#1Fibra Danhos Investor Relations Presentation January 2020 DANHOS FIBRA#2Disclaimer DANHOSFIBRA This presentation has been prepared by Fibra Danhos (the "Trust") for informational and discussion purposes. It does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any Certificados Bursátiles Fiduciarios Inmobiliarios ("CBFIS") issued by the Trust, nor shall any part of it nor the fact of its dissemination form part of or be relied on in connection with any contract or investment decision relating thereto. Any such offering may be made only by an offering memorandum and the information contained herein will be superseded in its entirety by such offering memorandum in final form. This presentation does not contain all the information you should consider before investing in CBFIs issued by the Trust and no representation or warranty, express or implied, is made by any party as to the accuracy, fairness, completeness or materiality of the information furnished in this presentation, which remains subject to verification, completion and change without notice. Investors should review the Trust's offering memorandum and prospectus (including the information therein as to risks), as well as the yearly and quarterly reports published by the Trust and available at www.fibradanhos.com.mx prior to making an investment decision and should rely only on the information contained in the offering memorandum, prospectus, material events and reports published by the Trust pursuant to applicable regulation. The Trust has not authorized anyone to provide you with information different from that publicly available. In issuing this document, the Trust does not undertake to provide the recipient with access to any additional information or to update this document or any other information provided or to correct any inaccuracies in this document or any other information provided to the recipient; nevertheless it reserves the right to amend or replace this document at any time. The CBFIs are registered with the Mexican Securities National Registry (Registro Nacional de Valores "RNV") under the number 0181- 1.81-2018-006. The securities mentioned in this document have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act. The information in this presentation may include forward-looking statements which are based on current expectations, beliefs, and predictions about future events. These forward looking statements are subject to known and unknown risks, uncertainties and assumptions about the Trust, its prospects and the economic environment in which it operates that may prove to be incorrect. Accordingly, the events described in such forward-looking statements may not occur and the Trust's objectives may not be realized. In particular, but without limitation, no representation or warranty is given as to the achievement or reliability of estimates, prospects or returns, if any, which necessarily imply future performance anticipation. Recipients of this document should inform themselves about and observe any legal requirements applicable in their respective jurisdictions and to their corporate status. Furthermore, the recipients accept that although this document might contain legal, tax, or accounting references as a way to clarify its contents, it does not constitute any legal, tax or accounting advice. Any prospective purchaser is recommended to seek its own independent advice, including but not limited to financial, tax and legal. By attending this presentation you agree to be bound by the foregoing limitations and not to distribute, disclose or provide any information discussed today to any other person. 2#3Fibra Danhos Investment Thesis • Geographic focus: most of our assets are within the Metropolitan Area of Mexico City. • Stable occupancy rates: our same property occupancy has been above 97% since our IPO. • Lowest debt in the sector: 8.5% LTV, 100% fixed rate, peso denominated debt. • Experienced developer: most assets in our portfolio were developed in-house. • Selective approach, not in a rush to grow, timing is key. • High exposure to growing middle class and domestic consumption. • Our investment strategy is centered around a defensive and long term view towards real estate. • 9.33% AFFO Yield.* • 8.26% Dividend Yield.* *Based on the share price of January 22nd, 2020. F DANHOSFIBRA#4Financial strategy • Fibra Danhos has a solid Balance Sheet and a conservative leverage policy. • DANHOSFIBRA Our floating rate bond due on December 2019 was paid with proceeds of undistributed cash flow and from the committed credit facility. • We have a committed, unsecured credit facility of Ps. 2 bn. AAA credit rating on a local scale by Fitch Mexico and HR Ratings. . Share buy backs not a priority in order not to lower trading liquidity. . Funding if required would prioritize debt over equity. Debt Institution / Issuance Currency Bonds Local (DANHOS 16) MXN Bonds Local (DANHOS 17) MXN Interest Rate Fixed 7.80% Fixed 8.54 Avg. 8.14% Issuance Maturity Tenor (years) Balance 11-Jul-16 29-Jun-26 6.77 3,000,000,000 10-Jul-17 28-Jun-27 7.77 2,500,000,000 Avg. 7.22 5,500,000,000 4#5Corporate Governance DANHOSFIBRA • Highest alignment of incentives with minority shareholders. Our Control Trust holds -40% of the Outstanding CBFls. • Our fee structure is among the simplest. • • • • Corporate governance best practices. We were the first Fibra in Mexico to pay our Advisor´s fees with CBFls. Ps. 2,400 mn in cash over the past 5 years with the Advisory Fee Fibra Danhos has reinvested/distributed payment in CBFIS. - The annual dilution from fee payments is approximately 1%. Experienced independent members represent 27.3% of our Technical Committee. Advisory and Leasing Administration Fees Leasing Adm. Fee Advisory Fee • • Externally advised but "synthetically internalized" First Fibra to pay Advisor's Fees with CBFIs at period's VWAP Our Advisor is exclusive to Fibra Danhos 1.0% of Investment Properties 2.0% of total invoiced revenues Deducted from NOI since it is an operating cost Historical occupancy levels above 95% for the past 8 years Audit Practices Nominations Audit, Practices and Nominations Committees 3 members 100% independent Appointed by the Technical Committee 3 members 100% independent Appointed by the Technical Committee 100% decision making regarding transactions with related parties 5 members 60% independent Holders Assembly LO 5#6Leasing progress DANHOSFIBRA Toreo Office (Towers B&C) As of September 30, 2019 As of June 30, 2019 As of March 31, 2019 As of December 31, 2018 sqm of GLA % of GLA Executed lease agreements 54,586 84.7% 53,681 83.3% 52,954 82.2% 52,954 82.2% Lease agreements in the process of being executed 0.0% 905 1.4% 0.0% 0.0% Letters of intent 10,000 15.5% 1,989 Total 64,586 100.2% 56,575 3.1% 87.8% 2,500 55,454 86.1% 3.9% 2,500 3.9% 55,454 86.1% Toreo Office Component (Tower A) Executed lease agreements Lease agreements in the process of being executed Letters of intent Total Parque Puebla (Phase I) Executed lease agreements Lease agreements in the process of being executed Letters of intent Total Parque Las Antenas (Phase I) Executed lease agreements Lease agreements in the process of being executed Letters of intent on wait list Total As of September 30, 2019 As of June 30, 2019 As of March 31, 2019 As of December 31, 2018 sqm of GLA % of GLA 41,637 66.5% 40,500 64.7% 0.0% 1,180 1.9% 36,113 57.7% 0.0% 35,299 56.4% 0.0% 4,125 45,762 6.6% 5,225 8.3% 73.1% 46,905 74.9% 6,559 10.5% 42,672 68.2% 3,759 6.0% 39,058 62.4% As of September 30, 2019 As of June 30, 2019 As of March 31, 2019 As of December 31, 2018 sqm of GLA % of GLA 56,162 78.7% 55,684 78.0% 0.0% 3,416 4.8% 59,578 83.5% 634 5,728 8.0% 62,046 86.9% 0.9% 55,191 462 77.3% 0.6% 55,182 182 77.3% 0.3% 3,469 59,122 82.8% 4.9% 3,866 5.4% 59,230 83.0% As of September 30, 2019 As of June 30, 2019 As of March 31, 2019 As of December 31, 2018 sqm of GLA % of GLA 95,822 88.0% 91,533 84.1% 609 0.6% 1,769 1.6% 1,426 93,034 85.5% 1.3% 90,244 82.9% 3,468 3.2% 7,963 7.3% 9,487 8.7% 7,863 7.2% 7,267 6.7% 104,394 95.9% 102,788 94.4% 102,323 94.0% 100,979 92.8% CO 6#770,000 60,000 50,000 40,000 30,000 20,000 10,000 3.00 2.50 2.00 1.50 1.00 0.50 Key Financial Indicators Total Assets, Investment Properties, Cash & Equivalents DANHOSFIBRA NOI Margins 4,000 4,500 3,500 4,000 3,500 3,000 3,000 2,500 2,500 2,000 2,000 1,500 1,500 1,000 1,000 500 500 85.0% 83.0% 81.0% 79.0% 77.0% 75.0% 73.0% 71.0% 69.0% 67.0% 2014 2015 2016 2017 2018 3Q 19 (ann) Net Operating Income** (exc. TAP) NOI margin (exc. TAP) 2014 2015 2016 2017 2018 3Q 19 (ann) Investment Properties Total Assets Cash and Equivalents AFFO & Distribution per share 3.50 3.00 2.50 2.00 1.50 1.00 0.50 AFFO, NOI exc. TAP & Cash TAPS per CBFI 0.00 0.00 2014 2015 2016 ■AFFO per CBFI 2017 Distribution per CBFI 2018 3Q 19 (ann) 2014 2015 2016 NOI exc.TAP per CBFI 2017 Cash TAP per CBFI 2018 3Q19 (ann) AFFO per CBFI 7#8ESG Development 2018 2019 2020 DANHOSFIBRA First Participation in DJSI - Development of corporate governance, social and environmental policies Materiality analysis, 2019 2022 plan - First sustainability report - Reports under GRI (Global Reporting Initiative) whistle blowing mechanism open to all Fibra Danhos groups of interest operated by a third party supplier - ESG committee created - First Participation in GRESB ESG Assurance by KMPG New human rights and supply chain polices - First integrated ESG and Financial Report - Environmental risk management - Shareholder engagement - Supply chain analysis - New Intensity Metrics for water and energy measurements - Philanthropy strategy and actions ACHIEVEMENTS - Green Star recognition in GRESB 8#9Fibra Danhos Portfolio DANHOSFIBRA Fibra Danhos Portfolio Current Operating Portfolio Retail 1. Parque Alameda 2. Parque Delta 3. Parque Duraznos 4. Parque Las Antenas 5. Parque Lindavista 6.1 Reforma 222 (Retail) 7.1 Parque Puebla 8. Parque Tezontle Opening Year State / Municipality GLA % of GLA Occupancy Parking Spaces 2003 2005/2016 (expansion) 2000 2018 2006 Cuauhtémoc, Ciudad de México Benito Juárez, Ciudad de México Miguel Hidalgo, Ciudad de México Iztapalapa, Ciudad de México Gustavo A. Madero, Ciudad de México 15,755 1.7% 97.9% 308 70,825 7.6% 99.8% 2,999 16,389 1.8% 95.1% 1,002 109,160 11.8% 87.9% 4,351 41,550 4.5% 99.4% 2,254 2007 Cuauhtémoc, Ciudad de México 24,291 2.6% 99.0% 1,438 2017 Puebla, Puebla 71,362 7.7% 78.8% 3,404 2007/2015 (expansion) Iztapalapa, Ciudad de México 68,318 7.4% 99.5% 3,045 9.1 Toreo Parque Central (Retail) 2014 Naucalpan, Estado de México 92,707 10.0% 98.0% 3,400 10. Vía Vallejo 2016 Iztapalapa, Ciudad de México 84,619 9.1% 95.5% 4,499 594,976 64.2% 93.9% 26,700 Sub total Retail Office 6.2 Reforma 222 (Office) 2007 Cuauhtémoc, Ciudad de México 20,398 2.2% 85.4% 288 9.2 Toreo (Towers B&C) 2016 Naucalpan, Estado de México 64,432 7.0% 84.7% 1,314 9.3 Toreo (Tower A) 2017 Naucalpan, Estado de México 62,605 6.8% 66.5% 1,315 9.4 Toreo (Hotel) 2016 Naucalpan, Estado de México 17,297 1.9% 100.0% 400 11. Parque Esmeralda 2000 12. Torre Virreyes 2015 Tlalpan, Ciudad de México Miguel Hidalgo, Ciudad de México 34,151 3.7% 100.0% 1,636 67,878 7.3% 100.0% 2,251 13. Urbitec 2009 14. Parque Virreyes 1989 Miguel Hidalgo, Ciudad de México Miguel Hidalgo, Ciudad de México 12,912 1.4% 88.6% 316 7,783 0.8% 100.0% 251 Sub total Office 297,052 32.0% 88.1% 7,841 Total Current Operating Portfolio 892,028 96.2% 92.0% 34,541 Current Development Portfolio Retail 15. Parque Tepeyac Sub total Retail Total Current Development Portfolio Total Portfolio Sub total/Weighted Avg. Retail Sub total/ Weighted Avg. Office 2021e Gustavo A. Madero, Ciudad de México 35,000 3.8% NA 2,000 35,000 3.8% NA 2,000 35,000 3.8% NA 2,000 927,028 100.0% 92.0% 36,541 629,976 68.0% 93.9% 28,700 297,052 32.0% 88.1% 7,841#10Goals for following quarters • Maximize AFFO per CBFI while maintaining a stable distribution per CBFI trend. • Consolidate and stabilize operation of Parque Las Antenas, Parque Puebla and Toreo Office Towers. • Conservation and maintenance program for our Operating Portfolio. • Continue with the development at Parque Tepeyac. • Implement renewable energy program and optimize consumption. • • . ESG development. Innovation committee. Cautiously analyze potential investment opportunities to unlock value in our portfolio. DANHOSFIBRA 10 10#11• Parque Puebla: Michín Aquarium The opening of the Michín Aquarium was held on December 13th, 2019. • During its first month of operation we received more than 100,000 visitors. DANHOSFIBRA 11#12• Development Portfolio: Parque Tepeyac . • • • . DANHOSFIBRA In the Technical Committee session held on July 21, 2016, Fibra Danhos' participation in a new mixed-use development in the northeast area of Mexico City was approved. The area is heavily populated and with residential and commercial vocation. On December 21, 2017, we executed a binding partnership agreement with unrelated third parties to participate in the development of a shopping and entertainment center in the north-east of Mexico City called Parque Tepeyac. The participation of Fibra Danhos in the project is 50%. The project will be developed in several plots of land with a total combined area of approximately 51,700 sqm. Fibra Danhos will be in charge of the design, construction, marketing and operation of the project. We executed an investment agreement with the Liverpool department store in order for it to join the project as an anchor store. Construction work program is set for 24 months. The estimated total commercial area of the project will be approximately 108,000 sqm, including anchor stores and the gross leasable area of Fibra Danhos (50%) will be approximately 35,000 sqm. The estimated net investment of Fibra Danhos will be approximately 1.8 billion pesos, including land. To date, we have invested close to 800 million pesos. 12#13• • Development Portfolio: Parque Tepeyac AV. INSURGENTES NDUSTRIAL Land Area: 51,578 sqm Expected Built Area: 265,000 sqm 3 La Villa ROSAS DEL TEPEYAC Lotopro basilica De Guadalupe Basilica de Guadalupe Museo de la Basilica Deportivo 18 de Marzo CALZ. GUADALUPE Av. Victoria Ote Carillon Calle Gamido CARAGON LA VILLA ARAGON) Onente 35 MARTIN CARRERA 15 DE AGOSTO VILLA GUSTAVO 3 A. M AV. TALISMAN COL ESTRELLA AV. FC. HIDALGO TRES ESTRELLAS ARAGON INGUARANT Walmart Tepeyac PLAZA TEPEYAC Av Henry For Ford 7 Sam's Club Tepeyac 1. Deportivo 18 de marzo 2. Basílica de Guadalupe 3. G.A.M Mayorship 4. La Villa General Hospital SALVADOR DIAZ MIRON CONSTITUCION ADE LA REPUBLICA EL COYOL Oferte 157 6 LILEGISLATURA La Plaza Oriente LILEGISLATURAVA AV. GRAN CANAL DEL EDUARDO MOLINAL 5 FERROCARRILERA CALZ. SAN JUAN DE ARAGÓN JOSE MAR Cinemexa MORELOS PAVON PREPARATORIA 3 Walmart TORRES DE SAN JUAN GRANJAS MODERNAS PELICANO AMP SAN JUAN DE ARAGON F DANHOS Victoria Ote 5. UNAM High School # 3 6. Plaza Oriente (a 1.6 km) 7. Plaza Tepeyac (a 3.2 km) EDUARDO MOLINA DM NACIONAL HOROES DE CHAPULTEPEC ESMERALDA ALA ESMERALDA NUEVA SMERALDA MILAGRO CASAS ALEMAN DANHOSFIBRA FOVISSSTE ARAGON SAN JUAN DE ARAGO SAN PEDRO Querto MLA ESCALERAS EL CHICO LORE 13#14Development Portfolio: Parque Tepeyac F DANHOSFIBRA 14