#1STRICTLY CONFIDENTIAL O MACQUARIE FIBRA Macquarie México resentation Second Quarter 2020#2Important Information This document has been prepared by Macquarie México Real Estate Management, S.A. de C.V. ("MMREM"), as manager, acting in the name and on behalf of CIBanco, S.A., Institución de Banca Múltiple ("CIBanco"), as trustee, of FIBRA Macquarie México ("FIBRA Macquarie"). As used herein, the name "Macquarie" or "Macquarie Group" refers to Macquarie Group Limited and its worldwide subsidiaries, affiliates and the funds that they manage. Unless otherwise noted, references to "we" "us", "our" and similar expressions are to MMREM, as manager, acting in the name and on behalf of CIBanco, as trustee, of FIBRA Macquarie. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States, and securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. This document is an outline of matters for discussion only and no representations or warranties are given or implied. This document does not contain all the information necessary to fully evaluate any transaction or investment, and you should not rely on the contents of this document. Any investment decision should be made based solely upon appropriate due diligence and, if applicable, upon receipt and careful review of any offering memorandum or prospectus. This document includes forward-looking statements that represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "should," "seek," and similar expressions. The forward-looking statements reflect our views and assumptions with respect to future events as of the date of this document and are subject to risks and uncertainties Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No risk control mitigant is failsafe. Notwithstanding the mitigants described herein, losses may occur as a result of identified or unidentified risks. Past performance is no indication of future performance. Certain information in this document identified by footnotes has been obtained from sources that we consider to be reliable and is based on present circumstances, market conditions and beliefs. We have not independently verified this information and cannot assure you that it is accurate or complete. The information in this document is presented as of its date. It does not reflect any MACQUARIE facts, events or circumstances that may have arisen after that date. We do not undertake any obligation to update this document or correct any inaccuracies or omissions in it. Any financial projections have been prepared and set out for illustrative purposes only and do not in any manner constitute a forecast. They may be affected by future changes in economic and other circumstances and you should not place undo reliance on any such projections. Recipients of this document should neither treat nor rely on the contents of this document as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers. No member of the Macquarie Group accepts any liability whatsoever for a direct, indirect, consequential or other loss arising from any use of this document and/or further communication in relation to this document. Any discussion in this document of past or proposed investment opportunities should not be relied upon as any indication of future deal flow. Qualitative statements regarding political, regulatory, market and economic environments and opportunities are based on our opinion, belief and judgment. Such statements do not reflect or constitute legal advice or conclusions. Investment highlights reflect our subjective judgment of the primary features that may make investment in the relevant sector attractive. They do not represent an exclusive list of features, and are inherently based on our opinion and belief based on our own analysis of selected market and economic data and our experience in Mexico. The growth opportunities described herein are not necessarily reflective of all potential investments, which may have significantly different prospects and other terms and conditions. No assurance can be given that any such growth opportunities will be pursued by FIBRA Macquarie. This document is not for release in any member state of the European Economic Area. Unless otherwise stated all information presented here in is as of June 30, 2020. None of the entities noted in this document is an authorized deposit-taking institution for the purposes of Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 ("MBL"). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities 1#3FIBRA Macquarie, a premier owner of Mexican industrial and retail real estate, has provided consistently strong operational and financial performance by putting its customers first. Its institutional management expertise and best in class internal property management platform drives value by unlocking growth opportunities.#4The FIBRA Macquarie Opportunity 1. High Quality Portfolio in Prime Industrial and Consumer Markets 2. Scalable Internal Property Administration Platform 3. Strong Track Record of Disciplined Capital Deployment 4. Consistently Strong Operational and Financial Performance 5. Strong Balance Sheet and Cash Flow 6. Experienced Management Supported by Quality Institutional Platform MACQUARIE 00000 Ciudad Juárez Monterrey Reynosa 3#5Demonstrated Growth Since IPO Disciplined approach to capital deployment has built a high-quality portfolio Gross Leasable Area ("GLA") growth since IPO: + 28.4% Delivering solid financial results CAGR since IPO (December 2012) '000 m² 2,480 +849 +452 452 (603) 3,184 424 13.3% MACQUARIE 15.9% 14.5% 14.2% 3,362 7.8% 2,759 6.5% 86.7% 6.2% Inception Industrial Acquisitions, Development & Expansions² Total |Dispositions - Retail³ Acquisitions, Development GLA Under Repositioning Total & Expansions US$ Ps. US$ Ps. US$ Ps. Properties (#) 243 37 17 296 (44) 252 Capital Deployed/ (Realized)1 (US$) Revenue 1,427m 349m 493m 2,270m (118m) 2,150m Net Operating Income ("NOI") Funds from Operations ("FFO") Industrial GLA Retail GLA 1. Excludes any earn-out payments; 2. Organic growth using existing land on currently owned properties net of adjustments to GLA; 3. Includes retail related expansions 4#6MACQUARIE Ciudad Juárez High Quality Portfolio in Prime Industrial and Consumer Markets#7High Quality Portfolio in Prime Industrial and Consumer Markets 80.5% of rents are US $ denominated Mexicali 13/3.2% Nogales 2/2.9% Cd. Juárez 34/12.8% Chihuahua 12/3.7% MACQUARIE Diversified Portfolio Owning both Industrial and Retail assets provides greater growth opportunity; NOI is 83% industrial and 17% retail Local Expertise • Expanded network of local real estate professionals with extensive market knowledge Key Market Presence Industrial assets in strategic manufacturing markets and retail assets in high density urban areas Tijuana 25/6.5% Hermosillo 11/5.4% Los Mochis 1/0.7% Industrial Retail² Combined Market Guadalajara 9/3.2% No. of properties / % of total GLA Querétaro 11/5.6% Saltillo 11/3.8% Monterrey 39/17.7% Nuevo Laredo 9/3.3% Reynosa 19/8.1% MCMA¹ 17/10.5% San Luis Potosí 7/2.3% Matamoros 4/2.2% Irapuato 1/0.5% Cancún 2/1.1% Tuxtepec 2/1.0% Puebla 23/5.5% 1. Results for the nine retail properties held through a 50/50 joint venture are shown at 50% 2. Mexico City Metropolitan Area (MCMA). Note: Map Includes nine retail joint venture properties at 100%. 6#8Industrial Portfolio Well positioned to support Mexico's manufacturing and global export business North Bajio Central Total Number of Buildings 179 26 30 235 Number of Customers 212 26 44 282 Square Meters GLA '000s 2,204.0 339.3 215.9 2,759.2 Occupancy 95.4% 96.1% 95.0% 95.5% % Annualized Base Rent ("ABR") 80.4% 11.3% 8.3% 100.0% % of ABR in US$ 95.9% 79.8% 80.8% 92.9% Avg. Monthly US$ Rent $4.97 $4.52 $5.26 $4.94 per Leased sqm¹ EOQ 1. FX rate: 22.9715 as of June 30, 2020 MACQUARIE 7#9Reynosa Select Industrial Properties Monterrey Cd. Juárez#10Industrial Portfolio Strengths Ciudad Juárez Reynosa MACQUARIE 73.2% of annualized base rents from light- manufacturing which typically have high switching costs 92.9% of rents denominated in US$ - this ratio has been stable since IPO despite significant US$ appreciation and rents being subject to annual contractual increase Customer focused internal property administration platform, located close to customers and able to respond swiftly to their needs Local team of real estate professionals with market expertise provides competitive advantage 9#11Diverse, High Quality Customers from Key Growth Industries Domestic and international customers with favorable long-term dynamics Across All Major Markets in Mexico Percent of ABR From Key Industries GLA Bajio Markets 15% Northern Markets 18% Central Markets Non Core Markets 1% 10% Other, 12% Medical, 5% Packaging, 5% Logistics, 9% Border Markets 56% MACQUARIE Automotive, 38% Electronics, 12% Consumer Goods, 18% Top 10 industrial customers represent approximately 25.8% of industrial portfolio's ABR and have a weighted average lease term of 5.2 years Opportunity to further diversify in other industries such as logistics and medical device manufacturing 10#12Fundamentals supporting Mexico's commercial RE sector World merchandise trade recovery in 2021 Index, 2015-100 140 130 120 110 100 90 80 70 60 50 40 2002 2003 2004 2005 2006 2008 2009 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Optimistic scenario Trend 2011-2018 Pessimistic scenario Merchandise trade Trend 1990-2008 Source: World Trade Organization Auto parts sector set for recovery in 2HQ20 Producción de Autopartes en México 2019 VS 2020 Miles de Dólares 9,000,000 000,000 7,000,000 6000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 Marzo Julio прод Source: INEGI and Industria Nacional de Autopartes Septembe Octubre Dicembre 97,834,435 -28% ZZOZ 70,877,838 2020 MACQUARIE Near-shoring of manufacturing supply chains ⚫COVID-19: The pandemic has highlighted how disruptions in supply chains can cause production shortages. Near-shoring to Mexico mitigates this risk by moving suppliers closer to the end consumer market and can avoid the need for shipment by air or ocean transport. •Safety stock: As a result of COVID-19, warehousing of safety stock inventory to increase resiliency is now poised to take preference over "just-in-time" lean inventory practices. ⚫ US-China: Increasing political and security tensions has resulted in Chinese imports incurring higher cost and less reliability of supply. ⚫USMCA: Formalization of USMCA on 1 July 2020 consolidates Mexico's competitive export status in the North American market and encourages more regional production content. • End-user preference: Increased need for customized and timely supply. Growth industries • Ecommerce logistics: Increasing penetration of Ecommerce to drive demand for logistics real estate with a focus on servicing major metropolitan markets. • Cold storage logistics: Growing Ecommerce, evolving consumer preference, increased stringency of food safety regulations and, technology efficiency gains expected to drive the cold storage supply chain. ⚫Medical device manufacturing: Reduced reliance on China, nearshoring and ageing population to accelerate medical device manufacturing. • Electronics manufacturing: Electronics supply chain is experiencing structural changes due to competitive tensions between US and China resulting in increased tariffs for Chinese exports and overall less security of supply. 11#13Strong Market Fundamentals Support Industrial Demand MACQUARIE Positive Mexican Market Fundamentals Help Deliver Solid Leasing Results Strong Demand for Industrial Space¹ Average net absorption of 1.3 million sqft LTM ■ Mexico City: 258k sqft Monterrey: 278k sqft Guadalajara: 94k sqft Tijuana: 205k sqft Querétaro: 98k sqft Average 11.2 months to exhaust new supply • FIBRA Macquarie's Performance 79 new & renewed leases LTM • 2Q20 occupancy EOP 95.5% US$14.0m of expansion and development committed during 2020 6.2m sqft of renewals leading to a retention rate LTM of 85% 565k square feet of new leases LTM 97.0% of industrial leases are triple net Reynosa 1. Source: Datoz as of June 30, 2020 12#14Solid Leasing Volume and Manageable Expiration Profile: Industrial Industrial Leasing Activity sqft in thousands 2,500 2,000 1,500 1,000 500 891 201 47 47 1,914 976 1,672 1,635 605 5 55 419 147 2Q19 3Q19 New Leases 4Q19 1Q20 2Q20 Renewals Leased Expansions/Development MACQUARIE Manageable Lease Expirations Profile Percentage of ABR 2.7% 7.7% 20.3% 18.7% 10.7% 14.0% 25.9% In regularization 2H 2020 2021 2022 2023 2024 2025 + 13#15Coacalco Power Center, MCMA TH HOTELES City Shops Valle Dorado, MCMA Select Retail Properties CITY SHOPS Su SW SPORTS BEDBAT BEYON AWOLD BEDBATH & BEYOND Marti MEALLY City Shops del Valle, MCMA OUTEROES SW SPORTC PHORLO#16Diversified Mix of High-Quality Customers Walmart city market COMERCIAL MEXICANA Cinemex RENAULT Alsea H-E-B cinépolis инор, McDonald's CHEDRAUL cuesta menos HOME DEPOT EIII SPORTS WORLD OfficeMax Liverpool BED BATH & BEYOND BURGER KING FunCentral Sb Suburbia MACQUARIE AT&T BBVA - O NORA GRILL SG GROUP EST 2004 ROUP smart fit En TARBUCK COFFEE ★ Sam's CLUB Superama NH citibanamex NH HOTEL GROUP Top 10 retail customers represent approximately 42% of the retail portfolio's ABR and have a remaining weighted average lease term of 6.2 years 15#17Well-Positioned Retail Portfolio . • Retail Highlights . Defensive portfolio primarily located in Mexico City Metropolitan Area (MCMA), Mexico's top retail market Majority of leases are inflation protected and provide for recovery of maintenance, insurance and repairs 100% of the leases are denominated in Mexican Pesos MACQUARIE Customers include well-known names such as Walmart, H-E-B, Fábricas de Francia, The Home Depot, Alsea, Chedraui, Cinépolis, Cinemex and Sports World 2Q20 income was 96% fixed rent and 4% parking, marketing and other variable income Important Presence in Key Metro Areas % of annualized base rent² Irapuato, 3% Cancún, 6% Tuxtepec, 7% Monterrey, 10% Guadalajara, 2% MCMA, 72% 84% located in top three retail markets of Mexico 1 1. Refers to Mexico City, Monterrey and Guadalajara 2. Includes 100% of rents from properties held in 50/50 joint venture Balanced Mix of Tenant and Center Types % of annualized base rent² Sub- Anchors 14% Other Office 5% 8% Anchor 37% Office 7% Mixed Use Small 14% Urban Infill Shops 37% 33% Community Shopping Center 23% Power Center 23% Top 10 customers represent approximately 42% of annualized base rent with a weighted average lease term remaining of 6.2 years 16#18Solid Leasing Volume and Manageable Expiration Profile: Retail Retail Leasing Activity sqm in 000's 35.0 30.0 25.0 20.0 15.0 10.0 0.6 23.6 3.9 10.5 Upcoming Expirations 90% 80% 70% 60% 50% 40% 30% 20% 16.1% 8.9% 9.3% 13.3% 10.6% 11.8%" 5.4% 0.0% 0.0% In regularization 2H 2020 2021 2022 2023 ■Anchor ■Total 5.0 10% 3.4 6.0 1.5 4.3 1.1% 1.7 2.2 0% 1.1 2Q19 3Q19 4Q19 1Q20 2Q20 New Leases Renewals Leased Expansions/Development MACQUARIE 81.7% 41.8% 2024 and thereafter 17#19O MACQUARIE Cd. Juárez 2 Scalable Internal Property Administration Platform#20MACQUARIE Scalable Internal Property Administration Platform Internal property administration platform provides an advantage in terms of costs, scalability and customer service Internally managing 235 industrial properties in 17 markets Property Leasing Engineering Management Tijuana Mexicali Finance & Treasury Information Technology Health & Safety Corporate reporting HR Legal Scalable Scalable platform with the capacity to integrate additional properties Customer Focused Provides direct relationship with 280+ customers enabling us to deliver high- quality customer service Market Expertise Local professionals with deep knowledge and relationships Growth Capability to provide expansion and development solutions to facilitate growth Note: Data is as of June 30, 2020 Cd. Juárez Hermosillo Chihuahua Monterrey Reynosa Mexico City Puebla Querétaro 19#21O MACQUARIE 3 Strong Track Record of Disciplined Capital Deployment#22Capital Management: FY17 - FY20 YTD Overview Capital sources Retained AFFO Retained AFFO-FY17-FY19 Retained AFFO-1H20 Retained AFFO - total Asset sales FY17-FY19 1H20 Asset sales total Surplus cash Capital sources - total Ps.m equiv. US$m equiv. 1,895.9 99.0 333.6 15.4 2,229.5 114.5 MACQUARIE Highlights • Quarterly AFFO per CBFI YOY remained flat • Distribution/CBFI for 2Q20 of Ps.0.4750/CBFI, up 6.7% YoY, FY20 Distribution of 1.90/CBFI up +6.7% Distribution 1.3x covered ⚫AFFO ~83% USD-linked, 2Q20 AFFO margin of 44% ⚫ LTD sale value of US$117.5m exceeds book value by aggregate 2.2% 1,803.5 242.2 94.7 • Deferred sale proceeds of US$9.8m to be received in 2H20/FY21 11.2 2,045.7 105.9 60.2 4,335.3 4.1 224.5 Capital allocations Expansions and developments Projects completed in FY17-FY19 (100% of project cost) 700.3 36.7 Projects completed and under development as of June 30, 2020 270.6 12.5 Expansions and developments - total 970.9 49.2 Remodeling FY19 completed remodeling 1H20 remodeling Remodeling Total Certificates re-purchased for cancellation 85.0 4.4 36.2 121.2 1.7 6.1 FY17-FY19 974.5 50.8 1H20 83.0 3.7 Certificates re-purchased for cancellation total 1,057.5 54.5 Debt net repayment FY17-1H20 Debt net repayment - total Other FY17-1H20 Other - total Capital allocations - total Potential of committed capital deployment opportunities as at June 30, 2020 Progress payments remaining in FY20, for committed WIP projects Uncommitted - LOI and pipeline Expansions and developments - total Retail center remodeling remaining payments Buyback program - Remaining 2020-2021 program size Potential capital deployment opportunities - 2020 1,940.8 1,940.8 102.0 102.0 245.0 12.7 245.0 12.7 4,335.3 224.5 31.6 1.4 77.0 3.5 108.6 4.9 92.4 4.2 1,000.0 1,201.1 45.5 54.6 ⚫ LTD ~US$80m invested/committed in expansions and developments •Additional 1.7m sq. feet of GLA with projected NOI yield of ~12% Completed and leased 100% first phase development in Ciudad Juárez of 209k sqft, second building being delivered in 3Q20 (217k sqft GLA) •Remodeling in Multiplaza Arboledas concluded, remodeling at Coacalco Power Center is scheduled to be completed in 2020 and remodeling at City Shops Valle Dorado underway ⚫Ps. 1.0bn program authorized through to June 2021 • All re-purchased certificates cancelled or in process of being cancelled Regulatory LTV at 40.0% 5.4 years remaining tenor • Other includes income-generating Above-Standard Tenant Improvements of US$1.2m in 2017, US$1.0m in 2018. FY19 represents debt refinancing costs of US$5.7m Pipeline of uncommitted projects totaling US$3.7m, 49k sqft of additional GLA and +10% projected NOI yield Pursuing development opportunities on a selected basis in growth sectors including E-commerce-based logistics and medical devices manufacturing. Wholly-owned land reserves of 135k sqm and 67k sqm in 50% JV portfolio • Includes the remaining remodeling works of Power Center Coacalco 1. Using average FX for the period Ps. 18.93, Ps. 19.24, Ps. 19.26 and Ps. 21.62 for 2017, 2018, 2019 and 1H2020, respectively. Analysis excludes US$180.0m revolver drawdown on March 24, 2020 used for cash at bank. During June 2020, US$90m of the revolver were repaid and as of 2Q20 EOP revolver drawn balance is US$90m. 21 21#23# of Market/Shopping Center Investment Type Projects Additional GLA ('000 sqft) Expansion and Development US$80.2m of expansions completed or committed LTD at 11.7% yield Completion / Expected Expansion Lease term MACQUARIE Occupancy as of 2Q20 EOP Investment (USDe$ '000s) Projected NOI Yield² % of Completion Completion (yrs) 2014 3 126 7,301 11.8% 100% 10 100% Industrial 3 126 7,301 11.8% 100% 10 100% 2015 3 92 4,830 11.1% 100% 6 100% Industrial 3 92 4,830 11.1% 100% 6 100% 2016 11 414 17,441 12.3% 100% 10 100% Industrial 7 281 13,024 12.3% 100% 9 100% Retail¹ 4 133 4,417 12.2% 100% 11 100% 2017 8 394 19,618 10.1% 100% 10 100% Industrial 7 391 18,590 10.2% 10 100% Retail 1 3 1,028 8.2% 6 100% 2018 3 110 5,131 13.5% 5 100% Industrial 3 110 5,131 13.5% 5 100% 2019 3 271 11,954 13.7% 5 100% Industrial 2 247 11,342 11.6% 5 100% Retail¹ 1 24 611 54.4% 6 100% 2020 4 288 13,951 10.9% 10 22% Industrial In Progress Hermosillo Retail Ciudad Juárez In Progress Power Center Coacalco 22 22 255 12,540 10.9% 10 15% 255 12,540 10.9% 92% 10 15% Expansion 38 1,840 11.3% 60% 3Q20 10 100% Development 217 10,700 10.8% 97% 3Q20 NA 0% 33 1,410 11.4% 10 77% 33 1,410 11.4% 73% 10 77% Expansion 10 509 10.3% 35% 3Q20 10 100% Multiplaza del Valle (Guadalajara) Expansion 23 Total 35 1,695 901 80,224 12.0% 95% 3Q20 10 66% 11.7% 9 87% LOI & Pipeline Expansions/Development 38 3,500 10.0% 1. Represents proportional investment for 50/50 joint venture owned assets. 2. The NOI yield is presented on the basis of the agreed upon terms for the expansion or development and does not reflect actual NOI yield, which may differ from the agreed upon terms. 3. Excludes land available for expansion attached to existing properties but includes industrial land in Ciudad Juárez and retail land in Guadalajara currently under development Note: There is no guarantee FIBRA Macquarie will pursue any of the potential expansions or developments described herein or, if such an expansion or development is pursued, that FIBRA Macquarie will be successful in executing it. In addition, there can be no assurance the expansions or developments will be available or achieved on the terms described herein or otherwise or that any expansion or development performs as expected. 22 22#24MACQUARIE Fragmented Market Provides Growth Opportunities Significant Opportunity Strong Track Record US $80B Value of institutional quality real estate for rent in Mexico US$2.3B of capital deployed since inception w/ 8.4% weighted avg. cap rate for acquisitions 77% Of real estate in Mexico is still privately held ~39.6% Of private real estate is Industrial US$118m ~ US$80M Of proceeds from sale of non-core assets for a premium of 2.2% over book value Capital deployed & committed in respect of expansions¹ and development w/ ~12% cap rate Disciplined capital deployment at attractive cap rates Expertise and assets in two segments allows for greater growth opportunities Source: FIBRA Macquarie estimates based on data sourced from JLL, ANTAD and CBRE 1. The NOI yield is presented on the basis of the agreed upon terms for the expansion or development and does not reflect actual NOI yield received, which amounts may differ from the agreed upon terms 23#25Vertically Integrated Platform to Drive Organic and External Growth Proactive Asset Management MACQUARIE Maximize NOI Prudent investment in existing properties • Organic Increase Retention Superior customer service from industrial administration platform Control operating expenses Increase Occupancy Maintain our properties with high quality standards Solid Pipeline of Opportunities Acquisition External & Expansion Expansions Development Well-established relationships provide ongoing pipeline Broad investment universe allowing for selective deployment of capital Industrial: Well-located manufacturing and distribution buildings in key markets that complement portfolio Retail: Focus on properties in growing markets with favorable demographics and traffic Opportunistic expansions of existing properties to address customer needs Selective development opportunities, with managed risk profile 24 224#26Development: JUA043 MACQUARIE Development of 9ha land parcel in Ciudad Juárez; first building of 201k sqft completed and fully leased during 4Q19 Case Study Cd. Juárez Development Built to LEED Standard Specifications Constructed a 201k sqft, class A building in a premier location in Ciudad Juárez Successfully leased upon completion to a U.S.-based manufacturer of laser printers and imaging products Represents successful execution of FIBRAMQ's development program Key goals of the program include: Creating a pipeline of class A buildings in core locations Achieving accretive returns 25 25#27Reynosa O MACQUARIE 4 Consistently Strong Operational and Financial Performance#282Q20 Key Portfolio Metrics Occupancy (end of quarter) Retention Rate¹ (LTM by LA) MACQUARIE Industrial Retail Consolidated 100% 98.0% 96.8% Industrial Average Industrial Retail Average Retail 95.9% 95.9% 90% 88% 95.7% 86% 95.5% 85% 85% 96.0% 81% 81% 81% 83% 86% 78% 96.4% 80% 95.6% 95.6% 77% 95.3% 94.0% 95.1% 69% 70% 93.6% 93.7% 93.8% 92.0% 93.1% 92.7% 60% 90.0% 2Q19 50% 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Rental Rates (avg mthly rent per leased sqm, end of qtr) Industrial ($US) Average Industrial Weighted Avg Lease Term Remaining (in years by annualized rent, end of qtr) Retail (Ps.) Average Retail Ps. Yrs 8.0 ■Industrial ■Retail 4.94 170 7.0 165 6.0 160 158.97 153.78 153.25 155 5.0 4.3 4.2 4.1 4.0 3.8 150 4.0 3.3 3.3 3.3 3.3 3.3 145 3.0 140 2.0 135 1.0 130 0.0 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 US$ 5.0 4.89 4.9 4.86 162.22 4.93 4.89 163.10 4.83 162.51 4.8 4.7 4.6 4.5 4.4 4.3 4.2 2Q19 3Q19 4Q19 1Q20 1. Retention rate is calculated on the basis of renewed leases as a percentage of total expiring leases. For the purpose of this calculation, leases are deemed to expire in the period corresponding to when either the renewal lease is signed or the customer moves out, as applicable. 27#29Strong Financial Performance Revenues Ps.m MACQUARIE ΝΟΙ Ps.m 4,134 3,703 3,778 3,877 3,564 CAGR: 14.5% 89.6% 85.0% 85.7% 86.6% 87.0% 87.5% 87.8% 88.1% ΝΟΙ 2,942 Margin (%) 2,341 3,644 3,087 3,222 3,307 3,403 1,712 2,521 1,990 1,534 CAGR: 14.2% 2013 2014 2015 2016 2017 2018 2019 LTM 2Q20 2013 2014 2015 2016 2017 2018 2019 LTM 2Q20 Total assets and investment properties1 Ps.bn 46.844.6 45.643.7 44.642.3 43.240.9 27.6 41.4 36.4 37.4 29.4 23.5 Adjusted Funds from Operations (AFFO) Ps.m 51.1 46.8 CAGR: 9.9% 11.2% 112.4% 99.1% 84.6% 66.0% 65.4% 68.9% 68.8% AFFO Payout Ratio 1,395 1,149 1,320 1,828 1,688 1,428 1,907 1,980 2,064 1,365 1,420 1,207 1,248 1,054 CAGR: 13.0% 2013 2014 2015 2016 2017 2018 2019 2Q20 Total Assets Investment Properties 2014 2015 2016 2017 2018 2019 LTM 2Q20 AFFO Distribution Note: Painting expenses have been reclassified from Repairs & Maintenance to Normalized Capex for 2015, 2016, 2017, 2018, 2019 and 2020. 1. Proportionally combined results shows the wholly-owned and JV assets and results on a combined basis. 3.9% 28#30Strong Financial Performance Revenues US$m MACQUARIE NOI US$m 186 191 196 196 201 202 CAGR: 6.5% 89.6% 85.0% 85.7% 86.6% 87.0% 87.5% 87.8% 88.1% 176 ΝΟΙ Margin 134 (%) 159 165 170 172 177 178 150 120 2013 2014 2015 2016 2017 2018 2019 LTM 2Q20 2013 2014 2015 2016 2017 2018 2019 LTM 2Q20 Total assets and investment properties1 CAGR: 6.2% Adjusted Funds from Operations (AFFO) US$m US$b 2.5 2.4 2.3 2.3 2.2 2.1 2.2 2.2 2.3 2.1 2.3 2.2 2.2 2.0 2.0 1.8 CAGR: 0.8% 1.9% 112.4% 99.1% 84.6% 66.0% 65.4% 66.9% 68.8% AFFO Payout Ratio 2013 2014 2015 2016 2017 Total Assets 2018 2019 Investment Properties 2Q20 19 79 97 99 103 101 86 88 83 91 77 71 69 64 65 CAGR: 4.5% 2014 2015 2016 2017 2018 2019 LTM 2Q20 AFFO Distribution -3.9% Note: Conversion for Revenues, NOI and AFFO using average exchange rates of 12.7675, 13.2983, 15.8542, 18.6567, 18.9291, 19.2380, 19.2618 and 20,4796 for 2013, 2014, 2015, 2016, 2017, 2018, 2019 and LTM 2Q20 respectively. Conversion for assets using EoP exchange rates of 13.0765, 14.7180, 17.2065, 20.6640, 19.7354, 19.6829, 18.8452 and 22.9715 for 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2Q20 respectively. Painting expenses have been reclassified from Repairs & Maintenance to Normalized Capex for 2015, 2016, 2017, 2018, 2019 and 2020. 1. Proportionally combined results shows the wholly-owned and JV assets and results on a combined basis. 29#31MACQUARIE Monterrey 5 Strong Balance Sheet and Strong Cash Flow#32Debt Overview MACQUARIE Following US$180m revolver drawn in March to increase cash reserves, a repayment was made in June for US$90m Overview • Regulatory LTV of 40.0% and Regulatory Debt Service Coverage Ratio of 4.7x Real Estate net LTV of 39.7% and weighted average cost of debt of 5.2% per annum 71.2% of property assets are unencumbered¹ Selected Charts Assets by collateral type Encumbered Property Assets 29% Average debt tenor remaining of 5.4 years Loan Expiry Profile (US$m)1 Secured term debt Term credit ■Drawn Revolver Private placement GUndrawn Revolver 144.8 0.3 90.0 250.0 180.0 210.0 0.2 0.2 0.3 75.0 75.0 2020 2021 2022 2023 24.2 2024 2025 2026 2027 2028-2033 2034 Unencumbered Property Assets 71% Debt by currency MXN 3% USD 97% Debt by interest rate type Variable 10% 1. Proportionately combined results, including interest rate swap on variable rate term loan, FX: Ps. 22.9715 per USD. 2. Real Estate Net LTV as of June 30, 2020 Fixed 90% 31#33Key Debt Metrics 71% Unencumbered assets value1 90% Fixed rate debt 97% of US$ denominated debt 40.0% Regulatory LTV MACQUARIE US$e 235m Total revolver size US$e 145m Undrawn revolver Key Debt Ratios² Gross and Net Debt to EBITDA3 Interest Coverage Ratio4 Real Estate Gross Loan to Value5 5.9x 5.1x 4.9x 4.7x June 30, 2020 June 30, 2019 GROSS NET 3.8x 3.3x June 30, 2020 June 30, 2019 45.1% 38.6% as of June 30, 2020 as of June 30, 2019 1. Percentage of investment properties 2. Proportionately combined results, after interest rate swap on fixed term loan, FX: Ps. 22.9715 per USD. 3. 2Q20 Annualized EBITDA 4. 2Q20 NOI/2Q20 interest expense 5. Gross debt / Investment Properties - on a proportionally combined basis 32#34O MACQUARIE Monterrey 6 Experienced Management Supported by Quality Institutional Platform#35Experienced Leadership Senior Management Team MACQUARIE Juan Monroy Chief Executive Officer 23 years of experience Simon Hanna Chief Financial Officer 21 years of experience Peter Gaul Head of Real Estate Operations at MPA 33 years of experience Alejandro Mota Retail Senior Asset Manager 20 years of experience Andrew McDonald-Hughes M&A and Capital Markets 14 years of experience Our Manager is part of MIRA's longstanding global asset management platform and follows MIRA's highly disciplined and institutional approach to fund management Technical Committee Juan Monroy Chairman เลก Dr. Álvaro de Garay Independent Member Michael Brennan Independent Member Through our Manager, we have access to MIRA's broader real estate investment and fund management expertise, as well as Macquarie Group's global network Jaime de la Garza Member Juan Antonio Salazar Lead Independent Independent Member Luis Alberto Aziz Independent Member 34 =4#36Quality Institutional Manager Industry leaders in Asset Management, Corporate Governance and Reporting Macquarie Infrastructure and Real Assets Global leader in Real Assets management Macquarie has A$588 billion in AUM1 More than 25 years investing in infrastructure MACQUARIE Fully Integrated Asset Management Platform Administration Risk Management Public Relations Finance Accounting Human Resources Legal Information Technology Macquarie Infrastructure and Real Assets globally manages A$26 billion of real estate assets 23 MIRA Mexico staff Macquarie has more than 15,700+ staff operating across 31 countries Industry leaders with respect to corporate governance and reporting in the Mexican FIBRA market 1. AUM represents the enterprise value of assets under management in Australian dollars based on enterprise value in proportion to the MIRA-managed equity ownership of each investment, calculated as proportionate net debt and equity value. Note: All numbers as at March 31, 2020 35#37Structure and Governance Aligned with Investors Best-in-class corporate governance among the FIBRAS Fee construct, corporate governance & Manager holdings aligned with investor interests 83% of Technical Committee members are independent MACQUARIE • Independent Technical Committee members required to reinvest at least 40% of their annual fees • in FIBRA Macquarie certificates to be purchased on the secondary market, to increase alignment with certificate holders Certificate holders annually consent to appointment of independent Technical Committee members Performance fee is based on total investor returns, calculated every 2 years, any performance fees must be reinvested in FIBRA Macquarie certificates Base management fee of 1% per annum of market capitalization paid every 6 months ⚫ No other acquisitions, development or property administration fees paid to the Manager Compensation of Manager Staff (CEO, CFO, etc.) paid by the Manager, not by the FIBRA . 36#38FIBRA Macquarie Highlights Portfolio High Quality Dual Asset Platform Leveraged to Mexico's Economic Drivers 252 Industrial and Retail Properties. 83% of NOI from Industrial Assets 81% of Revenues are US Dollar Denominated¹ Capital Management US$2.3b Prudent Deployed Since leverage and AFFO payout ratios Inception at 8.5% Cap Rate² Quality Institutional Manager Closely Aligned with Certificate Holders Performance And Growth Consistent Operational and Financial Performance Multiple Growth Flexible Capital Structure Avenues to Support Future Growth Organic, Development, Expansions and Acquisitions 1. Results for the nine retail properties held through a 50/50 joint venture are shown at 50% 2. Includes US$80m investment in expansions and development with an NOI Yield of 11.7% MACQUARIE 37#39FIBRA Macquarie 2Q20 Highlights Monterrey H H#402Q20 Highlights MACQUARIE AFFO per certificate of 0.6363, flat YoY; Consolidated EOP occupancy of 95.1%, down 129bps YoY; YoY same store rental rates up for Industrial (+2.3%) and flat for Retail (+0.0%) Summary Financial Performance • • Quarterly AFFO per certificate flat YoY driven by 17.0% Peso depreciation, however this was offset by a 11.3% decrease in same store income driven by increased provisioning for doubtful debts and rent discounts, as well as increased net financing costs following the US$180m drawdown of the RCF in March 2020 retained as surplus cash. AFFO per certificate decreased 15.0% QoQ, driven by a decrease in same store income as a result of increased provisioning for doubtful debts and rent discounts, as well as an increase in net financing costs. The positive impact of Peso depreciation was offset by MCMA property early termination income recognized in 1Q20. NOI margin reduced to 87.5% (35bps decrease YoY), also driven by the aforementioned factors Declared 2Q20 Distribution: Ps. 0.4750 per cert., up 6.7% YoY; 2Q20 AFFO payout ratio of 74.7% Operational Performance Consolidated occupancy of 95.1% decreased 129bps YoY following a historical record occupancy in 2Q19, QoQ industrial occupancy was largely stable, down 23bps to 95.5%. Retail occupancy reduced 94bps YoY to 92.7%, down 38bps QoQ, primarily driven by the recovery of a delinquent gym space in an MCMA retail center Industrial rental rates grew 2.2% YoY, driven by contract increases. Retail rental rates reduced by 5.7% YoY, driven by the MCMA property early move out in the prior quarter. Adjusting for this early move out, annual retail rental rates were largely flat Following removal of the MCMA property from GLA in 1Q20, consolidated same store occupancy EOP increased 41bps YoY to 95.3% Strategic Initiatives • Development: Construction completed for a Ciudad Juárez development project in July (217k sqft GLA) Revolver credit facility partial repayment: With stable operating performance and stable banking markets, FIBRAMQ repaid US$90m of its drawn RCF in June and will repay another US$55m in late July, resulting in a remaining US$35m drawn on the revolver credit facility. 39#412Q20 Highlights 2Q20 Key Metrics 95.1% Consolidated Occupancy EoP (2Q19: 96.4%; 1Q20: 95.3%) Ps. 484.6m Consolidated AFFO (Ps.0.6363 per certificate) (2Q19 Ps. 488.8m - Ps. 0.6348 per certificate 1Q20 Ps. 572.5m - Ps. 0.7483 per certificate) 0.2% YOY AFFO per Certificate Change 15.0% QoQ AFFO per Certificate Change US$4.94 sqm/mth Industrial Avg. Rental Rate EOQ (2Q19: US$4.83; 1Q20: US$4.89) MACQUARIE 40 40#42FIBRA Macquarie Monterrey 2Q20 COVID TTT Disclousures#43COVID-19 Disclosures: Rent Relief Program MACQUARIE Rent relief summary 1Q20 Original scheduled rent collection (pre-rent relief) 2Q20 Revised scheduled rent collection (post-rent relief) 1H20 Difference (pre and post rent relief) (proportionally combined) 1H20 1Q20 Actual Pro forma Pro forma Actual Ps'000 Ps'000 Ps'000 Ps'000 2Q20 Actual Ps'000 Ps'000 Ps'000 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Scheduled Ps'000 Ps'000 Ps'000 Total Ps'000 Ps'000 Total Ps'000 Deferred rental income Industrial 136,306 160,762 Retail 10,190 Total 146,496 10,254 171,016 297,068 136,306 20,444 10,190 317,512 146,496 88,009 40,092 31,667 5,589 584 93,598 40,092 32,251 955 39 1,166 1,166 1,166 2,121 1,205 1,166 297,068 72,753 583 583 317,512 20,444 4,665 77,418 Discounted rental income Industrial 3,997 4,952 Retail 58,519 58,749 8,949 3,997 117,268 58,519 2,505 6,502 2,447 19,895 78,414 38,854 Total 62,516 63,701 126,217 62,516 22,400 84,916 41,301 Unimpacted rental income Industrial (no discount or deferral) 599,327 Retail (no discount or deferral) 67,322 Total 666,649 746,320 64,242 131,564 67,322 810,562 1,477,211 666,649 1,345,647 599,327 746,320 1,345,647 64,242 131,564 810,562 - 1,477,211 Total rent relief (deferred and discounted rents) Industrial portfolio 140,303 Retail portfolio Total 68,709 209,012 165,714 306,017 140,303 69,003 137,711 68,709 234,717 443,728 209,012 90,514 40,092 31,667 25,484 584 115,998 40,092 32,251 955 39 1,166 1,166 2,121 1,205 303,570 75,200 1,166 583 98,858 43,518 1,166 583 402,428 118,718 Total Rental Income 875,661 1,045,279 1,920,939 875,661 926,560 40,092 32,251 2,121 1,205 1,166 583 1,879,639 118,718 Add: deferred income incl. in lease related income Lease related income incl.in 2Q20 NOI 77,418 875,661 1,045,279 1,920,939 875,661 1,003,978 42#44COVID-19 Disclosures: Rent Relief Impact and Collections 2Q20 Summary (excl Value Added Tax) Total gross base rent (pre rent relief) Less: Discounts in 2Q20 Total base rent, net of discounts Deferred rental collection profile 3Q20 expected collections 4Q20 expected collections 1Q21 expected collections 2Q21 expected collections Retail Total Industrial (Wholly-owned) Joint Venture Total Retail (Proportionally Combined) Ps'000 Ps'000 Ps'000 Ps'000 Ps'000 912,034 91,325 41,919 133,244 1,045,278 (2,447) (25,421) (13,432) (38,853) 909,587 65,904 28,487 94,391 (41,300) 1,003,978 40,092 40,092 31,667 584 584 32,251 994 1,166 1,166 2,160 1,166 1,166 1,166 3Q21 expected collections 1,166 1,166 1,166 4Q21 expected collections 583 583 583 Total rent deferred to be collected post June 30, 2020 72,753 4,664 4,664 77,417 2Q20 income scheduled for collection in 2Q20 (gross base rent less discount and deferral) (a) 836,834 61,240 28,487 89,727 926,561 2Q20 cash collections summary - Cash collections related to pre-2Q 20 items 59,017 5,058 4,203 9,261 68,278 Base rents 18,530 3,026 3,304 6,330 24,859 Other income items 40,487 2,032 899 2,932 43,419 - Cash collections related to items invoiced in 2Q201 834,583 59,321 30,868 90,189 924,773 Base rents (b) 801,122 57,205 27,287 84,493 885,615 Other income items 33,461 2,116 3,581 5,697 39,158 2Q20 base rent collections as a % of rents scheduled for collection in 2Q20 (b) as a % (a) 95.7% 93.4% 95.8% 94.2% 95.6% 1. From April 1, 2020 to July 24, 2020 MACQUARIE 43#4573,062 46,139 (1,994) (32,817) COVID-19 Disclosures: Trade Receivables Trade receivable & related provision for doubtful debts as at June 30, 2020 Industrial portfolio Gross trade receivable Credit loss provision Unpaid deferred Unpaid discounted rents included in rents included in 2Q20 revenue Due after June 30, 2020 Ps'000 2Q20 revenue Due as at June 30, 2020 Ps'000 Other unpaid rents (no deferral and no discount) Due as at June 30, 2020 Ps'000 Other unpaid tenant-related Unpaid rents for tenants under Subtotal (income legal action items) Due as at June 30, 2020 Ps'000 Value added tax (non-income item) Due as at June 30, 2020 Ps'000 Total Due as at June 30, 2020 MACQUARIE Total Due as at Dec 31, 2019 Ps'000 items Due as at June 30, 2020 Ps'000 Due as at June 30, 2020 Ps'000 Ps'000 12,848 56,431 188,480 24,456 212,936 104,574 (1,735) (56,431) (92,978) (12,958) (105,935) (66,322) Net trade receivable 71,068 13,322 11,113 95,502 11,498 107,001 38,252 Credit loss as a % of receivable - Industrial 2.7% N/A 71.1% 13.5% 100.0% 49.3% 53.0% 49.7% 63.4% Retail portfolio (wholly-owned) Gross trade receivable 4,664 3,499 3,880 12,700 42,849 67,592 13,381 80,973 49,538 Credit loss provision (2,307) (3,880) (4,975) (42,849) (54,011) (10,261) (64,272) (43,929) Net trade receivable 4,664 1,192 7,725 13,581 3,120 16,701 5,609 Credit loss as a % of receivable - Retail (wholly-owned) 0.0% 65.9% 100.0% 39.2% 100.0% 79.9% 76.7% 79.4% 88.7% Total FIBRAMQ (consolidated) Gross trade receivable 77,726 3,499 50,019 25,548 99,280 256,072 37,837 Credit loss provision (1,994) (2,307) (36,697) (6,710) (99,280) (146,989) (23,219) Net trade receivable 75,732 1,192 13,322 18,838 109,084 14,618 293,909 (170,208) 123,702 154,112 (110,251) 43,861 Credit loss as a % of receivable (Industrial +Retail (wholly-owned)) 2.6% 65.9% 73.4% 26.3% 100.0% 57.4% 61.4% 57.9% 71.5% Retail (JV) At 50% share Retail Joint Venture Gross trade receivable 3,794 Credit loss provision (1,052) 3,203 (1,451) 565 (256) 19,232 (19,232) 26,794 (21,991) 4,287 (3,519) Net trade receivable 2,742 1,752 309 4,803 768 Credit loss as a % of receivable N/A 27.7% 45.3% 45.3% 100.0% 82.1% 82.1% 31,081 (25,510) 5,571 82.1% 22,378 (19,796) 2,582 88.5% Total FIBRAMQ (proportionally combined) Gross trade receivable 77,726 7,293 53,222 26,113 118,512 282,866 42,124 Credit loss provision (1,994) (3,359) (38,148) (6,966) (118,512) Net trade receivable 75,732 3,934 15,074 19,147 (168,980) 113,887 (26,737) 15,386 324,990 (195,717) 129,273 176,490 (130,047) 46,443 Credit loss as a % of receivable 2.6% 46.1% 71.7% 26.7% 100.0% 59.7% 63.5% 60.2% 73.7% 44#46MACQUARIE COVID-19 Disclosures: Retail Portfolio Tenant Status In FIBRAMQ's retail portfolio, all shopping centers are supermarket-anchored have remained open; stores have started reopening as the imposed restrictions are eased Retail Portfolio Current Status1 % of Total Leased Classification % of Open by GLA % of Closed by GLA % of Total ABR % of Open by ABR % of Closed by ABR GLA Supermarket Restaurant 34.6% 100.0% 0.0% 22.4% 100.0% 0.0% 5.9% 92.5% 7.5% 10.1% 89.6% 10.4% Cinema 8.8% 15.4% 84.6% 7.8% 10.3% 89.7% Office 3.8% 96.3% 3.7% 7.6% 97.4% 2.6% Gym 3.8% 0.0% 97.8% 6.1% 0.0% 100.0% Bank 2.8% 85.7% 14.3% 6.0% 87.6% 12.4% Department Store 8.7% 100.0% 0.0% 5.1% 100.0% 0.0% Apparel 3.0% 71.0% 29.0% 5.4% 68.8% 31.2% Entertainment 4.8% 1.1% 98.9% 2.8% 6.2% 93.8% Home Furniture 1.9% 97.8% 2.2% 2.4% 97.5% 2.5% Hotel 1.8% 100.0% 0.0% 1.3% 100.0% 0.0% Home Supplies 2.2% 100.0% 0.0% 1.3% 100.0% 0.0% Office & School 0.6% 100.0% 0.0% 0.7% 100.0% 0.0% Government Office 0.4% 60.2% 39.8% 0.5% 65.5% 34.5% Pharmacy 0.8% 100.0% 0.0% 1.1% 100.0% 0.0% Dentist 0.2% 100.0% 0.0% 0.4% 100.0% 0.0% Pet Store Distribution Gas Station Telecom Other 0.1% 100.0% 0.0% 0.3% 100.0% 0.0% 0.1% 100.0% 0.0% 0.1% 100.0% 0.0% 0.3% 100.0% 0.0% 0.1% 100.0% 0.0% 0.1% 100.0% 0.0% 0.1% 100.0% 0.0% 15.2% 88.2% 11.8% 18.3% 85.3% 14.7% Total 100.0% 80.3% 19.7% 100.0% 77.6% 22.4% 1. As at July 23 2020 L 45