We help companies to be successful in Mexico & Latam via highly personalized and cost-effective consulting services. Areas of expertise include interim management, CFO/controller roles, special audits, fraud investigations, anti-corruption initiatives, internal control assessments, financial reporting, project management, risk management, strategic planning, financial transformations and turnarounds. On the commercial side, public relations, business development, contract negotiations, communications, social media, and design and execution of commercial strategy.

1. LATIN AMERICA
UPDATE
May 2020
www.nuricumbo.com

2. LATIN AMERICA NOT THE HARDEST HIT
Source: San Francisco Chronicle, May 15th 2020

3. HOWEVER, ECONOMIC FALLOUT WILL BE TOUGH

4. IN MEXICO, PRESSURE ON PEMEX IS MOUNTING

5. THINGS NOT LOOKING GOOD FOR TOURISM

6. US-CHINA TENSIONS CONTINUE

7. RACE FOR A VACCINE IS ACCELERATING

8. MOST LIKELY IT WILL BE READY IN RECORD TIME

9. CHANGE WILL BE COMING ON ALL FRONTS

10. WE ARE NURICUMBO + PARTNERS

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

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

13. 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 multionationals and
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

14. TAX INDEPENDENT ASSESSMENT
ENSURE ADEQUATE COMPLIANCE WITH MEXICO’S COMPLEX TAX FRAMEWORK
We have a talented team of tax and audit
consultants, with Big-4 heritage, and strong
experience in tax projects in Mexico.
Our focus:
1. Independent review of tax records.
2. Reconciliation CFDIs versus Accounting.
3. Identification of contingencies and exposures.
We have the right team for your specific needs.
OUR VALUE PROPOSITION
Our service allows your organization to proactively identify risks and opportunities, prepare more
effectively for your annual audit and tax process, identify and correct deviations on a timely manner,
and reduce the risk of tax surprises at year-end.

15. 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.
35 years of experience.
Whirlpool. Banco Azteca.
35 years of experience.
EY. Smurfit. Maxcom. Devlyn.
30 years of experience.
3M. Imperial Chemical. IMEF
30 years of experience.
Examples of our consulting talent
Alejandro Rico
Tax Partner
KPMG. Confies.
25 years of experience.
Jose Trevino
Former NAFTA Negotiator
Colmex. Comce. Cancham.
35 years of experience.
Angel Hernandez
Former CFO
Ingram. Dresser. TRW.
35 years of experience.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
30 years of experience.
Enrique Ugarte
Former VP
ProMexico. CCE. Edomex.
35 years of experience.
Former CIO
Marisol Baca
Former VP Administration
CFE. BID. Real Financiera.
25 years of experience.
José A. Ventura
Former CFO
PWC. Truper. BristolMyers.
30 years of experience.

16. LATIN AMERICA OVERVIEW

17. $4.47
$5.21 $5.49
$0.00
$1.50
$3.00
$4.50
$6.00
February March April
Brazil
Exchange Rates
$3,524.13
$4,065.37 $3,963.61
$0.00
$1,500.00
$3,000.00
$4,500.00
February March April
Colombia
$19.64
$23.67 $24.17
$0.00
$10.00
$20.00
$30.00
February March April
Mexico
$3.45 $3.43 $3.38
$0.00
$1.00
$2.00
$3.00
$4.00
February March April
Peru
Source: Bloomberg, 2020.
*USD / PEN
*USD / MXN
*USD / CLP
*USD / BRL
*USD / COP
$820.93 $853.79 $835.53
$0.00
$200.00
$400.00
$600.00
February March April
Chile
*USD / CLP
$62.21 $64.40 $66.83
$0.00
$25.00
$50.00
$75.00
February March April
Argentina
*USD / ARS

18. Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2020.
52.90% 50.30% 48.40%
0.00%
20.00%
40.00%
60.00%
January February March
Argentina
Inflation Rate
3.92%
3.31%
2.40%
0.00%
1.50%
3.00%
4.50%
February March April
Brazil
3.72% 3.86% 3.51%
0.00%
1.00%
2.00%
3.00%
4.00%
February March April
Colombia
3.90% 3.70% 3.40%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
February March April
Chile
3.70%
3.25%
2.15%
0.00%
1.50%
3.00%
4.50%
February March April
Mexico
1.90% 1.82% 1.87%
0.00%
0.90%
1.80%
2.70%
February March April
Peru

19. $44,832 $43,724 $43,545
$0
$15,000
$30,000
$45,000
$60,000
February March April
Argentina
International Reserves
$356,884 $359,394 $362,460
$0
$120,000
$240,000
$360,000
$480,000
January February March
Brazil
$53,676 $53,337 $53,863
$0
$18,000
$36,000
$54,000
$72,000
February March April
Colombia
$36,154 $37,952 $36,861
$0
$13,000
$26,000
$39,000
$52,000
February March April
Chile
$184,250 $185,509 $186,655
$0
$60,000
$120,000
$180,000
$240,000
February March April
Mexico
$67,611 $68,022 $73,632
$0
$20,000
$40,000
$60,000
$80,000
February March April
Peru
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2020.

20. 34,973.18
24,384.24
32,742.84
0
12,000
24,000
36,000
48,000
February March April
Argentina
Capital Markets
104,171.60
73,019.80 80,505.90
0
30,000
60,000
90,000
120,000
February March April
Brazil
1,549.61
1,123.85 1,142.04
0
500
1,000
1,500
2,000
Feburary March April
Colombia
18,264.30
14,463.96 14,779.28
0
7,000
14,000
21,000
Feburary March April
Peru
41,324.31
34,554.53 36,470.11
0
15,000
30,000
45,000
February March April
Mexico
4,122.63
3,487.49
3,977.56
0
1,200
2,400
3,600
4,800
February March April
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2020.

21. Foreign Direct Investmet
$3,260
$11,517 12162
$0
$4,000
$8,000
$12,000
2016 2017 2018
Argentina
$52,751
$67,583 $61,223
$0
$30,000
$60,000
$90,000
2016 2017 2018
Brazil
$13,850 $13,836
$11,010
$0
$5,000
$10,000
$15,000
2016 2017 2018
Colombia
$11,942
$6,856 $7,160
$0
$4,000
$8,000
$12,000
2016 2017 2018
Chile
$30,865 $32,091 $31,604
$0
$12,000
$24,000
$36,000
2016 2017 2018
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.
$12,162

22. Land 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

23. Ease of Doing Business Index
126 124
67
59 60
76
0
20
40
60
80
100
120
140
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: 1 = Most Business-friendly Regulations

24. Population Growth
1.0%
0.8%
1.5%
1.4%
1.1%
1.7%
0%
1%
1%
2%
2%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Annual Percentage

25. Total Population
44,494.5
209,469.3
49,648.7
18,729.2
126,190.8
31,989.3
0
50,000
100,000
150,000
200,000
250,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Thousands; (ii) Total Inhabitants

26. Urban Population
92%
87%
81%
88%
80% 78%
0%
20%
40%
60%
80%
100%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of Total Population

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

28. Exports of Goods and Services
14.3% 14.8% 15.9%
28.8%
39.3%
25.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of GDP

29. Foreign Direct Investment
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Argentina
BrazilColom
bia
Chile
M
exico
Peru
11,872
78,162
11,535
6,082
37,495
6,487
Source: The World Bank, 2018.
Note: (i) Net Inflows; (ii) BoP, Current Million US$

30. Gross Domestic Product
$519,871.5
$1,868,626.1
$331,047.0 $298,231.1
$1,220,699.5
$222,045.0
$0
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
$1,800,000
$2,100,000
$2,400,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Millions, Current US$

31. GDP Per Capita
$20,610.6
$16,096.4
$15,012.9
$25,222.5
$19,844.6
$14,418.1
$0.0
$5,000.0
$10,000.0
$15,000.0
$20,000.0
$25,000.0
$30,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) PPP; (ii) Current US$

32. Inflation
3.7%
3.5%
2.6%
3.6%
2.1%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018 - 2019.
Note: (i) Consumer Prices; (ii) Annual Percentage
* Data not officially available for Argentina at the World Bank website. Other sources estimate anual inflation rate at
around 54%.

33. GDP Growth
-2.5%
1.1%
2.6%
4.0%
2.1%
4.0%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Annual Percentage

34. Gross Savings
15%
14%
15%
20%
24%
20%
0%
5%
10%
15%
20%
25%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of GDP

35. Personal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
Argentina
Brazil
Colom
bia
Chile
M
exico
Peru
$515.9 $2,933.5
$6,364.3
$66.1
$35,768.4
$3,224.8
Source: The World Bank, 2018.
Note: (i) Received; (ii) Millions, Current US$

36. Total Reserves
$66,221.5
$374,709.7
$47,887.6 $39,858.8
$176,390.3
$60,333.2
$0.0
$50,000.0
$100,000.0
$150,000.0
$200,000.0
$250,000.0
$300,000.0
$350,000.0
$400,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Includes Gold; (ii) Millions, Current US$

37. Revenue
19%
27%
23%
22%
19%
17%
0%
5%
10%
15%
20%
25%
30%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2017 - 2018.
Note: (i) Excluding Grants; (ii) Percentage of GDP

38. Government Expenditure on Education
5.5%
6.2%
4.5%
5.4%
4.9%
3.7%
0%
2%
4%
6%
8%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2015 - 2017.
Note: Percentage of GDP

39. Labor Force
Source: The World Bank, 2019.
20,434.1
106,328.7
27,249.2
9,533.1
57,558.6
18,818.4
0
20,000
40,000
60,000
80,000
100,000
120,000
Argentina Brazil Colombia Chile Mexico Peru
Note: Thousands

40. Labor Force (Female)
42.0%
43.4% 43.2%
41.8%
37.2%
45.8%
0%
10%
20%
30%
40%
50%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of Total Labor Force

41. Unemployment
10.0%
12.2%
9.2%
7.4%
3.4%
2.9%
0%
3%
6%
9%
12%
15%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate

42. Energy Use
Source: The World Bank, 2014 - 2015.
2,030
1,496
724
2,006
1,537
790
0
500
1,000
1,500
2,000
2,500
Argentina Brazil Colombia Chile Mexico Peru
Note: Kg of Oil Equivalent per Capita

43. Renewable Electricity Output
28.1%
74.0%
68.2%
43.6%
15.4%
52.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2015.
Note: Percentage of Total Electricity Output

44. Population Living in Slums
17%
22%
13%
9%
11%
34%
0%
10%
20%
30%
40%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2005 - 2014.
Note: Percentage of Urban Population

45. External Debt Stocks
56.1%
30.3%
42.3%
38.0%
31.3%
0%
10%
20%
30%
40%
50%
60%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of GNI

46. Bank Capital to Assets Ratio
11.0%
10.1%
16.6%
8.4%
10.7%
12.5%
0%
3%
6%
9%
12%
15%
18%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage

47. Bank Nonperforming Loans
to Total Gross Loans
3.1% 3.1%
4.4%
1.9%
2.1%
3.3%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage

48. Deposit Interest Rate
25.1%
6.9%
4.7%
2.7% 3.3% 2.6%
0%
5%
10%
15%
20%
25%
30%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2016 - 2018.
Note: Percentage

49. Lending Interest Rate
37.4%
39.1%
12.1%
4.2%
8.1%
16.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2016 - 2018.
Note: Percentage

50. Listed Domestic Companies
Source: The World Bank, 2018.
93
334
66
205
140
211
0
50
100
150
200
250
300
350
400
Argentina Brazil Colombia Chile Mexico Peru
Note: Total

51. Market Capitalization of Listed Domestic
Companies
$45,986.05
$916,824.39
$103,848.38
$250,739.56
$385,051.43
$93,385.36
$0.0
$200,000.0
$400,000.0
$600,000.0
$800,000.0
$1,000,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Millions; (ii) Current US$

52. Strength of Legal Rights Index
Source: The World Bank, 2019.
2 2
11
4
10
7
0
2
4
6
8
10
12
Argentina Brazil Colombia Chile Mexico Peru
Note: 0 = Weak to 12 = Strong

53. Military Expenditure
2.1%
3.9%
11.6%
7.4%
2.1%
5.6%
0%
2%
4%
6%
8%
10%
12%
14%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of General Government Expenditure

54. 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