1Q 2018 MEXICO CITY OFFICE MARKET REPORT

1Q 2018 MEXICO CITY OFFICE MARKET REPORT www.colliers.com.mx

MARKET INDICATORS Availability rate 1Q 2017 1Q 2018 Net absorption Construcction Average rental price GDP Unemployment rate Exchange rate (USD) ECONOMIC OUTLOOK In 2018 Q1, there were different situations within the global economy. Advanced economies continue with improvements in their performance both at employment levels and monetary conditions. In the United States of America a strong labor demand continue throughout the beginning of the year; which fostered the wage increase to the highest level since June 2009. Also there was a slight decrease in commercial sales and the production of goods and services, caused by inflation which starts to rise slightly. As for the political aspect, the Congress passed the budget Act, which increases the Government discretionary spending for 2018 and 2019 fiscal years. Mexico was exempted from the tariff rates that USA intends to impose on the rest of the steel and aluminum trade, at least as long as the NAFTA negotiations go on, which at the beginning of March, showed progress in various chapters. A 2.2% growth is estimated for this year and 2.3% for 2019. The economy closed 2017 with a 2.1% GDP growth. This year starts with an exchange rate of almost $18.30 pesos per dollar and an inflation rate over the target. In March, the 0.32% inflation rate allowed once again, a decrease in the annual inflation rate to 5.04%; accrueing a 3 month decrease. As for the Bank of Mexico, it raised the target rate from 7.25% to 7.50%. The macroeconomic frame planned

for 2018, does not show evident changes, however, the uncertainty around the NAFTA future and the elections process could result in significant changes. Despite the country s political situation, an investment between 7 and 8 billion dollars in 2018 is planned for the real estate sector, a similar level to 2017 investment. Sources: 1.-BBVA 2.-Banxico 3.- INEGI 4.- American Chamber 5.- El Financiero INSIGHTS There was a 3.5% global annual growth throughout 2018 Q1. And a 3.4% growth is expected for 2018. United States announced its first set of punitive actions against China by proposing tariffs on imports from the Asian giant. Although China showed readiness to retaliate by announcing tariffs on goods, the U.S. decision leaves room for negotiation before implementation, an opportunity Beijing is unlikely to ignore in a bid to prevent further escalation. 11 countries signed the Trans-Pacific Agreement, a trade liberalization deal that removes most tariffs for a bloc representing 500 million people and more than 13% of global trade. In Mexico, a 2.2% growth is expected for 2018. The unemployment rate in Mexico increased slightly in January to 4.1 per cent, although it keeps a lateral trend since last year Q2. The exchange rate in Mexico has decreased since January from 19.50 to 18.30 by the end of March. A 6.5% appreciation. Elections play a key role in the direct foreign investment decision. 2017 inflation growth was not enough to avoid a 1.7% slump throughout the year, while private consumption increased by 3.2% in the year. Mexico exports decreased by 5.17% from January to February, from 464 million USD to 440 million USD. Nevertheless, annual exports increased by 12.3% in February. Manufacturing exports increased in February by 10.5% to 30,493.2 million USD and represented 87% of the total exported goods. Within the rubric, the automotive exports increased to 11,425.5 million USD, while the non-automotive exports summed up 19,066.7 million USD. In January, the remittances accrued 28.9 billion dollars in the last 12 months, however, a negative rate in real pesos was shown for the first time since April 2014 due to the mexican peso (MXN) appreciation. The monthly inflation in February sets at 0.38%. In March, the 0.32% inflation rate allowed once again, a decrease in the annual inflation rate to 5.04%.

GENERAL OVERVIEW Mexico City keeps showing inventory increases. During 2018 Q1, 10 new class A+ & A buildings were added to the market, this represents a 138,000 sqm increase. In total for all classes the sum goes up to 156 thousand sqm. Starting prices for leasing in Mexico City are set at a weighted average of US$25. per square meter for A+ Class and US$24 for A Class. In January-March period, over 210,000 square meters activity was recorded in A+ and A Classes buildings; more than 2017 1Q (110,000 sq.m.), and less than 2016 1Q (257,000 sq.m.). Development of new properties keep steady in the city: over 2 million of square meters are expected to be incorporated between 2018 and 2022 (1.6 million sqm under construction and over 660,000 sqm in project). By the end of 2018 Q1, the exchange rate is set at MX$18.32 per dollar. With an average MX$18.77 per dollar throughout the quarter. Variations in the exchange rate during the last quarters, have resulted in tenants and developers agreements to benefit both parties (contracts in pesos, fixed exchange rate, TI s, etc.).

MEXICO CITY OFFICE MAP Total inventory (A+, A and B): 9.2 million sqm Class A+ and A: 6.2 million sqm Total availability (A+, A and B): 1.1 million sqm Class A+ and A: 930,000 sqm Contructions and Projects: 2.2 million sqm Net Accumulated Absorption 2017: 167,000 sqm Average Weighted Price > Class A+: US$25.00 per sqm/month > Class A: US$24.00 per sqm/month > Class B: US$19.00 per sqm/month ANILLO PERIFÉRICO IN INSURGENTES BL BOSQUES DE LAS LOMAS NT PO POLANCO VÍA GUSTAV O BAZ SF NT SANTA FE NORTE CIRCUITO INT ERIOR INSURGENTES LP INT LOMAS PALMAS INTERLOMAS RÍO SAN PS PERIFERICO SUR INT BL SF AUTO P. MÉXICO - TOLUCA AL PASEO DE PALMAS LA LP PO JOAQU ÍN PASEO DE LA REFORMA CIRCUITO INTERIOR INSURGENTES IN UNIVERSIDAD CUAUHTÉMOC RF VIADUCTO MIGUEL ALEMÁN LAZARO CÁRDENAS DIVISIÓN DE DEL NORTE CALZ. DE TLALPAN CIRCUITO INTERIOR RF LA REFORMA LOMAS ALTAS ANILLO PERI FÉRIC O PS INSURGENTES VIADUCTO TLALPAN ANILLO PERIFÉRICO

SUPPLY INVENTORY A total 9,269,114 sqm inventory was monitored in the ten main corridors of Mexico City office real estate market in the 1st quarter of 2018. This represents a 6.61% increase with within 2017 Q1 (8,656,160 sqm) and 10.9% compared to 2016 Q1 (8,256,510 sqm). During 2018 Q1, Insurgentes corridor recorded the highest sqm growth due to the fact that 60,000 sqm were added, followed by Periférico Sur with 32,000 sqm. The property which sums the biggest amount of sqm to the office market is Torre Carracci (44,000 sqm) followed by Downtown I (21,000 sqm) and Artz III (19,000 sqm). A total of 156 thousand sq.m. were added to the office market for all classes. Classes A+ & A sums 138 thousand sq.m of the total. During this 2018 Q1, the highest sqm income is from A+ Class, the inventory segmentation remains as follows: A+ Class with 4,267,573 sqm, A Class with 1,959,723 sqm, and B Class with 3,041,818 sqm. INVENTORY A+ & A QUARTER INVENTORY NUMBER OF PROPERTIES ANNUAL GROWTH RATE (SQ.M.) 1Q 2015 4,745,022 314 14% 1Q 2016 5,295,119 343 12% 1Q 2017 5,650,273 366 7% 1Q 2018 6,227,296 400 10% INVENTORY CLASS A+, A & B TOTAL: 9.2 million sqm B 33% A+ 46% A 21%

The breakdown reflecting new buildings added to this quarter inventory is shown as follows. NEW BUILDINGS 1Q 2018 BUILDING CLASS CORRIDOR LEASEBLE SQM TORRE CARRACCI A+ Insurgentes 44,380 POPOCATEPETL 236 B Insurgentes 3,316 INSURGENTES 1066 B Insurgentes 3,216 VITO ALESSIO ROBLES 166 B Insurgentes 2,329 REVOLUCION 1593 BANORTE B Insurgentes 1,500 CORPORATIVO DENN A Lomas Altas 5,000 MONTES URALES 755 A Lomas Palmas 4,608 PRADO SUR 125 A Lomas Palmas 3,065 PASEO DE LAS PALMAS 936 B Lomas Palmas 1,500 ARTZ TORRE 3 A+ Periférico Sur 19,646 CORPORATIVO LAS AGUILAS A+ Periférico Sur 12,540 PARQUES PLAZA TORRE A A+ Polanco 18,340 EJÉRCITO NACIONAL 676 B Polanco 3,846 FERROCARRIL DE CUERNAVACA 677 A Polanco 2,562 VERSALLES 46 A Reforma 6,935 TIBER 53 B Reforma 1,872 DOWNTOWN - TORRE 1 A+ Santa Fe 21,858 TOTAL 156,513

INVENTORY (sqm) AND AVAILABILITY RATE BY QUARTER CLASS A & A+ 1Q 2016 1Q 2018 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 25.0% 20.0% 15.0% 10.0% 5.0% 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 0.0% INVENTORY (A) INVENTORY (A+) AVAILABILITY RATE (A) AVAILABILITY RATE (A+) AVAILABILITY The availability rate in A+ and A classes is set at 15% The availability rate was monitored as follows: A+ Class with 17% is equal to 739,000 sqm, A Class with 10%, is equal to 198,000 sqm, and B Class with 6.2% of its inventory, that is, 189,000 sqm. The availability rate in 2018 Q1 was recorded at 12.2% (considering all the corridors and building classes), a slight decrease from the last quarter report (13%). Norte, Reforma, and Polanco pool up the corridors with the biggest available area in all classes with: 289,000 sqm, 179,000 sqm, and 173,000 sqm available respectively; Norte represents 27% of Mexico City total office market availability, Reforma 16%, and Polanco 15%. The highest availability in A+ and A Class properties was recorded in Norte corridor with 253,000 sqm (27%), Polanco 137,000 sqm (15%), and Santa Fe with 131,000 sqm (14%). AVAILABLE SPACE SEGMENTATION (SUPPLY) BY CLASS TOTAL: 1.1 million sqm B 17% A+ 65% A 18%

AVAILABLE SPACE SEGMENTATION BY CORRIDOR CLASS A+ & A TOTAL: 938,000 sqm 2% Interlomas 2% Bosque de las Lomas 1% Lomas Altas 5% Periférico Sur 8% Lomas Palmas 27% Norte 12% Insurgentes 14% Reforma 15% Polanco 14% Santa Fe The availability in the aforementioned corridors is detailed as follows: In the north, 46% of the corridor total availability is found in the buildings of: Parque Toreo Torre A (37,000 sqm), Centrum Park Torre A and Torre B (28,000 sqm and 26,000 sqm), and Corporativo Ingenieros Militares (25,000 sqm). In Santa Fe, 30% is distributed between The Tower Park Plaza (18,000 sqm), Downtown torre II (11,000 sqm) and Espacio Santa Fe (9,000 sqm). In Reforma, 67% of the availability is distributed between Torre Cuarzo A (42,000 sqm), Reforma 180 (29,000 sqm) and Torre Reforma (15,000 sqm). Polanco, 42% of the corridor available spaces are concentrated at: Latitud Polanco (28,000 sqm), Torre Carso II (15,000 sqm) and Miyana I (14,000 sqm). AVAILABLE SUPPLY (sqm) PER CORRIDOR AND CLASS 300,000 250,000 200,000 150,000 100,000 50,000 A+ A B 0 BOSQUES DE LAS LOMAS INSURGENTES INTERLOMAS LOMAS ALTAS LOMAS PALMAS NORTE PERIFÉRICO SUR POLANCO REFORMA SANTA FE

HISTORICAL AVAILABILITY by CORRIDOR CLASS A+ & A 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 BOSQUES DE LAS LOMAS INSURGENTES INTERLOMAS LOMAS ALTAS LOMAS PALMAS NORTE PERIFÉRICO SUR POLANCO REFORMA SANTA FE 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 BUILDINGS UNDER CONSTRUCTION AND NEW PROJECTS During the 2018-2022 period, the inventory is expected to increase over 2.2 million sqm. The properties under construction and projects keep adding a great amount of spaces in the different submarkets. We must highlight that the real estate market is in an expansion stage, same which has been maintained for several years. By the 2018 Q1, 84 A+ and A class buildings were monitored under construction, this represents 1.6 million sqm. The corridor with the biggest number of sqm under construction is Insurgentes with 22 buildings (443,000 sqm), followed by Polanco with 17 buildings (394,000 sqm), and in third place, Santa Fe with 9 buildings (198,000 sqm). It is worth mentioning the corridors: North with 8 buildings (192,000 sqm) Periférico Sur with 12 buildings (158,000 sqm). Reforma with 5 buildings (141 sqm) PROJECTS UNDER CONSTRUCTION CLASS A+ & A AÑO NEW BUILDINGS SQM SQM UNDER CONSTRUCTION NUMBER OF BUILDINGS UNDER CONSTRUCTION 1Q 2015 163,892 975,306 45 1Q 2016 176,525 1,307,467 63 1Q 2017 41,567 1,587,839 73 1Q 2018 138,934 1,612,258 84

SPACES UNDER CONSTRUCTION PER CORRIDOR (sqm) TOTAL: 1.6 million sqm 2% Lomas Altas 2% Interlomas 2% Lomas Palmas 9% Reforma 27% Insurgentes 10% Periférico Sur 11% Norte 25% Polanco 12% Santa Fe INVENTORY AND CONSTRUCTION BY CORRIDOR BUILDINGS CLASS A+ & A (2018-2022) 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 - REFORMA POLANCO INSURGENTES SANTA FE LOMAS PALMAS INTERLOMAS PERIFÉRICO SUR NORTE BOSQUE DE LAS LOMAS LOMAS ALTAS A + & A CONSTRUCTION

BUILDINGS UNDER CONSTRUCTION IN MEXICO CITY BUILDINGS UNDER CONSTRUCTION IN MEXICO CITY YEAR BUILDING CLASS CORRIDOR LEASABLE SQM Aleph San Ángel A+ Insurgentes 42,920 Insurgentes 945 A Insurgentes 6,400 Zacatecas 80 A Insurgentes 3,318 Insurgentes 1774 B Insurgentes NA Maria de la Luz Bringas # 66 B Insurgentes NA 2018 Vertia A+ Insurgentes 23,562 Insurgentes Capital A+ Insurgentes 24,284 Ananta A Insurgentes 19,500 VYUU A Insurgentes 7,350 Insurgentes 1625 A Insurgentes 6,840 Mitikah Torre M A+ Insurgentes 49,261 Corporativo San Ángel A+ Insurgentes 16,459 Chapultepec 156 A Insurgentes 20,792 Puerta Condesa A+ Insurgentes 19,687 2019 Insurgentes 700 A Insurgentes 15,700 Insurgentes 929 A+ Insurgentes 19,200 Corporativo Jaime Núno A+ Insurgentes 33,646 Capital Insurgentes A+ Insurgentes 16,800 Eugenia 1016 A+ Insurgentes NA Corporativo Popocatepetl 526 A Insurgentes 15,000 Espacio Condesa A+ Insurgentes 46,770 2020 Insurgentes Obregón 262 A+ Insurgentes 9,000 Central Insurgentes A+ Insurgentes 21,835 Insurgentes 662 B Insurgentes 3,000 2021 Torre Polyforum Siqueiros A+ Insurgentes 25,000 Total 446,324 Centtral Interlomas A+ Insurgentes 14,794 2018 Corporativo Vistareal A+ Insurgentes 6,896 Corporativo Terraza Interlomas A+ Insurgentes 15,000 Oldemburg A+ Insurgentes NA Total 36,690 2019 Centro lomas A+ Lomas Altas 14,794 Total 28,794

BUILDINGS UNDER CONSTRUCTION IN MEXICO CITY YEAR BUILDING CLASS CORRIDOR LEASABLE SQM Cordillera de los Andes 250 A Lomas Palmas NA Sierra Mojada 409 B Lomas Palmas NA Seijas No. 25 B Lomas Palmas 4,700 2018 Paseo de la Reforma 105 A Lomas Palmas 7,500 Paseo de las Palmas 960 B Lomas Palmas 1,430 Paseo de las Palmas 1130 A Lomas Palmas NA Work Lomas A+ Lomas Palmas 10,200 2019 Montes Celestes 101 A Lomas Palmas NA Montes Urales 350 B Lomas Palmas NA 2020 Paseo de las palmas 1055 A Lomas Palmas NA Total 23,830 Torre Mirax A Norte 27,750 Torre Skala A+ Norte 54,000 Forum Naucalpan B A Norte 20,000 2018 Sentura Corporativo A A+ Norte 12,036 Carso Periférico A+ Norte 30,495 Sentura Corporativo B A+ Norte 10,487 Espacio 351 A Norte 9,000 2020 Corporativo Diagonal A+ Norte 28,468 Total 192,201 Panorama Pedregal A+ Periférico Sur 18,825 Olympus Corporativo A Periférico Sur 3,045 Centro Jardines del Pedregal A Periférico Sur 25,440 2018 Corporativo Pedregal 3042 A+ Periférico Sur 22,422 Artz Torre 4 A+ Periférico Sur 18,226 San Jerónimo 428 A+ Periférico Sur 10,760 Alpes Corporativo A Periférico Sur 2,400 Puerta Pedregal A+ Periférico Sur 36,000 2019 Centro Alpes A Periférico Sur 12,555 NEO A Periférico Sur 8,820 2020 Periférico 4249 A Periférico Sur NA San Jerónimo 775 A Periférico Sur NA Total 158,493 Mariano Escobedo 710 Fairview B Polanco 1,080 2018 Horacio 1104 B Polanco 3,000 Masaryk 169 B Polanco 4,460 Torre Mariano Escobedo A+ Polanco 12,029

BUILDINGS UNDER CONSTRUCTION IN MEXICO CITY YEAR BUILDING CLASS CORRIDOR LEASABLE SQM Espacio Corporativo Lago Alberto A+ Polanco 18,060 2018 Parques Plaza Torre B A+ Polanco 18,340 Homero 1339 B Polanco NA Mariano Escobedo 218 A Polanco NA Torre Condumex A+ Polanco 21,974 Cervantes Saavedra 161 A+ Polanco 22,953 Laguna de Terminos 249 A+ Polanco 26,000 Carso III A+ Polanco 35,000 2019 Miyana II A+ Polanco 41,806 Puerta Polanco Torre A A+ Polanco 46,236 Puerta Polanco Torre B A+ Polanco NA Ejército Nacional 836 B Polanco NA Work Polanco A+ Polanco 30,000 2020 Distrito Polanco A+ Polanco 47,324 Puerta Reforma A+ Polanco 60,000 Ejército Nacional 700 B Polanco NA 2021 Mariano Escobedo 350 A Polanco 6,200 ND QO A Polanco 8,731 ND Corporativo Cervantes Saavedra 251 A+ Polanco NA ND Homero 1337 B Polanco NA Total 403,193 2018 Chapultepec Uno A+ Reforma 30,000 Torre Cuarzo Torre B A+ Reforma 18,178 2019 Centro Insurgentes Reforma A+ Reforma 45,000 2020 Impera Reforma A+ Reforma 48,749 2022 IDU Reforma A+ Reforma NAo Total 141,927 Downtown - Torre 3 A+ Santa Fe 25,979 The Point A+ Santa Fe 19,035 2018 Tamaulipas 3796 A Santa Fe 14,000 Reforma 379 A+ Santa Fe 15,463 Espacio Santa Fe 2 A Santa Fe 16,943 2019 2020 La Cite Torre II A Santa Fe 4,053 The Summit A+ Santa Fe 60,768 Sky Offices A+ Santa Fe 21,500 Corporativo Corner A+ Santa Fe 20,700 Total 198,441 Total under Construction sqm 1,629,893

PROJECT From the properties in project reported by the developers, still not under construction, there are 39 monitored buildings, representing around 662,000 sqm of A+ & A class buildings. They are mainly distributed in Reforma corridor with 193,000 sqm, Polanco corridor with 169,000 sqm, and Insurgentes corridor with 150,000 sqm. From the aforementioned buildings, there are 16 projects from which the surface is still unknown. BUILDINGS IN PROJECT IN MEXICO CITY YEAR BUILDING CLASS CORRIDOR LEASABLE SQM 2018 Insurgentes 452 A Insurgentes 25,000 2021 Mitikah Torre C A+ Insurgentes 44,000 Mitikah Torre A A+ Insurgentes 62,000 Campus Ica A Insurgentes 19,000 ND Insurgentes 478 ND Insurgentes NA GaMA A Insurgentes NA Centro Ameyalco A+ Insurgentes NA Total 150,000 2019 Corporativo Vía Magna A+ Interlomas 11,723 Gravamex A+ Interlomas NA ND Vista Real A+ Interlomas NA Panoramia Interlomas A+ Interlomas NA Total 11,723 2018 Blvd Manuel Avila Camacho No. 168 A+ Lomas Palmas 12,400 Seijas No. 160 B Lomas Palmas 3,700 2019 Barrilaco 395 A+ Lomas Palmas 15,000 Corporativo Centurión A Lomas Palmas NA ND Barrilaco 325 B Lomas Palmas NA Paseo Lomas A+ Lomas Palmas NA Total 31,100 2018 Helizenter A Norte 4,500 Total 4,500 ND Corporativo México A Periférico Sur 4,626 2020 Encuentro Villa Latina A+ Periférico Sur NA ND Terraza Coapa A+ Periférico Sur NA Periférico Sur 5178 ND Periférico Sur NA Total 4,626

BUILDINGS IN PROJECT IN MEXICO CITY YEAR BUILDING CLASS CORRIDOR LEASABLE SQM 2019 Punto Marina A+ Polanco 8,027 Andres Bello 12 A+ Polanco 30,000 2020 MAE (Mariano Escobedo 181) A+ Polanco 31,245 Neuchâtel III A+ Polanco 30,000 2021 Neuchâtel I A+ Polanco 35,000 Neuchâtel II A+ Polanco 35,000 ND Park Hyatt Offices A+ Polanco ND Rio 436 Corporativo A Polanco ND Total 169,272 2019 Hamburgo 188 A Reforma 10,000 Reforma 432 A+ Reforma 33,928 2020 Cetram Chapultepec A Reforma 30,000 2022 Torre Colón A+ Reforma 120,000 2020 Secretaria de Salud A - ND Carso Reforma A+ - ND Total 193,928 2019 La Cite Torre IV A Santa Fe 5,000 Quad Campus Corporativo Santa Fe III A+ Santa Fe 21,777 2020 Quad Campus Corporativo Santa Fe IV A+ Santa Fe 22,000 Distrito Santa Fe A+ Santa Fe 30,000 ND Quad Campus Corporativo Santa Fe V A+ Santa Fe 22,000 Total 100,777 Total in Projects sqm 665,926 PROJECTS PER CORRIDOR (sqm) CLASS A+ & A BUILDINGS PROJECTION 2018-2022 250,000 200,000 150,000 100,000 50,000 - REFORMA POLANCO INSURGENTES SANTA FE LOMAS PALMAS INTERLOMAS PERIFÉRICO SUR NORTE BOSQUE DE LAS LOMAS LOMAS ALTAS

MARKET CYCLE The office market inventory in Mexico City has shown a significant increase over the last years, mainly in A+ and A class buildings, resulting from the great demand for office spaces and the economic conditions. The availability rate in A+ and A classes remains at 15%. In average, 2017 showed a 14% availability rate, which indicates that the market has been able to absorb the available spaces at a similar pace to the addition of new buildings. During 2018, it is expected that Mexico City office market remains at the expansion stage, due to the great amount of buildings which are currently under construction, likewise it is expected that the availability rate is still stable, as over the last three years it has shown record figures at least in sqm absorption and in the number of carried out operations. The occupancy level in A+ and A class buildings, has remained high. Due to the foregoing, the office market in Mexico City has not dropped down in an oversupply, but the likelihood is still latent for the introduction of numerous new buildings completely available. 2018 2017 2016 EXPANSION OVERSUPPLY MARKET CYCLE OFFICES 2018 RECOVERY MARKET CYCLE RECESSION OVERSUPPLY > Increases availability within inventory > New constructions continue RECESSION > Increases availability within inventory > Buildings are concluded or postponed RECOVERY > Reduces availability within inventory > New constructions are absent EXPANSION > Reduces availability within inventory > New constructions begin

DEMAND In 2018 Q1, over 247,000 sqm of transactions were monitored for every class (sale or lease) in Mexico City s ten main corridors or sub-markets. This represents a 68% increase to the 2017 Q1 activity (147,000 sqm). Most of the market activity during the quarter, in A+ and A classes was monitored in Norte corridor with 47,000 sqm, followed by Periférico Sur (45,000 sqm), and Santa Fe with 34,000 sqm. The total activity recorded in A+ and A classes from January to March 2018 was 210,000 sqm, 85% of the total activity. MARKET ACTIVITY SEGMENTATION BY CLASS 2018 Q1 TOTAL: 247,000 sqm 13% B 15% A 72% A+ MARKET ACTIVITY SEGMENTATION BY CORRIDOR 2018 Q1 TOTAL: 247,000 sqm 2% BOSQUES DE LAS LOMAS 2% LOMAS ALTAS 1% INTERLOMAS 6% REFORMA 20% NORTE 10% LOMAS PALMAS 11% INSURGENTES 19% PERIFÉRICO SUR 14% SANTA FE 15% POLANCO

ACCRUED NET ABSORPTION AND MARKET ACTIVITY - CLASS A+ & A YEAR NET ABSORPTION MARKET ACTIVITY 1Q 2015 97,877 147,552 1Q 2016 134,745 192,465 1Q 2017 35,688 111,945 1Q 2018 164,190 210,629 ABSORPTION Net absorption at 2018 Q1 in A+ and A classes is 164,000 sqm. There is a significant increase, compared to 2017 Q1 (35,000 sqm). This was mainly caused by the low dynamism shown during last year Q1 due to the uncertainty from the USA elections. If we compare 2016 Q1 (134,000 sqm) and 2015 Q1 (97,000 sqm), difference is much more modest. The corridors with higher dynamism in the absorption during 2018 Q1 in A+ and A buildings were: Norte with 46,000 sqm, Periférico Sur with 42,000 sqm, and Polanco with 26,000 sqm. Only in A+ class buildings, the highest absorption during 2018 Q1 is found in Norte corridor with 45,000 sqm. During 2018 Q1, a 234,000 sqm occupation and a 67,000 sqm vacancy were registered in the 10 top office corridors in Mexico City in all kinds of classes. The buildings showing the highest occupation were: One Marina Park (38,000 sqm), Downtown Santa Fe I (19,000 sqm), ARTZ III (17,000 sqm), and Parques Plaza A (15,000 sqm). Reforma corridor recorded the highest vacancy (-20,000 sqm) in all classes. The explanation is due to the vacated spaces by SEDATU, among others. The building with the highest vacancy is Conjunto Reforma (14,000 sqm) evicted by SEDATU. NET ABSORPTION: OCCUPANCY AND VACANCY BY QUARTER CLASS A+, A & B (1Q 2016-1Q 2018) 400,000 300,000 200,000 OCCUPANCY 100,000 - VACANCY -100,000-150,000 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018

NET ABSORPTION: OCCUPANCY AND VACANCY by CORRIDOR CLASSES A+, A & B (sqm) 60,000 50,000 40,000 30,000 20,000 10,000-10,000 20,000 30,000 BOSQUES DE LAS LOMAS INSURGENTES INTERLOMAS LOMAS ALTAS LOMAS PALMAS NORTE PERIFÉRICO SUR POLANCO REFORMA SANTA FE OCCUPANCY VACANCY NET ABSORPTION VS SQM ADDED TO THE MARKET A+ AND A CLASSES (sqm) YEAR NET ABSORPTION NEW PROPERTIES SQM 1Q 2015 136,011 163,892 1Q 2016 134,745 176,525 1Q 2017 35,688 41,567 1Q 2018 164,190 138,934 ABSORPTION VS NEW PROPERTIES (sqm) CLASS A+ & A 1Q 2016-1Q 2018 350,000 300,000 250,000 200,000 150,000 NET ABSORPTION A+ AND A NEW PROPERTIES (SQM) 100,000 50,000-1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018

TRANSACTIONS During 2018 Q1, sale or lease transactions have been registered, from which the top 10, based on the occupied surface in any of the three classes are listed in the following table: QUARTER PROPERTY SUBMARKET KIND OF OPERATION CLASS LEASABLE SQM 1Q 2018 One Marina Park Norte Lease A+ 20,000 1Q 2018 Torre Aleph Insurgentes Lease A+ 16,933 1Q 2018 Corporativo Águilas Periférico Sur Lease A+ 12,450 1Q 2018 Insurgentes 810 Insurgentes Lease A 9,090 1Q 2018 Punto Polanco Polanco Lease A+ 5,316 1Q 2018 ARTZ Torre III Periférico Sur Lease A+ 5,201 1Q 2018 Tecnoparque Norte Lease A 3,547 1Q 2018 Tecnoparque E Norte Lease A 3,547 1Q 2018 One Marina Park Polanco Lease A 3,383 1Q 2018 Patriotismo 435 Insurgentes Lease A 3,316 PRICES LEASING By the 2018 Q1 closing, leasing average weighted starting prices were US$25 per sqm monthly for A+ Class buildings, US$24 per sqm for A Class, and US$19 for B Class. In corridors comprising CBD (Reforma, Polanco, and Lomas Palmas), the monthly leasing average weighted price ranges are between US$20 and US$40 per sqm for A+ Class, and from US$22 to US$40 per sqm for A Class, and from US$11 to US$32 per sqm for B Class. In corridors comprising SUB (Bosques, Interlomas, Insurgentes, Santa Fe, Periférico Sur, Norte y Lomas Altas), the monthly leasing asking price ranges are between US$16 and US$33 per sqm for A+ Class, from US$16 to US$32 per sqm for A Class, and from US$12 to US$25 per sqm for B Class. The minimum leasing prices monitored in A+ and A Class buildings are shown mainly in corridors located at suburban zones or zones with a high sqm availability.

A+ CLASS MONTHLY LEASING ASKING PRICE RANGES (USD/SQM) BY CORRIDOR $50 $50 $40 $30 $20 $10 $37 $25 $32 $20 $40 $27 $32 $23 $33 $23 $31 $25 $33 $23 $24 $23 $25 $20 $20 $15 $40 $30 $20 $10 $0 REFORMA POLANCO LOMAS PALMAS BOSQUES DE SANTA FE PERIFÉRICO SUR INSURGENTES INTERLOMAS LOMAS ALTAS LAS LOMAS NORTE $0 WEIGHTED ADVERAGE PRICE A CLASS MONTHLY LEASING ASKING PRICE RANGES (USD/SQM) BY CORRIDOR $45 $45 $40 $40 $38 $40 $35 $30 $25 $20 $15 $10 $28 $29 $23 $22 $23 $33 $32 $18 $27 $27 $20 $21 $20 $17 $30 $17 $18 $14 $35 $30 $25 $20 $15 $10 $5 $5 $0 REFORMA POLANCO LOMAS PALMAS BOSQUES DE SANTA FE PERIFÉRICO SUR INSURGENTES INTERLOMAS LOMAS ALTAS LAS LOMAS NORTE $0 WEIGHTED ADVERAGE PRICE Note: The closing price may reflect variations between 5 and 15 percent under the asking price. Such variations depend on the area, delivery conditions of the space, percentage of occupancy in the building, payment conditions, leasing grace periods, amortization of economic incentives granted by the owner, guarantees and creditworthiness of the user, to mention just a few.

SALE Within the ten main corridors, there are approximately 240,000 sqm for sale from which 51% correspond to presale. 75% of the supply for sale corresponds mainly to the following corridors: By the 2018 Q1 closing, the average weighted price is set at US$3,796 for A+ Class, US$3,639 for A Class, and US$2,700 for B Class per sqm, within the ten monitored corridors. Polanco, with a total of 74,000 sqm Insurgentes, with a total of 55,000 sqm Norte, with a total of 48,000 sqm MONTHLY SALE ASKING PRICE RANGES (USD/SQM) BY CLASS $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 A+ A- B

ACTIVITY IN MEXICO CITY S REAL ESTATE OFFICE MARKET CORRIDOR TOTAL CORREDORES REFORMA POLANCO LOMAS PALMAS BOSQUES DE LAS LOMAS SANTA FE PERIFÉRICO SUR INSURGENTES INTERLOMAS LOMAS ALTAS NORTE RANGO DE PRECIO PROMEDIO EN OFFICE AVAILABLE PRECIO PERCENTAGE OF ABSORPTION NET ANALYZED RENTA MENSUAL (USD/M²) CLASS INVENTORY SPACE PROMEDIO WEIGHTED AVAILABILITY (%) CURRENT ACCUMULATED BUILDINGS (SQM) (SQM) PONDERADO AVERANGE MINÍMO MAXÍMO CURRENT QUARTER QUARTER ABSORPTION PRICE A+ 181 4,267,573 739,589 $25 $15 $40 17.3% 158,640 158,640 A- 219 1,959,723 198,768 $24 $11 $40 10.1% 5,550 5,550 B 425 3,041,818 189,933 $19 $11 $32 6.2% 3,093 3,093 Total 825 9,269,114 1,128,291 $23 $12 $37 12.2% 167,283 167,283 A+ 17 663,221 126,635 $30 $25 $37 19.1% 8,190 8,190 A 4 120,757 2,979 $29 $28 $29 2.5% 0 0 B 68 558,940 50,202 $21 $14 $24 9.0% -14,777-14,777 Total 89 1,342,918 179,816 $27 $22 $30 13.4% -6,587-6,587 A+ 31 782,095 108,450 $28 $20 $32 13.9% 26,267 26,267 A 21 217,546 28,778 $28 $23 $40 13.2% 7 7 B 83 560,670 35,839 $21 $11 $32 6.4% -2,443-2,443 Total 135 1,560,311 173,067 $26 $18 $35 11.1% 23,831 23,831 A+ 19 373,665 53,446 $30 $27 $40 14.3% 4,775 4,775 A 53 268,109 24,841 $30 $22 $38 9.3% 5,317 5,317 B 32 142,987 9,508 $24 $20 $30 6.6% 3,827 3,827 Total 104 784,761 87,795 $28 $23 $36 11.2% 13,919 13,919 CBD 328 3,687,991 440,678 $27 $21 $34 11.9% 31,164 31,164 A+ 5 165,374 8,102 $30 $23 $32 4.9% -883-883 A 12 117,557 8,069 $30 $23 $33 6.9% -5,311-5,311 B 31 231,496 6,520 $21 $16 $25 2.8% 2,952 2,952 Total 48 514,427 22,691 $27.26 $21 $30 4.4% -3,242-3,242 A+ 32 745,214 94,046 $23.87 $19 $29 12.6% 22,291 22,291 A 44 486,812 37,263 $20.71 $18 $32 7.7% 3,775 3,775 B 15 105,783 2,456 $21.00 $12 $24 2.3% 618 618 Total 91 1,337,809 133,765 $21.86 $16 $28 10.0% 26,684 26,684 A+ 18 307,836 19,944 $27.80 $25 $31 6.5% 42,276 42,276 A 39 365,069 25,620 $23.26 $20 $27 7.0% 710 710 B 40 222,507 2,760 $21.47 $13 $24 1.2% 1,575 1,575 Total 97 895,412 48,324 $24.18 $16 $27 5.4% 44,561 44,561 A+ 34 668,204 91,845 $26.53 $23 $33 13.7% 6,851 6,851 A 22 180,366 19,857 $23.65 $21 $27 11.0% 4,686 4,686 B 119 974,538 44,325 $19.73 $11 $23 4.5% 9,801 9,801 Total 175 1,823,107 156,027 $23.30 $18 $28 8.6% 21,339 21,339 A+ 4 44,836 13,883 $21.13 $20 $24 31.0% -622-622 A 11 66,015 8,925 $19.42 $17 $20 13.5% -4,978-4,978 B 8 25,656 2,052 $17.00 $17 $17 8.0% 0 0 Total 23 136,507 24,860 $19.18 $18 $20 18.2% -5,600-5,600 A+ 2 15,949 3,797 $22.45 $20 $23 23.8% 4,310 4,310 A 6 69,518 8,020 $27.06 $17 $30 11.5% -312-312 B 1 12,500 373 $22.00 $22 $22 3.0% 0 0 Total 9 97,967 12,190 $23.84 $20 $25 12.4% 3,998 3,998 A+ 19 501,180 219,441 $18.94 $15 $25 43.8% 45,185 45,185 A 7 67,974 34,416 $17.34 $14 $18 50.6% 1,656 1,656 B 28 206,741 35,899 $11.52 $11 $16 17.4% 1,539 1,539 Total 54 775,895 289,756 $15.93 $13 $20 37.3% 48,380 48,380 SUB 497 5,581,123 687,613 $22 $17 $26 12.3% 136,120 136,120

GLOSARY ABSORPTION: Is the change in the number of occupied square meters within a specific period. This indicator reflects the total demand of square meters. If the result is negative, there is an oversupply of available spaces in the market. INVENTORY: Is every property situated within the main corridors (measured in square meters) DEMAND: Is the quantity of square meters that reflects the total number of market transactions carried out during a given period of time. CORRIDOR: A zone within the city demarcated by one or various neighborhoods, as well as avenues, including a sufficient amount of sellable office spaces. SUBLEASING: Is a contractual modality through which the tenant of a given space offers it in rent to a third party before the termination of the main rental contract. PRE-LEASING: Is the market transaction of physical space in a building carried out before the end of the construction period. AVAILABILITY RATE: Represents the percentage of available spaces for rent or sale taken out from the total inventory or from the partial inventory of each corridor. REAL ESTATE FLUCTUATION: Short term variation in prices and rents. Lasts only for a brief period of time. REAL ESTATE TENDENCY: Long term demand movements. OVERSUPPLY: Is the effect produced by an excessive increase in spaces within the real estate market. This phenomenon emerges when the available amount of square meters surpasses the surface that is actually required by the buyers. BUILT TO SUIT: It is a tailor-made construction provided with specifications that are suitable for the firm that is going to occupy it. CBD (CENTRAL BUSINESS DISTRICT): In Mexico City it is constituted by Reforma, Polanco and Lomas Palmas. These are the office corridors that are located in the main commercial area of the city. SUB (SUBURBAN AREA): In Mexico City it is constituted by Bosques de las Lomas, Santa Fe, Periférico Sur, Insurgentes, Interlomas, Lomas Altas y Norte. These are the office corridors that are located in the periphery of the city, far away from its center.

1Q 2018 MEXICO CITY OFFICE MARKET REPORT CONTACT Ausencio Lomelín E. Senior Managing Director Colliers International CDMX T.+(55) 5209 3606 / 5209 3636 ausencio.lomelin@colliers.com Flavio Gómez Aranzubia Market Research Manager Colliers International CDMX T.+(55) 5209 3682 / 5209 3636 flavio.gomez@colliers.com Jorge Romo Market Research Analyst Colliers International CDMX T.+(55) 5209 3638 / 5209 3636 jorge.romo@colliers.com www.colliers.com.mx @ColliersMexico Colliers international 2018 Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we make no warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by Colliers clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of Colliers International Mexico City.