2 May 2017
FIBRA Prologis
Credit Suisse2017 Mexico
Investment Ideas Conference
Mexico City
Los Altos 1, Prologis Park Los Altos, Guadalajara
2
Forward-Looking Statements / Non Solicitation
This presentation includes certain terms and non-IFRS financial measures that are not specifically defined herein. These
terms and financial measures are defined and, in the case of the non-IFRS financial measures, reconciled to the most
directly comparable IFRS measure, in our first quarter Earnings Release and Supplemental Information that is available
on our website at www.fibraprologis.com and on the BMV’s website at www.bmv.com.mx.
The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are
based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates,
management’s beliefs and assumptions made by management. Such statements involve uncertainties that could significantly
impact FIBRA Prologis financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,”
variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are
not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate
will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity,
disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, are forward-
looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are
based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual
outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of
the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local
economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or
unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties,
(v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring, (vi) availability of financing and capital, the
levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties,
including risks of natural disasters, and (ix) those additional factors discussed in reports filed with the “Comisión Nacional
Bancaria y de Valores” and the Mexican Stock Exchange by FIBRA Prologis under the heading “Risk Factors.” FIBRA Prologis
undertakes no duty to update any forward-looking statements appearing in this release.
Non-Solicitation - Any securities discussed herein or in the accompanying presentations, if any, have not been registered under
the Securities Act of 1933 or the securities laws of any state and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state
securities laws. Any such announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities
discussed herein or in the presentations, if and as applicable.
Contents
04 Section 01Why FIBRA Prologis
06 Section 02Long-Term Trends
12 Section 03FIBRA Prologis Overview
17 Section 04Strong and Consistent Results
23 Section 05Future Potential Growth
27 Section 06Capital Structure Positioned for Growth
29 Section 07Key Takeaways
31 Section 08Appendix
Arrayandes 1, Guadalajara
Section 01
Why FIBRA
Prologis
Prologis Park El Salto, El Salto 3, Guadalajara
5
Well Positioned for All Market Conditions
Prologis Park Apodaca Building 3, Monterrey
Participates in the Highest Growth
Sector of the Mexican Economy
Diversified High-Quality Customer
Base
High-Quality Portfolio
Reliable and Sustainable Cash Flow
Identified Long-Term Growth Strategy
Strong Financial Position
Cycle Tested Team
Strong Corporate Governance
Section 02
Long-TermTrends
Alamar 3, Tijuana
7
Well Positioned for All Market ConditionsGeopolitical Update
Alamar 2, Prologis Park Alamar, Tijuana
U.S. and Mexico have integrated supply
chains
• 40% of Mexico’s imports into the U.S.
originate in the U.S., are exported to
Mexico added and then are re-
imported to the U.S. for ultimate
consumption
• Resurgence of U.S. manufacturing
could create incremental demand in
Mexico
Weakened peso could offset a border tax
8
Structural Drivers Underpin of Logistics Real Estate
Source: Oxford Economics, Prologis Research
• Favorable demographics underpin
logistics real estate demand in
Mexico
• Structural demand drivers, which
evolve gradually over time, can
allow logistics real estate demand
to remain positive and decoupled
from cyclical macro crosscurrents.
Examples of such include Brazil in
recent years.
• Structural trends in Mexico
include:
o Young population base
o Rising consumer class
o Urbanization
o Establishment of business
services clusters in Greater
Mexico City
Young &Growing Working Age PopulationMillions of People
Robust Retail Sales Volume GrowthIndex, 2008 = 100, 2008 Pesos
50
55
60
65
70
75
80
85
90
95
100
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017F
2019F
2021F
50
60
70
80
90
100
110
120
130
140
150
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017F
2019F
2021F
Rising Consumer ClassPersonal Disposable Income, Index, 2008 = 100, 2008 Pesos
50
60
70
80
90
100
110
120
130
140
150
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017F
2019F
2021F
Shifting Job Base to Affluent Sectors, Mexico%, Ag. Jobs as a % of Total %, Services Jobs as a % of Total
50
52
54
56
58
60
62
64
10
12
14
16
18
20
22
24
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017F
2019F
2021F
Agriculture ( L ) Services ( R )
9
• Substantial room for modern
stock per consumer
household metric to rise, and
could at least double in size,
in order to be consistent with
global market peers.
• Undersupply of modern stock
in Greater Mexico City driven
by:
o Scarcity of well-located
sites / access to roadways
south of the CTT tollbooth
o Economic / supply chain
modernization began less
than 25 years ago
o Lengthy land entitlement
processes
Undersupply of Modern Stock in Greater Mexico City
0
10
20
30
40
50
60
Developed Markets
(U.S. & Western Europe)
Greater Mexico City
Modern Logistics Stock vs. Consumer HouseholdsSF / Household
Source: Oxford Economics, Prologis Research
Note: Greater Mexico City includes Mexico City, Toluca, Puebla and Cuernavaca; Consumer household defined as those earning more than $20,000 USD per annum (PPP-adjusted)
10
E-commerce demand for
Mexican logistics real estate
poised to grow in the coming
years, as:
• Barriers for e-trailers are
diminishing
• Domestic customers (e.g.,
Liverpool) are reaching scale
and their e-commerce
businesses may merit
dedicated and internally
operated e-fulfilment
facilities
• Notable market entries and
business expansions of
global e-tailers and e-
commerce logistic services
providers have the potential
for significant growth
• We expect e-commerce will
account for about 25% of
future demand in México
City
Demand for E-fulfilment Facilities in Mexico is Rising
Mexico E-commerce Sector in Early Innings(%, Mexico E-Commerce Sales as a % of Total Retail Sales)
Sources: eMarketer, Prologis Research
Note: excludes travel and event tickets
Sources: CBRE, NAI, Prologis Research
Sources: eMarketer, Prologis Research
Note: excludes travel and event tickets
E-commerce a Rapidly Growing Sector in Mexico(Mexico E-Commerce Retail Sales, USD, billions)
E-fulfilment operations require multiple major distribution
centers, requiring multiple millions of square feet across
several (or many) distribution centers
SCALING PLATFORM
$250-$500M USD SALES
INCUBATION PHASE <$250M
USD SALES
TAKE-OFF
>$500M USD SALES
Retailers tend to
consolidate their fulfilment
operations into a single
500K SF to 1M SF facility
Operations either occur in the
existing supply chain (for brick-
and-mortar retailers) or leverage
3PLs and/or exist within a
handful of small locations
.
Mexico
2017Mexico
2012
-
2
4
6
8
10
12
14
2014
2015
2016
F
2017
F
2018
F
2019
F
0
2
4
6
8
10
Mexico Brazil U.S.
The Largest E-Commerce Businesses in Mexico are Now Reaching Scale
Mexico
~2020 F
11
0 1 2 3 4 5 6 7 8 9 10 11
Mexico City
Monterrey
Juarez
Tijuana
Reynosa
Guadalajara
BTS Development Speculative Development Net Absoprtion (TTM)(2)(1)
• We expect a positive supply/
demand imbalance in 2017
• Supply near the U.S. border
remains constrained, as some
developers are holding off on
speculative development until
there is more certainty
• Demand in the first quarter
totaled 4.0 MSF, driving the
national vacancy rate down by
50 bps to a new record of 4.0%
• México City’s market vacancy
for Class-A product reached an
all-time low of 1.1% and is
among the lowest vacancy in
the world
-
2
4
6
8
10
12
0
4
8
12
16
20
24
2011 2012 2013 2014 2015 2016 2017 (F)
Completions Net Absorption Market Vacancy Rate
Operating Conditions Remained Strong in the
Beginning of the Year
Sources: CBRE, NAI, Prologis Research
Demand vs Supply(MSF)
Market Fundamentals(MSF) (%)
Sources: CBRE, Prologis Research
Data as of March 31, 2017
1. BTS is defined as build to suit
2. TTM is defined as trailing twelve months
Section 03
FIBRA PrologisOverview
Prologis Apodaca 11, Monterrey
13
High-Quality Portfolio that Participates in Consumption
and Manufacturing Sectors
Tijuana Ciudad Juarez
ReynosaMonterrey
Guadalajara
Mexico City
FIBRAPL
GLA
FIBRAPL
Occupancy
Market
Occupancy
5.8MSF 100.0% 96.2%
FIBRAPL
GLA
FIBRAPL
Occupancy
Market
Occupancy
3.9MSF 94.1% 93.7%
FIBRAPL
GLA
FIBRAPL
Occupancy
Market
Occupancy
4.4MSF 95.3% 97.1%
FIBRAPL
GLA
FIBRAPL
Occupancy
Market
Occupancy
3.6MSF 94.5% 94.3%
FIBRAPL
GLA
FIBRAPL
Occupancy
Market
Occupancy
4.2MSF 100.0% 97.0%
Properties Located Only in the Six Deepest and Most Dynamic Markets
97.4%occupancy
34.2 MSF
operating portfolio
• Portfolio outperformed the overall market
occupancy by 140 bps(1)
• 93% class –A/A+ buildings
• Flexible buildings that serve logistics and
manufacturing clients
• Portfolio average age of 13 years
• 81% of buildings located in enclosed parks
• ~70% developed by sponsor Prologis
• 99.9% income producing assets
• Portfolio valued at 7.2% cap rate(2)
FIBRAPL Portfolio Fair Market Value
US$M %
Income Producing Assets
Operating Portfolio 2,142 99.2
Intermodal Facility 15 0.7
Non-Income Producing Assets
Excess Land 2 0.1
Total Portfolio Value 2,159
Data as of March 31, 2017
1. Overall market vacancy as of December 31, 2016 was 4.0% according to estimates from CBRE, NAI and Prologis Research
2. Based on valuation performed by CBRE as of March 31, 2017
FIBRAPL GLA
FIBRAPL Occupancy
MarketOccupancy
12.2MSF 96.4% 95.6%
Regional Markets (manufacturing-driven)Ciudad Juarez, Reynosa, Tijuana
Global Markets (consumption-driven)
Guadalajara, Mexico City, MonterreyFIBRAPLGLA
FIBRAPL Occupancy
MarketOccupancy
22.0MSF 97.9% 96.3%
FIBRAPL
GLA
FIBRAPL
Occupancy
Market
Occupancy
12.3MSF 98.1% 98.9%
14
Use of Space by Customer Industry% of Portfolio NER
Customer Type% of Portfolio NER
41%
24%
15%
15%
5%
Manufacturer Logistics services
Wholesaler Retailer
Other (2)
19%
15%
11%11%
9%9%
8%
4% 4%
10%
Multicustomer
3PL
Electronics Auto &
Parts
Packaging
Paper
Healthcare Industrial Retailer Apparel Home
Goods
Other (1)
Distribution, Retail and B2B - 56% Manufacturing - 32% E-Commerce & Transport - 12%
Diversified Customer BaseOur Customers Reflect a Diverse Cross-Section of Industries
Data as of March 31, 2017
1. Other includes: transportation, food/beverages, consumer products, construction, data center/office
2. Other includes: transport and freight services
15
Business with High-Profile Customers
TR 7
TR 8
Prologis Tres Rios Industrial Park:
• Location: Mexico City (northern CTT
Corridor(1))
• Net Rentable Area: 2.7MSF
• Market Rents: US$5.50 - US$5.60/SF/Yr.
• Occupancy: 100%
• Average Building Age: 6 years
• Average Remaining Lease Term: 2.6 years
Unique Park Features:
• Infill location in a sub-market with land scarcity
• Enclosed park provides unique security feature to
our customers
• Recently developed logistic park that complies
with global industry standards
• Location and product quality provide our
customers opportunity to improve operating
efficiencies
1. CTT corridor is defined as Cuautitlán, Tepotzotlán and Tultitlán-Izcalli corridor located in the northern part of Greater Mexico
City area by the NAFTA highway; Data as of March 31, 2017
16
Peso Revenues Exposure
Data as of March 31, 2017
1. Prime asset is defined as a Class-A building with best-in-class design in the best submarket. An example of prime asset is Prologis Park Tres Rios
2. Core asset is defined as a Class-A building, regardless of age, that is deemed to be functional within its submarket, competes well for tenant
demand, and is attractive to institutional investment capital at the most competitive prices. An example of a core asset is Prologis Park Cedros
% of FIBRAPL USD Revenue by
Market
% Customers with USD Leases
with USD Revenues
FIBRAPL and Customers Currency
ExposureLooking forward:
• Some customers have
expressed interest in shifting
to peso leases, primarily in
Mexico City
• All new peso leases have
been signed with rent
increases of at least the peso
devaluation, protecting
revenues in dollar terms
• As peso stabilizes, we expect
this trend to reverse due to
rise in peso lease rates, peso
inflation and higher cost of
capital
Avg. Peso Lease Rents Signed in Mexico CityGrowth= ~69% in Prime Assets
75% 76%
25% 24%
FIBRAPL Operating
Portfolio- Lease
Currency
Revenue from
Customers with USD
Leases
USD
MXN23%
89%
73%
100%94%
99%
53%
75%
89%100% 97% 99%
65
110
56
92
40
60
80
100
120
2013 2014 2015 2016
Prime Asset Core Asset
MXN/SF/Yr.
0%
20%
40%
60%
80%
Peso
Devaluation
Mexico
Inflation
Real Market
Rent Growth
Total
Growth
Composition of Peso Lease Growth since 2013Growth= ~69% in Prime Assets
(1) (2)
Section 04
Strong and Consistent
Results
Izcalli 3, Mexico City
18
4.0
1.1 1.1
1.9
(1.3)
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Trailing 4Q
96.4 96.496.7 96.8
97.4
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
9.7
11.8
8.0 8.3 9.2
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Trailing 4Q
2017 Started with Strong Momentum
• Strong leasing volume in
the first quarter was 2.1,
exceeding expectations
• Period-end occupancy
reached a new record at
97.4%, led by global
markets
• Pushing rent and terms
continues to drive our
growth and this was
evident in our results
• Cash SSNOI in the quarter
was negatively impacted by
peso devaluation and a
one-off bad debt expense
from a tenant bankruptcy,
excluding these items Cash
SSNOI grew 2%
Data as of March 31, 2017
Positive Rent Change on Rollover Expected to
Continue in 2017
(%)
Cash Same Store NOI Growth Subdued by Peso
Devaluation
(%)
New Record Period-End Occupancy(%)
19
IPO 2014 2015 2016(1)
Consistent External Growth Since IPO
Data as of March 31, 2017
1. Initial public offering (IPO) was on June 4, 2014.
2. Internal growth is driven by fundamentals such as rent increases, occupancy and expense management including Cap-Ex. External growth is driven by capital deployment
activities such as acquisitions, development and dispositions
US$1.70B Internal(2)
External(2)
Internal(2)
External(2)
External(2)
US$1.87B
US$2.05B
US$2.19B
7.6%
6.8%
8.3%
7.7%
7.9%
7.2%
IPO
Q3
20
14
Q4
20
14
Q1 2
015
Q2
20
15
Q3
20
15
Q4
20
15
Q1 2
016
Q2
20
16
Q3
20
16
Q4
20
16
Q1 2
017
Global Markets Regional Markets Total Portfolio
Portfolio Valuation Cap Rates
Internal(2)
• Not guiding acquisitions in
2017 for to favor balance sheet
flexibility and liquidity over
capital deployment
• Recent transactions suggest
that property values will remain
stable in the near term
Investment Properties10% CAGR Since IPO
Section 05
Future Growth
Potential
Tres Rios 8, Mexico City
21
6.3%7.9%
9.3% 8.6%6.2% 5.4%
6.6% 5.8%3.7% 3.7%
5.2%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2014 2015 2016 2017
In Place Rents Spread to Market
In Place to Market Rents(1)
Embedded Earnings Potential from Harvesting the Gap between In-place Rents and Market Rents
• 35% of 2017 expirations
have already been resolved
in Q1 2017
• ~85% of remainder 2017
expirations are under
renewal negotiations
• Overall in place rents remain
~5.2% below, setting the
stage for growth as leases
roll to market in 2017 and
2018
• ~75% of leases contain
contractual annual rent
increases of ~2.5%
Data as of March 31, 2017
Lease Expiry Profile by Annualized Net Effective Rent (NER)
Avg. Market Rents
11%
2017 2018 2019 2020 2021 2022+
17%
22%20%
11% 11%
Resolved
in Q1 2017
$4.75 $4.54 $5.16 $4.92 $5.51 $5.19
2017 2018 2019 2020 2021 2022+
Avg. Market Rent
~9%
Below
Market
Average In Place NER Rate of Lease Expiry Profile(Overall Portfolio Avg. in Place Rent of US$4.97)
US$/SF/Yr
22
2.9 1.4 1.5 0.6
Mexico City Monterrey Reynosa Juarez
External Growth: Identified Future Growth Acquisitions(1)
Data as of March 31, 2017
1. FIBRAPL goal for 2017 is to favor liquidity over acquisitions. As such, we are not guiding toward acquisitions in 2017.
External Growth via Prologis Development Pipeline(MSF)
34.2 3.1 6.4
FIBRAPL Portfolio as of December 31, 2016Prologis
Land Bank
43.7
Prologis Land Bank
based on buildable SF(MSF)
Prologis
Development
Pipeline
Unique Competitive Advantage by
having:
• Proprietary access to Prologis
development pipeline at market
values
• Exclusive right to third-party
acquisitions sourced by Prologis
• 28% growth potential in the next 3
to 4 years
• Prologis development pipeline is
72% leased or pre-leased:
GLA
(MSF)
%
Leased
Mexico City 1.4 76%
Guadalajara 0.5 52%
Monterrey 0.9 70%
Reynosa 0.3 100%
Total 3.1 72%
23
Potential Future Investments(1)
Proposed Master PlanCurrent Land Site
Prologis Park Grande
• Location: Mexico City
• Land Size: 21.3 acres, 9.3 MSF
• Potential Build Out: 3.4 MSF
• Buildings 3 and 4, (0.6 MSF) built and
leased
Unique Competitive Advantage:
• State of the art logistics park focused on e-
commerce customers and consolidation of
3PL customers
• Possibility of acquiring high quality assets
in the land constrained premier Class-A
building corridor of Mexico City
Under Construction
Under Construction
B-1
B-2
B-3
B-4
B-5
B-6
B-7
B-8
Data as of March 31, 2017
1. FIBRAPL goal for 2017 is to favor liquidity over acquisitions. As such, we are not guiding toward acquisitions in 2017.
Section 06
Capital Structure
Positioned For Growth
Otay 3, Tijuana
25
• Capital Structure:
o Loan-to-value: 33.2%
o Liquidity: US$368M(2)
o Fixed coverage: 3.73x
o Debt to adj. EBITDA: 5.27x
• On April 7 2017, we repaid
US$64M secured debt facility
using our line of credit. After
completing this transaction, our
overall cost of debt decreased
40bps to 4.5%.
• Potential earnings upside in
refinancing the remainder 2017
debt with a more efficient product
Data as of March 31, 2017, otherwise noted after impact after repayment
1. On April 7, 2017, we repaid US$64M secured debt facility with Blackstone. Schedule is adjusted to reflect the impact on new cost of debt, LTV and Liquidity after the repayment.
2. Liquidity after the repayment of US$64M is comprised of US$15M of cash, US$253M from the undrawn unsecured credit facility and US$100M accordion feature of the unsecured
line of credit
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Secured Debt Unsecured Debt Unsecured LOC
$107
$214
$255
$74
$83
Debt Maturity Schedule(Debt = US$733M)(US$ in millions)
Capital Structure Positioned for Growth
WAT 3.3 years
WAR(1) 4.5%
Cash Interest
Rate(1):6.9% 5.0% 3.6% 3.5% --- --- --- --- --- --- 4.7%
Fixed vs. Floating Debt
12%
88%
Fixed
Floating
54%
46%
Unsecured Secured
Secured vs. Unsecured Debt
42%
58%
Unencumbered
Encumbered
Encumbered vs. Unencumbered
Assets
US$64M Repaid
after Q-end with
LOCIncrease of US$64Mdue to a
borrowing done after Q-end
Section 07
Key Takeaways
27
Ladero 1, Intermodal Facility, Mexico City
Participates in the Highest Growth
Sector of the Mexican Economy
Diversified High-Quality Customer
Base
High-Quality Portfolio
Reliable and Sustainable Cash Flow
Identified Long-Term Growth Strategy
Strong Financial Position
Cycle-Tested Team
Strong Corporate Governance
FIBRAPL Resilient Strategy Provides Best Value to Investors
Section 08
Appendix
Del Norte 3, Juarez
29
Fee Structure: Transparent and Aligned
3% x collected revenues Monthly
New leases: 5% x lease value for >5 years
Renewal: 2.5% x lease value for >5 years
Only when no broker is involved
½ at closing
½ at occupancy
4% x property and tenant improvements
and construction costProject completion
Property Management
CalculationFee Type Payment Frequency
Leasing Commission
Development Fee
0.75% annual × appraised asset value QuarterlyAsset Management
Incentive Annually
at IPO anniversary
Hurdle rate 9%
High watermark Yes
Fee 10%
Currency 100% in CBFIs
Lock up 6 months
Op
era
tin
g F
ees
Ad
min
istr
ati
on
Fees
30
Northern CTT Corridor(1)
1. CTT is defined as Cuautitlan, Tepotzotlan and Tultitlan
31
Southern CTT Corridor(1) and San Martin Obispo Corridor
1. CTT is defined as Cuautitlan, Tepotzotlan and Tultitlan
32
FIBRA Prologis Management Team
Luis Gutiérrez
Chief Executive Officer
Mr. Gutierrez has been in the real estate sector since 1989. In addition to CEO of Prologis Property Mexico, Mr. Gutierrez is President for Latin
America for Prologis where he is responsible for all Brazil and Mexico related activities including operations, investments, acquisitions and
industrial property development. Mr. Gutierrez was co-founder of “Fondo Opcion” (formerly G. Accion), the first public real estate company in
Mexico, where he acted as Chief Executive Officer. He is currently a member of the Executive Committee of Consejo de Empresas Globales and
is also a member of the Board of Directors of Financcess and Central de Estacionamientos. He also served as President of the AMPIP (The
Mexican Association of Private Industrial Parks) from 2005 to 2006. He is currently the President of the Technical Committee of FIBRA Prologis.
Mr. Gutierrez has a Civil Engineering degree from Universidad Iberoamericana and an MBA from IPADE Business School.
Hector Ibarzabal
Chief Operating Officer
Mr. Ibarzabal has been in the real estate sector since 1988, including office, industrial, retail, and residential sectors. Mr. Ibarzabal’s experience
includes real estate structuring, financing and fund raising. As Country Manager and Head of Operations in Mexico for Prologis, Mr. Ibarzabal
has substantial experience managing Prologis’ activities in Mexico, including development, operations and capital deployment. Previous to
Prologis, Mr. Ibarzabal was co-founder of G. Accion, a publicly traded real estate company, where he acted as CFO, COO and President. He is
currently a member of the technical committee of Prologis Mexico Fondo Logistico, another Mexican industrial real estate investment vehicle
managed by an affiliate of Prologis, a member of the technical committee of FIBRA Shop and a member of the board of directors of Actinver
Fondos and SARE. Mr. Ibarzabal has a Civil Engineering degree from Universidad Iberoamericana and an MBA from IPADE Business School.
Jorge Girault
Chief Financial Officer
Mr. Girault has been in the real estate sector since 1994, including office, industrial, retail and residential sectors. His experience includes real
estate structuring, financing and fund raising. Mr. Girault has significant experience managing Prologis’ equity and debt raising activities, and
is an officer of Prologis Mexico Manager, S. de R.L. de C.V., manager of Prologis Mexico Fondo Logistico, another Mexican industrial real estate
investment vehicle managed by an affiliate of Prologis. Mr. Girault started his professional career at G. Accion, where he acted as Project
Manager, Investor Relations VP and CFO. He is currently a member of the technical committee of Prologis Mexico Fondo Logistico and is a
part time professor at Business School of Universidad Iberoamericana. Mr. Girault has an Industrial Engineering degree from Universidad
Panamericana and an MBA from Universidad Iberoamericana.