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]