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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