Cuba’s largest foreign investor in real estate with approximately £130m in existing assets, including 80% of the commercial modern office space, a 5 star hotel opposite, 3 hotels in Varadero next to the only 18 hole golf course in Cuba and a strong pipeline of opportunities including the only modern conference centre in Cuba. Investment Objective The investment objective of the Company is to provide a regular level of income and substantial capital growth. Investment Policy The Company is a country fund with a primary focus on Cuban real estate assets. The Company will seek to deliver the investment objective primarily through investment in, and management of, a portfolio of Cuban real estate assets, with a focus on the tourism-related and commercial property sectors. Cuban real estate assets may also include infrastructure, industrial, retail, logistics, residential and mixed-use assets (including development projects). The Company may also invest in any type of financial instrument or credit facility secured by Cuba related cash flows. In addition, the Company may invest in other Cuba-related businesses, where such are considered by the Investment Manager to be complementary to the Company’s core portfolio (“Other Cuban Assets”). Other Cuban Assets may include, but are not limited to, Cuba-related businesses in the construction or construction supply, logistics, energy, technology, and light or heavy industrial sectors. Investments may be made through equity, debt or a combination of both. The Company will invest either directly or through holdings in special purpose vehicles, joint venture vehicles, partnerships, trusts or other structures. The Foreign Investment Act guarantees that the holders of interests in Cuban joint venture companies may transfer their interests, subject always to agreement between the parties and the approval of the Cuban government.