National Investments Fund : FURTHER DELAY IN DESPATCH OF CIRCULAR AND REVISED EXPECTED TIMETABLE IN RESPECT OF THE (1) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND (2) PROPOSED RIGHTS ISSUE ON THE BASIS OF FIVE RIGHTS SHARES FOR EVERY ONE EXISTING SHARE HELD ON THE RECORD DATE AT HK$0.035 PER RIGHTS SHARE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1227)

FURTHER DELAY IN DESPATCH OF CIRCULAR AND REVISED EXPECTED TIMETABLE IN RESPECT OF THE

1. PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND
2. PROPOSED RIGHTS ISSUE ON THE BASIS OF FIVE RIGHTS SHARES FOR EVERY ONE EXISTING SHARE HELD ON THE

RECORD DATE

AT HK$0.035 PER RIGHTS SHARE

References are made to the announcements (the "Announcements") of National Investments Fund Limited (the "Company") dated 7 and 27 July 2020 and 24 August 2020 and 7 September 2020 respectively (the "Delay Announcement"), in relation to, among others, (1) the proposed increase in authorised share capital and (2) the proposed Rights Issue on the basis of five (5) Rights Shares for every one (1) existing Share held on the Record Date. Unless the context otherwise requires, capitalised terms used herein shall have the same meanings as defined in the Announcements.

FURTHER DELAY IN DESPATCH OF CIRCULAR

As disclosed in the Delay Announcement, a circular (the "Circular") containing, among other things, (i) further details of (a) the Increase in Authorised Share Capital and (b) the Rights Issue; (ii) a letter of recommendation from the Independent Board Committee to the Independent Shareholders in respect of the Rights Issue; (iii) a letter of advice from the independent financial adviser to the Independent Board Committee and the Independent Shareholders on the Rights Issue; and (iv) a notice convening the EGM, is expected to be despatched to the Shareholders on or before Thursday, 17 September 2020.

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As additional time is required for the Company to prepare and finalise the information to be contained in the Circular, the despatch of the Circular is expected to be postponed to a date on or before Thursday, 15 October 2020.

REVISED EXPECTED TIMETABLE

In view of the delay in the despatch of the Circular, the expected timetable of the Rights Issue and the closure of register of members of the Company are expected to be revised as below:

Expected despatch date of circular with notice and

form of proxy for the EGM . . . . . . . . . . . on or before Thursday, 15 October

Latest time for lodging transfers of Shares to qualify

for attendance and voting at the EGM . . . . . . . . 4:30 p.m. on Friday, 23 October

Closure of register of members of the Company for

attending the EGM (both days inclusive) . . . . . . . . . . Tuesday, 27 October to Monday, 2 November

Latest time for lodging forms of proxy for

the purpose of the EGM . . . . . . . . . . . . 10:00 a.m. on Saturday, 31 October

Record date for determining attendance and

voting at the EGM . . . . . . . . . . . . . . . . . . . Monday, 2 November

Expected date and time of the EGM . . . . . . . . 10:00 a.m. on Monday, 2 November

Announcement of poll results of the EGM . . . . . . . . . . . Monday, 2 November

Last day of dealings in Shares on a cum-rights basis . . . . . . . Tuesday, 3 November

First day of dealings in Shares on an ex-rights basis . . . . . . Wednesday, 4 November

Latest time for the Shareholders to lodge transfer of

Shares in order to qualify for the Rights Issue . . . 4:30 p.m. on Thursday, 5 November

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Closure of register of members of the Company for

the Rights Issue (both dates inclusive) . . . . . . . . . . . Friday, 6 November to Thursday, 12 November

Record Date for determining entitlements to the Rights Issue . . . Thursday, 12 November

Register of members of the Company re-opens . . . . . . . . . Friday, 13 November

Despatch of provisional allotment letters and

nil-paid Rights Shares . . . . . . . . . . . . . . . . . . Friday, 13 November

First day of dealings in nil-paid Rights Shares . . . . 9:00 a.m. on Tuesday, 17 November

Refund cheques, if any, to be despatched (if the Rights Issue is terminated and

in respect of unsuccessful or partially successful

application for excess Rights Shares) . . . . . . . on or before Monday, 7 December

Commencement of dealings in fully-paid Rights Shares . . . . . . 9:00 a.m. on Tuesday, 8 December

All times and dates specified in this announcement refer to Hong Kong local time. The Company may make adjustment to the expected timetable as set out above if it considers appropriate. Dates or deadlines specified in this announcement for events in the above timetable are indicative only and may be extended or varied by the Company. Any extension or adjustment to the expected timetable as set out above will be published or notified to the Shareholders and the Stock Exchange as and when appropriate.

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CHANGES OF BOOK CLOSURE PERIODS AND THE RECORD DATE

The Shareholders should note that as a result of the change in the expected timetable:

1. the register of members of the Company will be closed from Tuesday, 27 October 2020 to Monday, 2 November 2020 (both days inclusive) for determining the identity of the Shareholders entitled to attend and vote at the EGM;
2. the register of members of the Company will be closed from Friday, 6 November 2020 to Thursday, 12 November 2020 (both days inclusive) for determining the entitlements to the Rights Issue; and
3. the Record Date for determining entitlements to the Rights Issue will be Thursday, 12 November 2020.

No transfer of Shares will be registered during the above book closure periods.

SUPPLEMENTAL EXTENSION LETTER IN RELATION TO THE UNDERWRITING AGREEMENT

As a result of the revisions to the expected timetable of the Rights Issue as set out above, on 17 September 2020, the Company and the Joint Underwriters entered into an supplemental extension letter to reflect the changes of the relevant dates for the Rights Issue as referred to in the Underwriting Agreement. Save for such amendments, all other terms and conditions of the Underwriting Agreement shall remain unchanged.

On behalf of the Board

National Investments Fund Limited

Ho Yuk Ming, Hugo

Company Secretary

Hong Kong, 17 September 2020

As at the date of this announcement, the Board of the Company comprises an executive Director, namely Chan Cheong Yee; three non-executive Directors, namely Mr. Wang Ning (Chairman), Ms. Xie Xiangrong and Mr. Huang Hu; and three independent non-executive Directors, namely Mr. Li Li, Mr. Liao Kai and Ms. Wu Xiaoxia.

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