Grupo Mexico S A de C : Florida East Coast Transaction Presentation

Florida East Coast Railway

March 29, 2017

Florida East Coast Railway At a Glance

• 2016 sales: US$404mm
• 2016 EBITDA: US$154mm
• Employees: 1,227
• Fleet: 73 locomotives /4,294 cars

  502 trucks / 3,850 (trailers/containers/chassis)

• Operations: Over 400 clients / 540,000 annual carloads

Transaction At a Glance

• FEC EV: US$2.1Bm
• EBITDA PRO Forma: US$930mm

• Largest Regional Railroad in North America

  • Highest revenue per track mile of any major railroad in North America (high efficiency and high quality infrastructure)

  • Direct connection between the nation's Class I railroads and Florida's largest freight markets

• Unique infrastructure asset and unparalleled location

  • Only freight railroad with direct intermodal service into Florida and exclusive access to Florida's largest container ports

  • Primary gateway to and from Florida, the 3rdlargest state in the U.S. in terms of population and 4thin terms of GDP

    • Only freight railroad with direct intermodal service into Florida and exclusive access to Florida's largest container ports

    • 70% of Continental U.S. is available within 1 to 4 days

  • Florida is the 16thlargest economy of the world giving us access to a unique market

• Expand GMXT's exposure to the U.S. freight market

  • Expand and consolidate GMXT's presence and geographic footprint in the U.S. complementing our Texas Pacific operations

  • Further diversify revenue sources and increased exposure to dollarized markets

  • Increased diversification of customers, products and geography

• Strong growth track record and compelling growth potential

  • 2009 - 2016 EBITDA CAGR of 11.7% (more than doubled since 2009)

  • Future growth driven by strategic investments already underway mainly focused on transformational developments

  • Expansion of the Panama Canal will consolidate Florida as a key gateway to North America

• Optimize GMXT's capital structure

  • Optimizing our capital structure while maintaining a solid financial position and disciplined leverage metrics

  • Powerful cash flow generation: US$929mm consolidated 2016 EBITDA

  • Immediate 20% EBITDA contribution to GMXT with attractive profitability, yet attractive room for improvement

− 43.8% vs. 38.1% 2016A EBITDA margin for GMXT and FEC, respectively

The only railroad in Florida's east coast Critical transportation asset with virtually impossible to replicate location

• FEC extends 351 miles (565 kilometers) along Florida's east cost from Jacksonville to Miami

  • Owns/leases and operates ~270 miles of branch, switching and other secondary track and 115 miles of yard track

• Exclusive access to the main container ports in Florida (Miami, Everglades and Palm Beach)

  • Key link to the United States rail network

  • FEC's footprint serves as a key transportation artery that must be used to access vital ports and transport goods efficiently across the state

• FEC was acquired by Fortress in 2007 through the acquisition of Florida East Coast Industries, holding company that included FEC and owns other real estate and infrastructure assets