Sale of Trustee RightsSale of Trustee Rights

in the Trust 193

“P L C“Puerto Los Cabos-

FIFONAFE”

•Background•Background

•Master Plan

•Location•Location

•How Does It Constitute

FIFONAFE Ri hts •FIFONAFE Rights

•Enviroment

M ints

•Marina

•Golf Course

nten

•Residential Areas

•Hotel Areas

Con

•AmenitiesC

Background

Derived from the contribution of land, FIFONAFE is Trustor and Trustee first in the Trust 193,h i f I l T i P (ITP) P L C b (1900 A )that is part of: Integral Tourism Proyect (ITP) Puerto Los Cabos (1900 Acres)

The ITP is integrated by 5 Trusts:

•Trust 192 Puerto Los Cabos-FONATUR (462 Acres)•Trust 193 Puerto Los Cabos-FIFONAFE (477 Acres)•Trust 498 Puerto Los Cabos-Ejido (568 Acres)•Trust Inversión Privada (64 Acres)•Trust 283 Puerto Los Cabos-FIFONAFE III (329 Acres)

Master Plan d ldel TIP

Puerto Los Cabos is located in the Municipally of Los Cabos, 1 mile east of San José del Caboand just 20 minutes from the international airport.

Master Plan

The TIP Master Plan was designed by EDSA, a company in Fort Lauderdale, Florida, known worldwideThe TIP Master Plan was designed by EDSA, a company in Fort Lauderdale, Florida, known worldwidefor its tourism development planning. This is integrated smoothly and orderly all elements of theproject, achieving a healthy relationship with the town "La Playa", which is immersed in Development.

Tourism Development includes:

• World Class Marina for over 500 boats• World Class Marina for over 500 boats• Two Golf Courses with 18 holes• 4 beachfront hotel lots• Residential land• 2 private beach clubs• 2 private beach clubs• 1 public beach club• Museum• Ecological park

HOW DOES ITCONSTITUTE

In 1991, Grupo Mar y FONATUR formed a company called Puerto Los Cabos, S.A de C.V, with the aim ofdeveloping tourism projects. 51% of the shares was acquired by Grupo Mar and 49% by FONATUR.

In 1993 Puerto Los Cabos invited to FIFONAFE associate with the development of a mega resort locatedin the central part of the Polygon Eight, 3 miles east of San Jose del Cabo.

The FIFONAFE Governing Board at its meeting SC-422 on 4 August 1993, authorized the FIFONAFE tosign the Trust Agreement.

HOW DOES IT

In 1994 the Trust “Puerto Los Cabos “was established through which agreed on the following

CONSTITUTEIn 1994 the Trust Puerto Los Cabos was established, through which agreed on the following contributions:

FIFONAFE: 475.574 AcresFONATUR 462 148 A (i l f h TIP)

The members of the Trust 193 “Puerto Los Cabos-FIFONAFE” are:

FONATUR: 462.148 Acres (is no longer part of the TIP)

Trustors: FIFONAFE y Puerto Los Cabos, S.A. de C.V.

Fiduciary: Banca INVEX, Sociedad Anónima de Capital Variable

Trustee: 1st place FIFONAFETrustee: 1 place FIFONAFE

2nd place PUERTO LOS CABOS, S.A. de C.V.

3rd place individuals or entities designated by the Trust

HOW DOES IT

Under the ITP the FIFONAFE only participates in projects located in the surface provided wich are:

CONSTITUTEUnder the ITP, the FIFONAFE only participates in projects located in the surface provided, wich are:

• Building, urbanization and infraestructure works in the surface provided.

• Buildings and facilities erected, established or benefit the land surface.

• Licenses, permissions and concessions granted by the competent authorities

M bl d i bl h i d h i• Movable and immovable property as the parties deem must enter the patrimony.

• For the product and the amounts or property received or obtained in respect of the purchaseprice, consideration or any other capacity in connection with the sale marketing, operationand/or disposal of marketable land, lots and real estate products that are within the property,/ p , p p p y,including interest and accessories which are charged to the sale of such property..

FIFONAFE RIGHTS

FIFONAFE rights in Trust 193 are:

• 11% of the revenue collected from the sales price of marketable land, lots and property resultingproducts that are part of the property contributed by FIFONAFE to this Trust, and are disposed toproducts that are part of the property contributed by FIFONAFE to this Trust, and are disposed tothird, and 11% of the interests and conventional accessories law to be levied under the sale ofthose goods.

• For purposes of marketing of salable land, lots and real estate products forming part of the ITP andFor purposes of marketing of salable land, lots and real estate products forming part of the ITP andare located within the property contributed by FIFONAFE, the average price of the salable areathat must receive at least the sum of US$6.59 (or its equivalent in national currency, updated to2008) per square foot of salable area, whose minimum amount may be revised and adjustedannually based on the Consumer Price Index of the United States of America..a ua y based o t e Co su e ce de o t e U ted States o e ca

FIFONAFE RIGHTS

• The payment of the amounts that relate to FIFONAFE payments made by purchasers agree tocharges of sales and accessories, will be monthly in the currency of each batch and real estate productsthat are disposed within 15 calendar days following the month in question and that such paymentsthat are disposed within 15 calendar days following the month in question and that such paymentsare received by the Trust 193..

• 5% of the share of their proceeds from the Golf Course.

• Payment of arrears interest when collections exceed 90 calendar days from the date on which it isreceived any payment from the buyers.

• Lien for the association in setting up projects or businesses within the development in the area• Lien for the association in setting up projects or businesses within the development in the areaprovided

Enviroment

Puerto Los Cabos is situated on almost 2000 acres of property, and encompasses over 3 miles ofbeachfront By having a smooth bottom topography in 80% of the land allowing the sea view frombeachfront. By having a smooth bottom topography in 80% of the land, allowing the sea view frommost locations. Also at its western boundary with the spectacular Estero de San Jose and within theproperty, with an oasis of palms and fruit trees of different species.

Developed by Grupo Questro, one ofMexico’s most influential real estatedevelopment corporations, Puerto LosCabos is the group’s most ambitiousproject, ecologically responsible and world-class development.

MARINA

It has been specifically designed to establish a new standard of excellence for the entire west coast of NorthAmerica, is the heart of the master plan for Puerto Los Cabos and the second in the area.

Recognizing that customer service is of the utmost importance, it will offer world-class facilities and service whileaccommodating over 500 boats including luxury mega-yachts.

GOLF COURSE

For players of all levels Puerto Los Cabos has 2For players of all levels, Puerto Los Cabos has 218 hole golf courses designed by Greg Normanand Jack Nicklaus.

The Course designed by Greg Norman is aThe Course designed by Greg Norman is aprivate facility for the exclusive use of residents,whereas the one designed by Jack Nicklausendorsed golf options in Los Cabos.

RESIDENTIAL AREASPuerto Los Cabos has 3 residential zones including 228 lots in Fundadores, 50 in La Noria an 79 in ElAltillo.

To date it have sold 263 lots 52 in El Altillo 50 in La Noria and 161 in FundadoresTo date it have sold 263 lots, 52 in El Altillo, 50 in La Noria and 161 in Fundadores.

Residential areas have facilities such as golf course, beachfront and ocean view.

.

RESIDENCIAL ZONES

.

In the back of the Marina is Las Ánimas, a residential subdivision next to develop, that will offer between150 and 200 lots. Villas del Tamaral will have approximately 148 condominiums .

HOTEL AREAS

.

In 2009 was formed the Trust Puerto Los Cabos-Trinity, for the construction of a Four Seasons hotel.

This project represents the first hotel development in the ITP.

AMENITIES

.

INFORMATION

Lic. Paola Tejada De LeónSubdirectora Inmobiliaria del FIFONAFESubdirectora Inmobiliaria del FIFONAFETelephones: 01800-8495970 o (52) (55) 54823200 exts 111, 124 y 195

.Email: paola.tejada@fifonafe.gob.mx