1. A Diversified Portfolio of Income Generating Assets Carefully Selected
and Managed by an Expert and Experienced Investment Team

2. FUND OBJECTIVE
The Fund’s investment objective is to generate consistently high levels of income from a diversified and international
portfolio of asset-backed corporate bonds, debt and loan instruments issued by small to medium sized companies.
The Fund can invest in any currency, country or sector to maximise risk adjusted returns and to pursue prudent
diversification. Issuer selection is controlled with both quantitative and qualitative analysis with a focus on the
identification and measurements of all risks, especially default risk. The target income is 10% per annum net of Fund
fees.
FUND SUMMARY
• Diversified Fund investing in asset-backed corporate bonds, debt or loan instruments
• Focused on small to medium sized companies with strong near-term cash flow generation
• Fund target income of 10% paid annually, net of Fund fees
• Thorough investment process including country, sector and company research and financial ratio analysis
• Open ended fund with a recommended 5 year plus investment term
• Monthly subscriptions
• Quarterly redemption facility with 90 days notice
• Investors benefit from the protection of an independent administrator, auditor, Fund Director and Fund advisor
• Highly experienced asset management team regulated by the Cayman Islands Monetary Authority to provide
investment management services
• The Fund is also regulated by the Cayman Islands Monetary Authority as a Registered Mutual Fund
asset management
Hypa Asset Management is an active fund manager specialising in the selection and management of high yielding
assets; bonds, corporate debt and loans. The management team’s investment process utilises fundamental analysis
at a country, sector and company level. All risks associated with a prospective investment are allocated a required
rate of return individually and collectively to ensure investors are appropriately compensated with a high level of
income for the risks taken.
Hypa Asset Management is licensed to provide investment management services by the Cayman Islands Monetary
Authority (CIMA) and the Global High Income Fund is also regulated and registered as a Mutual Fund with CIMA.
HYPA ASSET MANAGEMENT LTD
ANTICIPATED DURATION OF HOLDINGS RISK PROFILE

3. FUND STRATEGY
The Fund specialises in lending to small and medium sized companies generally via UK PLCs in loan packages free of
complex clauses, options and other features. The bonds are fixed in duration and the interest payable is also fixed.
The Fund will hold the underlying bonds, or other debt or loan instruments, from inception to redemption thus
avoiding the potential realisation of a loss on a bond sale due to interest rate movements and other factors during
the life of the loan. This ‘buy and hold’ strategy also reduces the Fund costs via the absence of trading fees. The
Hypa Asset Management team appraises underlying companies and their bonds very carefully, selecting firms that
are predicted to generate high levels of cash-flow in the near term and through the duration of the bond, or other
debt or loan instrument. To further protect the interests of the Fund, only asset-backed bonds, or other debt or loan
instrument, secured on the assets and equity of the underlying company will be considered.
The Fund will generally invest in asset backed bonds issued by UK Public Limited Companies (“UK PLCs”)
independently audited by PKF Littlejohn LLP. Each UK PLC will appoint a security trustee and custodian, currently
Global Custodial Services, assigned to protect the interests of the Fund, as bond holder.
CORPORATE BOND FUNDS
When an investor buys a corporate bond they are, in practice, lending the company money. In return they receive
interest and the issuer promises to repay the debt on a specified date. This means that in terms of risk, bonds are
generally less risky than equities but more risky than cash. The key to reducing this risk is to carefully select which
companies and bonds to invest in and to spread the fund portfolio over a number of bonds to lessen the company
specific risk.
Bonds are therefore investments representing the debt of a company. They are loans, or “IOUs” issued by these
organisations and bought by banks, insurance companies, fund managers and private investors. Fund investors are
therefore indirectly buying a number of bonds and are appointing the fund manager to appraise, select and manage
the portfolio of bonds on their behalf.
The global bond market is actually larger than the equity market. Bonds are issued in a variety of currencies and
may differ greatly from each other in terms of risk, yield, date of maturity and sometimes other features such as
call and put options, which allow the bond issuer or investor to redeem the bond ahead of the final maturity date.

4. CORPORATE BONDS - THE KEY RISKS
There are a number of risks associated with investing in corporate bonds including, but not limited to; default
risk, market risk, company specific risk, interest rate risk and credit rating risk. The investment manager to
the Fund believes its investment philosophy, bond selection process and attention to detail minimises these
risks and that fund investors are rewarded with high levels of income potential and a high degree of capital
protection to compensate them for the risks that remain.
Our approach to limiting the impact of risks on the fund includes:
• Diversification across companies, sectors, countries, rating and bond duration
• A preference for companies with strong cash flow generation
• Asset backed securitised lending only
• Avoidance of high risk company ‘recovery’ scenarios
• Use of financial ratio analysis including short term liquidity analysis (cash ratio) and longer term solvency
testing (interest coverage and debt to equity)
• Comprehensive due-diligence, risk analysis and stress testing
• A focus on bond issuers with a clean corporate history of prior borrowing and repayments
• A policy of buy at inception and hold until redemption
• A fund portfolio of clean and simple loans, avoiding complex bond options

5. MANAGEMENT TEAM
Simon James Welsh
Fund Director
Roger Priaulx
Independent Fund Director
Lee Grant Smith
Investment Manager
Mike Young, CFA
Fund Advisor
Hypa Asset Management Limited is run by authorised finance
professionals with over 40 years combined experience in
alternative investments in the global financial markets.

6. FUND KEY FACTS
Fund Name: Global High Income Fund
Fund Sector: Fixed Interest, Global
Fund Structure: Exempted Company registered as a mutual fund
with CIMA
Investment Manager: Hypa Asset Management Limited
Fund Auditor: KPMG
Fund Lawyer: Appleby (Cayman) Ltd
Fund Administrator: Harmonic Fund Services
Regulator: Cayman Islands Monetary Authority
Investment Term: Recommended 5 years plus
Target Return: 10% income per annum, net of fund fees
Minimum investment: USD 100,000
Subscriptions: Monthly at latest NAV
Subscription fee: Nil
Placement fee: Nil
Management fee: 1.0% per annum
Performance fee: 20% of Fund profits above a 10% p.a. hurdle
Redemptions: Quarterly with 90 days notice required
Redemption fee: Nil
Fund valuation Policy: IFRS, annual audited, bi-annual unaudited

7. DISCLAIMER
The Global High Income Fund LTD is suitable for sophisticated investors, who do not require immediate
liquidity for their investments, for whom an investment in the fund does not constitute a complete
investment programme, and who fully understand and are willing to assume the risks involved in the
fund’s investment programme. Subscribers for shares must represent that they are acquiring the shares
for investment. No offer to sell or solicitation of an offer to buy is being made in any jurisdiction in which
such offer or solicitation would be unlawful. Other than registration with the cayman islands monetary
authority, the offering of securities hereby has not been filed with or approved or disapproved by any
regulatory authority of any country or jurisdiction, nor has any such regulatory authority passed upon
or endorsed the merits of this offering or the accuracy or adequacy of this document or the confidential
memorandum to the fund. Any representation to the contrary is unlawful. Shares are not registered for
sale, and there will be no public offering of the shares.

8. CONTACTS
Investment Manager
Hypa Asset Management Ltd
Clifton House | 75 Fort Street
PO Box 1350 | Grand Cayman KY1-1106
Cayman Islands
GHIF@hypaasset.com
www.hypaasset.com
Tel: +44 207 559 3601
Fax: +44 207 559 3401
Administrator
Harmonic Fund Services
Cayman Corporate Centre | 27 Hospital Road, 4th floor
P.O. Box 940 GT | KY1-1102
Cayman Islands
www.harmonic.ky
Auditor
KPMG
P.O. Box 493 | Century Yard, Cricket Square
Grand Cayman | KY1-1106
Cayman Islands
www.kpmg.com/KY
Fund Lawyer
Appleby (Cayman) Ltd
Clifton House | 75 Fort Street
PO Box 190 | Grand Cayman | KY1-1104
Cayman Islands
www.applebyglobal.com