Deltec Forum

Fund L.P.

Fund Investment Objectives

The investment objective of the Partnership is to seek long-term capital appreciation through investment primarily in the equity securities of undervalued domestic and foreign companies and domestic and foreign corporate and governmental high yield debt instruments which the Investment Manager (as defined below) believes have a significant potential for price appreciation. Current income is a secondary objective. In particular, the Partnership's investment focus is on common stocks and high yield, lower-rated bonds with various maturities. There can be no assurance that the Partnership will achieve its investment objective.