Our Newsletter. Mexico & Latin America. July 2020.

LATIN AMERICA
UPDATE
July 2020
www.nuricumbo.com

How integrated is North America?How integrated is North America?

Automotive Industry continues to be
the Crown Jewel
Automotive Industry continues to be
the Crown Jewel

Trade Corridors have been establishedTrade Corridors have been established

Energy sector is one of the most dynamicEnergy sector is one of the most dynamic

Illegal Immigration from Mexico has declinedIllegal Immigration from Mexico has declined

Correlation of U.S. Arms Sales and
Homicides in Mexico is quite clear
Correlation of U.S. Arms Sales and
Homicides in Mexico is quite clear

Some in the U.S. are benefitting
from Arms Sales to Latin America
Some in the U.S. are benefitting
from Arms Sales to Latin America

Some paradigms will continue to be brokenSome paradigms will continue to be broken

OUR VALUE PROPOSITION:
professional experience.
OUR VALUE PROPOSITION:
 Highly experienced consultants.
 High degree of flexibility.
 Ideal to tackle those important but not
urgent tasks that otherwise never get
done.
 Able to support in the resolution of
special or confidential projects.
 Important specialization in Finance and
Accounting projects.
 More than 50 multidisciplinary
consultants. Average of 15 to 20 years of
professional experience.
We are Nuricumbo + PartnersWe are Nuricumbo + Partners

SOME EXAMPLES:SOME EXAMPLES:
 Interim C-Level Executives.
 Financial Due Diligence for M&A.
 Part-Time CFOs.
 Comisarios / Consejeros.
 Interim Project Teams.
 Specialized Training Programs.
 Debt/Equity Solutions.
 Fintech Trusts (Fideicomisos)
 Process Improvement
 Special Audits (Forensic, Compliance, etc.)
How do we help some of our clientsHow do we help some of our clients

More Information: contacto@nuricumbo.com / www.nuricumbo.com
First-hand knowledge of
business environment
Our business DNA is Mexico. Our Firm
has extensive experience working
with multionationalsand local
companies all across the country.40+
1
20+
Translators of local
language and culture
We can facilitate productive
cooperation between parent and
subsidiary. We understand
corporate requirements as well as
local business practices.
We can be your eyes and
ears in the field
Taking the correct business
decisions is never easy. We can
provide you with the business
intelligence you need to be
successful in Mexico.
ROME
Do you need support with your operations in Mexico?
Mexic City
Multi-disciplinary consultants
Average years of work experience
Objective: Supporting your Company
What can we do for your company
- Interim Management - Fraud Investigations
- Financial Due Diligence - Business Process Outsourcing
- Debt/Equity Solutions - Trust Management
- Tax Advice - Special Audits

Interim Teams for Latam
YOUR TRUSTED BUSINESS ADVISORS
What can we bring to the table:
- Consultants with more than 20 years of
experience.
- Fully bilingual.
- Expert knowledge of business
practices in the region.
- Flexible business model.
- We all have worked for multinationals
operating in Latam.
WE CAN PROVIDE EFFECTIVE AND
EXPERIENCED INTERIM TEAMS TO TACKLE
SPECIAL OR CONFIDENTIAL PROJECTS IN
LATIN AMERICA.
Our consultants bring additional capacity
in order to tackle projects and initiatives
in the region, without having to distract
your internal resources from other
priorities.
1
4
Our typical projects include Financial or
Operational Audits, Business Process
Assessments, Process Improvement,
System Implementations, Anti-Corruption
Initiatives, Forensic Investigations, Interim
Management Positions, among others.

Complete Profiles
Armando NuricumboRodrigo Llanos
Miguel Amador
Guillermo Lagos
Former CFOFormer Investment Banking
Former Controller / Auditor
Former CEO
Jesus Bush
PWC. IPG. Bombardier. RGP.
25 years of experience.
Valmex. Inverlat. Arka.
Whirlpool. Banco Azteca.
EY. Smurfit. Maxcom. Devlyn.
3M. Imperial Chemical. IMEF
Some of our talented consultants
Alejandro Rico
Tax Partner
KPMG. Confies.
Jose Trevino
Former NAFTA Negotiator
Colmex. Comce. Cancham.
Angel Hernandez
Former CFO
Ingram. Dresser. TRW.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
Enrique Ugarte
Former VP
ProMexico. CCE. Edomex.
Former CIO
Marisol Baca
Former VP Administration
CFE. BID. Real Financiera.
José A. Ventura
Former CFO
PWC. Truper. BristolMyers.

$5.49 $5.34 $5.47
$0.00
$1.50
$3.00
$4.50
$6.00
April May June
Brazil
Exchange RatesExchange Rates
$3,963.61 $3,730.76 $3,758.06
$0.00
$1,500.00
$3,000.00
$4,500.00
April May June
Colombia
$24.17 $22.18 $22.99
$0.00
$10.00
$20.00
$30.00
April May June
Mexico
$3.38 $3.43 $3.54
$0.00
$1.00
$2.00
$3.00
$4.00
April May June
Peru
Source: Bloomberg, 2020.
*USD / PEN
*USD / MXN
*USD / CLP
*USD / BRL
*USD / COP
$835.53 $806.47 $821.24
$0.00
$200.00
$400.00
$600.00
April May June
Chile
*USD / CLP
$66.83 $68.53 $70.46
$0.00
$25.00
$50.00
$75.00
April May June
Argentina
*USD / ARS

Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2020.
48.40% 45.60% 43.40%
0.00%
20.00%
40.00%
60.00%
March April May
Argentina
Inflation RateInflation Rate
3.31%
2.46%
2.05%
0.00%
1.50%
3.00%
4.50%
March April May
Brazil
3.51%
2.85%
2.19%
0.00%
1.00%
2.00%
3.00%
4.00%
April May June
Colombia
3.40%
2.80% 2.60%
0.00%
1.00%
2.00%
3.00%
4.00%
April May June
Chile
2.15%
2.84%
3.30%
0.00%
1.50%
3.00%
4.50%
April May June
Mexico
1.87% 1.78% 1.60%
0.00%
0.90%
1.80%
2.70%
April May June
Peru

$43,545 $42,748 $43,219
$0
$15,000
$30,000
$45,000
$60,000
April May June
Argentina
International ReservesInternational Reserves
$362,460 $343,165 $339,317
$0
$120,000
$240,000
$360,000
$480,000
March April May
Brazil
$53,863 $56,362 $56,584
$0
$18,000
$36,000
$54,000
$72,000
April May June
Colombia
$36,885 $36,756 $36,361
$0
$13,000
$26,000
$39,000
$52,000
April May June
Chile
$186,655 $187,316 $188,942
$0
$60,000
$120,000
$180,000
$240,000
April May June
Mexico
$73,632 $73,439 $71,450
$0
$20,000
$40,000
$60,000
$80,000
April May June
Peru
*Million U.S. Dollars
Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2020.

32,742.84
37,824.73 38,686.69
0
12,000
24,000
36,000
48,000
April May June
Argentina
Capital MarketsCapital Markets
80,505.90 87,402.60 95,055.80
0
30,000
60,000
90,000
120,000
April May June
Brazil
1,142.04 1,095.84 1,111.80
0
500
1,000
1,500
2,000
April May June
Colombia
14,779.28 15,580.85 16,878.00
0
7,000
14,000
21,000
April May June
Peru
36,470.11 36,122.73 37,716.43
0
15,000
30,000
45,000
April May June
Mexico
3,977.56 3,647.60 3,959.02
0
1,200
2,400
3,600
4,800
April May June
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2020.

Foreign Direct InvestmetForeign Direct Investmet
$11,517 $12,162
$6,244.42
$0
$4,000
$8,000
$12,000
2017 2018 2019
Argentina
$67,583 $61,223
$78,559
$0
$30,000
$60,000
$90,000
2017 2018 2019
Brazil
$13,836
$11,010
$14,493
$0
$5,000
$10,000
$15,000
$20,000
2017 2018 2019
Colombia
$11,942
$6,856 $7,160
$0
$4,000
$8,000
$12,000
2016 2017 2018
Chile
$32,091 $31,604 $28,882
$0
$12,000
$24,000
$36,000
2017 2018 2019
Mexico
$6,863 $6,769 $6,175
$0
$3,000
$6,000
$9,000
2016 2017 2018
Peru
*U.S. Dollars at Current Prices in Millions
Source: United Nations Conference on Trade and Development, UNCTAD, 2018 - 2019.

Credit RatingsCredit Ratings
Argentina
RD
(26 May 2020)
Source: Fitch Ratings, 2020
Brazil
BB-
With NEGATIVE Outlook
(5 May 2020)
Colombia
BBB-
(1 April 2020)
Chile
A-
(12 March 2020)
Mexico
BBB-
With STABLE Outlook
(15 April 2020)
Peru
BBB+
With STABLE Outlook
(3 June 2020)

Argentina
Ca
(3 April 2020)
Source: Moody’s, 2020.
Brazil
Ba2
With STABLE Outlook
(15 May 2020)
Colombia
Baa2
With STABLE Outlook
(23 May 2019)
Chile
A1
With STABLE Outlook
(26 Julio 2018)
Mexico
Baa1
(17 April 2020)
Peru
A3
With STABLE Outlook
(25 Jun 2019)

Argentina
SD
(7 July 2020)
Source: Standard & Poor’s, 2020.
Brazil
BB-
With STABLE Outlook
(6 April 2020)
Colombia
BBB-
(26 March 2020)
Chile
A+
(27 April 2020)
Mexico
BBB
(26 March 2020)
Peru
BBB+
With STABLE Outlook
(4 May 2020)

Country PresidentsCountry Presidents
Argentina
President: Alberto Fernandez
Birth: 2 April 1959
In office since: 10 December 2019
Political Party: Frente de Todos
Brazil
President: Jair Bolsonaro
Birth: 21 March 1955
In office since: 1 January 2019
Political Party: PSL
Colombia
President: Iván Duque Márquez
Birth: 1 Agosto 1976
In office since: 7 Agosto 2018
Political Party: Centro Democrático
Chile
President: Sebastián Piñera E.
Birth: 1 December 1949
In office since: 11 March 2018
Political Party: Independent
Mexico
President: Andrés Manuel López O.
Birth: 13 November 1953
In office since: 1 December 2018
Political Party: Morena
Peru
President: Martín Vizcarra
Birth: 22 Marzo 1963
In office since: 23 March 2018
Political Party: Peruanos por el Kambio

Land AreaLand Area
Source: The World Bank, 2018.
2,736,690
8,358,140
1,109,500
743,532
1,943,950
1,280,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
Argentina Brazil Colombia Chile Mexico Peru
Note: Kilometers

Ease of Doing Business IndexEase of Doing Business Index
126 124
67
59 60
76
0
20
40
60
80
100
120
140
Note: 1 = Most Business-friendly Regulations

Population GrowthPopulation Growth
1.0%
0.8%
1.5%
1.4%
1.1%
1.7%
0%
1%
1%
2%
2%
Note: Annual Percentage

Total PopulationTotal Population
44,938.7
211,049.5
50,339.4
18,952.0
127,575.5
32,510.5
0
50,000
100,000
150,000
200,000
250,000
Note: (i) Thousands; (ii) Total Inhabitants

Urban PopulationUrban Population
92%
87%
81%
88%
80% 78%
0%
20%
40%
60%
80%
100%
Note: Percentage of Total Population

Poverty Headcount RatioPoverty Headcount Ratio
1.0%
4.4%
4.1%
0.3%
1.7%
2.6%
0%
1%
2%
3%
4%
5%
Source: The World Bank, 2017 - 2018.
Note: (i) At US$1.90 / Day; (ii) Percentage of Population

Exports of Goods and ServicesExports of Goods and Services
17.3%
14.3%
15.9%
28.2%
39.1%
24.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Note: Percentage of GDP

Foreign Direct InvestmentForeign Direct Investment
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
6,244
78,559
14,493
6,082
28,881
6,487
Note: (i) Net Inflows; (ii) BoP, Current Million US$

Gross Domestic ProductGross Domestic Product
$449,663.5
$1,839,758.0
$323,802.8 $282,318.2
$1,258,286.7
$226,848.1
$0
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
$1,800,000
$2,100,000
$2,400,000
Note: Millions, Current US$

GDP Per CapitaGDP Per Capita
$22,816.5
$15,258.9 $15,643.7
$25,155.0
$20,410.7
$13,380.4
$0.0
$5,000.0
$10,000.0
$15,000.0
$20,000.0
$25,000.0
$30,000.0
Note: (i) PPP; (ii) Current International $

GDP GrowthGDP Growth
-2.2%
1.1%
3.3%
1.1%
-0.1%
2.2%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Note: Annual Percentage

Gross SavingsGross Savings
17%
12%
15%
19%
23%
20%
0%
5%
10%
15%
20%
25%

Personal RemittancesPersonal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
$535.2 $3,295.5
$6,769.9
$65.7
$38,628.6
$3,326.0
Note: (i) Received; (ii) Millions, Current US$

Total ReservesTotal Reserves
$45,215.6
$356,886.4
$52,652.7
$40,655.5
$183,056.1
$67,711.5
$0.0
$50,000.0
$100,000.0
$150,000.0
$200,000.0
$250,000.0
$300,000.0
$350,000.0
$400,000.0
Note: (i) Includes Gold; (ii) Millions, Current US$

RevenueRevenue
18%
29%
22% 22%
19% 19%
0%
5%
10%
15%
20%
25%
30%
Note: (i) Excluding Grants; (ii) Percentage of GDP

Government Expenditure on EducationGovernment Expenditure on Education
5.5%
6.2%
4.5%
5.4%
4.9%
3.7%
0%
2%
4%
6%
8%

Labor ForceLabor Force
20,772.7
106,500.8
26,787.9
9,557.9
57,142.2
18,864.9
0
20,000
40,000
60,000
80,000
100,000
120,000
Note: Thousands

Labor Force (Female)Labor Force (Female)
43.0% 43.6% 42.9% 42.2%
37.8%
45.7%
0%
10%
20%
30%
40%
50%
Note: Percentage of Total Labor Force

UnemploymentUnemployment
9.8%
12.1%
9.7%
7.1%
3.4% 3.3%
0%
3%
6%
9%
12%
15%
Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate

Energy UseEnergy Use
2,030
1,496
724
2,006
1,537
790
0
500
1,000
1,500
2,000
2,500
Note: Kg of Oil Equivalent per Capita

Renewable Electricity OutputRenewable Electricity Output
28.1%
74.0%
68.2%
43.6%
15.4%
52.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Note: Percentage of Total Electricity Output

Population Living in SlumsPopulation Living in Slums
17%
22%
13%
9%
11%
34%
0%
10%
20%
30%
40%
Note: Percentage of Urban Population

External Debt StocksExternal Debt Stocks
56.1%
30.3%
42.3%
38.0%
31.3%
0%
10%
20%
30%
40%
50%
60%
Note: Percentage of GNI

Bank Capital to Assets RatioBank Capital to Assets Ratio
13.3%
10.1%
17.0%
8.4%
11.0%
12.5%
0%
3%
6%
9%
12%
15%
18%
Note: Percentage

Bank Nonperforming Loans
to Total Gross Loans
Bank Nonperforming Loans
to Total Gross Loans
5.6%
3.1%
4.2%
1.9%
2.1%
3.3%
0%
1%
2%
3%
4%
5%
6%
Note: Percentage

Deposit Interest RateDeposit Interest Rate
47.3%
5.4% 4.5%
2.5% 3.5% 2.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Note: Percentage

Lending Interest RateLending Interest Rate
67.3%
37.5%
11.8%
4.2%
8.5%
17.0%
0%
10%
20%
30%
40%
50%
60%
70%
Note: Percentage

Listed Domestic CompaniesListed Domestic Companies
91
324
66
203
139
196
0
50
100
150
200
250
300
350
400
Note: Total

Market Capitalization of Listed Domestic
Companies
Market Capitalization of Listed Domestic
Companies
$39,393.54
$1,187,361.69
$132,040.28
$203,791.65
$413,618.82
$98,964.96
$0.0
$200,000.0
$400,000.0
$600,000.0
$800,000.0
$1,000,000.0
$1,200,000.0
Note: (i) Millions; (ii) Current US$

Strength of Legal Rights IndexStrength of Legal Rights Index
2 2
11
4
10
7
0
2
4
6
8
10
12
Note: 0 = Weak to 12 = Strong

Military ExpenditureMilitary Expenditure
2.1%
3.9%
11.6%
7.4%
2.1%
5.6%
0%
2%
4%
6%
8%
10%
12%
14%
Note: Percentage of General Government Expenditure

We care about your business priorities.
Let’s talk!
E-mail: contacto@nuricumbo.com
Mobile/Whatsapp: + 52 (155) 5453 6309
Skype: nuricua
Twitter: @a_nuricumbo
Office: Montes Urales 424
Lomas de Chapultepec, CDMX
Please visit our website

Our Newsletter. Mexico & Latin America. July 2020.

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