ABU DHABI ATLANTA BEIJING

ACQUISITION ANNOUNCEMENT

CHICAGO FRANKFURT HONG KONG

May 2013

ISTANBUL LISBON LONDON LUXEMBOURG MADISON MEXICO CITY MIAMI MILAN

®

MUNICH NEW YORK PARIS SAN FRANCISCO SAO PAULO SEOUL SINGAPORE SYDNEY TOKYO

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TRANSACTION OVERVIEW

Terrafina plans to acquire Kimco / American Industries’ Mexican industrial real estate assets for $600 million.

o Acquisition of 87 industrial properties, totaling 11 mm square ft., mainly of manufacturing use o $600 million purchase price (net of transaction expenses) Transaction Size / Key Metrics

o The acquisition will be funded mainly through: – Terrafina’s existing secured credit facility, and – Assumption and refinancing of in-place secured debt of the acquired portfolio o Forward 12 months expected implied cap rate on purchase price of 8.7% and price per sq ft of ~$54

o Management to prioritize on execution of this unique opportunity, which will result in interim Net Debt / EBITDA increase to 7.4x and Net Debt / Enterprise Value of 51% Financial Impact

o Terrafina –nonetheless- will maintain its long term balance sheet leverage ratio of 35%-40% and will assess all funding alternatives to achieve this ratio as soon as practicable o The transaction is expected to be accretive to 2013 and 2014 FFO and AFFO

Approval / Timing

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o Contingent upon the approval of Terrafina’s shareholders and other customary conditions o Transaction is expected to close in Q3 2013

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TRANSACTION RATIONALE Acquisition will create the largest owner of industrial real estate in Mexico, by GLA, with enhanced portfolio scale, diversification, occupancy and average lease term. STRATEGIC ALIGNMENT

o Positions Terrafina as a growth and consolidation entity o Immediate execution of acquisition strategy establishes credibility on: o Management Capabilities o PREI® commitment to source accretive opportunities consistent with the Terrafina growth strategy.

INCREASED SCALE

o GLA increases from 19.8mm to 30.9mm sq. ft. (~56% increase), to become the largest industrial portfolio in Mexico o Enhanced operational efficiency corporate costs spread across significantly larger platform

PORTFOLIO ENHANCEMENT

o In-place overall portfolio occupancy increases from 88% to 90%1 o Enhances tenant diversification – rental revenue from the top 10 tenants decreases from 35% to 32% o Increased industry diversification o Extends weighted average lease term from 3.2 years to 3.4 years

o Allows Terrafina to capitalize on public / private valuation arbitrage

Note: Portfolio statistics as of 12/31/2012 1 Inclusive of four fully-leased AI-Kimco properties currently in development, comprising 361,677 NRSF

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ACQUISITION CRITERIA CHECKLIST



Execute on strategic, financially accretive and meaningful acquisitions



Pursue portfolio acquisitions that enhance scale and diversification



Act as a consolidator of the Industrial Real Estate market in Mexico



Offer differentiated approach via continued relationship with the seller



Increase exposure to border states where economic and real estate fundamentals are rebounding

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MEXICO INDUSTRIAL LANDSCAPE TOP INDUSTRIAL PORTFOLIOS BY GLA AS OF JANUARY 2013:

MEXICAN PUBLIC INDUSTRIAL REAL ESTATE PLAYERS:

(sq. ft. in millions)

(GLA and $ in millions, except per sq. ft.)

PF

Terrafina

30.9

Prologis FIBRA Macquarie

29.8 1

19.8 1

18.2

Finsa

14.7

Vesta AI-Kimco

Pro Forma

Equity Value

$6,231

$1,425

$820

$857

$857

Enterprise Value

5,819

2,135

991

1,086

1,804

Properties

279

244

87

132

219

GLA (sq. ft.)

17.6

26.8

12.0

19.8

30.9

Avg. Rent/ sq. ft.

NA

$5.11

$4.84

$4.67

$4.84

Occupancy

94.9%

$92.1%

89.1%

88.2%

89.9%4

Industrial

43%

100%

100%

100%

100%

26.9

Terrafina CPA

Market Data

11.4 2

Portfolio

11.0

FIBRA Uno 3

7.6

Verde Realty

5.5

Intermex

5.2

Garza Ponce

4.5

Iamsa

4.4

Asset Mix (by GLA)

Los Fuentes

1.8

Office

44

-

-

-

-

Oradel

1.5

Retail

13

-

-

-

-

Hines

1.2

Source: Mexico Now, January 2013 and FactSet as of 05/20/2013 1 Reflects FIBRA Macquarie’s December 2012 formation via the acquisition of 16.1 million sq. ft. (GE portfolio) and 10.8 million sq. ft. (CPA portfolio) 2 Inclusive of four properties in development, comprising 361,677 NRSF 3 Reflects FIBRA Uno’s industrial portfolio (~43% of total GLA) 4 Inclusive of four fully-leased AI-Kimco properties currently in development, comprising 361,677 NRSF

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PRO FORMA GEOGRAPHIC DIVERSIFICATION ($ in millions, except per sq. ft.)

TERRAFINA

# 1 2 3 4 5 6 7 8 9 10

City Cuautitlan Izcalli Ciudad Juarez Queretaro Ramos Arizpe Guadalajara Tijuana Monterrey Toluca Reynosa San Luis Potosi Other Total

AI-KIMCO Annualized Base Rent $20.1 7.0 8.7 7.7 5.6 3.4 2.7 3.6 1.9 3.5 17.6 $81.8

Rent per sq. ft. $5.31 3.86 4.94 4.04 5.40 4.90 4.69 4.66 4.26 3.94 4.61 $4.67

# 1 2 3 4 5 6 7 8 9 10

City Chihuahua Ciudad Juarez Apodaca San Luis Potosi Delicias Monclova Saltillo Reynosa Torreon Silao Other Total

PRO FORMA TERRAFINA Annualized Base Rent $18.1 14.4 4.8 4.3 2.1 1.5 1.4 1.3 0.8 0.8 1.2 $50.7

Rent per sq. ft. $5.24 4.90 5.27 5.50 7.22 5.20 5.68 4.27 2.95 5.02 4.66 $5.12

# 1 2 3 4 5 6 7 8 9 10

City Ciudad Juarez Cuautitlan Izcalli Chihuahua Queretaro San Luis Potosi Ramos Arizpe Guadalajara Apodaca Tijuana Toluca Other Total

20%

NORTH

57%

NORTH

34%

NORTH

29%

BAJIO

10%

BAJIO

21%

BAJIO

34%

CENTRAL

1%

CENTRAL

22%

CENTRAL

18%

BORDER

32%

BORDER

24%

BORDER

Annualized Base Rent $21.4 20.1 19.3 8.5 7.8 7.7 5.6 4.8 4.1 3.6 29.7 $132.5

Rent per sq. ft. $4.51 5.31 5.25 4.80 4.66 4.04 5.40 5.27 4.83 4.66 4.72 $4.84

Source: Terrafina’s Offering Memorandum and AI-Kimco information package Central: Huehuetoca, Toluca, Cuautitlan Izcalli, Puebla, Villahermosa, Mexico D.F. Bajio: Queretaro, Celaya, Silao, Guadalajara, Aguascalientes, San Luis Potosi Border: Tijuana, Ciudad Juarez, Cd. Acuña, Nuevo Laredo, Reynosa, Matamoros North: Ramos Arizpe, Saltillo, Monterrey, Casas Grandes, Hermosillo, Durango, Chihuahua, Delicias, Torreon, G. Palacio, Monclova

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PRO FORMA GEOGRAPHIC DIVERSIFICATION (CONT’D) Geographically diversified portfolio with a dominant presence in Central Mexico and a balanced border city concentration. Portfolio Distribution Casas Grandes (