Investor Update: Recovery of Stolen Asset

29 June 2017 - United Cacao Limited SEZC (“UCL” or the “Company”), the cacao plantation company headquartered in the Cayman Islands and operating in Peru, provides the following update. During our due diligence, the board of directors of UCL discovered that capital of the Company’s subsidiary Cacao del Peru Norte SAC (“CDPN”) had been deployed in certain instances to purchase assets that were subsequently used to support the activities of separate business interests related to Mr. Dennis N. Melka, the Company’s former Chairman, Chief Executive Officer, and Group Managing Director. For example, on 3 March 2014, CDPN purchased a Toyota Hilux 4x4 pick-up truck for US$37,900 including tax.  The board discovered that the truck had been and was being used primarily by employees of Plantaciones de Ucayali Sur SAC and subsequently by Ocho Sur U SAC, businesses in Pucallpa, Peru affiliated with Mr. Melka.  In addition to the original purchase price, CDPN has borne much of the cost of maintaining, insuring, and fueling the truck. In order to recover the truck, CDPN filed criminal charges in Pucallpa related to its theft.  On 22 June 2017, the police detained the driver of the truck, who confirmed that he is an employee of Ocho Sur, and then seized the truck as stolen property.  On 23 June 2017, the police and a prosecutor interviewed the Chief of Logistics for Ocho Sur, who confirmed that he knew that the truck is registered property of CDPN but stated that he understood that CDPN was part of Plantaciones de Ucayali, the holding company for Ocho Sur.  The truck was released to an employee of CDPN and is being transported to Iquitos. The UK Regulatory agencies, including AIM, the FCA, and the Serious Fraud Office, have been notified accordingly.  The board’s due diligence and investigation continues, and we will provide updates as appropriate

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