Corporate presentation www.fibrashop.mx March 20191 Content Who is FibraShop?

Financial evolution

Growth strategy

Consumption behavior and demographics

Shopping center industry and e-commerce

www.fibrashop.mx 2 Who is FibraShop ? FibraShop is the only Fibra in focused on shopping centers.

18 shopping centers, and 1 more under construction, divided among three classifications: Fashion Mall, Power Center and Community Center.

Sentura Tlalnepantla is a co-investment and opened on October 2018.

We own GLA of 537,470 sqm and manage in total 617,845 sqm, including the co-investments in projects the total managed is 779,422 thousand sqm.

Solid operational structure and corporate governance that guarantee transparency, efficiency and a sustainable and profitable growth model.

3 www.fibrashop.mx Our footprint

Fashion Mall Properties Location Plaza Cibeles Irapuato La Luciérnaga San Miguel de Allende Puerto Paraíso Cabo San Lucas Kukulcán Plaza Cancún Galerías Mall Sonora Hermosillo Las Misiones Juárez Puerta La Victoria Querérato La Perla *

Power Center Properties Location Puerta Texcoco Texcoco Los Atrios Cuautla Galerías Tapachula Tapachula City Center Chiluca Esmeralda Plaza Cedros Cuernavaca Cruz del Sur Sentura * CDMX

Community Center Properties Location UC Jurica Querétaro UC Juriquilla Querétaro UC Xalapa UC Nima Shops Puerto Vallarta

www.fibrashop.mx 4 Total portfolio weighted average occupancy rate: 95.81%*

% of occupancy Shopping center 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Plaza Cibeles 99 99 99 99 99 La Luciérnaga 99 99 99 99 100 Puerto Paraíso 97 97 96 95 95 Kukulcan Plaza 82 82 83 84 85 UC Condesa 100 100 100 100 100 UC Jurica 92 92 94 99 96 UC Juriquilla 98 98 98 97 97 UC Xalapa 92 92 91 92 92 Puerta Texcoco 98 98 98 99 99 UC Nima Shops 99 99 100 100 100 Los Atrios 90 90 90 97 97 Galerias Mall Sonora 95 95 96 95 96 Galerias Tapachula 99 99 99 98 99 Las Misiones 97 97 100 100 100 City Center Esmeralda 91 91 90 90 88 Plaza Los Cedros 91 91 90 90 90 Cruz del Sur 98 98 99 100 100 Puerta La Victoria 91 91 Sentura Tlalnepantla 96 Total 95.3 95.40 95.60 95.80 95.81

• Kukulcan Plaza continues with its renovation process, so once the work is completed, the percentage of occupancy adjusted with the final GLA will be presented

www.fibrashop.mx 5 Lease agreements main characteristics Number of contracts per tenant type Average original contract term by type of tenant

Shopping center Anchor Sub Anchor Pad Tenant Other** Total* Type of tenant Average years Plaza Cibeles 4 5 1 151 79 240 Anchor 15 - 20 La Luciérnaga 1 3 4 59 21 88 Sub-Anchor 7 - 10 Pad 7 - 10 Puerto Paraíso 1 2 0 106 49 158 Tenant spaces 3 - 5 Kukulcan Plaza 1 1 0 47 7 56 Others 1 - 2 UC Condesa 0 0 0 5 3 8 UC Jurica 3 0 0 37 13 53 UC Juriquilla 1 1 0 22 9 33 UC Xalapa 1 0 1 22 8 32 Puerta Texcoco 5 8 5 76 50 144 Nima Shops 0 0 0 23 3 26 Los Atrios 4 4 4 63 30 105 Galerías Tapachula 2 9 2 76 43 132 Galerías Mall Sonora 3 7 3 111 43 167 Las Misiones 3 5 4 92 57 161

City Center Esmeralda 2 3 1 46 13 65 * It doesn’t considers tenants that are owners Plaza Cedros 2 5 0 26 16 49 of their stores Cruz del Sur 2 2 3 92 45 144 ** “Other” considers kiosks, islands, Plaza La Victoria 5 4 0 76 25 110 advertising spaces and other contracts that Sentura Tlalnepantla 2 3 0 46 10 61 are not part of the shopping center’s GLA but Total 42 62 28 1,176 524 1,832 are considered in FibraShop’s revenues

The average remaining life of s i m p l e - t e r m c o n t r a c t s i s approximately 5 years weighted by GLA .

www.fibrashop.mx 6 Well diversified tenant base

www.fibrashop.mx 7 High quality assets

The high quality of the properties is confirmed by the independent valuations year by year, we have contracted independent professionals with extensive experience for performing this valuations.

Appraisal Value Appraisal Value Change in Shopping center % 2017 2018 appraisal Plaza Cibeles 2,150 2,270 120 5.58% La Luciérnaga 314 344 30 9.55% Puerto Paraíso 1,350 1,450 100 7.41% Kukulcan Plaza 1,190 1,280 90 7.56% UC Condesa 110 110 0 UC Jurica 355 360 5 1.41% UC Juriquilla 300 330 30 10.00% UC Xalapa 210 212 2 0.95% Puerta Texcoco 1,260 1,360 100 7.94% UC Nima Shops 160 175 15 9.38% Los Atrios 670 785 115 17.16% Galerías Tapachula 680 711 31 4.56% Galerías Mall Sonora 1,340 1,500 160 11.94% Las Misiones 1,120 1,350 230 20.54% City Center Esmeralda 540 565 25 4.63% Plaza Cedros 395 302 (93) -23.54% Cruz del Sur 550 570 20 3.64% Total* 12,694 13,674 980 7.72%

• Millions of pesos

www.fibrashop.mx 8 High quality assets The high quality of the properties is confirmed by the independent valuations year by year, we have contracted independent professionals with extensive experience for performing this valuations.

Variation between Shopping center 2013 2014 2015 2016 2017 2018 cost acquisition and 2018 Plaza Cibeles 1,128 1310 1700 1,800 2,150 2,270 1,142 La Luciérnaga 268 269 277 285 314 344 76 Puerto Paraíso 1,019 960 1020 1,200 1,350 1,450 431 Kukulcán Plaza 801 889 885 880 1,190 1,280 479 UC Condesa 68 71 74 115 110 110 42 UC Jurica 238 262 280 355 355 360 122 UC Juriquilla 226 241 253 255 300 330 104 UC Xalapa 173 299 204 210 210 212 39 Puerta Texcoco 999 1100 1,145 1,260 1,360 361 UC Nima Shops 116 119 152 160 175 59 Los Atrios 500 550 590 670 785 285 Galerías Mall Sonora 650 727 871 1,340 1,500 850 Galerías Tapachula 520 560 630 680 711 191 Las Misiones 870 965 975 1,120 1,350 480 City Center Esmeralda 536 525 540 565 29 Plaza Cedros 387 385 395 302 -85 Cruz del Sur 542 530 550 570 28 Puerta La Victoria 2,857 2,800 -57 Valor Avalúo 3,921 7,956 10,179 10,902 15,551 16,474 4,576

• Millions of pesos www.fibrashop.mx 9 Our core business: shopping center operation FibraShop’s business model is focused on the administration and operation of shopping centers that are part of our portfolio, we are not an asset manager. We are continuously seeking to optimize our properties to have shopping centers that better meet the needs of our tenants and end consumers. Some of our recent expansions show our commitment, among which are:

E x p a n s i o n o f Renovation of commercial A d d i t i o n o f A n c h o r A d d i t i o n o f A n c h o r commercial track (20,058 track. Additionally, we (Fábricas de Francia now (Fábricas de Francia now s q u a re m e t e r s ) a n d built open spaces on the ) store with Liverpool) with 6,505 addition of Sears store second level, simplifying 6,270 square meters and square meters. and a new parking lot. its lines and giving it a renovation of commercial m o r e c o n t e m p o r a r y track. design.

Plaza Puerto Puerta Plaza Los Cibeles Paraíso Texcoco Atrios

Expansion of an anchor Expansion of commercial A d d i t i o n o f A n c h o r Addition of Anchor () Cinemex with 2,287 track (18,860 sqm) addition Cinépolis with 2,637 and Sub-Anchor (Forever square meters complex of anchor Liverpool as well meters complex. 21), new restaurants and and a new parking lot. as new renovated spaces open spaces. We are and a parking deck. renovating the commercial track. We are focused on creating new shopping experiences Galerías City Center Kukulcán UC Jurica Bosque Mall Sonora Esmeralda Plaza

www.fibrashop.mx 10 Content

Who is FibraShop?

Financial evolution

Growth strategy

Consumption behavior and demographics

Shopping center industry

www.fibrashop.mx 11 Solid growth

Between 4Q 2017* and 4Q 2018, EBITDA rose from Ps. 226.2 million to Ps. 264.14 million, representing an increase in our EBITDA margin of close to 17%

Revenue EBITDA

+14,71% +16.74%

Margen NOI & NOI EBITDA +12.87%

* First full quarter of operations www.fibrashop.mx 12 Quarterly growth

Type of tenant 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018* Anchor 58,877 63,019 65,106 66,025 65,228 Sub-Anchor 53,241 50,675 50,157 51,097 56,919 Stores 195,598 204,004 206,539 215,117 224,703 Parking 16,322% 15,446% 18,449 19,997 24,585 Total 324,037 333,145 340,252 352,235 371,435

*Sentura’s NOI is considered as revenue for comparison purposes. In the financial statements, following the IFRS 28 related to Investments in Associates and Joint Business, the participation is reflected below the Integral Financial Result.

Type of tenant 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Anchor 18% 19% 19% 19% 18% Sub-Anchor 16% 15% 15% 15% 15% Stores 60% 61% 61% 61% 60% Parking 5% 5% 5% 6% 7% Total 100% 100% 100% 100% 100%

Parking Anchor Sub Anchor Tenant spaces

www.fibrashop.mx 13 Quarterly growth

The following table shows the variations observed between 3Q2018 and 4Q2018

3Q 2018 4Q 2018 Variation Revenues 350.86 371.71 5.95% Operating expenses 96.78 107.62 11.2% Operating income 254.08 264.1 3.95% Net income (excluding revaluation) 131.36 124.69 -5.07% Net income per CBFI (excluding 0.2613 0.2480 -5.08% revaluation) EBITDA Margin 72.42% 71.05% -1.89% NOI 267.41 277.95 3.94% NOI Margin 76.22% 74.78% -1.89%

The following table compares the portfolio at same-store sales with the same previous year quarter:

4Q 2017 4Q 2018 Variation Total revenues 324.04 360.82 11.35% Total expenses 58.48 70.61 20.74% NOI Shopping Center Level 265.56 290.21 9.29% NOI Margin Shopping Center Level 81.95% 80.43% -1.86%

www.fibrashop.mx 14 Net income per CBFI

The solid results of FibraShop have allowed us to return attractive distributions to our CBFI holders, which is reflected in a competitive dividend yield from quarter to quarter.

Net income per CBFI Annual Rate*

24.80 134% 799 bp

* Average price in the period

www.fibrashop.mx 15 Net income from quarterly operation per CBFI(cents)

These numbers do not reflect the current expansion investment in the portfolio (Kukulcan Plaza), as well as new co-investment projects ( La Perla) and the maturation of Puerta La Victoria, Sentura and the expansion of Galerias Mall Sonora.

Quarterly net income derived from operations The Net Profit per CBFI (mxp.cents per CBFI) returned to its best value 31.29 32 c) 30.53 e) Y f) 29.01 28.95 28.01 27.65 27.5 d) 26.93 26.6 27.06 26.03 b) 26.25 26.48 26.13 24.82 24.8 23.51 24 23.33 22.92

19.59 18.5 a) 16 14.49

8

0 3Q' 13 4Q' 13 1Q' 14 2Q' 143Q' 14 4Q' 14 1Q' 15 2Q' 15 3Q' 154Q' 15 1Q' 16 2Q' 16 3Q' 16 4Q' 161Q' 17 2Q' 17 3Q' 17 4Q' 17 1Q' 182Q' 18 3Q' 18 4Q' 18 a) The 3Q 2013 presented 67 days of operations b)The 1Q 2015 subscribed 160 million CBFI’s, exclusive for tenants of CBFI’s with a price of 17.50 per share. c) Uplift effect on interest rates by Banco de Mexico d) In the 1Q 2017, the buyback fund was created, 22,078,997 CBFI’s were repurchased. e) In the 4Q 2017, 10,500,000 million CBFI’s were submitted as part of the liquidation of Kukulcán and 31,611,435 for the acquisition of Puerto La Victoria, f) Although the increase in interest rates, the dividend per certificate returned to its best levels; primarily because of the operative efficiency, increase on the occupational levels and renewals of the contracts above inflation. www.fibrashop.mx 16 Despite the increase in the financial cost, we have recovered the profits levels

Historical Net Profit and financial cost

180.00 10.00%

160.00 9.00%

140.00 8.00%

120.00 7.00% 100.00 6.00% 80.00 5.00% 60.00 4.00% 40.00 3.00% 20.00

2.00% 0.00

-20.00 1.00% 3Q-2013 4Q-2013 1Q-2014 2Q-2014 3Q-2014 4Q-2014 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016 2Q-2016 3Q-2016 4Q-2016 1Q-2017 2Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 -40.00 0.00%

www.fibrashop.mx 17 Solid sources of funding

•Total offer in Mexico: 4,209.8 MNP 5,466 MNP •Total offer abroad: 1,256.5 MNP July IPO 2013

•TIIE + 125 to 200 bp margin July •2,200 MNP were tapped Bridge 3,200 MNP •Payment made in June 2015 2014 Plan

•112,650,311 certificates March 1,996 MNP • Used for acquisitions, expansions and general corporate 2015 Subscription uses.

•TIIE + 90 bp, 5 year bullet. Demand exceeded 1.21 June times the issued amount. 2015 Fshop 15 3,000 MNP •Used to pay down the revolving credit line, acquisitions, Bond expansions and general corporate uses

•TIIE + 150 bp, 3 year bullet. June Revolving •Syndicate banks include Actinver, BBVA Bancomer, 3,200 MNP HSBC, Banco Sabadel and Santander 2016 Credit

June Fshop 17 • FSHOP 17, Ps. 1,400 million, 5-year maturity and a 2017 y 17-2 reviewable rate (linked to the a 28-day TIIE).. 3,000 MNP • FSHOP 17-2, Ps. 1,600 million, 10-year maturity and a Bond fixed rate .

www.fibrashop.mx 18 Solid credit profile FibraShop has a solid credit profile, as seeing in the credit ratings assigned by the rating agencies of AA+ by HR Ratings and AA by Fitch Ratings.

Current Liabilities

www.fibrashop.mx 19 Hedging strategy

FibraShop currently has three issues of bonds in the markets and a revolving credit line with the following characteristics:

Revolving Credit FSHOP 15 FSHOP 17 FSHOP 17-2 Line

Type Bond Bond Bond Credit line

Term 5 years 5 years 10 years 3 years

Expiration Jun-2020 Jun-2023 Jun-2027 Jun-2019

Rate TIIE + 90 PB TIIE + 125 PB M bono + 250 PB TIIE + 150 PB

Amount (mdp) 3,000 1,400 1,600 3,200

Amount set 3,000 1,400 1,600 1,895

Guarantee S / G S / G S / G Mortgage

www.fibrashop.mx 20 Hedging strategy

The FSHOP 15 bond is fully covered for an amount of 3,000 mdp, they are TIIE swaps vs. fixed rate, without guarantees or margin calls, with mirror flows of the FSHOP 15 coupons.

Swap rate plus Notional Covered Bond Swap rate spread (90 PB) (mdp)

FSHOP 15 7.46% 8.36% 1,000 FSHOP 15 7.24% 8.14% 1,000

FSHOP 15 8.18% 9.08% 1,000

7.6250% 8.53% Weighted average rate

www.fibrashop.mx 21 Distribution of debt at a fixed and variable rate

FibraShop has 58% of the total debt arranged.

Fixed rate (58%) Amount (mdp) Rate FSHOP 15 Swap rate 3,000 8.53%*

FSHOP 17-2 M Bono 1,600 9.13% Total 4,600 8.74%*

Variable rate (42%) Amount (mdp) Rate FSHOP 17 TIIE + 125 PB 1,400 9.84% Credit line TIIE + 150 PB 1,895 10.09%

3,295 9.99%*

TOTAL DEBT 7,895 9.27%

*Weighted average rate (includes the spread on TIIE)

www.fibrashop.mx 22 Content Who is FibraShop?

Financial evolution

Growth strategy

Consumption behavior and demographics

Shopping center industry

www.fibrashop.mx 23 Growth strategy’s FibraShop growth strategy is divided in two:

Organic growth Inorganic growth

Expansions of our Incorporation of our Acquisition of shopping Development of shopping shopping centers shopping centers. centers. centers 8 expansions, one of them Entry of internationally renowned 10 Shopping centers, which Co-investments under construction, this brands. represent 341,843 sqm of GLA. expansions transform into more Development than 71,000 sqm of new GLA

www.fibrashop.mx 24 Recent Acquisitions – La Perla

Distrito la Perla is a multiple use complex of approximately 100,000 sqm located in Guadalajara, , and the estimated delivery date will be the first quarter of 2020.

It is the second co-investment of FibraShop. FibraShop Investment: 1,374.15 millions of pesos for 25% of fiduciary rights. During the first year of operation will expect 482.91 millions of pesos (120.7 corresponds to FibraShop), the estabilized NOI corresponding to FibraShop will be 134.08 millions of pesos.

The Cap Rate of the transaction was 9.1%.

And FibraShop will be the operator, and will receive a fee of 2.5% of the total income.

Today we have signed contracts for 45% of the GLA (with brands like Liverpool, Cinepolis, Energy Fitness, American Eagle, H&M, Recorcholis, Sfera, Wiliams Sonoma) and an additional 10% in the negotiation process.

www.fibrashop.mx 25 Recent Acquisitions – Sentura

Sentura Tlalnepantla is a multiple use complex of 31,577 sqm, located in the North of , opened on October 2018.

It was the first co-investment, FibraShop acquired 35% of fiduciary rights for an investment of 407 millions of pesos. The estimated NOI during the first year of operation will be 99.3 millions of pesos (34.8 will correspond for FibraShop).

Actually the occupancy rate is 96% with brands like Chedraui, Cinépolis, Miniso, Vips, K1 speed, Smart Fit, among others.

The complex ´s hotel began operations in mid- October 2018 and the offices have important advances in its construction.

www.fibrashop.mx 26 Recent Acquisitions – Puerta La Victoria

Puerta la Victoria is a multiple use complex of 57,240 sqm, located in Santiago de Querétaro, and opened on October 2017.

FibraShop invested 2,762 millions of pesos, 75% was payable in cash, and the remaining 25% with CBFIs at price of 17.10 per CBFI.

The expected NOI at the second year will be 220 millions of pesos.

Actually the occupancy rate is 91% with brands like Sears, Cinépolis, H&M, Forever 21, Coppel, Sanborns, Smart Fit, U-Storage, Recorcholis, Innova Sport, Lefties, Petco, Sonora Grill, Pull and Bear, Bershka, Sfera, among others.

www.fibrashop.mx 27 Recent Event– Sale of Urban Center Condesa

On January 10, 2019, FibraShop closed the sale of Urban Center Condesa.

Located in Mexico City, Urban Center Condesa has a 100% occupancy rate. The sale price amounted to approximately 5% above the book value and 23% above the initial contribution price.

The implicit CAP rate for this transaction was close to 7%. The purchaser, Series Holdings, is a company focused on the acquisition and operation of properties in the metropolitan area of Mexico City. Series Retail Holdings is supported by an international private equity fund with more than USD$ 8 billion under management.

The sale of Urban Center Condesa launches the corporate strategy to recycle assets that have achieved maximum potential value with a stabilization of 100% and a relevant compression CAP rate. All proceeds from the transaction will be invested in projects to generate greater returns and improve the company’s balance sheet.

www.fibrashop.mx 28 New Distribution policy

On February 14, the Technical Committee of FibraShop approved to create an additional reserve of CAPEX. This reserve, for the year 2019, will be around Ps. 55 million, which will be subtracted from the profit of the period during the four quarters, reducing in the same proportion the distribution to investors. The said amount, for purposes of this report, will be denominated net income adjusted by Capex.

The Committee also approved a change in the quarterly distributions, with the purpose of these resources will be used by FibraShop in projects that generate added value, growth and strategic investments, and as a result FibraShop will distribute a smaller amount of the net income adjusted by Capex. FibraShop will pay a minimum of 80 cents per certificate per year as long it has the resources available.

Among the projects authorized by the Technical Committee in which these resources will be invested, which will not be distributed to the market, are the following:

a) Renewable energy project: The project consists of installing solar panels in some of FibraShop’s properties. The investment will be approximately Ps. 140 million, and as a result the return of the investment (IRR) is estimated at around 18.

b) Strategic projects: We would seek to continue growing and strengthening our portfolio of shopping centers. Investment in these projects would be approximately Ps. 120 million and is estimated that they could generate an approximate return of 15%.

www.fibrashop.mx 29 Content

Who is FibraShop?

Financial evolution

Growth strategy

Consumption behavior and demographics

Shopping center industry

www.fibrashop.mx 30 Solid internal consumption in Mexico

Annual Internal Market Private Consumption Indicator 7.0% 5.4% 5.5% 4.9% 5.3% 4.7% 3.0% 3.2% 3.2% 3.5% 2.8% 2.4% 1.8% 2.1% 2.0% 1.8% 0.0% -1.8% -3.5% -5.3% -6.1% -7.0% 2006 2008 2010 2012 2014 2016 2018

% SS TS Monthly Internal Market Consumption Annual total credit consumption portalio Indicator 2017-2018 growth 7.00% 1,000,000

5.25% 975,000 3.50% 950,000 1.75%

0.00% 925,000

-1.75% 900,000 2017 2018

Goods Service National Total 5/2/2017 7/2/2017 9/2/2017 1/2/2018 3/2/2018 5/2/2018 7/2/2018 9/2/2018 11/2/2017 11/2/2018

Source: INEGI, ANTAD, CNBV

www.fibrashop.mx 31 GDP for the fourth quarter of 2018 (Percentage change in real terms compared to the same period last year)

2017 2018 Concept I II III IV I II III IV Total GDP at Market prices 3.2 3.1 1.6 1.5 2.1 1.5 2.5 1.7 4.3 6.3 2.9 2.0 3.7 1.1 3.1 3.4

Primary Activities

Agriculture, animal breeding and 4.8 2.8 1.4 3.4 2.9 1.4 2.3 2.7 exploitation, forestry, fishing and hunting 11 Secondary Activities 0.2 0.4 -0.6 -0.6 0.2 0.1 1.0 -0.8 21 Mining -9.3 -6.3 -9.5 -7.6 -5.7 -6.2 -3.1 -7.2

Generation, transmision and distribution of electricity, water and gas by pipeline to the 0.5 -0.2 -1.5 -0.2 1.2 1.3 4.1 1.7 final consumer 22 23 Construction -0.8 -1.3 -0.8 -0.6 2.4 1.2 0.8 -2.0 31-33 Manufacturing industries 4.4 3.8 2.8 1.8 1.1 1.6 2.2 1.6 Tertiary activities 4.1 4.2 2.5 2.4 2.8 2.3 3.2 2.7 43 Wholesale trade 2.4 4.0 5.4 6.0 4.9 1.3 1.8 1.7 46 Retail trade 5.9 7.4 -0.2 1.0 5.1 1.4 5.7 3.0 48-49 Transporting and storage 5.4 5.7 3.6 4.0 3.7 2.7 3.7 2.1 51 Mass media information 11.3 9.9 8.5 5.4 4.1 7.6 4.4 8.1 52 Financial services and insurance 6.9 6.9 5.5 4.0 3.1 4.6 8.1 9.0 Real estate and rental of personal property 3.2 1.4 1.0 0.6 0.7 2.2 2.3 2.3 53 and intangible services Professional, scientific and technical 6.5 4.2 -4.5 -4.2 -1.7 -1.4 3.3 3.5 54 services

www.fibrashop.mx 32 Solid internal consumption in Mexico GDP for the forth quarter of 2018 (Percentage change in real terms compared to the same period last year)

Source: INEGI

www.fibrashop.mx 33 Largest cities in Mexico 20 most populated entities 2,000 1,815.8 1,656.1 1,559.7 1,539.8 1,495.2 1,436.5 1,500 1,332.1 1,243.8 1,185.8 1,135.6 1,110.6 936.8 1,000 858.6 833.8 830.7 819.6 819.5 801.9 797.0 790.0 Population 500

0

León

Toluca Puebla Juárez Mérida Tijuana Mexicali Zapopan Culiacán

Iztapalapa Monterrey Querétaro Chihuahua

Guadalajara

Nezahualcóyotl Aguascalientes

Gustavo A. Madero Acapulco de Juárez

Ecatepec de Morelos Naucalpan de Juárez Annual growth Annual growth Region Range / Region Northeast Northwest Center South # of entities 1990-2000 2000-2010 Center 1.85% 1.35% 0 to 250K 118 192 1,153 903 2,367 Northeast 2.42% 1.72% 250K to 600K 9 8 33 4 54 South 2.21% 1.78% 600K to 1M 4 4 12 4 24 Northwest 2.14% 2.01% > 1M 1 2 8 0 11 Total 2.00% 1.52% Total 132 206 1,206 911 2,456 Habitants 97,483,412 112,336,538 Source: INEGI

www.fibrashop.mx 34 Income distribution

Cities with Income Cities with over Cities with over 50K-400K MAMC Guadalajara Monterrey Average level 400K habitants 400K habitants* habitants A/B 6.30% 6.80% 7.10% 5.50% 10.50% 7.90% 7.37% C+ 13.40% 14.30% 14.50% 12.70% 17.20% 16.80% 14.82% C 18.20% 16.90% 17.10% 15.60% 19.40% 19.80% 17.83% C- 18.20% 17.00% 17.00% 16.60% 17.70% 18.20% 17.45% D+ 19.70% 18.40% 18.50% 18.00% 19.20% 19.70% 18.92% D 18.50% 19.20% 17.90% 23.10% 12.10% 14.90% 17.62% E 5.70% 7.40% 7.80% 8.50% 3.90% 2.70% 6.00%

Source: Asociación Mexicana de Agencias de Investigación de Mercado y Opinión Pública, A.C *Excluding MAMC, GDL and MTY 76.38% Level

The map shows welfare level on a scale of 1 to 7, where 1 is the lowest and 7 the highest.

Source: INEGI

www.fibrashop.mx 35 Content

Who is FibraShop?

Financial evolution

Growth strategy

Consumption behavior and demographics

Shopping center industry and e-commerce

www.fibrashop.mx 36 Shopping centers in Mexico Total inventory: 23,172,050 m2 and 1,869,994 m2 in construction

The year 2018 closed with a total of 46 shopping centers under construction, from which 14 are located in the Mexico City Metropolitan Area and 8 in Nuevo Leon.

Community/Neighborhood Center LifeStyle/Entertainment Center Metropolitan Power Center Center Mix-usage complex Northeast Regional Mall Southeast Outlet West Fashion Mall Northwest Southwest Source: CBRE, ”Insight Retail” 2019

Regional Mall: Closed shopping centers that have at least one anchor store (typically a department store), a cinema complex and a large fast food area. It serves an entire population in a zone of an area in a municipality. Super Regional Mall: Similar to a regional center, but larger in size, a super regional center has more than one anchor store and a wide variety of goods, attracting a larger population. Fashion Mall: A shopping center located in a central area or decent neighborhood, generally not anchored by or restaurant but has multiple clothing and accessories boutiques, many of which of are known brands. Outlet: Usually in peripheral locations, outlet malls offer brand good at discount prices. Neighborhood Center: A center designed to supply convenience products and services that meet the daily needs of consumers in the neighborhood. According to the SCORE publication by ICSC, approximately half of these centers are anchored by a supermarket, while a third of them have a pharmacy as the anchor. The anchor stores are typically supported by other stores selling drugs, a variety of articles, coffee shops and personal services. Community Center: A community center typically offers a wide range of clothing and other product stores that are not part of a neighborhood center. Among the typical anchor stores are supermarket, large pharmacies and discount department stores. Power Center: A power center is dominated by several large anchors, including discount department stores, stores offering goods at discount, club-type stores or those “dominating category” stores. Mixed Use: Developments that combine different land uses in various modalities; they can usually have combinations of residential, commercial, hospitality and office land uses. Lifestyle Center: Lifestyle centers have become an alternative to the traditional town square, and are characterized by a large proportion of entertainment retail such as restaurants, cafes and specialty store. These centers are often open air malls, but can also be enclosed and usually feature ample atriums for visibility.

www.fibrashop.mx 37 Global square feet prices

MOST EXPENSIVE LOCATIONS BY COUNTRY RENT Q2 2016 RENT Q2 2016 RANK RANK Country City Location US$/SQ M/ EURO/SQ M/ OUTLOOK 2016 2015 YEAR YEAR

1 1 USA New York Upper 5th Avenue (49th-60th Sts) 32,292 29,066

2 2 Hong Kong Hong Kong Causeway Bay 30,979 27,884

3 3 France Paris Avenue des Champs Élysées 14,725 13,255

4 4 United Kingdom London New Bond Street 13,810 12,434 5 8 Japan Tokyo Ginza 13,444 12,103

6 5 Italy Milan Via Montenapoleone 13,337 12,000

7 6 Australia Sydney Pitt Street Mall 10,420 9,383 8 9 South Korea Seoul Myeongdong 9,774 8,794 9 7 Switzerland Zurich Bahnhofstrasse 9,343 8,408 10 10 Austria Vienna Kohlmarkt 5,134 4,620

39 Brazil Rio de Janeiro Garcia D'avilla (Ipanema) 1,216 1,096

42 Colombia Bogota Zona T - 82 Calle 1,076 972 43 43 Mexico Mexico City Masaryk 1,076 972 64 Peru Lima San Isidro 431 389

A study conducted among 71 countries to analyze which is most expensive city in terms of rent per square foot, places Mexico in rank 43, below comparable countries like Brazil (13% above) and showing a tendency of future rent increase. Source: http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/ www.fibrashop.mx 38 Square meter pricing in the main commercial corridors of Latin America

END 2017 RENT RENT RENT RENT ANNUA TREND COUNTR LOCAL US$/SQ EURO/SQ CONTINENT CITY LOCATION JUNE JUNE L (COMPAR Y MEASURE M/YR M/YR 15 16 RG ED JUNE 16 JUNE 16 TO 2016) NORTH AMERICA USD/ sq m/ North America Mexico Mexico City Masaryk 92 90 -2.20% 1,076 972 month USD/ sq m/ North America Mexico Mexico City Madero Street 89 87 -2.20% 1,044 940 month USD/ sq m/ North America Mexico Mexico City Altavista Street 36 35 -2.20% 420 378 month Calzada del USD/ sq m/ North America Mexico Monterrey 55 51 -7.30% 612 551 Valle month SOUTH AMERICA Visconde de BRL/sqm/ South America Brazil Rio de Janeiro 117 117 0.00% 437 393 Pirajá month BRL/sqm/ South America Brazil Rio de Janeiro Garcia Dávilla 325 325 0.00% 1,217 1,096 month Oscar Freire BRL/sqm/ South America Brazil Sao Paulo 210 210 0.00% 787 708 Jardins month Haddock BRL/sqm/ South America Brazil Sao Paulo 120 120 0.00% 450 405 Lobo month Alameda BRL/sqm/ South America Brazil Sao Paulo 125 125 0.00% 468 421 Lorena month BRL/sqm/ South America Brazil Sao Paulo Bela Cintra 130 130 0.00% 487 438 month Zona T - 82 USD/sqm/ South America Colombia Bogota 90 90 0.00% 1,080 972 Calle month USD/sqm/ South America Peru Lima Otros 35 34 -1.40% 408 367 month USD/sqm/ South America Peru Lima San Isidro 42 36 -14.30% 432 389 month

Source: www.fibrashop.mx 39 http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/ Key markets for retailers

Leading retailers by city Leading retailers by country City Rankings % of % of % of Rank retailers retailers Rank Rank % of retailers retailers Rank Country Country City 2017 present in present 2016 2017 present in 2017 present in 2016 2016 2017 in 2016 United Arab United Arab 1 Dubai 62% 62% 1 1 62% 62% 1 Emirates Emirates 2 China Shanghai 55% 56% 2 2 China 59% 60% 2 3 United States 53% 52% 4 3 United Kingdom London 52% 53% 3 4 United Kingdom 53% 53% 3 United Arab 5 Germany 52% 51% 5 4 Abu Dhabi 51% 51% 4 Emirates 6 Hong Kong 49% 49% 6 5 France Paris 48% 49% 5 6 France 49% 48% 7 6 Hong Kong Hong Kong 47% 47% 6 8 Singapore 48% 48% 8 7 Singapore Singapore 47% 47% 7 9 Qatar 46% 46% 9 8 United States New York 46% 47% 7 10 Russia 46% 45% 12 9 Qatar Doha 45% 46% 9 11 Japan 46% 46% 11 11 Spain 46% 46% 10 9 Russia Moscow 45% 44% 10 13 India 45% 45% 13 14 Italy 45% 45% 13 38 Colombia 28% 27% 39 1545 MexicoBrazil 23%44% 23%43% 4516 48 Chile 21% 21% 48 58 Argentina 13% 13% 58 59 Peru 10% 10% 59 60 Venezuela 9% 9% 60 61 Colombia 8% 7% 61

Source: CRBE – “How global is the business of retail -2018” (sample of 334 companies in diverse segments of leading retailer that are represented in the global market with a footprint in 61 countries)

www.fibrashop.mx 40 E-commerce in U.S.

More than 90% of retail sales still occur in physical stores.

Today e-commerce accounts for less than 9% of total retail. In fact, more than 50% of e-commerce retail last year were by brinck-and-mortar brands. Pure play e-retailers accounted for less than 4% of total retail sales.

U.S. consumers prefer combining online and in-store shopping, making omnichannel platforms critical to retailer growth.

To execute omnichannel effectively, most brick and mortar brands are restructuring In-Store industrial footprints and supply chain Internet sales of brick-and-mortar retailers strategies to enable faster and more Internet sales of pureplay e-tailers cost-effective delivery to consumers

Source: CBRE research www.fibrashop.mx 41 E-commerce in Mexico

Internet users in Mexico Electronic transactions in Mexico (2018) by users

Population which have 40.4 Millions of people made transactions on do not use internet internet 20.4 % 36.1 %

Main internet activities: Get Information Entertaiment Communication Audio Visual Content Social Media Books and magazines Government Servicies Shop on Line 79.6 % of the Bank Transactions 71.3 Millions of people population have not still use internet 63.9% made transactions on internet

Source: INEGI, ENDUTIH (Encuesta Nacional sobre Disponibilidad y Uso de Tecnologías de la Información en los Hogares, 2017 www.fibrashop.mx 42 E-commerce in Mexico

According to ISDI (Instituto Superior para el Desarrollo de Internet) the growth in e- commerce sales in Mexico will reach 2.6% of total retail sales in 2019. While in Brazil it could reach 4.6%, almost double.

The Mexico´s e-commerce ecosystem is represented by the following sectors:

• Services • Education & Entertainment • Consumer Goods • Home & Family • Beauty & Fashion • Foos & Beverage • Mobility & Travel • Electronics • Healthcare & Wellness • Bricks & Clicks • Real State • Platform Development • Logistics • Payments www.fibrashop.mx 43 E-commerce in Mexico

According to INEGI (Instituto Nacional de Estadística y Geografía), the upwards trend for people going to physical stores relies on the lack of credibility for the e-commerce models. The following tendencies are the main concerns of e-commerce users in Mexico.

Source: INEGI, ENDUTIH 2018 www.fibrashop.mx 44 Challenges for e-commerce in Mexico

Delivery infrastructure and cost 72% of the e-commerce clients do not receive on time their orders and the cost is still high compare with others countries

Bank on Line

82% of Mexican society does not have a credit card and 61% does not have bank account Internet Access Internet connectivity has been an issue due to the fact that it is correlated to average wage. The south región of Mexico which includes the poorest states presents the lowest percentage of internet users in the country.

Source; Banco de Mexico 2018,, http://www.anterior.banxico.org.mx/sistemas-de-pago/informacion-general/sistemas-de- pago-de-bajo-valor/operaciones-comercio-electron.html www.fibrashop.mx 45 E-commerce in Mexico

Mexican spending is still low: about 819 dollars per year per person, while in Brazil it is 900 dollars and in the United States it is 1,700 dollars. Therefore, in recent years, efforts have been made by the retail sector to promote Sales through discounts and promotions. Of them, the most successful has been the “Buen Fin", which in 2017 celebrated its seventh edition and, according to the first estimates, it reached 92,700 million pesos.

Mercado Libre, Linio, Amazon, Wal-Mart Stores and El Puerto de Liverpool are the leading online stores in Mexico and together they represented 7.2% of total e-commerce in Mexico in 2016.

Mercado Libre was the main operator in 2016, with sales of 434.60 million dollars, followed by Linio of Rocket Internet (265.40 million), Amazon (253 million), (252.2 million) and Liverpool (79.10 million), the only Mexican in the group.

Source: Insight e-commerce, Endeavor México www.fibrashop.mx 46 E-commerce in Mexico

Consumer habits in Mexico reflect that people prefer to shop in the physical store, a significant percentage of consumers search online but materialize their purchases in stores.

Some of the main operators such as Walmart and Liverpool have implemented omnichannel strategies, which complement their sale in physical stores with the growth strategy in online sales.

www.fibrashop.mx 47 Contacts

Salvador Cayón Ceballos, CEO [email protected]

Gabriel Ramírez Fernández, CFO [email protected]

Irvin García Millán, Controller [email protected]

Tel. (5255) 5292 1160

www.fibrashop.mx 48 Disclaimer

About FibraSHop

FibraShop (BMV: FSHOP13), is the only real estate option in Mexico offering a specialization in the shopping malls segment that has a long-track experienced management in the commercial sector, a solid operating and corporate governance structure, which guarantees transparency, efficiency and a profitable and secure growth vehicle.

FibraShop is an infrastructure and real estate trust formed to acquire, posses, administer and develop real estate in the shopping center segment in Mexico. The initial portfolio includes eight properties in four states of the Mexican Republic and one in Mexico City. FibraShop is administered by a group of experienced management specialized in the industry with a long track record and is advised externally by Fibra Shop Portafolios Inmobiliarios, S.A.P.I. de C.V.

FibraShop’s goal is to provide attractive returns to CBFIs holders, through the stable distribution and capital appreciation.

Forward Looking Statements

This report may contain certain forward-looking statements. Said forward-looking statements are not based on historic events but on the current views of the administration. We caution that certain declaration or estimates imply risks and uncertainties that can changed due to different factors that are not under the Company’s control.

www.fibrashop.mx 49