Adayana Inc. - Performance Update

21 October 2013

Kubera Cross-Border Fund Limited

Adayana Inc. - Performance Update

The Board of Directors (the "Board") of the Kubera Cross-Border Fund (LSE/AIM: KUBC) ("KUBC" or the "Fund") has been informed that the operating performance of Adayana Inc. ("Adayana"), an investee company of KUBC, has deteriorated significantly, in large part resulting from the recent government shutdown in the United States. Kubera Partners LLC, KUBC's investment manager (the "Manager"), has informed the Board that the revenue shortfall has resulted in Adayana filing for protection under Chapter 11 of the US Bankruptcy Code ("Chapter 11") in co-operation with its principal lenders.

Approval by a US court of a corporate reorganization by Adayana pursuant to a Chapter 11 filing is likely to have a significant negative effect on the value of its equity and will result in a substantial impairment of the carrying value of KUBC's investment. The Board and the Manager are currently considering the impact of these developments on the carrying value of the investment. The Fund expects to publish its Net Asset Value ("NAV") for the third quarter no later than October 31, 2013.

The Board understands that the Manager is in discussions with Adayana and its principal creditors to examine the possibility of participating in any corporate reorganization. The Manager expects to provide further information to Shareholders in its quarterly newsletter, which will be published following the announcement of the third quarter NAV.

About Kubera Cross-Border Fund Limited

Kubera Cross-Border Fund Limited is a closed-end investment company incorporated in the Cayman Islands and traded on the AIM market of the London Stock Exchange. The Fund makes private equity investments in cross-border companies, primarily in businesses that operate in the US-India corridor. The Fund's investment manager, Kubera Partners, brings a strong track record of investing in or managing such businesses. Several of the Fund's portfolio companies also benefit from business activities in the growing Indian domestic market. For further information on the Fund, please visit www.kuberacrossborderfund.com.

For more information contact:

Kubera Partners, LLC (Investment Manager of Kubera Cross-Border Fund Limited)

Ramanan Raghavendran, Managing Partner

Email: [email protected]

Numis Securities Limited (Broker)

David Benda, Director

Tel.: +44 (0) 20 7260 1275

Email: [email protected]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett, Partner/ David Hignell, Manager

Tel.: +44 (0) 20 7383 5100

Email: [email protected]

IOMA Fund and Investment Management Limited (Administrator, Registrar & Secretary)

Philip Scales, Director

Tel.: +44 (0) 1624 681250

Email: [email protected]