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.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1227)

APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER

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

Pursuant to Rule 14A.39 of the Listing Rules, the Board announces that on 28 July 2020, Grande Capital Limited ("Grande Capital"), a corporation licensed under the SFO to carry on Type 6 (advising on corporate finance) regulated activity, has been appointed as the independent financial adviser of the Company with the approval of the Independent Board Committee to advise the Independent Board Committee and the Independent Shareholders in respect of the terms of the Rights Issue (including the Underwriting Agreement).

The letter of advice from Grande Capital to the Independent Board Committee and the Independent Shareholders on the Rights Issue will be included in the Circular to be despatched by the Company to the Shareholders on or before Monday, 24 August 2020.

On behalf of the Board

National Investments Fund Limited

Ho Yuk Ming, Hugo

Company Secretary

Hong Kong, 28 July 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.