in the Trust 193 Puerto Los Cabos- FIFONAFE

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1 Sale of Trustee Rights in the Trust 193 Puerto Los Cabos- FIFONAFE

2 Background Master Plan Location How Does It Constitute Con nten nts FIFONAFE Rights Enviroment MarinaM i Golf Course Residential Areas Hotel Areas Amenities

Background Derived from the contribution of land, FIFONAFE is Trustor and Trustee first in the Trust 193, that is partof: Integral Tourism Proyect (ITP) Puerto Los Cabos (1900 Acres) The ITP is

3 Background Derived from the contribution of land, FIFONAFE is Trustor and Trustee first in the Trust 193, that is partof: Integral Tourism Proyect (ITP) Puerto Los Cabos (1900 Acres) The ITP is integrated by 5 Trusts: Trust 192 Puerto Los Cabos-FONATUR (462 Acres) Trust 193 Puerto Los Cabos-FIFONAFE (477 Acres) Trust 498 Puerto Los Cabos-Ejido (568 Acres) Trust Inversión Privada (64 Acres) Trust 283 Puerto Los Cabos-FIFONAFE III (329 Acres)

4 Master Plan del TIP Puerto Los Cabos is located in the Municipally of Los Cabos, 1 mile east of San José del Cabo and just 20 minutes from the international airport.

5 Master Plan The TIP Master Plan was designed by EDSA, a company in Fort Lauderdale, Florida, known worldwide for its tourism development planning. This is integrated smoothly and orderly all elements of the project, achieving a healthy relationship with the town "La Playa", which is immersed in Development. Tourism Development includes: World Class Marina for over 500 boats Two Golf Courses with 18 holes 4 beachfront hotel lots Residential land 2 private beach clubs 1 public beach club Museum Ecological park

6 HOW DOES IT CONSTITUTE In1991,GrupoMaryFONATURformedacompanycalledPuertoLosCabos,S.AdeC.V,withtheaimof developing tourism projects. 51% of the shares was acquired by Grupo Mar and 49% by FONATUR. In 1993 Puerto Los Cabos invited to FIFONAFE associate with the development of a mega resort located in the central part of the Polygon Eight, 3 miles east of San Jose del Cabo. The FIFONAFE Governing Board at its meeting SC-422 on 4 August 1993, authorized the FIFONAFE to sign the Trust Agreement.

7 HOW DOES IT CONSTITUTE In 1994 the Trust Puerto Los Cabos was established, through which agreed on the following contributions: FIFONAFE: Acres FONATUR: Acres (isnolonger part of the TIP) The members of the Trust 193 Puerto Los Cabos-FIFONAFE are: Trustors: FIFONAFE y Puerto Los Cabos, S.A. de C.V. Fiduciary: Banca INVEX, Sociedad Anónima de Capital Variable Trustee: 1 st place FIFONAFE 2 nd place PUERTO LOS CABOS, S.A. de C.V. 3 rd place individuals or entities designated by the Trust

8 HOW DOES IT CONSTITUTE Under the ITP, the FIFONAFE only participates in projects located in the surface provided, wich are: Building, urbanization and infraestructure works in the surface provided. Buildings and facilities erected, established or benefit the land surface. Licenses, permissions and concessions granted by the competent authorities Movableand immovable propertyastheparties deem must enter thepatrimony. For the product and the amounts or property received or obtained in respect of the purchase price, consideration or any other capacity in connection with the sale marketing, operation and/or disposal of marketable land, lots and real estate products that are within the property, p including interest and accessories which are charged to the sale of such property..

9 FIFONAFE RIGHTS FIFONAFE rights in Trust 193 are: 11% of the revenue collected from the sales price of marketable land, lots and property resulting products that are part of the property contributed by FIFONAFE to this Trust, and are disposed to third, and 11% of the interests and conventional accessories law to be levied under the sale of those goods. For purposes of marketing of salable land, lots and real estate products forming part of the ITP and are located within the property contributed by FIFONAFE, the average price of the salable area that must receive at least the sum of US$6.59 (or its equivalent in national currency, updated to 2008) per square foot of salable area, whose minimum amount may be revised and adjusted annually ybased on the econsumerprice Index of the eunitedstates ofamerica..

10 FIFONAFE RIGHTS The payment of the amounts that relate to FIFONAFE payments made by purchasers agree to charges of sales and accessories, will be monthly in the currency of each batch and real estate products that are disposed within 15 calendar days following the month in question and that such payments are received by the Trust % of the share of their proceeds from the Golf Course. Payment of arrears interest when collections exceed 90 calendar days from the date on which it is received any payment from the buyers. Lien for the association in setting up projects or businesses within the development in the area Lien for the association in setting up projects or businesses within the development in the area provided

11 Enviroment Puerto Los Cabos is situated on almost 2000 acres of property, and encompasses over 3 miles of beachfront. By having a smooth bottom topography in 80% of the land, allowing the sea view from most locations. Also at its western boundary with the spectacular Estero de San Jose and within the property, with an oasis of palms and fruit trees of different species. Developed by Grupo Questro, one of Mexico s most influential real estate development corporations, Puerto Los Cabos is the group s most ambitious project, ecologically responsible and worldclass development.

12 MARINA It has been specifically designed to establish a new standard of excellence for the entire west coast of North America, is the heart of the master plan for Puerto Los Cabos and the second in the area. Recognizing that customer service is of the utmost importance, it will offer world-class facilities and service while accommodating over 500 boats including luxury mega-yachts.

courses designed by Greg Norman and Jack

13 GOLF COURSE For players of all levels, Puerto Los Cabos has 2 18 hole golf courses designed by Greg Norman and Jack Nicklaus. The Course designed by Greg Norman is a The Course designed by Greg Norman is a private facility for the exclusive use of residents, whereas the one designed by Jack Nicklaus endorsed golf options in Los Cabos.

To date it have sold 263 lots, 52 in El Altillo, 50 in La Noria and 161 in

14 RESIDENTIAL AREAS Puerto Los Cabos has 3 residential zones including 228 lots in Fundadores, 50 in La Noria an 79 in El Altillo. To date it have sold 263 lots, 52 in El Altillo, 50 in La Noria and 161 in Fundadores. Residential areas have facilities such as golf course, beachfront and ocean view..

15 RESIDENCIAL ZONES. In the back of the Marina is Las Ánimas, a residential subdivision next to develop, that will offer between 150 and 200 lots. Villas del Tamaral will have approximately 148 condominiums.

16 HOTEL AREAS. In 2009 was formed the Trust Puerto Los Cabos-Trinity, for the construction of a Four Seasons hotel. This project represents the first hotel development in the ITP.

17 . AMENITIES

18 INFORMATION. Lic. Paola Tejada De León Subdirectora Inmobiliaria del FIFONAFE Telephones: o (52) (55) exts 111, 124 y paola.tejada@fifonafe.gob.mx

NEWSLETTER SEASON S GREETINGS

NEWSLETTER SEASON S GREETINGS SEASON S GREETINGS As 2016 comes to an end I want to take this opportunity to express my sincere gratitude to all of you. For us at Solmar Group it is an honor and a privilege to count with the continued