Deltec Total Return Bond

Fund, L.P.

Fund Investment Objectives

The investment objective of the Partnership is to achieve growth of capital while minimizing capital risk by investing primarily in high yield fixed income securities and, to a lesser extent, distressed and equity securities of both U.S. and foreign companies. The Investment Manager (as defined below) expects that both income and capital appreciation will contribute to achieving this objective. While the Investment Manager intends to invest primarily in current pay, high yield bonds, the Partnership has broad and flexible investment authority and may, in pursuit of its investment objective, engage in short selling and employ leverage. There can be no assurance that the Partnership will achieve its investment objective.