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3Q18 Earnings Release

Redefines real estate Profitability in Mexico


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

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Investment Model

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FIBRA MTY ANNOUNCES RESULTS FOR THE THIRD QUARTER 2018

Monterrey, Nuevo Leon, Mexico – October 24th, 2018 – 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 2018 ("3Q18"). 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. As from 1Q18, performance explanations are provided on a year-over-year and same-properties comparative basis.

Third Quarter 2018 Highlights

• Fibra Mty closed 3Q18 with 44 properties in its portfolio, including 12 for office use, 26 for industrial use and 6 for retail use. It is worth mentioning that the “Zinc” property is under construction and therefore will not be included in the operational metrics of this report.

• At the end of 3Q18, Fibra Mty recorded a total of 504,534 m2 of GLA. The occupancy rate as of September 30, 2018, was 96.8%, calculated on Gross Leasable Area ("GLA").

• In 3Q18, the average rent per square meter was US$ 19.0 for corporate offices, US$ 13.4 in operating offices, US$ 4.3 in industrial buildings and US$ 7.4 for retail properties.

• 3Q18 total revenue reached Ps. 233.9 million, up 11.3% when compared to 3Q17.

• 3Q18 net operating income ("NOI") was Ps. 205.9 million, 13.2% higher than that of 3Q17.

• 3Q18 EBITDA reached Ps. 184.7 million, a 13.0% increase versus 3Q17.

• 3Q18 NOI and EBITDA margins stood at 88.0% and 79.0%, respectively, reflecting growths of 140 basis points and 120 basis points, when compared to 3Q17, respectively.

• Funds from Operations ("FFO") was Ps. 182.3 million in 3Q18, 24.0% above than 3Q17, while Adjusted Funds from Operations ("AFFO") totaled Ps. 174.4 million, 20.7% higher than 3Q17.

• As a result of its 3Q18 operating performance, Fibra Mty will distribute Ps. 174.4 million to its CBFI holders, equivalent to Ps. 0.274 per CBFI. This distribution remains in line with the all-time record-high reported in 2Q18 and represents an annualized return of 8.7% versus the closing price per CBFI at year-end 2017 (Ps. 12.60 per CBFI.)

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Operating Highlights:

3Q18(1) 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.

Number of Properties 43 43 0.0% 43 0.0%

Office 12 12 0.0% 12 0.0%

Industrial 25 25 0.0% 25 0.0%

Retail 6 6 0.0% 6 0.0%

Gross Leasable Area (GLA) m2 504,534 504,534 0.0% 504,534 0.0%

Occupancy Rate (GLA) 96.8% 96.6% 0.2 p.p. 96.5% 0.3 p.p.

Average Rent / m2 Corporate Offices (US$)

$19.0 $18.8 1.1% $18.4 3.3%

Average Rent / m2 Operating Offices (US$)

$13.4 $13.1 2.3% $13.1 2.3%

Average Rent / m2 industrial (US$)

$4.3 $4.2 2.4% $4.2 2.4%

Average Rent / m2 Retail (US$)

$7.4 $7.2 2.8% $6.8 8.8%(2)

(1) Excluding the “Zinc” property, currently under construction.

(2) Increase mainly due to the appreciation of the Mexican peso against the US dollar.

Summary of Acquisitions:

Thousands of Mexican pesos (except GLA and lease term)

3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.

Number of New Properties 1(1) 1 0.0% - -

Acquisition Price 184,358(2) 375,000 (50.8%) - -

Annualized NOI 15,633 32,400 (51.8%) - -

Gross Leasable Area in m2 19,200 10,294 86.5% - -

Cap Rate in Cash(3) 8.5% 8.6% (0.1 p.p.) - -

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

10(4) 15.0 (33.3%) - -

(1) Consists of the acquisition of a land plot on which a build-to-suit industrial facility will be developed.

(2) The investment is disbursed as the construction of the property progresses, which is expected to be completed 9 months after

the acquisition date. As of September 30, 2018, the acquisition price paid was Ps. 86.8 million.

(3) 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.

(4) Term after delivery of the building or no later than July 1st, 2019.

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Financial Highlights in thousands of Mexican Pesos:

3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.

Total Revenue 233,943 210,210 11.3% 229,658 1.9%

NOI 205,923 181,984 13.2% 203,567 1.2%

EBITDA 184,716 163,478 13.0% 182,198 1.4%

FFO 182,345 147,053 24.0% 182,321 0.0%

AFFO 174,430 144,564 20.7% 174,632 (0.1%)

Financial Highlights per CBFI:

3Q18 3Q17(1) Δ%/p.p. 2Q18(2) Δ%/p.p.

NOI 0.324 0.309 4.9% 0.320 1.3%

EBITDA 0.290 0.277 4.7% 0.286 1.4%

FFO 0.287 0.247 16.2% 0.286 0.3%

AFFO 0.274 0.244 12.3% 0.274 0.0%

Outstanding CBFIs (thousands) (3) 636,181.928 635,500.587 0.1% 636,732.825 (0.1%)

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

and September.

(2) 2Q18 Financial Highlights per CBFI consider 637,385.895 thousand CBFIs in April and May, and 636,732.825 thousand in June.

This variation is explained by the CBFIs added to the treasury stock through the Company’s buyback program.

(3) Outstanding CBFIs at the date of distribution.

Margins:

3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.

Total Revenue 233,943 210,210 11.3% 229,658 1.9%

NOI 88.0% 86.6% 1.4 p.p. 88.6% (0.6 p.p.)

EBITDA 79.0% 77.8% 1.2 p.p. 79.3% (0.3 p.p.)

FFO 77.9% 70.0% 7.9 p.p. 79.4% (1.5 p.p.)

AFFO 74.6% 68.8% 5.8 p.p. 76.0% (1.4 p.p.)

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Comments from the Chief Executive Officer

“Vision without action is a daydream; action without vision is a nightmare”

- Chinese proverb -

Dear Investors,

I am pleased to discuss with you the most relevant events of this period. For the second consecutive quarter and showcasing one of the benefits of having a High Quality Portfolio and an Aligned Corporate Governance with investors’ interests, we maintained our quarterly cash distribution at an all-time record of Ps. 0.274 per CBFI. As mentioned in 2Q18, the foregoing is the inherent result of our commitment and discipline in the operation of our business in terms of occupancy of leasable area, as well as in efficiency in operating expenses and adequate administration of our internally managed structure.

Regarding our Disciplined Growth Strategy, I would like to comment that the previously announced “Zinc” and “Patria” transactions were successfully completed during the last half of September and the first half of October, respectively. We expect that the “Zinc” property, currently under construction, will be 100% completed and delivered to the tenant during the second quarter of 2019. As for “Patria”, it is worth mentioning that this is our first building that has a LEED Silver certification, for its high energy efficiency and related savings in operating expenses.

In relation to the “Horizonte” portfolio, during the first week of October, we reached an agreement for the acquisition of the “Panamericana 1” and “Panamericana 2” properties, both transactions subject to certain suspensive conditions to be resolved by the selling party. In the case of the “Vallarta” building, included in this portfolio, it continues to be suspended due to the absence of an agreement with the seller.

As of the date of this report, we have committed most of our available cash while maintaining an indebtnedness level of approximately 25%, in line with our Balanced Capital Structure. As has already been mentioned in previous reports, we have been particularly active in the valuation of potential investments, which, on October 16, led our General Meeting of CBFI Holders to authorize a follow-on offering for up to Ps. 4,025 million (including a greenshoe of 15%) with the objective of seizing these investment opportunities, some of them with due diligence processes currently underway.

The foregoing is undoubtedly a valuable opportunity to enhance the diversification and quality of our real estate assets, extend the average contract maturity of our leases and achieve a larger operating scale that allows us to improve the market liquidity of our securities, resulting in additional benefits for our investors through the reduction of capital costs.

As always, we appreciate the trust and interest you have placed in Fibra Mty, a company committed to redefining real estate profitability in Mexico.

Sincerely,

Jorge Avalos Carpinteyro CEO

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Operating Performance

Property Portfolio and Geographic Locations

Fibra MTY's portfolio is comprised of 44 properties located in 9 states of Mexico, with an average age of 12.6 years and occupancy of 96.8%, in terms of Gross Leasable Area (GLA). It is worth mentioning that the “Zinc” property is under construction and therefore will not be included in the operational indicators of this report.

Total Revenue expressed in thousands of Mexican pesos

Portfolio/Property Location GLA (m2)

3Q18 Total

Revenue

3Q17 Total

Revenue

Δ% 3Q18 vs

3Q17

2Q18 Total

Revenue

Δ% 3Q18 vs

2Q18

1-3 OEP Portfolio* Nuevo Leon 44,880 51,073 48,679 4.9% 49,695 2.8%

4-6 CEN 333 Portfolio** Nuevo Leon 36,752 27,053 25,478 6.2% 27,779 (2.6%)

7 Danfoss Nuevo Leon 30,580 7,595 6,986 8.7% 7,632 (0.5%)

8 Cuadrante Chihuahua 4,520 3,437 3,183 8.0% 3,253 5.7%

9 Cuprum Nuevo Leon 17,261 3,511 3,060 14.7% 3,481 0.9%

10-14 Casona Portfolio Multiple*** 38,684 7,875 7,270 8.3% 7,821 0.7%

15 Catacha Nuevo Leon 5,431 1,216 1,056 15.2% 706 72.2%

16-19 Monza Portfolio Chihuahua 13,679 5,227 5,118 2.1% 5,232 (0.1%)

20 Santiago Queretaro 16,497 4,596 4,073 12.8% 4,367 5.2%

21 Monza 2 Chihuahua 4,611 1,853 1,738 6.6% 1,853 0.0%

22 Prometeo Nuevo Leon 8,135 12,731 11,574 10.0% 12,139 4.9%

23 Nico 1 Nuevo Leon 43,272 11,966 10,575 13.2% 11,470 4.3%

24-31 Providencia Portfolio Coahuila 82,622 21,667 18,721 15.7% 21,466 0.9%

32 Fortaleza ZMVM**** 15,137 12,644 10,178 24.2% 11,072 14.2%

33 Cienega Nuevo Leon 25,223 5,455 5,998 (9.1%) 5,998 (9.1%)

34 Redwood Jalisco 11,605 18,632 16,769 11.1% 17,884 4.2%

35 Catacha 2 Queretaro 5,400 1,373 305 350.2% 1,373 0.0%

36-42 Huasteco San Luis Potosi 89,951 27,824 25,341 9.8% 28,222 (1.4%)

43 Cuauhtemoc Nuevo Leon 10,294 8,215 4,108 100.0% 8,215 0.0%

44 Zinc Nuevo Leon ***** - - -

- -

Total / Average 504,534 233,943 210,210 11.3% 229,658 1.9%

*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. *****The estimated GLA under construction as of the date of this report is 19,200 square meters.

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Evolution of Fibra Mty’s Geographic Diversification

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

55.4%

12.3%

10.0%

7.2%

6.4%

8.7%

As of 3Q17 (% of Revenue)

NL SLP Coah Jal Chih Others

54.9%

12.3%

9.9%

7.2%

6.4%

9.3%

As of 3Q18 (% of Revenue)

NL SLP Coah Jal Chih Others

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 Cuauhtemoc

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*Breakdown of “Other Sectors” described in the following graph:

22.4%

17.6%

16.2%

11.6%

7.7%

7.1%

5.5%

4.7%

4.2%3.0%

Distribution of Tenants by Economic Activity (% of Rent)

Industrial

Technology

Automotive

Service

Consumer Products

Other Sectors*

Financial Services

Communications

Electronics

Logistics

2.2%

1.8%

1.5%

1.1%

0.5%

Others

Industrial

Commerce

Industrial Gas

Agriculture

Other Sectors (7.1 %)

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Key Indicators of Fibra Mty’s Portfolio Performance (% of Revenue)

54.5%41.6%

3.9%

By Asset Type (property use)

Office Industrial Retail

54.9%

12.3%

9.9%

7.2%

6.4%9.3%

By Location

NL Slp Coah Jal Chih Others

64.7%

35.3%

By Currency

USD MXN

94.1%

5.9%

Occupancy

Leased Vacant

5.5%

36.3%

19.4%

11.2%

16.4%

11.2%

By Contract Maturity (years)

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

5.6%

4.8%

4.7%

4.7%4.7%

4.0%

3.8%

3.7%

3.6%

3.5%

Main Tenants

Crisa Oracle Central Star Cemex

Axtel Famsa PWC Accenture

Danfoss Epicor

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Gross Leasable Area and Occupancy by asset type, in revenue terms

Office 3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.

Number of properties 12 12 0.0% 12 0.0%

GLA in m2 134,703 134,703 0.0% 134,703 0.0%

Weighted average remaining lease term to Income (in years)

4.7 5.7

(17.5%) 5.0

(6.0%)

Occupancy 88.1% 87.3% 0.8 p.p. 87.0% 1.1 p.p.

Industrial 3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.


GLA in m2 350,481 350,481 0.0% 350,481

0.0%


4.4 5.4 (18.5%) 4.6

(4.3%)

Occupancy 100.0% 100.0% 0.0 p.p. 100% 0.0 p.p.

Retail 3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.


GLA in m2 19,350 19,350 0.0% 19,350 0.0%


11.1 12.1

(8.3%) 11.3

(1.8%)

Occupancy 99.9% 99.9% 0.0 p.p. 99.9% 0.0 p.p.

Fibra Mty Portfolio 3Q18 3Q17 Δ%/p.p. 2Q18 Δ%/p.p.


GLA in m2 504,534 504,534 0.0% 504,534 0.0%


4.8 5.8

(17.2%) 5.1

(5.9%)

Occupancy 96.8% 96.6% 0.2 p.p. 96.5% 0.3 p.p.

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Contract Maturities

As of September 30, 2018, Fibra Mty has 1161 tenants, 62.1% in office properties (including retail area of OEP focused on servicing); 24.1% in industrial properties; and, 13.8% in retail properties.

As of September 30, 2018, the weighted average lease term was 4.8 years. If current contracts are not renewed and no new leases are engaged, there would be a guaranteed rent flow of approximately 53% through the beginning of 2022.

Rent in Dollars per m2 and by Property Type

Fibra Mty maintains Corporate Offices in Mexico and Monterrey with rents below market levels, representing a competitive advantage, especially in the current circumstances, when renewing and/or negotiating new contracts.

_________________________________________

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

2.0%

6.5%

22.3%

16.3%10.7%

7.9% 6.5%

0.1%

11.6%

4.9%3.0%

0.0%3.6%

0.6%4.0%

2.0%

8.5%

30.8%

47.1%

57.8%65.7% 72.2% 72.3%

83.9% 88.8% 91.8% 91.8% 95.4%96.0% 100.0%

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

Contract Maturities

Maturity Accumulated

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1 The market price considers prices in USD m2 per month Corporate Offices Monterrey = Santa Maria submarket, source: CBRE MarketView Monterrey 3Q 2018 Corporate Offices Mexico = Interlomas submarket, source: CBRE MarketView México 3Q 2018 Corporate Offices Guadalajara = Source: CBRE MarketView Mexico 3Q 2018 Operating Offices = Research by Fibra Mty Industrial = Source: JLL Industrial OnPoint 2nd Quarter, 2018

19.4

13.8

22.5

13.4

4.3

22.0

24.7

20.6

13.0

4.3

-

5.0

10.0

15.0

20.0

25.0

30.0

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

Rent in US dollars per m2 per month1

Fibra Mty Market

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Same-Property Performance:

The Same-Property analysis excludes “Catacha 2”, “Cuauhtemoc” and “Zinc” properties.

NOI

(thousands of Mexican pesos) 3Q18 3Q17 Δ%/p.p.

Number of Properties 41 41 0.0%

Same-Property Revenue 224,355 205,797 9.0%

Same-Property Operating Expenses, net of CAPEX in results

(27,904) (28,163)

(0.9%)

Same-Property NOI 196,451 177,634 10.6%

Same-Property NOI margin 87.6% 86.3% 1.3 p.p.

3Q18 Same-Property NOI increased 10.6% when compared to 3Q17, mainly due to higher revenue derived from increases in contractual rent, higher occupation rate, and positive foreign exchange effects, as well as greater efficiencies in operating expenses that reflect: i) the renegotiation of certain contracts related to recoverable expenses; ii) economies of scale in property management; and, iii) lower maintenance costs of elevators and air conditioning equipment.

Occupancy

Same-Property

Number of Properties 41

GLA m2 488,840

3Q18 3Q17 Ch.

Same-Property m2 % m2 % Δ m2 Δ p.p.

Office Occupancy (1) 108,442 87.2% 106,750 85.8% 1,692 1.4 p.p.

Industrial Occupancy 345,081 100.0% 344,914 99.9% 167 0.1 p.p.

Retail Occupancy 19,326 99.9% 19,326 99.9% - 0.0 p.p.

Same-Property Occupancy 472,849 96.7% 470,990 96.3% 1,859 0.4 p.p.

(1) The increase in occupancy is attributed to the new lease contracts engaged in the OEP Portfolio and “Fortaleza” property.

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Capital Expenditures (Capex)

Thousands of Mexican pesos 3Q18 2Q18 1Q18 2018

Capitalized CAPEX on investment properties 5,262 15,536 13,981 34,779

- Financed CAPEX(1) 571 9,108 10,688 20,367

- 2017 retained CAPEX, deployed in 2018 (2) 594 1,001 1,671 3,266

= Capitalized CAPEX, net 4,097 5,427 1,622 11,146

+ CAPEX deployed as operating expenses 335 561 64 960

+ Remaining CAPEX generated in 2018 3,818 2,262 6,564 12,644

= Budgeted CAPEX 8,250 8,250 8,250 24,750

- CAPEX deployed as operating expense 335 561 64 960

= CAPEX for AFFO 7,915 7,689 8,186 23,790

(1) Includes: i) Replacement of air conditioning system and installation of a wastewater treatment system in the OEP portfolio, which will allow us

to provide a better service, reduce electricity costs and save maintenance costs in the upcoming 3 years due to guarantees granted by the

supplier. The total cost of this project is estimated at Ps. 35.6 million. As of September 30, 2018, the accumulated expense incurred was Ps.31.0

million; and, ii) CAPEX associated to the acquisitions carried out in 2017 for Ps.3.5 million.

(2) As of September 30, 2018, Fibra Mty deployed Ps. 3.3 million from the remaining CAPEX and CAPEX reserve reported in 4Q17 earnings release,

which, as a whole, totaled Ps. 4.7 million as of December 31, 2017. Based on the foregoing, CAPEX to be deployed during 2018 amounted to Ps.

1.4 million.

Acquisitions

Zinc

On September 14th, 2018, Fibra Mty acquired the “Zinc” property, a 43,920 m2 land plot located in the municipality

of Santa Catarina, Nuevo Leon, on which a build-to-suit industrial facility is under construction. Based on current

estimations, this property will have a GLA of approximately 19,200 m2, and it will be fully leased to a single

company under a triple net (“NNN”) type contract, whereby, in addition to the rent, the tenant covers operating

expenses, insurance, and property taxes.

The leasing contract is denominated in US dollars with a 10-year mandatory initial term. The payment of the rent

will begin 10 months after the acquisition of the land plot.

This transaction was conducted with the aim of relocating the tenant’s facilities, currently owned by Fibra Mty, as

part of the reconversion process of certain property included in the Company’s initial portfolio, acquired in

December 2014. The property currently occupied by the tenant will be refitted for retail and services use, allowing

the Company to increase its commercial value, in contrast to its actual industrial use, by at least 25% above its

acquisition cost. This property would be sold or developed by a third party, in which case Fibra Mty would

contribute the asset as capital for the new project, with the possibility of subsequently acquiring the totality of

this project once it completes its stabilization cycle.

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The initial investment amounted to US$ 1.8 million plus other taxes, costs and expenses related to the transaction.

Additionally, the Company estimates an additional investment for a maximum amount of approximately US$ 8.0

million for the development and construction of the industrial facility. The construction works are expected to

last about 9 months from the date of acquisition.

The “Zinc” property is expected to generate an additional NOI of approximately US$ 0.831 million during the

twelve months following the initial payment of the rent.

The acquisition of the land plot was fully settled in cash. Furthermore, Fibra Mty will commit available cash funds

to carry out the construction and development of the industrial facility.

It is important to note that, from quarter-end 3Q18 to this day, Fibra Mty has announced the acquisition of the

“Panamericana 1” and “Patria” properties. Both transactions are described in the following lines:

Horizonte Portfolio

On October 1st, 2018, Fibra Mty announced the acquisition of the “Panamericana 1” property, an industrial

building of approximately 21,117 m2 of GLA, constructed on a land plot of approximately 42,264 square meters.

The property is located in Ciudad Juarez, Chihuahua, and it has been fully leased by an American manufacturer of

furniture for export and domestic consumption.

The facility has been leased under a triple net (“NNN”) contract, whereby, in addition to the rent, the tenant

covers operating expenses, insurance and property taxes, making capital expenditures the owner’s responsibility.

The leasing contract is denominated in US dollars with a 7-year mandatory term for both parties, starting the date

of acquisition.

It is worth mentioning that this transaction is subject to certain resolutive conditions, therefore, as of the date

hereof, Fibra Mty has not settled the acquisition price in accordance with the agreement reached with the selling

party. The later has a 60-day period to comply with certain obligations and activities, in order that the property

be settled by Fibra Mty. During this period and until Fibra Mty carries out the settlement of the acquisition price

once the selling party fulfills the corresponding conditions, the counterparty will retain the usufructuary rights of

the property and Fibra Mty will not receive any rental income from it.

The price of the transaction is agreed in US dollars and amounts to US$ 7.15 million, plus the corresponding value-

added tax related to construction, and other taxes, as well as acquisition expenses, which will be fully settled in

cash. This property is expected to generate an additional NOI of approximately US$ 0.67 million during the twelve

months following the initial payment of the rent.

It is important to comment on the status of the two additional properties that comprises the “Horizonte” portfolio.

As of the date of the reporting quarter, the “Panamerica 2” project is subject to certain suspensive conditions to

be resolved by the seller. As for the “Vallarta” property, it is necessary to clarify that the project is suspended as

a result of the findings made during the Company’s due diligence as these have not been resolved by the selling

party.

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Patria

On October 3rd, 2018, Fibra Mty completed the acquisition of the “Patria” property, a new nine-story office

building with a GLA of approximately 8,050 m2, constructed on a land plot of approximately 2,660 square meters

within the metropolitan area of Guadalajara, Jalisco, which will be leased by different private firms. The building

has a LEED Silver certification (Leadership in Energy and Environmental Design) from the USGBC (US Green

Building Council), outstanding for its high energy efficiency and related savings in operating expenses.

The property currently has leases signed for approximately 76% of the building’s total GLA, all of which are under

net simple (N) type contracts, whereby, in addition to the rent, the tenant covers operating expenses, while the

landlord is responsible for insurance and property taxes. The initial term of the contracts is a weighted average

remaining lease term to income of 4.0 years as of the date of the transaction.

The settlement of the transaction has been agreed to be executed under a gradual scheme, in such a way that

Fibra Mty acquired 100% of the building’s total GLA at the time the agreement was signed. However, the Company

only settled the portion of the acquisition price associated to the rental income-generating spaces with current

leasing contracts. The settlement of the remaining GLA, related to vacant spaces, will be carried out once the

corresponding leasing contracts are entered into and, thus, begin to generate rental income.

The initial payment amounted to Ps. 250.6 million, plus the corresponding value-added tax related to

construction, and other taxes, as well as acquisition expenses, and was fully settled in cash. Additionally, the lease

contracts corresponding to this first disbursement are expected to generate an estimated NOI of Ps. 21.6 million

during the twelve months following the acquisition and an additional NOI of Ps. 1.7 million in the second year,

due to grace periods of certain leasing contracts.

The remaining balance would be settled in a single or multiple payments within the next 12 months, depending

on the occupancy and first payment of rent pertaining to available spaces, at an annual capitalization rate of 9.65%

on the NOI generated by the corresponding new leases. If the deadline expires, Fibra Mty will have the option to

acquire the spaces that are available at the time being, for a price of approximately Ps. 39,910 per GLA m2.

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Financial Performance

Starting from 1Q18, the financial performance explanations are provided on a year-over-year comparative basis and in terms of Same-Properties, to present our organic financial performance and eliminate cyclical effects.

Consequently, 3Q18 results were marked primarily by: i) higher revenue from increases in contractual rents, higher occupancy rates and positive foreign exchange effects; ii) greater efficiencies in operating expenses, reflecting the renegotiation of certain recoverable costs, economies of scale and savings in certain maintenance expenses; iii) higher administrative expenses due to the gradual upward skilling of the management team, strengthening of technology and increase in fiduciary fees; iv) higher financial income due to the increases in interest rate and principal of the amount invested; and, v) valuation effects with no impact on cash distribution, such as: a) the decrease in fair value of Fibra Mty’s portfolio, and b) the unrealized foreign exchange gain on US dollar-denominated bank loans.

Thousands of Mexican pesos 3Q18 3Q17 Δ%

1T16

2Q18 Δ%

Total Revenue 233,943 210,210 11.3% 229,658 1.9%

Property maintenance and operating expenses, net of CAPEX in results

28,020 28,226 (0.7%) 26,091 7.4%

CAPEX recognized in P&L, in compliance with IFRS

335 1,322 (74.7%) 561 (40.3%)

Administrative Expenses 22,492 19,947 12.8% 22,698 (0.9%)

CBFI Executive Compensation Plan 9,079 7,070 28.4% 14,566 (37.7%)

(Expense) income for properties measured at fair value

(230,914) 7,761 (3,075.3%) 369,911 (162.4%)

Interest income 35,337 12,443 184.0% 32,467 8.8%

Interest expense 35,606 27,395 30.0% 61,800 (42.4%)

Foreign Exchange gain (loss), net 156,081 (20,663) (855.4%) (229,640) (168.0%)

Income Before Income Taxes 98,915 125,791 (21.4%) 276,680 (64.2%)

Income Tax 205 915 (77.6%) 577 (64.5%)

Consolidated Net Income 98,710 124,876 (21.0%) 276,103 (64.2%)

Valuation of derivative financial instruments

(657) (325) 102.2% 5,632 (111.7%)

Consolidated Comprehensive Income 98,053 124,551 (21.3%) 281,735 (65.2%)

18


Thousands of Mexican pesos 3Q18 3Q17 Δ%

1T16

Same-Property Revenue 224,355 205,797 9.0%

Revenue from acquisitions 9,588 4,413 117.3%

Fibra Mty Revenue 233,943 210,210 11.3%

Operating expenses, net of CAPEX in results – Same-Properties

(27,904) (28,163) (0.9%)

Operating expenses, net of CAPEX in results – Acquisitions

(116) (63) 84.1%

Operating expenses, net of CAPEX in results – Fibra Mty

(28,020) (28,226) (0.7%)

Same-Property NOI 196,451 177,634 10.6%

NOI from acquisitions 9,472 4,350 117.7%

Fibra Mty NOI 205,923 181,984 13.2%

Administrative Expenses (22,492) (19,947) 12.8%

Excluding depreciation, amortization, and accrued leasing commissions

1,285 1,441 (10.8%)

EBITDA 184,716 163,478 13.0%

Total Revenue

3Q18 Total Revenue amounted to Ps. 233.9 million, an increase of 11.3% when compared to 3Q17.

In Same-Property terms, Total Revenue rose 9.0%, reaching Ps. 224.4 million, mainly driven by the: i) positive foreign exchange effects recorded in 3Q18, as the average exchange rate went from Ps. 17.8570 in 3Q17 to Ps. 19.2866 this quarter, resulting in a Ps. 10.0 million incremental gain when compared to that of the same period last year; ii) the rent increases due to inflation adjustments at certain properties as per contracts denominated in Mexican pesos and US dollars; and, iii) higher occupancy rate. The foregoing was slightly offset by the renegotiation of certain contracts related to recoverable expenses, which caused these expenses to be absorbed directly by the tenant, thus eliminating their recognition in Fibra Mty’s operating income and expenses. The increase in Same-Property Revenue represented 8.8% of 3Q17 total revenue.

Revenue from acquisitions contributed Ps. 9.6 million in this quarter, Ps. 5.2 million or 2.5% above the figure recorded in the same period last year.

19


Operating Expenses, net of Capex in results

3Q18 property expenses, net of Capex in results, totaled Ps. 28.0 million, remaining practically flat versus 3Q17, posting a decrease of only 0.7%.

Same-Property operating expenses, net of Capex in results, amounted to Ps. 27.9 million, representing a decrease of 0.9% when compared to the total expenditure level recorded in 3Q17, which totaled Ps. 28.2 million.

As mentioned in our previous earnings release, the savings achieved in this type of expenditure were generated primarily by: i) the renegotiation of certain contracts related to recoverable expenses; ii) economies of scale obtained in property management fees; and, iii) efficiencies in maintenance of elevators and air conditioning equipment. The foregoing offset the significant increase in the cost of electricity that directly impacts certain properties in which Fibra Mty is responsible for paying this service.

Operating expenses, net of Capex, in results from acquired properties reached Ps. 0.1 million, representing an increase of 0.2% of the Ps.28.2 million total expenses of 3Q17.

3Q18 NOI margin was 88.0%, 140 basis points higher than that of 3Q17.

Same-Property NOI margin in 3Q18 was 87.6%, a 130 bps. expansion when compared to 3Q17, attributed to higher revenue from adjusted rents, higher occupancy rates, and positive foreign exchange effect, as well as the achievement of greater operating efficiency, described lines above.

Administrative Expenses

Administrative, trustee and general expenses totaled Ps. 22.5 million, an increase of 12.8% when compared to 3Q17, mainly due to the management team formation carried out through the year; higher technology expenses; higher fiduciary fees derived from the scale of corporate activities and new bank loans subscribed; and, other minor expenses.

CBFI Executive Compensation Plan

During the third quarter of 2018, Fibra Mty recored a Ps. 9.1 million provision, representing an increase of 28.4% when compared to 3Q17, which was mainly driven by the higher market capitalization of the Trust. In compliance with IFRS, this provision was recognized in the Income Statement and will be paid in securities.

Fair Valuation of Investment Properties The fair valuation of Fibra Mty’s investment properties is determined with the assistance of qualified independent appraisers unrelated to Fibra Mty. Based on the nature and 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 and a terminal value.

The fair valuation loss of investment properties was Ps. 230.9 million in 3Q18, a Ps. 238.7 million decrease versus the Ps. 7.8 million gain recorded in 3Q17. This variation is mainly attributed to the foreign exchange rate volatility, which led to a Ps.1.05 per US dollar appreciation in 3Q18, compared to the slight depreciation of Ps.0.17 per US dollar in 3Q17. Year-to-date, fair valuation gain was Ps. 265.9 million, largely explained by the update of discount rates based on prevailing market conditions as mentioned in our previous earnings release, slightly offset by the appreciation of the Mexican peso against the US dollar.

20


Additionally, it is important to note that since the establishment of Fibra Mty in December 2014 and up to the reporting date, the mark-to-market valuation of properties have generated a Ps.1,074.2 million gain. However, these valuation effects would be only monetized at the time of sale, or throughout the useful life of such buildings due to cash flows obtained by current leasing contracts plus a terminal value and, also, considering that the assumptions used to calculate the valuations, such as inflation, exchange rates, discount and final capitalization rates are subject to changes according to current market conditions at each measurement date. The administration updates the aforementioned assumptions on a quarterly basis to estimate the fair valuation of Fibra Mty’s properties.

NOI & EBITDA

3Q18 NOI reached Ps. 205.9 million, up 13.2% versus 3Q17.

3Q18 NOI margin stood at 88.0%, 140 basis points higher than that recorded in 3Q17. While Same-Property NOI margin was 87.6% in 3Q18, 130 basis points above than 3Q17, driven by the higher revenue derived from the increases in rent, higher occupancy rate and positive FX effects, as well as greater operating efficiencies, explained in the section of operating expenses, net of Capex.

3Q18 EBITDA amounted to Ps. 184.7 million, 13.0% higher than 3Q17. EBITDA margin in 3Q18 stood at 79.0%, a 120 bps. expansion when compared to 3Q17, derived from Fibra Mty’s internally managed operating structure that allows the Company’s administrative espenses to increase according to its business needs, which are listed in the Administrative Expenses section, rather than proportionally to revenue/or acquisitions.

NOI and EBITDA exclude: i) capital expenses recognized in results, in accordance to IFRS; ii) the provision of the CBFI Executive Compensation Plan, as it is an item that will be settled through the issuance of CBFIs; and, iii) the fair valuation gain (loss).

It is important to note that when converting certain financial income into rents, assuming the same NOI margin is maintained, EBITDA margin would increase above 80%.

Financial Result The financial result, comprised by the foreign exchange result and the net effect of financial income and expenses, recorded a Ps. 155.8 million gain in 3Q18, representing an increase of Ps. 191.4 million versus the Ps. 35.6 million loss in the same period last year. This variation is mainly explained by a foreign exchange gain of Ps. 176.7 million generated by the appreciation of the Mexican peso against the US dollar in 3Q18 (Ps. 1.05 per US dollar), compared to the slight depreciation of Ps. 0.17 in 3Q17, as it had impact on the valuation of the Company’s US dollar-denominated bank loans, which as of September 30, 2018 and 2017, amounted to US$ 152.8 million and US$ 124.3 million, respectively.

In addition to the foreign exchange gain, net financial expenses decreased Ps. 14.7 million, mainly due to: i) the higher interest rates on government bonds and larger investments conducted with the remaining proceeds of the placements of CBFIs executed in August 2017; ii) the receipt of the value-added tax reimbursement corresponding to the “Huasteco” portfolio; and, iii) the utilization of the credit lines subscribed with Sabadell and Scotiabank, net of interests accrued; all yet to be allocated in real estate accretive investments.

21


Consolidated Net Income Fibra Mty’s Consolidated Net Income decreased Ps. 26.2 million in 3Q18, from a Ps. 124.9 million gain in 3Q17 to a Ps. 98.7 million gain in 3Q18. When adjusted by the variations in the CBFI Executive Compensaition Plan, the effects of fair valuation of real estate, and the foreign exchange result, Fibra Mty’s Consolidated Net Income increased Ps. 37.8 million, primarily driven by the increases in total revenue and financial income, as well as greater operating efficiencies, which was slightly offset by higher administrative and financial expenses, all explained in greater detail in the lines above.

Derivative Financial Instruments

At the end of 3Q18, Fibra Mty holds interest rate swaps to fix the floating rates in US dollars of its Syndicated, Sabadell and Scotiabank loans, at 4.73%, 5.21% and 5.23%, respectively. The fixed interest rate of the Syndicated loan was calculated on a weighted basis at the date the debt maturity was extended through the swaps arranged for such extension.

Fibra Mty’s derivative financial instruments valuation decreased Ps. 0.3 million in 3Q18, amounting to Ps. 0.6 million. The foregoing was largely a result of the negative FX effects caused by the appreciation of the Mexican pesos against the US dollar, which was partly offset by the upward shift in the interest rate curve applicable to the Company’s arranged hedging instruments.

FFO & AFFO

During 3Q18, Fibra Mty generated Ps. 182.3 million in Funds from Operations, 24.0% higher than 3Q17, equivalent to Ps. 0.287 per CBFI. On an annualized basis, the performance of the FFO/CBFI for 3Q18, calculated at a CBFI price of Ps. 12.60 as of December 31st, 2017, reached 9.1%.

3Q18 CAPEX totaled Ps. 7.9 million, bringing the Adjusted Funds from Operations (AFFO) to Ps. 174.4 million, 20.7% higher than that recorded in 3Q17, equal to an AFFO/CBFI of Ps. 0.274. On an annualized basis, the AFFO/CBFI growth for 3Q18, calculated at a price of Ps. 12.60 as of December 31st, 2017, was 8.7%. The distribution corresponding to 3Q18 is equivalent to 100% of AFFO.

22


Thousands of Mexican pesos 3Q18 3Q17 Δ% 2Q18 Δ%

Consolidated comprehensive income

98,053 124,551 (21.3%) 281,735 (65.2%)

Loss (Income) from financial derivatives valuation

657 325 102.2% (5,632) (111.7%)

Expense (Income) for properties measured at fair value

230,914 (7,761) (3,075.3%) (369,911) (162.4%)

Foreign exchange (gain) loss, net

(157,507) 21,594 (829.4%) 232,349 (167.8%)

Depreciation and amortization

485 414 17.1% 494 (1.8%)

Accrued leasing commissions 800 1,027 (22.1%) 835 (4.2%)

Debt cost amortization 1,748 2,383 (26.6%) 1,540 13.5%

Valuation effect of amendment to Syndicated loan

(1,368) - - 26,153 (105.2%)

CBFI executive compensation plan

9,079 7,070 28.4% 14,566 (37.7%)

Income non-monetary straight-line amortization

887 (2,242) (139.6%) 1,082 (18.0%)

Income from subsidiary (1,403) (308) 355.5% (890) 57.6%

FFO 182,345 147,053 24.0% 182,321 0.0%

CAPEX1 (7,915) 2 (2,489) 218.0% (7,689) 2 2.9%

AFFO 174,430 144,564 20.7% 174,632 (0.1%)

3T15 1. 3Q18, 3Q17 and 2Q18 results include Ps. 335 thousand, Ps. 1,322 thousand and Ps. 561 thousand in expenses, respectively, which were budgeted

as CAPEX and presented as Operating Expenses in accordance to IFRS. 2. 2018 CAPEX for AFFO breakdown and explanation is available in the operational performance section, capital expenditures (CAPEX) subsection

of this report.

23


Distributions per CBFI

Fibra Mty will distribute a total of Ps. 174.4 million, 100% of the AFFO corresponding to 3Q18, equivalent to Ps. 0.274 per CBFI.

(1) 2Q18 Financial Indicators per CBFI consider 637,385.895 thousand CBFIs in April and May and 636,732.825 thousand in June.

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

September.

3Q18 2Q181 1Q18 4Q17 3Q172

Total CBFIs Outstanding (thousands)

636,181.928 636,732.825 637,385.895 637,859.143 635,500.587

CBFI Price (beginning of year) Ps. 12.60 Ps. 12.60 Ps. 12.60 Ps. 11.85 Ps. 11.85

CBFI Price (beginning of the quarter)

Ps. 11.90 Ps. 12.30 Ps. 12.60 Ps. 12.48 Ps. 11.84

Distributions (thousands of Mexican pesos)

Ps. 174,430 Ps. 174,632 Ps. 164,413 Ps. 165,757 Ps. 144,564

Distributions per CBFI Ps. 0.2742 Ps. 0.2741 Ps. 0.2579 Ps. 0.2599 Ps. 0.2437

Distribution Yield – Annualized (beginning of the year)

8.7% 8.7% 8.2% 8.8% 8.2%

Distribution Yield – Annualized (beginning of the quarter)

9.2% 8.9% 8.2% 8.3% 8.2%

24


Debt and Cash Equivalents

As of September 30, 2018, the Trust has 8 credit lines, as detailed below:

Thousands of Mexican pesos

3Q18 Currency Rate Floating

Rate 28Sep18

Fixed Rate

Hedge Maturity 2Q18

Δ%

3Q18 vs 2Q18

Secured Loans

Bank Syndicate

1,836,964 (1) US$ Libor + 2.5% 4.76% 4.73%* Dec-23

1,955,340 (1) (6.1%)

Seguros Monterrey New York Life

96,685 US$ 5.10% - - Feb-23

107,063 (9.7%)

BBVA Bancomer (“Fagor”)

46,079 US$ 3.98% - - Mar-23

50,329 (8.4%)

BBVA Bancomer (“Nippon”)

44,270 US$ 4.64% - - May-24

47,894 (7.6%)

BBVA Bancomer (“CEDIS”)

175,892 US$ 4.60% - - Mar-25

190,354 (7.6%)

BBVA Bancomer (“Central Star”)

42,633 US$

Libor + 2.5% 4.76% - Nov-23

46,424 (8.2%)

Sabadell

260,461 US$ Libor + 2.9% 5.16% 5.21% Mar-27

279,378 (6.8%)

Scotiabank

371,448 US$ Libor + 2.5% 4.76% 5.23% Apr-23 395,242 (6.0%)

TOTAL 2,874,432 (2) 3,072,024 (3) (6.4%)

* The fixed interest rate of the Syndicated loan was calculated on a weighted basis at the date the debt maturity was extended through the

swaps arranged on April 25th. In cash flow terms, 3Q18 interest expenses were paid at a weighted average interest rate of 3.87%, which

will be applicable until December 2020.

(1) Not including the valuation effect associated to the maturity extension of the Syndicated Loan. (2) Equivalent to US$ 152,798 thousand, using a foreign exchange of Ps. 18.8120 as of September 30, 2018. (3) Equivalent to US$ 154,658 thousand, using a foreign exchange of Ps. 19.8633 as of June 30, 2018.

Fixed Rate 98.5% USD-Denominated 100.0%

Variable Rate 1.5% MXN-Denominated 0.0%

Maturities 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total

Amount

39,351

146,814

154,738

162,888

949,571

1,187,873

64,887

39,626

20,143

108,541

2,874,432

Percentage 1.4% 5.1% 5.4% 5.7% 33.0% 41.3% 2.2% 1.4% 0.7% 3.8% 100.0%

25


Syndicated Loan

The Syndicated Loan of US$ 97.6 million subscribed on December 15th, 2015 with an original maturity due 2020 was successfully extended by Fibra Mty, with the primary objective of mitigating the refinancing risk at a single point in time, from a remaining term of 2.5 to 5 years, approximately. The negotiation distributed the payment of the outstanding loan’s balance into two tranches, with new maturities due June 15th, 2022 and December 15th, 2023. It is important to note that the applicable interest rate remained unchanged at LIBOR plus 250 basis points and the remaining term was completely hedged, resulting in a new weighted average rate of 4.73%, calculated at the date of this extension.

Seguros Monterrey New York Life Loan

This US$ 5.1 million credit facility corresponds to the recognition of an outstanding long-term debt balance for the acquisition of the “Redwood” property, subscribed at an annual fixed rate of 5.10%, due February 2023.

BBVA Bancomer Loan

The four BBVA Bancomer loans for an aggregate amount of US$ 16.4 million correspond to the recognition of an existing long-term debt related to the acquisition of the “Huasteco” portfolio. This facility was contracted at a fixed rate, with maturities due 2023, 2024, and 2025.

Sabadell Loan

The US$ 13.8 million credit line subscribed with Sabadell at year-end 2017 has a 10-year term with monthly amortizations of principal and interest. The floating rate of this loan was covered by a swap with the same maturity profile, fixing it at 5.21% in USD.

Scotiabank Loan

The US$ 19.7 million credit facility subscribed with Scotiabank on April 23, 2018 has a 5-year term with monthly amortizations of principal and interest. The floating rate of this loan was covered by a swap with the same maturity profile, fixing it at 5.23% in US dollars.

The proceeds from the Scotiabank and Sabadell loans will be primarily used for the acquisition of new properties, to strengthen the current portfolio of Fibra Mty and contribute to greater creation of value for our CBFI holders.

Cash

Regarding cash and cash equivalents, as of September 30, 2018, Fibra Mty held a balance of Ps. 1,667.2 million in cash, an increase of 6.3%, equivalent to Ps. 98.5 million when compared to December 31, 2017. This increase is mainly attributed to the cash flows from operating activities, for Ps. 530.1 million, and the US$ 20.0 million drawn from the credit line subscribed with Scotiabank (equivalent to Ps. 365.6 million at the date of drawing). The foregoing was slightly offset by the cash distributions to CBFI holders in the amount of Ps. 504.8 million, the acquisition of the “Zinc” property, the cash payments for construction works (Ps. 86.8 million) and the debt service payments, coupled with the costs related to the extended the Syndicated Loan (explained lines above), and the subscription of the Scotiabank’s loan, amounted to Ps. 216.5 million; among other minor impacts.

26


Recent Events

1. On October 1st, 2018, Fibra Mty completed the acquisition of the “Panamerica 1” property, this transaction is subject to certain resolutive conditions, therefore, as of the date of the reporting period, Fibra Mty has not settled the acquisition price of Ps. 7.2 million plus the corresponding value-added tax related to construction, and other taxes, as well as acquisition expenses. The selling party has a 60-day period to comply with the resolutive conditions and then the property will be paid by Fibra Mty. During this period, the counterparty will retain the usufructuary rights to the property and Fibra Mty will not receive rental income.

2. On Ocotber 3rd, 2018, Fibra Mty completed the acquisition of the “Patria” property, a new nine-story office building with a GLA of approximately 8,050 m2, constructed on a land plot of approximately 2,660 m2 within the metropolitan area of Guadalajara City, Jalisco. At the date of acquisition, the property had an occupancy of 76% in terms of the building’s total GLA. The lease contracts are net simple (N) type and have a weighthed average remaining term to income of 4.0 years.

The settlement of the transaction has been agreed to be executed under a gradual scheme, in such a way that Fibra Mty acquired 100% of the building’s total GLA at the time that the agreement was signed. However, the Company has only paid Ps. 250.6 million plus the value-added tax related to construction through a cash payment for the portion of the acquisition price associated to the rental income-generating spaces with current leasing contracts. Fibra Mty expects that the lease contracts corresponding to this first settlement generate an estimated NOI of Ps. 21.6 million during the twelve months following the acquisition and an additional NOI of Ps. 1.7 million in the second year due to grace periods of certain leasing contracts.

The remaining balance would be settled in a single or multiple payment within the next 12 months depending on the occupancy and first payment of rent pertaining to available spaces, at an annual capitalization rate of 9.65% on the NOI generated by the corresponding new leases. If the deadline expires, Fibra Mty will have the option to acquire the spaces that are available at the time being for a price of approximately Ps. 32,910 per GLA m2.

27


Conference Call

Analist Coverage

Actinver Pablo Duarte

BBVA Bancomer Francisco Chavez

Signum Research Armando Rodriguez

Vector Servicios Financieros Jorge Placido

28


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.

Forward-looking Statements

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.

29


Financial Statements

Consolidated Statements of Financial Position - Unaudited As of September 30, 2018 and December 31, 2017

Figures in thousands of Mexican pesos ($)

As of

September 30, 2018

As of December 31,

2018

Assets

Current assets: Cash and cash equivalents $1,667,200 $ 1,568,703 Accounts receivable 4,729 13,161 Recoverable taxes 2,583 19 Other currents assets 12,923 8,613

Other current assets 1,687,435 1,590,496

Investment properties 9,997,550 9,607,238 Advance payments for the acquisition of investment properties 1,270 713 Derivative financial instruments 43,003 29,516 Other non-current assets 94,968 78,994

Total non-current assets 10,136,791 9,716,461

Total assets $11,824,226 $11,306,957

Liabilities and equity

Current liabilities: Current portion of long-term bank loans $147,766 $ 137,047 Interest payable 5,934 5,398 Accounts payable 16,632 11,201 Taxes payable 5,958 29,686 Tenant deposits 9,219 8,627

Total current liabilities 185,509 191,959 Long-term bank loans 2,717,386 2,564,583 Deferred income tax 779 920 Derivative financial instruments - 90 Tenant deposits 76,167 78,738

Total liabilities 2,979,841 2,836,290

Trustors’ Equity: Contributed equity 7,617,995 7,609,722 Retained earnings 1,183,387 831,519 Other components of comprehensive income 43,003 29,426

Total equity 8,844,385 8,470,667

Total liabilities and equity $11,824,226 $11,306,957

30



Consolidated Statements of Comprehensive Income - Unaudited For the nine-month periods ended September 30, 2018 and 2017


2018

2017

Total Income $691,120 $ 609,258

Property maintenance and management 63,419 66,772

Property management fees 7,518 8,695

Property tax 8,626 8,238

Insurance 2,845 2,819

Administrative fees 49,736 42,641

Trust services and general expenses 19,453 16,029

CBFI executive compensation plan 29,008 19,235

Gain (Loss) from fair value of investment properties 265,870 (500,929)

Financial income 95,866 27,843

Financial expenses 126,950 74,424

Foreign Exchange gain, net 112,124 230,458

Income before income tax

857,425

127,777

Income tax 755

1,553

Consolidated net income $856,670 $ 126,224

Valuation effect of derivative financial instruments 13,577

(3,078)

Consolidated comprehensive income $870,247 $ 123,146

31



Consolidated Statements of Changes in Equity - Unaudited For the nine-month periods ended September 30, 2018 and 2017


Equity

Retained Earnings

Other Comprehensive

Income

Total

Equity

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

-

-

1,445,836

Contributed equity for property acquisition 402,996

-

-

402,996

Contributed equity from CBFI replacement 5

-

-

5

Repurchase of CBFIs (1,858) - - (1,858)

Distributions to CBFI holders - (427,290) - (427,290) CBFI executive compensation plan 19,235 - - 19,235 Consolidated comprehensive loss:

Net consolidated 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

Balances as of December 31, 2017 $ 7,609,722 $ 831,519 $ 29,426 $ 8,470,667

Contributed equity from CBFI replacement

2,220

2,220

Repurcharse of CBFIs (20,445) (20,445)

Distributions to CBFI holders (504,802) (504,802) CBFI executive compensation plan 27,236 27,236 Equity issuance costs (738) (738) Consolidated comprehensive income: Net consolidated income 856,670 856,670 Valuation effect of derivative

financial instruments

13,577

13,577 Consolidated comprehensive income 856,670 13,577 870,247

Balances as of September 30, 2018 $ 7,617,995 $ 1,183,387 $ 43,003 $ 8,844,385

32



Consolidated Statements of Cash Flow - Unaudited For the nine-month periods ended September 30, 2018 and 2017


2018 2017

Cash flows from operating activities:

Income before taxes $857,425 $ 127,777

Items not representing cash flows:

Non-cash adjustment on income from leases (748) (5,313)

Lease commissions 2,417 1,892

CBFI executive compensation plan 29,008 19,235

Depreciation and amortization 2,451 1,287

Financial income (95,866) (27,843)

Financial expenses 126,950 74,424

Unrealized foreign exchange fluctuation gain (loss), net (107,550) (238,134)

(Gain) loss from fair value of investment properties (265,870) 500,929

Other non-cash items - 8,518

Cash flows from operating activities before changes in operating items

$548,217

$ 462,772

Accounts receivable 9,466 264

Other assets (4,916) (11,825)

Recoverable taxes, net (78) 179,992

Accounts payable 5,449 100

Taxes payable (22,840) (6,053)

Tenant deposits 815 10,213

Cash flows from operating activities $536,113 $ 635,463

Income taxes paid (5,968) -

Net Cash flows from operating activities $530,145 $ 635,463

Cash flows from investment activities:

Acquisition of investment properties (124,312) (839,831)

Advance payments for the acquisition of investment properties (687) (17, 642)

Other assets (20,534) (20,810)

Interest received 94,341 27,843

Net cash flows used in investment activities $(51,192)

$ (850,440)

Cash flows from financing activities:

Bank loans obtained 365,638 438,700

Bank loan payments (104,974) (274,790)

Interest paid (96,492) (68,577)

Debt issuance costs (15,013) (3,244)

Cash obtained from issuance of CBFIs 2,220 1,489,350

Equity issuance costs (738) (43,509)

Distributions to CBFI holders (504,802) (427,290)

Repurcharse of CBFIs (20,445) (1,858)

Net cash flows from (used in) financing activities

$(374,606)

$ 1,108,782

Net increase in cash and cash equivalents 104,347 893,805

Cash and cash equivalents at the beginning of the period 1,568,703 396,808

Effects of exchange rate fluctuations on cash and cash equivalents (5,850) (18,238)

Cash and cash equivalents at the end of the period $ 1,667,200 $ 1,272,375

33


Comments on the Industrial and Office Real Estate Market

Office Market 1

Monterrey

As a result of the strong demand registered in the Class A/A+ office market at the end of 3Q18, vacant space

reached approximately 154 thousand m2 (a vacancy rate of 13.2%), the lowest figure in the last 4 years when a

vacant space of 97 thousand m2 was registered (a vacancy rate of 12.8%), and down 7 thousand m2 when

compared to 3Q17. Additionally, space under construction recorded an all-time high of 294 thousand m2.

In 3Q18, more than 10 thousand m2 of gross absorption (including space under construction) were registered, in

which rental operations were the most prevalent form of transaction, outstanding the demand from companies

engaged in services, real estate services, automotive consultancy, financial, and manufacturing, among others.

Class A/A+ corporate espaces accounted for 56.3% of the space sold. At the end of September, the vacancy rate

stood at 13.2%, lower than the 17.9% registered in the same period last year, explained by the strong demand for

class A/A+ corporate espaces. For the end of the year, the rate is expected to grow between 30 to 80 basis points,

reaching a range of 13.5% to 14.0%, following the completion and inclusion of new properties into the inventory,

mainly in the Valle Oriente submarket.

The average rent price per month in 3Q18 increased versus the same period last year, from US$ 21.99 per m2 to

US$ 22.01 per m2. The submarkets with the highest prices are: Margain – Gomez Morin and Valle Poniente at

US$ 26.55 and US$ 21.39 per m2 per month, respectively, while the Contry submarket has the lowest average

average rental price in the Monterrey Metropolitan Area at US$ 13.4 m2 per month.

1 Source: CBRE Research Monterrey, Mexico City and Guadalajara, 3Q18.

$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 $21.99 $22.04 $21.96 $22.03 $22.01

(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

3Q2017

4Q2017

1Q2018

2Q2018

3Q2018

Net Absorption of Offices vs Rents in Monterrey(in square meters and USD per m² of GLA per month)

Net Absorption in m2 Rent US$/m2/month

34


Mexico City Metropolitan Area

According to figures from the Ministry of Labor, 66,102 new formal jobs were created in Mexico City so far this

year, up 15% versus the same period 2017.

Likewise, total formal employment in Meixco City amounted to 3.4 million workers, of which 44% are employed

by the service sector.

At the end of 3Q18, demand for corporate spaces was stable at a gross absorption of 143 thousand m2. The

commercial activity in the different submarkets, including pre-leased spaces during the period, brought the

accumulated leased space of the year to 424 thousand m2, 31% higher than the figure recorded in the same period

2017.

In this context, and in order to meet the demand for corporate spaces, office inventory in Mexico City climbed to

6.3 million m2, an increase of 300 thousand m2.

The vacancy rate in 3Q18 stood at 15.13%, 0.32 and 0.47 percentage points below 2Q18 and 3Q17, respectively.

Even when including the new supply recorded so far this year, the vacancy rate remained stable due to the strong

dynamism in leasing and pre-leasing activities.

At the submarket level, the highest vacancy rates are still concentrated in: Perinorte with 51.95%, Interlomas with

26.4% and Lomas Altas with 23.40%.

The average rent asking price in 3Q18 was US$ 24.72 m2 per month, an increase of 8 cents compared to 3Q17,

driven by the new supply from Chapultepec Uno in the Reforma submarket with prices higher than those

registered in the market, as well as the refitted spaces in the Bosques y Periferico Sur submarkets. The main

Business Centers (Lomas Palmas, Polanco, Reforma, Reforma – Insurgentes) topped the price list in the city with

ranges from US$ 25.80 to US$ 31.84 m2 per month. The lowest asking prices are recorded in suburban markets

such as Perinorte and Azcapotzalco driven by their high vacancy rates, with prices between US$ 19.00 and

US$ 19.17 m2 per month.

$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 $24.49 $24.55 $24.70 $24.64 $24.72

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

3Q2017

4Q2017

1Q2018

2Q2018

3Q2018

Net Absorption of Offices vs. Rents in Mexico City Metropolitan Area(in square meters and USD per m² of GLA per month)


35


Guadalajara

Guadalajara has consolidated itself as a real pole for attracting investment, which is reflected in the corporate

space under construction metric that, in 3Q18, reached 167 thousand m2 distributed among 13 projects. Among

the 9 submarkets that comprises the corporate market, 7 have at least one active project.

Of the pipeline of projects under construction, 57% is expected to be incorporated into the market next year,

bringing the office space inventory in the city to exceed 600 thousand m2.

The leasing activity in the corporate market in Guadalajara remains stable, as net absorption reached 54 thousand

m2, similar to the figure recorded in the same period 2017. Furthermore, the negotiations of certain leasing

operations currently underway are expected to be completed by the end of the year, resulting in a greater

commercial dynamism.

At the end of 3Q18, the inventory exceeds 580 thousand m2, increasing in the period mainly due the incorporation

of a 5,215 m2 building in the Zona Financiera submarket. The Puerta de Hierro submarket has the largest

inventory, totaling up to 179 thousand m2, followed by Lopez Mateos Americas with 112 thousand m2 and Zona

Financiera with 103 thousand m2.

The vacancy rate in 3Q18 stood at 21.4%, largely driven by the new supply recorded in the year, rising to 70

thousand m2. The Providencia submarket registered the highest vacancy with 60.1% of leasable area, while the

Vallarta – Perifierico had the lowest vacancy with just 1.5%.

The average asking price in 3Q18 remained stable at US$ 20.58 per m2 per month, US$ 1.01 per m2 per month

higher than 3Q17. The new suppy of office space with better specifications has driven up rental prices.

The highest prices were recorded in the Providencia and Plaza del Sol submarkets with US$ 21.66 and US$ 21.26

m2 per month, respectively. On the other hand, the lowest prices were registered in the new Centro submarket

with US$ 12.43 m2 per month.

$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 $19.43

$20.85 $20.27 $20.73 $20.58

(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

3Q2017

4Q2017

1Q2018

2Q2018

3Q2018

Net Absorption in Offices vs. Rents in Guadalajara(in square meters and USD per m² of GLA per month)


36


During 3Q18, net absorption totaled 5,153 m2, while gross absorption reached just over 3 thousand m2. These

indicators are expected to improve before year-end as several transactions that are currently under negotiation

closes.

The Office Market in General

We continue observing a quarterly upward trend in net absorption of corporate space in the three main office

markets in Mexico. The following graph shows the accumulated net absorption during the twelve months

preceding each quarter.

Particularly outstanding are the levels of net absorption registered in the Mexico City market, which reaffirms the

positive trend started 5 years ago.

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

3Q2017

4Q2017

1Q2018

2Q2018

3Q2018

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

Monterrey Mexico City Guadalajara

37


Industrial Market2

The industrial space inventory continued to grow, reaching over 72.8 million m2 as of the 2Q18, up 1.1% when

compared to 1Q18; showing a significant slowdown due to the higher expectations of NAFTA renegotiations

closing, this indicator climbed 3.5%, showing a desaceleration in contrast with the 5% growth it had maintained

for several years.

The national vacancy rate increased 0.1% and 0.2% when compared to 4Q17 and 2Q17, respectively, standing at

5.5%, remaining at stable levels, ranging from 9.0% (Mexicali) and 0.9% (Toluca).

The absorption this quarter was 472,838 m2, down 28% versus the 662,832 m2 recorded in 1Q18. Year-to-date,

absorption totaled 1,135,671 m2.

The national average rent slightly decreased versus 1Q18, going from US$ 4.32 per m2/month to US$ 4.28

m2/month.

The vacancy rate in Mexico City decreased 60 basis points versus 1Q18, standing at 4.0%.

2 Source: JLL Industrial Outlook, Mexico 2Q18.

15.7%

2.1%

4.3%3.6% 3.2%

0.6%

4.0%

19.2%

9.1%

4.6%

1.8%

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 2018 2Q

Growth in industrial inventory(in square meters)

Total Inventory Annual Growth

38


Northern Region

During 2Q18, the northern region registered the sharpest downturn in inventory as it was the most affected by

the macroeconomic conditions explained lines above; however, inventory expanded by 3% as a result of the lower

absorption in the quarter.

The vacancy rate contracted 30 basis points, standing at 6.3% in June 2018. On the other hand, rent levels

increased from US$ 4.13 per m2 in 1Q18 to US$ 4.28 per m2 in 2Q18.

2Q18 net absorption was 153 thousand m2, lower than the 225 thousand m2 delivered in 1Q18 and the 208

thousand m2 in the same period 2017, thus leading to a stronger growth in inventory, despite the marked

slowdown in the construction of new industrial buildings.

Bajio Region

As in the Northern Region, the Bajio market was affected by the macroeconomic conditions and the backdrop of

uncertainty, resulting in a significant slowdown. The inventory growth was 3.7%, the vacancy rate stood at 5.6%

and the average rent reached US$ 3.90 per m2.

Central Region

During 2Q18, the inventory and vacancy in the region were 14.2 million m2 and 3.3%, respectively. The Central

Region market registered a net absorption of 365 thousand m2, 35 thousand m2 more than 1Q18, reflecting a

positive dynamism, in contrast with the Northern and Bajio Region markets. The average rent increased from

US$ 4.56 per m2 in 1Q18 to US$ 4.65 m2 this quarter.

5.1%6.0%

7.5%6.8%

5.7%4.8%

4.2%

6.0% 5.6% 5.5% 5.4% 5.5%

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 2018 2Q

Industrial Inventory vs. Vacancy(in square meters)

Total Inventory Vacancy Rate

39


$4.34 $4.35

$4.02$3.98

$4.18$4.14

$4.23$4.21

$4.02

$4.19

$4.25$4.28

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 20182Q

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

Total Bajio Central Northern Rent

40


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).

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