CEIBA INVESTMENTS LIMITED

(TICKER CBA, ISIN: GG00BFMDJH11)

Legal Entity Identifier: 213800XGY151JV5B1E88

UNAUDITED NET ASSET VALUE PER SHARE AS AT 30 SEPTEMBER 2023

CEIBA Investments Limited (the "Company"), the largest listed foreign investor solely dedicated to investing in Cuba, announces that its unaudited net asset value per share ("NAV") as at 30 September 2023 was USD1.1818 (30 June 2023: USD1.0929). Applying the GBP:USD exchange rate as at 30 September 2023 of USD1.2207:GBP1.00 (30 June 2023: USD1.2714:GBP1.00), the unaudited NAV in Sterling was GBP0.9681 (30 June 2023: GBP0.8596) per share.

As at 30 September 2023, the net assets were USD162,704,949 (30 June 2023: USD150,461,312).

Management Commentary

The increase of NAV is primarily the result of the Company having been able to unlock USD14.3 million of previously provisioned dividends owed by Inmobiliaria Monte Barreto S.A. ("Monte Barreto") to CEIBA MTC Inc.

In September 2023, the Spanish hotel company HOMASI S.A., holder of 50% of the shares in the capital of Miramar S.A., the Cuban joint venture company that owns and operates four hotels in Havana and Varadero, increased its capital by ?20,714,285.70. The Company, which has a 65% shareholding interest in HOMASI S.A., made its capital contribution by transferring USD14.3 million in dividends owed by Monte Barreto to the bank account of Miramar S.A. as a capital contribution to fund its existing CAPEX and investment programs. The matching USD14.3 million capital contribution to be made by the Cuban (50%) shareholder CUBANACAN S.A. in Miramar S.A. will be made by extending the surface rights of the joint venture's hotel properties in Havana and Varadero and the term of the Cuban joint venture company.

During the third quarter the Company received approximately USD1.8 million in dividend income from Miramar S.A., which was largely offset by expenses, bond interest payments and forex (loss).

For further information, please contact:

www.ceibainvest.com

END OF ANNOUNCEMENT