Fideicomiso Irrevocable No. F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Consolidated Financial Statements for the Years Ended December 31, 2014 and 2013, and Independent Auditors’ Report Dated March 31, 2015 Fideicomiso Irrevocable No. F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Independent Auditors’ Report and Consolidated Financial Statements 2014 and 2013 Table of contents Page Auditors’ Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements of Income and Other Comprehensive Income 4 Consolidated Statements of Changes in Trustees’ Equity 5 Consolidated Statements of Cash Flows 6 Notes to the Consolidated Financial Statements 7 Fideicomiso Irrevocable No. F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Consolidated Statements of Financial Position As of December 31, 2014 and 2013 (In thousands of Mexican pesos) Assets Notes 2014 2013 Current assets: Cash, cash equivalents and restricted cash 5. $ 2,091,905 $ 4,787,793 Trade accounts receivable and other receivables 6. 169,174 106,396 Due from related parties 11. 3,190 2,816 Recoverable taxes, mainly value-added tax 234,063 204,319 Prepaid expenses 2,614 1,961 Total current assets 2,500,946 5,103,285 Non-current assets: Hotel properties, furniture and operating equipment – Net 7. 6,725,074 4,734,606 Properties under development 8. 773,571 250,874 Security deposits 1,654 905 Deferred income taxes 13. 3,995 2,193 Total non-current assets 7,504,294 4,988,578 Total assets $ 10,005,240 $ 10,091,863 Trustees’ Equity and Liabilities Current liabilities: Suppliers and accrued expenses 10. $ 233,880 $ 157,160 Taxes payable 4,370 3,414 Total current liabilities 238,250 160,574 Total liabilities 238,250 160,574 Trustees’ equity: Contribution from the trustees 12. 9,495,343 9,846,459 Unsubscribed equity (15) (15) Retained earnings 271,662 84,845 Total trustees’ equity 9,766,990 9,931,289 Total trustees’equity and liabilities $ 10,005,240 $ 10,091,863 See accompanying notes to consolidated financial statements. 3 Fideicomiso Irrevocable No. F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Consolidated Statements of Income and Other Comprehensive Income For the years ended December 31, 2014 and 2013 (In thousands of Mexican pesos) Notes 2014 2013 Revenues from: Rooms $ 1,162,025 $ 758,495 Real Estate Rentals 68,797 88,433 Food and beverages 289,662 164,869 Other income 10,280 20,684 1,530,764 1,032,481 Costs and expenses: Rooms (198,587) (130,404) Food and beverages (164,666) (110,816) General and administrative (642,668) (452,695) Property (21,644) (16,791) Corporate (102,731) (82,168) Depreciation 7. (162,930) (120,041) Business acquisition (73,689) (79,857) (1,366,915) (992,772) Other (expenses) income, Net (31,783) 6,960 Interest income 120,807 119,126 Foreign exchange gain (loss), Net 3,572 (964) Income before net income taxes 256,445 164,831 Income taxes 13. 2,742 2,078 Consolidated net comprehensive income $ 253,703 $ 162,753 Net income per weighted average CBFIs with economic rights (pesos) $ 0.5144 $ 0.3953 Net income per weighted average CBFIs (pesos) $ 0.5080 $ 0.3884 Weighted average CBFIs with economic rights 493,175,302 411,704,070 Weighted average outstanding CBFIs 499,401,766 419,059,300 See accompanying notes to consolidated financial statements. 4 Fideicomiso Irrevocable No. F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Consolidated Statements of Changes in Trustees’ Equity For the years ended December 31, 2014 and 2013 (In thousands of Mexican pesos) Contribution from the Retained Total Number of CBFIs trustees Unsubscribed equity earnings trustees’ equity Balances as of January 1, 2013 303,901,766 $ 5,374,170 $ (15) $ 10,373 $ 5,384,528 Issuance of CBFIs 195,500,000 4,635,490 - - 4,635,490 Distribution to trustees - (163,201) - (88,281) (251,482) Consolidated net comprehensive income - - - 162,753 162,753 Balances as of December 31, 2013 499,401,766 9,846,459 (15) 84,845 9,931,289 Distribution to trustees - (351,116) - (66,886) (418,002) Consolidated net comprehensive income - - - 253,703 253,703 Balances as of December 31, 2014 499,401,766 $ 9,495,343 $ (15) $ 271,662 $ 9,766,990 See accompanying notes to consolidated financial statements. 5 Fideicomiso Irrevocable No. F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Consolidated Statements of Cash Flows For the years ended December 31, 2014 and 2013 (In thousands of Mexican Pesos) 2014 2013 Cash flows from operating activities: Consolidated net income $ 253,703 $ 162,753 Adjustments for non-cash items: Income taxes recognized in comprehensive income 2,742 2,078 Investing activities: Loss in furniture and hotel equipment sale 15,982 868 Depreciation 162,930 120,041 Interest income (120,807) (119,126) Total 314,550 166,614 (Increase) decrease in: Trade accounts receivable and other receivables (62,778) (84,732) Due from related parties (374) 8,613 Recoverable taxes, mainly value-added tax (29,657) 106,220 Prepaid expenses (653) (1,961) Security deposits (749) (905) Advances to suppliers - 52 Increase (decrease) in: Suppliers and accrued expenses 76,720 130,153 Taxes payable 956 635 Income tax paid (4,570) (4,150) Net cash generated by operating activities 293,445 320,539 Investing activities: Businesses acquired (1,764,318) (2,533,386) Acquisition of hotel properties, furniture and operating equipment (663,319) (253,108) Proceeds from furniture and hotel operating equipment sale 1,379 377 Investment in projects development (265,880) (127,538) Interest received 120,807 119,126 Net cash used in investing activities (2,571,331) (2,794,529) Financing activities: Issuance of CBFIs - 4,877,725 Issuance expenses of CBFIs - (242,235) Distribution to trustees (418,002) (251,482) Net cash (used in) generated by financing activities (418,002) 4,384,008 Cash, cash equivalents and restricted cash Net (decrease) increase in cash, cash equivalents and restricted cash (2,695,888) 1,910,018 Cash, cash equivalents and restricted cash at the beginning of the year 4,787,793 2,877,775 Cash, cash equivalents and restricted cash at the end of the year $ 2,091,905 $ 4,787,793 (including restricted cash of $1,968,184 and $4,658,355 as of December 31, 2014 and 2013, respectively) See accompanying notes to consolidated financial statements. 6 Fideicomiso Irrevocable No. F/1596 Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary Notes to Consolidated Financial Statements For the years ended December 31, 2014 and 2013 (In thousands of Mexican Pesos) 1. General information Fideicomiso F/1596 (Deutsche Bank México, S. A. Institución de Banca Múltiple, División Fiduciaria) and Subsidiary (jointly referred as to “FibraHotel”) was established as a real estate investment trust on July 31, 2012 by Concentradora Fibra Hotelera Mexicana, S. A. de C. V., (the “Trustor”) and Deutsche Bank México, S. A., Institución de Banca Múltiple, División Fiduciaria (the “Trustee”). FibraHotel was established mainly for the acquisition and/or construction of real estate to be used as accommodation in the lodging industry and the acquisition of rights to receive revenues from the related operating and/or lease agreements. It began operations on December 1, 2012. FibraHotel, as a real estate investment trust (“FIBRA”), qualifies to be treated as a pass-through entity for Mexican federal income tax purposes in accordance with the Mexican Income Tax Law (“LISR”). Therefore, all income derived from FibraHotel’s operations is attributed to the holders of its real estate trust certificates (“CBFIs” for its name in Spanish) and FibraHotel itself are not subject to income tax in Mexico. In order to maintain FIBRA status, the Income Tax Law (“ISR” for its name in Spanish) has established in Articles 187 and 188, FibraHotel must, among other requirements, distribute at least 95% of its net taxable income each year to the holders of its CBFIs. On October 12, 2012, FibraHotel obtained a ruling from the Mexican Treasury Department, published in the Federal Official Gazette, formally establishing FibraHotel as a FIBRA. To carry out its operation, FibraHotel entered into the following contracts: i. A planning advisory contract with Administradora Fibra Hotelera Mexicana, S. A. de C. V. (“Administradora Fibra Hotelera”) (related party); ii. Service agreements with Prestación de Servicios Hoteleros GG, S. de R. L. de C. V. (“Prestación de Servicios Hoteleros GG”), Grupo Empresarial Hermosillo, S. de R. L. de C. V. (“Grupo Empresarial Hermosillo”), and Soluciones y Administración Estratégica, S. de R. L. de C. V. (“Soluciones y Administración Estratégica”) (related parties) for the provision of operating and administrative personnel; iii. Services agreements with, Servicios de Recursos Integrales FH, S. de R. L. de C. V. (“Servicios de Recursos Integrales FH”), Alterturismo, S. de R. L. de C. V. (“Alterturismo”), Eficiencia en Capital Humano FH, S. de R. L. de C. V. (“Eficiencia en Capital Humano FH”), Compañía Desarrolladora de Nómina FH, S. de R. L. de C. V. (“Compañía Desarrolladora de Nómina FH”), Administradora de Recursos Humanos FH, S. de R. L. de C. V. (“Administradora de Recursos Humanos FH”), Administración de Personal Profesional FH, S. de R. L. de C. V. (“Administración de Personal Profesional FH”), Administradora Mexicana de Recursos Humanos, S. de R. L. de C. V. (“Administradora Mexicana de Recursos Humanos”), Solución en Recursos Humanos FH, S. de R. L. de C. V. (“Solución en Recursos Humanos FH”), Calidad en Administración de Recursos FH, S. de R. L. de C.