfolio weight of 1 percent, lost 16 percent

• At an Extraordinary General Meeting on March 24, it was decided to introduce a new class of shares, preference shares, and to authorise the Board to issue such preference shares in order to take advantage of attractive investment opportunities with strong cash flow and good growth. New capital is primarily intended to be invested in identified assets within two areas that the company currently considers to be of particular interest: consumer companies driven by a growing middle class, primarily in Russia and the Baltic countries, and commercial real estate with good yield in the Baltics. The EGM also decided on a number of changes required to adapt the company to EU`s new regulatory framework for alternative investment fund managers (AIFMD)

• As announced in March, East Capital Explorer`s AGM, to be held on 22 April, will decide on, inter alia, to continue with the ongoing redemption program whereby the company will redeem 1 out of 20 shares at February`s NAV of SEK 83 per share. Assuming full acceptance level, a total of EUR 14.6m will be distributed to shareholders through this year`s program