UTC Media Centre

February 11, 2011: The Chairman of the Unit Trust Corporation is extremely pleased to announce that Ms. Eutrice Carrington has been appointed as UTC’s Executive Director by the Board in consultation with the Central Bank and in accordance with section 7(1) of the Unit Trust Corporation of Trinidad and Tobago Act 1981.

Ms. Carrington has been with the UTC for nearly 20 years.  She has served the Corporation in a number of capacities, including Chief Executive Officer Financial Services, Vice President Asset Management, Manager Investment Management, Security Analyst and, Portfolio Manager. Ms. Carrington holds a Bachelors of Science honours degree in Economics and a Master’s of Science in Economics.

In congratulating Ms Carrington on her new appointment, Mr. Ewart Williams, Governor of the Central Bank noted that her sterling contribution to the UTC over the past several years made her uniquely suited to leading the Corporation over the next few years when market competition and new regulatory requirements would present new challenges.

During her professional career, Ms. Carrington has served as secretary of the Economics Association of Trinidad and Tobago.  She was also a member of the Technical Committee appointed by the Cabinet of Trinidad and Tobago to assist in the formulation of Mutual Fund Legislation. Ms. Carrington sits on the Board of two publicly traded companies.

In the coming weeks, Ms Carrington will meet with employees throughout the organisation, as well as with Unitholders and members of the corporate sector.

The Corporation hopes that all our Unitholders will join with us in congratulating Ms Carrington on this new appointment.

Dear Unitholders,

We are taking this time to make sure you have all the facts regarding important developments about lawsuits recently covered by the media.

We are pleased to inform you that last week the Supreme Court of the Turks and Caicos Islands ordered the developers of the Dellis Cay property in Turks and Caicos to freeze approximately $540 million (US$85 million) in assets to pay UTC’s claims. The UTC filed this lawsuit over a year ago against the developers to protect the interests of its Unitholders. The Supreme Court also dismissed all claims the developers had brought against the UTC.

Regarding the US lawsuit, in which we are one of 20 defendants, we believe it is without merit, and that US courts do not have jurisdiction in the matter.

Our priority remains that Unitholders’ investments with UTC are safe, secure and stable. Unit Trust Corporation has billions of dollars in assets under management and over 500,000 Unitholders. More than 500 people at UTC work every day to safeguard your investments and earn your trust.

Thank you for your continued confidence in us.

Amoy Chang Fong
Chairman

“The UTC is pleased that the Supreme Court of the Turks and Caicos Islands this week ordered Cem Kinay and Oguz Serim , the developers of the Dellis Cay property in Turks and Caicos, to freeze approximately TT$540 million (US$85 million) in assets held by Kinay and Serim globally and to maintain these assets to satisfy the claims of the UTC against Kinay and Serim. The UTC filed a lawsuit over a year ago against Kinay and Serim to protect the interests of UTC and its unit holders. The Supreme Court also dismissed all claims Kinay and Serim had brought against the UTC. The UTC will continue to take all actions necessary to protect the interests of its unit holders in this matter.”

For further information kindly contact:
Ms. Gayle Daniel-Worrell
VP Marketing and International Business
Cell: (868) 681-8867
Email: gdworrell@ttutc.com