AUGUST 2015

®

Colors for Charts and Graphs

R G B

Slate Blue (Office, NE) 82 118 151

Dark Green (Apt., Pac) 113 157 102

Gold (Indust., Mideast) 201 159 35

Orange (Retail, Southwest) 201 101 59

Navy (Hotel, Mountain) 0 35 71

Dark Grey (Land, EN Central) 125 125 125

Light Purple(Storage, Southeast) 149 110 142

Burgandy (Mixed Use, Midwest) 95 10 40

Light Blue (WN Central) 180 198 214

Dark Purple 85 61 80

PRESENTATION TO INVESTORS

2

DISCLAIMER

This presentation is strictly confidential and is being furnished to you solely for your information. It may not be reproduced or redistributed to any other person, and it may not be published, in whole or in part, for any purpose. By receiving this presentation, you become bound by the above referred confidentiality obligation. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions.

The material that follows presents general background information about Terrafina (“Terrafina” or the “Company”) as of the date of the presentation. This information consists of publicly available information concerning the Company and the industries in which it participates. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. If the Company should at any time commence an offering of securities, any decision to invest in such offer to subscribe for or acquire securities of the Company must be based wholly on the information contained in the offering circular to be issued by the Company in connection with any such offer and not on the contents hereof.

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy any securities in the United States or elsewhere nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment to purchase shares. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Act”). This presentation is being made only to investors that, by means of their attendance at this presentation, represent that they are “Qualified Institutional Buyers” as that term is defined in the Act. Terrafina has not and does not intend to register any securities under the Act or offer any securities to the public in the United States. Any decision to purchase shares in any offering should be made solely on the basis of the information to be contained in the Mexican prospectus to be registered with the Comisión Nacional Bancaria y de Valores or any offering circular to be published in due course in relation to any such offering. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. All information in this presentation is subject to verification, correction, completion and change without notice. No representation or warranty, express or implied, is given or will be given as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, any global coordinator, bookrunner, manager or any other person in relation to such information or opinions or any other matter in connection with this document or its contents or otherwise arising in connection therewith.

This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding our prospective resources, contingent resources, financial position, business strategy, management plans and objectives, future operations and synergies are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual resources, reserves, results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business operations and strategies and the environment in which we expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this presentation, any change in our expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

By attending this presentation or by accepting to view any of the materials presented, you agree to be bound by the foregoing limitations.

CONTENTS

●  Performance Update / Investment Highlights

●  Growth Strategy

●  Financial Overview

●  Appendix

3

4

INVESTMENT HIGHLIGHTS

Pure Play Owner of Most Diversified Mexican Industrial Portfolio –  High quality, geographically diversified portfolio with significant scale –  Diversified tenant base comprised of 204 tenants

Stable Cash Flows Supported by Best-in-Class Margins –  98% triple net leases; 96% USD-denominated leases –  High occupancy levels and stable leasing rents

World-Class Corporate Governance –  Best governance and most cost-efficient structure among peers –  Strong institutional sponsorship from Prudential Real Estate Investors (PREI)

Unique Multifaceted Growth Strategy –  Accretive acquisitions and development of owned land bank –  Partnering with sellers with a business proposition that offers continuity to

development activities

5 Source: PREI and company filings. (1)  As of 2Q15, based on leased GLA. (2) CBFI price as of 27/07/2015; Net Debt as of 30/06/2015. Cities in North: Ramos Arizpe, Saltillo, Monterrey, Casas Grandes, Hermosillo, Durango, Chihuahua, Delicias, Torreon, G. Palacio, Monclova, Tijuana, Ciudad Juarez, Cd. Acuña, Nuevo Laredo, Reynosa, Matamoros; Cities in Bajio: Queretaro, Celaya, Silao, Guadalajara, Aguascalientes, San Luis Potosi; Cities in Central: Region Huehuetoca, Toluca, Cuautitlan Izcalli, Puebla, Villahermosa, Mexico D.F.

COMPANY OVERVIEW

Terrafina Overview

•  Most Diversified owner of industrial real estate in Mexico(1), with a market capitalization of ~US$1.2bn(2) and an enterprise value of ~US$1.5bn(2)

–  196 industrial facilities encompassing ~28.3mm sqf of GLA plus 9 land reserve parcels with ~5.7mm sqf of buildable GLA

–  Diversified tenancy with ~71% manufacturing and ~29% distribution

–  ~96% of leases are USD-denominated – FX gains are passed through to investors

–  Internally managed by a independent team and externally advised by Prudential Real Estate Investors (“PREI”)

Chihuahua 33.2%

Coahuila 12.0%

Sonora 1.0%

Tamaulipas 1.2%

Nuevo León 2.7%

Jalisco 4.6%

Baja

California 4.0%

Puebla 0.7%

Estado de México 18.1%

Tabasco 2.3%

Durango 1.6%

San Luis Potosí 7.0%

Guanajuato 1.9%

Querétaro 7.0%

Aguascalientes 2.6%

Distrito Federal 0.1%

North 55.7%

Central 21.2%

Bajio 23.1%

Terrafina’s geographic distribution closely resembles that of the Mexican Industrial Real Estate market

% GLA by State (1)

Portfolio Linked to US Economy

•  Manufacturing facilities represent 71% of GLA

–  Higher switching costs and longer lease terms, leading to higher renewal rates

–  High exposure to manufacturing for exports: high-quality multinational tenants located in growing markets

•  Operating performance benefits of a strong and growing U.S. economy

–  Less vulnerable to the domestic economy and emerging market volatility

–  Leases contain contractual and annual rental rate increases, predominantly pegged to U.S. Consumer Price Index

6 6

TERRAFINA’S DIVERSIFIED INDUSTRIAL PORTFOLIO BENEFITS FROM CURRENT ECONOMIC SCENARIO

% GLA by Industry (1)

204 Tenants 86.2%

Renewal Rate 93.1%

Occupancy Rate

NAV VS. CBFI-DISTRIBUTION PERFORMANCE AND FX

Source: Bloomberg Company filings. Past performance is not a guarantee or reliable indicator of future results. (1)  As of 2Q15, based on leased GLA.

71% of its tenants exposed to manufacturing for exports and 29% distribution – 96% USD denominated leasing contracts

2

3

3

96 100 104 108 112 116 120 124 128 132 136 140

TERRA13 -FIBRA INDEX & INDUSTRIAL REITs PERFORMANCE VS. MBOND 10

TERRA IND. REITs INDEX FIBRAS INDEX MBOND 10

TERRA13 -FIBRA INDEX & INDUSTRIAL REITs PERFORMANCE VS. MBOND 10

TERRA13 PERFORMANCE VS. MXN PESO DEPRECIATION - BRENT OIL

16.7 bn 17.9 bn 19.8 bn 19.9 bn 15bn

16bn

17bn

18bn

19bn

20bn

21bn

95

100

105

110

115

120

125

3Q14 4Q14 1Q15 2Q15

NAV (bn MXN Pesos) Distribution CBFI Price

40

50

60

70

80

90

100

110

120

Brent Crude Oil Index MXN Peso/USD FX TERRA

Terrafina’s Top 10 Cities by GLA (mm sqf)

Top Competitors’ GLA by Region

Source: Jones Lang LaSalle, company websites and filings. (1) Only considering industrial portfolio.

Mexico Market Characteristics

North

o  Manufacturing focus o  Preferred location for exports to US o  Terrafina’s top tenants include:

Labinal La-Z Boy and Werner Ladder

Bajio

o  Mix of Manufacturing & Distribution o  Growth from vehicle manufacturing o  Terrafina’s top tenants include:

Flextronics, Omnilife and Cummins

Central

o  Distribution facilities o  Focus on domestic consumption o  Terrafina’s top tenants include:

Kuehne Nagel, Chedraui, Liquimex and Mattel

Portfolio Distribution by Type of Tenant

65% Single-Tenant

35% Multi-Tenant

Geographically Diversified across 17 States in Mexico, with a Presence in All Core Industrial Real Estate Markets

$4.33

$4.89

$4.85

(1) Mexico’s

4Q14 Average Industrial Rent (US$/sqf/year)

North Bajio Central

HIGH QUALITY, GEOGRAPHICALLY DIVERSIFIED INDUSTRIAL PORTFOLIO

4.8$4.1$

4.0$2.0$

1.9$1.9$

1.3$1.1$

0.9$0.7$

Ciudad Juarez Chihuahua Cuautitlan Queretaro

Ramos Arizpe San Luis

Guadalajara Tijuana Toluca

Aguascalientes

7

8

STABLE CASH FLOWS

Source: Company filings. Past performance is not a guarantee or reliable indicator of future results. (1) Includes early renewals.

Terrafina’s triple net USD denominated leases provide predictable, stable cash flows supported by high margins

Portfolio Overview Consistent High Margins

•  High and stable occupancy of 93.1% as of 2Q15

•  Historical renewal rate of 84% translates to stable portfolio with low rollover –  2Q15 renewal rate of 86.2(1)%

•  96.2% of leases are USD-denominated

•  98.0% of leases structured as triple net leases

•  Limited CAPEX requirements due to a relatively young age / high-quality portfolio (~60% of assets <10 years)

Lease Maturity Schedule

88.7% 88.2% 87.9% 86.4% 88.4% 91.1% 90.1%

86.1% 91.2%

68.1% 72.2%

79.6% 76.2% 78.2%

80.9% 77.8% 76.8%

81.8%

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

NOI Margin EBITDA Margin

$9.8

$19.5 $16.4 $15.4

$26.4

$41.3

7.7%

15.6% 13.0% 12.2%

20.4%

31.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

$0.0 $5.0

$10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0

2015 2016 2017 2018 2019 Thereafter

CONTENTS

●  Performance Update / Investment Highlights

●  Growth Strategy

●  Financial Overview

●  Appendix

9

10

VALUE CREATION STRATEGY

Accretive Acquisitions with

Strong Local Players

•  Source deals taking advantage of long-term relationships

•  Friendly approach to acquisitions by retaining seller as property manager

•  Act as capital / JV partner to support growth opportunities originated by local partner

Land Development Potential

•  Owned land bank provides Terrafina with the unique ability to capture development upside within FIBRA

•  Unlock embedded value of Terrafina’s land at high yields

11

At Follow-on

Portfolio L

Portfolio K

Portfolio J

Portfolio I

Portfolio H

Portfolio G

Portfolio F

Portfolio E

Portfolio D

Portfolio C

PortfolioB

Portfolio A

TERRAFINA GROWTH PLAN – ACQUISITIONS

•  Terrafina expects its pipeline to grow and materialize with added capital resources

•  Terrafina is currently analyzing ~30 mm SF of potential acquisitions

•  Current acquisition pipeline is larger in size than at IPO

•  Opportunities have grown by 36.4%

•  Highly fragmented industrial market with ~67% of the institutional-quality assets owned by smaller developers and operators

–  ~550mm SF of space is in the hands of private owners

–  The majority of “larger” portfolios have recently transacted

Institutional Quality Industrial Market1

Market Opportunity Acquisition Pipeline

67% Local Developers

28% Institutional Owners

5% Terrafina

(1) As a percentage of total institutional quality GLA. Source: MexicoNow as of January 2014.

Selected Acquisition Opportunities (Potential ~22mm SF)

22mm SF

30mm SF

Today

12

TERRAFINA GROWTH PLAN – DEVELOPMENT

Strategy

Pipeline Update

Source: Terrafina and PREI - Portfolio Management.

Strategic land reserve development within Terrafina

•  The development of land reserves could add 5.7mm SF GLA, representing an embedded 20%+ GLA growth

Joint-venture with industrial developers, with privileged access to partners land bank

•  The development of land reserves owned by partners could add ~4.4mm SF representing an additional 10%+ GLA growth

Potential JV Development Partnerships

Portfolio A ~ 1.3 mm SF

Portfolio B ~ 3.3 mm SF

Portfolio C ~ 0.8 mm SF

Portfolio D ~ 0.2 mm SF

Portfolio E ~ 0.1 mm SF

a

b

c

d

a

b

c

d

As of June 30, 2015, ~ 600k of new developments were announced:

City Market Expected Yield

Expected Date

Chihuahua 29k BTS 11.7% Dec-15 Apodaca 134k Spec-to-Suit 13.9% Dec-15 Apodaca 85k BTS 13.9% May-15

Ciudad Juarez 7k Expansion 12.0% Jul-15

SLP 98k Spec-to-Suit 12.8% jun-15 Cuautitlan Izcalli 257k Spec-to-Suit 14.8% Dec-15

Track Record (Since IPO) 726k Spec-to-

Suit / BTS

a

CONTENTS

●  Performance Update / Investment Highlights

●  Growth Strategy

●  Financial Overview

●  Appendix

13

14 14 Past performance is not a guarantee or reliable indicator of future results. Numbers can vary due to rounding. All numbers in USD millions unless otherwise stated. (1) Last twelve months equals to sum of 2Q14, to 1Q15 results. Source: Terrafina Interim financial statements

STRONG FINANCIAL RESULTS SINCE IPO

Rental Revenue NOI

EBITDA AFFO

19.5 19.7 33.6 31.7 32.6 33.2 33.1 33.4 31.7

131.4

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 LTM

17.7 18.9 31.0 30.5 31.2 32.6 32.1 31.9 30.3

126.9

88.7% 88.2% 87.9%

86.4%

88.4%

91.1% 90.1%

86.1%

91.2%

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 LTM

NOI Margin

13.6 15.5 28.1 26.9 27.6 28.9 27.7 28.5 27.2

112.3

68.1%

72.2%

79.6%

76.2% 78.2%

80.9%

77.8% 76.8%

81.8%

60.0%

65.0%

70.0%

75.0%

80.0%

85.0%

-

20.0

40.0

60.0

80.0

100.0

120.0

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 LTM

EBITDA Margin

7.7 9.2 14.3 15.1 16.9 18.6 18.6 19.9 19.6

76.7

37.9% 41.1% 40.3%

42.4%

47.6%

51.8% 51.9% 53.3%

58.6%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

-

20.0

40.0

60.0

80.0

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 LTM

AFFO Margin

15

PORTFOLIO HIGHLIGHTS

30.7mm sq. ft.

Past performance is not a guarantee or reliable indicator of future results. (1). Includes expansions, BTS and Spec to Suits. Source: Terrafina.

Highlights  by  Region                  (as  of  March  31,  2015)   North   Bajio   Central   Total  #  Buildings   127   40   29   196  #  Tenants   126   40   38   204  GLA  (msf)   15.8   6.5   6.0   28.3  New  Developments1  (msf)   0.2   0.2   0.3   0.6  Land  Reserves  (msf)   2.3   0.1   3.3   5.7  Occupancy  Rate   93.8%   88.6%   96.2%   93.1%  Average  Leasing  Rent  /  Square  Foot  (dollars)     4.77   4.96   5.12   4.89  

Annualized  Rental  Base  %   54.8%   22.3%   22.9%   100.0%  

    2Q15   2Q14   Var.  %   2Q15   2Q14   Var.  %  

(millions  of  pesos  unless  otherwise  stated)   (millions  of  dollars  unless  otherwise  stated)  

Rental  Revenue   484.8   424.0   14.4%   31.7   32.6   -­‐2.9%  

Net  OperaJng  Income  (NOI)   463.7   404.6   14.6%   30.3   31.2   -­‐2.9%  

NOI  Margin   91.2%   88.4%   227  bps   91.2%   88.4%   227  bps  

EBITDA   416.0   358.6   16.0%   27.2   27.6   -­‐1.5%  

EBITDA  Margin   81.8%   78.2%   364  bps   81.8%   78.2%   364  bps  

Adjusted  Funds  from  OperaJons  (AFFO)   300.9   219.8   36.9%   19.6   16.9   16.0%  

AFFO  Margin   58.6%   47.6%   1,101  bps   58.6%   47.6%   1,101  bps  

16

 OUTSTANDING DEBT

(1) Syndicated loan facility with six banks. (2) Syndicated loan facility with four banks. (3) Interest only grace period until September 2016. (4) Defined as Total Debt / Total Assets as defined by the CNBV. Source: PREI – Capital Markets

 • Debt  FaciliAes  diligently  structured  to  maximize  distribuAons  to  Shareholders    • Credit  loans  are  set  at  variable  interest  rates;  average  cost  of  debt  3.90%  

• USD  denominated  debt  is  100%  hedged  with  interest  rate  caps  and  fixed  rate  opAons  

• Access  to  cheaper  financial  cost;  USD  denominated  financing  is  cheaper  than  in  MXP  

   

(as  of  June  30,  2015)   (millions  of  pesos)  

(millions  of  dollars)  

Total  Assets   29,423.4   1,890.0  

Total  Debt   10,229.2   657.1  

           

Loan-­‐to-­‐Value  (LTV)4       34.8%  

LTV  

(as  of  June  30,  2015)  

Currency   Millions  of  pesos   Millions  of  dollars   Interest  Rate   Terms   Maturity   Extension  

OpAon  

Long  Term  Debt                              

CiQbank1   Dollars   5,233.9   336.2   Libor  +  3.50%   Interest  Only   Mar  2017   -­‐  

GEREM2   Dollars   4,287.0   275.4   Libor  +  3.75%   Interest  +  Principal³   Sep  2018   Sep  2020  

HSBC   Dollars   708.3   45.5   Libor  +  3.75%   Interest  +  Principal³   Sep  2018   Sep  2020  

Total  Debt       10,229.2   657.1                  Net  Cash       4,833.3   310.5                  Net  Debt       5,395.9   346.6                  

17

DISTRIBUTIONS

TERRAFINA’S DISTRIBUTIONS

(1) Total number of outstanding CBFIs: 381,014,635 from March 19, 2013 until September 18, 2014, going forward total number of outstanding CBFIs is 602,487,069. In March April 2015, Terrafina paid an incentive fee to its external advisor adding 4,723,291. Total Outstanding CBFIs is 607,210,360. (2) Annualized distribution per share divided by the average CBFI price of the quarter.

(3) Price–Distribution ratio is calculated using the quarterly average CBFI price divided by the amount of annualized distributions for each quarter as stated in fillings. Average price-distribution ratio includes Fibra Terrafina, Fibra Prologis , Fibra MQ and Fibra. Source: Bloomberg

PRICE – DISTRIBUTION ³

15.0x 14.8x 12.6x 12.4x 12.4x 13.2x

18.4x 16.9x 16.9x 15.1x

26.6x 26.6x 22.0x 22.0x

24.2x 26.1x 23.2x 22.5x 21.9x

19.7x 19.4x 21.9x

19.2x

13.1x 11.8x 11.5x

18.2x 17.8x 16.2x

15.4x

28.5x 31.3x

23.2x

15.6x

20.3x 21.1x 17.9x 15.8x 16.1x 16.9x

19.9x 22.1x

19.5x 16.4x

0.00 5.00

10.00 15.00 20.00 25.00 30.00 35.00

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Fibra MQ Fibra Uno Fibra Terra Fibra Prologis Average

CONTENTS

●  Performance Update / Investment Highlights

●  Growth Strategy

●  Financial Overview

●  Appendix

18

Average Industrial Annualized Rent (US$/sqf)

INDUSTRY OVERVIEW

Industrial Real Estate in Mexico

Industrial Real Estate Inventory (mm sqf) Industrial Market Absorption (mm sqf)

Industrial Occupancy Rate

Source: Jones Lang LaSalle Industrial Real Estate Report 4Q14.

CAGR ‘08–’14 : 2.9%

4.85

4.89

4.69

4.33

96.5%

97.5%

94.0%

92.2%

6.0%

Vacancy Rate

6.8% 6.0% 4.2% 4.8% 5.7% 7.5%

New Deliveries

21.7

2

33 40

19

31 27 30

23 21

20

External Advisor - PREI Third Party Property Managers Internal Management Subsidiary

o  Advisory and investment management services

o  Oversee capital markets activities and financing

o  Facilities management, system and technology support and human resources services

o  Financial reporting, treasury and cash management, tax, legal and compliance activities

Enrique Lavín Executive Director of PREI

& Head of Capital Markets

Latin America

Alberto Chretin Chief Executive Officer

o  Responsible for driving growth and establishing strategic objectives

o  Ensure appropriate capital structure

o  Oversee financial performance with external advisor

o  Communications with investors

o  Property operations

o  Leasing

o  Development

o  Maintenance

o  Invoicing & collections

o  Identify properties

TERRAFINA ORGANIZATIONAL STRUCTURE

Alfonso Munk Managing Director & Head

of PREI Latin America

Ezequiel Rodriguez MD of PREI & Head of

Mexico

Rodrigo Meza VP of PREI & Senior

Portfolio Manager Latin America

Maite Igareda Principal of PREI & Head

of Client Services & Operations Latin America

Fernando Herrera VP of PREI & Head of

Investments Latin America

Angel Bernal Chief Financial Officer

Francisco Martinez Investor Relations Officer

Source: PREI – Legal.

Independent Members (71%)

Alberto Chretin

o  Former Minister of Economy for the state of Chihuahua

o  18 years of experience at nationally-recognized industrial real estate companies

Alfonso Munk

o  Managing Director of PREI and CIO of the Americas

o  Former Morgan Stanley head of real estate investing activities for Southern Europe and South America

Eduardo Solis

o  President of the Mexican Association of the Automotive Industry

o  Former Head of Promotion of Investment at the Ministry of Economy and Chief Trade Negotiator in Mexico

Victor D. Almeida o  Chairman and CEO of Interceramic, a leading tile manufacturer in

Mexico

o  Over 30 years of corporate experience in Latin America

Arturo D’Acosta Ruiz

o  Executive Director of Actinver and former Executive Director of Alvarez & Marsal, Mexico

o  Broad experience in financial consulting, and specializing in M&A, restructurings and financing

Edmundo M. Vallejo

o  Professor of Corporate Politics at IPADE Business School in Mexico

o  Former President & CEO of GE Capital Mexico / Latin America

José Luis Barraza

o  Former President of Grupo Aeromexico, S.A.B. de C.V.

o  Over 30 years of experience in international trading and industrial promotion and development

Investment Committee

Audit Committee

100% independent

Indebtedness Committee

100% independent

Practices Committee

100% independent

Nominating Committee

100% independent

o Responsible for membership and compensation of board members and Terrafina’s team

o Aid the FIBRA Board in making decisions regarding conflict of interest, governance, and best practices

o Review credit agreements

o Assure compliance with indebtedness regulation and financial covenant

o Carry out internal audits of the FIBRA and related activities

o Review the documents prepared by the external auditor

o  Comprised of PREI executives and Terrafina’s CEO

o  Must approve any acquisition or disposition of real estate assets to be carried out by the FIBRA

Advisor

21

Board of Directors

World-Class Corporate Governance and Strong Sponsorship from PREI

TERRAFINA TECHNICAL COMMITTEE

22

NET ASSET VALUE CALCULATION

Source: Company filings. Figures expressed in millions dollars unless otherwise stated (1) Avg. quarterlyCBFI price 31.42 and FX rate Ps. 14.9352

NAV Calculation

(+)Investment Properties 1,489.8

(+)Land 59.4

(+)Cash 310.5

(-)Total Debt and Liabilities 684.6

NAV 1,175.1

Outstanding CBFIs 607.2

NAV per CBFI (dollars) 1.9  

Cap Rate Calculation with NAV results

Average Share Price (USD$)¹ 1.9

(x) CBFIs (million shares) 607.2

(=) Market Cap 1175.1

(+) Total Debt and Liabilities 684.6

(-) Cash1 310.5

(=) Enterprise Value 1,549.2

(-) Landbank 59.4

(=) Implied Operating Real Estate Value 1,489.8

2015e NOI 125.0

Implied Cap Rate 8.4%

23

IMPLIED CAP RATE CALCULATION

Source: Company filings. Figures expressed in million dollars unless otherwise stated (1) CBFI price as of July 27, 2015: 31.78 and FX rate Ps. 16.28

Implied Cap Rate Average Share Price (USD$)¹ 1.96

(x) CBFIs (million shares) 607.2

(=) Market Cap 1,188.3

(+) Total Debt 657.1

(-) Cash 310.5

(=) Enterprise Value 1,534.9

(-) Landbank 59.8

(=) Implied Operating Real Estate Value 1,475.1

2015e NOI 125

Implied Cap Rate 8.5%

24