Deltec Emerging Market

Income Fund, L.P.

Fund Investment Objectives

The investment objective of the Partnership is to provide investors with a total return, consisting of current income and capital appreciation, in excess of the JP Morgan Emerging Markets Index Plus. The Partnership seeks to achieve its objective by investing primarily in debt securities of governments and private sector borrowers in Latin American and other emerging markets. The Partnership invests primarily in U.S. dollar denominated securities, including Eurobonds, Global Bonds, "Brady" Bonds and, to a lesser extent, interests in fully-funded, syndicated commercial bank loans to governments of emerging market countries or to private sector entities. There can be no assurance that the Partnership will achieve its investment objective.