Get an overview of the main financial indicators of the Mexican economy for the October – December 2019 period.

1. NEWSLETTER
JANUARY 2019
www.nuricumbo.com

2. KNOWLEDGE CENTER

3. Featured Content
These Are the 10 Biggest Risks in the World, According to Eurasia Group
The global geopolitical environment is at its most dangerous in decades, according to Eurasia
Group, the consultancy founded by Ian Bremmer. Here is a look at Eurasia’s top predictions
for risks that could impact the world in 2019.

4. Article Exchange
Finance Function 2019: Fewer Functionaries, More Strategists
Heading into the new year, technology is starting to wipe out lower-level number crunchers in favor of mid-level team
members focused on strategy.
A New Framework for Audit Quality Disclosures
To help audit firms to continue pursuing the highest possible quality in their work, the Center for Audit Quality (CAQ)
has developed a new Audit Quality Disclosure Framework.
Market Expectations 2019: Stocks, Bonds, Inflation, Junk
Expectations are still useful as they do two things; first, they tell you where to put most of your long-term money. Then,
they inject some realism into your life. The expected return on stocks is much lower than the historical return on stocks.
PWC’s Predictions for 2019
PWC has identified three main themes for its 2019 predictions: Global Growth will Slow; Workers and Wages will come
to the Fore; and Trade Conflicts will Deepen.
World Bank: ‘The Ride Could Get Bumpier’
There's a low probability the U.S. will see a recession in 2019, but there's a lot of downside risk to the World Bank's
estimate of moderately lower growth.
M&A Didn’t add Value in 2018. How About 2019?
While acquiring companies have underperformed stock indexes for the past two years, the outlook for M&A may be
brightening.

5. Latin America Update
Latin American Banks were Slow to go Digital but now they're
Moving Fast
Banks in Latin America are picking up the pace in moving to
digital, according to the third annual digital banking report from
Technisys, a digital banking technology company. “The most
important thing that is changing is the way the market is evolving
in digital banking,” said German Pugliese-Bassi, cofounder and
CMO at Technisys.
China’s Conquistadors are Marching Across Latin America
When two elephants fight, it’s the grass that suffers, says an
African proverb. But in Latin America the grass seems to be doing
well out of the jostling between the US and China. China is rapidly
increasing its influence over Latin America’s economies. This will
bolster growth and development, creating opportunities for long-
term investors, says James McKeigue.
Bolsonaro vs. Maduro: The Next Clash in Latin America?
Jair Bolsonaro was sworn in last week as Brazil’s new president.
Nicolás Maduro, having taken over from the deceased Hugo
Chávez in 2013, will be sworn for a second six-year term as
Venezuela’s president on Thursday. These inaugurations illustrate
the threats facing Latin America’s democracy, international
alignments and unity. The political and personal characteristics of
these two leaders, inaugurated just days apart, are a recipe for
disaster.
#EleccionesAbiertas2018: Earthquake in Brazil and Mexico,
tremors in Colombia
Fake news, hate speech, and the consolidation of ‘outsider’ type
candidates that pit themselves against traditional ways of doing
politics were the elements that came together to produce the
populist tendencies that have recently taken centre stage in Latin
America. The presidential elections in Mexico, Colombia and Brazil
were carried out in a context of polarisation and misinformation,
alerting us to potential democratic setbacks in the region.
Latin America has never seen a Crisis like Venezuela before
The epic political and humanitarian crisis in Venezuela is due to
pass a new juncture as President Nicolás Maduro is sworn in for a
second six-year term. Mr. Maduro, having orchestrated a
fraudulent reelection, presses on with what the regime describes
as a socialist revolution, with tutoring from Cuba and predatory
loans from Russia and China.
Latin America’s Weak Economic Recovery
With the right approach, Latin America, which has recorded just
0.5% average annual GDP growth during the last five years, could
improve its economic prospects considerably, potentially avoiding
another lost half-decade. The question is whether it will muster
the political will to take the necessary steps. While a few small
economies have achieved annual growth rates exceeding 4%, Latin
America’s larger economies have struggled.

6. LATIN AMERICA MONITOR

7. Credit Ratings
Argentina
B
With NEGATIVE Outlook
(7 November 2018)
Source: Fitch Ratings
Brazil
BB-
With STABLE Outlook
(1 August 2018)
Colombia
BBB
With STABLE Outlook
(14 November 2018)
Chile
A
With STABLE Outlook
(7 August 2018)
Mexico
BBB+
With NEGATIVE Outlook
(31 October 2018)
Peru
BBB+
With STABLE Outlook
(27 September 2018)

8. $35.91 $37.75 $37.67
$0.00
$20.00
$40.00
$60.00
October November December
Argentina
Exchange Rates
$3.72
$3.87 $3.88
$3.50
$3.60
$3.70
$3.80
$3.90
$4.00
October November December
Brazil
$3,220.01
$3,235.24
$3,254.25
$3,200.00
$3,220.00
$3,240.00
$3,260.00
October November December
Colombia
$696.80
$672.63
$694.00
$660.00
$670.00
$680.00
$690.00
$700.00
October November December
Chile
$20.34 $20.37
$19.65
$19.00
$19.50
$20.00
$20.50
October November December
Mexico
$3.37
$3.38
$3.37
$3.36
$3.37
$3.37
$3.38
$3.38
$3.39
October November December
Peru
Source: Bloomberg, 2019.
*USD / PEN
*USD / MXN
*USD / CLP*USD / ARS
*USD / BRL
*USD / COP

9. Foreign Direct Investmet
$11,759
$3,260
$11,857
0
3,000
6,000
9,000
12,000
2015 2016 2017
Argentina
$64,291 $57,999 $62,713
0
20,000
40,000
60,000
80,000
2015 2016 2017
Brazil
$11,736
$13,849 $14,518
0
5,000
10,000
15,000
20,000
2015 2016 2017
Colombia
$19,541
$11,163
$6,730
0
6,000
12,000
18,000
24,000
2015 2016 2017
Chile
$34,858
$29,755 $29,695
0
10,000
20,000
30,000
40,000
2015 2016 2017
Mexico
$8,272
$6,863 $6,769
0
3,000
6,000
9,000
2015 2016 2017
Peru
*U.S. Dollars at Current Prices in Millions
Source: United Nations Conference on Trade and Development, UNCTAD, 2019.

10. Competitiveness Ranking
Argentina
57.986
(Ranking 56)
Source: IMD Competitiveness Index 2018
Brazil
55.797
(Ranking 60)
Colombia
57.357
(Ranking 58)
Chile
75.107
(Ranking 35)
Mexico
63.733
(Ranking 51)
Peru
60.236
(Ranking 54)

11. Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2019.
45.90%
48.50%
52.28%
40.00%
45.00%
50.00%
55.00%
October November December
Argentina
Inflation Rate
4.56%
4.05% 3.75%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
October November December
Brazil
3.33%
3.27%
3.18%
3.10%
3.15%
3.20%
3.25%
3.30%
3.35%
October November December
Colombia
2.90%
2.80%
2.60%
2.40%
2.50%
2.60%
2.70%
2.80%
2.90%
3.00%
October November December
Chile
5.02%
4.72%
4.83%
4.50%
4.60%
4.70%
4.80%
4.90%
5.00%
5.10%
October November December
Mexico
1.84%
2.17% 2.19%
1.60%
1.80%
2.00%
2.20%
2.40%
October November December
Peru

12. $53,995 $51,193
$65,806
$0
$20,000
$40,000
$60,000
$80,000
October November December
Argentina
International Reserves
$380,290 $379,722
$374,715
$370,000
$372,000
$374,000
$376,000
$378,000
$380,000
$382,000
October November December
Brazil
$47,496
$47,754
$48,389
$47,000
$47,500
$48,000
$48,500
October November December
Colombia
$37,457
$39,564 $39,852
$36,000
$37,000
$38,000
$39,000
$40,000
$41,000
October November December
Chile
$173,582
$173,775
$174,394
17300000%
17350000%
17400000%
17450000%
October November December
Mexico
$58,492
$59,387
$61,246
$57,000
$58,000
$59,000
$60,000
$61,000
$62,000
October November December
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, 2019.

13. 26,116.87
28,579.92
27,699.66
24,000
25,000
26,000
27,000
28,000
29,000
October November December
Argentina
Stock Exchange
87,423.55
89,504.03
87,887.26
86,000
87,000
88,000
89,000
90,000
October November December
Brazil
1,392.18
1,379.24
1,325.93
1,250
1,300
1,350
1,400
October November December
Colombia
18,909.40
19,180.97
19,350.40
18,600
18,800
19,000
19,200
19,400
October November December
Peru
43,942.55
41,732.78 41,459.15
40,000
41,000
42,000
43,000
44,000
45,000
October November December
Mexico
5,104.33
5,111.88
5,105.43
5,100
5,105
5,110
5,115
October November December
Chile
*IPSA:IND
*MEXBOL:IND
*IPSA:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2019.

14. Transparency Index
Argentina
39
(Ranking 85)
Source: Corruption Perception Index by Transparency International (2017)
Brazil
37
(Ranking 96)
Colombia
37
(Ranking 96)
Chile
67
(Ranking 26)
Mexico
29
(Ranking 135)
Peru
37
(Ranking 96)

15. Country Presidents
Argentina
President: Mauricio Macri
Birth: 8 February 1959
In office since: 10 December 2015
Political Party: Propuesta Republicana
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

16. WE ARE NURICUMBO +
PARTNERS

17. Our portfolio of services
More information in our website www.nuricumbo.com
We work with Senior Management in supporting special, strategic or confidencial projects. Our business model allows us to
work during the time strictly necessary to reach specific goals, resulting in attractive cost savings. We create value through a
talented base of consultants and a very flexible hiring method. Our service portfolio focused on four main lines of service:
Our objective: To become your trusted business advisors
Special
audits
Financial
optimization
• Financial Due Diligence
• Know Your Customer/Supplier
• Independent Assessments
Interim
talent
Corporate strategy
• Fintech Fideicomisos (Trusts)
• Financing Programs (Debt/Equity)
• Cost Rationalization
• Rotation Insurance
• Interim Management
• Project Support
• Comisarios/Consejeros
• Point of View
• Advisory Board

18. Multidisciplinary View
Lead Consultant
Armando
Nuricumbo
General
Strategy
Subject-
Matter Expert
Quality
Assurance
Rest of
the Firm
Technical
Support
Our projects are led by a full-time consultant or a team of consultants, supported by the
rest of our Practice Leaders, which results in a value-rich multidisciplinary view that
allows optimal resolution of complex business problems. Our objective is to create long-
term lasting value for our clients in each one of our engagements.

19. Corporate strategy
We can support your
communication efforts with
specialized consulting and with
a proprietary and unique media
platform.
We can help you develop a
comprehensive map of
business risks, along with the
required mitigating controls and
actions.
Our Senior Consultants can
facilitate your Strategic
Planning sessions, bringing into
the table proven methodology
as well as best practices.
We support CEOs and
Business Owners with a
multidisciplinary Board of
Directors that is external and
independent.
We can join existing Boards in
the role of independent
directors and/or “Comisarios”,
bringing experience and
technical know-how.
Our Senior Consultants can
perform a critical analysis of
your Strategic Plan, giving
recommendations and
highlighting potential areas of
improvement.
6. Communications
5. Risk Management
CORPORATE
STRATEGY
1. Advisory Board
2. Comisarios/Consejeros
3. Point of View4. Strategic Planning
For more information: www.nuricumbo.com

20. Complete Profiles
Armando Nuricumbo
Jorge Pulido
Oscar Becerril
Guillermo Lagos
German de la Garza
CPA. CFE. MsC.
MBA.
MBA.
PhD.
MsC.
Jesus Bush
MBA.
Accounting. Finance.
Risk. Audit. Strategy.
Financial Markets.
Investor Relations.
Corporate Strategy.
Open Innovation.
Financial Services.
Credit. Risk. M&A.
Innovation.
Intrapreneurship.
Government
Relations. PR & Crisis.
Your Practice Leaders
Alejandro Rico
MsC.
Tax advice.
Compliance initiatives.
Jose Trevino
MsC.
International Relations.
Business Landing.
Angel Hernandez
MBA.
Financial Planning &
Analysis.
Roberto Fernandez
MsC.
Information Technology.
Project Management.
Edgardo de la Rosa
MsC.
CFO Services.
Treasury.
Manuel Mora
CPA. MsC.
Accounting. Finance.
Risk. Audit. Strategy.

21. How we can help your business projects
Immediate and
flexible support
for your projects
and initiatives
12
Practice
Leaders
More information
Full scalability. We
can be as big or
small as your
specific project
needs. Our lean
structure means
very atractive
consulting rates
Team of
internationally
recognized
business advisors
who provide a
fresh and
independent
point of view
Highly
personalized level
of service. We
focus on you! 40
Multi-
disciplinary
Senior
Consultants
16
Partnerships
with Other
Consultancies

22. We care about your business priorities.
Let’s talk!
E-mail
contacto@nuricumbo.com
Mobile/Whatsapp
+ 52 (155) 5453 6309
Web
www.nuricumbo.com
Our Office:
Montes Urales 424
Lomas de Chapultepec, 11000
Mexico City