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3Q17 Earnings Release

Third Quarter 2017 Earnings Release

Contact: Jaime Martínez Chief Financial Officer Tel: +52 (81)4160-1403 Email: [email protected]

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Investment Model

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FIBRA MTY ANNOUNCES RESULTS FOR THIRD QUARTER 2017

Monterrey, Nuevo Leon, Mexico - October 25, 2017 - Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero, Fiduciario, as Trustee of the Trust identified by the number F/2157, (BMV: FMTY14), ("Fibra Mty" or "the Company”) the first real estate investment trust 100% internally managed, announced today its results for the third quarter of 2017 ("3Q17"). The figures presented in this report have been prepared in accordance with International Financial Reporting Standards (IFRS) and are expressed in millions of Mexican pesos (Ps.), unless otherwise stated, and may vary due to rounding. Third Quarter 2017 Highlights

• Fibra Mty successfully completed its first CBFI placement under an ATM program for recurrent issuers, placing 120,594,683 CBFIs at an offering price of Ps.12.35 per CBFI, equivalent to Ps. 1,489.3 million. Approximately 40% of the proceeds were used in August for the acquisition of Cuauhtémoc, and to prepay the remainder balance of the bridge loan subscribed with Actinver for the acquisition of the Huasteco portfolio.

• Fibra Mty closed 3Q17 with 43 properties in its portfolio, including 12 for office use, 25 for industrial and 6 for retail.

• At the end of 3Q17, Fibra Mty registered a total of 504,534 m2 of GLA. The occupancy rate as of September 30, 2017 was 96.6%, in GLA terms.

• The average rent per square meter was US$ 18.8 in corporate office, US$ 13.1 in operating offices, US$ 4.2 in industrial buildings, and US$ 7.2 in retail.

• Total revenue reached Ps. 210.2 million, 7.2% higher than 2Q17.

• Net Operating Income (NOI) was Ps. 182.0 million, 7.2% above than 2Q17. NOI margin was 86.6%, in line with that reported in 2Q17.

• 3Q17 EBITDA reached Ps. 163.5 million, 7.9% higher than 2Q17. The EBITDA margin increased 50 basis points and stood at 77.8%.

• Funds from Operations ("FFO") totaled Ps. 147.1 million, 13.3% above that of 2Q17, while Adjusted Funds from Operations ("AFFO") reached Ps. 144.6 million, 14.3% higher than 2Q17.

• As a result of its 3Q17 operating performance, Fibra Mty will distribute Ps. 144.6 million to its CBFI holders, of which Ps. 43.9 million correspond to the estimation of July and were paid in advance to avoid potential dilution effects from the placement made at the beginning of August.

• The 3Q17 distribution is equivalent to Ps. 0.2437 per CBFI, representing an annualized return of 8.2% with respect to the closing price per CBFI at the end of 2016, which was Ps. 11.85, and approximately 13% above the distribution by certificate of 3Q16, without taking into consideration the effects of the August 2017 placement of CBFIs and exchange rate revaluation.

• On September 11, 2017, Fibra Mty initiated its CBFI repurchase program with the primary short-term objective of bolstering the trading of its securities, seeking to ascend into the "medium" category in the liquidity index ranking published by Mexbol.

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Operating Highlights:

3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.

Number of Properties 43 42 2.4% 32 34.4%

Office 12 11 9.1% 9 33.3%

Industrial 25 25 0.0% 18 38.9%

Retail 6 6 0.0% 5 20.0%

Gross Leasable Area (GLA) m2 504,534 494,240 2.1% 364,036 38.6%

Occupancy Rate (GLA) 96.6% 96.7% (0.1 p.p.) 97.9% (1.3 p.p.)

Average Rent / m2 - Corporate Offices (US$)

$18.8 $18.6 1.1% $18.1 3.9%

Average Rent / m2 – Operating Offices (US$) (1)

$13.1 $12.8 2.3% $12.4 5.6%

Average Rent / m2 Industrial (US$)

$4.2 $4.2 0.0% $3.8 10.5%

Average Rent / m2 Retail (US$) (2)

$7.2 $7.0 2.9% $6.1 18.0%

(1) Increase due to the acquisition of the Cuauhtémoc building.

(2) Variation primarily atributed to rent increases due to inflation adjustments at certain properties as per contracts.

Summary of Acquisitions:

Thousands of pesos (except GLA and lease term)

3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.

Number of New Properties 1 7 (85.7%) 1 0.0%

Acquisition Price 375,000 1,127,891(1) (66.8%) 655,000 (42.7%)

Annualized NOI 32,400 94,164 (65.6%) 47,429 (31.7%)

Gross Leasable Area in m2 10,294 89,951 (88.6%) 15,137 (32.0%)

Cap Rate in Cash (2) 8.6% 8.3% 0.3 p.p. 7.2% 1.4 p.p.

Weighted Average Lease in NOI Terms (Years) at the Acquisition date

15.0 5.1 194.1% 2.4 525.0%

(1) This price was liquidated by assuming existing debt at the time of acquisition, use of cash and CBFIs. The last two are considered

at a price per CBFI as of market close on May 24, 2017.

(2) The cap rate in cash is calculated by dividing NOI, corresponding to the twelve-month period after the acquisition date, by the

acquisition price of the property.

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Property Performance in thousands of pesos:

3Q17 2Q17 Δ%/p.p.

Number of Properties (1) 34 34 0.0%

GLA m2 398,889 398,889 0.0%

Occupancy Rate (GLA) 95.7% 95.9% (0.2 p.p)

Same-Property Revenues 180,456 185,494 (2.7%)

Same-Property Operating Expenses (26,123) (25,907) 0.8%

Same-Property NOI (2) 154,333 159,587 (3.3%)

Same-Property NOI Margin 85.5% 86.0% (0.5 p.p.)

Revenue from acquisitions/constructions 29,754 10,674 178.8%

Operating Expenses from acquisitions/constructions (2,103) (448) 369.4%

NOI of acquisitions/construction 27,651 10,226 170.4%

NOI Margin of acquisitions/constructions 92.9% 95.8% (2.9 p.p.)

Fibra Mty’s Total Revenues 210,210 196,168 7.2%

Fibra Mty’s Operating Expenses (28,226) (26,355) 7.1%

Fibra Mty’s NOI 181,984 169,813 7.2%

Fibra Mty’s NOI Margin 86.6% 86.6% 0.0 p.p.

(1) The same-property comparison excludes the Huasteco Portfolio, and the Catacha 2 and Cuauhtémoc properties.

(2) The same-property NOI decreased by 3.3% mainly due to the appreciation of the peso against the dollar, which represented a Ps.6,101 decrease

in revenues and was slightly offset by an increase of Ps.1,065 that primarily stemmed from rent increases due to inflation per the contracts of

certain properties.

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Financial Highlights in thousands of pesos:

3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.

Total Revenue 210,210 196,168 7.2% 157,552 33.4%

NOI 181,984 169,813 7.2% 140,137 29.9%

EBITDA 163,478 151,551 7.9% 123,791 32.1%

FFO 147,053 129,820 13.3% 118,130 24.5%

AFFO 144,564 126,528 14.3% 115,179 25.5%

3T15 3T15

Financial Highlights per CBFI(1):

3Q17(2) 2Q17(3) Δ%/p.p. 3Q16 Δ%/p.p.

NOI 0.309 0.344 (10.2%) 0.290 6.6%

EBITDA 0.277 0.307 (9.8%) 0.257 7.8%

FFO 0.247 0.263 (6.1%) 0.245 0.8%

AFFO 0.244 0.256 (4.7%) 0.239 2.1%

Total CBFIs Outstanding (thousands)

635,500.587 515,130.292 23.4% 482,504.690 31.7%

(1) The decrease in Financial Highlights per CBFI is mainly attributable to the remaining resources to be allocated in growth projects, from the CBFI

placement made in August 2017, and appreciation of the Mexican peso against US dollar.

(2) 3Q17 Financial Highlights per CBFI consider 515,130.292 thousand CBFIs in July and 635,500.587 thousand CBFIs in August and September.

(3) 2Q17 Financial Highlights per CBFI consider 483,398.368 thousand CBFIs in April and May and 515,130.292 thousand in June.

Margins of Financial Indicators:

3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.

Total Revenue 210,210 196,168 7.2% 157,552 33.4%

NOI 86.6% 86.6% 0.0 p.p. 88.9% (2.3 p.p.)

EBITDA 77.8% 77.3% 0.5 p.p. 78.6% (0.8 p.p.)

FFO 70.0% 66.2% 3.8 p.p. 75.0% (5.0 p.p.)

AFFO 68.8% 64.5% 4.3 p.p. 73.1% (4.3 p.p.)

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Comments from the Chief Executive Officer

“Strive not to be a success, but rather to be of value ”

-- Albert Einstein

Before beginning this message, please allow me, on behalf of the Fibra Mty team, to express our deepest condolences and support for all

fellow Mexicans who have suffered in the wake of the recent disasters that struck our country.

As every quarter, I am pleased to discuss Fibra Mty’s most relevant developments during the third quarter of the year. As was announced

in the last report, on August 4th we carried out a follow-on offering for Ps.1,489 million under the first ATM program authorized by the

National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores – CNBV). The considerably lower execution time and

issuance costs of this program enables Fibra Mty, for the benefit of its investors, to perform placements fully tailored to its capital

requirements. The alignment of our strategy with the interests of investors, together with the effectiveness of the aforementioned

placement, are factors that have played a crucial role in setting an offering price above the price range at which our CBFI was traded in the

market weeks prior to the issuance.

With the net proceeds from the placement, we settled the Ps. 155.0 million credit facility subscribed with Actinver and acquired the

Cuauhtémoc property, which consists of the sale and leaseback of an office building of approximately 10,294 m2 of Gross Leasable Area

(GLA) for a price of Ps. 402.4 million (including VAT and acquisition expenses) thus, before the end of August, we have already used almost

40 percent of the funds raised. The remainder balance is allocated for acquisitions already being negotiated, which we expect to complete

during the upcoming months.

From an operational standpoint, we continue to pursue efficiencies that will allow us to optimize our financial metrics both in absolute

terms and in margins; a process in which our SAP ERP software has proven to be very useful. Despite the increase in investment properties,

the EBITDA margin registered a slight improvement over the previous quarter; confirming, once again, the benefits offered by Fibra Mty's

internal administration.

We are convinced that the activities we have been carrying out represent a potential growth in Fibra Mty’s cash flows, which will be

reflected in our financial performance per CBFI.

To conclude, I would like to express our deep gratitude for your unwavering confidence, and to reassure you that we will remain entirely

committed on fulfilling our promises and meet the estimates set out in our 2017 Guidance as we approach our third year of operations.

Sincerely,

Jorge Avalos Carpinteyro CEO

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Operating Performance

Portfolio and Geographic Locations

Our portfolio is comprised of 43 properties located in 9 states of Mexico, with an average age of 10.9 years and occupancy rate of 96.6%, in terms of Gross Leasable Area (GLA).

Total Revenue expressed in thousands of Ps.

Portfolio/Property Location GLA (m2)

3Q17 Total Revenue

2Q17 Total

Revenue

Δ% 3Q17 vs

2Q17

3Q16 Total

Revenue

Δ% 3Q17 vs

3Q16

1-3 OEP Portfolio* Nuevo León 44,880 48,679 47,665 2.1% 52,266 (6.9%)

4-6 CEN 333 Portfolio** Nuevo León 36,752 25,478 27,786 (8.3%) 26,638 (4.4%)

7 Danfoss Nuevo León 30,580 6,986 7,586 (7.9%) 7,048 (0.9%)

8 Cuadrante Chihuahua 4,520 3,183 3,295 (3.4%) 3,150 1.0%

9 Cuprum Nuevo León 17,261 3,060 3,228 (5.2%) 3,016 1.5%

10-14 Casona Portfolio Multiple*** 38,684 7,270 7,420 (2.0%) 8,352 (13.0%)

15 Catacha Nuevo León 5,431 1,056 996 6.0% 983 7.4%

16-19 Monza Portfolio Chihuahua 13,679 5,118 4,901 4.4% 4,692 9.1%

20 Santiago Querétaro 16,497 4,073 4,265 (4.5%) 3,943 3.3%

21 Monza 2 Chihuahua 4,611 1,738 1,738 0.0% 1,682 3.3%

22 Prometeo Nuevo León 8,135 11,574 12,420 (6.8%) 11,863 (2.4%)

23 Nico 1 Nuevo León 43,272 10,575 11,042 (4.2%) 10,882 (2.8%)

24-31 Providencia Portfolio Coahuila 82,622 18,721 19,998 (6.4%) 18,832 (0.6%)

32 Fortaleza ZMVM**** 15,137 10,178 10,185 (0.1%) 4,205 142.0%

33 Ciénega Nuevo León 25,223 5,998 5,687 5.5% - 100.0%

34 Redwood Jalisco 11,605 16,769 17,282 (3.0%) - 100.0%

35 Catacha 2 Querétaro 5,400 305 - 100.0% - 100.0%

36-42 Huasteco San Luis Potosí 89,951 25,341 10,674 137.4% - 100.0%

43 Cuauhtémoc Nuevo León 10,294 4,108 - 100.0% - 100.0%

Total / Average 504,534 210,210 196,168 7.2% 157,552 33.4%

*Includes the OEP Torre 1, OEP Torre 2, and OEP Plaza Central assets. **Includes the Neoris/GE, Axtel and Atento assets. ***Properties located in Chihuahua, Sinaloa and Guanajuato. **** Metropolitan area of Mexico City.

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Evolution of Fibra Mty’s Geographic Diversification

Diversification Process: Evolution of the Portfolio Concentration in Monterrey (as % of income after each acquisition)

With the recent acquisition of Cuauhtémoc, the concentration in Monterrey as a percentage of revenue closed at 55.4%, representing a 1.9 pp. expansion compared to 2Q17.

53.5%

12.8%

10.5%

7.5%

6.6%

9.1%

As of 2Q17 (% of revenue)

NL Slp Coah Jal Chih Others

55.4%

12.3%

10.0%

7.2%

6.4%

8.7%

As of 3Q17 (% of revenue)


96.2%

86.8% 86.9%80.8%

78.1% 80.4%

70.1%64.9%

61.6%

53.5% 55.4%

Initial Portfolio Casona Catacha Monza Santiago Prometeo Nico 1 +Providencia

Fortaleza Redwood + Cie+ Cat. 2

Huasteco Cuauhtémoc

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* Breakdown of "Other Sectors" described in the following graph:

22.2%

17.6%

16.2%

11.9%

7.8%

6.8%

5.5%

4.5%

4.2%3.3%

Distribution of Tenants by Economic Activity (% Rent)

Industrial

Technology

Automotive

Service

Consumer Products

Other Sectors

Financial Services

Communications

Electronics

Logistics

2.1%

1.8%

1.2%

1.2%

0.5%

Others

Construction and Development

Commerce

Industrial Gas

Agriculture

Other Sectors (6.8%)

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Key Indicators of Fibra Mty's Portfolio Performance (% of revenues)

Gross Leasable Area

As of September 30, 2017, the GLA of Fibra Mty was 504,534 m2, with 26.7% corresponding to office space, 69.5% to industrial space, and 3.8% to retail space.

Occupancy

As of September 30, 2017, the occupancy rate of the operating properties owned by Fibra Mty was 96.6% (approximately 93.5% as a percentage of revenue), registering a decrease of 10 basis points, almost in line with 2Q17.

The occupancy in properties for office use registered two planned vacancies that, due to previous lease agreements that were below reasonable market conditions, now represent important opportunities for repositioning in these properties. One of those properties is being negotiated under terms that will result in a greater Gross Leasable Area and rent per square meter in comparison with the previous lease.

54.2%41.9%

3.9%

By Asset Type(property use)

Office Industrial Retail

55.4%

12.3%

10.0%

7.2%

6.4%8.7%

By Location


64.9%35.1%

By Currency

USD MXN

93.5%

6.5%

Occupancy

Leased Available

5.6%

4.8%

4.7%

4.6%4.5%

4.2%

3.8%

3.8%

3.6%

3.5%

Main Tenants

Crisa Oracle Central Star CemexAxtel Famsa Accenture PWCDanfoss Epicor

4.0%

24.3%

22.9%15.6%

17.0%

16.2%

By Contract Maturity (years)

0-1 1-3 3-5 5-7 7-10 10+

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Likewise, we expect to enter into agreements in the coming days that will allow us to increase occupancy in two of our office buildings located in Monterrey.

Office 3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.

Number of Properties 12 11 9.1% 9 33.3%

Gross Leasable Area in m2 134,703 124,409 8.3% 108,129 24.6%

Weighted average remaining lease term to Income (in years) (1)

5.7 5.1 11.8% 5.1 11.8%

Occupancy 87.3% 86.9% 0.4 p.p. 92.8% (5.5 p.p.)

(1) Integration of Cuauhtémoc property.

Industrial 3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.

Number of properties 25 25 0.0% 18 38.9%



5.4 5.3 1.9% 5.8 (6.9%)

Occupancy 100.0% 100.0% 0.0 p.p. 100.0% 0.0 p.p.

(1) Contract renewals in various properties within the Providencia Portfolio

Retail 3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.



Weighted average remaining lease term to Income (in years)

12.1 12.3 (1.6%) 14.0 (13.6%)

Occupancy 99.9% 99.9% 0.0% 100.0% (0.1 p.p.)

Fibra Mty Portfolio 3Q17 2Q17 Δ%/p.p. 3Q16 Δ%/p.p.




5.8 5.5 5.5% 5.8 0.0%

Occupancy 96.6% 96.7% (0.1 p.p.) 97.9% (1.3 p.p.)

(1) Integration of Cuauhtémoc property and contract renewals at various properties within the Providencia Portfolio.

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Contract Maturities

As of September 30, 2017, Fibra Mty had 1201 tenants: 64.2% in office properties (including retail area of OEP focused on services), 22.5% in industrial properties, and 13.3% in retail properties. As of September 30, 2017, the weighted average lease term required was 5.8 years. If current contracts are not renewed and no new leases are entered into, there would be a guaranteed rent flow of approximately 68.4% of the total flow as of today, through the beginning of 2021.

Rent in Dollars per m2 and by Property Type

Fibra Mty maintains Corporate Offices in Mexico and Corporate Offices in Monterrey rents below market levels, representing a competitive advantage, especially in the current circumstances, when renewing and/or negotiating new contracts. The prices of Industrial, Back-offices and Corporate Offices in Guadalajara rents are almost in line with market prices.

1 Tenants occupying multiples spaces in one or more properties are counted only once.

0.5%4.5% 5.9%

20.7%16.0%

10.3%7.7% 6.5%

0.1%

11.5%

4.9% 3.0%0.0%

3.6%0.6%

4.2%

0.5% 5.0%10.9%

31.6%

47.6%57.9%

65.6%72.1% 72.2%

83.7%88.6% 91.6% 91.6% 95.2% 95.8% 100.0%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Contract Maturities

Maturity Accumulated

More than 60% of rental revenue matures after 2021

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1 The market price considers prices in USD m2 per month Corporate Offices Monterrey = Corridor Santa María, source: CBRE MarketView Monterrey 2Q 2017 Corporate Offices Mexico = Corridor Interlomas, source: CBRE MarketView México 2Q 2017 Corporate Offices Guadalajara = Source: CBRE MarketView México 2Q 2017 Operating Offices = Research by Fibra Mty Industrial = Source: JLL Industrial OnPoint 1stsemester, 2017

Use of Capital and CAPEX

The CAPEX budget for 2017 is Ps. 25 million. As of September 30, 2017, it was comprised of:

Thousands of pesos 3Q17 2Q17 1Q17 2017

Budgeted 6,250 6,250 6,250 18,750

Realized as operating expense 1,322 2,958 1,189 5,469

Capitalized on investment properties 5,341 946 140 6,427

Remaining (413) 2,346 4,921 6,854

Acquisitions

On August 16, 2017, Fibra Mty successfully completed the acquisition of Cuauhtémoc, which consists of the sale

and leaseback of an office building of approximately 10,294 m2 of GLA. This property was added to the 494,240

m2 of GLA existing in the consolidated portfolio of Fibra Mty at the time of acquisition.

Cuauhtémoc represents the first acquisition settled with proceeds obtained from the first placement of

certificates (CBFIs) under Fibra Mty's ATM program launched on August 4, 2017.

Cuauhtémoc is a three-story office building constructed on a 10,346 m2 land plot located within the metropolitan

area of Monterrey, and is fully leased by a Mexican financial company.

19.1

13.2

22.0

13.1

4.2

22.0

24.8

21.8

13.0

4.1

-

5.00

10.00

15.00

20.00

25.00

30.00

Corp Ofc Mty Corp Ofc Mex Corp Ofc Gdl Back Office Industrial

Rent in dollars per m2 per month1

Fibra Mty Market

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The location and development features of the property makes it a very attractive alternative in the event of a

potential redevelopment or future repositioning.

The lease is under a bondable NNN or absolute NNN type contract, in which, in addition to the rent, the tenant

covers operating expenses, insurance, property taxes, and all capital investments necessary to ensure the

structural and operational integrity of the property throughout the lease term. The lease contract has a 15-year

mandatory initial term.

The price of this transaction was Ps. 375.0 million pesos, plus the corresponding VAT related to construction, and

other taxes, as well as acquisition expenses, and was fully settled in cash. This building is expected to generate a

Net Operating Income ("NOI") of approximately Ps. 32.4 million during the twelve months following its acquisition.

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Comments on the Industrial and Office Real Estate Market

Office Market 2

Monterrey

This quarter showed one of the highest net absorption rates recorded by CBRE in the last 6 years in the corporate

market, registering over 47 thousand m2. This reflects a solid market demand but it is also a result of pre-leasing

in two buildings that completed construction (Cytrus and Chroma) in the Margáin-Gómez Morín corridor, which

also boosted a decrease in the vacancy rate, from 20.9% in the same period last year to 17.4%.

This second quarter alone registered more than 14 thousand m² of gross absorption or space put under contract,

highlighting that all this space corresponds to lease transactions which, when compared to the same period last

year, represents a decrease of almost 19 thousand m². Year-to-date, just over 37 thousand m² have been put

under contract, lower than the 43 thousand m² recorded in the first half of 2016.

Furthermore, this quarter was marked by the incorporation of more than 45 thousand m² corresponding to the

Chroma and Cytrus Arboleada buildings (jointly registering a vacancy rate of just 22.6%). In the first half of this

year alone, over 54 thousand m2 have been incorporated into Class A/A+ corporate inventory, expecting the

completion of a little over 17 thousand m² in the third quarter, as planned.

The Class A/A+ corporate markets that registered the highest number of buildings under construction are Valle

Oriente, Santa María and San Jerónimo-Constitución. These three markets alone added up to more than 71

thousand m2 under construction, with projects standing out such as Albia, Work IN, Torre V, Mentha Arboleda,

and Distrito H, among others.

Currently, CBRE has record of 31 planned projects, of which more than 259 thousand m² corresponding to 20

projects have been confirmed. These planned buildings are in the Valle Oriente, San Jerónimo-Constitución, Santa

María and Downtown markets. When comparing the spaces of confirmed planned projects against the same

period last year, we see an increase of just over 134 thousand m².

Although gross absorption was lower than last quarter, the number of lease transactions increased to around 20

transactions involving companies from the consulting, technology, housing, and transportation sectors, among

others.

The demand for Class A/A+ space in Monterrey recorded an average area of 714 m², decreasing from the 979 m²

in the same quarter last year.

A vacancy rate of 17.4% was registered, showing a decline compared to the 20.9% registered in the same quarter

last year. Therefore, available space closed the first quarter at over 194 thousand m². It should be taken into

account that this decrease is attributable to the good market performance but, in a greater extend, to the

occupied space (pre-leasing) in the Cytrus and Chroma buildings that were added to inventory, with a vacancy

rate of 22.6% between the two buildings, as previously mentioned.

2 Source: CBRE Research Monterrey, Mexico City and Guadalajara, 2Q 2017

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Regarding the average rent, a price of US$ 22.41 per m2 was registered, showing a decline when compared to the

US$ 24.08 per m2 during the same period last year, primarily due to exchange rate fluctuations. The corridor with

the highest price in the Class A/A+ office market continues to be Margáin-Gómez Morín, with an average price of

US$ 26.86 per m2 per month. In the other hand, the corridor with the lowest average rent in the metropolitan

zone of Monterrey was San Jerónimo-Constitución at US$ 16.00 per m2 per month.

Net absorption (the difference between occupied space this quarter vs. the previous one) was around 47 thousand

m², representing an increase compared to the 30 thousand m² registered in the same period last year, and the 38

thousand m² in 1Q17. As previously mentioned, this is due to the pre-leasings in Cytrus and Chroma buildings

prior to their completion.

Mexico City Metropolitan Area

Office inventory in Mexico City reached 5.7 million m² with a quarterly growth of 2.5% and incorporating an

average of 100 thousand m² per period for the last 4 years. This reflects investor confidence over the medium-

term as well as healthy levels of leasing activity. In terms of net demand, about 157 thousand m² were put into

contract in the first half of year. Gross demand, which includes space under construction, registered 207 thousand

m², similar to the levels recorded in 2Q16.

At the end of the first half of 2017, the economic outlook began to improve, as the Mexican peso started to

recover ground against the dollar as of the second bimester of the year, returning to US$ 18.40 on average.

Regarding employment indicators, 431 thousand new formal jobs were created nationwide in the second quarter,

according to the Secretaría de Trabajo y Previsión Social (Secretariat of Labor and Social Security), with 17% of

them in Mexico City.

In terms of urban planning and infrastructure, there are currently 6 projects that will directly impact mobility in

the city and at least three office submarkets (Reforma, Insurgentes and Santa Fe). These projects include: The

New Mexico City International Airport (Nuevo Aeropuerto Internacional de la Ciudad Mexico, NAICM) in Texcoco,

$21.00 $20.00 $19.75 $19.75 $20.00 $21.00 $20.75 $21.50 $21.75$24.10 $23.90 $23.65 $23.70 $24.08 $24.20 $24.22

$22.42 $22.41

(10,000)

-

10,000

20,000

30,000

40,000

50,000

60,000

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

Net Absorption of Offices vs. Rents in Monterrey(in m2 and $ per m2 of monthly GLA)

Net Absorption in m2 Rent US$/m2/month

18


the México-Toluca Interurban Train (which will connect the Zinacantepec station to Observatorio), Metrobus Line

7 (which will cover 31 stations from CENTRAM Indios Verdes to the Fuente de Petróleos), the Mixcoac Underpass

(with a double vehicular tunnel that includes on- and off-ramps to main West-East avenues - Mixcoac, Patriotismo

and Barranca del Muerto), and the Expansion of Subway Line 12 from Mixcoac to Observatorio.

Investment in CDMX is increasingly active with new real estate projects underway and building projects that

continue to appear, bringing construction to 1.8 million m², a figure that has not been recorded since 2015. The

corridors leading in construction activity are: Insurgentes with 24% of the total, Polanco with 21%, and Santa Fe

with 18%.

Leasing activity of office space is at good levels, with net demand registering almost 83 thousand m² at the end of

the second quarter 2017, a similar figure to the same period last year despite the uncertainty surrounding the

start of 2017. Gross demand (which includes existing and under construction spaces) reached 112 thousand m²,

closing the first half of the year with 207 thousand m² of corporate space, of which 21.27% was pre-leased space.

At the submarket level, the corridors with the highest activity during the period were: Insurgentes with 24% of

the total, Polanco with 20%, and Reforma with 12%. Most importantly, the corridors are still undergoing a

significant reconversion process, not only because of the new office projects, but also due to the profile of new

tenants in the zones as well as new office space formats, such as business centers.

Rent asking price for 2Q17 was US$ 24.75 per m2 per month, which was US$ 0.03 cents above the previous quarter

and US$ 1.40 below 2Q16. The highest asking prices continued to be found in Reforma, Polanco and Lomas. The

lowest prices remain in Perinorte, driven by the strong supply of new m2 in the zone.

Guadalajara

The Class A/A+ office market in Guadalajara continued to expand; 2Q17 inventory closed with a 27% increase over

the same quarter last year. Regarding vacancy, approximately 79,000 m² are available in the market. Leasing

activity remains stable with approximately 11,000 m² registered at quarter-end, with a vacancy rate at 15.3%.

$25.80 $26.40 $25.65 $25.90 $25.80 $25.95 $26.60 $26.55 $27.55 $28.35 $28.30 $28.15 $27.75 $26.50 $26.15 $25.17 $24.72 $24.75

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

Net Absorption of Offices vs Rents in Mexico City Metropolitan Area(in m2 and USD per m2 of monthly GLA)


19


As for construction activity in the area, there are 10 buildings currently under construction, of which 72%

correspond to Class A+ and 28% is Class A. At the end of 2Q17, planned building projects totaled approximately

65,000 m², which is expected to be incorporated into the market in 3Q18 and 4Q18, primarily in the Providencia,

Zona Financiera, and Periferico Sur submarkets. Periferico Sur has good growth potential due to the development

plans for mixed-use spaces (which mostly include office space) and space to meet the growing demand from

companies dedicated to call center and back-office services in general.

Approximately 154,000 m² are under construction in the market, 6.2% below than previous quarter. The Puerta

de Hierro submarket comprises approximately 38% of the total space under construction, with a decrease of

approximately 17,000 m² due to the delivery of 1 building during the second quarter. Meanwhile, the Lopez

Mateos-Américas submarket accounted for 28% of space under construction, followed by the Zona Financiera

with 17%.

In total, at the end of 2Q17, construction was completed on 2 buildings which represented approximately 19,000

m², of which 17,000 m² were added to the Puerta de Hierro submarket inventory and 2,000 m² to Providencia.

As of 2Q17, office inventory in Guadalajara totaled approximately 521,000 m².

During the quarter, the Corporativo Diamante buildings were added to the inventory of the Puerta de Hierro

submarket; and Torre Altus, to Providencia.

The Plaza del Sol submarket stands out this quarter for the high demand registered. Approximately 49% of space

demanded was in this corridor, followed by the Zona Financiera at 35%, recording a vacancy rate of 6.4%.

Vallarta-Periferico is the corridor with the lowest vacancy in the market, registering 4.4% at the end of 2Q17.

2Q17 vacancy rate stood at 15.3%, registering an upward variation of approximately seven percentage points

agaist 2Q16. New area added to the inventory as of the end of 2Q17 totaled approximately 31,000 m², of which

72% are available for leasing. Providencia and Puerta de Hierro are the submarkets with the highest vacancy rates,

$18.90 $19.30 $18.50 $18.85 $19.15 $19.80 $19.80 $20.30 $19.80 $19.15 $19.45$20.80

$19.45 $18.75 $18.10 $17.90$19.59 $19.53

(10,000)

(5,000)

-

5,000

10,000

15,000

20,000

25,000

30,000

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

Net Absorption of Offices vs Rents in Guadalajara(in m2 and USD per m2 of monthly GLA)


20


with 58% and 25%, respectively. The Lopez Mateos-Américas and Zona Financiera submarkets have the least

space available, with 4.8% and 4.4%, respectively.

At the end of 2Q17, the average price for office space in Guadalajara remained stable, closing at US$ 19.53 per

m² per month compared to US$ 18.75 per m² per month in 2Q16.

Given that Class A+ buildings are concentrated in Puerta de Hierro, this submarket closed the quarter with the

highest prices of the market at US$ 21.03 per m²/month. Lopez Mateos-Américas registered the lowest prices at

US$ 15.55 per m² per month. Nevertheless, a slight increase is expected over the coming quarters due to the types

of buildings that are under construction in the zone.

The Office Market in General

In general terms, during the last 15 quarters we have seen an upward trend in net absorption of office space in

the three main office markets of our country. The following graph shows the accumulated net absorption during

the twelve months preceding each quarter.

Particularly outstanding are the levels of net absorption recorded over the last few years in the Guadalajara

market, presenting - in absolute terms - absorption levels consistently nearing those of Monterrey, despite being

a market that's approximately half as large. This is mainly due to the upturn in the construction of high-quality

buildings in a market that has been sluggish for just under a decade.

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

4Q 20131Q 20142Q 20143Q 20144Q 20141Q 20152Q 20153Q 20154Q 20151Q 20162Q 20163Q 20164Q 20161Q 20172Q 2017

Trend in Net Absorption - Office(last twelve months, in meters squared)

Monterrey Mexico City Guadalajara

21


Industrial Market 3

Industrial space inventory in Mexico grew by almost 3% during first half of 2017. The Bajío region grew by 2%,

while the Central and Northern regions grew by 3% and 4%, respectively.

Total vacancy has decreased, both in percentage and absolute figures, in those three regions and the national

market, with the exception of a marginal increase in vacancy in Guanajuato, San Luis Potosí and Mexico City.

Net absorption was lower than that recorded during the first half of 2016, although JLL added significantly new

space (and corresponding absorption) to the sample during the first six months of 2016, so the figures may not

necessarily be comparable.

The metric that is comparable is the vacancy rate. This indicator has decreased nationally; it was 5.1% at the end

of 2Q16, increased to 5.5% during 4Q16, and was at 5.2% at the end of 2Q17. The vacancy rate only increased in

the Central region, from 3.1% at the end of 2016 to 3.3% during the first six months of 2017.

Rent rates have remained practically unchanged since 4Q16 in dollar terms, from an average of US$ 4.19 to US$

4.22 per m²/month. This perfomance has been different in each market and has much to do with whether a region

tends to have contracts primarily denominated in pesos or dollars (peso-denominated contracts have gained

ground in 2017).

3 Source: JLL Industrial Outlook, Mexico 2Q17

Submarket

Inventory

m2

Vacancy

m2

Net Absorption

m2 Vacancy Rate

Rent

USD/m2/month Growth Rate New Space m2

Aguascalientes 2,124,408 47,391 19,712 2.2% 3.58 1.4% 29,893

Guadalajara 3,947,428 225,366 106,040 5.7% 4.10 2.7% 105,518

Guanajuato 5,295,515 370,341 60,340 7.0% 4.21 2.6% 139,588

Queretaro 5,119,499 341,049 98,235 6.7% 4.07 1.3% 68,919

San Luis Potosí 3,048,719 103,254 76,860 3.4% 4.11 0.4% 13,266

Total Bajio 19,535,569 1,087,401 361,187 5.6% 4.01 1.8% 357,184

Mexico City 7,784,450 316,348 232,454 4.1% 4.82 5.6% 432,738

Puebla 2,554,406 74,780 58,839 2.9% 4.20 0.4% 9,998

Toluca 3,246,298 54,882 79,780 1.7% 4.65 3.2% 102,783

Total Central 13,585,154 446,010 371,073 3.3% 4.56 4.0% 545,519

Chihuahua 2,159,678 65,184 17,861 3.0% 4.00 0.0% 0

Ciudad Juarez 6,061,968 314,164 44,412 5.2% 4.10 0.4% 26,214

Matamoros 1,670,122 140,515 19,968 8.4% 4.00 0.0% 0

Mexicali 2,243,608 128,776 24,614 5.7% 4.20 0.0% 0

Monterrey 9,933,082 662,000 207,935 6.7% 4.19 1.6% 159,271

Nogales 1,112,108 65,775 1,858 5.9% 3.66 0.0% 0

Nuevo Laredo 888,211 42,860 23,237 4.8% 3.80 0.0% 0

Reynosa 3,084,397 242,053 81,015 7.8% 4.19 2.1% 63,344

Saltillo-Ramos Arizpe 4,338,558 187,584 96,231 4.3% 4.25 20.5% 891,249

Tijuana 5,793,433 79,596 81,288 1.4% 4.63 0.0% 0

Total Northern 37,285,165 1,928,507 598,419 5.2% 4.10 3.1% 1,140,078

Total Mexico 70,405,888 3,461,918 1,330,679 4.9% 4.22 2.9% 2,042,781

22


The industrial space has grown consistently over the last ten years, with 55% growth during the last eight years

and a compound annual growth rate (CAGR) of around 6%.

The peak in growth shown in the graph above is the result of the JLL sample including several industrial parks and

suburban buildings developed primarily between 2010 and 2014, which were added to the study in 2015 and

2016.

The last quarter 2016 and the first half 2017 have suffered from the consequences of the presidential campaign

and the first months of the administration of President Trump in the United States. President Trump insists on the

need to renegotiate the North American Free Trade Agreement (NAFTA) in such a way that the United States

reduces its trade deficit with Mexico and unemployment. This situation has slowed or halted a number of

industrial projects and investments.

15.7%

2.1%

4.3%3.6% 3.2%

0.6%

4.0%

19.2%

9.1%

3.0%

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2Q

Growth in Industrial Inventory(in square meters)

Total Inventory Availability

Annual Growth

5.1%6.0%

7.5%6.8%

5.7%4.8%

4.2%

6.0% 5.6% 5.5%4.9%

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2Q

History of Industrial Inventory vs. Vacancy(in square meters)

Total Inventory Vacancy

23


Cycles of the Industrial Markets / The Real Estate Clock

12:00 Indicates a turning point towards market consolidation

/ deceleration. At this point, the market no longer has

rental growth potential. A market that is at 12

indicates a market that has already passed its cyclical

peak in rents and begins to have certain downward

pressures.

3:00 Indicates a downward market. A market that is

positioned at 3 is perceived as a market that has

already passed the most dramatic part of the cycle of

lower rents and begins to move towards rent

stabilization with limited contractions in the future

(and therefore no growth is expected in rents).

6:00 Indicates a turning point towards a market with growth

in rents. In this position, the market has reached its lowest point - that is, it has passed any period /

expectation of rent contraction. A market that is positioned at 6 presents a good growth potential and,

therefore, is at the beginning of a rental growth cycle.

9:00 Indicates that the market reached the peak in rental growth. A market that is at 9 is perceived as one that

peaked in the rental growth rate, moving towards a stabilization of rents due to the integration of new

supply or sluggish economic growth with limited growth potential in the future (and therefore no

reduction in rent is expected).

$4.34 $4.35

$4.02$3.98

$4.18$4.14

$4.23$4.21

$4.02

$4.19$4.22

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2Q

History of Industrial Net Absorption vs National Average of Rent(in square meters and USD per m2 per month)

Total Bajío Central Northern Rent

24


Financial Performance

3Q17 results were marked primarily by: i) the first placement of CBFIs under the ATM program, raising Ps.1,489.3 million, which were partially deployed for the acquisition of Cuauhtémoc on August 16, 2017; ii) the first full quarter of operations of the Huasteco portfolio; iii) the beginning of leasing activities in Catacha 2; iv) the effect of an unfavorable exchange rate; and v) valuation effects with no impact on cash distribution, such as: a) the increase in fair value of Fibra Mty's portfolio, and b) the unrealized FX loss on bank loans denominated in US dollars due to the depreciation of the Mexican peso against the US dollar, going from Ps. 18.0279 per US dollar at the end of 2Q17 to Ps. 18.1979 per dollar at the end of 3Q17.

thousands of pesos 3Q17 2Q17 Δ%

1T16

3Q16 Δ%

Total Revenue 210,210 196,168 7.2% 157,552 33.4%

Property maintenance and operating expenses, net of CAPEX in results

28,226 26,355 7.1% 17,415 62.1%

Capex in profit and loss with accordance to IFRS

1,322 2,958 (55.3%) 695 90.2%

Administrative Expenses 19,947 19,116 4.3% 16,695 19.5%

CBFI Executive Compensation Plan 7,070 9,801 (27.9%) 4,203 68.2%

Expense for properties measured at fair value

7,761 (344,887) (102.3%) (107,701) (107.2%)

Interest income 12,443 8,190 51.9% 6,951 79.0%

Interest expense 27,395 25,956 5.5% 11,043 148.1%

Foreign Exchange (Loss) Gain, net (20,663) 71,181 (129.0%) (29,832) (30.7%)

Income (Loss) Before Income Taxes 125,791 (153,534) (181.9%) (23,081) (645.0%)

Income Tax 915 461 98.5% 443 106.5%

Consolidated Net (Loss) Income 124,876 (153,995) (181.1%) (23,524) (630.8%)

Valuation of derivative financial instruments

(325) (6,094) (94.7%) (14,329) (97.7%)

Consolidated Comprehensive Income (Loss) 124,551 (160,089) (177.8%) (37,853) (429.0%)

25


thousands of pesos 3Q17 2Q17 Δ%

1T16

3Q16 Δ%

Total Revenue 210,210 196,168 7.2% 157,552 33.4%

Property maintenance and operating expenses, net of CAPEX in results

(28,226) (26,355) 7.1% (17,415) 62.1%

NOI 181,984 169,813 7.2% 140,137 29.9%

Administrative Expenses (19,947) (19,116) 4.3% (16,695) 19.5%

Excluding depreciation, amortization, and accrued leasing commissions

1,441 854 68.7% 349 312.9%

EBITDA 163,478 151,551 7.9% 123,791 32.1%

Total Revenue

Total Revenue in 3Q17 reached Ps. 210.2 million, a 7.2% growth over the previous quarter. This result is mainly attributed to: i) the Cuauhtémoc acquisition, which added Ps.4.1 million revenue; ii) three full months of operation of the Huasteco portfolio, which contributed with a Ps. 14.7 million incremental revenue vs. 2Q17; iii) the begining of leasing activities in the Catacha 2, with revenue of Ps. 0.3 million; iv) the rent increases due to inflation adjustments at certain properties as per contracts, contributing approximately Ps. 1.0 million in revenue. The abovementioned was slightly offset by: i) the effects of an unfavorable exchange rate, amounting to approximately Ps. 6.6 million; and, ii) the three full months of vacancy at certain office in Monterrey, pursuing the commercial repositioning of said asset with new tenants, as was mentioned in our previous report and which represented an unfavorable effect in 3Q17 of Ps. 1.1 million, as well as other minor impacts.

Operating Expenses As mentioned in last quarter's report, as of 2Q17, property expenses will be presented net of CAPEX in results with the intent of isolating the effects of CAPEX which by its very nature do not occur on a linear basis. Consequently, property expenses reached Ps. 28.2 million, a 7.1% increase over 2Q17, mainly due to expenses associated with the Huasteco portfolio acquired on May 25, 2017. NOI margin was 86.6%, in line with that reported in 2Q17. In terms of same-properties, NOI margin was 85.5%, 50 basis points below 2Q17 mainly due to the effects of an unfavorable exchange rate during 3Q17, going from an average exchange rate of Ps. 18.8131 in 2Q17 to an average exchange rate of Ps. 17.8489 for 3Q17. Regarding the recognition of certain recoverable maintenance expenses on an accumulated basis, mentioned in 2Q17, we continue refining the control process of such expenses through our SAP ERP.

Administrative Expenses

26


Administrative, trustee and general expenses totaled Ps. 19.9 million, a 4.3% increase over 2Q17, mainly due to the property stabilization and team training activities, and higher appraisal fees related to the calculations made on a quarterly basis.

CBFI Executive Compensation Plan

During 3Q17, the Company recorded a Ps. 7.1 million provision, corresponding to the compensation plan for Fibra Mty’s key personnel. This provision will be paid with CBFIs and is subject to the achievement of certain objectives by the participants of the plan and market conditions, previously approved by the Technical Committee. In compliance with IFRS, this provision was recognized in the Income Statement. Fair Valuation of Investment Properties The fair valuation of Fibra Mty investment properties is determined with the assistance of qualified independent appraisers unrelated to Fibra Mty. Based on the type of properties included in our portfolio, the administration has chosen the income approach as the most appropriate method to calculate fair valuation, which consists of discounting at NPV the future cash flows expected from leasing income. During 3Q17, revenue for fair valuation of investment properties totaled Ps. 7.8 million, reaching Ps. 500.9 million on an accumulated basis in 2017; this expense was primarily generated by the Ps. 2.4661 appreciation of the MXP against the US dollar, from Ps.20.6640 on December 31, 2016 to Ps. 18.1979 pesos per dollar on September 30, 2017. Looking at the cumulative effect over the operating story of Fibra Mty, which began operations in December of 2014, our mark-to-market valuation of properties have generated a Ps. 348.3 million gain. However, these valuation effect would only monetize at the time of sale, or throughout the useful life of such buildings due to cash flows obtained by current leasing contracts, and considering that the assumptions used to calculate the valuations, such as inflation, exchange rates, discount and capitalization rates among others, do not change going forward from September 30, 2017.

NOI & EBITDA 3Q17 NOI reached Ps.182.0 million, 7.2% higher than 2Q17. On a nine-month accumulated basis, 2017 NOI reached Ps. 528.2 million, 45.0% higher than the same period 2016. 3Q17 NOI margin was 86.6%, remaining in line with that reported in 2Q17, and 87.0% for the nine-month period ended September 30, 2017, which is 180 basis points below the same period 2016. The aforementioned is due to the recognition of certain recoverable maintenance expenses on a linear and accumulated basis, as previously mentioned, for which we continue refining the control process of such costs through our SAP ERP. In terms of same-properties, NOI margin was 85.5%, 50 basis points below that of 2Q17, mainly due to effects of an unfavorable exchange rate during 3Q17, decreasing from an average exchange rate of Ps.18.8131 in 2Q17 to an average exchange rate of Ps. 17.8489 for 3Q17. EBITDA for 3Q17 was Ps. 163.5 million, a figure higher than that of 2Q17 by 7.9%. On a nine-month accumulated basis, 2017 EBITDA reached Ps. 472.7 million, 49.6% above the same period 2016. 3Q17 and accumulated EBITDA margin was 77.8% for both periods, 50 and 80 basis points above 2Q17 and the same period in 2016, respectively. This reflects the benefits of Fibra Mty's internal administrative structure.

27


It is worth mentioning that NOI and EBITDA exclude: i) capital expenses in accordance with IFRS; ii) the provision of the CBFI Executive Compensation Plan, given that this is a line item that will be settled through the issuance of CBFIs; and, iii) gain (loss) by fair valuation of real estate. Financial Result The financial result, comprised of the FX result and net effect of financial income and expenses, registered a Ps. 35.6 million loss at the end of 3Q17, a decrease of Ps. 89.0 million when compared to the Ps. 53.4 million gain registered in the previous quarter. This decrease is explained by the unfavorable effect on the FX result of Ps. 91.8 million, derived from the depreciation of the Mexican peso against the US dollar in 3Q17 compared to the appreciation achieved in 2Q17, which primarily had a major impact on the valuation of syndicated credit lines in US dollars, which totaled US$ 124.3 million as of September 30, 2017. The exchange rate decrease was slightly offset by a 51.9% increase in financial income, equivalent to Ps. 4.3 million, attributed to a higher investment amount resulting from the follow-on resources yet to be allocated in growth projects, compensated by a lower inflation adjustment gain from VAT reimbursements corresponding to recent adquisitions. Consolidated Net Income Fibra Mty's Consolidated Net Income increased by Ps.278.9 million, from a loss of Ps.154.0 million in 2Q17 to a Ps.124.9 million gain in 3Q17. Isolating the variations in the CBFI Executive Compensation Plan, the effect of fair valuation of real estate, and the unrealized FX result that follow the revaluation of bank liabilities, Fibra Mty’s Consolidated Net Income increased by Ps.15.3 million, primarily driven by total revenue growth and financial gains, partially offset by a slight increase in administrative and financial expenses, all of which were explained above.

Derivative Financial Instruments The fair value loss on Fibra Mty's derivative financial instruments decreased Ps.5.8 million, from a Ps. 6.1 million loss in 2Q17 to a Ps. 0.3 million loss in 3Q17. This decrease primarily reflects the increase in the 5-year bond rate recorded during the quarter, which drove the value of our US dollar floating rate hedging instruments to increase. FFO & AFFO

Fibra Mty generated Funds from Operations of Ps.147.1 million, equivalent to Ps.0.2473 per CBFI. On an annualized basis, the performance of FFO/CBFI for 3Q17, calculated at a CBFI price of Ps. 11.85 as of December 31, 2016, reached 8.3%. CAPEX reached Ps.2.5 million, driving the Adjusted Funds from Operations (AFFO) to Ps.144.6 million, representing an AFFO per CBFI of Ps. 0.2437. On an annualized basis, the performance of AFFO/CBFI for 3Q17, calculated at a CBFI price of Ps.11.85, reached 8.2%. The distribution corresponding to 3Q17 is equivalent to 100% of AFFO. Isolating the dilution effects from the placement of CBFIs to be allocated in growth projects, the AFFO by CBFI is Ps.0.2573, 0.5% higher than that of 2Q17.

28


thousands of pesos 3Q17 2Q17 Δ% 3Q16 Δ%

Consolidated Comprehensive Income (Loss)

124,551 (160,089) (177.8%) (37,853) (429.0%)

Expense (Income) from financial derivatives valuation

325 6,094 (94.7%) 14,329 (97.7%)

(Income) Expense for properties measured at fair value

(7,761) 344,887 (102.3%) 107,701 (107.2%)

Foreign Exchange loss (gain), Net 21,594 (71,237) (130.3%) 29,164 (26.0%)

Depreciation and Amortization 414 410 1.0% 79 424.1%

Accrued Leasing Commissions 1,027 444 131.3% 270 280.4%

Debt Cost Amortization 2,383 1,584 50.4% 1,785 33.5%

CBFI Executive Compensation Plan 7,070 9,801 (27.9%) 4,203 68.2%

Income non-monetary straight-line amortization

(2,242) (1,177) 90.5% (1,131) 98.2%

Income from Subsidiary (308) (897) (65.7%) (417) (26.1%)

FFO 147,053 129,820 13.3% 118,130 24.5%

Capital Expenditures1 (2,489) 2 (3,292) 2 (24.4%) (2,951) 15.7%

AFFO 144,564 126,528 14.3% 115,179 25.5%

3T15 1. 3Q17, 2Q17 and 3Q16 results include Ps.1,322 thousand, Ps.2,958 thousand and Ps.695 thousand in expenses, respectively, which were budgeted

as CAPEX and presented as Operating Expenses in accordance with IFRS. 2. The Ps.2,489 thousand and Ps.3,292 thousand of capital expenditures were comprised of: 1) Ps.5,341 thousand and Ps.946 thousand capitalized

to investment properties, ii) Ps.(413) thousand and Ps.2,346 thousand (applied) remaining and iii) (cancelation) reserves of Ps.(2,439) thousand

and Ps.0 thousands, respectively. The cancelation of the reserve is due to the renegociation of certain contract in which the tenant will cover the

capital expenditures.

29


Distributions per CBFI

Fibra Mty will distribute a total of Ps. 144.6 million, 100% of the AFFO corresponding to 3Q17, equivalent to Ps. 0.2437 per CBFI. It is important to point out that, regarding 3Q16, the distribution by certificate increased by about 13%, without considering the effects of the CBFI placement in August 2017 and FX rate effects.

(1) 3Q17 Financial Highlights per CBFI consider 515,130.292 thousand CBFIs in July and 635,500.587 thousand in August and

September.

(2) 2Q17 Financial Highlights per CBFI in 2Q17 consider 483,398.368 thousand CBFIs in April and May and 515,130.292 thousand in

June.

3Q171 2Q172 1Q17 4Q16 3Q16

Total CBFIs Outstanding (thousands)

635,500.587 515,130.292 483,398.368 482,504.690 482,504.690

CBFI Price (beginning of year)

Ps. 11.85 Ps. 11.85 Ps. 11.85 Ps. 12.90 Ps. 12.90

CBFI Price (beginning of the quarter)

Ps. 11.84 Ps. 11.28 Ps. 11.85 Ps. 12.60 Ps. 12.74

Distributions (thousands of pesos)

Ps. 144,564 Ps. 126,528 Ps. 132,411 Ps. 124,485 Ps. 114,501

Distributions per CBFI Ps. 0.2437 Ps. 0.2559 Ps. 0.2739 Ps. 0.2580 Ps. 0.2373

Distribution Yield - Annualized (beginning of the year)

8.2% 8.6% 9.2% 8.0% 7.4%

Distribution Yield - Annualized (beginning of the quarter)

8.2% 9.1% 9.2% 8.2% 7.5%

30


Debt and Cash Equivalents

As of September 30, 2017, the trust has 6 credit facilities (bank loans), as outlined below:

Thousands of pesos

3Q17 Currency Rate Variable

Rate 30sep17

Fixed Rate

Maturity 2Q17

Δ%

3Q17 vs 2Q17

Secured Loans

Bank Syndicate 1,819,790 US$

Libor +

2.5% 3.73% 3.87% dic-20 1,802,790 0.9%

Seguros Monterrey

111,455 US$ 5.10% N/A N/A feb-23 114,700 (2.8%)

BBVA Bancomer (“Fagor”)

50,620 US$ 3.98% N/A N/A mar-23 51,122 (1.0%)

BBVA Bancomer (“Nippon”)

46,970 US$ 4.64% N/A N/A may-24 47,171 (0.4%)

BBVA Bancomer (“CEDIS”)

186,248 US$ 4.60% N/A N/A mar-25 187,020 (0.4%)

BBVA Bancomer (“Central Star”)

46,328 US$ Libor

+ 2.5%

3.73% N/A nov-23 46,716 (0.8%)

Unsecured Credit

Actinver Revolving

- Ps. TIIE + 3.0%

N/A N/A may-18 155,000 (100%)

TOTAL 2,261,411(1) 2,404,519(2) (6.0%)

(1) Equivalent to US$ 124,268 thousand, using an FX rate of Ps. 18.1979 as of September 30, 2017. (2) Equivalent to US$ 124,780 thousand, using an FX rate of Ps. 18.0279 as of June 30, 2017 and Ps. 155,000 thousand.

31


Fixed Rate 98.0% 4T15 USD-Denominated 100%

Variable Rate 2.0% 1T16 Ps.-Denominated 0% (1)

(2)

Maturities 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total

Amount

14,547

107,884

114,154

1,760,246 62,171

66,591

72,235

44,245

19,338

2,261,411

Percentage 0.7% 4.8% 5.0% 77.8% 2.7% 2.9% 3.2% 2.0% 0.9% 100.0%

Syndicated Loan The Syndicated Loan of US$ 100 million, subscribed on December 15, 2015, was used in its entirety during the

first quarter of this year. The fourth and final tranche of US$10 million was used to the acquisition of the Huasteco

portfolio.

Each tranche has been hedged with swaps of the same amortization and maturity profile. The variable rate of this

loan has been fixed at 3.87% in US dollars.

Seguros Monterrey New York Life Loan

The US$6.1 million credit corresponds to the recognition of an outstanding debt balance for the acquisition of

Redwood, subscribed at an annual fixed rate of 5.10%, due in February 2023.

BBVA Bancomer Loan

The four BBVA Bancomer loans for an aggregate amount of US$18.1 million correspond to the recognition of an

existing long-term debt, related to the acquisition of the Huasteco portfolio. The majority of this loan was

contracted at a fixed rate with maturities due 2023, 2024, and 2025.

Actinver Loan

In a transitional manner, at the end of May, a portion of the unsecured and mortgage loans was used, in the

amount of Ps. 200 million, and Ps. 50 million, respectively, for the acquisition of the Huasteco portfolio. At the

beginning of June, both loans were prepaid, the first partially and the second completely, with resources collected

from the VAT reimbursement corresponding to the acquisitions of Redwood and Catacha 2 properties.

Subsequently, the outstanding balance of Ps. 155.0 million was fully settled with the proceeds from the placement

made at the beginning of August.

Cash

Regarding cash and cash equivalents, Fibra Mty held a balance of Ps.1,272.4 million in cash, an increase of Ps.

875.6 million compared to December 31, 2016. This increase is mainly attributed to the placement of CBFIs under

the ATM program for a total of Ps. 1,489.3 million, equivalent to 120,594,683 CBFIs, at an offering price of Ps.

32


12.35, net of issuance costs, which totaled Ps.43.5 million; to the operating activities and collection of the VAT

reimbursement which jointly amounted to Ps.635.5 million; and the resources drawn from the signed credit lines

which, net of debt service and the prepayment of the credit facilities subscribed with Actinver, reached Ps. 92.1

million. The foregoing was slightly offset by the cash payments for the Huasteco portfolio, the Cuauhtémoc

property, construction on the Catacha 2 property, and other minor property investments for Ps.857.5 million, and

the cash distribution to CBFI holders in the amount of Ps.427.3 million.

Recent Events

1. On August 4, 2017, Fibra Mty carried out the first placement of real estate trust securities (CBFIs by their

Spanish acronym) under the ATM program, approved in the General Meeting of CBFI Holders on July 7,

2017. A total of120,594,683 CBFIs were placed (105,615,208 under base offering and 14,979,475 under

greenshoe option, net of an 862,806 repurchase) at an offering price of Ps. 12.35 per CBFI, equivalent to

Ps. 1,489.3 million. The stabilization period of the initial public offering ended September 1, 2017 through

the exercising of the greenshoe option by Actinver Casa de Bolsa, S.A. de C.V., Grupo Financiero Actinver,

acting on behalf of its syndicate of underwriters. The proceeds from the placement, net of issuance costs

of Ps. 43.5 million, totaled Ps. 1,445.8 million.

2. On August 16, 2017, Fibra Mty concluded the acquisition of Cuauhtémoc, which is in the metropolitan

area of Monterrey, N.L., and has approximately 10,294 m2 of Gross Leasable Area ("GLA") for office use.

The property is fully leased by a Mexican financial company under a NNN lease contract denominated in

Mexican pesos. The purchase price was Ps. 375.0 million plus the corresponding VAT, and other taxes, as

well as acquisition expenses, and was fully settled in cash with the proceeds from the placement carried

out on August 4, 2017.

3. On September 8, 2017, Fibra Mty announced receipt of the Value Added Tax (VAT) reimbursement

corresponding to the acquisition of the Huasteco portfolio. The total amount reimbursed was Ps.158.8

million, including an inflation adjustment of Ps. 1.0 million.

33


Conference Call

Cobertura de Analistas

Actinver Pablo Duarte

BBVA Bancomer Francisco Chavez

Signum Research Armando Rodriguez

Vector Financial Services Jorge Placido

34


About Fibra Mty

Fibra Mty is a real estate investment trust (“FIBRA”) that initiated operations on December 11, 2014 identified by

the number F/2157 (“Trust 2157”), and also as “Fibra Mty” or “FMTY”. Fibra Mty’s strategy is based mainly on the

acquisition, administration, development and operation of corporate properties in Mexico, predominantly office

properties. Fibra Mty is a FIBRA qualified as a transparent entity under Mexican Income Tax laws; therefore, all

revenues derived from Fibra Mty’s operation are attributable to the holders of its CBFIs, given that Trust 2157 is

not subject to Income Tax in Mexico. In order to maintain FIBRA status articles 187 and 188 of Mexican Income

Tax Law establish that FIBRA such as Trust 2157 must distribute annually at least 95% of their net income to

holders of CBFIs and invest at least 70% of their assets in real estate rental properties, among other requirements.

Fibra Mty is internally-managed by Administrador Fibra Mty, S.C., making Fibra Mty the first investment vehicle

of its kind within the FIBRAS sector in Mexico, supported by an innovative corporate governance structure, aligned

with investor interests, generating economies of scale and taking advantage of the opportunities offered by the

real estate market.

Advertencia Legal

This press release may contain forward-looking statements or guidance related to Fibra Mty which includes estimates or considerations about the Company’s operations, business and future events. Statements about future events may include, without limitation, any statement that may predict, forecast, indicate or imply future results, operations or achievements, and may include words such as “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. Results may be materially different from the expressed in this report. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

35


Financial Statements

Intermediate Condensed Consolidated Statements of Financial Position – Unaudited

As of September 30, 2017, and December 31, 2016 Amounts expressed in thousands of Mexican Pesos ($)

As of September

30, 2017

As of December 31,

2016

Assets

Current assets:

Cash and cash equivalents

$1,272,375

$ 396,808 Accounts receivable 4,768 4,858 Recoverable taxes 5,838 185,846 Other current assets 12,617 10,380

Total current assets 1,295,598 597,892 Investment properties 9,076,428 7,995,134 Advance for the acquisition of investment properties 20,616 2,974 Derivative Financial Instruments 17,961 21,028 Other assets 66,725 36,473

Total non-current assets 9,181,730

8,055,609

Total assets $ 10,477,328 $8,653,501

Liabilities and equity

Current liabilities: Short-term maturity of long-term liabilities 94,834 19,586 Interest payable 4,283 3,728 Accounts payable 14,664 14,565 Taxes payable 1,753 7,806 Tenant deposits 8,070 6,395

Total current liabilities 123,604 52,080

Long-term bank loans 2,143,664

1,956,298 Deferred income tax 3,539 1,985 Derivative Financial Instruments 11 - Tenant deposits 74,739 73,437

Total liabilities 2,345,557 2,083,800

Equity:

Contributed equity 7,607,397

5,741,183 Accumulated results 506,424 807,490 Other comprehensive income 17,950 21,028

Total Equity 8,131,771 6,569,701

Total liabilities and equity $10,477,328 $8,653,501

36



Intermediate Condensed Consolidated Statement of Comprehensive Income - Unaudited

For nine-month periods ending September 30, 2017 and 2016 Amounts expressed in thousands of Mexican Pesos ($)

2017

2016

Total Revenue $609,258 $410,273

Property maintenance and operating expenses 66,772 35,255

Property management fees 8,695 5,872

Property taxes 8,238 6,104

Property insurance 2,819 1,396

Management fees 42,641 38,784

Trustee fees and general expenses 16,029 10,452

CBFI Executive Compensation Plan 19,235 13,066

Expense for Fair Valuation of Investment Properties (500,929) (107,701)

Interest income 27,843 15,780

Interest expense 74,424 28,742

Foreign Exchange gain (loss), net 230,458 (59,355)

Income Before Income Taxes

127,777

119,326

Income Tax 1,553

893

Consolidated Net Income $126,224 $118,433

Fair value adjustment on derivative financial instruments (3,078)

(37,960)

Consolidated Comprehensive Income $123,146 $80,473

37



Intermediate Condensed Consolidated Statements of Changes in Equity - Unaudited For nine-month periods ending September 30, 2017 and 2016

Amounts expressed in thousands of Mexican Pesos ($)

Equity Accumulated Results

Other

comprehensive income

Total Equity

Balances as of December 31, 2015 $ 3,527,537 $ 586,322 $ 349 $ 4,114,208

Contributed equity, net of issuance costs 2,203,085

-

-

2,203,085

Distributions to CBFI holders - (353,641) - (353,641) CBFI Executive Compensation Plan 13,066 - - 13,066

Consolidated Comprehensive Income:

Consolidated Net Income - 118,433 - 118,433

Valuation effect of derivative financial instruments -

-

(37,960)

(37,960)

Consolidated Comprehensive Income - 118,433 (37,960) 80,473

Balances as of September 30, 2016 $5,743,688 $351,114 $(37,611) $6,057,191

Balances as of December 31, 2016 $ 5,741,183 $ 807,490 $ 21,028 $ 6,569,701

Contributed equity, net of issuance costs 1,445,836

-

-

1

1,445,836

Contributed equity from property acquisition

402,996

-

-

402,996

Contributed equity from CBFI replacement

5

-

-

5

CBFIs repurchase (1,858) - - (1,858)

Distributions to CBFI holders - (427,290) - (427,290) CBFI Executive Compensation Plan 19,235 - - 19,235 Consolidated Comprehensive Income: Consolidated Net Income - 126,224 - 126,224 Valuation effect of derivative

financial instruments -

-

(3,078)

(3,078) Consolidated Comprehensive Income - 126,224 (3,078) 123,146

Balances as of September 30, 2017 $7,607,397 $506,424 $17,950 $8,131,771

38



Intermediate Condensed Consolidated Statement of Cash Flow - Unaudited For nine-month periods ending September 30, 2017 and 2016

Amounts expressed in thousands of Mexican Pesos ($)

2017 2016

Cash flows from operating activities: Income Before Income Taxes $127,777 $119,326

Non-cash accounts:

Straight line adjustment for leasing income (5,313) (3,838) Leasing commissions 1,892 732 CBFI Executive Compensation Plan 19,235 13,066 Depreciation and amortization 1,287 193 Interest income (27,843) (15,780) Interest expense 74,424 28,742 Unrealized foreign exchange (gain) loss, net (238,134) 76,336 Expense for Fair Valuation of Investment Properties 500,929 107,701 Other items that do not represent cash flow 8,518 -

Cash flows from operating activities before changes in operating items

462,772

326,478

Accounts receivable 264 (7,711) Other assets (11,825) (9,696) Recoverable taxes 179,992 25,240 Accounts payable (5,953) (4,040) Tenant deposits 10,213 20,809

Net cash generated by operating activities

635,463

351,080

Net cash generated by investing activities

Acquisition of investment properties (839,831) (2,120,339) Advance for the acquisition of investment properties (17,642) (965) Other assets (20,810) (9,545)

Interest received 27,843 15,780

Net cash used in investing activities (850,440)

(2,115,069)

Cash flows from financing activities:

Bank loans 438,700 - Payment of bank loans (274,790) (90,000) Interest paid (68,577) (24,068) Debt cost (3,244) (11,601) Resources obtained from issuance/replacement of CBFIs 1,489,350 2,261,050 Cost of issuance/subscription of CBFIs (43,509) (57,965)

Distributions to CBFI holders (427,290) (239,140)

CBFIs repurchase (1,858) -

Net cash obtained (utilized) in financing activities

1,108,782

1,838,276

Net increase in cash and cash equivalents 893,805 74,287

Initial balance of cash and cash equivalents 396,808 278,632

Effects of exchange rate on cash and cash equivalents (18,238)

7,702

Ending balance of cash and cash equivalents $1,272,375 $360,621

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