Operative & Financial Results:

Operative & Financial Results: F i r s t Q u a r t e r 2 0 1 4

Grupo Posadas, S.A.B. de C.V. & Subsidiaries Mexico City April 29, 2014 Information presented with respect to the same quarter of last year under IFRS accounting standards: 2 System-wide RevPAR increased 4.5% in the first quarter Six new hotel openings in 2014 and ten in the last twelve months Posadas launched a new brand of hotels Gamma by Fiesta Inn Cost reductions targeted through Corporate-form reorganization Cash available as of March 31, 2014 of $1.4 billion (US$107 million) In 2014 we have opened six new hotels (Fiesta Inn Merida and the following five One hotels: Alameda in Mexico City, Silao, Guadalajara Periferico & Vallarta, La Paz and Puerto Vallarta Aeropuerto), and we continue with a good performance of our hotels system-wide with a strong RevPAR growth of three times higher than the economy. said Jose Carlos Azcarraga, Posadas CEO. > Financial Highlights Million pesos as of Var. March 31st, 2014 1Q14 % YY % Total Revenues 1,342.3 (57.5) EBIT 54.4 4.0 (90.4) EBITDA 150.3 11.2 (77.4) Net Result (28.5) (2.1) na As we have mentioned in the past, the 2014 quarterly results will compare unfavorably with previous year as the EBITDA from the hotels sold in 2013 was recorded throughout 2013. Since the offering of the Notes due in 2017, we anticipated this effect, as a fact, our 1Q14 reported EBITDA is on line with the EBITDA budgeted then. During the 1Q14 System-wide hotel performance continued improving over the first quarter of 2013. Our Available Daily Rate(ADR) increased 5.5%, occupancy increased slightly 0.6 percent points ( pp ), which resulted in a Revenue Per Available Room (RevPAR) growth of 4.5% that represents a continued improving growth trend on a month by month basis for the last 28 consecutive months. Urban hotels, which represent 79% of the total rooms operated, continue to perform better with an increase in RevPAR of 4.3% and our coastal hotels performed with a RevPAR increase of 4.5%. Coastal hotels performance was not as strong as observed in previous quarters as the vacation period of holy week occurred in the second quarter of 2014 when in 2013 it occurred during the first quarter. On March 12, 2014, Posadas launched a new brand of hotels -Gamma by Fiesta Inn- that will operate hotels with less than a 100 rooms each that are currently operated as independent hotels. The initial scheme offers services to the owners of these hotels advanced information and technological systems that will allow them to improve the performance of For additional information: Gerardo de Prevoisin Tel.: (5255) 5326-6757 gerardo.deprevoisin@posadas.com

their hotels in regard of reservations, among others, that will be operated under franchise contracts. On March 19, 2014, the extraordinary and ordinary shareholders meeting approved among others, the cancelation of 65,151,031 shares -series A- of the Company, subject to the termination of certain trusts that the company is the direct or indirect beneficiary. The shareholders resolutions have been divulged to all market participants. After giving effect to this, the total outstanding shares of the Company will be 512,737,588. With respect to the corporate reorganization memo submitted on April 10, 2014, we are executing an ambitious reorganization process. We intend, among other objectives, to convert the holding company into a pure holding. 3

> Development The Company opened ten new hotels in the last twelve months and five of them in 1Q14. These hotels represent 1,315 additional rooms: Fiesta Inn Toluca Aeropuerto, Fiesta Inn Chetumal, One Guadalajara Tapatio, One Salina Cruz, One Irapuato, Fiesta Inn Merida, One Ciudad de Mexico Alameda, One Silao, One Guadalajara Periferico Vallarta and One La Paz. First time that we opened so many hotels in a quarter, two per month. 4 As of March 31st, 2014 our pipeline is comprised of executed agreements to operate 40 new hotels with 5,424 rooms. This development plan represents an increase in capacity of approximately 28% with 76% of these hotels under the economy and business formats including the first hotel under the Gamma brand. These hotels represent a total investment of US$411.6 million that will be invested by third parties. Openings are expected to begin in the second quarter of 2014, and we expect all of these to be operating before July 2016 according to commitments made with the different property owners. Besides opening an important number of hotels this quarter, we recuperated with signed contract all hotels except one. Brands Mexico Total % Hotels Rooms % Live Aqua 1 Arrendados 46 1 Fiesta Americana Grand 2 345 6 Administrados Fiesta Americana 4 886 16 Fiesta Inn 11 Propios 1,437 26 Gamma 1 85 2 One hotels 21 2,625 48 Total 40 5,424 100 Room distribution by type of contract Total investment US $412 M 100% Owned Managed 0% Owned Third parties 100% Hotel openings (LTM) No. of rooms Type Fiesta Inn Toluca Aeropuerto 150 Managed Fiesta Inn Chetumal 131 Managed One Guadalajara Tapatío 126 Managed One Salina Cruz 126 Managed One Irapuato 126 Managed Fiesta Inn Mérida 166 Managed One Ciudad de México Alameda 117 Managed One Silao 126 Managed One Guadalajara Periférico Vallarta 121 Managed One La Paz 126 Managed Total 1,315

> Owned and Leased Hotels 5 1Q14 (QQ) Average Rooms Average Daily Rate Occupancy (Var. in pp) RevPAR 5,668 1,237 66% 811 Total Urban Coastal % Var. % Var. % Var. (15.1) 12.6 1.8 15.9 4,394 1,091 62% 673 (22.2) 9.6 1.1 11.7 1,274 1,628 79% 1,289 24.3 7.2 (2.3) 4.2 During the quarter, revenues from this segment represented 48% of the consolidated revenues. The EBITDA margin was 15.8% representing a 6.0pp drop over the 1Q13 but that included the sale of fourteen hotels. A higher ADR (Average Daily Rate) of 12.6% and an increase of 1.8pp in occupancy resulted in a RevPAR increase of 15.9%. The average number of rooms available was reduced by 15.1% as a result of the hotels sold. Resort hotels and hotels located in the south of Mexico over performed while the north, center and pacific regions underperformed slightly versus previous year. Results for urban hotels showed an improvement when compared with 1Q13; on average with 22.2% less rooms owned, a 9.6% increase in ADR and a slight increase in occupancy of 1.1pp, RevPAR improved by 11.7%. With 24.3% more average number of rooms available for coastal hotels due to the transfer of the Fiesta Americana Grand (FAG) Los Cabos hotel to the all-inclusive format, before January 2014 it was operated by the vacation club business. This segment showed an increase in ADR of 7.2% and in occupancy of 2.3pp. All of the above resulted in a RevPAR increase of 4.2% when compared with the same period of previous year. This was in part due to the vacation period of holly week mentioned earlier in this report.

> Management Total Urban Coastal % Var. % Var. % Var. 1Q14 (QQ) Average Rooms Average Daily Rate Occupancy (Var. in pp) RevPAR 17,523 1,141 61% 695 Includes owned & leased and managed hotels. 4.6 5.5 (0.6) 4.5 15,104 1,020 59% 599 4.4 5.6 (0.7) 4.3 2,419 1,726 75% 1,290 Revenue for the Management business represented 18% of total revenue in the quarter. The EBITDA margin of 26.5% represented 2.5pp drop versus 1Q13. This effect is due in part to the elimination of intercompany revenues from the owned and leased hotels in accordance with IFRS. Also, our call center Konexo quit providing services to an important client that represented approximately 50% of its revenues. 5.8 4.0 0.3 4.5 6 The average number of rooms operated recorded a 4.6% increase in the quarter, while System-wide hotels reported a 5.5 % improvement in ADR, a marginal 0.6pp decrease in occupancy, and a RevPAR growth of 4.5%. System-wide urban hotels had an increase in the average number of operated rooms of 4.4% with an improvement in ADR of 5.6%, along with a 0.7pp increase in occupancy to achieve a higher RevPAR by 4.3%. Coastal hotels recorded a 5.8% increase in the average number of available rooms after including the FAG Los Cabos hotel. In addition, ADR, occupancy and RevPar increased 4.0%, 0.3pp and 4.5%, respectively, the growth pace observed was reduced from the recent trend that was recorded as a result of the vacation period that occurred in different quarters YoY.

> Vacation Club & Other The Vacation Club and Other business segment mainly include the Fiesta Americana Vacation Club (FAVC). Total revenues for the quarter amounted to 34% of the group s consolidated revenues in 1Q14. For this period we observed a reduced paced in the volume of memberships sales due to the vacation period of Holly week previously mentioned. In the LTM the available rooms has been increased by 164 with the opening of Nima Bay in Puerto Vallarta and the recent opening -December 31st, 2013- of the third phase of the Fiesta Americana Vacation Villas in Los Cabos with 148 new keys. > EBITDA In 1Q14 an EBITDA of $150.3 million was recorded, that compares unfavorably with the $666.1 million recorded in 1Q13 after excluding the sale of 14 hotels and reserves from the Vacation Club recorded in 1Q13- the EBITDA proforma of $172 million in 1Q14 is 24% lower than the $228 million comparable for 1Q13. 7 For the last twelve months, EBITDA (IFRS) was $757.5 million (US$58.0 million with an end of period exchange rate of MXN$13.0549 per USD). After excluding the effects of the asset sales and the guaranty payment on Chemuyil, EBITDA would be $77 million (US$59.0 million), 10% lower than the $856.5 million (US$65.6 million) EBITDA that would correspond to the 1Q13 LTM. > Capital Expenditures Capital expenditures during the quarter were $181.6 million, 70% was used for maintenance and refurbishing the FI Aeropuerto in Mexico City hotel-, 12% for corporate purposes and the remaining 18% for the vacation club in the refurbishing of the hotel in Cozumel.

> Comprehensive Financial Cost Concept 1Q14 1Q13 Interests earned Interests expense Fluctuations loss (gain) Other expenses (products) Financial expenses Total Figures in thousands of pesos. (7,696) 97,317 (8,727) 0 12,236 93,131 (17,525) 95,225 (198,455) (46,964) 20,348 (147,371) At the end of the quarter, considering the effect of IFRS, the net coverage ratio was 2.3 times; 0.8 times lower than the observed in the same quarter of the previous year. The foreign exchange unrealized gain was lower in 1Q14 as the MXN/USD depreciated marginally when in 1Q13 it appreciated 4.2%. On the other hand, in 1Q13 an important gain was accounted from the reopening of the Senior Notes Due 2017. 8 > Net Result As a result of the aforementioned, net loss for the quarter was $28.5 million.

> Financial Position As of March 31st, 2014 the cash balance was $1,391.9 million (US$106.6 million). The main uses of cash during the quarter were, among other items: capital expenditures previously mentioned and interests paid. 9 Total Debt at the end of the quarter was $4,568.0 million (US$349.9 million), net of issuance expenses, while Net Debt (IFRS) was US$242.3 million, the Net Debt to EBITDA ratio was 4.2 times under IFRS, which compares unfavorably as this ratio was 1.7 times in 1Q13. The Total Debt mix under IFRS at the closing of the quarter was as follows: 14% in short-term, 100% in U.S. dollars and fixed rate. The average debt maturity was 3.3 years and there was no secured debt. As of the release date of this report, the existing corporate ratings are: Moody s: global scale B2 and stable outlook. S&P: global B with stable outlook. Fitch: global Issuer Default Rating (IDR) B and local BB+(mex), both with stable outlook. The ratings for the 9.25% Senior Notes Due 2015 and 7.875% Senior Notes Due 2017 were: Moody s: B2 / S&P: B / Fitch: B+RR3. In compliance with article 4.033.02 Frac. VIII of the Mexican Stock Exchange rules, Posadas informs that J.P. Morgan Securities LLC, analyst, Jacob Steinfeld jacob.a.steinfeld@jpmorgan.com (1-212) 834-4066 and Bank of America Merrill Lynch, analyst, Roy Yackulic roy.yackulic@baml.com (1-646) 855-6945 provide coverage to Grupo Posadas.

> Grupo Posadas as of March 31st, 2014 Posadas is the leading hotel operator in Mexico that owns, leases and manages 115 hotels and 19,623 rooms in the most important and visited urban and coastal destinations in Mexico (99% of total rooms) and owns one hotel in the United States (1%). 79% of rooms are in urban destinations and 21% in coastal. Posadas operates under the following main brands: Live Aqua, Fiesta Americana Grand, Fiesta Americana The Explorean, Fiesta Americana Vacation Villas, Fiesta Inn and One Hotels. Its leadership has been recognized by several entities and publications such as the Asociación Internacional de Hoteles & Restaurantes that identify Posadas among the 70 most important hotel operators in the world. Posadas trades in the MSE since 1992. For further information please visit www.posadas.com 63% 24% 13% Distribution of rooms Leased Managed Owned 2,557 rooms 12,255 rooms 4,811 rooms 10 Brand Mexico USA Total Hotels Rooms Hotels Rooms Hotels Rooms Live Aqua 2 506 2 506 Fiesta Americana 17 4,889 17 4,889 Fiesta Inn 61 8,842 61 8,842 FA Vacation Villas 6 1,607 6 1,607 One Hotels 27 3,363 27 3,363 Other 1 213 1 203 2 416 Total 114 19,420 1 203 115 19,623 % 99% 1% 100%

> Income Statement IFRS (million pesos) 11 Concept 1Q14 % 1Q13 % Var.% Total Revenues Owned & Leased Hotels Revenues Direct cost Contribution Management Revenues Direct cost Contribution FA Vacation & Other Revenues Direct cost Contribution 1,342.3 644.3 542.4 101.9 247.1 181.6 65.5 450.9 388.1 62.8 84.2 15.8 73.5 26.5 86.1 13.9 3,160.3 2,335.5 1,826.7 508.8 370.2 262.8 107.3 454.7 347.1 107.6 78.2 21.8 71.0 29.0 76.3 23.7 (57.5) (72.4) (70.3) (8) (33.3) (30.9) (39.0) (0.8) 11.8 (41.6) Corporate expenses Depreciation / amortization Asset impairment Other expenses (revenue) Operating Profit 57.2 95.9 22.7 54.4 4.3 7.1 1.7 4.0 55.2 98.5 2.4 567.6 1.7 3.1 0.1 18.0 3.6 (2.6) na 846.7 (90.4) EBITDA 150.3 11.2 666.1 21.1 (77.4) Comprehensive financing cost 93.1 6.9 (147.4) (4.7) na Profit Before Taxes Discontinued Operations Income taxes Deferred taxes Net Income before Minority Minority Interest Net Majority Income (38.8) 0.5 72.1 (83.8) (27.6) 0.9 (28.5) (2.9) 5.4 (6.2) (2.1) 0.1 (2.1) 715.1 0.8 3.0 215.1 496.2 51.6 444.6 22.6 0.1 6.8 15.7 1.6 14.1 na (32.4) 2,274.2 na na (98.2) na

> Consolidated Balance Sheet as of March 31st, 2014 and December 31st, 2013 - IFRS (million pesos) Concept Mar - 14 % Dec -13 % 12 ASSETS Current Cash & 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 Non current assets Total Assets LIABILITIES Current Suppliers Bank loans Stock market loans Other Other current liabilities Total current liabilities 1,391.9 2,102.3 106.5 165.7 3,766.3 1,913.7 35.4 310.1 6,350.7 279.6 8,889.5 12,655.8 363.6 667.4 599.9 706.8 2,337.6 11.0 16.6 0.8 1.3 29.8 15.1 0.3 2.5 50.2 2.2 70.2 2.9 5.3 4.7 5.6 18.5 1,231.7 2,250.6 141.8 157.2 3,781.3 1,910.6 35.4 239.9 6,337.6 214.4 8,738.0 12,519.4 348.3 60 808.1 1,756.4 9.8 18.0 1.1 1.3 30.2 15.3 0.3 1.9 50.6 1.7 69.8 2.8 4.8 6.5 14.0 Long Term Bank loans Stock market loans Other liabilities Deferred tax liabilities and Other 3,898.3 969.9 2,086.8 30.8 7.7 16.5 4,555.1 692.2 2,127.5 36.4 5.5 17.0 Total Liabilities 9,292.6 73.4 9,131.2 72.9 STOCKHOLDERS EQUITY Majority interest Minority interest Total 3,131.3 231.9 3,363.2 24.7 1.8 26.6 3,157.8 230.4 3,388.2 25.2 1.8 27.1 Total Liabilities & Stockholders Equity 12,655.8 12,519.4

> Consolidated Cash Flow Statement - IFRS (Million pesos from January 1st. to March 31st, 2014 & 2013) Concept 2014 2013 13 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 financing 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 financing activities Net cash flows + Bank financing + Stock market financing + Other financing, includes margin calls (-) Bank and stock market financing amortization (-) Other financing amortization + (-) Increase (decrease) in equity (-) Dividends paid + Premium on issuance of shares + Contribution for future capital increases (-) Interest expense (-) Repurchase of shares + (-) Other items (38.8) (62.7) (62.7) 90.5 95.9 2.3 (7.7) 88.6 97.3 (8.7) 77.6 49.1 156.6 (1.3) (43.8) 15.3 (74.7) (2.9) 126.7 38.4 (149.2) (0.5) 7.7 180.5 165.2 (5.0) 44.9 (49.8) (0.1) 715.1 (456.6) (456.6) 41.5 98.5 1.7 (0.1) (17.5) (41.1) (104.0) 95.2 (198.5) (0.8) 196.0 (635.0) (301.3) 3.5 (24.5) (48.1) (228.0) (36.6) (439.0) 1,841.4 (81.2) 1,588.7 17.5 316.5 1,402.4 (1,040.2) 835.5 (1,647.3) (42.6) (154.5) (31.3) 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 160.2 1,231.7 1,391.9 362.2 1,48 1,842.2