Mr. Byrnes manages Deltec Emerging Market Income Fund, L.P. and is ultimately responsible for all aspects of Deltec's emerging markets investment activities, including debt and equity portfolios. He is also actively involved in overseeing many of the firm's investments in distressed credits and high yield securities. Mr. Byrnes is currently a director of The Brazilian American Chamber of Commerce and The Ecuadorian American Association. He received a BA from Harvard College in 1967 and an MBA from Stanford University Graduate School of Business in 1971.

Mr. Gordon manages the Deltec Forum Fund, L.P and is responsible for the management of Deltec's US equity investments and separate multi-strategy accounts. Prior to joining Deltec, he was a managing director of Kidder, Peabody & Co., where he spent 12 years in the firm's corporate finance department. Mr. Gordon is a director of Anadarko Petroleum Corporation, where he is currently the lead director, and he served as chairman of the bondholder committees during the bankruptcies of Freuhauf Corporation and Southland Corporation. He received a JD/MBA from Harvard Law and Business Schools in 1976 and a BA from Harvard College in 1971.

Mr. Zuppello is responsible for Deltec's operations and administrative functions and is the firm's Chief Compliance Officer. Mr. Zuppello was CFO of Ethos Capital Management, Inc. from 1993 until 1995 and, from 1984 until 1993, was CFO of Miller Tabak Hirsch + Co., an institutional broker and NYSE member. Mr. Zuppello began his career with Price Waterhouse & Co. He received a BA degree from St. Johns University in 1974 and is a Certified Public Accountant licensed in New York State.

Mr. Coolidge is a portfolio manager focused on special situations strategies. He manages Deltec Special Situations Partners, LP. Prior to joining Deltec, Mr. Coolidge was an equities trader at Brean Murray & Co. where he was a Managing Director and at Kidder Peabody & Company where he was a Senior Vice President. Mr. Coolidge attended Harvard College and Hunter College and received an MBA from Harvard Business School in 1992.

Ms. Grunder is a portfolio manager specializing in credit strategies. She is responsible for the management of the Deltec Total Return Bond Fund, L.P. and assists in the management of separate accounts. From 1992 through 1996, Ms. Grunder served as a Vice President and Senior Analyst for Smith Barney's Asset Management Group's high yield mutual funds and from 1986 through 1992, was the high yield analyst/trader at RRH Capital Management, a privately held investment management firm. Ms. Grunder received an AB from Georgetown University in 1986 and is a Chartered Financial Analyst.

Mr. Hall is a portfolio manager specializing in emerging market equity and fixed income strategies. He assists in the management of Deltec Emerging Market Income Fund, L.P., DEME Master Fund, Ltd. and separate accounts invested in emerging market equity and debt securities. Mr. Hall joined Deltec in 2001 as an emerging market debt and equity trader. He received a BA from Bowdoin College in 2000.

Mr. Lesko is a portfolio manager specializing in emerging market strategies. He manages DEME Master Fund, Ltd. and directs emerging market equity investments throughout the firm. Prior to joining Deltec, Mr. Lesko was a Managing Director at EastWest Capital Management, where he spent 14 years co-managing a global limited partnership invested in emerging market and domestic equities. Mr. Lesko received an AB from Dartmouth College in 1986 and a BE from the Thayer School of Engineering at Dartmouth in 1987. Mr. Lesko is a Chartered Financial Analyst.

Mr. Noble is responsible for Deltec's marketing and investor relations. Prior to joining Deltec, Mr. Noble was a Director of Marketing and Investor Relations for SV Special Situations Fund and was a Vice President of Institutional Sales for Gerson Lehrman Group. Mr. Noble began his career in finance as a Director of Institutional Sales and Product Development at Thomson Financial. He received an MBA from the University of Chicago in 1997 and a BA from Queens College in 1988.

Ms. Vitti is responsible for Deltec's firm accounting and client portfolio reporting functions.  Her previous experience includes financial accounting positions with Lehman Brothers and The Goldman Sachs Trust Company. Ms. Vitti began her career with Arthur Young & Company. She received a BS from Fordham University in 1986 and is a Certified Public Accountant licensed in New York State.

Mr. White is a portfolio manager and research analyst. While his research is primarily related to US equity securities, his developed knowledge of certain industries is utilized y and benefits other Deltec portfolio managers. Mr. White previously served as Deltec's head trader. He received an AB from Dartmouth College in 1989.