Common use of Certain Information Concerning the Fund Clause in Contracts

Certain Information Concerning the Fund. The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland and registered under the Investment Company Act of 1940. Its investment objective is long-term capital appreciation through investment primarily in equity securities of Brazilian companies. Exhibit A to this Offer contains the Fund's audited financial statements for the fiscal years ended December 31, 1993 and December 31, 1994 and financial statements for the third quarter ended September 30, 1995. The Fund is subject to the information and reporting requirements of the Investment Company Act of 1940 and in accordance therewith is obligated to file reports and other information with the Commission relating to its business, financial condition and other

Certain Information Concerning the Fund. The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland and registered under the Investment Company Act of 1940. Its investment objective is long-term capital appreciation through investment primarily in equity securities of Brazilian companies. Exhibit A to this Offer contains the Fund's audited financial statements for the fiscal years ended December 31, 1993 1994 and December 31, 1994 1995 and financial statements for the third quarter ended September 30December 31, 19951996. The Fund is subject to the information and reporting requirements of the Investment Company Act of 1940 and in accordance therewith is obligated to file reports and other information with the Commission relating to its business, financial condition and other

Certain Information Concerning the Fund. The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland and registered under the Investment Company Act of 1940. Its investment objective is long-term capital appreciation through investment primarily in equity securities of Brazilian companies. Exhibit A to this Offer contains the Fund's audited financial statements for the fiscal years ended December 31, 1993 and December 31, 1994 and unaudited financial statements for the third quarter six-month period ended September June 30, 1995. The Fund is subject to the information and reporting requirements of the Investment Company Act of 1940 and in accordance therewith is obligated to file reports and other information with the Commission relating to its business, financial condition and other

Certain Information Concerning the Fund. The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland and registered under the Investment Company Act of 1940. Its investment objective is long-term capital appreciation through investment primarily in equity securities of Brazilian companies. Exhibit A to this Offer contains the Fund's audited financial statements for the fiscal years ended December 31, 1993 1994 and December 31, 1994 1995 and unaudited financial statements for the third quarter nine month period ended September 30, 19951996. The Fund is subject to the information and reporting requirements of the Investment Company Act of 1940 and in accordance therewith is obligated to file reports and other information with the Commission relating to its business, financial condition and other