THE BIG PICTURE: LATIN TRADE'S CONSENSUS FORECAST.

   THE BIG PICTURE: LATIN TRADE'S Consensus Forecast (as of January 2000)
          REAL GDP             INFLATION             EXCHANGE RATES
          % change             % change              End of period
           1999E   2000F 2001F  1999E    2000F 2001F     1999E       2000F
ARGENTINA  -3.3     2.5   4.6   -1.8      0.4   1.1       1.00        1.00
BRAZIL      0.3     2.9   3.9    8.8      6.9   4.8       1.79        1.95
CHILE      -1.1     5.5   5.9    2.3      3.8   3.6        530         540
COLOMBIA   -4.8     2.6   4.0    9.8     10.0  10.8      1,874       2,056
ECUADOR    -7.5     0.2   3.5   60.7     38.2  18.0     20,243      25,000
MEXICO      3.7     4.6   4.3   12.3     10.7   9.4       9.51       10.76
PERU        2.9     4.1   5.2    3.7      4.7   4.2       3.51        3.72
VENEZUELA  -6.6     3.0   3.1   20.0     23.2  24.1        648         758
                 CURRENT ACCOUNT             INT'L RESERVES
                    % of GPD                  US$ billions
           2001F      1999E      2000F 2001F     1999E      2000F 2001F
ARGENTINA   1.00      -4.2       -4.6  -5.0       26.2      28.5  32.9
BRAZIL      2.00      -4.4       -3.8  -3.4       36.4      40.1  39.3
CHILE        550      -0.7       -2.7  -3.0       14.4      15.6  16.9
COLOMBIA   2,270      -1.6       -2.5  -3.4        7.9       9.5   8.4
ECUADOR   25,000       2.9        0.5   0.9        1.6       1.3   1.5
MEXICO     11.90      -2.9       -3.5  -4.1       31.8      32.4  32.2
PERU        3.83      -3.5       -4.2  -4.4        9.0       9.2   9.6
VENEZUELA    948       3.9        2.4   0.2       12.3      15.6  12.8
E = Estimate F = Forecast
SOURCES: BBV Latinvest, Deutsche Bank, ING Barings,
JP Morgan, Morgan Stanley Dean Witter, Salomon Smith
Barney, Santander Investment, LATIN TRADE.