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Investor Presentaiton

Fundamentals 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
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