In this edition, we explore how foreign companies can make direct listings in USA public markets. Many chinese companies have already taken advantage of this legal figure. Perhaps it is time to see more Latin American business venturing in the same direction. The strength and depth of the US public markets represent a very interesting alternative for premium businesses from around the world. Additionally, you will find our usual analysis of Key Economic Indicators from the region. Below you will see some highlights. At Nuricumbo + Partners, we are ready to discuss about your projects and explore how we can support your business activities in Mexico and the rest of the Americas.

1. SOME
CONSIDERATIONS
ABOUT
FOREIGN
ISSUERS
September 2019
www.nuricumbo.com

2. LATIN AMERICA MONITOR

3. $3.85 $3.81 $4.15
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
June July August
Brazil
$42.48 $43.88
$59.50
$0.00
$20.00
$40.00
$60.00
June July August
Argentina
Exchange Rates
$3,211.36 $3,279.53 $3,442.29
$0.00
$1,500.00
$3,000.00
$4,500.00
June July August
Colombia
$678.73 $697.22 $721.62
$0.00
$200.00
$400.00
$600.00
June July August
Chile
$19.22 $19.19 $20.60
$0.00
$10.00
$20.00
$30.00
June July August
Mexico
$3.29 $3.30 $3.39
$0.00
$1.00
$2.00
$3.00
$4.00
June July August
Peru
Source: Bloomberg, 2019.
*USD / PEN
*USD / MXN
*USD / CLP*USD / ARS
*USD / BRL
*USD / COP

4. Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2019.
55.80% 54.40% 54.50%
0.00%
20.00%
40.00%
60.00%
June July August
Argentina
Inflation Rate
3.37% 3.22% 3.43%
0.00%
1.50%
3.00%
4.50%
June July August
Brazil
3.43%
3.79% 3.75%
0.00%
1.00%
2.00%
3.00%
4.00%
June July August
Colombia
2.30% 2.20% 2.30%
0.00%
1.00%
2.00%
3.00%
4.00%
June July August
Chile
3.95% 3.78%
3.16%
0.00%
1.50%
3.00%
4.50%
June July August
Mexico
2.29% 2.11% 2.03%
0.00%
0.90%
1.80%
2.70%
June July August
Peru

5. $64,123 $67,994
$54,100
$0
$25,000
$50,000
$75,000
$100,000
June July August
Argentina
International Reserves
$386,162 $388,092
$0
$120,000
$240,000
$360,000
$480,000
June July August
Brazil
TBD
$52,445 $52,366 $52,994
$0
$18,000
$36,000
$54,000
$72,000
June July August
Colombia
$39,516 $40,233 $39,525
$0
$13,000
$26,000
$39,000
$52,000
June July August
Chile
$178,740 $178,921 $180,377
$0
$60,000
$120,000
$180,000
$240,000
June July August
Mexico
$66,513 $66,969 $68,269
$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, 2019.

6. 41,796.36 42,057.77
24,608.56
0
12,000
24,000
36,000
48,000
June July August
Argentina
Stock Exchange
100,967.20 101,812.10 101,134.60
0
30,000
60,000
90,000
120,000
June July August
Brazil
1,548.98 1,562.13 1,559.52
0
500
1,000
1,500
2,000
June July August
Colombia
20,622.79 19,957.26 19,106.75
0
7,000
14,000
21,000
28,000
June July August
Peru
43,161.17 40,863.09 42,622.50
0
15,000
30,000
45,000
60,000
June July August
Mexico
5,070.72 4,972.36 4,804.37
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, 2019.

7. 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, 2019.
$12,162

8. Credit Ratings
Argentina
B
With NEGATIVE Outlook
(14 May 2019)
Source: Fitch Ratings
Brazil
BB-
With STABLE Outlook
(21 May 2019)
Colombia
BBB-
With NEGATIVE Outlook
(31 May 2019)
Chile
A
With STABLE Outlook
(5 March 2019)
Mexico
BBB
With STABLE Outlook
(5 June 2019)
Peru
BBB+
With STABLE Outlook
(28 March 2019)

9. 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)

10. Transparency Index
Argentina
40
(Ranking 85)
Source: Corruption Perception Index by Transparency International (2018)
Brazil
35
(Ranking 105)
Colombia
36
(Ranking 99)
Chile
67
(Ranking 27)
Mexico
28
(Ranking 138)
Peru
35
(Ranking 105)

11. 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

12. Upcoming Elections
Argentina
Presidential Elections: 2019
Term: 4 Years
Congress: 2019 (130 Deputies, 26 Senate)
Governors: 2019 (22 Governors)
Brazil
Presidential Elections: 2023
Term: 4 Years
Congress: 2023 (513 Deputies, 54 Senate)
Governors: 2023 (27 Governors)
Colombia
Presidential Elections: 2022
Term: 4 Years
Congress: 2022 (172 Deputies, 108 Senate)
Governors: 2020 (32 Governors)
Chile
Presidential Elections: 2022
Term: 4 Years
Congress: 2022 (155 Deputies, 23 Senate)
Governors: 2022 (15 Governors)
Mexico
Presidential Elections: 2024
Term: 6 Years
Congress: 2021 (500 Deputies, 128 Senate)
Governors: 2024 (President, 32 Governors)
Peru
Presidential Elections: 2021
Term: 5 Years
Congress: 2021 (130 Congressmen)
Governors: 2022 (25 Governors)

13. KNOWLEDGE CENTER

14. Featured Content
Accessing the U.S. Capital Markets — A Brief Overview for Foreign Private Issuers
The U.S. capital markets have long been a favored destination for foreign companies wishing to raise capital or establish
a trading presence for their securities. The following information provides a general overview of the relevant laws and
regulations governing the U.S. securities markets with which foreign companies wishing to access the U.S. capital
markets should be familiar.
Foreign Private Issuer Survey - April 2018
We completed this survey to provide an overview of reporting trends and analysis of Foreign Private Issuers (FPIs), from
over 40 countries and across a range of sectors. As of 30 June 2017 there were 721 active FPI filers, which represent
unique issuers who filed at least one annual report on Form 20-F during the 24 months ended 30 June 2017.
4 key things to know on your startup’s way to a US IPO
A key consideration for a foreign company is whether it qualifies as a foreign private issuer. In the US, two tests that
determine the foreign private issuer status of prospective IPO companies are percentage of US share ownership and US
business contacts.
SEC: What Foreign Private Issuers Need to Know
On 8 August 2019, the US Securities and Exchange Commission (SEC) issued for public comment certain proposed
amendments to Regulation S-K.1 Regulation S-K principally governs the content of disclosure documents filed by US
domestic issuers.

15. Latin America Update
What Manufacturers need to Know about NAFTA 2.0
USMCA, otherwise known as NAFTA 2.0, is a renegotiation of that
deal and addresses new issues emerging around digital trade, as
well as stricter labor and environmental standards, and
intellectual property (IP) protections. While USMCA was agreed
to and signed by leaders of all three countries in November of
2018, only Mexico has ratified the deal to date. Canadian
Parliament and the U.S. Congress have yet to pass the
agreement.
60 Latin American Banks Can Now use Bitcoin for Cross-Border
Payments
A leading bank technology provider in Latin America is partnering
with cryptocurrency exchange Bitex to facilitate cross-border
payments over the bitcoin blockchain. Bantotal is a core banking
service provider based in Uruguay that services over 60 different
financial institutions across 14 different countries. According to a
Bantotal spokesperson, an estimated 20 million people use
Bantotal’s money management services.
Is Mexico’s Political Culture Undergoing a Paradigm Shift?
Mexicans are so used to the mordida system (bribe) that they
tend to see it as a feature of the natural world. For most of the
20th century, following the celebrated revolution led by Villa and
Emiliano Zapata that overturned Porfirio Diaz’s dictatorship,
Mexico’s unique ruling party, the Institutional Revolutionary Party
(PRI), put in place one of the most sophisticated systems and
cultures of corruption in human history.
Why the Rest of the World Could Push the U.S. into a Recession
It is hard to overstate the importance of international
collaboration for investigating corruption in Latin America. Simply
put, operations like Brazil’s Lava Jato would probably not have
existed without the information and technical assistance provided
by the U.S. or Switzerland—in particular, the sharing of intelligence
on financial crimes.
When Democracy Is not Enough: How Blockchain is
Revolutionizing Latin America
2019 is proving to be a challenging year for central banks and
financial institutions across the globe. Global economic growth is
slowing and a whirlwind of macroeconomic factors like the US-
China trade war, diminishing demand for commodities. Politicians
will point to these issues and suggest that the absence of
democracy is responsible for the current economic and political
malaise. However, democracy is not known for its expediency and
in truth, probably isn’t going to ‘fix’ Latin America.
Transnational Honda shuts Down Production in Argentina
Two weeks ago, the Japanese-based Honda Motor Company
announced that it will permanently end car production in
Argentina by May 2020, resulting in over 500 layoffs. Honda made
its announcement on August 13, a day after the stock market
plunged 40% and the peso lost one-fourth of its value against the
dollar. The financial shock was spurred by the results of
Argentina’s electoral primaries in which incumbent president
Mauricio Macri, a right-wing multi-millionaire, saw his vote
plummet.

16. WE ARE NURICUMBO + PARTNERS

17. 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

18. 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
PROJECT SUPPORT
NOM-035 COMPLIANCE
DEBT/EQUITY SOLUTIONS
FIDEICOMISOS FINTECH
CRISIS STRESS TESTING
PERSONAL FINANCIAL PLANNING
COMISARIOS / CONSEJEROS
ADVISORY BOARD
DIGITAL TRANSFORMATION
INNOVATION & GROWTH

19. 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.
www.nuricumbo.com / contacto@nuricumbo.com
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.
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.
Alejandro Rico
Tax Partner
KPMG. Confies.
25 years of experience.
Jose Trevino
Former NAFTA Negotiator
Comexi. 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.
Manuel Mora
Former Latam Controller
Arthur Andersen. CIT. Sony.
25 years of experience.
Former CIO
Evaristo Pulido
Former VP Structured Finance
PWC. Lala. Gicsa. ADO.
25 years of experience.
Marisol Baca
Former VP Administration
CFE. BID. Real Financiera.
25 years of experience.

20. 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.

21. Programa de Blindaje Anti-Crisis
Mayores informes: contacto@nuricumbo.com
Brexit. Trump. AMLO, China. Venezuela. La
realidad es que los factores de riesgo global
se han incrementado de manera significativa
en los últimos doce meses.
Nuestra metodología le permite identificar
acciones concretas y de corto plazo para
proteger a su empresa.
Solo hay una cosa segura: Eventualmente
habrá una crisis económica… no
sabemos si en dos semanas, o en dos
meses, o en dos años… pero
eventualmente la habrá.
Nos constituimos como un Task Force para hacer
un diagnóstico de áreas sensibles y riesgos
latentes.
Ayudamos a encontrar factores o acciones de
mitigación y apoyamos en su implementación
proactiva.
anticipan una recesión o
crisis económica hacia
2020
55%
HAN COMENZADO A
PLANEAR PARA UNA
RECESIÓN en
norteamerica
77%
Fuente: Encuesta Deloitte. North America CFO Survey Q4 2018.Al ser independientes, proporcionamos un punto
de vista claro y objetivo, sin estar comprometidos
con agendas internas, y podemos ayudar a la
organización a avanzar más rápido en un tema
tan crucial.

22. 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