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 accounting standards: Consolidated revenues grew 10 and EBITDA in comparable basis grew 47 Five new hotel openings in 3Q14 to reach 124 hotels with more than 20,600 rooms in operation Pipeline considers 47 new hotels and 31 additiol rooms to be open during the next 30 months Cash available as of September 30, 2014 of $847 million (US$63 million) In the LTM we have opened 17 hotels. Simultaneously, we continue with a good performance of our hotels system-wide with RevPAR growth and for the 3Q14 we exceeded our EBITDA guidance by 6.3. said Jose Carlos Azcarraga, Posadas CEO. 2 > Fincial Highlights Million pesos as of September 30, 2014 3Q14 QQ 2014 YY Total Revenues EBIT EBITDA Net Result 1,531.2 198.1 289.1 709.5 100 13 19 46 10.1 691.8 4,294.4 365.5 652.3 701.6 100 9 15 16 (34.4) (51.7) (38.4) 118.4 As we expected at the end of the previous quarter, we had a good 3Q14 exceeding our guidance recording a 691.8 growth in EBITDA vs. 3Q13 published figures and 47 growth on comparable basis. As a result of this our net leverage ratio improved by almost two times. by quarter basis for the last 10 consecutive quarters. Even though we noticed a certain slowdown in the growth pace recorded last June versus previous quarters, we recently recorded a better rhythm in room revenues when compared with the previous couple of years. During the 3Q14 System-wide hotel performance continued improving with better margins over the third quarter of 2013. Our Available Daily Rate(ADR) increased 5.7, occupancy decreased 1.5 percent points ( pp ), which resulted in a Revenue Per Available Room (RevPAR) growth of 3.3 that represents a continued improving growth trend on a quarter Urban hotels, which represent 80 of the total rooms operated, continue to perform better with an increase in RevPAR of 2.3 and our coastal hotels performed with a RevPAR increase of 5.1. Investor relations contact: Gerardo de Prevoisin Tel.: (5255) 5326-6757 gerardo.deprevoisin@posadas.com

In September 2014, the agreement to filize the escrow account from the sale of the hotel business in South America was signed and we received US$16.6 million. 3 The net profit of $709.5 million in the 3Q14 is mainly due to the reduction in the deferred taxes attributed to the ongoing corporate reorganization. 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. Neither building experienced structural damages. We estimate that both facilities will be in operation by mid-november, just before the start of the yearend season. The Property and Business Interruption insurance coverage are operating adequately and as of the date of this report we estimate the total deductible for Posadas will be US$1.9 million. During the month of October we received an initial US$4.1 million cash advance from the insurance company to start repairing the resorts. In order to determine the impact, as of 3Q14, the Hotel and Villas represented 3.5 of the total chain room inventory and approximately 4 of the consolidated EBITDA of the Company for the 9M14. The 2014 summer advertising campaign concluded satisfactorily with a 27 growth in sales versus 2013 s same season campaign.

> Development As of September 30, 2014, we continue with an aggressive pipeline comprised of executed agreements to operate 47 new hotels with 6,414 rooms. This development plan represents an increase in capacity of 31 with 68 of these hotels under the economy and business formats including the Gamma by Fiesta Inn brand. These hotels represent a total investment of US$561.8 million and of these 82 will be invested by third parties. Openings are expected to begin in the third quarter of 2014, 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 17 hotels with 2,154 additiol rooms were opened : One Sali Cruz, One Irapuato, 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 and our property in Cozumel that was redesigned to place The Explorean Cozumel hotel within the same property. First time that we opened so many hotels in the LTM. Pipeline Highlights: As of 2Q14: 48 hotels with 6,386 rooms Openings during the 3Q14: 5 hotels New projects: 4 hotels Outstanding pipeline as of 3Q14: 47 hotels with 6,414 rooms 4 Brands Mexico Total Hotels Rooms Live Aqua 1 46 1 Apertura de hoteles (Últimos Doce Meses) No. de cuartos Tipo Fiesta America Grand 2 345 5 Tipo Fiesta America 5 1,123 18 FA Vacation 3 509 8 Fiesta Inn 13 1,568 24 Gamma de Fiesta Inn 1 119 2 One hoteles 22 2,704 42 Total 47 6,414 100 Hotel openings (LTM) No. of rooms Type One Sali Cruz One Irapuato 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 126 126 166 117 126 121 126 109 130 84 126 126 135 165 140 175 56 2,154 Propio

> Owned & Leased Hotels 5 3Q14 (QQ) Average rooms Average Daily Rate Occupancy (Var. in pp) RevPAR Accum. Average rooms Average Daily Rate Occupancy (Var. in pp) RevPAR 5,619 1,151 71 816 5,635 1,192 68 813 Total Urban Coastal Var Var. Var. 2.1 8.7 (0.8) 7.5 (5.6) 10.7 0.6 11.7 4,345 1,078 71 763 4,361 1,085 66 714 (3.0) 7.9 () 7.9 (11.8) 8.7 0.5 9.6 1,274 1,387 71 989 1,274 1,492 76 1,133 24.3 7.0 (4.0) 1.3 24.3 8.1 (2.2) 5.1 During the quarter, revenues from this segment represented 44 of the consolidated revenues. The EBITDA margin was 11.2 representing a 0.5pp improvement over the 3Q13. A higher ADR (Average Daily Rate) of 8.7 and a margil decrease of 0.8pp in occupancy resulted in a RevPAR increase of 7.5. The average number of rooms available increased by 2.1. 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 3Q13; on average with 3.0 less rooms owned, a 7.9 increase in ADR and a slight decrease in occupancy, RevPAR improved by 7.9. For comparable effects, with 24.3 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 January 2014 it was operated by the vacation club business and recorded in this business unit. This segment showed an increase in ADR of 7.0 and a decrease in occupancy of 4.0pp due in part to hurricane Odile. The above resulted in a RevPAR increase of 1.3 when compared with the same period of previous year.

> Magement Total Urban Coastal Var. Var. Var. 3Q14 (QQ) Average rooms Average Daily Rate Occupancy (Var. in pp) RevPAR Accum. Average rooms Average Daily Rate Occupancy (Var. en pp) RevPAR 18,730 1,067 65 695 18,195 1,105 63 693 Includes Owned & Leased and Maged hotels 9.9 5.7 (1.5) 3.3 7.7 6.4 (1.7) 3.5 16,059 988 65 642 15,646 1,010 62 621 8.8 4.4 (1.4) 2.3 7.1 5.3 (1.8) 2.2 2,671 1,528 66 1,006 2,550 1,611 70 1,123 16.8 9.5 (2.7) 5.1 11.5 8.6 (1.4) 6.4 Revenue for the Magement business represented 20 of total revenue in the quarter. The EBITDA margin of 36.9 represented a 4.4pp improvement versus 3Q13. After the underperformance in room revenues for June 2014, during the 3Q14 the trend recorded from January to May 2014 versus the previous two years was observed again. 6 Ampersand, our Loyalty solutions design, administration and operation business, recorded a 72 increase in EBITDA versus 3Q13 after signing a contract with an important massive consumption beverages client. The average number of rooms operated recorded a 9.9 increase in the quarter, while System-wide hotels reported a 5.7 improvement in ADR, a 1.5pp decrease in occupancy, and a RevPAR growth of 3.3 which is similar to the recorded figures prior to the 2Q14. By regions, Resorts, North, Center of Mexico and Pacific over performed previous year while the Gulf/South 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 8.8 with an improvement in ADR of 4.4, with a 1.4pp drop in occupancy but achieved a RevPAR increase by 2.3. Coastal hotels recorded a 16.8 increase in the average number of available rooms after including the FAG Los Cabos hotel, previously accounted for in the Vacation Club segment. In addition, occupancy dropped 2.7 while ADR, and RevPar increased 9.5 and 5.1, respectively. The growth pace observed was slower than the recent trend that was recorded as a result of hurricane Odile.

> 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 36 of the group s consolidated revenues in 3Q14. The contribution margin was 31.0, 15.7 pp higher than the 3Q13 margin which was propelled by a better pace in the volume of vacation club memberships being sold. 7 As of September 2014, the hotels Villas Cozumel with 174 rooms and The Explorean Cozumel with 56 rooms reopened after a major refurbishment for a total investment of US$22 million in aggregate. As of September 30, 2014, the receivables balance reached US$137 million. As of 3Q14, the pipeline includes two new projects with 19 units for The Front Door (TFD) program with a total investment of US$14 million, both will be opened by June 2015. Also, the new Fiesta America Vacation Club Villas- located in Acapulco Diamante is included. > EBITDA In 3Q14 an EBITDA of $289.1 million was recorded, that compares favorably with the $36.5 million recorded in 3Q13 after adjusting the guaranty payment on Chemuyil, among others- the $289.1 million EBITDA is 47 higher than the $197 million comparable for 3Q13. For the last twelve months, EBITDA (IFRS) was $866.1 million (US$64.4 million with an exchange rate -end of period- of MXN$13.45 per USD). After adjusting mainly the guaranty payment on Chemuyil, the EBITDA would be $861.2 million, 2.8 lower than the $886.3 million EBITDA that would correspond to the 3Q13 LTM. > Capital Expenditures Capital expenditures during the quarter were $$203.8 million, 80 was used for maintence and refurbishing hotels mainly the Fiesta Inn Aeropuerto hotel in Mexico City- and 20 for corporate purposes. For the 9M14, total capex reached $451.2 million. In addition to this, the vacation club capex in 3Q14 was $32.6 million, mainly in the refurbishing of the hotel in Cozumel (Cozumel Dive Resort and The Explorean Cozumel hotel). For the 9M14, capex reached $92.0 million. The total consolidated capex was $543.2 million (9M14).

> Comprehensive Fincial Cost Concept 3Q14 3Q13 2014 2013 Interests earned Interests expense Fluctuations loss (gain) Other expenses (products) Fincial expenses Total Figures in thousands of pesos. (3,421) 101,335 127,289 13,353 238,556 (16,713) 100,465 (8,488) (5,747) 12,772 82,290 (19,598) 306,823 99,414 41,759 428,398 At the end of the quarter, considering the effect of IFRS, the net coverage ratio was 2.3 times; 0.3 times higher than the observed in the same quarter of the previous year. The foreign exchange unrealized loss was higher in 3Q14 as the MXN/USD depreciated 3.7 when in 3Q13 it appreciated margilly versus the immediate quarter for each period. (50,904) 293,036 14,635 (53,512) 46,011 249,266 8 > Neto Result As a result of the aforementioned, a net income of $709.5 million for the quarter was recorded and $701.6 million net income for the 9M14.

> Fincial Position El As of September 30, 2014 the cash balance was $847.4 million (US$63.2 million). Total assets are $12.6 billion (US$936.2 million). During the quarter, the $200 million committed secured credit lined was renewed for another year. 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 $4,722.9 million (US$351.1 million), net of issuance expenses, $181.6 million more than 2Q14 as a consequence to the depreciation of the MXN vs. the USD, while Net Debt (IFRS) was US$288.1 million, the Net Debt to EBITDA ratio was 4.5 times under IFRS, which compares unfavorably as this ratio was 2.4 times in 3Q13. The Total Debt mix under IFRS at the end of the quarter was as follows: 14 in short-term, 100 in U.S. dollars and with a fixed rate. The average debt maturity was 2.8 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 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, alyst, Jacob Steinfeld jacob.a.steinfeld@jpmorgan.com (1-212) 834-4066, Bank of America Merrill Lynch, alyst, Roy Yackulic roy.yackulic@baml.com (1-646) 855-6945 and BCP Securities, LLC, alyst: James Harper jharper@bcpsecurities.com (1-203) 629 2181, provide researchcoverage about Grupo Posadas.

> Grupo Posadas as of September 30, 2014 Posadas is the leading hotel operator in Mexico that owns, leases and mages 124 hotels with 20,671 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). 80 of rooms are in urban destitions and 20 in coastal. Posadas operates under the following main brands: Live Aqua, Fiesta America Grand, Fiesta America The Explorean, Fiesta America Vacation Villas, Fiesta Inn, Gamma by Fiesta Inn and One Hotels. Posadas trades in the MSE since 1992. For further information please visit www.posadas.com 65 23 12 Distribution by type of rooms Leased Maged Owned 2,415 rooms 13,439 rooms 4,817 rooms 10 Brand Mexico USA Total Hotels Rooms Hotels Rooms Hotels Rooms Live Aqua 2 506 2 506 Fiesta America 17 4,889 17 4,889 Fiesta Inn 61 8,872 61 8,872 Gamma 4 524 4 524 FA Vacation Villas 7 1,613 7 1,613 One Hotels 31 3,851 31 3,851 Other 1 213 1 203 2 416 Total 123 20,468 1 203 124 20,671 99 1 100

> Income Statement IFRS (million pesos) 11 Concept Total Revenues Owned & Leased Hotels Revenues Direct cost Contribution Magement Revenues Direct cost Contribution FA Vacation & Other Revenues Direct cost Contribution 3Q14 1,531.2 675.4 60 75.5 299.4 188.9 110.5 556.4 384.1 172.3 10 10 88.8 11.2 10 63.1 36.9 10 69.0 31.0 3Q13 1,390.8 637.4 569.2 68.2 316.5 213.5 102.9 437.0 370.1 66.9 10 10 89.3 10.7 10 67.5 32.5 10 84.7 15.3 Var. 10.1 6.0 5.4 10.6 (5.4) (11.5) 7.4 27.3 3.8 157.6 2014 3 4,294.4 1,962.1 1,663.5 298.6 818.0 600.6 217.5 1,514.3 1,195.7 318.5 10 10 84.8 15.2 10 73.4 26.6 10 79.0 21.0 2013 6,549.6 4,199.6 3,379.6 82 1,061.9 742.4 319.5 1,288.0 1,030.5 257.6 10 10 80.5 19.5 10 69.9 30.1 10 8 2 Var. (34.4) (53.3) (50.8) (63.6) (23.0) (19.1) (31.9) 17.6 16.0 23.7 Corporate expenses Depreciation / amortization Asset impairment Other expenses (revenue) Operating Profit 69.3 91.0 (0.1) 198.1 4.5 5.9 () 12.9 60.2 109.1 141.3 (72.6) 4.3 15.0 7.8 (16.6) 10.2 (5.2) 191.4 286.8 (9.2) 365.5 4.5 6.7 (0.2) 8.5 176.3 302.1 161.2 757.4 2.7 4.6 2.5 11.6 8.6 (5.1) (51.7) EBITDA 289.1 18.9 36.5 2.6 691.8 652.3 15.2 1,059.5 16.2 (38.4) Comprehensive fincing cost Other Part. in Assoc. Companies Profit Before Taxes Discontinued Operations Income taxes Deferred taxes 238.6 (12.8) (53.2) (2.9) (21.6) (738.3) 15.6 (0.8) (3.5) (0.2) (1.4) (48.2) 82.3 (154.9) 27.7 (2.8) (42.5) 5.9 189.9 (11.1) (65.6) 2.0 (0.2) 673.5 (3.1) 1,638.8 428.4 (12.8) (75.7) (9.6) 74.7 (841.7) 1 (0.3) (1.8) (0.2) 1.7 (19.6) 249.3 508.2 30.7 128.6 25.1 3.8 7.8 0.5 2.0 0.4 71.9 (41.9) Net Income before Minority Minority Interest Net Majority Income 709.5 (0.1) 709.5 46.3 () 46.3 (137.3) 1.5 (138.8) (9.9) 0.1 (1) 700.9 (0.7) 701.6 16.3 () 16.3 323.8 2.6 321.2 4.9 4.9 116.4 118.4

> Consolidated Balance Sheet as of June 30, 2014 and December 31st, 2013 - IFRS (million pesos) Concept Sep - 14 Dec -13 Var. 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 847.4 2,578.0 52.4 160.9 3,638.7 1,815.4 1.7 341.7 6,497.1 296.9 8,952.8 12,591.6 366.2 689.9 674.4 737.2 2,467.7 6.7 20.5 0.4 1.3 28.9 14.4 2.7 51.6 2.4 71.1 10 2.9 5.5 5.4 5.9 19.6 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 10 2.8 4.8 6.5 14.0 (31.2) 14.6 (63.1) 2.3 (3.8) (5.0) (95.2) 42.4 2.5 38.5 2.5 0.6 5.1 689.9 12.4 (8.8) 40.5 Long Term Bank loans Stock market loans Other liabilities Deferred tax liabilities and Other 4,030.8 924.5 1,073.9 32.0 7.3 8.5 4,555.1 692.2 2,127.5 36.4 5.5 17.0 (11.5) 33.6 (49.5) Total Liabilities 8,497.0 67.5 9,131.2 72.9 (6.9) STOCKHOLDERS EQUITY Majority interest Minority interest Total 3,878.0 216.6 4,094.6 30.8 1.7 32.5 3,157.8 230.4 3,388.2 25.2 1.8 27.1 22.8 (6.0) 20.8 Total Liabilities & Stockholders Equity 12,591.6 10 12,519.4 10 0.6

> Consolidated Cash Flow Statement- IFRS (Million pesos from January 1st. to September 30, 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 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 (75.7) 105.8 105.8 251.2 286.8 (28.8) 12.8 (19.6) 406.2 306.8 99.4 687.6 (601.7) 45.9 2.4 (39.1) 17.8 (103.7) (525.0) 85.9 (270.9) (451.2) 9.6 19.6 151.2 (184.9) (199.4) 44.9 (8.0) (247.1) 10.8 508.2 (687.0) (687.0) 336.5 302.1 85.3 (9.8) (41.1) 287.9 293.0 14.6 (19.8) 445.5 (892.0) (369.1) 9.2 (51.4) (102.2) (270.4) (108.1) (446.5) 1,857.4 (343.6) 2,203.1 9.8 (11.9) 1,410.9 (1,640.5) 835.5 (1,647.3) (118.0) (346.0) (364.6) 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 (384.3) 1,231.7 847.4 (229.6) 1,48 1,250.4