Our Newsletter. Mexico & Latin America. January 2020.

LATIN AMERICA
UPDATE
January 2020
www.nuricumbo.com

Uber’s departure from Colombia sparks debate
over app regulation
Ride-hailing applications claim the recent court ruling against Uber has highlighted the need for their overdue
regulation.
Colombia’s Superintendence of Industry and Commerce ruled last week that the multinational ride-hailing app Uber is
operating “unfairly,” forcing it to cease operations in the country.
The court’s decision means that on February 1, Colombia will become the first country in Latin America to lose access to
Uber, although the food delivery platform UberEats will continue to operate.
The lawsuit against Uber was originally filed by the Colombian taxi union Cotech, which had been campaigning against
Uber for years. Cotech claimed that the app was “dishonestly” diverting customers away from hailing the nation’s trusty
yellow cabs, giving Uber drivers an “illegal” competitive advantage.
According to the BBC, President Ivan Duque’s government has supported the court’s decision.
Uber, which has also faced legal challenges in Mexico, Brazil and Argentina as well as Europe, the United States,
Australia and India, described the court’s ruling as “surprising” and “arbitrary.”
https://latinamericareports.com/ubers-departure-from-colombia-sparks-debate-over-transport-app-regulation/4126/

$4.02 $4.24 $4.02
$0.00
$1.50
$3.00
$4.50
October November December
Brazil
$59.65 $59.91 $59.87
$0.00
$20.00
$40.00
$60.00
Argentina
Exchange Rates
$3,380.29 $3,517.05 $3,287.23
$0.00
$1,500.00
$3,000.00
$4,500.00
Colombia
$19.23 $19.53 $18.93
$0.00
$10.00
$20.00
$30.00
Mexico
$3.34 $3.40 $3.31
$0.00
$1.00
$2.00
$3.00
$4.00
Peru
Source: Bloomberg, 2019.
*USD / PEN
*USD / MXN
*USD / CLP*USD / ARS
*USD / BRL
*USD / COP
$741.36 $778.79 $752.87
$0.00
$200.00
$400.00
$600.00
Chile
*USD / CLP

34,995.20 34,500.21
41,671.41
0
12,000
24,000
36,000
48,000
Argentina
Capital Markets
107,219.80 108,233.30 115,645.30
0
30,000
60,000
90,000
120,000
Brazil
1,633.15 1,611.92 1,662.42
0
500
1,000
1,500
2,000
Colombia
19,904.87 20,078.00 20,526.13
0
7,000
14,000
21,000
28,000
Peru
43,337.28 42,820.18 43,541.02
0
15,000
30,000
45,000
60,000
Mexico
4,744.13 4,538.80 4,669.85
0
1,200
2,400
3,600
4,800
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2019.

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

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

Internal Audit Support
For more information, please visit our website
or email us at contacto@nuricumbo.com
7
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 delivered audit projects in
more than 25 countries around the world.
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 base of approximately 40
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 them manage the risks and opportunities of today’s global markets.

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

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
Note: (i) Thousands; (ii) Total Inhabitants

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

Poverty Headcount Ratio
0.5%
4.8%
3.9%
0.7%
2.2%
3.4%
0%
1%
2%
3%
4%
5%
Source: The World Bank, 2016 - 2017.
Note: (i) At US$1.90 / Day; (ii) Percentage of Population

Latin America’s Most Disliked President Kicks Off
Pension Reform
President Sebastian Pinera is forging ahead with plans to overhaul Chile’s pension system as he seeks to appease mass
protests that have battered the economy and sunk his approval rating to a record low.
The government will send this week a bill to Congress requiring employers to contribute to workers’ individual savings
accounts and also to a broader solidarity fund aimed at boosting pensions of the middle class. The proposal also
increases competition among private companies, known as AFPs, that manage the savings accounts.
Pinera’s announcement comes as his approval rating plunges to an all-time low of 6% after three months of
demonstrations against inequality rocked the country. Improving pensions that sometimes fall short of Chile’s $400
monthly minimum wage has emerged as a central grievance among protesters. The president’s low level of support may
give him no option other than heeding those demands, according to Claudio Fuentes, a political science professor at
Universidad Diego Portales.
https://www.bloomberg.com/news/articles/2020-01-16/latin-america-s-most-disliked-president-kicks-off-pension-
reform

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%
Note: Percentage of GDP

Foreign Direct Investment
0
20000
40000
60000
80000
100000Argentina
BrazilColom
bia
Chile
M
exico
Peru
11,872
88,324
11,352
6,082
36,871
6,487
Note: (i) Net Inflows; (ii) BoP, Current Million US$

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
$2,400,000
Note: Millions, Current US$

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
$30,000.0
Note: (i) PPP; (ii) Current US$

Latin America markets affected by
US-China trade deal
Revaluation of Latin American currencies main effect of pause in trade dispute
Financial experts do not usually wait to decide on money -- they anticipate and the effects of a particular political event
may have on world markets. The recent signing of a "phase one" agreement between the U.S. and China, which slows
down or at least suspends the so-called trade war, is part of those anticipated events.
According to several financial and economic analysts, it was taken for granted by markets.
Since the end of 2019, the Latin American market had been anticipating possible low trade tensions between the two
major world economic powers. That is why the most crucial effects of the agreement would have been foreseen since
December.
In Latin America, the main effect of the brake on the trade dispute was the revaluation of the region's currencies, which
became evident with a drop in the value of the dollar last December.
According to this analysis, since the end of last year, the world's stock markets, including Latin America's, had also taken
into account that China and the U.S. would not escalate their trade dispute.
https://www.aa.com.tr/en/americas/latin-america-markets-affected-by-us-china-trade-deal-/1705081

Inflation
3.7%
3.2%
2.4%
4.9%
1.3%
0%
1%
2%
3%
4%
5%
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%.

GDP Growth
-2.5%
1.1%
2.6%
4.0%
2.1%
4.0%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Note: Annual Percentage

Gross Savings
15%
14%
15%
20%
24%
20%
0%
5%
10%
15%
20%
25%

Personal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
Argentina
Brazil
Colom
bia
Chile
M
exico
Peru
$507.5 $2,933.5
$6,367.5
$66.1
$35,561.6
$3,224.8
Note: (i) Received; (ii) Millions, Current US$

Our Service Portfolio
ASSURANCE
FINANCE
TALENT
STRATEGY
FINANCIAL DUE DILIGENCE (M&A)
BACKGROUND CHECKS
BUSINESS ASSESSMENTS
FRAUD PREVENTION/DETECTION
For more information: www.nuricumbo.com
STRATEGIC IMPLANTS
INTERIM MANAGEMENT
INTERIM TEAMS – SPECIAL PROJECTS
NOM-035 COMPLIANCE
DEBT/EQUITY SOLUTIONS
FIDEICOMISOS FINTECH
FINANCIAL TRANSFORMATION
TAX & FINANCIAL PLANNING
COMISARIOS / CONSEJEROS
ADVISORY BOARD
DIGITAL TRANSFORMATION
INNOVATION PROGRAMS

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
$400,000.0
Note: (i) Includes Gold; (ii) Millions, Current US$

Revenue
19%
27%
23%
22%
19%
17%
0%
5%
10%
15%
20%
25%
30%
Note: (i) Excluding Grants; (ii) Percentage of GDP

Government Expenditure on Education
5.5%
6.2%
4.5%
5.4%
4.9%
3.9%
0%
2%
4%
6%
8%

Labor Force
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
Note: Thousands

Seguro Hombre Clave
contacto@nuricumbo.com / +52.55.5339.5829
¿QUÉ PASARÍA CON TU FAMILIA SI EL
DÍA DE MAÑANA YA NO PUEDES
ATENDER TU NEGOCIO?
Tenemos un portafolio de soluciones
innovadoras específicamente enfocadas hacia
las pequeñas y medianas empresas mexicanas.
UNA DE LAS MEJORES FORMAS DE QUE NUESTRO PAÍS
ALCANCE LAS TASAS DE CRECIMIENTO QUE REQUIERE
ES A TRAVÉS DEL DESARROLLO ACELERADO DE SUS
PEQUEÑAS Y MEDIANAS EMPRESAS.
Somos un grupo de consultores
multidisciplinarios con mucha experiencia en
negocios nacionales e internacionales.
Creemos firmemente en soluciones de
consultoría bajo demanda, en un esquema
flexible y de bajo costo: Contabilidad, impuestos,
finanzas personales, personal interino,
innovación, cumplimiento, riesgos, etc.
En el caso específico de Seguro de Hombre
Clave, se trata de un instrumento que permite
garantizar la permanencia del negocio, la
seguridad financiera de los accionistas o
beneficiarios, y que además otorga atractivas
ventajas fiscales y patrimoniales.
Platiquemos. Estamos en tu WeWork.

Labor Force (Female)
42.0%
43.4% 43.2%
41.8%
37.2%
45.8%
0%
10%
20%
30%
40%
50%
Note: Percentage of Total Labor Force

Unemployment
10.0%
12.2%
9.2%
7.4%
3.4%
2.9%
0%
3%
6%
9%
12%
15%
Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate

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

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

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.
3
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.

Bank Capital to Assets Ratio
11.0%
10.1%
16.6%
8.4%
10.7%
12.5%
0%
3%
6%
9%
12%
15%
18%
Note: Percentage

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%
Note: Percentage

Deposit Interest Rate
25.1%
6.9%
4.7%
2.7% 3.3% 2.6%
0%
5%
10%
15%
20%
25%
30%
Note: Percentage

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%
Note: Percentage

OAS ends Honduras anti-corruption mission
An anti-corruption commission set up in Honduras four years ago will cease operations on Sunday, the Organization of
American States said after failing to reach a deal on extending operations in the graft-riddled country.
Negotiations between the OAS and the government of President Juan Orlando Hernandez concluded on Friday but
"unfortunately, it was not possible to reach the agreements required for the renewal of the mandate," an OAS
statement said.
A Central American country of more than nine million, Honduras is plagued by gangs, poverty and corruption. It has
seen deadly unrest under Hernandez, whose 2017 re-election was widely seen as fraudulent.
There were public calls for his resignation last October when a New York court convicted his brother, former Honduran
congressman Tony Hernandez, of drug trafficking.
Although he wasn't on trial himself, prosecutors said Juan Orlando Hernandez took millions of dollars in bribes from
drug lords including jailed Mexican kingpin Joaquin "El Chapo" Guzman.
President Hernandez, an ally of US President Donald Trump, dismissed the accusation as "absurd.”
https://www.france24.com/en/20200118-oas-ends-honduras-anti-corruption-mission

Listed Domestic Companies
93
334
66
205
140
211
0
50
100
150
200
250
300
350
400
Note: Total

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
$1,000,000.0
Note: (i) Millions; (ii) Current US$

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

Military 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

Our Firm at a glance
Key Facts Industries
• 12 PRACTICE LEADERS
• 40 SENIOR CONSULTANTS
• 240+ COMBINED YEARS OF
EXPERIENCE
• INTERNATIONAL
EXPOSURE
• LATAM CAPABILITIES
• MULTIDISCIPLINARY
Mexico Business
Network
Other Strategic
Resources
• MANUFACTURING
• FINANCIAL SERVICES
• PROFESSIONAL SERVICES
• RETAIL
• ADVERTISING
• EDUCATION
• PRIVATE EQUITY
• FAMILY BUSINESS
• IMEF
• IMCP
• COMCE
• ABM
• ASOFOM
• AMEXCAP
• CHAMBERS OF
COMMERCE
• CFO OF THE YEAR
• AAPAUNAM
• FENG
• IFAC
• ADN NEWS
• BLOOMBERG
• EL FINANCIERO
• VERITAS
For more information: www.nuricumbo.com
EY PWC. BBVA / BANAMEX ZIMAT CIT METLIFE GM
KPMG DELOITTE. INTERPUBLIC BOMBARDIER +GF+ RGP KANDEO
1990 1995 2000 2004 2005 2010 2015 2018
Formal launch as
independent consultancy
Professional Experience
as Employees
History
Some of our interventions as
Consultants

Armando NuricumboRodrigo Llanos
Miguel Amador
Guillermo Lagos
Former CFOFormer Banker
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
Alejandro Rico
Tax Partner
KPMG. Confies.
Jose Trevino
Former NAFTA Negotiator
Comexi. Comce. Cancham.
Angel Hernandez
Former CFO
Ingram. Dresser. TRW.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
Enrique Ugarte
Former CEO
ProMexico. CCE. Edomex.
Former CIO
Evaristo Pulido
Former VP Structured Finance
PWC. Lala. Gicsa. ADO.
Marisol Baca
Former VP Administration
CFE. BID. Real Financiera.
Highly-experienced and talented team at your service
Our team can provide effective solutions to complex business problems. We can be deployed internationally for the time strictly
required by your project. High-quality, highly-efficient, cost-effective talent that creates value from the very first minute.

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. January 2020.

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