An Introduction

2

Every effort has been made to ensure the accuracy of the information in this document but it may be based on unaudited or unverified figures or sources.

The availability of East Capital’s funds may be limited or restricted in some countries. Detailed Information about where the funds are registered and what types of distribution are permitted can be obtained from East Capital. The information about East Capital’s funds is only directed at those investors located where East Capital is authorized to make this information available, and is not intended for any use which would be contrary to local law or regulation. Consequently, the funds may not be offered, sold outside their home jurisdiction unless in accordance with applicable exemptions from registration requirements provided by the local securities laws and regulations.

Prospective investors should inform themselves as to: (a) the legal requirements within their own jurisdictions for the purchase and holding of funds; (b) any foreign exchange restrictions which may affect them; and (c) the income and other tax consequences which may apply in their own jurisdictions relevant to the purchase, holding or disposal of funds.

© East Capital, 2014 Photos: Victor Brott, Snezana Vucetic Bohm, Niklas Larsson and members of our staff. Graphic design: Sara Åkerblom Önfelt, East Capital

Headquarters, StockholmKungsgatan 33Box 1364111 93 Stockholm, SwedenTel: + 46 8 505 88 555 (for distributors and institutions)Tel: +46 8 505 97 777 (for private clients)E-mail: info@eastcapital.com

Hong Kong office9F Wyndham Place40-44 Wyndham Street, Central Hong KongHead of office: Michael Hanson-LawsonTel: +852 2669 6200E-mail: hongkong@eastcapital.com

Kyiv officeLeonardo Business Center17/52 B/ Khmelnitskogo St.Kyiv 01030, UkraineHead of office: Aivaras AbromaviciusTel: + 38 044 498 74 45E-mail: kyiv@eastcapital.com

Luxembourg office21st Century Building, 19 rue de Bitbourg L-1273 LuxembourgHead of office: Paul CarrTel: +352 27 860 701E-mail: luxembourg@eastcapital.com

Moscow officeRomanov Dvor Business Centre4 Romanov Lane125009 Moscow, RussiaHead of office: Jacob GrapengiesserTel: +7 495 380 15 00E-mail: moscow@eastcapital.com

Oslo officeKronprinsesse Märthas PlassPB 1811 Vika, Oslo, NorwayHead of office: Erik HaukaaTel: +47 22 39 66 90E-mail: oslo@eastcapital.com

Paris office21 rue Auber75009 Paris, FranceHead of office: Olle OlssonTel: +33 1 40 73 00 80E-mail: paris@eastcapital.com

Tallinn officeCity Plaza building, Tartu str. 210145 Tallinn, EstoniaHead of office: Gert TiivasTel: +372 6406 650E-mail: tallinn@eastcapital.com

Contact us

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An Introduction to East Capital

East Capital is a specialist in emerging and frontier markets, with around USD 4.0bn in assets under management in public equity, private equity and real estate.

Our product offering comprises a wide range of country and regionally-focused funds, including the award-winning UCITS-compliant East Capital Eastern European Fund, East Capital Russian Fund and East Capital Emerging Asia Fund. In addition to our broader public equity funds, we also offer investment vehicles for institutional investors covering niche strategies, including small cap, sector-focused and activist funds. The East Capital private equity and real estate teams manage funds, co-investments and direct investments for East Capital Explorer. East Capital Explorer is an investment company listed on the Nasdaq/OMX in Stockholm and focuses on alternative, private equity and real estate investments.

We have a strong dedication to our investment universe and focus exclusively on Eastern Europe and Emerging Asia, with 31 investment professionals in public equity, private equity and real estate teams, and a total of 121 employees from 23 countries, many of whom are from the countries in which we invest. Our investment universe spans across Eastern Europe including Turkey, Russia and neighbouring countries of the former Soviet Union, as well as Emerging Asia. East Capital is headquartered in Stockholm, with regional offices in Hong Kong, Kyiv, Luxembourg, Moscow, Oslo, Paris and Tallinn. East Capital is and will remain an independent company, with founders and owners active at senior management level.

Since founding the company in 1997, we have established a strong network of contacts to companies and decision makers in our investment universe, and we strengthen and expand this network by frequently meeting a large number of companies every year. We place heavy emphasis on our on-the-ground research, which allows us to invest in great companies regardless of whether or not they are included in an index.

Our client base is diverse, ranging from pension funds, sovereign wealth funds, insurance companies, mutual funds, endowments and family offices, to distributors and directly-invested private clients. Clients are predominantly based in the Nordics, and increasingly in Continental Europe, the United Kingdom and the Middle East.

East Capital was formed in 1997 by a group of professionals with extensive experience from both the financial markets and the corporate world in Russia and Eastern Europe. Peter Elam Håkansson is Chairman and Chief Investment Officer of East Capital.

Cover page Moscow International Business Center, also referred to as Moscow City, rising above the busy streets of Russia’s capital.

”Emerging and frontier markets offer fantastic opportunities for informed investors. Being there, engaging with the companies and forming your own opinion is essential to successful investing.”

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KARA SEA

LAPTEV SEA

EAST

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New Siberian Islands

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CommanderIslands

Kuril Isla

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Danube

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BRATISLAVABUDAPEST

SARAJEVO

TIRANA

SOFIASKOPJEPODGORICA

BUCHARESTBELGRADELJUBLJANA ZAGREB

CHISINAU (KISHINEV)

ANKARABAKU

TBILISI

YEREVAN

Khabarovsk

Istanbul

Izmir

Arkhangel'sk

Almaty (Alma-Ata)

Irkutsk

KrasnoyarskTomsk

Novosibirsk

Barnaul

OmskChelyabinsk

YekaterinburgPerm'

Kazan'

Samara

Orenburg

Ufa

Nizhniy Novgorod

Saratov

Volgograd

Astrakhan'

Ryazan'

Penza

Rostov-na-Donu

Voronezh

Tula

Yaroslavl'

St Petersburg

ARCTIC CIRCLEARCTIC CIRCLE

Shanghai

TURKEY

GEORGIA

HUNGARY

MOLDOVACZECH REP. SLOVAKIA

POLAND

ROMANIASLOV.

ALBANIA

MONTENEGROMACEDONIA

BOSNIA& H.BULGARIA

KAZAKHSTAN

ESTONIALATVIA

LITHUANIA

BELARUS

UKRAINE

SERBIA

R U S S I A N F E D E R A T I O N

UZBEKISTAN

TURKMENISTAN

ARMENIAAZERB.

CROATIA

CHINA

MONGOLIAULAN BATOR

BEIJING

Hong Kong

KUALA LUMPUR

INDONESIA

TIMOR-LESTE

PHILIPPINES

BRUNEIMALAYSIA

MALAYSIA

THAILAND

INDIA

BANGLADESH

BHUTANNEPAL

PAKISTAN

MYANMARLAOS

CAMBODIAVIETNAMBANGKOK

NAYPYIDAWVIENTIANE

HANOI

PHNOM PENH

MANILA

JAKARTA

SOUTH KOREASEOUL

SINGAPORE

SRI LANKA

TAIWANTAIPEI

NEW DELHIKATHMANDU

SRI JAYAWARDENAPURA

DHAKA

ISLAMABAD

BANDAR SERI BEGAWAN

THIMPHU

GREECEATHENS

CYPRUS

The East Capital universe

”Investors, who lack resources to gain additional information, tend to misinterpret the risks. On-the-ground research enables an information advantage, key to achieving superior returns.”

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KARA SEA

LAPTEV SEA

EAST

SIBERIAN

SEA

SEA OFOKHOTSK

BLACK SEA

BALTIC S

EA

Gulf ofYana

Beri

ng S

trai

t

CASPIAN SEA

Sakhalin

Ne

w Z

e ml y a

KomsomoletsIsland

Bol'shevikIsland

October Revolution Island

Kotel'nyy Island

Novaya Sibir' IslandLyakhov

Islands

New Siberian Islands

Wrangel Island

CommanderIslands

Kuril Isla

nds

Anjou Islands

Pioner I.

Danube

Irtysh

Ishim

Aldan

Lena

Lena

Amur

Low e r Tunguska

Ob

Ob

Irtysh

Kama

Kolym

a

Yenisey

Yenisey

Volga

LakeBalkhashAral

Sea

Lake Zaysan

Lake Baikal(1637 m)

LakeTaymyr

LakeLadoga

LakeOnega

Tigris

Eu p hrates

Ko

l y ma R a n g e

Ve

rk

ho

ya

n

s k R a n g e

Dzhugd

zhur R

ange

C e n t r a l S i b e r i a n

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P l a i n

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Koryak Range

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N o r t h S i b e r i a n L o w l a n d

TASHKENT

DUSHANBEASHGABAT

BISHKEK

ASTANA

MOSCOWVILNIUS

RIGA

TALLINN

MINSK

KIEVWARSAW

PRAGUE

BRATISLAVABUDAPEST

SARAJEVO

TIRANA

SOFIASKOPJEPODGORICA

BUCHARESTBELGRADELJUBLJANA ZAGREB

CHISINAU (KISHINEV)

ANKARABAKU

TBILISI

YEREVAN

Khabarovsk

Istanbul

Izmir

Arkhangel'sk

Almaty (Alma-Ata)

Irkutsk

KrasnoyarskTomsk

Novosibirsk

Barnaul

OmskChelyabinsk

YekaterinburgPerm'

Kazan'

Samara

Orenburg

Ufa

Nizhniy Novgorod

Saratov

Volgograd

Astrakhan'

Ryazan'

Penza

Rostov-na-Donu

Voronezh

Tula

Yaroslavl'

St Petersburg

ARCTIC CIRCLEARCTIC CIRCLE

Shanghai

TURKEY

GEORGIA

HUNGARY

MOLDOVACZECH REP. SLOVAKIA

POLAND

ROMANIASLOV.

ALBANIA

MONTENEGROMACEDONIA

BOSNIA& H.BULGARIA

KAZAKHSTAN

ESTONIALATVIA

LITHUANIA

BELARUS

UKRAINE

SERBIA

R U S S I A N F E D E R A T I O N

UZBEKISTAN

TURKMENISTAN

ARMENIAAZERB.

CROATIA

CHINA

MONGOLIAULAN BATOR

BEIJING

Hong Kong

KUALA LUMPUR

INDONESIA

TIMOR-LESTE

PHILIPPINES

BRUNEIMALAYSIA

MALAYSIA

THAILAND

INDIA

BANGLADESH

BHUTANNEPAL

PAKISTAN

MYANMARLAOS

CAMBODIAVIETNAMBANGKOK

NAYPYIDAWVIENTIANE

HANOI

PHNOM PENH

MANILA

JAKARTA

SOUTH KOREASEOUL

SINGAPORE

SRI LANKA

TAIWANTAIPEI

NEW DELHIKATHMANDU

SRI JAYAWARDENAPURA

DHAKA

ISLAMABAD

BANDAR SERI BEGAWAN

THIMPHU

GREECEATHENS

CYPRUS East Capital in brief

Founded 1997Ownership Private partnership, independentNumber of employees 121Nationalities 23Investment approach Active, long-term, bottom-up, fundamentalRegion Eastern Europe & Emerging AsiaOffices Stockholm (headquarters), Hong Kong, Kyiv,

Luxembourg, Moscow, Oslo, Paris, TallinnAuM total USD 4.0bnAuM in Public Equity USD 3.4bnAuM in Private equity/Real estate USD 0.6bn

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”Our information advantage is built on the huge number of contacts that we have developed through actively investing for over 16 years.”

1. Louise Hedberg, Head of Corporate Governance, visiting the Russian steel company Severstal in St. Petersburg.

2. Peter Elam Håkansson, CIO and Partner, meeting with the portfolio company Bank Saint Petersburg.

3. Lilia Kouzmina, Senior Analyst, visiting the Kazakh mining company Uranium One, which is one of the largest uranium producers in the world.

4. Aaron Ji Chao, Analyst, and Dmitriy Vlasov, Senior Advisor, on a site visit to Wanhua Chemical, one of the largest global MDI producers. Yantai, Shangdong province, China.

1.

2.

3. 4.

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Investment philosophy and strategy

Since East Capital was founded in 1997, our investment philosophy has been based on the belief that frontier and emerging markets are less efficient than developed markets and that a consistently applied investment strategy emphasising on-the-ground research, generates long-term outperformance and added value for clients.

Short-term volatility in these markets is exacerbated by the lack of domestic institutional capital and a high participation of foreign capital, which at times can be driven by sentiment rather than fundamentals.

This volatility can create a perception of high risk that is not confirmed by fundamentals. Companies, particularly those not included in the benchmark index, often lag behind their Western counterparts in terms of transparency, availability of information and research coverage. Investors, who lack resources to gain additional information, tend to misinterpret the risks. The resulting pricing inefficiencies are systematic and can be exploited by:

Being local

By being local, meeting companies and utilising a vast network of contacts, we gain an information advantage over traditional generalist investors. The more information we have, the better we can assess individual businesses and their potential.

Being research-driven

Diligent research is essential for identifying drivers of growth and value and assessing risk correctly. There is often a striking gap between perceived risk by the market and real risk actually inherent in the business.

Being long-term

Fundamentals such as attractive valuations, stable cash flow, strong growth and high dividend yields matter over time. Consistency, persistence and patience reward well-informed and well-analysed investment decisions.

Being active

Outperformance can be achieved by focusing on fundamentals rather than benchmark weights, and substantial value can be found outside the benchmark. Available benchmarks tend to emphasise legacy assets, while young companies in new sectors are underrepresented or not represented at all. Typically, we prefer companies profiting from the growth in domestic consumption. We seek engagement with the companies in which we invest, in order to better understand the risks and help them to add value.

5. Emre Akçakmak, Portfolio Manager, meeting with Sinpaş Real Estate Investment Trust, the second largest residential real estate developer listed on Borsa Istanbul.

6. Karine Hirn, Partner, visiting Geely’s factory, which has an annual production capacity of 100,000 cars, in the Zhejiang Province of China.

5.

6.

8

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Launch date DescriptionPublic EquityEast Capital (Lux) Balkan Fund 2005* Open-end, daily traded, regional, all caps, value/growth mix

East Capital (Lux) Baltic Fund 2002* Open-end, daily traded, regional, all caps, value/growth mix

East Capital (Lux) China Fund 2007 Open-end, daily traded, regional, all caps, value/growth mix

East Capital (Lux) Eastern European Fund 2004* Open-end, daily traded, regional, all caps, value/growth mix

East Capital (Lux) Emerging Asia Fund 2005 Open-end, daily traded, regional, all caps, value/growth mix

East Capital (Lux) Russian Fund 1998* Open-end, daily traded, regional, all caps, value/growth mix

East Capital (Lux) Turkish Fund 2006* Open-end, daily traded, regional, all caps, value/growth mix

Alternative InvestmentsEast Capital Deep Value Fund 2014** Open-end, diversified, distressed situations, value bias

East Capital New Markets Fund 2014** Open-end, frontier, concentrated, activist, mid cap and growth bias

East Capital Russian Domestic Growth Fund 2012 Open-end, thematic, small/mid cap and growth bias

China A Shares Fund 2013 A-shares listed on China’s mainland stock exchanges (Currently fully subscribed)

Separate Accounts Designed in accordance with client guidelines across all regions and sectors

Private Equity

East Capital Financials Fund 2006 Closed-end, financial services companies in Russia, Ukraine, Georgia and Kazakhstan (Closed for investments)

Real EstateEast Capital Baltic Property Fund 2005 Closed-end, commercial real estate, value bias (Closed for investments)

East Capital Baltic Property Fund II 2012 Closed-end, commercial real estate, value bias

Listed Investment VehicleEast Capital Explorer 2007 Nasdaq/OMX Stockholm-listed, alternative, private equity, real estate in Eastern Europe

Product offering

* Launch date of Sweden-domiciled feeder fund

** East Capital Bering Russia Fund, Ukraine Fund, Balkan Fund and Central Asia Fund (with respective inception dates 2004, 2005, 2006 and 2007) were consolidated into the East Capital New Markets Fund and Deep Value Fund in 2014.

Investments in funds always involve risk. Past performance is no guarantee for future performance. The value of funds can go up or down in value and may be affected by changes in exchange rates. Investors may not get back the full amount invested. Full information about East Capital’s investment funds, including the risks associated with an investment, are found in the offering document and the financial reports, which can be obtained free of charge from East Capital. Before making any investment, please read the offering material carefully.

East Capital’s Alternative Investments, Private Equity and Real Estate funds are only directed at institutional and other professional investors, and are not accessible for retail investors in the same way as East Capital’s Public Equity funds.

The East Capital Deep Value Fund, East Capital New Markets Fund, East Capital Russian Domestic Growth Funds, and East Capital Baltic Property Fund II are regulated under Luxembourg law on specialized investment funds (SIF), are registered and supervised by the Luxembourg financial supervisory authority (CSSF), and qualify as alternative investment funds under the EU directive (2011/61/EU) on alternative investment fund managers.

Left Russia’s middle class is growing rapidly, and with low debt, rising salaries and flat taxes, their purchasing power is increasing. This serves as a springboard for consumer goods.

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1. Idea generation

In the first step, our portfolio management and research teams look for investment opportunities in eligible countries within our investment universe that fulfil minimum requirements for market capitalisation, liquidity and governance standards. We look for well-managed companies with a solid business case, robust financials, and good management of environmental, social and governance factors (ESG), which are currently trading at a discount to peers and/or with triggers that may lead to a revaluation. Investment ideas may be company-specific or thematic and originate from different sources, such as interactions with companies, suppliers, competitors, regulators, team members, brokers and macroeconomists. Quarterly results, turnaround cases/management changes and regulatory changes are examples of events that may trigger an investment idea.

2. Fundamental research

In the second step, the team conducts diligent fundamental research and assesses the investment ideas in depth. To assess a company, the team analyses the business case, the quality of management, financials, valuations and management of environmental, social and governance factors. In most cases, the investment team meets the management of the company and its clients, suppliers and competitors in order to complement the analysis. In 2013, the team conducted over 1,200 company meetings and visits in Eastern Europe and Emerging Asia. If the investment idea becomes a strong case, the outcome of the fundamental analysis is an investment proposal detailing rationale, potential upside, downside and triggers for revaluation.

3. Portfolio construction and management

In the third step, the team evaluates the selected investment proposals in terms of portfolio construction and management. The team analyses if a stock should be included or excluded from the portfolio at this point, or if the weighting should be changed. In order to assess the relative strength of the investment opportunity, the team compares the investment proposal to other investment proposals and to current holdings. The business case, the valuation and the liquidity are deciding factors, and they determine the relative weighting of the company in the portfolio. Thereafter sector and regional considerations are factored in, as well as compliance with UCITS guidelines or client-tailored investment guidelines. Finally, mispricing of local shares and depository receipts and discounts of preferred and common shares are taken into account.

4. Monitoring

In the fourth step, the portfolio holdings are monitored. We have systems, processes and routines in place to enable us to instantly react to changes in the investment case. The most important monitoring tools for portfolio management are news flows, discussions with management, clients, suppliers and competitors, attribution analysis on stock, sector and country level, portfolio risk analysis and ESG portfolio screenings. Any material changes to the investment case trigger a renewed review of the fundamentals and relative strength of the investment opportunity.

The investment process

Idea Generation(Selection process)Monitoring

Portfolio Construction & Management

Fundamental Research(Rejection process)

Left The investment team conducts over a thousand company meetings in Eastern Europe and Emerging Asia every year. Emre Akçakmak, Portfolio Manager, Jacob Grapengiesser, Partner, Tim Umberger, Senior Advisor, and Adrian Pop, Senior Advisor, visiting Sinpas REIT during an East Capital Summit in Istanbul, Turkey.

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Public equity

Aivaras Abromavicius Senior Advisor/PartnerLithuanian, based in Kyiv

Alexander AgermanHead of TradingSwedish, based in Stockholm

Emre Akçakmak Portfolio ManagerTurkish, based in Stockholm

Eglé Fredriksson Senior AdvisorLithuanian, based in Vilnius

Jacob Grapengiesser Senior Advisor/Partner Swedish, based in Moscow

Louise HedbergHead of Corporate Governance Swedish, based in Stockholm

Karine HirnSenior Advisor/Partner French, based in Hong Kong

Peter Elam HåkanssonCIO/PartnerSwedish, based in Stockholm

Adrian Pop Senior Advisor Romanian, based in Hong Kong

Marcus SvedbergChief Economist Swedish, based in Paris

Tim Umberger Senior Advisor Slovenian, based in Moscow

Dmitriy VlasovSenior Advisor Russian, based in Hong Kong

David ÖstbyInvestment ManagerSwedish, based in Stockholm

Public equity team

The public equity team is dedicated to Eastern Europe and Emerging Asia. Most team members are from the countries we invest in, are based there or speak the local languages. The average tenure of senior investment professionals with East Capital is over 10 years and we believe that stability and continuity of the team is important to maintain our broad network of contacts and grow our expertise.

We are one of the most prominent investors in Eastern Europe and are establishing ourselves as a specialist investor in other markets such as Asian frontier markets and Chinese domestic onshore market through our QFII license. The public equity team has received a series of awards, including several Lipper Europe awards for the best fund in the categories “Equities Emerging Markets Europe” and “Asia Pacific

ex Japan,” in addition to numerous national Lipper awards, and on five occasions the “Golden Star” from Morningstar in Sweden.

Peter Elam Håkansson, CIO and Partner, heads the public equity investment team. The Eastern Europe-dedicated team includes Partners and Senior Advisors Aivaras Abromavicius and Jacob Grapengiesser, as well as regionally-focused Portfolio Managers and Senior Advisors Emre Akçakmak, Eglé Fredriksson and Tim Umberger.

The Asia-dedicated team includes Partner and Senior Advisor Karine Hirn, and Senior Advisors Adrian Pop and Dmitriy Vlasov. The whole public equity team is supported by traders, analysts, macroeconomists and our corporate governance function, as well as advisory committees comprising experienced and well-connected external advisors.

The public equity team

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Margot JacobsSenior Advisor American, based in Stockholm

Hanna LoikkanenHead of Financials Fund Finnish, based in Moscow

Ulf SigfridssonSenior AdvisorSwedish, based in Stockholm

Gert TiivasInvestment Manager Estonian, based in Tallinn

Julius NiedvarasCountry Asset ManagerLithuanian, based in Vilnius

Martin OtsaInvestment Manager Estonian, based in Tallinn

Madis RaidmaCEO East Capital Real Estate Estonian, based in Tallinn

Kestutis SasnauskasHead of Private Equity and Real Estate/PartnerLithuanian, based in Stockholm

Private equity and real estate team

East Capital benefits from a strong presence in Eastern European financial markets and a brand that is supported by a broad network of contacts. This has enabled the company to establish itself as a leading private equity and real estate investor in the region.

Kestutis Sasnauskas, Partner, heads the private equity and real estate team which is working out of Stockholm, Moscow, Vilnius and Tallinn.

The private equity team includes Senior Advisors Hanna Loikkanen and Margot Jacobs, CFA, as well as Investment Manager Gert Tiivas and two analysts. The team targets Eastern European companies with high return potential through direct investments. The team seeks active

involvement in strategic management and other important decisions through board memberships, and provides industry expertise to the management of our portfolio companies. The closed-end East Capital Financials Fund, launched in 2006, is in its divestment phase. New investments are actively sourced for East Capital Explorer, a Nasdaq/OMX Stockholm-listed investment company.

East Capital’s real estate team includes Senior Advisor Ulf Sigfridsson as well as CEO of East Capital Baltics AS Madis Raidma and Investment Managers Maris Smiltenieks, Julius Niedvaras and Martin Otsa. The team focuses on the Baltics and invests in commercial real estate opportunities in Estonia, Latvia and Lithuania through the closed-end East Capital Baltic Property Funds. The team follows a value added approach to investing and provides active asset and property management by in-house experts.

The private equity and real estate teams

Private equity and real estate

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Advisors

Nanjing Road, shopping street in Shanghai. During the last decade, the disposable income of urban Chinese has more than doubled.

Christer LjungwallAsia Advisory Committee

Anders ÅslundEast Capital Advisory Committee

Johan BjörksténAsia Advisory Committee

Al BreachEast Capital Advisory Committee

Bengt DennisExternal advisor on Eastern Europe

We have several highly-experienced external advisors as an additional source of knowledge on the political, macroeconomic and social trends in Eastern Europe and Emerging Asia:

The East Capital Advisory Committee is chaired by Peter Elam Håkansson, with Al Breach and Anders Åslund as external advisors. The committee focuses on global issues and their impact on our investment universe. Al Breach, based in Switzerland, is a renowned expert on global emerging markets, with a solid research background as an economist at UBS and Goldman Sachs. Anders Åslund, based in Washington, is a Senior Fellow at the Peterson Institute for International Economics, specialising in post-communist economic transformation, especially for the Russian and Ukrainian economies, and has served as an economic advisor to the governments of Russia and Ukraine.

The Asia Advisory Committee is chaired by Karine Hirn, with Johan Björkstén and Christer Ljungwall as external advisors. The committee focuses on trends in Emerging Asia. Johan Björkstén, based in Shanghai, is the Chairman of MSL Publicis China and the founder of Eastwei Relations, China’s leading strategic PR consultancy, which was acquired by Publicis. Christer Ljungwall, based in Beijing, is an expert on the Chinese financial and economic system.

Bengt Dennis has worked as an external advisor to East Capital for many years. He focuses on Eastern European trends and supports the Portfolio Management and Research teams, particularly the Chief Economist, with macro and political insights on a continuous basis. Bengt Dennis, based in Stockholm, is a former Governor of Sveriges Riksbank (1982-1993), the Swedish central bank, and an expert on the economies and political situations in the Baltics and other Eastern European countries.

In addition, there are a number of other non-executive investment committees for the private equity and real estate funds.

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Awards and acknowledgements

Best Equity RussiaEast Capital Russian Fund

Best Equity RussiaEast Capital Russian Fund

Best Equity RussiaEast Capital Russian Fund

Best Equity Emerging Markets EuropeEast Capital (Lux) Eastern European Fund

Best Equity Asia Pacific ex JapanEast Capital China East Asia Fund

Best Equity Asia Pacific ex JapanEast Capital China East Asia Fund

Best Equity Emerging Markets EuropeEast Capital Eastern European Fund

Best Equity Fund 2009Business New EuropeEast Capital Turkish Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Asia Pacific ex JapanEast Capital China East Asia Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Russian Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Morningstar Awards 2005Best Emerging Markets Equity Fund FD Morningstar Holland East Capital Eastern European Fund

Golden Star 2006Dagens Industri andMorningstar East Capital Russian Fund

Golden Star 2003Dagens Industri andMorningstar East Capital Russian Fund

Golden Star 2005Dagens Industri andMorningstar East Capital Russian Fund

Golden Star 2001Dagens Industri andMorningstar East Capital Russian Fund

Golden Star 2004Dagens Industri andMorningstar East Capital Baltic Fund

Laurier D’Or 2006Best Fund Over 5 Years “Foreign Fund Managers”East Capital Russian Fund

Best Equity Emerging Markets Europe East Capital Eastern European Fund

Best Equity RussiaEast Capital Russian Fund

Best Alternative Fund 2013Business New EuropeEast Capital Bering Central Asia Fund

Best Equity Fund 2013Business New EuropeEast Capital Balkan Fund

bne 2013best

equity fund

bne 2013best

alternative fund

Best Equity Emerging Markets EuropeEast Capital Baltic Fund

Best Equity Emerging Markets EuropeEast Capital Baltic Fund

Best Equity Central and Eastern Europe FundEast Capital Baltic Fund

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Reasons to choose East Capital

1. Unique investment strategy, based on thorough market knowledge, fundamental analysis and frequent company visits by our investment teams

2. Broad and solid investor base, allowing a long-term approach

3. Highly-decorated, pooled investment funds with diverse geographical exposure to emerging and frontier markets, suited to a broad range of institutional investors

4. Customised investment solutions through separate accounts with tailored investment guidelines and reporting

5. Active sharing of insights and knowledge, including investor trips to the region, seminars and newsletters

6. A 16-year track record of excellent service and industry awards

Institutional investor servicing

• Accesstodedicatedseniorsalesaccountrepresentativesasfirst point of contact, with competence in assisting with the formulation of investment objectives and guidelines if needed

• Accesstoateamofinvestmentmanagers,advisorsandanalyststhrough conference calls, presentations and individual meetings

• Standardisedperiodicreporting,includingperformanceattribution/comments, and commentary on positioning and investment outlook, as well as customised reporting packages for sizeable investors

• ComprehensivequarterlystandardRFPandotherinvestment,operational and organisational updates

• Investmentoutlookpresentationsbyseniorinvestmentteammembers, as well as annual investor trips