Deltec Special Situations

Partners, L.P.

Fund Investment Objectives

The investment objective of the Partnership is to achieve investment returns that are consistently superior to the yields of short-term fixed-income instruments. The Partnership will seek to achieve its objective by focusing primarily on event-driven opportunities in the equity markets. Because its investment program is event-driven, the Investment Manager believes that the Partnership's investment results will not have a high degree of correlation to the broader equity market despite the fact that the Partnership's investments will consist primarily of equity and equity-equivalent securities. While the Investment Manager intends to seek situations for which an event has been announced, the Partnership may also invest in the securities of companies for which the Investment Manager believes an event may develop in the near to intermediate term. In pursuit of its investment objective, the Partnership may purchase and sell options, engage in short selling and employ leverage. There can be no assurance that the Partnership will achieve its investment objective.