BIG COMPANY WATCH.

                             BIG COMPANY WATCH
      Latin American sales in US$ millions as of September 30, 1999.
                    % CHANGE
                  IIIQ98/IIIQ99
Company           SALES IIIQ99        Percent of total sales
ERICSSON                822      28.0         13.7
KELLOGG                 151       8.9          8.1
UNILEVER              1,417       4.5         12.1
COLGATE-PALMOLIVE       594      -0.3         25.7
MCDONALD'S              432      -3.1          4.3
AVON                    401      -3.2         31.8
BESTFOODS               265      -4.0         12.8
WHIRLPOOL               432     -10.6         15.9
COCA COLA               460     -12.9          8.9
CATERPILLAR [1]         378     -15.8          8.0
GOODYEAR [2]            235     -22.4          7.4
PRAXAIR [3]             178     -27.6         15.2
NOTES:
(1.)Machinery and engine sales only.
(2.)Tire sales only
(3.)South American sales
SOURCES: Company reports, LATIN TRADE.

DEAR SHAREHOLDER...

[up arrow] ERICSSON

The recession is over, baby. Ericsson rocked in the third quarter thanks to its cellular biz--it now controls 40% of the Latin American market for mobile phone infrastructure. However, the Swedes still fret "financial instability within the region in general still creates uncertainties." After all sales are up only 9% through the first nine months of 99.

[right arrow] MCDONALD'S

Sales were flatter than a Happy Meal patty, but the Oak Brook, Illinois-based burger king is counting on Brazil to say McDonald's more and more. President Jack Greenberg announced the opening of a Hamburger University in Alphaville, Sao Paulo. With postdoctoral degrees in hamburger flipping soon available, can Brazil be far from entering the First World?

[down arrow] GOODYEAR

Conditions are rough where the rubber meets the road in Latin America. Worldwide competition and low demand for cars in Latin America have taken the air out of sales. The result labor unions report that the tire giant's Argentine unit is suspending output and will lay off its 900 workers.