Latin American economic overview: August 14, 2006

Argentina GDP: + 8.6% in Q1 Industrial Production: + 8.9% in June (compared to June 2005) Consumer Prices: + 10.6% in July (compared to July 2005) Trade Balance: + $1.8 billion in June for the past twelve months Current Account Balance: + $6.7 billion in Q1 Currency: Pesos 3.07 to US$1 as of August 9 (year ago: Pesos 2.87 to US$1) Steel Production in June: 491K mt (492K mt in May) Brazil: GDP: + 3.4% in Q1 Industrial Production: - 0.6% in June (compared to June 2005) Consumer Prices: + 4.0% in June (compared to June 2005) Trade Balance: + $45.3 billion in July (previous twelve months) Current Account Balance: $12.1 billion for latest twelve months as of June Automobile Sales: + 11.7% to 165,800 units in July from June Currency: Real 2.17 to US$1 as of Aug 9 (year ago: Real 2.27 to US$1) Steel Production in June: 2,380K mt (2,496K mt in May) Chile: GDP: + 4.5% in June for the previous twelve months Industrial Production: + 2.3% in June (compared to June 2005) Consumer Prices: + 3.8% in July Trade Balance: + $ 17.0 billion in July (previous 12 months), in July alone + $2.65 billion, the biggest ever monthly trade surplus Current Account: + $0.8 billion in Q1 Copper Price: $3.5925 per lb as of August 14 Currency: Pesos 544 to US$1 as of Aug 9 (year ago: Pesos 543 to US$1) Steel Production in June: 145K mt estimated (146K mt in May) Special Concern: The world's largest copper mine, Escondida, has been hit by a strike. Venezuela: GDP: + 9.4% in Q1 Industrial Production: - 0.8% in April (compared April 2005) Consumer Prices: + 13.5% in July (compared to July 2005) Trade Balance: + $34.8 billion in Q1 Current Account Balance: $281.1 billion in Q1 Automobile Sales: 25,626 units in July, 11.5% lower than June Currency: Bolivar 2,634 to US$1 as of August 9 (year ago: Bolivar 2,638 to US$1) Steel Production in June: 395K mt estimated (406 K mt in May) Honorary mention: Peru and Colombia have developed solidly so far this year. GDP growth for Peru has been + 6.5% May, and Colombia registered a growth of 5.2% in Q1. Industrial production in May shot up 12.0% in Colombia but only 2.7% in Peru. Consumer prices in Peru rose an admirable 1.5% (annual basis) in July, whereas Colombia registered an increase of 4.3%.