INVITATION TO NOVEMBER 16, 2005 EVENT IN NEW YORK CITY ON INVESTING IN BRAZILIAN SECURITIES

©2005 Investment Company Institute. All rights reserved. Information may be abridged and therefore incomplete. Communications from the Institute do not constitute, and should not be considered a substitute for, legal advice. [19222] October 6, 2005 TO: EQUITY MARKETS ADVISORY COMMITTEE No. 34-05 INTERNATIONAL INVESTING SUBCOMMITTEE No. 11-05 INTERNATIONAL MEMBERS No. 29-05 INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 26-05 RE: INVITATION TO NOVEMBER 16, 2005 EVENT IN NEW YORK CITY ON INVESTING IN BRAZILIAN SECURITIES As you may know, BEST Brazil has invited Institute members to attend a road show scheduled for November 16th at the Le Park Meridien Hotel in New York City. See Memorandum No. 19032, dated July 20, 2005 for a description of the event. The meeting provides an opportunity to raise any issues Institute members may have with regard to investing in Brazil with the Brazilian Securities and Exchange Commission, CVM. If you have particular issues that you would like the Institute to consider raising with CVM at the meeting, please let me know no later than November 11th. An invitation to the event is attached. For more information or to register for the event, visit www.bestbrazil.org.br or contact Sergio Mello at the Brazilian funds association (55 11 3471 4227 or sergiomello@anbid.com.br). Robert C. Grohowski Senior Counsel - International Affairs Attachment (in .pdf format) Note: Not all recipients receive the attachment. To obtain a copy of the attachment, please visit our members website (http://members.ici.org) and search for memo 19222, or call the ICI Library at (202) 326-8304 and request the attachment for memo 19222.