Operative & Financial Results: FIESTA INN HOTELES BUSINESS CLASS

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1 Operative & Fincial Results: F o u r t h Q u a r t e r FIESTA INN HOTELES BUSINESS CLASS

2 Grupo Posadas, S.A.B. de C.V. & Subsidiaries Mexico City, February 26, 2015 Information presented with respect to the same quarter of previous year (IFRS): 2 EBITDA in comparable basis grew 41 Three new hotel openings in the 4Q14 to reach 127 hotels with more than 21,000 rooms in operation Pipeline considers 42 new hotels and 30 additiol rooms to be open during the next 15 months Euro-Commercial Paper issuance of US$50 million Cash available as of December 31, 2014 of $1,517 million (US$103 million) During 2014 we added 18 hotels to our chain of hotels. Simultaneously, we continue with a good performance of our hotels system-wide with RevPAR growth and for the 4Q14 we exceeded our EBITDA guidance by 7. said Jose Carlos Azcarraga, Posadas CEO. > Fincial Highlights Million pesos as of Var. Var. December 31st Q14 YY 2014 YY Total Revenues EBIT EBITDA Net Majority Result 1, (22.3) , (31.6) (25.1) As we expected at the end of the previous quarter, we had a good 4Q14 exceeding our guidance recording a 41.1 growth in EBITDA vs. 4Q13 published figures. Nevertheless, the Net Debt leverage ratio did not improve as expected due to the 9.4 depreciation of the MXN versus the USD. During the 4Q14 System-wide hotel performance continued improving with better margins. Our Available Daily Rate(ADR) increased 6.9 occupancy decreased 1.1 percent points ( pp ) which resulted in a Revenue Per Available Room (RevPAR) growth of 8.7, that represents a continued improving growth trend on a quarter by quarter basis for the last 11 consecutive quarters. Urban hotels, which represent 81 of the total rooms operated, continue to perform better with an increase in RevPAR of 8.3 and our coastal hotels performed with a RevPAR increase of 6.8. Investor relations: Gerardo de Prevoisin Tel.: (5255) gerardo.deprevoisin@posadas.com

3 As we informed in the previous report, hurricane Odile hit the city of Los Cabos on September 14, 2014, damaging part of the Fiesta America Grand Los Cabos hotel and the Fiesta America Vacation Club Villas resort. As we anticipated, both facilities reopened again on November 15, The Property and Business Interruption insurance coverage for both properties operated adequately and the total deductible for both was US$1.9 million. Beyond our asset base of hotels and refurbishing hotels, our brand portfolio has also benefited from the innovation with launches of new brands and operation models. In 2014 we introduced the new concept of the Fiesta America, a renewal in every way from the image and logo to the common areas and rooms. As well as the brand extensions as FI Hotel & Loft and FI Express services in response to the needs of our customers and our new franchise business model: GAMMA. The company-owned hotel located in Laredo Texas has been recorded in our balance sheet as an asset available for sale. On January 15, 2015, the Company paid on its maturity date, the outstanding balance of US$51.7 million of its US$20 million 9.25 Senior Notes issued on January 15, On December 2, 2014 Posadas successfully placed the Euro-Commercial Paper issuance ( ECP ) for USD$5 million maturing on November 18, 2015 with yield of 6.0, announced on November 27, The company received the proceeds that will be used for corporate purposes and to continue with a robust cash balance to meet our operating and capital expenditures needs. The net income on the 4Q14 was of $15.2 million, reduced in part as a consequence to the depreciation of the MXN vs. the USD of $328 million that was offset by the deferred taxes.

4 > Development Plan As of December 31, 2014, we continue with an aggressive pipeline comprised of executed agreements to operate 42 new hotels with 6,252 rooms. This development plan represents an increase in capacity of 30 with 67 of these hotels under the economy and business formats including the Gamma by Fiesta Inn brand. These hotels represent a total investment of US$515.1 million and of these 82 will be invested by third parties. Openings are expected to begin in the first quarter of 2015, and we expect all of these to be operating before March 2017 according to commitments made with the different property owners. The average life to operate these contacts is over 15 years. During the last twelve months 18 hotels with 2,213 additiol rooms were opened (including 4 conversions to the new format Gamma by Fiesta Inn): Fiesta Inn Mérida, One Ciudad de México Alameda, One Silao, One Guadalajara Periférico Vallarta, One La Paz, One Villahermosa Centro, One Vallarta Aeropuerto, Gamma de Fiesta Inn Morelia Beló, One Querétaro Centro Sur, One Cancún Centro, Gamma de Fiesta Inn Ciudad Obregón, Gamma de Fiesta Inn León, Gamma de Fiesta Inn Tijua, Fiesta Inn Querétaro Centro Sur, The Explorean Cozumel, One Monclova, One León Poliforum y FI Plaza Central. First time that we opened so many hotels in the LTM 4 Brands Mexico Total Hotels Rooms Live Aqua Apertura de hoteles (Últimos Doce Meses) No. de cuartos Tipo Fiesta America Grand Tipo Fiesta America 5 1, FA Vacation Fiesta Inn 10 1, Gamma de Fiesta Inn One hotels 20 2, Total 42 6, Openings LTM No. of rooms Type of contract Fiesta Inn Mérida One Ciudad de México Alameda One Silao One Guadalajara Periférico Vallarta One La Paz One Villahermosa Centro One Vallarta Aeropuerto Gamma de Fiesta Inn Morelia Beló One Queretaro Centro Sur One Cancun Centro Gamma de Fiesta Inn Ciudad Obregon Gamma de Fiesta Inn León Gamma de Fiesta Inn Tijua Fiesta Inn Quéretaro Centro Sur The Explorean Cozumel One Monclova One León Poliforum Fiesta Inn Plaza Central ,213 Maged Maged Maged Maged Maged Maged Maged Maged Maged Maged Maged Maged Maged Maged Owned Maged Maged Maged

5 > Owned and Leased Hotels 5 4Q14 (QQ) Average Rooms Available Daily Rate Occupancy (Var. in pp) RevPAR Accum. Average Rooms Available Daily Rate Occupancy (Var. in pp) RevPAR 5,618 1, ,631 1, Total Urban Coastal Var. Var. Var (3.5) ,341 1, ,356 1, (1.6) (9.5) ,277 1, ,078 1,275 1, , (4.7) (2.8) 5.6 During the quarter, revenues from this segment represented 48.6 of the consolidated revenues. The EBITDA margin was 20.4 representing a 2.5pp improvement over the 4Q13. A higher ADR (Average Daily Rate) of 12.0 and a margil decrease of 1.7pp in occupancy resulted in a RevPAR increase of The average number of rooms available increased by 3.3. The hotels located in the north, center of Mexico, Resorts and USA over performed previous year while the hotels in the gulf/south and pacific region underperformed slightly versus previous year Results for urban hotels showed an improvement when compared with 4Q13; on average with 1.6 less rooms owned, a 9.8 increase in ADR and a 3.4pp increase in occupancy, resulted in a RevPAR improvement of For comparable effects, with 24.6 more average number of rooms available for coastal hotels due to the transfer of the Fiesta America Grand (FAG) Los Cabos hotel to the all-inclusive format, before December 31, 2013 it was operated by the vacation club business and recorded in this business unit. This segment showed an increase in ADR of 14.6 and a decrease in occupancy of 4.7pp due to a better mix of rates. The above resulted in a RevPAR increase of 7.2 when compared with the same period of previous year.

6 > Magement Total Urban Coastal Var. Var. Var. 4Q14 (QQ) Average Rooms Average Daily Rate Occupancy (Var. in pp) RevPAR Accum. Average Rooms Average Daily Rate Occupancy (Var. in pp) RevPAR 19,248 1, ,461 1, Includes owned & leased and maged hotels (1.0) ,574 1, ,880 1, Revenue for the Magement business represented 18.7 of total revenue in the quarter. The EBIT- DA margin of 28.9 represented a 3.8pp improvement versus 4Q13. This margin decreased as a consequence of the resizing of our two businesses Konexo call center and Ampersand (loyalty solutions). After the underperformance in room revenues for June 2014, during the 4Q14 the trend recorded in 2014 versus the previous two years was observed again (0.9) 3.9 2,674 1, ,081 2,581 1, , (2.6) (1.8) The average number of rooms operated recorded a 13.7 increase in the quarter, while System-wide hotels reported a 6.9 improvement in ADR, a 1.1pp increase in occupancy, and a RevPAR growth of 8.7 which is similar to the recorded figures prior to the 2Q14. By regions, Resorts, North, Center of Mexico and Gulf/South over performed previous year while the Pacific performance was the same as previous year. It is worth recalling that the remaining average life of our magement contracts is over ten years. System-wide urban hotels had an increase in the average number of operated rooms of 12.3 with an improvement in ADR of 5.5, with a 1.7pp drop in occupancy but achieved a RevPAR increase by 8.3. It is noteworthy that the contract to operate the Fiesta Inn Villahermosa hotel was not renewed. Coastal hotels recorded a 23.2 increase in the average number of available rooms after including the FAG Los Cabos hotel on January 1, 2014, previously accounted for in the Vacation Club segment. In addition, occupancy dropped 2.6 while ADR, and RevPar increased 11.2 and 6.8, respectively. The growth observed represents a better rate and occupancy mix.

7 > Vacation Club & Other The Vacation Club and Other business segment mainly include the Fiesta America Vacation Club (FAVC). Total revenues for the quarter amounted to 34.1 of the group s consolidated revenues in 4Q14. The contribution margin was 32.6, 10.4 pp higher than the 4Q13 margin which was propelled by a better pace in the volume of vacation club memberships being sold. 7 As of December 31, 2014, the receivables balance reached US$138 million, 91 under a regular payment term less than 90 days- and with 48,654 total members including18,339 from the KiVac program. At the end of 4Q14, the pipeline includes two new projects with 11 units for The Front Door (TFD) program with a total investment of US$7.0 million, both will be opened by December Also, the new Fiesta America Vacation Club Villas- located in Acapulco Diamante is included with a total investment of US$87.3 million, which remains in the evaluation phase. > EBITDA In 4Q14 an EBITDA of $301.7 million was recorded, that compares favorably with the $213.8 million recorded in 4Q13 (+41.1). For the last twelve months, EBITDA (IFRS) was $954.0 million (US$64.8 million with an exchange rate -end of period- of MXN$ per USD). After adjusting mainly severance payments, the comparable EBITDA would be $965 million, 15 higher than the $841 million EBITDA that would correspond to the 4Q13 LTM excluding the sale of 14 hotels and the guaranty payment on Chemuyil. > Capital Expenditures Capital expenditures during the quarter were $146.3 million, 70 was used for maintence and refurbishing hotels mainly the Fiesta Inn Aeropuerto hotel in Mexico City- and 30 related to our new corporate offices. For the full year, the total capex reached $597.5 million. In addition to this, the vacation club capex in 4Q14 was $62.7 million, mainly maintence of Los Cabos Villas and the fil phase of the refurbishing hotel in Cozumel (Cozumel Dive Resort and The Explorean Cozumel hotel). For 2014, capex reached $154.6 million. The total consolidated capex was $752.2 million.

8 > Comprehensive Fincial Cost Concept 4Q14 4Q Interests earned Interests expense Fluctuations loss (gain) Other expenses (products) Fincial expenses Total Figures in thousands of pesos. (2,911) 110, , , ,459 (8,399) 100,623 15,362 (270) 11, ,017 (22,509) 417, , , ,857 At the end of the quarter, considering the effect of IFRS, the net coverage ratio was 2.4 times; 2.1 times lower than the observed in the same quarter of the previous year, only 0.5 times lower on a comparable basis. The foreign exchange unrealized loss was higher in 4Q14 as the MXN/USD depreciated 12.6 when in 4Q13 it appreciated margilly versus the immediate quarter for each period. (59,304) 393,659 29,997 (53,781) 57, ,282 8 > Net Majority Result As a result of the aforementioned, a net income of $15.2 million for the quarter was recorded and $716.8 million net income for the 2014.

9 > Fincial Position As of December 31, 2014 the cash balance was $1,516.8 million (US$103.1 million). The cash on hand at the end of January 2015 was $916.9 million (US$62.4 million), post the Senior Notes payment. Total assets reached $13,317.9 million (US$904.9 million). 9 The main uses of cash during the quarter were, among other items: capital expenditures previously described and interests paid. Total Debt at the end of the quarter was $$5,882.3 million (US$399.7 million), net of issuance expenses, $1,160 million more than 3Q14 as a consequence to the depreciation of the MXN vs. the USD, while Net Debt (IFRS) was $4,359.3 million (US$296 million), the Net Debt to EBITDA ratio was 4.6 times under IFRS, which compares unfavorably as this ratio was 3.9 times in 4Q13. The Total Debt mix under IFRS at the end of the quarter was as follows: 24 in short-term, 100 in U.S. dollars and with a fixed rate. The average debt maturity was 2.3 years and there was no secured debt outstanding. As of the release date of this report, the existing corporate ratings are: Moody s: global scale B2 with negative outlook. S&P: global B with stable outlook. Fitch: global Issuer Default Rating (IDR) B and local BB+(mex), both with negative outlook. The ratings for the Senior Notes Due 2017 were: Moody s: B2 / S&P: B / Fitch: B+RR3. In compliance with article Frac. VIII of the Mexican Stock Exchange rules, Posadas informs that J.P. Morgan Securities LLC, alyst, Jacob Steinfeld jacob.a.steinfeld@jpmorgan.com (1-212) , Bank of America Merrill Lynch, alyst, Roy Yackulic roy.yackulic@baml.com (1-646) and BCP Securities, LLC, alyst: James Harper jharper@bcpsecurities.com (1-203) provide coverage to Grupo Posadas.

10 > Grupo Posadas as of December 31, 2014 Posadas is the leading hotel operator in Mexico that owns, leases and mages 127 hotels and 21,094 rooms in the most important and visited urban and coastal destitions in Mexico (99 of total rooms) and owns one hotel in the United States (1). 81 of rooms are in urban destitions and 19 in coastal. Posadas operates under the following main brands: Live Aqua, Fiesta America Grand, Fiesta America The Explorean, Fiesta America Vacation Villas, Fiesta Inn and One Hotels. Posadas trades in the MSE since For further information please visit Distribution by rooms Leased Maged Owned 2,415 rooms 13,862 rooms 4,817 rooms 10 Brand Mexico USA Total Hotels Rooms Hotels Rooms Hotels Rooms Live Aqua Fiesta America 17 4, ,889 Fiesta Inn 62 9, ,091 Gamma FA Vacation Villas 7 1, ,613 One Hotels 33 4, ,061 Other Total , ,

11 > Income Statement - IFRS (million pesos) 11 Concept Total Revenues Owned & Leased Hotels Revenues Direct cost Contribution Magement Revenues Direct cost Contribution FA Vacation Revenues Direct cost Contribution 4Q14 1, Q13 2, (22.3) Var (0.2) (1.1) (14.4) , , , , , , , , , , , , Var. (31.6) (43.1) (41.2) (51.0) (16.0) (11.9) (25.3) Other Revenues Direct cost Contribution (2.0) (0.3) Corporate expenses Depreciation / amortization Asset impairment Other expenses (revenue) Other revenues Operating Profit EBITDA (25.8) (1.7) (799.0) (39.9) 10.7 (8.5) (25.8) (0.4) (41.6) 1, (0.5) (2.6) (73.3) (25.1) Comprehensive fincing cost Profit Before Taxes & Assoc. Co. Part. in results of Associated Co. Profit Before Taxes Discontinued Operations Income taxes Deferred taxes (276.1) (389.4) 29.3 (17.8) (25.1) (4.9) (922.9) (0.2) (46.1) (70.1) (99.4) (77.0) (12.6) (351.7) (8.7) (1,231.1) 15.1 (0.2) (6.0) (0.1) 2.9 (21.1) (4.9) (414.7) (0.1) (4.9) (15.2) (68.7) Net Income before Minority Minority Interest Net Majority Income (2,081.7)(104.0) (7.2) (0.4) (2,074.5)(103.7) (1,757.8)(20.6) (4.5) (0.1) (1,753.3)(20.5)

12 > Consolidated Balance Sheet as of December 31, 2014 & 2013-IFRS (million pesos) Concept Dec - 14 Dec -13 Var. 12 ASSETS Current Cash & investments Short term investments Notes & accounts receivable Inventories Other assets Total current assets Long Term Accounts and notes receivable Investments in shares & other investments Property, plant and equipment, net Intangible and deferred assets Other Non current assets Total Assets , , , , , , , , , , , , (1.2) (11.8) 10.8 (1.1) 25.6 (2.4) 6.4 LIABILITIES Current Suppliers Bank loans Stock market loans Other Other current liabilities Total current liabilities , , , , (10) 74.6 (99.7) 65.0 Long Term Bank loans Stock market loans Other liabilities Deferred tax liabilities and Other Total Liabilities - 4, , , , , (2.7) 39.2 (57.0) 0.8 STOCKHOLDERS EQUITY Majority interest Minority interest Total 3, , , , (5.1) 21.3 Total Liabilities & Stockholders Equity 13, ,

13 > Consolidated Cash Flow Statement - IFRS (million pesos from January 1st. to December 31st, 2014 & 2013) Concept Consolidated Net Income Before Taxes + (-) Items not requiring cash + (-) Other unrealized items + (-) Entries related to Investments + Asset impairment, Depreciation and amortization for the year + (-) Gain or loss on sale of property, plant and equipment + (-) Equity in results of associates and joint ventures (-) Interest income +(-) Other items + (-) Items related to fincing activities + Accrued interest + (-) Currency fluctuations + Derivatives Cash before taxes Cash flow provided or used in operation + (-) Decrease (increase) in accounts receivable + (-) Decrease (increase) in inventories + (-) Decrease (increase) in other accounts receivables and other assets + (-) Increase (decrease) in suppliers + (-) Increase (decrease) in other liabilities + (-) Income taxes paid or returned Net cash flows from operation Net cash flow from investing activities (-) Investment in intangibles (-) Investment in property, plant and equipment + Business sales (-) Interests received + (-) Other items Net cash from fincing activities Net cash flows + Bank fincing + Stock market fincing + Other fincing, includes margin calls (-) Bank and stock market fincing amortization (-) Other fincing amortization + (-) Increase (decrease) in equity (-) Dividends paid + Premium on issuance of shares + Contribution for future capital increases (-) Interest expense (-) Repurchase of shares + (-) Other items (351.7) (22.5) 8.7 1, ,060.8 (712.8) (192.6) 1.7 (274.4) (595.2) (382.4) (437.4) (34.4) (8.0) 11.0 (427.1) (1.5) (414.7) ,314.9 (565.2) 4.9 (110.9) (22.0) (848.0) (326.8) 8.6 (178.1) (33.0) (49.6) (268.9) (223.6) (1,154.2) 2, (477.2) (1,275.2) (907.2) 88.1 (117.1) (375.7) (101.9) Net increase (decrease) in cash and cash equivalents Changes Cash and cash equivalents at the begining of period Cash and cash equivalents at the end of period (727.3) 1.8 1,

Grupo Posadas, S.A.B. de C.V. & Subsidiaries Mexico City, October 23, 2014

Operative & Fincial Results: Third Quarter 2014 Grupo Posadas, S.A.B. de C.V. & Subsidiaries Mexico City, October 23, 2014 Information presented with respect to the same quarter of last year under IFRS