Common use of Notes to Financial Statements Clause in Contracts

Notes to Financial Statements. DECEMBER 31, 1994 ---------- The Brazilian Investment Fund, Inc. (the "Fund") was incorporated on November 7, 1990, and is registered as a non-diversified, closed- end management investment company under the Investment Company Act of 1940, as amended. The Fund's common stock is not registered under the Securities Act of 1933. The Fund makes its investments in Brazil through an investment fund established in compliance with Brazilian law. The accompanying financial statements are prepared on a consolidated basis and present the financial position and results of operations of the investment fund and the Fund.

Notes to Financial Statements. DECEMBER 31, 1994 ---------- The Brazilian Investment Fund, Inc. (the "Fund") was incorporated on November 7, 1990, and is registered as a non-diversified, closed- closed-end management investment company under the Investment Company Act of 1940, as amended. The Fund's common stock is not registered under the Securities Act of 1933. The Fund makes its investments in Brazil through an investment fund established in compliance with Brazilian law. The accompanying financial statements are prepared on a consolidated basis and present the financial position and results of operations of the investment fund and the Fund.