Key indicators.

LATIN TRADE INDEX *

                                                     % CHANGE
                                                     MAY 02/03

Total Trade     May 03          US$ 49.9 billion      1.6%

Exports         May 03          US$ 26.9 billion      8.0%

Imports         May 03          US$ 13 billion       -5.0%

* Combine import and export data from Argentina, Brazil, Chile,
Colombia, Ecuador, Mexico, Peru, and Vanezuela.

[GRAPHIC OMMITTED]

ARGENTINA

Inflation (annual rate)         May 02/May 03           14.3%

Interest Rate                   May 03                  12.6%

Reserves (US$ millions)         May 03                  11,386

Dollar Value (Peso)             August 1                2.94

[GRAPHIC OMMITTED]

BOLIVIA

Inflation (annual rate)         May 02/May 03            3.1%

Interest Rate                   May 03                  12.1%

Reserves (US$ millions)         May 03                   521

Dollar Value (Boliviano (o))    August 1                 7.69

[GRAPHIC OMMITTED]

BRAZIL

Inflation (annual rate)         May 02/May 03           17.2%

Interest Rate                   May 03                  25.5%

Reserves (US$ millions)         May 03                  43,213

Dollar Value (Real)             August 1                  3.03

[GRAPHIC OMMITTED]

CHILE

Inflation (annual rate)         May 02/May 03            3.5%

Interest Rate                   May 03                   2.8%

Reserves (US$ millions)         May 03                 15,857

Dollar Value (Peso (o))         August 1               709.72

[GRAPHIC OMMITTED]

COLOMBIA

Inflation (annual rate)         May 02/May 03           7.7%

Interest Rate                   May 03                  7.8%

Reserves (US$ millions)         May 03                  10,444

Dollar Value (Peso (o))         August 1                 2,894

[GRAPHIC OMMITTED]

COSTA RICA

Inflation (annual rate)         May 02/May 03           10.2%

Interest Rate                   May 03                  10.8%

Reserves (US$ millions)         May 03                  1,594

Dollar Value (Colon)            August 1                402.34

[GRAPHIC OMMITTED]

DOMINICAN REPUBLIC

Inflation (annual rate)         May 02/May 03           20.1%

Interest Rate                   May 03                  20.1%

Reserves (US$ millions)         May 03                  500

Dollar Value (Peso (d))         August 1                33.60

[GRAPHIC OMMITTED]

ECUADOR

Inflation (annual rate)         May 02/May 03           8.3%

Interest Rate                   May 03                  5.5%

Reserves (US$ millions)         May 03                  785

Dollar Value (US$)              August 1                1.00

[GRAPHIC OMMITTED]

EL SALVADOR

Inflation (annual rate)         May 02/May 03           1.9%

Interest Rate                   May 03                  3.5%

Reserves (US$ millions)         May 03                  1,708

Dollar Value (Colon (d))        August 1                 8.75

[GRAPHIC OMMITTED]

GUATEMALA

Inflation (annual rate)         May 02/May 03           5.5%

Interest Rate                   May 03                  4.9%

Reserves (US$ millions)         May 03                  2,363

Dollar Value (Quetzal)          August 1                7.92

[GRAPHIC OMMITTED]

MEXICO

Inflation (annual rate)         May 02/May 03           4.7%

Interest Rate                   May 03                  2.4%

Reserves (US$ millions)         May 03                  55,691

Dollar Value (Pesos)            August 1                10.58

[GRAPHIC OMMITTED]

PANAMA

Inflation (annual rate)         May 02/May 03           1.5%

Interest Rate                   May 03                  4.7%

Reserves (US$ millions)         May 03                  1,264

Dollar Value (Balboa)           August 1                1.00

[GRAPHIC OMMITTED]

PARAGUAY

Inflation (annual rate)         May 02/May 03           19.6%

Interest Rate                   May 03                  21.4%

Reserves (US$ millions)         May 03                  755

Dollar Value (Guarani (d))      August 1                6,185

[GRAPHIC OMMITTED]

PERU

Inflation (annual rate)         May 02/May 03           2.4%

Interest Rate                   May 03                  4%

Reserves (US$ millions)         May 03                  10,109

Dollar Value (Sol (d))          August 1                3.47

[GRAPHIC OMMITTED]

URUGUAY

Inflation (annual rate)         May 02/May 03           28%

Interest Rate                   May 03                  45.9%

Reserves (US$ millions)         May 03                  1,046

Dollar Value (Peso (m))         August 1                27.17

[GRAPHIC OMMITTED]

VENEZUELA

Inflation (annual rate)         May 02/May 03           35%

Interest Rate                   May 03                  14.7%

Reserves (US$ millions)         May 03                  11,859

Dollar Value (Bolivar (d))      August 1                1,597

[GRAPHIC OMMITTED]

INTEREST RATE: Bank deposit rate. Data 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