Investor presentation

March 2020

1

Disclaimer

This presentation is strictly confidential, it has not been independently verified and is being furnished to you solely for your information. It may not be reproduced or

redistributed to any other person, and it may not be published, in whole or in part, for any purpose. By receiving this presentation, you become bound by the above referred

confidentiality obligation. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in

other jurisdictions may also be restricted by law and persons who obtain this presentation should inform themselves about and observe any such restrictions. This material has

been prepared solely by Trust F/1596 (FibraHotel), a Mexican Trust (“FibraHotel”) for informational and discussion purposes only.

This presentation does not constitute or form part of any offer to sell or issue or any solicitation of any offer to buy or subscribe for any securities (including any certificados

bursátiles fiduciarios inmobiliarios (“CBFIs”)) in the United States or elsewhere nor shall it or any part of it form the basis of or be relied on in connection with any contract or

commitment to purchase securities nor does it constitute the basis, in whole or in part, for the execution of any agreement or commitment of any kind. Specifically, this

presentation does not constitute a placement prospectus or equivalent document, and the information contained herein is general in nature, and it distributed for information

purposes only. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as

amended (the “Act”). FibraHotel and Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria, in its capacity as trustee of FibraHotel have not and do

not intend to register any securities under the Act or offer any securities to the public in the United States. Any decision to purchase CBFIs in any offering should be made

solely on the basis of the information to be contained in the Mexican prospectus to be registered with the Mexican National Banking and Securities Commission (Comisión

Nacional Bancaria y de Valores, or the “CNBV”) or any offering circular to be published in due course relating to any such offering. No representation or warranty, express or

implied, is given or will be given by or on behalf of FibraHotel, the initial purchasers, the Mexican underwriters or any of their respective affiliates or agents, or any of such

person’s directors, officers, employees or advisors or any other person as to the accuracy, completeness, fairness or materia lity of the information or opinions contained in this

presentation, including any estimate contained herein, and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether

direct or indirect, in contract, tort or otherwise) is or will be accepted by FibraHotel, the initial purchasers, the Mexican underwriters or any other person in relation to such

information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.

The information in this presentation includes forward-looking statements, which are statements other than statements of historical fact, and are based on current expectations,

beliefs, and predictions about future events. These statements can be recognized by the use of words such as “believes”, “ant icipates”, “depends”, “may”, “plans”, “will”,

“estimates”, “projects”, “trend”, “expects” or words of similar meaning. These forward-looking statements are subject to known and unknown risks, uncertainties and

assumptions about FibraHotel, its prospects, results of operations, financial condition and the economic environment in which it operates that may prove to be incorrect. Such

forward looking statements are not guarantees of future performance and the events described in such forward-looking statements may not occur and FibraHotel’s actual

results may differ significantly from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward looking statements, which are

based on the current view of the management of FibraHotel. Neither FibraHotel nor Administradora Fibra Hotelera Mexicana, S.A. de C.V. (including any of their respective

affiliates, officers, directors, agents or employees) assumes any responsibility or liability with respect to any forward-looking statement that is not achieved.

The securities described herein have not been registered under the Act or any other state securities law of the United States. Consequently, such securities will not be offered

or sold in the United States except to qualified institutional investors, pursuant to Rule 144A of the Act, and outside of the United States to non-U.S. persons pursuant to

Regulation S of the Act.

The recipients of this presentation should not construe the contents hereof as legal, tax, or investment advice, and should consult their own advisers in this regard.

The information in this presentation related to the industry in which FibraHotel operates, including projections and estimates, was obtained from various external data sources

and neither any underwriters or placement agents, nor FibraHotel, assumes any liability regarding such information. This presentation and its contents are the property of

FibraHotel and cannot be reproduced or redistributed to any person, in whole or in part, for any purpose, without the prior written consent of FibraHotel.

By attending this presentation or by accepting to view any of the materials presented, you agree to be bound by the foregoing limitations and not to distribute, disclose or

provide any information discussed today to any other persons. Neither the CNBV nor any other authority has approved or disapproved the contents of this presentation, or the

adequacy or truthfulness of the information contained herein.

2

Company

Overview

3

The Best Hotel Portfolio in Mexico

4

FibraHotel Diversification Geographic Distribution of the Current Portfolio

Operators

Brands

Segments

12,560

Rooms

86

Hotels

3

13

5

A Unique and Diversified Mix of Hotels

Limited

Service

Selected

Service

Full

Service

Extended

Stay

ResortGDP of States with FIHO Presence¹

GDP of States without FIHO Presence¹

Presence in 26 states across the country, representing 93% of GDP

Mexico City7%

93%

Source: Company filings.

Average portfolio age of 7.5 years

Cost per key at market value of Ps. 793k, 45% below historic cost of Ps. 1,453k

5

~46% resort/full service

~48% USD/MXD

5,716 rooms in five main cities (MEX, MTY, GDL, QRO, PUE)

2,520 rooms in Mexico City Metropolitan Area

Segment by Asset

Value1

Beach / City by Asset

Value5

Portfolio asset value 2

by MXN / USD3 / MXD4

Diversified Portfolio by Segment, Brand and Customer

By Brand

Source: Company with asset values as of 9/30/2019. 1 Resorts includes: Live Aqua San Miguel de Allende, Live Aqua Playa del Carmen and FACC. 2 The classification of a hotel as USD / MXN / MXD is based solely on management's classification of

a hotel, the percentages in the charts do not represent the actual currency of the revenues generated at these hotels and instead represent the asset values of the hotels as classified by management 3 USD includes: FFI Los Cabos, Aqua Playa del

Carmen, Sheraton MTY, FI Cuautitlan, Perisur, FI Puerto Vallarta and Live Aqua San Miguel de Allende; MXD includes: FFI Nogales, Aqua MTY, FAG MTY, FA Pabellon M, AC GDL, AC QRO, CY Toreo, AC Veracruz, FA Viaducto, and FA Satelite. 4

MXD refers to hotels with a rate in dollars and with demand generators in pesos (“Mexi-dollars”). 5 Beach includes: FFI Cabos, One Acapulco, Fiesta Inn Puerto Vallarta, AC Veracruz, and Resorts. Note: asset value includes undepreciated assets and

the remaining investment in Fiesta Americana Viaducto and FA Hermosillo y FA Hacienda Galindo.

35%

28%

10%

8%

8%

7% 5%

Fiesta Inn Fiesta AmericanaLive Aqua OneOtros Courtyard/Fairfield

35%

28%

10%

8%

8%

7% 5%

Fiesta Inn Fiesta AmericanaLive Aqua OneOtros Courtyard/Fairfield

35%

28%

10%

8%

8%

7% 5%

Fiesta Inn Fiesta AmericanaLive Aqua OneOtros Courtyard/Fairfield

73%

27%

City Beach

52%

29%

19%

MXN USD MXD

41%

23%

23%

12%1%

Select service ResortFull Service Limited ServiceExtended Stay

6

Finished Development of Over 30 Strategic Hotels

Developed 30 hotels with 4,062 rooms by FibraHotel

Invested over Ps. $5bn in developments to date

Developed from the ground up with no major issues

Decision to create value (no development fees)

Reduced average life of the portfolio

Added 1,180 full service rooms

Added 1,321 rooms with international brands

Added 1,044 rooms in Mexico City

Added the best three hotels in Monterrey

Participated in irreplaceable mixed use projects

Sample of hotels developed by FibraHotel

Invested over Ps. $5bn in high quality assets

Rounded out portfolio with assets not otherwise available

As development phase is finished, FibraHotel´s risk profile has been reduced

Highlights of developed portfolio

Source: Company filings

Location: CDMX

Opened: November 2019

Segment: Full-service, Rooms: 260

Investment: ~Ps. $650mm

Fiesta Americana Mexico City Airport hotel opening

7

0 135 128

355

179 215 231 268 264

83

036 19

190

833

833

833

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Deuda Bancaria MXN Deuda Bancaria USD Deuda Bursatil MXN Revolvente

20 135 128

355

179 215 231 268 264

83

37 20

199

833

833

833

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Banking Debt MXN Banking Debt USD Bond MXN Revolving

A Strong Balance Sheet

Source: Company filings. 1 Loan To Value based on depreciated assets at historical cost; 2 USD amortization converted to Pesos at current exchange rate for illustrative purposes

Current debt composition (%)Amortization Schedule (Ps. $mm)

6.9% maturing over

the next 3 years

Very Comfortable Debt Situation

As of December 31th, 2019:

Net Debt / 4Q LTM EBITDA of 3.2x

Loan to Value1: 25.8%

Total debt of Ps. $4.6bn / Assets of Ps. $17.8bn

Average remaining maturity of ~7 years

Average cost of debt of ~8%

FibraHotel is rated AA by Fitch and AA+ by HR

Ratings

46%

54%

Secured UnSecured

95%

5%

MXN USD

54%

6%

40%

Fixed Floating Floating w/derivatives

Issued a Ps. 2,500 mm 10-year fixed rate bond

Proceeds to refinance existing debt

199 bps spread over the 27-29 Mbono of 6.84% plus

Fixed rate of 8.83%

Improved average maturity of outstanding debt

3 equal amortizations in years 8,9,10

Book was oversubscribed 1.5x by local investors

Released mortgages with less tan 50% of debt secured

8

FibraHotel Investment Thesis

Open Architecture with Leading Brands and Operators

The Best Hotel Portfolio in Mexico. Unique and Well Diversified

Hotels with Growth Potential

Attractive Valuation with Proven Business Plan Execution

Lower Risk Profile as Most Hotels will be Stabilized by 2019.

Finished Development Cycle that Rounded Out the Portfolio

Strong Balance Sheet with a Prudent Leverage Policy

Experienced Management Team plus Best in Class Sponsor with

Strong Long-Term Alignment of Interests6

5

4

3

2

1

9

Company Update

10

OccupancyRevPAR (Ps.) ADR (Ps.)

(89) bps (0.5%)(1.8%)

1,203 1,198

Q4 '18 Q4 '19

65.5% 64.6%

Q4 '18 Q4 '19

788 774

Q4 '18 Q4 '19

FibraHotel KPI’s

Source: FibraHotel, STR. Total portfolio excludes Fiesta Americana Condesa Cancun and Fiesta Americana Viaducto. Note: Total portfolio is not fully comparable over time.

RevPAR in Mexico decreased (5.0%) in 2019 according to STR vs. FIHO increase of 2.1% for the Total Portfolio and decrease of

(1.8%) for the stabilized portfolio (▲3.1% supply, ▼-0.5% demand)

FibraHotel continued to gain market penetration. 2019 penetration of 109% vs. 105% in 2018

Quarterly KPIs - Stabilized Portfolio (excluding FACC)Annual KPIs - Stabilized Portfolio (excluding FACC)

RevPAR 2015-2019 CAGR of 6.4%

OccupancyRevPAR (Ps.) ADR (Ps.)

(52) bps 0.7%(0.1%)

764 763

2018 2019

64.8% 64.2%

2018 2019

1,178 1,188

2018 2019

11

RevPAR 2019 vs. 2018 (Ps$) and growth – selected companies

Stabilized

portfolio

$761 $773 $764 $763$586 $582 $649 $652

$803 $753$922 $866

FibraHotel Outperformed the Market in 2019…

Source: FibraHotel, Companies websites and public reports. Portfolios defined by each company based on their public reporting. FibraHotel´s portfolio excludes FACC

FibraHotel 2019 RevPAR growth vs. the market

+2% +0%

1.6%

0.4%

(0.1%)(0.6%)

(1.6%) (2.0%)

(5.0%)(5.9%) (6.1%) (6.2%) (6.3%)

(8.1%)(10.0%)

(8.0%)

(6.0%)

(4.0%)

(2.0%)

0.0%

2.0%

4.0%

FIHOTotal

FStay(Hcity)

FIHOstabilized

CityExpress

Total

Posadasmanaged

Urban

Posadasmanaged

Total

STR AllMexico

PosadasOwnedTotal

GHSFTotal

FINNsamestore

FINNTotal

GHSFOwnedTotal

2019 y-o-y RevPAR Growth

Total

portfolio

- 1% - 0% - 6% - 6%

12

Limited demand growth tied to slow economic growth (reduced corporate investments and discretionary spending)

Government austerity programs and frequent external shocks (sargassum, gasoline, Covid-19, violence and headline news)

As such, we expect stabilized RevPAR to continue to grow slower than in the past in the short term

Cancun market has been highly competitive in ADR, with less US travelers, a worse client mix and new supply in the market

Continued cost pressures in certain line items (increase in wages, energetics and certain commissions)

… in a Complicated Environment of Slow Growth

Source: Company filings, STR

Overview of FIHO´s 4Q 2019 results Overview of FIHO´s 2019 results

FY 2018 FY 2019 Δ vs 2018

Occupancy 64.1% 62.8% (130 bps)

ADR 85h (Ps.) 1,186 1,230 3.7%

RevPAR 85h (Ps.) 761 773 1.6%

FACC RevPAR (Ps.) 3,562 3,556 (0%)

FACC Lease Revenue 253 232 (8%)

Total Revenues 4,107 4,372 6%

EBITDA 1,155 1,156 0%

Margin 28.1% 26.5% (168 bps)

Net Interest Expense (152) (292) 93%

AFFO 849 638 (25%)

AFFO / CBFI $1.06 $0.81 (23%)

4Q 2018 4Q 2019 Δ vs 4Q 2018

Occupancy 63.8% 63.1% (73 bps)

ADR 85h (Ps.) 1,221 1,252 2.5%

RevPAR 85h (Ps.) 779 790 1.4%

FACC RevPAR (Ps.) 3,142 3,166 1%

FACC Lease Revenue 44 52 17%

Total Revenues 1,075 1,131 5%

EBITDA 280 296 6%

Margin 26.0% 26.2% 18 bps

Net Interest Expense (57) (66) 15%

AFFO 206 159 (23%)

AFFO / CBFI $0.26 $0.20 (23%)

13

$ 0

.87

$ 0

.89

$ 0

.95

$ 1

.02

$ 1

.06

$ 1

.17

$ 1

.07

$ 1

.05

$ 1

.10

$ 1

.05

$ 1

.08

$ 1

.05

$ 0

.97

$ 0

.91

$ 0

.87

$ 0

.81

5.5%6.2%7.4%

7.3%7.0%

8.5%

7.6%9.0%

9.6%9.1%8.8%

10.6%10.2%

11.1%

9.4%

9.1%

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

LTM Dividend per CBFI LTM Dividend Yield

Our assets, with an average age of less than seven years trade at an important discount when compared

to the historical cost of the properties

Enterprise Value2

Ps. $9,959mm

12,560

In Operation

Ps. $792,917

USD$41,7323 Ps. $1,453,791

FIHO’s Historical Cost4 45% Discount vs FIHO’s

historical cost

Attractive Valuation for Long Term Oriented Investor

Proven Growth in Return to Shareholders over time

2019 Dividend Yield >10%1

Since IPO distributed Ps. 6.45 per CBFI (>Ps. 3.85bn)

Equity issuance at Ps. $13.75 in Q3 2017

In February 2020 repurchased ~1mm CBFIs

Strong EBITDA growth

8.6x EV / 2019 EBITDA

5-yr EBITDA CAGR > 25%

2019 EBITDA margin > 26%

Improved portfolio quality (full-service)

Assets driving margin expansion, even with

cost pressures

Source: Company filings. 1 Based on period´s closing CBFI price of Ps. $8.00. 2 Enterprise value calculated assuming 785mm of CBFIs with economic rights, a share price of Ps. $8.00, net debt of

$3,673mm. 3 Calculated using an exchange rate of $19 MXN/USD; 4 FACC and three other leased properties are recorded at Fair Value, the rest at undepreciated cost

LTM dividend per share and yield1 LTM AFFOLTM EBITDA per room

$ 6

1,8

69

$ 6

1,0

80

$ 6

1,4

36

$ 6

3,1

43

$ 6

6,2

52

$ 7

0,4

90

$ 7

7,9

26

$ 8

0,4

56

$ 8

2,1

55

$ 9

1,2

64

$ 9

4,0

79

$ 9

4,9

62

$ 9

5,7

84

$ 9

2,5

91

$ 9

1,7

73

$ 9

2,6

76

$ 9

3,5

21

FY15

1Q16

2Q16

3Q16

FY16

1Q17

2Q17

3Q17

FY17

1Q18

2Q18

3Q18

FY18

1Q19

2Q19

3Q19

4Q19

$ 4

29

$ 4

20

$ 4

32

$ 4

58

$ 4

94

$ 5

22

$ 5

75

$ 5

86

$ 6

69

$ 7

88

$ 8

51

$ 9

44

$ 9

17

$ 8

42

$ 7

86

$ 6

86

$ 6

38

FY15

1Q16

2Q16

3Q16

FY16

1Q17

2Q17

3Q17

FY17

1Q18

2Q18

3Q18

FY18

1Q19

2Q19

3Q19

4Q19

14

Fiesta Americana Mexico City Airport hotel

Opened Nov 2019

Pictures of the hotelFiesta Americana Mexico City Airport hotel

The Fiesta Americana Mexico City Airport hotel has 260 full

service rooms

Opened in November 2019. Currently in ramp-up period

Located inside the Via 515 mixed use project

Building has been EDGE certified

Fully automated hotel with the latest technology

Modern public areas with a Los Canarios restaurant

>550m2 of meeting and event space including a dedicated co-

working space

15

Live Aqua San Miguel de Allende

Opened November 2018

Pictures of the hotelPrices won by Live Aqua San Miguel de Allende

Awarded the Prix Versailles 2019 for Architecture and

Design in North America under the Hotels category

Four Star rating by Forbes Travel Magazine (with only one

year in operation)

F&B and branded outlets

16

Fiesta Americana Hacienda Galindo

Overview of the hotel

The hotel with 168 full service rooms is located near

Queretaro and less than 2 hour drive from Mexico City

Acquired in July 2017, with final payment in 2020. FIHO

invested ~Ps. 130mm to reposition the hotel

Hotel is both ideal for leisure travel as well as convention

and group business with over 1,000m2 of ballroom space

In 2019, FibraHotel partnered with a local wine producer

(Cava 57), to develop a vineyard inside the hotel. We

expect the experience to be a good business driver for the

hotel in the future

The vines were planted in Q4 2019 and we expect

production of the Chateau Galindo within a few years

Pictures of the hotel

Winery pictures

17

Ability to Execute in Uncertain Conditions

FibraHotel has the best real estate assets with 86 hotels and 12,560 rooms in Mexico

Confident on the quality of our portfolio which will create value across cycles

Diversified assets across geographies, sectors, segments and demand drivers

Best management team and sponsor

Experienced management team

Strong balance sheet

26% LTV and 3.2x net debt 4Q LTM EBITDA

Average loan life of ~7 years

Most of the debt is in fixed rate or hedged to changes in interest rate, and long USD

1

3

2

We are confident on our business model and the quality of the portfolio

We are currently living in uncertain times. Management has been here before. Many times

Focus is 100% on operating results

Risk profile has changed with most assets stabilized by 2021

The CBFI is at an attractive valuation

18

FibraHotel Investment Thesis

Open Architecture with Leading Brands and Operators

The Best Hotel Portfolio in Mexico. Unique and Well Diversified

Hotels with Growth Potential

Attractive Valuation with Proven Business Plan Execution

Lower Risk Profile as Most Hotels will be Stabilized by 2019.

Finished Development Cycle that Rounded Out the Portfolio

Strong Balance Sheet with a Prudent Leverage Policy

Experienced Management Team plus Best in Class Sponsor with

Strong Long-Term Alignment of Interests6

5

4

3

2

1

19

Lodging market update

and appendices

20

Growing trend of tourists traveling to Mexico is supported by the “value proposition” that our country

offers to international and domestic tourists

Source: Company filings, INEGI, WTTC and SECTUR

Solid Tourism Fundamentals

Attractive

locations

Culture

offer

Return on

vacation

investment

Positive

demo-

graphic

tendencies

Continuous

sector

growth

Year round warm

weather Privileged location

that provides

access to the

largest feeder markets in US and

Canada

Large

supply of

culture and

history-

prehispanic,

colonial, etc.

#6 in cultural

heritagesGreat

gastronomic

offer – declared

heritage of humanity

by UNESCO

Baby boomers

travelling more

Growth in

discretional

income has

the potential to

increase local

tourism Broad range of

tourist

alternatives Competitive prices Wide range of touristic

experiences and services

Improved

infrastructure with more flights

Record levels of

tourist arrivals

Best-in-class

services

Tourism is an important driver for

Mexico’s GDP growth, and represents

~9% of the country’s national GDP

Currently, Mexico is the #7 most

visited country in the world (vs.

#15 on 2013) with over 45 million

international tourists and has the

most developed hospitality

market in Latin America

Dollar revenues from tourism

were USD$25bn in 2019

Airlift mostly under 5 hoursbetween Mexico and the U.S is a

competitive advantage

We believe that nowadays tourists are

in search for experiences rather

than material possessions

Key factors behind the positive trend of traveler growth in Mexico

21

STR´s Mexico Market Overview

Source: STR

Supply and Demand in Mexico over time Mexico pipeline

2019 Mexico hotel performance by segment 2020 Mexico outlook

22

Mexico Lodging Overview and Demand Drivers

Fuente: HVS

Business travel economic corridors in Mexico Mexico chain participation

Leisure demand corridors in Mexico

Select leisure market supply analysis

ADR growth for selected business destinations

23

In a highly competitive market, FibraHotel has suffered margin pressure from:

Operational deleveraging with less rate/revenues and fixed costs

Higher number of guests per room at a similar rate mainly due to a reduction in corporate budgets

Concessions sometimes required to maintain the production of key accounts (incentivize with transportation, breakfast, etc.)

Increases in certain line items above inflation, mainly labor, utilities and certain commissions

Short term plans under way to improve margins:

Review brand standards (ej. changing bath amenities from bottles to bulk dispensers, eliminate single use water bottles)

Invest in utilities efficiency projects and automate machine rooms

Changed all lighting to LED (finished), changed gas LP to natural gas where available, installation of heat recovery systems,

installation of solar panels, among others)

Continue to negotiate purchase agreements with rebates to FibraHotel. Items such as crystal and dinnerware, cleaning supplies, TVs,

internet and computer systems, as well as a corporate agreement for credit card commissions

Efficiency programs at food and beverage outlets with a focus on profitability and potential franchise options

Better budgeting and forecasting, as well as better corporate cost control

In the medium and long term, additional initiatives include:

Direct purchase of electricity. Agreement has been signed, we are waiting for regulator approval (CRE). Expect by the end of 2020

Improvement in direct bookings leading to a cheaper sourcing channel

Sale or conversion of non strategic assets

FibraHotel is working on several programs to reduce costs

FibraHotel´s Asset Management Team is Working to

Improve Efficiency and Reduce Costs at the hotels

FibraHotel´s variable fee is design to support the company in adverse conditions

Asset management team is focused on improving hotel penetration and executing cost reduction projects

24

FibraHotel´s Financials Over Time

Fuente: Company financials