Announcement | Cayman Islands Stock Exchange

UNIVERSAL INVESTMENT FUND ANNOUNCES CHANGE IN INVESTMENT MANAGER AND CHANGE OF SUB-INVESTMENT MANAGER TO INVESTMENT ADVISOR

Date	2-Apr-2013
	UNIVERSAL INVESTMENT FUND ANNOUNCES CHANGE IN INVESTMENT MANAGER AND CHANGE OF SUB-INVESTMENT MANAGER TO INVESTMENT ADVISOR 1 April 2013 UNIVERSAL INVESTMENT FUND (the “Trust”) Change in Investment Manager and change of Sub-Investment Manager to Investment Advisor in respect of the Strategic Asia Fund and the Asia Premier Fund (together, the “Sub-Funds” and each a “Sub-Fund”) State Street Cayman Trust Company, Ltd. (the “Trustee”) wishes to announce that pursuant to an Investment Management Agreement effective as of 1 April 2013 and made between the Trustee and Nissay Asset Management Corporation the latter has been appointed as investment manager (the “Investment Manager”) with responsibility for the overall investment strategy of the Sub-Fund. The Investment Manager was incorporated in Japan on July 1985. Its authorised and issued share capital is US$411 million of which US$111 million is fully paid up. As at March 2012 the Investment Manager has assets to the value of $56.7 billion under discretionary management. The directors of the Investment Manager are as follows: Kiyoshi Ujihara Mr. Ujihara has been President and Chief Executive Officer with Nissay Asset Management Corporation since 2012. Before becoming President and Chief Executive Officer, Mr. Ujihara held a number of positions including Managing Director and General Manager of International Planning & Operations Department, Senior Managing Director and General Manager of Head Office Corporate Marketing Department, Director and Executive Vice President and Deputy Chief of Corporate Marketing Planning Department, Director and Executive Vice President and General Manager of Head Office 1^st Corporate Marketing Headquarters / GM of Head Office 3rd Corporate Marketing Department of Nippon Life Insurance Company. Yoshiaki Hirayama Mr. Hirayama has been an Executive Director, Member of the Board, and Chief Investment Officer with Nissay Asset Management Corporation since 2012. Before becoming Chief Investment Officer, Mr. Hirayama held a number of positions including, Deputy General Manager of Separate Account Investment Department of Nippon Life Insurance Company, Executive Vice President (Head of Equity Investment Dept.) of NLI International Inc( a wholly subsidiary of Nippon Life Insurance Company in New York), and Chief Investment Officer and President of NLI International Inc. Shinji Kuge Mr. Kuge has been an Executive Officer, Member of the Board, General Manager & Head of Corporate Planning and Administration Department since 2012. Before becoming an Executive Officer, Member of the Board, General Manager & Head of Corporate Planning and Administration Department, Mr. Kuge held a number of positions including, Chief Manager of Investment Risk Management Office, Chief Manager of Credit and Alternative Investment Department and General Manager of Investment Risk Management Office in Nippon Life Insurance Company. The appointment of Nissay Schroders Asset Management Asia Limited as sub-investment manager for the Strategic Asia Fund and the Asia Premier Fund was terminated by agreements between the Investment Manager and Nissay Schroders Asset Management Asia Limited with an effective date of 31 March 2013. The Investment Manager has appointed Nippon Life Global Investors Singapore Limited (formerly Nissay Schroders Asset Management Asia Limited) (the “Investment Advisor”) to act as the investment advisor to the Investment Manager for the Sub-Fund. The Investment Advisor will provide the Investment Manager with continuing investment advice to assist in the implementation by the Investment Manager of the investment objectives and investment policies of the Sub-Funds. The Investment Advisor is a company incorporated in Singapore whose registered office is at 65 Chulia Street #46-00, OCBC Centre, Singapore 049513 and whose company registration Number is 200517207N. The Investment Advisor’s authorized and issued share capital is S$1,000,000. As at 31 January 2013, the Investment Advisor had assets around the value of US$677,000,000 under discretionary management. The Investment Advisor was incorporated in December 2005 (previously known as Nissay Deutsche Asset Management Asia Limited) to carry out investment management activities as a joint venture between Nippon Life Insurance Company and Deutsche Asset Management Asia Limited. The Investment Advisor lodged as an Exempt Fund Manager with the Monetary Authority of Singapore in 2009. On 30 September 2009, Schroders Investment Management Singapore Ltd (SIMSL) entered into a joint venture with Nippon Life Insurance Company to buy over the 33.3% stake owned by Deutsche Asset Management Asia Limited. The directors of the Investment Advisor are as follows: Yoshiaki Hirayama Mr. Hirayama has been an Executive Director, Member of the Board, and Chief Investment Officer with Nissay Asset Management Corporation since 2012. Before becoming Chief Investment Officer, Mr. Hirayama held a number of positions including, Deputy General Manager of Separate Account Investment Department of Nippon Life Insurance Company, Executive Vice President (Head of Equity Investment Dept.) of NLI International Inc( a wholly subsidiary of Nippon Life Insurance Company in New York), and Chief Investment Officer and President of NLI International Inc. Hiroyuki Nishi Mr. Nishi has been a director of Nippon Life Global Investors Singapore Limited since April 2013. Also, Mr. Nishi has been a Director and General Manager of International Planning & Operations Department in Nippon Life Insurance Company. Before that, Mr. Nishi held a number of positions including Chief Representative of London Representative Office, Director and General Manager for Europe, Director and General Manager for the Americas & Europe, Chief Representative of New York Representative Office in Nippon Life Insurance Company. Shinya Tsujimoto Mr. Tsujimoto has been a director of Nippon Life Global Investors Singapore Limited since April 2013. Mr. Tsujimoto has been a Chief Operating Officer & Fund Manager at Nissay Schroders Asset Management Asia Limited dispatched by Nissay Asset Management Corporation. Mr. Tsujimoto was previously Head of Research, RCM ASIA PACIFIC (Hong Kong) and General Manager of the research department at Meiji Dresdner Asset Management in Japan and an analyst at Tokio Marine Asset Management (Japan). Minoru Kimura Mr. Kimura has been a director of Nippon Life Global Investors Singapore Limited since April 2013. Also Mr. Kimura has been a General Manager of Investment Planning Department & Institutional Business Planning Department in Nissay Asset Management Corporation. Before that Mr. Kimura has been a Chief Executive Officer in Nissay Deutsche Asset Management Europe Limited, Chief Executive Officer in NLI Investments Europe Limited, Deputy General Manager, and Head of Public Communications Office & Head of Corporate Planning Office in Nissay Asset Management Corporation. Lester Gray Mr Gray has been Chairman for the Asia Pacific with Schroder Investment Management since October 2012. Mr Gray previously worked as Chief Operations Officer and then as Chief Executive Officer for the Asia Pacific region at Schroder Investment Management before becoming Chairman for the Asia Pacific. Ken Yajima Mr Yajima has been Head of Institutional Sales with Schroder Investment Management (Japan) Ltd. since June 2012. Mr Yajima previously worked as Head of Business Initiatives Management with J.P. Morgan Trust Bank Ltd. Mr Yajima then worked as Head of Institutional Sales and Client Services, Head of Institutional Fund Sales and then as Head of Product and Sales Support with Schroder Investment Management (Japan) Ltd. before becoming Head of Institutional Sales.

Date

2-Apr-2013

UNIVERSAL INVESTMENT FUND ANNOUNCES CHANGE IN INVESTMENT MANAGER AND CHANGE OF SUB-INVESTMENT MANAGER TO INVESTMENT ADVISOR

1 April 2013

UNIVERSAL INVESTMENT FUND (the “Trust”)

Change in Investment Manager and change of Sub-Investment Manager to Investment Advisor in respect of the Strategic Asia Fund and the Asia Premier Fund (together, the “Sub-Funds” and each a “Sub-Fund”)

State Street Cayman Trust Company, Ltd. (the “Trustee”) wishes to announce that pursuant to an Investment Management Agreement effective as of 1 April 2013 and made between the Trustee and Nissay Asset Management Corporation the latter has been appointed as investment manager (the “Investment Manager”) with responsibility for the overall investment strategy of the Sub-Fund. The Investment Manager was incorporated in Japan on July 1985. Its authorised and issued share capital is US$411 million of which US$111 million is fully paid up.

As at March 2012 the Investment Manager has assets to the value of $56.7 billion under discretionary management.

The directors of the Investment Manager are as follows:

Kiyoshi Ujihara

Mr. Ujihara has been President and Chief Executive Officer with Nissay Asset Management Corporation since 2012. Before becoming President and Chief Executive Officer, Mr. Ujihara held a number of positions including Managing Director and General Manager of International Planning & Operations Department, Senior Managing Director and General Manager of Head Office Corporate Marketing Department, Director and Executive Vice President and Deputy Chief of Corporate Marketing Planning Department, Director and Executive Vice President and General Manager of Head Office 1^st Corporate Marketing Headquarters / GM of Head Office 3rd Corporate Marketing Department of Nippon Life Insurance Company.

Yoshiaki Hirayama

Mr. Hirayama has been an Executive Director, Member of the Board, and Chief Investment Officer with Nissay Asset Management Corporation since 2012. Before becoming Chief Investment Officer, Mr. Hirayama held a number of positions including, Deputy General Manager of Separate Account Investment Department of Nippon Life Insurance Company, Executive Vice President (Head of Equity Investment Dept.) of NLI International Inc( a wholly subsidiary of Nippon Life Insurance Company in New York), and Chief Investment Officer and President of NLI International Inc.

Shinji Kuge

Mr. Kuge has been an Executive Officer, Member of the Board, General Manager & Head of Corporate Planning and Administration Department since 2012. Before becoming an Executive Officer, Member of the Board, General Manager & Head of Corporate Planning and Administration Department, Mr. Kuge held a number of positions including, Chief Manager of Investment Risk Management Office, Chief Manager of Credit and Alternative Investment Department and General Manager of Investment Risk Management Office in Nippon Life Insurance Company.

The appointment of Nissay Schroders Asset Management Asia Limited as sub-investment manager for the Strategic Asia Fund and the Asia Premier Fund was terminated by agreements between the Investment Manager and Nissay Schroders Asset Management Asia Limited with an effective date of 31 March 2013.

The Investment Manager has appointed Nippon Life Global Investors Singapore Limited (formerly Nissay Schroders Asset Management Asia Limited) (the “Investment Advisor”) to act as the investment advisor to the Investment Manager for the Sub-Fund. The Investment Advisor will provide the Investment Manager with continuing investment advice to assist in the implementation by the Investment Manager of the investment objectives and investment policies of the Sub-Funds. The Investment Advisor is a company incorporated in Singapore whose registered office is at 65 Chulia Street #46-00, OCBC Centre, Singapore 049513 and whose company registration Number is 200517207N. The Investment Advisor’s authorized and issued share capital is S$1,000,000. As at 31 January 2013, the Investment Advisor had assets around the value of US$677,000,000 under discretionary management.

The Investment Advisor was incorporated in December 2005 (previously known as Nissay Deutsche Asset Management Asia Limited) to carry out investment management activities as a joint venture between Nippon Life Insurance Company and Deutsche Asset Management Asia Limited. The Investment Advisor lodged as an Exempt Fund Manager with the Monetary Authority of Singapore in 2009. On 30 September 2009, Schroders Investment Management Singapore Ltd (SIMSL) entered into a joint venture with Nippon Life Insurance Company to buy over the 33.3% stake owned by Deutsche Asset Management Asia Limited.

The directors of the Investment Advisor are as follows:

Yoshiaki Hirayama

Hiroyuki Nishi

Mr. Nishi has been a director of Nippon Life Global Investors Singapore Limited since April 2013. Also, Mr. Nishi has been a Director and General Manager of International Planning & Operations Department in Nippon Life Insurance Company. Before that, Mr. Nishi held a number of positions including Chief Representative of London Representative Office, Director and General Manager for Europe, Director and General Manager for the Americas & Europe, Chief Representative of New York Representative Office in Nippon Life Insurance Company.

Shinya Tsujimoto

Mr. Tsujimoto has been a director of Nippon Life Global Investors Singapore Limited since April 2013. Mr. Tsujimoto has been a Chief Operating Officer & Fund Manager at Nissay Schroders Asset Management Asia Limited dispatched by Nissay Asset Management Corporation. Mr. Tsujimoto was previously Head of Research, RCM ASIA PACIFIC (Hong Kong) and General Manager of the research department at Meiji Dresdner Asset Management in Japan and an analyst at Tokio Marine Asset Management (Japan).

Minoru Kimura

Mr. Kimura has been a director of Nippon Life Global Investors Singapore Limited since April 2013. Also Mr. Kimura has been a General Manager of Investment Planning Department & Institutional Business Planning Department in Nissay Asset Management Corporation. Before that Mr. Kimura has been a Chief Executive Officer in Nissay Deutsche Asset Management Europe Limited, Chief Executive Officer in NLI Investments Europe Limited, Deputy General Manager, and Head of Public Communications Office & Head of Corporate Planning Office in Nissay Asset Management Corporation.

Lester Gray

Mr Gray has been Chairman for the Asia Pacific with Schroder Investment Management since October 2012. Mr Gray previously worked as Chief Operations Officer and then as Chief Executive Officer for the Asia Pacific region at Schroder Investment Management before becoming Chairman for the Asia Pacific.

Ken Yajima

Mr Yajima has been Head of Institutional Sales with Schroder Investment Management (Japan) Ltd. since June 2012. Mr Yajima previously worked as Head of Business Initiatives Management with J.P. Morgan Trust Bank Ltd. Mr Yajima then worked as Head of Institutional Sales and Client Services, Head of Institutional Fund Sales and then as Head of Product and Sales Support with Schroder Investment Management (Japan) Ltd. before becoming Head of Institutional Sales.