CITIBANK G P CEO C - funo.mx

1 CITIBANKGLOBALPROPERTYCEO CONFERENCEMIAMI, FL, MARCH2018 Disclaimer2 Thissupplementalinformation,togetherwith otherstatementsandinformationpubliclydis seminatedbyus,contains forward-lookingstatements withinthemeaningofSection27 AoftheSecuritiesActof1933,asamended,andS ection21 EoftheSecuritiesExchangeActof1934, scurrentviewswithrespecttofinancialresul tsrelatedtofutureeventsandarebasedonassu mptionsandexpectationsthatmaynotberealiz edandareinherentlysubjecttorisksanduncer tainties, ,financialorotherwise, ,someofwhichcouldbematerial,include,buta renotlimitedto,theimpactofcurrentlending andcapitalmarketconditionsonourliquidity ,abilitytofinanceorrefinanceprojectsandr epayourdebt,theimpactofthecurrenteconomi cenvironmentontheownership,developmentan dmanagementofourcommercialrealestateport folio,generalrealestateinvestmentanddeve lopmentrisks,usingmodularconstructionasa newconstructionmethodology,vacanciesinou rproperties,furtherdownturnsintherealest atemarket,competition,illiquidityofreale stateinvestments,bankruptcyordefaultsoft enants,anchorstoreconsolidationsorclosin gs,internationalactivities,theimpactofte rroristacts,ourdebtleverageandtheability toobtainandservicedebt,theimpactofrestri ctionsimposedbyourcreditlinesandseniorde bt,thelevelandvolatilityofinterestrates, effectsofadowngradeorfailureofourinsuran cecarriers,environmentalliabilities,conf lictsofinterest,risksassociatedwiththesa leoftaxcredits,risksassociatedwithdevelo pingandmanagingpropertiesinpartnershipwi thothers,theabilitytomaintaineffectivein ternalcontrols,compliancewithgovernmenta lregulations,increasedlegislativeandregu latoryscrutinyofthefinancialservicesindu stry,changesinfederal,stateorlocaltaxlaw s,volatilityinthemarketpriceofourpublicl ytradedsecurities,inflationrisks,litigat ionrisks,cybersecurityrisksandcyberincid ents.

2 Aswellasotherriskslistedfromtimetotimein ourreportsfiledwiththeComisi ,otherthanimposedbylaw, Real Estate is and will continue to be attractive in Mexico?Mexico is the 15th largest economy in the world and the 2nd largest in LatAm Demand for high-quality real estate will continue to increase Good locations on high-growth cities will continue to drive scarcity Scarcity will continue to drive the value of real estate independent of rent levels Higher construction and replacement costs for real estate will stimulate rent prices towards higher levels Severelyunderpenetratedsegmentin Mexico Consumptionwillcontinueto drive demand Mexico City isthegatewayto LatAmforretailers Demandsurpassescurrentsupply Mexico isanevenmore competitiveexportplatform Supplyand demandwillbalance and growsustainably Currentinventorywillnotbe enough Absorptionhas beenrecord-highthelast3 years Tenantscontinueto demandClassA+ office space+Emergingmiddle-classwithincipientg rowthindisposableincome+Verylargeinforma leconomytransitioningtoformalsegment+Con sumerbasesubstantiallyunder-bankedandund er-levered+Outstandingdemographicbonus+C ompetitiveandskilledmanufacturingcapabil ity+StructuralreformswillimpactMexico seconomyoverthenext20years+Absolutelowre ntlevels,relativetoconstructioncostsandp eers+Fewcitiesthatgrowfastresultinincrea sedscarcityofprimelocatedrealestate+Sign ificantlyunder-penetratedrealestateinall segmentsweoperateRetailIndustrialOffice= AttractiveMacroDriversMexicoisstillunder penetratedinrealestate+Mexico is expected to be within the top-10 economies of the world 4 HowisFUNO Builtand Why?

3 Location, location, locationand top-qualityassetsHigh occupancylevelsCompetitiverentsDiversifi edportfolioTenant-drivenfocusLong-term, 100% real estate dedicatedcompanyConservativefinancialstr ategyFUNO sgoalisto generatethemaximumamountof valueovertimeFUNO was created based on an experience of more than 40 years in real estate5 PropertyValueAppreciationDriversLandvalu eConstructionvaluedrivenbyreplacementcos ts+Potential cash-flow leads to increases in land value well above inflationLand value increases significantly in certain cities of Mexico mainly due to the combination of:Location+ Economic growth+ Demographics+ Legal requirements6 PropertyValueAppreciationDriversConstruc tion Value driven by Replacement CostsReplacement costs have increased resulting in expected higher rent levels and higher current property value: Corrugated steel rod+ + brick+ + and wiring+ + laminate+ piping+ plate+ : INEGI, Data time period: Jan 16 -Sep177 CompetitiveRentsWeighted average Monthly Rent Price1(FUNO vs.)

4 Market Price Range)MarketPrice Boxes Price RangeAttractive rent prices drive both occupancy and (1)Market average rent price and FUNO s average rent price calculated with FUNO s weight per subsegmentSource: Colliers International, Mexico Office Market Report, 2Q17/ Colliers International, Mexico Retail Market Report, 1S17/JLL, Mexico Industrial Market Report, 1S178 ProvenTrackRecord7,822 10,725 13,253 14,6216,405 8,646 10,667 11,501 '17 YTDNOI vs Total Income(Ps.$ mm)Total incomeNOINOI Margin (%)High OccupanciesStable Operating Margins+9 GrowingCash FlowsFUNO has consistently delivered Same-Stores-Rents growth well above average inflation growth of + + + + IndustrialRetailOfficesFUNO10 Inflationyetto ImpactMajorityof FUNO ratePs$ / Us$ End of periodInflationYear-over-YearEnd of period60% of FUNO s leasing contracts have not reflected yet the increase in inflation rates11 NOI vs Total MarginProven track record: Stable operating margins despite tremendous growth in GLA7,822 10,725 13,253 14,621 6,405 8,646 10,667 11,741 2014201520162017 Total IncomeNOI12 Acquisition: ApolloII100% Retailportfolio locatedin 11 statesofMexico, consistingof16 operatingpropertiesand 1 plotoflandPortfolio Overview Price: Ps.

5 7,874 mm 67% cash / 33% debtStabilized PropertiesFuture Development Est. GLA: 60,391 sqm Est. NOI: Ps. 246 mm Est. Capex: Ps. 1,318 mm GLA: 237,050 sqm ExpectedNOI: Ps. 570 mm (2018) Avg. OccupancyRate: D-10 Portal San ngelPortal MetepecPortal Cuautitl nAcquisition: ApolloIIPortal Sat lite (UnderDevelopment)Portal Lomas EstrellaPortal Vallejo14 AcquisitionCase Study ApolloI PortfolioPortfolio OverviewKey Metrics Acquisition: December 2013 Price: Ps. 23,155 mm Occupancy increase: to Revenues increased 9% CAGR Three hotels have been built on malls Redevelopment of one mall Significant improvement of tenant mixYOCNOI +210 bps +26% RateCurrentYOCE stimated stabilizedYOC1,6961,8652,025 Stabilized AcquisitionNOIC urrent NOIE stimated full NOI12345(1)Based on expected 2018 NOI of Ps 1,696 mnat acquisition (2)Based on current projected 2018 NOI of Ps 1,865 mnand acquisition cost(3)Considers NOI of 45 stabilized properties, 2 properties under stabilization and 2 land plots at acquisition cost(4) Current NOI: 45 stabilized properties, 2 properties under stabilization(5) Considers NOI of 45 stabilized properties, 2 properties under stabilization and 2 land plots15 Acquisition: Turbo PortfolioMixeduse portfolio locatedin 5 statesof Mexico, consistingof 18 properties: 6 industrial, 7 retail, 3 office and 2 hotels.

6 (1)NOI guaranteed by the seller for 2018 and 2019. Includes Park Tower Vallarta (acquired in 2016).Antea Location; Queretaro, Queretaro RetailProperty/ Subsegment: FashionMall Anchor tenants: Palacio de Hierro, Liverpool, Massimo Dutti, Zara, Alsea, Cinepolis, Crate& BarrelPortfolio Overview Price: Ps. 15,805 mm 55% cash / 45% CBFIs GLA: 560,043 sqm 9 Retail: 287,405 sqmplus 730 keys 6 Industrial: 162,677 sqm 3 Office: 28,673 sqm Expected NOI1: Ps. 1,323 mm16 Acquisition: Turbo PortfolioUptownM ridaAldea GuanajuatoCorporativo GE IIQueretaroPark17 AcquisitionCase Study Morado Portfolio Acquisition: July 2012 Price: Ps 11,600 mm 16 properties GLA: 537,584 sqm 8 Retail (214,318 sqm) 2 Industrial (217,126 sqm) 6 Office (106,140 sqm) Occupancy increase: to Annual compounded revenue increase: 25% Expansion executed in La Isla Cancun Significant improvement of tenant mixPortfolio Overview9281,173 Stabilized Acquisition NOIC urrent Cap RateYOCYOC112(1)Based on expected 2018 NOI of Ps 928 mnat acquisition(2)Based on current projected 2018 NOI of Ps 1,173 mnNOIKey Metrics +210 bps +26%1218 RecentAcquisition: Montes UralesAcquisitionHighlightsPropertyTypeC lassA office buildingLocationPaseo de la Reforma and Montes UralesLomas de Chapultepec, MexicoCityCorridorLomas-PalmasLandarea(s qm)5,760 GLA (sqm)17,087 AcquisitionPriceUs.

7 60 millionPrice perlandsqmUs. 10,416 Comparables Priceper landsqmUs. 24,000 Leasing Status 1,700sqm are currentlyleasedto a financialinstitution FUNO has severalindicationsof interestfortheresto of thepropertyTheabsolutebestcorporatelocat ionin Mexico CitySuperaccretivetransaction: Acquisitionpricesignificantlylowerthanot hertransactionsin (landona per sqm basis)19 Divestment: LandPlotin Celaya(fromKansas Portfolio)(1)As of December 2016 Property Overview Acquisition Date: April 2015 Price: Ps. mm. Book Value1: Ps. mm. Expected Sale Date: 4Q1720 Total ReturnFocusFUNO has delivereda IRR todate Assuming an investment of 100% of all equity offerings Considering fully diluted distributions per CBFI Considering liquidation of company at its stated NAV 21 IllustratingFUNO sApproachto Real Estate InvestingAssetAcquisitionPriceCurrentApp raisalValueAppreciationTotal RentsReceivedAppreciation/ RentsAppreciation+ , , , , , , , , , , , , , , , Reforma 99 ispartof theInitialPortfolioFigures in Ps.

8 Millionas of 3Q16 Ourfocusliesonmaximizingpropertyapprecia tionovertime whileextractinga reasonablecash flowalongtheway22 Enterprise Valueper SquareMeterFUNO trades at a discount of 31% of its historical average value per square meter in terms of USD1,264 975 1,056 1,033 1,847 1,901 1,491 1,869 3,147 2,085 1,755 1,629 1,632 2,139 2,055 1,890 1,797 1,523 1,343 1,462 1,411 1,433 1,286 1,150 1,066 1,228 1,197 1,135 1Q112Q113Q114Q111Q122Q123Q124Q121Q132Q13 3Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15 1Q162Q163Q164Q161Q172Q173Q174Q1723 Book Valueper CBFI HistoricGrowthFUNO has consistently increased its book value on a per share 1Q112Q113Q114Q111Q122Q123Q124Q121Q132Q13 3Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15 1Q162Q163Q164Q161Q172Q173Q174Q1724 NOI & FFO per ' 17 FFO per Share$ $ $ $ $ $ $ per CBFINOI and FFO per share has grown at a CAGR of and respectively201725 AdditionalGrowthViaDevelopment10 Properties697,484 Sqm of funded development pipeline that will start contributing further rents at attractive yields 1 Includestheportionof thedevelopmentsthatisalreadyoperational2 -A portionof thepropertyisalreadyoperational3-Exlcude sthevalueof land4-Excludeslandvalueand considersthewholeproject.

9 FUNO estimatesto endwithapproximately63% of ownershipof MitikahFUNOP rojectPortfolioTotal GLA (sqm)SegmentPendingCapEx( )AdditionalRevenue( )EstimatedDeliveryMitikah4 Buffalo+ Colorado337,410 Retail+ Office6, , G LA (sqm) La VigaLa Viga28,553 Office 2Q'18 Berol (2) G-3017,994 Industrial - 2Q'18 Torre Cuarzo(3) Individual62,000 Retail / Office - 2Q'18 EscatoFrimax34,129 Industrial 2Q'18 Midtown JaliscoIndividual105,000 Retail / Office 1, 3Q'18 Mariano Escobedo(4) G-3012,000 Office 3Q'18 Guanajuato Turbo18,220 Retail 4Q'19 TapachulaTurbo32,248 Retail 2Q'20 Tepozpark (la Teja)Frimax352,341 Industrial 3, 4Q'18La Isla Cancun 2(4)R1535,000 Retail 2, 4Q'19 Total 697,485 7, 2, Project Port f olio S egment Pending CapE x ( )A ddit ional R evenue (Ps.)

10 Mm)E st imat ed D elivery26 Joint-Venture DevelopmentStructureJointVenture DevelopmentVehicleTrust F/1401 Deutsche BankPassivedevelopmentinvestorHELIOSMITI KAHV ehiclemanagerContributesBuffalo(and son Colorado) portfolio Investsup to Ps. 3,800 millionin theprojectThe JV between FUNO and HELIOS was formalized on December 19, 2016F1 Management27 AnalyzingtheInvestmentonMitikahFUNO willcontributeboththeColorado and Buffaloportfolios to theMitikahProjectTotal Amount(Ps. mm)Colorado portfolio acquisitionprice1,636+ Buffaloportfolio acquisitionprice2,816 FUNO soriginal investment4,452-NOI generatedsinceacquisitions697= FUNO snet investment3,755 Valueof bothportfolios @ contributionto HELIOS6,000 Valuecreatedto date2,173 Increaseof 60% of valueoveroriginal investment28 MitikahTodayMitikahisaheadof scheduleonunitssoldas wellas pre-leasing:Pre-LeasedGLA (Sqm.)Retail111,63057%Pre-LeasedGLA (Sqm.)Housing UnitsSold(Units)Office49%251,792 Housing66753%We have recently leased Universidad 1200 (Colorado Portfolio) to Mexico s Ministry of Education29 TheMitikahProjectKey FinancialHighlightsSegmentGLA1(sqm)Stabi lizedExpectedNOI2(Ps.