Key indicators.

LATIN TRADE INDEX *

                                                     % CHANGE
                                               FEBRUARY 02/03

Total Trade   February 03   US$ 45.4 billion               9%
Exports       February 03   US$ 24 billion                14%
Imports       February 03   US$ 21.4 billion             0.1%

* Combined import and export data from Argentina, Brazil, Chile,
Colombia, Ecuador, Mexico, Peru, Venezuela.

ARGENTINA                                            % CHANGE
                                               FEBRUARY 02/03

Inflation (annual rate)        Feb 02/Feb 03            36.1%
Interest Rate                  February 03              17.6%
Reserves (US$ millions)        February 03             10,293
Dollar Value (Peso)            April 25                  2.86

BOLIVIA

Inflation (annual rate)        Feb 02/Feb 03             2.4%
Interest Rate                  February 03              13.8%
Reserves (US$ millions)        February 03                450
Dollar Value (Boliviano (o))   April 25                  7.61

BRAZIL

Inflation (annual rate)        Feb 02/Feb 03            15.9%
Interest Rate                  February 03              25.6%
Reserves (US$ millions)        February 03             38,375
Dollar Value (Real)            April 25                  3.01

CHILE

Inflation (annual rate)        Feb 02/Feb 03             3.8%
Interest Rate                  February 03               2.7%
Reserves (US$ millions)        February 03             16,439
Dollar Value (Peso (o))        April 25                712.25

COLOMBIA

Inflation (annual rate)        Feb 02/Feb 03             7.2%
Interest Rate                  February 03               7.8%
Reserves (US$ millions)        February 03             10,881
Dollar Value (Peso (o))        April 25                 2,910

COSTA RICA

Inflation (annual rate)        Feb 02/Feb 03             9.6%
Interest Rate                  February 03              11.2%
Reserves (US$ millions)        February 03              1,750
Dollar Value (Colon)           April 25                391.47

DOMINICAN REPUBLIC

Inflation (annual rate)        Feb 02/Feb 03              18%
Interest Rate                  February 03                20%
Reserves (US$ millions)        February 03                605
Dollar Value (Peso (d))        April 25                 23.65

ECUADOR

Inflation (annual rate)        Feb 02/Feb 03             9.8%
Interest Rate                  February 03               5.6%
Reserves (US$ millions)        February 03                619
Dollar Value (US$)             April 25                  1.00

EL SALVADOR

Inflation (annual rate)        Feb 02/Feb 03             2.7%
Interest Rate                  February 03               3.3%
Reserves (US$ millions)        February 03              1,700
Dollar Value (Colon (d))       April 25                  8.75

GUATEMALA

Inflation (annual rate)        Feb 02/Feb 03               6%
Interest Rate                  February 03               5.5%
Reserves (US$ millions)        February 03              2,362
Dollar Value (Quetzal)         April 25                  7.94

MEXICO

Inflation (annual rate)        Feb 02/Feb 03             5.5%
Interest Rate                  February 03                 3%
Reserves (US$ millions)        February 03             51,954
Dollar Value (Pesos)           April 25                 10.41

PANAMA

Inflation (annual rate)        Dec 01/Dec 02               1%
Interest Rate                  January 03                4.7%
Reserves (US$ millions)        February 03              1,511
Dollar Value (Balboa)          April 25                  1.00

PARAGUAY

Inflation (annual rate)        Feb 02/Feb 03            20.2%
Interest Rate                  February 03              24.8%
Reserves (US$ millions)        February 03                637
Dollar Value (Guarani (d))     April 25                 6,855

PERU

Inflation (annual rate)        Feb 02/Feb 03             2.8%
Interest Rate                  February 03               4.3%
Reserves (US$ millions)        February 03             10,059
Dollar Value (Sol (d))         April 25                  3.47

URUGUAY

Inflation (annual rate)        Feb 02/Feb 03              28%
Interest Rate                  August 02                45.9%
Reserves (US$ millions)        February 03                535
Dollar Value (Peso (m))        April 25                 28.82

VENEZUELA

Inflation (annual rate)        Feb 02/Feb 03            38.7%
Interest Rate                  February 03              26.1%
Reserves (US$ millions)        February 03              8,423
Dollar Value (Bolivar (d))     April 25                 1,597

INTEREST RATE: Bank deposit rate. Data measured by the average, in the
indicated period, in percent per annum. RESERVES DEFINITION: Excludes
gold.

DOLLAR VALUE: Interbank sale and purchase average rate or (c)
Commercial, (d) Free Market, (m) Market (o) Official.

DATA: IMF; Individual countries; Bank of America Global Trading,
London; LATIN TRADE