UNIVERSAL INVESTMENT FUND (the "Fund")

Amendment of Distribution Policy of the Strategic Europe Fund, the Strategic Asia Fund and the Europe Premier Fund

State Street Cayman Trust Company, Ltd. (the "Trustee") wishes to announce that the distribution policy of the Strategic Europe Fund, the Strategic Asia Fund and the Europe Premier Fund have been amended from 8 July 2009 as follows.

Strategic Europe Fund – Distribution Policy

Distributions will be declared within 2 months of the Accounting Date and 30 June in each year and / or on such other day or days as the Trustee deems appropriate, and shall be paid, to Unitholders of record on the date of such declaration, within three months of the date of such declaration or such other day as the Trustee deems appropriate.

Distributions shall be paid solely from the net income and net realised and net unrealised capital gains or losses of the Sub-Fund accrued during the period ending on the Accounting Date, or 30 June, or on such other day or days as the Trustee deems appropriate, with such amount pro-rated amongst the Unitholders based on the number of Units of the Trust held by each such Unitholder on such date.

Strategic Asia Fund – Distribution Policy

Distributions will be declared within 2 months of the Accounting Date and 30 June in each year and / or on such other day or days as the Trustee deems appropriate, and shall be paid, to Unitholders of record on the date of such declaration, within three months of the date of such declaration or such other day as the Trustee deems appropriate.

Distributions shall be paid solely from the net income and net realised and net unrealised capital gains or losses of the Sub-Fund accrued during the period ending on the Accounting Date, or 30 June, or on such other day or days as the Trustee deems appropriate, with such amount pro-rated amongst the Unitholders based on the number of Units of the Trust held by each such Unitholder on such date.

Europe Premier Fund – Distribution Policy

Distributions will be declared within 2 months of the Accounting Date and 30 June in each year and / or on such other day or days as the Trustee deems appropriate, and shall be paid, to Unitholders of record on the date of such declaration, within three months of the date of such declaration or such other day as the Trustee deems appropriate.

Distributions shall be paid solely from the net income and net realised and net unrealised capital gains or losses of the Sub-Fund accrued during the period ending on the Accounting Date, or 30 June, or on such other day or days as the Trustee deems appropriate, with such amount pro-rated amongst the Unitholders based on the number of Units of the Trust held by each such Unitholder on such date.

All words and expressions defined herein shall have the same meaning as in the Prospectus of the Fund dated 20 June 2001 (as amended and supplement from time to time) unless otherwise indicated.