Investor Presentaiton

18 2013 Annual Report / Fibra Inn 2013 Annual Report / Fibra Inn 19 Dear Holders, I am addressing you after the end of a year that was full of challenges, but also of many satisfactions. In 2013 we ceased to be a privately held company to become a Real Estate Investment Trust (REIT of FIBRA in the Spanish acronym), which has allowed us to establish new growth and profitability goals. We would have never been able to achieve this without the trust of our investors and the people who have worked relentlessly for Fibra Inn to be an attractive op- tion in the market. During our first year as a public company, we were able to invest most of the cash obtai- ned from the Initial Public Offering, to acquire a portfolio of six hotels previously identified, as well as the acquisition of seven additional hote- Is. Our initial portfolio was of eight hotels, with a total of 1,613 rooms. As of today, Fibra Inn has a portfolio of 22 hotels, which comprises, 3,961 rooms, including 409, which are part of the ex- pansions. In addition, we have acquired three other lots where we will develop hotels at stra- tegic locations, to include 540 additional rooms. Currently, the Fibra Inn portfolio covers 13 states in Mexico, as compared to when it started, and operated in only six states. During 2013, there were economic events that few anticipated, among which I would like to point out the long term interest rate increa- se in our country, the fiscal regulation changes, and the deceleration of the economy. These events caused the valuation of financial assets in general, and particularly for the REITs, to un- dergo a price adjustment. Owing to this unex- pected change in the interest rates and the eco- nomic activity, Fibra Inn management reacted promptly, establishing new profitability levels to acquire hotels and developments, focusing on improving hotel operation efficiencies, entering into agreements with brands such as Marriott International, Inc., IHG and Wyndham Worldwi- de, and rebranding some of the hotels. The strategy we implemented over the year allowed us to: Report the highest EBITDA and NOI in our industry. Pay the highest dividend yield of the hotel FIBRAS. Increase occupancy, daily average rate, and RevPAR (Revenue per available room) • Operate under eight internationally re- nowned hotel brands, with six experien- ced hotel operators. In facing the future, we have defined four pillars that sustain Fibra Inn's strategy: organic growth through an increase in occupancy and average daily rates; consolidation of a fragmen- ted industry; synergies and economies of scale; and strategic acquisitions. The above will allow Fibra Inn to continue to fulfill its value propo- sition, consistent with paying attractive distri- butions, growing in a sustainable way, diversi- fying geography and brands, and maintaining its operation efficiencies. 2014 offers yet greater challenges, than tho- se we faced in 2013; but we are convinced we will be able to meet the goals we defined for ourselves. We are analyzing several potential acquisitions that will allow us to continue our quality assets growth. We are planning to dou- ble the size of the portfolio by maintaining our hotel operation efficiencies and continuing our diversification of brands and key locations. On these efforts, we shall look to finance our grow- th under the most favorable conditions for our shareholders, while committed to maintain the same level of diistributions that we have paid up to now. Finally, I would like to thank all those who are part of this great family, for having successfully ended our first year as a public company; and our shareholders, for having entrusted us at Fi- bra Inn. I am certain that 2014 will be a year of great success. Sincerely, Vermill Víctor Zorrilla Vargas Chairman of the Technical Committee Holiday Inn México Coyoacán

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