Hilltop Core Select Fund

Class A

Fund Investment Objectives

The Core Select Fund is an absolute return product seeking to deliver positive returns in any twelve-month period, regardless of the economic environment or the performance of financial markets. The Fund targets an average annual return of 9%-11% net of fees over any three-year period and Hilltop believes this can be achieved by ensuring that the average weighted expected return from the portfolio funds exceeds this level at all times, after accounting for any fees and costs at the Core Select Fund level. It is a specific goal of the Hilltop Core Select Fund to exhibit low correlation to traditional indices although inevitably, when evaluated over shorter periods of time, there will be some coincidental correlation. Specifically, the Fund targets a correlation of <0.40 against the S&P 500 and MSCI World over any three-year period and an average closer to 0. Hilltop expects the Fund's volatility to be less than 5%. To achieve these targets, the manager invests in 15-25 underlying hedge fund managers diversified by investment approach, geography and timeframe. Hilltop invests at least 90% of the Core Select Fund's assets in strategies offering quarterly redemptions or better and where Hilltop is satisfied that a strategy's underlying liquidity matches the redemption terms it is offering. Hurdle Rate: 3-month, 12-month or 3-year US Treasuries, depending on an investor's duration in the fund. Minimum Investment is in EUR.