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               E.  Determination of the Applicable Brazilian Law                      
               Petitioner contends that the applicable Brazilian law is               
          correctly reflected in the Doniak-Kahan draft ruling which was              
          never issued by the Brazilian IRS.  Petitioner asserts that                 
          Brazilian law does not distinguish between gross loans and net              
          loans.  It further maintains that certain Brazilian Supreme Court           
          decisions, like the Parana II decision, are distinguishable,                
          because they involved financing of imported goods subject to                
          Decree-law 401, not foreign currency loans.                                 
               Even if Article 19 of the Brazilian Constitution were                  
          applicable to public-sector entities' net loan interest remittances         
          abroad, petitioner maintains that Article 19 prevents taxation only         
          between the different governmental levels.  Thus, petitioner                
          contends, while Article 19 might prevent the Brazilian Federal              
          Government from taxing certain State-level and municipal-level              
          autarquias (e.g., the Minas Gerais decision), Article 19 would not          
          prevent the Central Bank and other Federal-level autarquias from            
          being subject to withholding tax on their net loan interest                 
          remittances abroad.                                                         
               Alternatively, petitioner maintains that this Court, pursuant          
          to the act of state doctrine, must accord conclusive effect to the          
          March 1984 Brazilian IRS private ruling issued to the Central Bank.         
          As even petitioner's own experts generally acknowledged that the            
          borrowers-to-be theory applied in the March 1984 Brazilian IRS              
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