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www.fibrashop.mx �1

Corporate presentation March 2019

www.fibrashop.mx

Content

Who is FibraShop?

Financial evolution

Growth strategy

Consumption behavior and demographics

Shopping center industry and e-commerce

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www.fibrashop.mx

Who is FibraShop ?FibraShop is the only Fibra in Mexico 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.

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Our footprint

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Properties LocationPlaza Cibeles IrapuatoLa Luciérnaga San Miguel de

AllendePuerto Paraíso Cabo San

LucasKukulcán Plaza Cancún Galerías Mall Sonora HermosilloLas Misiones JuárezPuerta La Victoria QuerératoLa Perla * Guadalajara

Properties LocationPuerta Texcoco TexcocoLos Atrios CuautlaGalerías Tapachula TapachulaCity Center Esmeralda

Chiluca

Plaza Cedros CuernavacaCruz del Sur PueblaSentura * CDMX

Properties LocationUC Jurica QuerétaroUC Juriquilla QuerétaroUC Xalapa XalapaUC Nima Shops Puerto Vallarta

Fashion Mall

Power Center

Community Center


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 99La Luciérnaga 99 99 99 99 100Puerto Paraíso 97 97 96 95 95Kukulcan Plaza 82 82 83 84 85UC Condesa 100 100 100 100 100UC Jurica 92 92 94 99 96UC Juriquilla 98 98 98 97 97UC Xalapa 92 92 91 92 92Puerta Texcoco 98 98 98 99 99UC Nima Shops 99 99 100 100 100Los Atrios 90 90 90 97 97Galerias Mall Sonora 95 95 96 95 96Galerias Tapachula 99 99 99 98 99Las Misiones 97 97 100 100 100

City Center Esmeralda 91 91 90 90 88

Plaza Los Cedros 91 91 90 90 90Cruz del Sur 98 98 99 100 100Puerta La Victoria 91 91Sentura 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


Number of contracts per tenant type

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 .

Type of tenant Average yearsAnchor 15 - 20Sub-Anchor 7 - 10Pad 7 - 10Tenant spaces 3 - 5Others 1 - 2

Average original contract term by type of tenant

* It doesn’t considers tenants that are owners of their stores ** “Other” considers kiosks, is lands, advertising spaces and other contracts that are not part of the shopping center’s GLA but are considered in FibraShop’s revenues

Lease agreements main characteristics Shopping center Anchor Sub Anchor Pad Tenant Other** Total*

Plaza Cibeles 4 5 1 151 79 240La Luciérnaga 1 3 4 59 21 88

Puerto Paraíso 1 2 0 106 49 158

Kukulcan Plaza 1 1 0 47 7 56UC Condesa 0 0 0 5 3 8UC Jurica 3 0 0 37 13 53

UC Juriquilla 1 1 0 22 9 33

UC Xalapa 1 0 1 22 8 32Puerta 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 132Galerías 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

Plaza Cedros 2 5 0 26 16 49

Cruz del Sur 2 2 3 92 45 144

Plaza La Victoria 5 4 0 76 25 110Sentura Tlalnepantla 2 3 0 46 10 61

Total 42 62 28 1,176 524 1,832


Well diversified tenant base


High quality assetsThe 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.

• Millions of pesos

Shopping center Appraisal Value  2017 Appraisal Value  

2018Change in  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 0UC 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%


High quality assets

Shopping center 2013 2014 2015 2016 2017 2018

Variation between

cost acquisition

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

Valor Avalúo 3,921 7,956 10,179 10,902 15,551 16,474 4,576

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.

• Millions of pesos


Our core business: shopping center operationFibraShop’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 commercial track (20,058 squa re me te r s ) and addition of Sears store and a new parking lot.

Plaza Cibeles

Renovation of commercial track. Additionally, we built open spaces on the second level, simplifying its lines and giving it a m o re c o n t e m p o r a r y design.

Puerto Paraíso

Puerta Texcoco

Plaza Los Atrios

UC Jurica Galerías Mall SonoraCity Center Bosque Esmeralda

Kukulcán Plaza

Renovation of commercial track. Additionally, we built open spaces on the second level, simplifying its lines and giving it a m o re c o n t e m p o r a r y design.

A d d i t i o n o f A n c h o r (Fábricas de Francia now Liverpool ) store with 6,270 square meters and renovation of commercial track.

A d d i t i o n o f A n c h o r (Fábricas de Francia now Liverpool) with 6,505 square meters.

Expansion of an anchor C inemex w i th 2 ,287 square meters complex and a new parking lot.

Expansion of commercial track (18,860 sqm) addition of anchor Liverpool as well as new renovated spaces and a parking deck.

A d d i t i o n o f A n c h o r Cinépol is with 2,637 meters complex.

Addition of Anchor (Soriana) and Sub-Anchor (Forever 21), new restaurants and open spaces . We a re renovating the commercial track. We are focused on creating new shopping experiences

www.fibrashop.mx

Content

Who is FibraShop?

Financial evolution

Growth strategy


Shopping center industry

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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%

* First full quarter of operations �12

Revenue

+14,71%

EBITDA

+16.74%

NOI

+12.87%

Margen NOI & EBITDA

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Quarterly growth

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Parking AnchorSub Anchor Tenant spaces

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

Type of tenant 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018Anchor 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%

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Quarterly growth

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

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

4Q 2017 4Q 2018 VariationTotal 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%

3Q 2018 4Q 2018 VariationRevenues 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 revaluation) 0.2613 0.2480 -5.08%

EBITDA Margin 72.42% 71.05% -1.89%NOI 267.41 277.95 3.94%NOI Margin 76.22% 74.78% -1.89%

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Net income per CBFIThe 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.

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24.80

Net income per CBFI Annual Rate*

* Average price in the period

799 bp134%

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Net income from quarterly operation per CBFI(cents)

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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.

Quarterly net income derived from operations  (mxp.cents per CBFI)

0

8

16

24

32

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

24.826.1326.48

27.06

28.9530.53

26.25

22.92

26.627.5

29.0127.6528.01

26.93

24.8223.33

31.29

26.03

23.51

19.5918.5

14.49a)

b)

c)

d)

e) Y f)

The Net Profit per CBFI  returned to its best value

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.


Despite the increase in the financial cost, we have recovered the profits levels

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

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

Historical Net Profit and financial cost


IPO

Bridge Plan

Subscription

Fshop 15 Bond

Revolving Credit

Fshop 17 y 17-2 Bond

July 2013

July 2014

March 2015

June 2015

June 2016

June 2017

•Total offer in Mexico: 4,209.8 MNP •Total offer abroad: 1,256.5 MNP5,466 MNP

•TIIE + 125 to 200 bp margin •2,200 MNP were tapped •Payment made in June 20153,200 MNP

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

•TIIE + 90 bp, 5 year bullet. Demand exceeded 1.21 times the issued amount.

•Used to pay down the revolving credit line, acquisitions, expansions and general corporate uses

3,000 MNP

•TIIE + 150 bp, 3 year bullet. •Syndicate banks include Actinver, BBVA Bancomer, HSBC, Banco Sabadel and Santander3,200 MNP

• FSHOP 17, Ps. 1,400 million, 5-year maturity and a reviewable rate (linked to the a 28-day TIIE)..

• FSHOP 17-2, Ps. 1,600 million, 10-year maturity and a fixed rate .

3,000 MNP

Solid sources of funding


Solid credit profileFibraShop 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


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

Hedging strategy

FSHOP 15 FSHOP 17 FSHOP 17-2Revolving Credit

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


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.

Hedging strategy

Covered Bond Swap rateSwap rate plus

spread (90 PB)

Notional

(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


FibraShop has 58% of the total debt arranged.

Distribution of debt at a fixed and variable rate

Fixed rate (58%) Amount (mdp) RateFSHOP 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) RateFSHOP 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)

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Who is FibraShop?

Financial evolution

Growth strategy



Content

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Growth strategy’s

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FibraShop growth strategy is divided in two:

Organic growth

Expansions of ourshopping centers8 expansions, one of themunder construction, thisexpansions transform into more than 71,000 sqm of new GLA

Incorporation of ourshopping centers.Entry of internationally renownedbrands.

Inorganic growth

Acquisition of shopping centers.10 Shopping centers, whichrepresent 341,843 sqm of GLA.

Development of shopping centersCo-investments Development


Recent Acquisitions – La PerlaDistrito la Perla is a multiple use complex of approximately 100,000 sqm located in Guadalajara, Jalisco, 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.


Recent Acquisitions – Sentura

Sentura Tlalnepantla is a multiple use complex of 31,577 sqm, located in the North of Mexico City, 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.


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.


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 Retail Holdings, is a company focused on the acquisition and operation of properties in the metropolitan area of Mexico City. Series Retai l 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.

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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%.

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Who is FibraShop?

Financial evolution

Growth strategy



Content

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Solid internal consumption in Mexico

Source: INEGI, ANTAD, CNBV

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Annual Internal Market Private Consumption Indicator

-7.0%-5.3%-3.5%-1.8%0.0%1.8%3.5%5.3%7.0%

2006 2008 2010 2012 2014 2016 2018

5.4%

3.0%1.8%

-6.1%

5.5%4.7% 4.9%

2.1% 2.0% 2.8%3.2% 3.2%

2.4%

% SS TS

Monthly Internal Market Consumption Indicator 2017-2018

-1.75%

0.00%

1.75%

3.50%

5.25%

7.00%

2017 2018

Goods Service National Total

Annual total credit consumption portalio growth

900,000

925,000

950,000

975,000

1,000,000

5/2/20

17

7/2/20

17

9/2/20

17

11/2/

2017

1/2/20

18

3/2/20

18

5/2/20

18

7/2/20

18

9/2/20

18

11/2/

2018


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

Concept2017 2018

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

11

Agriculture, animal breeding and exploitation, forestry, fishing and hunting 4.8 2.8 1.4 3.4 2.9 1.4 2.3 2.7

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

22

Generation, transmision and distribution of electricity, water and gas by pipeline to the final consumer

0.5 -0.2 -1.5 -0.2 1.2 1.3 4.1 1.7

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

53Real estate and rental of personal property and intangible services 3.2 1.4 1.0 0.6 0.7 2.2 2.3 2.3

54Professional, scientific and technical services 6.5 4.2 -4.5 -4.2 -1.7 -1.4 3.3 3.5

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Solid internal consumption in MexicoGDP for the forth quarter of 2018 (Percentage change in real terms compared to the same period last year)

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Source: INEGI


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1,539.8 1,559.7 1,656.1

1,815.8

Region Annual growth 1990-2000Annual growth

2000-2010Center 1.85% 1.35%

Northeast 2.42% 1.72%South 2.21% 1.78%

Northwest 2.14% 2.01%Total 2.00% 1.52%

Habitants 97,483,412 112,336,538 Source: INEGI

Range / Region Northeast Northwest Center South # of entities

0 to 250K 118 192 1,153 903 2,367250K to 600K 9 8 33 4 54

600K to 1M 4 4 12 4 24> 1M 1 2 8 0 11Total 132 206 1,206 911 2,456

Largest cities in Mexico


Income level

Cities with 50K-400K habitants

Cities with over 400K habitants

Cities with over 400K habitants* MAMC Guadalajara Monterrey Average

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%

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

Source: INEGI

Level

Income distribution

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Who is FibraShop?

Financial evolution

Growth strategy


Shopping center industry and e-commerce

Content

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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 supermarket 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.

Total inventory: 23,172,050 m2 and 1,869,994 m2 in construction

Shopping centers in Mexico

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Community/Neighborhood CenterLifeStyle/Entertainment CenterPower CenterMix-usage complexRegional MallOutletFashion Mall

MetropolitanCenterNortheastSoutheastWestNorthwestSouthwest

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.

www.fibrashop.mx

Source: http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/

Global square feet prices

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.

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MOST EXPENSIVE LOCATIONS BY COUNTRY

RANK 2016

RANK 2015 Country City Location

RENT Q2 2016 US$/SQ M/YEAR

RENT Q2 2016 EURO/SQ M/YEAR

OUTLOOK

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 12,4345 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 9,3838 9 South Korea Seoul Myeongdong 9,774 8,7949 7 Switzerland Zurich Bahnhofstrasse 9,343 8,40810 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 97243 43 Mexico Mexico City Masaryk 1,076 97264 Peru Lima San Isidro 431 389

http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/

www.fibrashop.mx

Square meter pricing in the main commercial corridors of Latin America

�39Source: http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/

CONTINENT COUNTRY CITY LOCATIONLOCAL MEASURE

RENT JUNE 15

RENT JUNE 16

ANNUAL RG

RENT US$/SQ M/YR JUNE 16

RENT EURO/SQ M/YR JUNE 16

END 2017 TREND (COMPARED TO 2016)

NORTH AMERICANorth America Mexico Mexico City Masaryk USD/ sq m/month 92 90 -2.20% 1,076 972

North America Mexico Mexico City Madero Street USD/ sq m/month 89 87 -2.20% 1,044 940

North America Mexico Mexico City Altavista Street USD/ sq m/month 36 35 -2.20% 420 378

North America Mexico Monterrey Calzada del ValleUSD/ sq m/month 55 51 -7.30% 612 551

SOUTH AMERICASouth America Brazil Rio de Janeiro Visconde de Pirajá

BRL/sqm/month 117 117 0.00% 437 393

South America Brazil Rio de Janeiro Garcia Dávilla BRL/sqm/month 325 325 0.00% 1,217 1,096

South America Brazil Sao Paulo Oscar Freire JardinsBRL/sqm/month 210 210 0.00% 787 708

South America Brazil Sao Paulo Haddock LoboBRL/sqm/month 120 120 0.00% 450 405

South America Brazil Sao Paulo Alameda LorenaBRL/sqm/month 125 125 0.00% 468 421

South America Brazil Sao Paulo Bela Cintra BRL/sqm/month 130 130 0.00% 487 438

South America Colombia Bogota Zona T - 82 CalleUSD/sqm/month 90 90 0.00% 1,080 972

South America Peru Lima Otros USD/sqm/month 35 34 -1.40% 408 367

South America Peru Lima San Isidro USD/sqm/month 42 36 -14.30% 432 389

http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/http://www.cushmanwakefield.es/es/research-and-insight/2016/main-streets-across-the-world-2016-2017/

www.fibrashop.mx

Leading retailers by city Leading retailers by country

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)

Key markets for retailers

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City Rankings

Rank 2017 Country City

% of retailers present in 2017

% of retailers

present in 2016

Rank 2016

1 United Arab Emirates Dubai 62% 62% 1

2 China Shanghai 55% 56% 2

3 United Kingdom London 52% 53% 3

4 United Arab Emirates Abu Dhabi 51% 51% 4

5 France Paris 48% 49% 56 Hong Kong Hong Kong 47% 47% 67 Singapore Singapore 47% 47% 7

8 United States New York 46% 47% 7

9 Qatar Doha 45% 46% 99 Russia Moscow 45% 44% 10

Rank 2017 Country

% of retailers

present in 2017

% of retailers present in 2016

Rank 2016

1 United Arab Emirates 62% 62% 1

2 China 59% 60% 23 United States 53% 52% 44 United Kingdom 53% 53% 35 Germany 52% 51% 56 Hong Kong 49% 49% 66 France 49% 48% 78 Singapore 48% 48% 89 Qatar 46% 46% 910 Russia 46% 45% 1211 Japan 46% 46% 1111 Spain 46% 46% 1013 India 45% 45% 1314 Italy 45% 45% 1315 Mexico 44% 43% 16

38 Colombia 28% 27% 3945 Brazil 23% 23% 4548 Chile 21% 21% 4858 Argentina 13% 13% 5859 Peru 10% 10% 5960 Venezuela 9% 9% 6061 Colombia 8% 7% 61


More than 90% of retail sales still occurin 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 industrial footprints and supply chain strategies to enable faster and more cost-effective delivery to consumers

E-commerce in U.S.

Source: CBRE research

In-Store Internet sales of brick-and-mortar retailersInternet sales of pureplay e-tailers


Internet users in Mexico

40.4 Millions of people do not use internet 36.1 %

71.3 Millions of people use internet 63.9%

E-commerce in Mexico

Population which have made transactions on internet 20.4 %

79.6 % of the population have not still made transactions on internet

Electronic transactions in Mexico (2018) by users

Source: INEGI, ENDUTIH (Encuesta Nacional sobre Disponibilidad y Uso de Tecnologías de la Información en los Hogares, 2017

Main internet activities: Get Information Entertaiment Communication Audio Visual Content Social Media Books and magazines Government Servicies Shop on Line Bank Transactions



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.

• Services • Education & Entertainment • Consumer Goods • Home & Family • Beauty & Fashion • Foos & Beverage • Mobility & Travel • Electronics • Healthcare & Wellness • Bricks & Clicks • Real State • Platform Development • Logistics • Payments

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

www.fibrashop.mx �44Source: INEGI, ENDUTIH 2018

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.


www.fibrashop.mx

Challenges for e-commerce in Mexico

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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.

Bank on Line

82% of Mexican society does not have a credit card and 61% does not have bank

account

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

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

http://www.anterior.banxico.org.mx/sistemas-de-pago/informacion-general/sistemas-de-pago-de-bajo-valor/operaciones-comercio-electron.htmlhttp://www.anterior.banxico.org.mx/sistemas-de-pago/informacion-general/sistemas-de-pago-de-bajo-valor/operaciones-comercio-electron.html



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), Walmart (252.2 million) and Liverpool (79.10 million), the only Mexican in the group.

Source: Insight e-commerce, Endeavor México

www.fibrashop.mx


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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.

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.

www.fibrashop.mx

Contacts

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Salvador Cayón Ceballos, CEO [email protected]

Gabriel Ramírez Fernández, CFO [email protected]

Irvin García Millán, Controller [email protected]

Tel. (5255) 5292 1160

mailto:[email protected]:[email protected]:[email protected]

www.fibrashop.mx

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.

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