2002 sales in US$ millions.

2002 SALES IN US$ MILLIONS

COMPANY                        TOTAL          LATIN AMERICA

Aviation. Union troubles amid heavy losses led to a management
ouster at regional No. 1 American. Travel to the
region is strengthening on depreciated local currencies, but
it's a long way from pre-9/11 days.

AMERICAN AIRLINES         15,871    -9.2%     2,357    -8.4%
CONTINENTAL AIRLINES       8,402    -6.3%     1,016    -0.8%

Beverages. FEMSA's US$2.7 billion buy of Panamco has the
Mexican Coke bottler poised to increase its grip. But Pepsi
Bottling's $1.2 billion vote of confidence in its bottler in
Mexico, Pepsi-Gemex, is paying off now.

PEPSICO                   25,112     6.8%    2,170E     3.6%
COCA-COLA                 19,564    11.5%     2,089    -4.2%

Chemicals. A weaker dollar pumped up foreign sales, but
less so in Latin America. Dupont and BASF warn that raw
materials costs could dampen growth. Higher natural gas
costs will be a problem, too.

BASF                      33,772    17.3%    2,455E    -7.5%
E.I. DU PONT DE NEMOURS   24,522    -3.3%     1,502    -5.2%

Electricity. AES struggles to extricate itself from scandal in
Brazil over Electropaulo and an alleged sweetheart deal
with ruined U.S. energy trader Enron. Spain's Endesa is busily
righting its financial boat with sell-offs and financing.

AES                        8,632    12.9%     4,352    21.4%
ENDESA                    18,071    26.8%     4,281     9.3%

Food. Currency problems and wobbly economies hurt the
packaged foods business, but Nestle is using the pressure
to refocus on efficiency. Unilever cut prices to compete, saying
the lost ground is only temporary.

NESTLE                    64,144    27.2%     7,099     7.9%
UNILEVER                  51,115    10.5%     5,708    -2.5%

Hygiene. Avon's sales gains measured in local currencies,
even in chaotic Argentina, were eaten up when translated
to dollars. Colgate faced the same headaches yet continues
to launch products, expecting an uptick.

COLGATE-PALMOLIVE          9,294     2.3%     2,207    -6.3%
AVON                       6,171     3.6%     1,700   -10.5%

Motor Vehicles. Factories are going idle across the industry
as overcapacity meets slow demand. But new trade deals,
within the region and reaching out to China, could eventually
strengthen the case for Latin American production.

GENERAL MOTORS           186,763     5.4%    9,320E     7.3%
VOLKSWAGEN                91,148    16.2%    8,638E     4.1%

Oil & Gas. It's a slower-growth picture for emerging
economies, although billions in deals proceed for Shell.
Argentine losses whack Spain's Repsol-YPF, forcing partial
flotation of Spanish natural-gas distributor Gas Natural.

ROYAL DUTCH/SHELL        179,431    32.7%   13,700E    -9.5%
REPSOL YPF                38,252    -1.1%     9,990    -7.0%

Pharmaceuticals. Bayer gets a big bump upwards on its
purchase of Aventis' CropScience unit, offsetting slumping
demand in Argentina. For France's Aventis, leading Brazil's
drug market is not enough to make up the one-time loss.

BAYER                     31,055    15.8%    2,621E    28.6%
AVENTIS                   21,618     6.4%     1,051    -3.3%

Retail. U.S. giant Wal-Mart's Mexican unit is re-writing the
retail rules, making it the global parent's best-performing
unit. France's Carrefour shrugs off currency losses to push its
discount model harder into the region, particularly in Brazil.

WAL-MART STORES          246,525    12.2%    6,400E    12.3%
CARREFOUR                 72,049    17.0%     5,642   -24.6%

Telecom. Telefonica is on the wireless offensive in Mexico,
where it needs to grow to combat an ever-dominant
Telmex. U.S. carrier BellSouth pulls back in Brazil but vows
to keep up the good fight.

TELEFONICA                29,784     8.3%   11,348E    -5.2%
BELLSOUTH                 22,440    -7.0%     2,238   -23.7%

Telecom Equipment. A worldwide slump in both telecom
and chip-making could finally have sorted itself out.
Whether that translates into a win in Latin American
remains to be seen.

MOTOROLA                  26,679   -10.7%    1,868E   -30.5%
ERICSSON                  16,607   -16.3%     1,444   -52.2%

E = estimate

Source: Company reports, LATIN TRADE