Deltec Emerging Market

Equities L.P.

Fund Investment Objectives

The Partnership's primary investment objective is long-term capital appreciation, although the Partnership will also engage in securities trading for short-term gain. The Partnership seeks to achieve its objective by investing in the equity and equivalent securities of emerging market issuers. From time to time, the Partnership may invest in emerging market debt securities if, in the opinion of the Investment Manager, debt securities appear less risky than equities yet offer similar returns. In addition, the Partnership may sell short the equity and debt securities of emerging market issuers either to increase overall returns, reduce market exposure, or in connection with a merger arbitrage investment. An emerging market is generally 2 identified as a country that is either newly industrializing or in which securities markets are developing. Such markets typically have capital needs that cannot be met by the emerging market countries themselves. The returns from inception have been reset to reflect the change in Management fee's to 1.5% and no incentive fee.