The Ramirez & Co. Hispanic Index™

Latino Leaders: The National Magazine of the Successful American Latino, June-July, 2004 by J. Garcia

> The Ramirez & Co. Hispanic Index[TM] (RCHI[TM]), an equal-dollar weighted index, was created as a benchmark for a new coverage universe, the U.S. Hispanic market. Trends such as population, purchasing power, corporate earnings growth, language, and cross-border mergers and acquisitions are just a few of the factors that shape this exciting high growth asset class. It is our belief that the domestic Hispanic market represents a unique asset class, one that will be highly, profitable in the short and long-term.

Index Performance and Selected Information

The initial index value was set at 100 as of August 1,2000, the first day that the last of the 10-company Index components became public (Entravision).

From August 1, 2000 to date, the RCHI[TM] has outperformed other passively managed indices as shown in Table 2 next page (we benchmarked the indices to 100 to compare performances). The RCHI[TM] has been up 125% since August 1, 2000, while the next best performer, the Russell 2000, has been up only 8.6%. The Dow and the S&P have both been down 7.3% and 26.4%, respectively. Even year-to-date, the RCHI[TM] has outperformed its peers, including the NASDAQ and the Latin American MSCI.

The RCHI[TM] is primarily composed of banking and media companies, as these two sectors provide the most visible advantages of Hispanic companies to date. Over the next few years, other industries such as retail, food and telecommunications, will become publicly listed and will be included in the RCHI[TM].

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RCHI[TM] Performance Versus Other Indices, as of Nov. 2003

     Period          RCHI      DJIA        S&P

 August 1, 2000     100.00   10,606.95   1,438.10
December 29, 2000   108.32   10,786.85   1,320.28
December 31, 2001   122.27   10,021.50   1,148.08
December 31, 2002   143.31    8,341.63    879.82
     Current        224.86    9,837.94   1,058.41

   % Increase        RCHI      DJIA        S&P

December 29, 2000     8.3%      1.7%       -8.2%
December 31, 2001    12.9%     -7.1%      -13.0%
December 31, 2002    32.3%    -22.7%      -33.4%
       YTD           56.9%     17.9%       20.3%
 Since Inception    124.9%     -7.3%      -26.4%

                               Russell
     Period          Nasdaq     2000     MSCI Latam

 August 1, 2000     3,685.52   497.77     1,035.98
December 29, 2000   2,470.52   483.53      907.58
December 31, 2001   1,950.40   488.50      891.39
December 31, 2002   1,335.51   383.09      658.94
     Current        1,967.35   540.66      965.43

                               Russell
   % Increase        Nasdaq     2000     MSCI Latam

December 29, 2000    -33.0%     -2.9%      -12.4%
December 31, 2001    -21.1%     1.0%        -1.8%
December 31, 2002    -45.9%    -20.8%      -27.4%
       YTD            47.3%     41.1%       46.5%
 Since Inception     -46.6%      8.6%       -6.8%

TD calculations were done using the current date
of november 13, 2003

Source: Bloomberg and Ramirez & Co. Research.

"Information Prepared by J. Garcia/Ramirez & Co. for Latino Leaders."