Common use of REPORT OF INDEPENDENT ACCOUNTANTS Clause in Contracts

REPORT OF INDEPENDENT ACCOUNTANTS. To the Shareholders and Board of Directors of The Brazilian Investment Fund, Inc. In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Brazilian Investment Fund, Inc. (the "Fund") at December 31, 1994, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period June 4, 1991 (commencement of operations) through December 31, 1991, in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 1994 by correspondence with the custodians and brokers and the application of alternative auditing procedures where confirmations from brokers were not received, provide a reasonable basis for the opinion expressed above. PRICE WATERHOUSE LLP 0000 Xxxxxx xx xxx Xxxxxxxx New York, New York 10036 February 17, 1995

REPORT OF INDEPENDENT ACCOUNTANTS. To the Shareholders and Board of Directors of The Brazilian Investment Fund, Inc. In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Brazilian Investment Fund, Inc. (the "Fund") at December 31, 19941993, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three two years in the period then ended and for the period June 4, 1991 (commencement of operations) through December 31, 1991, in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 1994 1993 by correspondence with the custodians and brokers and the application of alternative auditing procedures where confirmations from brokers were not receivedcustodians, provide a reasonable basis for the opinion expressed above. As explained in Note A-1, the financial statements include securities valued at $15.0 million (29 percent of net assets) whose values have been estimated by the Valuation Committee of the Board of Directors. We have reviewed the procedures used by the Valuation Committee in arriving at its estimate of value and have inspected underlying documentation, and, in the circumstances, we believe the procedures are reasonable and the documentation appropriate. However, because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for these securities in the quantities owned by the Fund existed, and the differences could be material to the financial statements. PRICE WATERHOUSE LLP 0000 Xxxxxx xx xxx Xxxxxxxx New York, New York 10036 February 17March 30, 19951994