Table: Latin America Picks

COMPANY COUNTRY INDUSTRY PRICE/EARNINGS* PETROBRAS Brazil Oil 4.2 CSN Brazil Steel 6.3 CEMEX Mexico Materials 10.2 AMBEV Brazil Beverages 11.9 AMERICA MOVIL Mexico Telecommunications 16.6

* Based on estimated December, 2003, earnings and Aug. 27 stock price Data: Bloomberg Financial Markets

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