First day of dealings, unaudited NAV & Voting

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22 October 2018

CEIBA INVESTMENTS LIMITED

 (the "Company" or "CEIBA")

FIRST DAY OF DEALINGS, UNAUDITED NAV AT 30 SEPTEMBER 2018 AND TOTAL VOTING RIGHTS

Further to the announcement on 17 October 2018, CEIBA Investments Limited is pleased to announce that trading in its shares commenced at 8.00am today on the Specialist Fund Segment of the Main Market of the London Stock Exchange ("Admission").

The Company has successfully raised £30 million through the Initial Issue of 30,000,000 new shares at a price of 100 pence per share, capitalising CEIBA at approximately £137 million (based on the IPO issue price). The Company is trading under the ticker "CBA" (ISIN: GG00BFMDJH11).

Aberdeen Asset Investments Limited (part of Aberdeen Standard Investments) is the investment manager of the Company.

Unaudited Net Asset Value at 30 September 2018

The Company also announces its unaudited Net Asset Value ("NAV") per ordinary share of USD1.62 (GBP124 pence) as at 30 September 2018. (See note 1 below)

Total Voting Rights

The total number of Ordinary Shares in the Company in issue immediately following Admission is 137,671,576, each with equal voting rights. This total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Capitalised terms used but not defined in this announcement shall have the meanings given to such terms in the Prospectus.

John Herring, Chairman of CEIBA Investments Limited, said:

"I am delighted that we have been able to attract £30 million of investment, which will allow CEIBA to commence implementation of its investment programmes in Cuba. We also look forward to having Aberdeen Standard Investments as our investment manager and appreciate the significant contribution that ASI has made to realising CEIBA's successful launch on the Specialist Fund Segment of the London Stock Exchange's main market.

"We aim to continue our record of successful investment in Cuba as the economy continues to grow and develop."

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Note 1: The unaudited NAV per ordinary share at 30 September 2018 is unadjusted and does not reflect the proceeds of the Initial Issue received by the Company on Admission. US Dollar figures have been converted to Sterling at the applicable US Dollar / Sterling exchange rate on the relevant date.

NOTES TO EDITORS

About CEIBA Investments Limited

CEIBA Investments Limited, a country fund with a primary focus on Cuban real estate, provides an opportunity for investors to gain exposure to Cuban commercial real estate, hotels and other assets, during a window of opportunity which is likely to have a limited time horizon as relationships between Cuba and the international community, and particularly the U.S., continue to improve. It aims to provide investors with a regular level of income and substantial capital growth, mainly through the investment in, and management of, its Cuban portfolio.

Since 2001, when the current management team were appointed, the Company has grown from $19 million to $175 million (including $92 million new capital raised) and distributed approximately $80 million in dividends. Over the past 5 years the Company has achieved an annualised total shareholder return of 15.2% in US dollar terms and 19.5% in sterling terms. Following Admission, the Company is targeting a 4% annual dividend yield and a total shareholder return of between 12.5% and 17.5% per annum (both in US dollar terms).