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

2.
Uncertainty in Latam is becoming the new normal

3.
Inflation continues to be under control

4.
Fiscal systems continue to be weak…

5.
And tax efficiency is very different
from country to country

6.
Since 2010 GDP per capita
has been declining

7.
However, technology use
continues to grow

8.
Venture capital ecosystem continues to grow

9.
Innovation always requires time

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.
Internal Audit Support
1
3
We can enhance your audit projects in Mexico,
Latin America, or anywhere else.
Talent Mobility
Flexibility Capabilities
Our consultants can travel in Mexico, in Latin
America, or basically anywhere you need
them. We have successfully delivered audit
projects in many countries. We are
particularly effective where English, Spanish or
Portuguese is spoken.
Worldwide Mobility
We have a multidisciplinary approach,
combining specialists in internal controls,
forensics, IT, business intelligence, process
automation and compliance. We have an
internal quality function to ensure objectives
are always met. The result is a powerful
combination of skills that allows us to deliver
extra value in each engagement.
Special Audit Capabilities
Talented Senior Consultants
Maximum Flexibility
Our talent is available under a very
flexible model. We have delivered
projects that have taken 1 day, 1 month
or 1 year to complete. Our rates are the
best in the market. We can manage co-
sourcing or out-sourcing audit
initiatives. And in Latin America, we
have the local knowledge and insight.
We have a solid base of senior audit
consultants, all of them highly trained
and with rich experience in
multinational environments, ready to
support your audit projects.
Our objective: To work with the best internal audit departments around the world,
to help their organizations to manage better the risks and opportunities of their
global operations.

14.
ANTI-CORRUPTION PROGRAM
Tha best return on investment comes from prevention
Despite the fact that a large number of companies suffer fraud
every year
Only a few organizations invest in preparing themselves against fraud and
corruption. YOUR COMPANY MUST BE PART OF THAT RESPONSIBLE MINORITY.
Today, more than ever, risks are increasingly complex and difficult to mitigate.
85%
Mexican companies
that have suffered
some type of fraud
PROACTIVE DIAGNOSIS ADOPTION OF BEST
PRACTICES
STRATEGIC AND
CONTINUOUS TESTING
Source: Reporte Global de Fraude y Riesgo 2018 (Kroll)
Our methodology is easy to implement, adapts to the specific needs of
your company, and is supported by some of the best fraud prevention
and detection professionals.

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.
Some of our talented consultants
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.
$5.47 $5.22 $5.49
$0.00
$1.50
$3.00
$4.50
$6.00
June July August
Brazil
Exchange Rates
$3,758.06 $3,732.71 $3,741.04
$0.00
$1,500.00
$3,000.00
$4,500.00
June July August
Colombia
$22.99 $22.28 $21.89
$0.00
$10.00
$20.00
$30.00
June July August
Mexico
$3.54 $3.53 $3.54
$0.00
$1.00
$2.00
$3.00
$4.00
June July August
Peru
Source: Bloomberg, 2020.
*USD / PEN
*USD / MXN
*USD / CLP
*USD / BRL
*USD / COP
$821.24 $757.73 $776.66
$0.00
$200.00
$400.00
$600.00
June July August
Chile
*USD / CLP
$70.46 $72.32 $74.18
$0.00
$25.00
$50.00
$75.00
$100.00
June July August
Argentina
*USD / ARS

18.
Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2020.
43.40% 42.80% 42.40%
0.00%
20.00%
40.00%
60.00%
May June July
Argentina
Inflation Rate
2.31% 2.44% 2.67%
0.00%
1.50%
3.00%
4.50%
June July August
Brazil
2.19% 1.97% 1.88%
0.00%
1.00%
2.00%
3.00%
June July August
Colombia
2.60% 2.50% 2.40%
0.00%
1.00%
2.00%
3.00%
June July August
Chile
3.30% 3.62%
4.05%
0.00%
1.50%
3.00%
4.50%
June July August
Mexico
1.60%
1.86% 1.69%
0.00%
0.90%
1.80%
2.70%
June July August
Peru

19.
$43,219 $43,374 $42,842
$0
$15,000
$30,000
$45,000
$60,000
June July August
Argentina
International Reserves
$339,317 $345,706 $348,781
$0
$120,000
$240,000
$360,000
$480,000
May June July
Brazil
$56,624 $56,972 $57,185
$0
$18,000
$36,000
$54,000
$72,000
June July August
Colombia
$36,390 $36,851 $37,714
$0
$13,000
$26,000
$39,000
$52,000
June July August
Chile
$188,942 $197,891 $193,267
$0
$60,000
$120,000
$180,000
$240,000
June July August
Mexico
$71,450 $74,336 $74,668
$0
$20,000
$40,000
$60,000
$80,000
June July August
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.
38,686.69
49,253.62 46,835.42
0
12,000
24,000
36,000
48,000
June July August
Argentina
Capital Markets
95,055.80 102,912.20 99,369.20
0
30,000
60,000
90,000
120,000
June July August
Brazil
1,111.80 1,134.34 1,216.03
0
500
1,000
1,500
2,000
June July August
Colombia
16,878.00 17,512.53 18,576.89
0
7,000
14,000
21,000
June July August
Peru
37,716.43 37,019.68 36,840.73
0
15,000
30,000
45,000
June July August
Mexico
3,959.02 4,017.08 3,767.15
0
1,200
2,400
3,600
4,800
June July August
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2020.

21.
Foreign Direct Investmet
$11,517 $11,873
$6,244.42
$0
$4,000
$8,000
$12,000
2017 2018 2019
Argentina
$68,885
$78,162 $78,559
$0
$30,000
$60,000
$90,000
2017 2018 2019
Brazil
$13,836
$11,535
$14,493
$0
$5,000
$10,000
$15,000
$20,000
2017 2018 2019
Colombia
$12,135
$5,852 $6,082
$0
$4,000
$8,000
$12,000
2016 2017 2018
Chile
$32,977
$38,644
$28,881
$0
$12,000
$24,000
$36,000
$48,000
2017 2018 2019
Mexico
$6,739 $6,860 $6,487
$0
$3,000
$6,000
$9,000
2016 2017 2018
Peru
Source: The World Bank, 2020. *BoP, Million U.S. Dollars at Current Prices

22.
Credit Ratings
Argentina
CCC
(10 September 2020)
Source: Fitch Ratings, 2020
Brazil
BB-
With NEGATIVE Outlook
(5 May 2020)
Colombia
BBB-
With NEGATIVE Outlook
(1 April 2020)
Chile
A-
With NEGATIVE Outlook
(12 March 2020)
Mexico
BBB-
With STABLE Outlook
(15 April 2020)
Peru
BBB+
With STABLE Outlook
(3 June 2020)

23.
Credit Ratings
Argentina
Ca
With NEGATIVE Outlook
(3 April 2020)
Source: Moddy’s Investors Service, 2020.
Brazil
Ba2
With STABLE Outlook
(15 May 2020)
Colombia
Baa2
With STABLE Outlook
(23 May 2019)
Chile
A1
With NEGATIVE Outlook
(25 August 2020)
Mexico
Baa1
With NEGATIVE Outlook
(17 April 2020)
Peru
A3
With STABLE Outlook
(25 Jun 2019)

24.
Credit Ratings
Argentina
CCC+
With STABLE Outlook
(7 September 2020)
Source: Standard & Poor’s, 2020.
Brazil
BB-
With STABLE Outlook
(6 April 2020)
Colombia
BBB-
With NEGATIVE Outlook
(26 March 2020)
Chile
A+
With NEGATIVE Outlook
(27 April 2020)
Mexico
BBB
With NEGATIVE Outlook
(26 March 2020)
Peru
BBB+
With STABLE Outlook
(4 May 2020)

25.
Country 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

26.
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

27.
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

28.
Population Growth
1.0%
0.8%
1.4%
1.2%
1.1%
1.6%
0%
1%
1%
2%
2%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Annual Percentage

29.
Total 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
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Thousands; (ii) Total Inhabitants

30.
Urban Population
92%
87%
81%
88%
80% 78%
0%
20%
40%
60%
80%
100%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of Total Population

31.
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

32.
Exports 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%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of GDP

33.
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
6,244
78,559
14,493
6,082
28,881
6,487
Source: The World Bank, 2018 - 2019.
Note: (i) Net Inflows; (ii) BoP, Current Million US$

34.
Gross 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
$2,400,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Millions, Current US$

35.
GDP Per Capita
$22,947.1
$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
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) PPP; (ii) Current International $

36.
GDP Growth
-2.2%
1.1%
3.3%
1.1%
-0.1%
2.2%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Annual Percentage

37.
Gross Savings
17%
12%
15%
19%
23%
20%
0%
5%
10%
15%
20%
25%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018 - 2019.
Note: Percentage of GDP

38.
Personal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
Argentina
Brazil
Colom
bia
Chile
M
exico
Peru
$535.2 $3,295.5
$6,769.9
$65.7
$38,628.6
$3,326.0
Source: The World Bank, 2019.
Note: (i) Received; (ii) Millions, Current US$

39.
Total 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
$400,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Includes Gold; (ii) Millions, Current US$

40.
Revenue
18%
29%
22% 22%
19% 19%
0%
5%
10%
15%
20%
25%
30%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Excluding Grants; (ii) Percentage of GDP

41.
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 - 2018.
Note: Percentage of GDP

42.
Labor Force
Source: The World Bank, 2019.
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
Argentina Brazil Colombia Chile Mexico Peru
Note: Thousands

43.
Labor Force (Female)
43.0% 43.6% 42.9% 42.2%
37.8%
45.7%
0%
10%
20%
30%
40%
50%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of Total Labor Force

44.
Unemployment
9.8%
12.1%
9.7%
7.1%
3.4% 3.3%
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

45.
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

46.
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

47.
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

48.
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

49.
Bank Capital to Assets Ratio
13.3%
10.2%
17.0%
7.5%
11.0%
12.9%
0%
3%
6%
9%
12%
15%
18%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage

50.
Bank Nonperforming Loans
to Total Gross Loans
5.7%
3.1%
4.2%
2.1% 2.1%
3.4%
0%
1%
2%
3%
4%
5%
6%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage

51.
Deposit Interest Rate
47.3%
5.4% 4.5%
2.5% 3.5% 4.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2017 - 2019.
Note: Percentage

52.
Lending Interest Rate
67.3%
37.5%
11.8%
4.2%
8.5%
17.0%
0%
10%
20%
30%
40%
50%
60%
70%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2017 - 2019.
Note: Percentage

53.
Listed Domestic Companies
Source: The World Bank, 2019.
91
324
66
203
139
196
0
50
100
150
200
250
300
350
400
Argentina Brazil Colombia Chile Mexico Peru
Note: Total

54.
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
$1,200,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Millions; (ii) Current US$

55.
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

56.
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

57.
WHAT WE THINK
Fear and Euphoria
The Lebanese Mirror
How is a pension system like a dinosaur?
Zombieland
Welcome USMCA. Now what?
The New Battlefield
Reinvention Process
The Double Valley of Death
OUR YOUTUBE CHANNEL
Historic Lessons of the 1918 Pandemic
Willingness to Pay & Value Stick
James Francum – Perspective from Germany
Juan Carlos García: Perspectivas 2020
Toshiyuki Yasui: Chief Happiness Officer
Antonio Prida: Mediación
Max Zimmermann: Relación con Inversionistas
Oscar Becerril: Cómo superar COVID-19
OTHER
Mexico’s Top 25 CFO’s of 2017
¿Por qué medir la confianza económica?
Interview with Ana Maria Salazar (ADN40)
Entrevista con el Embajador de España en México
Entrevista con Pedro Ferriz de Con – I
Entrevista con Pedro Ferriz de Con - II
Nuricumbo + Partners in the Media

58.
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