Latin American economic overview - June 27, 2006

Argentina: GDP: + 8.6% in Q1 2006 compared to Q1 2005; + 6.4% in April 2006 compared to April 2005 and + 0.7% compared to March 2006 Consumer Prices: + 11.5% in May 2006 compared to May 2005 Trade Balance: + $1.27 bn in April 2006 compared to April 2005; $11.32 bn in 2005, driven by record exports of $40.01 bn Unemployment: 10.8% in May 2006, down from 11.4% in Q1, single-digit number expected by the end of the year Industrial Production: + 4.9% in April 2006 compared to April 2005 Currency: 3.08 Pesos to US$1 as of June 21, 2006 (2.87 Pesos/US$1 in June 2005) Steel Production: May 2006: 492,000 mt Brazil: GDP: + 3.4% in Q1 2006 compared to Q1 2005, + 1.4% compared to Q4 2005 Consumer Prices: + 4.2% in May 2006 compared to May 2005; but declined 0.15% to 4.03% annually during the first half of June 2006; lowest annual rate in seven years Unemployment: 10.4% in April 2006, a twelve-month high Industrial Production: - 1.9% in April 2006 compared to April 2005 Trade Balance: + $44.6 bn in May 2006 for the last twelve months Currency: 2.24 Real to US$1 as of June 21, 2006 (2.37 Real/US$1 a year ago) Steel Production: May 2006: 2,496,000 mt Chile: GDP: + 5.1% in Q1 2006 compared to Q1 2005, down from 5.8% in Q4 2005 year-on-year Consumer Prices: + 3.7% in May 2006 compared to May 2005 Unemployment: 8.3% February – April 2006 compared to 7.9% in Q1 2006 and 8.2% in February-April 2005 Trade Balance: + $14.2 bn May 2006 for the last 12 months Industrial Production: + 0.9% in April 2006 compared to April 2005 Currency: 550 Pesos to US$1 as of June 23, 2006 (577 Pesos/US$1 in June 2005) Copper Output: 442,641 mt in April 2006, up 8.7% from the same month last year Steel Production May 2006: 150,000 mt Venezuela: GDP: + 9.4% in Q1 2006 compared to Q1 2005, down from 10.2% in Q4 2005 Consumer Prices: + 10.4% in May 2006 compared to May 2005 Unemployment: 10.2% in May (slightly below same month last year) Trade Balance: + $34.8 bn in Q1 2006 for latest 12 months Industrial Production: + 8.7% in May 2006 compared to same month last year Currency: 2,538 Bolivars to US$1 on June 21, 2006 (2,686 Bolivars/US$1 a year ago) Steel Production May 2006: 420,000 mt