East Capital Explorer AB - Net Asset Value (NAV) SEK 83 per

NAV and share price development * Indicative NAV per share on 28 February 2014 amounted to EUR 9.35 (SEK 83), corresponding to a total NAV of EUR 294m (SEK 2,600m) for East Capital Explorer * NAV per share (EUR) declined by 4.7% (4.6% in SEK) compared to 31 January 2014 * The value of cash, cash equivalents and other short term investments per share amounted to EUR 0.66 (SEK 6), corresponding to an aggregate of EUR 21m (SEK 184m) on 28 February 2014 * The closing price per share on 28 February 2014 was SEK 55.25 (EUR 6.25), corresponding to a decline of 7.9% compared to 31 January 2014 * The number of shares outstanding in East Capital Explorer on 28 February 2014 was 31,424,309. The Company did not hold any own shares * EUR 1 = SEK 8.85 on 28 February 2014 Events during the month * The value of East Capital Explorer's holding in Russian fashion retailer Melon Fashion Group (MFG) was depreciated by EUR 8.5m or 12%, corresponding to the decline of the ruble against the euro since December 2013, when the most recent external valuation of MFG was made. The holding is thereby valued at EUR 62.0m. The underlying growth and profitability forecasts that the valuation is based on, are however unchanged * On 20 February, the Board of East Capital Explorer announced that it convenes an Extraordinary General Meeting on March 24 to resolve upon the introduction of a new class of shares, preference shares, and to authorize the Board to issue such shares. The purpose of the proposal is to give East Capital Explorer the financial flexibility to take advantage of attractive investment opportunities in assets that are expected to generate strong cash flow and good growth. The two main areas of focus for new investment are Baltic real estate and the Russian and Baltic consumer sector * On February 20, the company also announced that it will be covered by the new EU directive for alternative investment fund managers (AIFMD), which is currently being implemented across the EU in order to strengthen the financial system and increase investor protection. For East Capital Explorer, this will mean increased supervision and licensing requirements as well as certain changes to the internal organization, by moving holdings from Sweden to Luxembourg. Management estimates that adaptions to the new requirements will be significantly helped by leveraging the existing organization and resources of the East Capital Group, as an already supervised entity in both Sweden and Luxembourg Portfolio on 28 February 2014 % Value(1) NAV per change % Value(1) share, Value,   February change 2014 EUR EURm % of NAV -------------------------------------------------------------------------------- Direct Investments Melon Fashion Group -12.0% -12.0% 1.97 62.0 21% Starman 0.0% 0.0% 0.80 25.0 9% Trev-2 Group 0.0% 0.0% 0.31 9.8 3% Komercijalna Banka Skopje -0.6% -5.0% 0.20 6.3 2% --------------------------------------------------------------------------------   -7.6% -7.8% 3.28 103.2 35% Fund Investments East Capital Deep Value Fund -2.2% -0.3% 1.46 46.0 16% East Capital New Markets Fund -2.7% -3.5% 1.35 42.6 14% East Capital Russian Domestic Growth Fund -11.3% -19.0% 1.09 34.3 12% East Capital Baltic Property Fund II 0.0% 0.0% 0.66 20.7 7% East Capital Special Opportunities Fund II -2.9% 7.8% 0.61 19.2 7% East Capital Special Opportunities Fund -2.4% -6.5% 0.45 14.2 5% East Capital Bering Ukraine Fund R -2.6% -1.0% 0.08 2.5 1% --------------------------------------------------------------------------------   -4.0% -5.0% 5.71 179.4 61% Short-term Investments Short-term investments(2)     0.00 0.1 0% Cash and cash equivalents     0.66 20.7 7% --------------------------------------------------------------------------------       0.66 20.8 7% -------------------------------------------------------------------------------- Total Portfolio     9.66 303.4 103% Other assets and liabilities net     -0.30 -9.6 -3% -------------------------------------------------------------------------------- Net Asset Value (NAV) -4.7% -5.4% 9.35 293.9 100% -------------------------------------------------------------------------------- 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) 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 divested in 2014 Financial reporting calendar * Monthly Net Asset Value report on the fifth working day after the end of each month * Extraordinary General Meeting on 24 March 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 07:00 a.m. CET on 7 March 2014. [HUG#1766983]