----

| • | Murano Group’s historical condensed combined interim statement of financial position as of June 30, 2023, incorporated by                  reference to the Prospectus. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | HCM’s historical balance sheet as of June 30, 2023, incorporated by reference to the Prospectus. |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | Murano Group’s historical condensed combined interim statement of profit or loss and other comprehensive income for the                  six-month period ended June 30, 2023, incorporated by reference to the Prospectus. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | HCM’s historical statement of operations for the six-month period ended June 30, 2023, incorporated by reference to the                  Prospectus. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Murano Group’s historical combined statement of profit or loss and other comprehensive income for the twelve-month period ended                  December 31, 2022, incorporated by reference to the Prospectus. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | HCM’s historical statement of operations for the twelve-month period ended December 31, 2022, incorporated by reference to the                  Prospectus. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 | ​ | ​ | Murano Group Historical As of June 30, 2023 | ​ | ​ | HCM Historical As of June 30, 2023 (After IFRS and Currency Conversion Adjustments) | ​ | ​ | Transaction Accounting Adjustments | ​ | ​ | Footnote reference | ​ | ​ | Pro Forma Combined |
|------------------------------------------------------|---------|---------|--------------------------------------------------|---------|---------|------------------------------------------------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Assets                                               | ​ | ​ |                                             | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Current Assets:                                      | ​ | ​ |                                             | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Cash and cash equivalents and restricted cash        | ​ | ​ | 325,002,736                                      | ​ | ​ | 2,163,722                                                                                | ​ | ​ | (294,208,182)                      | ​ | ​ | [1], [2], [4]      | ​ | ​ | 32,958,276         |
| Trade receivables                                    | ​ | ​ | 6,928,278                                        | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 6,928,278          |
| VAT receivable                                       | ​ | ​ | 182,724,218                                      | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 182,724,218        |
| Other receivables                                    | ​ | ​ | 30,387,475                                       | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 30,387,475         |
| Due from related parties                             | ​ | ​ | 66,261,192                                       | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 66,261,192         |
| Prepayments                                          | ​ | ​ | 11,870,889                                       | ​ | ​ | 2,285,514                                                                                | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 14,156,403         |
| Inventories                                          | ​ | ​ | 638,433                                          | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 638,433            |
| Total current assets                                 | ​ | ​ | 623,813,221                                      | ​ | ​ | 4,449,236                                                                                | ​ | ​ | (294,208,182)                      | ​ | ​ |               | ​ | ​ | 334,054,275        |
| Cash and marketable securities held in trust account | ​ | ​ | —                                          | ​ | ​ | 745,703,782                                                                              | ​ | ​ | (745,703,782)                      | ​ | ​ | [1]                | ​ | ​ | —            |
| Property, construction in process and equipment      | ​ | ​ | 17,660,920,329                                   | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 17,660,920,329     |
| Investment property                                  | ​ | ​ | 1,187,089,926                                    | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 1,187,089,926      |
| Prepayments                                          | ​ | ​ | —                                          | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Right of use assets                                  | ​ | ​ | 410,908                                          | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 410,908            |
| Financial derivative instruments                     | ​ | ​ | 168,888,524                                      | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 168,888,524        |
| Other assets                                         | ​ | ​ | —                                          | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Guarantee deposits                                   | ​ | ​ | 12,839,795                                       | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 12,839,795         |
| Total assets                                         | ​ | ​ | 19,653,962,703                                   | ​ | ​ | 750,153,018                                                                              | ​ | ​ | (1,039,911,964)                    | ​ | ​ |               | ​ | ​ | 19,364,203,757     |
| Liabilities and Net assets                           | ​ | ​ |                                             | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Current Liabilities:                                 | ​ | ​ |                                             | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Current installments of long-term debt               | ​ | ​ | 3,606,018,842                                    | ​ | ​ | —                                                                                  | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 3,606,018,842      |
| Trade accounts payable and accumulated expenses      | ​ | ​ | 149,994,097                                      | ​ | ​ | 49,537,652                                                                               | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 199,531,749        |
| Due to related parties                               | ​ | ​ | 95,778,980                                       | ​ | ​ | 7,312,586                                                                                | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 103,091,566        |
| Lease liabilities                                    | ​ | ​ | 175,015                                          | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 175,015            |
| Income tax payable                                   | ​ | ​ | 26,698,381                                       | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 26,698,381         |
| Employees’ statutory profit sharing            | ​ | ​ | 1,330,845                                        | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 1,330,845          |
| Contributions for future net assets                  | ​ | ​ | 3,500,000                                        | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 3,500,000          |
| Accrued offering costs                               | ​ | ​ |                                                  | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Total current liabilities                            | ​ | ​ | 3,883,496,160                                    | ​ | ​ | 56,850,238                                                                               | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 3,940,346,398      |

----

|                                              | ​ | ​ | Murano Group Historical As of June 30, 2023 | ​ | ​ | HCM Historical As of June 30, 2023 (After IFRS and Currency Conversion Adjustments) | ​ | ​ | Transaction Accounting Adjustments | ​ | ​ | Footnote reference | ​ | ​ | Pro Forma Combined |
|---------------------------------------------------|---------|---------|--------------------------------------------------|---------|---------|------------------------------------------------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Non-current Liabilities:                          | ​ | ​ |                                             | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Long-term debt, excluding current installments    | ​ | ​ | 2,447,566,381                                    | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 2,447,566,381      |
| Due to related parties, excluding current portion | ​ | ​ | 150,843,473                                      | ​ | ​ | —                                                                                  | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 150,843,473        |
| Deferred revenue - long term                      | ​ | ​ | 34,016,156                                       | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 34,016,156         |
| Lease liabilities, excluding current portion      | ​ | ​ | —                                          | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Employee benefits                                 | ​ | ​ | 7,865,691                                        | ​ | ​ | —                                                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 7,865,691          |
| Deferred tax liabilities                          | ​ | ​ | 4,317,084,818                                    | ​ | ​ | —                                                                                  | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 4,317,084,818      |
| Warrant liabilities                               | ​ | ​ | —                                          | ​ | ​ | 9,346,920                                                                                | ​ | ​ | (4,065,600)                        | ​ | ​ | [7]                | ​ | ​ | 5,281,320          |
| Deferred underwriting fee payable                 | ​ | ​ | —                                          | ​ | ​ | 51,216,000                                                                               | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 51,216,000         |
| Other liabilities                                 | ​ | ​ | —                                          | ​ | ​ | 745,703,782                                                                              | ​ | ​ | (745,703,782)                      | ​ | ​ | [2], [3]           | ​ | ​ | —            |
| Total liabilities                                 | ​ | ​ | 10,840,872,679                                   | ​ | ​ | 863,116,940                                                                              | ​ | ​ | (749,769,382)                      | ​ | ​ |               | ​ | ​ | 10,954,220,237     |
| Equity                                            | ​ | ​ |                                             | ​ | ​ |                                                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Common stock                                      | ​ | ​ | —                                          | ​ | ​ | 20,381                                                                                   | ​ | ​ | 2,958,436,077                      | ​ | ​ | [3],[4],[5],[6]    | ​ | ​ | 2,958,456,458      |
| Net parent investment                             | ​ | ​ | 902,611,512                                      | ​ | ​ | —                                                                                  | ​ | ​ | (902,611,512)                      | ​ | ​ | [6]                | ​ | ​ | —            |
| Additional paid-in capital                        | ​ | ​ | —                                          | ​ | ​ | 213,585,356                                                                              | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 213,585,356        |
| Accumulated Deficit                               | ​ | ​ | (825,082,716)                                    | ​ | ​ | (366,499,933)                                                                            | ​ | ​ | (2,345,967,147)                    | ​ | ​ | [2],[4],[5],[7]    | ​ | ​ | (3,537,549,796)    |
| Other comprehensive income                        | ​ | ​ | 8,735,561,228                                    | ​ | ​ | 39,930,274                                                                               | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 8,775,491,502      |
| Total equity                                      | ​ | ​ | 8,813,090,024                                    | ​ | ​ | (112,963,922)                                                                            | ​ | ​ | (290,142,582)                      | ​ | ​ |               | ​ | ​ | 8,409,983,520      |
| Total liabilities and net assets                  | ​ | ​ | 19,653,962,703                                   | ​ | ​ | 750,153,018                                                                              | ​ | ​ | (1,039,911,964)                    | ​ | ​ |               | ​ | ​ | 19,364,203,757     |

----

|                                                                           | ​ | ​ | Murano Group Historical For the six-month period ended June 30, 2023 | ​ | ​ | HCM Historical For the year ended December 31, 2022 | ​ | ​ | Transaction Accounting Adjustments | ​ | ​ | Footnote reference | ​ | ​ | Pro Forma Combined |
|--------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------|---------|---------|----------------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Revenue                                                                        | ​ | ​ | 107,345,787                                                               | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 107,345,787        |
|                                                                           | ​ | ​ |                                                                      | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ |               |
| Direct and selling, general and administrative expenses:                       | ​ | ​ |                                                                      | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ |               |
| Employee Benefits                                                              | ​ | ​ | 76,418,979                                                                | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 76,418,979         |
| Development contributions to local area                                        | ​ | ​ | —                                                                   | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Depreciation                                                                   | ​ | ​ | 14,475,472                                                                | ​ | ​ |                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 14,475,472         |
| Property tax                                                                   | ​ | ​ | 9,780,872                                                                 | ​ | ​ | —                                                  | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 9,780,872          |
| Fees                                                                           | ​ | ​ | 37,236,737                                                                | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 37,236,737         |
| Management fees                                                                | ​ | ​ | 2,694,553                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 2,694,553          |
| Maintenance and conservation                                                   | ​ | ​ | 4,526,294                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 4,526,294          |
| Energetics                                                                     | ​ | ​ | 6,461,275                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 6,461,275          |
| Advertising                                                                    | ​ | ​ | 8,236,255                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 8,236,255          |
| Donations                                                                      | ​ | ​ | 5,951,130                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 5,951,130          |
| Insurance                                                                      | ​ | ​ | 4,121,519                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 4,121,519          |
| Software                                                                       | ​ | ​ | 4,506,780                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 4,506,780          |
| Cleaning and laundry                                                           | ​ | ​ | 4,127,309                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 4,127,309          |
| Food and beverage                                                              | ​ | ​ | 30,780,790                                                                | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 30,780,790         |
| Bank fees                                                                      | ​ | ​ | 2,413,473                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 2,413,473          |
| Sales commissions                                                              | ​ | ​ | 3,922,916                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 3,922,916          |
| Other costs                                                                    | ​ | ​ | 39,572,783                                                                | ​ | ​ | —                                                  | ​ | ​ | 42,624,830                         | ​ | ​ | [A]                | ​ | ​ | 82,197,613         |
| Operating and formation costs                                                  | ​ | ​ | —                                                                   | ​ | ​ | 42,624,830                                               | ​ | ​ | (42,624,830)                       | ​ | ​ | [A]                | ​ | ​ | —            |
| Total direct and selling, general and administrative                  expenses | ​ | ​ | 255,227,137                                                               | ​ | ​ | 42,624,830                                               | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 297,851,967        |
| Interest income                                                                | ​ | ​ | 2,029,494                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 2,029,494          |
| Interest expense                                                               | ​ | ​ | (137,796,876)                                                             | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | (137,796,876)      |
| Exchange rate income, net                                                      | ​ | ​ | 678,078,298                                                               | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 678,078,298        |
| Valuation of financial derivative instruments                                  | ​ | ​ | (23,903,466)                                                              | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | (23,903,466)       |
| Other income                                                                   | ​ | ​ | 9,350,566                                                                 | ​ | ​ | —                                                  | ​ | ​ | 5,409,796                          | ​ | ​ | [A]                | ​ | ​ | 14,760,362         |
| Other expenses                                                                 | ​ | ​ | (156,974)                                                                 | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | (156,974)          |
| Interest income – bank                                                   | ​ | ​ | —                                                                   | ​ | ​ | 55,125                                                   | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 55,125             |
| Reduction of deferred underwriting fee                                         | ​ | ​ | —                                                                   | ​ | ​ | 5,409,796                                                | ​ | ​ | (5,409,796)                        | ​ | ​ | [A]                | ​ | ​ | —            |
| Interest earned on marketable securities held in Trust Account                 | ​ | ​ | —                                                                   | ​ | ​ | 75,831,533                                               | ​ | ​ | (75,831,533)                       | ​ | ​ | [B]                | ​ | ​ | —            |
| Unrealized gain on marketable securities held in Trust Account                 | ​ | ​ | —                                                                   | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Change in fair value of warrant liabilities                                    | ​ | ​ | —                                                                   | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Transaction cost incurred in connection with Initial Public Offering           | ​ | ​ | —                                                                   | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Profit before income taxes                                                     | ​ | ​ | 379,719,692                                                               | ​ | ​ | 38,671,624                                               | ​ | ​ | (75,831,533)                       | ​ | ​ |               | ​ | ​ | 342,559,783        |
| Income taxes                                                                   | ​ | ​ | 23,802,249                                                                | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 23,802,249         |
| Net profit (loss) for the period                                               | ​ | ​ | 355,917,443                                                               | ​ | ​ | 38,671,624                                               | ​ | ​ | (75,831,533)                       | ​ | ​ |               | ​ | ​ | 318,757,534        |

----

|                                                                                                        | ​ | ​ | Murano Group Historical For the six-month period ended June 30, 2023 | ​ | ​ | HCM Historical For the year ended December 31, 2022 | ​ | ​ | Transaction Accounting Adjustments | ​ | ​ | Footnote reference | ​ | ​ | Pro Forma Combined |
|-------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------|---------|---------|----------------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Other comprehensive income:                                                                                 | ​ | ​ |                                                                      | ​ | ​ |                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Revaluation of Property, construction in process and equipment, net of                  deferred income tax | ​ | ​ | —                                                                   | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Remeasurement of net defined benefit liability, net of deferred income tax                                  | ​ | ​ | —                                                                   | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | —            |
| Foreign currency translation adjustment                                                                     | ​ | ​ | —                                                                   | ​ | ​ | 27,706,300                                               | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 27,706,300         |
| Other comprehensive income for the period                                                                   | ​ | ​ | 355,917,443                                                               | ​ | ​ | 66,377,924                                               | ​ | ​ | (75,831,533)                       | ​ | ​ |               | ​ | ​ | 346,463,834        |
| Basic and diluted weighted average shares outstanding                                                       | ​ | ​ |                                                                      | ​ | ​ | 29,407,687                                               | ​ | ​ | 49,835,186                         | ​ | ​ |               | ​ | ​ | 79,242,873         |
| Basic and diluted net income (loss) per share                                                               | ​ | ​ |                                                                      | ​ | ​ | 1.32                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | 4.02               |

----

|                                                                                                        | ​ | ​ | Murano Group Historical For the year ended December 31, 2022 | ​ | ​ | HCM Historical For the year ended December 31, 2022 | ​ | ​ | Transaction Accounting Adjustments | ​ | ​ | Footnote reference | ​ | ​ | Pro Forma Combined |
|-------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|----------------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Revenue                                                                                                     | ​ | ​ | 6,431,022                                                         | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 6,431,022          |
|                                                                                                        | ​ | ​ |                                                              | ​ | ​ |                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Direct and selling, general and administrative expenses:                                                    | ​ | ​ |                                                              | ​ | ​ |                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Employee Benefits                                                                                           | ​ | ​ | 53,944,188                                                        | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 53,944,188         |
| Development contributions to the local area                                                                 | ​ | ​ | 25,862,069                                                        | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 25,862,069         |
| Property tax                                                                                                | ​ | ​ | 15,605,504                                                        | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 15,605,504         |
| Fees                                                                                                        | ​ | ​ | 67,534,391                                                        | ​ | ​ | —                                                  | ​ | ​ | 111,918,569                        | ​ | ​ | [A], [C]           | ​ | ​ | 179,452,960        |
| Maintenance and conservation                                                                                | ​ | ​ | 10,218,739                                                        | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 10,218,739         |
| Advertising                                                                                                 | ​ | ​ | 9,806,261                                                         | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 9,806,261          |
| Insurance                                                                                                   | ​ | ​ | 3,891,189                                                         | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 3,891,189          |
| Inventory                                                                                                   | ​ | ​ | 1,167,596                                                         | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 1,167,596          |
| Other costs                                                                                                 | ​ | ​ | 62,602,777                                                        | ​ | ​ | —                                                  | ​ | ​ | 38,551,932                         | ​ | ​ | [A]                | ​ | ​ | 101,154,709        |
| Operating and formation costs                                                                               | ​ | ​ | —                                                           | ​ | ​ | 38,551,932                                               | ​ | ​ | (38,551,932)                       | ​ | ​ | [A]                | ​ | ​ | —            |
| Total direct and selling, general and administrative                  expenses                              | ​ | ​ | 250,632,714                                                       | ​ | ​ | 38,551,932                                               | ​ | ​ | 111,918,569                        | ​ | ​ |               | ​ | ​ | 401,103,215        |
| Increase in fair value of investment property                                                               | ​ | ​ | 298,089,926                                                       | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 298,089,926        |
| Interest income                                                                                             | ​ | ​ | 555,638                                                           | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 555,638            |
| Interest expense                                                                                            | ​ | ​ | (86,485,683)                                                      | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | (86,485,683)       |
| Exchange rate income, net                                                                                   | ​ | ​ | 276,747,870                                                       | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 276,747,870        |
| Valuation of financial derivative instruments                                                               | ​ | ​ | 200,739,870                                                       | ​ | ​ | —                                                  | ​ | ​ | 262,934,550                        | ​ | ​ | [A],[E]            | ​ | ​ | 463,674,420        |
| Other income                                                                                                | ​ | ​ | 33,514,903                                                        | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 33,514,903         |
| Other expenses                                                                                              | ​ | ​ | (3,874,125)                                                       | ​ | ​ | —                                                  | ​ | ​ | (2,255,469,302)                    | ​ | ​ | [D]                | ​ | ​ | (2,259,343,427)    |
| Interest earned on marketable securities held in Trust Account                                              | ​ | ​ | —                                                           | ​ | ​ | 86,682,956                                               | ​ | ​ | (86,682,956)                       | ​ | ​ | [B]                | ​ | ​ | —            |
| Unrealized gain on marketable securities held in Trust Account                                              | ​ | ​ | —                                                           | ​ | ​ | 1,228,225                                                | ​ | ​ | (1,228,225)                        | ​ | ​ | [B]                | ​ | ​ | —            |
| Change in fair value of warrant liabilities                                                                 | ​ | ​ | —                                                           | ​ | ​ | 258,868,950                                              | ​ | ​ | (258,868,950)                      | ​ | ​ | [A]                | ​ | ​ | —            |
| Transaction cost incurred in connection with Initial Public Offering                                        | ​ | ​ | —                                                           | ​ | ​ | (10,788,143)                                             | ​ | ​ | 10,788,143                         | ​ | ​ | [A]                | ​ | ​ | —            |
| Profit before income taxes                                                                                  | ​ | ​ | 475,086,707                                                       | ​ | ​ | 297,440,056                                              | ​ | ​ | (2,440,445,309)                    | ​ | ​ |               | ​ | ​ | (1,667,918,546)    |
| Income taxes                                                                                                | ​ | ​ | 170,487,446                                                       | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 170,487,446        |
| Net profit (loss) for the period                                                                            | ​ | ​ | 304,599,261                                                       | ​ | ​ | 297,440,056                                              | ​ | ​ | (2,440,445,309)                    | ​ | ​ |               | ​ | ​ | (1,838,405,992)    |
| Other comprehensive income:                                                                                 | ​ | ​ |                                                              | ​ | ​ |                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ |               |
| Revaluation of Property, construction in process and equipment, net of                  deferred income tax | ​ | ​ | 4,206,327,541                                                     | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 4,206,327,541      |

----

|                                                                       | ​ | ​ | Murano Group Historical For the year ended December 31, 2022 | ​ | ​ | HCM Historical For the year ended December 31, 2022 | ​ | ​ | Transaction Accounting Adjustments | ​ | ​ | Footnote reference | ​ | ​ | Pro Forma Combined |
|----------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|----------------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Remeasurement of net defined benefit liability, net of deferred income tax | ​ | ​ | (1,788,136)                                                       | ​ | ​ | —                                                  | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | (1,788,136)        |
| Foreign currency translation adjustment                                    | ​ | ​ | —                                                           | ​ | ​ | 12,223,974                                               | ​ | ​ | —                            | ​ | ​ |               | ​ | ​ | 12,223,974         |
| Other comprehensive income for the period                                  | ​ | ​ | 4,509,138,666                                                     | ​ | ​ | 309,664,030                                              | ​ | ​ | (2,440,445,309)                    | ​ | ​ |               | ​ | ​ | 2,378,357,387      |
| Basic and diluted weighted average shares outstanding                      | ​ | ​ |                                                              | ​ | ​ | 36,753,425                                               | ​ | ​ | 42,489,448                         | ​ | ​ |               | ​ | ​ | 79,242,873         |
| Basic and diluted net income (loss) per share                              | ​ | ​ |                                                              | ​ | ​ | 8.09                                                     | ​ | ​ |                               | ​ | ​ |               | ​ | ​ | (23.20)            |

----

| • | The Subscriptions (as defined in the Business Combination Agreement) will be undertaken in which: |
|---------|---------------------------------------------------------------------------------------------------|
| • | Murano will reimburse the Seller for 16,413,927 shares of Murano Ordinary Shares in consideration of Ps.$16,413,927; |
|---------|----------------------------------------------------------------------------------------------------------------------|
| • | ESC will subscribe for additional shares in PubCo for a cash subscription price of US$1,500,000 (the “Cash Subscription”) in                  consideration for the issuance by PubCo of 69,100,000 PubCo Ordinary Shares; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | PubCo will subscribe for a number of shares in Murano, such that after giving effect to such subscription PubCo will hold                  99.99% of Murano Ordinary Shares in consideration for cash in the amount of the Cash Subscription and the remaining 0.001% of Murano will be held by Murano Management S.A. de C.V, in accordance with requirements of Mexican law; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Sponsor has agreed to transfer 1,250,000 HCM Class A Ordinary Shares to certain vendors of Murano and forfeit all of its                  Private Placement Warrants upon the Closing. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Murano Parties will effect an internal reorganization of certain of their assets and Subsidiaries; and |
|---------|------------------------------------------------------------------------------------------------------------|
| • | New CayCo will merge with and into HCM with HCM being the surviving corporation in the Merger and a wholly-owned subsidiary of                  PubCo. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                                                                                                                                            | ​ | ​ | GAAP Historical U.S. balances | ​ | ​ | Conversion Adjustments | ​ | ​ | Footnote reference | ​ | ​ | After conversion | ​ | ​ | After currency conversion to Ps. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|---------|------------------------|---------|---------|--------------------|---------|---------|------------------|---------|---------|----------------------------------|
|                                                                                                                                                                                                                            | ​ | ​ | (in U.S. dollars)             | ​ | ​ | (in Ps.)(2)            |
| ASSETS                                                                                                                                                                                                                          | ​ | ​ |                          | ​ | ​ |                   | ​ | ​ |               | ​ | ​ |             | ​ | ​ |                             |
| Cash and cash equivalents                                                                                                                                                                                                       | ​ | ​ | 126,741                       | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 126,741          | ​ | ​ | 2,163,722                        |
| Prepaid expenses                                                                                                                                                                                                                | ​ | ​ | 133,875                       | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 133,875          | ​ | ​ | 2,285,514                        |
| Total Current Assets                                                                                                                                                                                                            | ​ | ​ | 260,616                       | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 260,616          | ​ | ​ | 4,449,236                        |
| Cash and marketable securities held in trust account                                                                                                                                                                            | ​ | ​ | 43,679,931                    | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 43,679,931       | ​ | ​ | 745,703,782                      |
| Total assets                                                                                                                                                                                                                    | ​ | ​ | 43,940,547                    | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 43,940,547       | ​ | ​ | 750,153,018                      |
|                                                                                                                                                                                                                            | ​ | ​ |                          | ​ | ​ | —                | ​ | ​ |               | ​ | ​ |             | ​ | ​ |                             |
| LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO                  REDEMPTION AND SHAREHOLDERS’ DEFICIT                                                                                                                     | ​ | ​ |                          | ​ | ​ |                   | ​ | ​ |               | ​ | ​ |             | ​ | ​ |                             |
| Current liabilities                                                                                                                                                                                                             | ​ | ​ |                          | ​ | ​ |                   | ​ | ​ |               | ​ | ​ |             | ​ | ​ |                             |
| Accrued expenses                                                                                                                                                                                                                | ​ | ​ | 2,901,690                     | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 2,901,690        | ​ | ​ | 49,537,652                       |
| Promissory note – related party                                                                                                                                                                                           | ​ | ​ | 428,338                       | ​ | ​ |                   | ​ | ​ |               | ​ | ​ | 428,338          | ​ | ​ | 7,312,586                        |
| Total current liabilities                                                                                                                                                                                                       | ​ | ​ | 3,330,028                     | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 3,330,028        | ​ | ​ | 56,850,238                       |
| Warrant liabilities                                                                                                                                                                                                             | ​ | ​ | 547,500                       | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 547,500          | ​ | ​ | 9,346,920                        |
| Deferred underwriting fee payable                                                                                                                                                                                               | ​ | ​ | 3,000,000                     | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 3,000,000        | ​ | ​ | 51,216,000                       |
| Other liabilities                                                                                                                                                                                                               | ​ | ​ | —                       | ​ | ​ | 43,679,931             | ​ | ​ | (1)                | ​ | ​ | 43,679,931       | ​ | ​ | 745,703,782                      |
| Total liabilities                                                                                                                                                                                                               | ​ | ​ | 6,877,528                     | ​ | ​ | 43,679,931             | ​ | ​ |               | ​ | ​ | 50,557,459       | ​ | ​ | 863,116,940                      |
| CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION                                                                                                                                                                                   | ​ | ​ |                          | ​ | ​ |                   | ​ | ​ |               | ​ | ​ |             | ​ | ​ |                             |
| Class A ordinary shares subject to possible redemption; 28,750,000 and 0                  shares issued and outstanding at redemption value at December 31, 2022 and 2021, respectively                               | ​ | ​ | 43,679,931                    | ​ | ​ | (43,679,931)           | ​ | ​ | (1)                | ​ | ​ | —          | ​ | ​ | —                          |
| Shareholders’ Deficit                                                                                                                                                                                                     | ​ | ​ |                          | ​ | ​ |                   | ​ | ​ |               | ​ | ​ |             | ​ | ​ |                             |
| Preference shares, U.S.$0.0001 par value; 5,000,000 shares authorized;                  none issued and outstanding                                                                                                             | ​ | ​ | —                       | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | —          | ​ | ​ | —                          |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares                  authorized; 9,987,500 and no issued and outstanding (excluding 4,079,406 shares subject to possible redemption) at June 30, 2023 | ​ | ​ | 999                           | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 999              | ​ | ​ | 17,986                           |
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized;                  75,000 shares issued and outstanding at June 30, 2023                                                                      | ​ | ​ | 7                             | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 7                | ​ | ​ | 2,395                            |
| Additional paid in capital                                                                                                                                                                                                      | ​ | ​ | 11,827,938                    | ​ | ​ |                   | ​ | ​ |               | ​ | ​ | 11,827,938       | ​ | ​ | 213,585,356                      |
| Accumulated deficit                                                                                                                                                                                                             | ​ | ​ | (18,445,856)                  | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | (18,445,856)     | ​ | ​ | (366,499,933)                    |
| Other Comprehensive Income                                                                                                                                                                                                      | ​ | ​ | —                       | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | —          | ​ | ​ | 39,930,274                       |
| Total shareholders’ Deficit                                                                                                                                                                                               | ​ | ​ | (6,616,912)                   | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | (6,616,912)      | ​ | ​ | (112,963,922)                    |
| Total liabilities, Class A ordinary shares subject to                  redemption and shareholders’ deficit                                                                                                          | ​ | ​ | 43,940,547                    | ​ | ​ | —                | ​ | ​ |               | ​ | ​ | 43,940,547       | ​ | ​ | 750,153,018                      |
| (1) | To reclassify and present redeemable ordinary shares of HCM as other liabilities under IFRS, as shareholders have the right to                  require HCM to redeem the ordinary shares and HCM has an irrevocable obligation to deliver cash for such redemption. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | To present the HCM’s balance sheet translated into Mexican Pesos (presentation currency for Murano Group) for purposes of having                  pro forma combined financial information. The translation from functional currency U.S. dollar to presentation currency followed the requirements and guidance of International Accounting Standard 21 The Effects of Changes in Foreign                  Exchange Rates. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (1) | To reflect the release and reclassification of Ps.$745.7 million of the remaining cash from marketable securities held in the                  trust account. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | To reflect the withdrawal of cash to fund the redemption of 2,460,044 of HCM’s redeemable shares in connection with HCM’s                  Extraordinary Meeting on January 16, 2024, and to fund the redemption of 1,538,989 of HCM’s redeemable shares in connection with HCM’s Extraordinary Meeting on March 5, 2024, leaving 80,373 of HCM’s redeemable shares outstanding. HCM                  withdrew U.S. $27,613,660 and U.S.$ 17,267,457 equivalent to Ps.$465,511,088 and Ps.$293,921,466, respectively, from the Trust Account in connection with each redemption. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | To reclassify other liabilities related to HCM’s outstanding redeemable shares to permanent equity at the closing of the                  Business Combination. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | To reflect the estimated payment of an aggregate of Ps. $179.3 million in direct and incremental transaction costs related to                  the issuance of Murano shares that is comprised of (i) legal fees of Ps.$163.8 million, and (ii) other professional advisor fees of Ps.$15.5 million, as well as listing expenses of Ps. $101.1 million that are not direct and incremental                  transaction costs, which are to be expended, and to reclassify direct and incremental transaction costs accrued in accumulated losses to common stock. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The merger is accounted for under IFRS 2. The difference in the fair value of equity instruments deemed issued by Murano to HCM                  Holders over the fair value of identifiable net assets of Murano represents a share-based payment of services related to the listing of Murano equity and is accounted for as a share-based payment in accordance with IFRS 2 in equity. The                  cost of the service is estimated as follows: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       | ​ | ​ |                          | ​ | ​ | (in Mexican pesos) |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|---------|--------------------|
| Fair value of Murano Group                                                                                                 | ​ | ​ | <A>                     | ​ | ​ | 13,358,400,000     |
| Equity interest in the Company that will be issued to shareholders of HCM and                  Vendor Participation Shares | ​ | ​ | <B>                     | ​ | ​ | 12.80%             |
| Equity interest in the Company of the Company’s shareholders after the                  Business Combination         | ​ | ​ | <C>                     | ​ | ​ | 87.20%             |
| Deemed cost of shares issued by Company                                                                                    | ​ | ​ | <B>/<C>x<A> | ​ | ​ | 1,960,866,055      |
| Less: HCM net liabilities as of December 31, 2022                                                                     | ​ | ​ |                          | ​ | ​ | (294,603,247)      |
| Share-based payment for listing expense                                                                                    | ​ | ​ |                          | ​ | ​ | 2,255,469,302      |
| (6) | To reclassify the Murano’s Group net parent investment to common stock. |
|-----|-------------------------------------------------------------------------------|
| (7) | To reflect the Sponsor’s agreement to forfeit 10,500,000 of its HCM’s Private Placement Warrants upon the Closing. At a fair                  value of U.S.$210,000, equivalent to Ps.$4,065,600. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (A) | To reflect the reclassification adjustment to align HCM’s historical statement of operations with the presentation of Murano’s                  statement of profit and other comprehensive income. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B) | To reflect the elimination of interest income on marketable securities held in the trust account. |
|-----|---------------------------------------------------------------------------------------------------|
| (A) | To reflect the reclassification adjustment to align HCM’s historical statement of operations with the presentation of Murano’s                  statement of profit and other comprehensive income, resulting in the reclassification from Change in fair value of warrant liabilities of Ps.$258,868,950 to Valuation of financial derivative instruments; Operating and formation costs of                  Ps.$38,551,932 to Other costs; and Transaction cost incurred in connection with Initial Public Offering of Ps.$10,788,143 to Fees. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B) | To reflect the elimination of interest income on marketable securities held in the trust account. |
|-----|---------------------------------------------------------------------------------------------------|
| (C) | To reflect Ps.$101.1 million of legal and professional fees that will be paid as of the Closing of the Merger that are not                  direct and incremental due to the issuance of PubCo’s shares and not accrued for in the consolidated statement of profit and other comprehensive income of the Company or the statements of operations of HCM. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (D) | To reflect the share-based payment for the Company’s equity listing expense as detailed in item (5) of the pro forma balance                  sheet adjustments above. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (E) | To reflect the forfeit of HCM's Private Warrants upon the Closing, as detailed in item (7). |
|-----|---------------------------------------------------------------------------------------------|
| (F) | The reconciliation of pro forma weighted average shares outstanding for basic loss per share is as follows: |
|-----|-------------------------------------------------------------------------------------------------------------|
| Weighted average shares calculation                    | ​ | ​ |       |
|--------------------------------------------------------|---------|---------|------------|
| HCM public shares                                      | ​ | ​ | 8,812,500  |
| HCM founder shares                                     | ​ | ​ | 80,373     |
| Vendor Participation Shares                            | ​ | ​ | 1,250,000  |
| Combined Company shares issued in Business Combination | ​ | ​ | 69,100,000 |
| Weighted average of outstanding shares – basic   | ​ | ​ | 79,242,873 |

----

|                                                             | ​ | ​ | Murano Group(Historical) | ​ | ​ | HCM (Historical) | ​ | ​ | Combined Pro Forma |
|------------------------------------------------------------------|---------|---------|--------------------------|---------|---------|------------------|---------|---------|--------------------|
| For the six-month period ended December 31, 2022            | ​ | ​ |                     | ​ | ​ |             | ​ | ​ |               |
| Net profit (loss)                                                | ​ | ​ | 304,599,261              | ​ | ​ | 297,440,056      | ​ | ​ | (1,838,405,992)    |
| Weighted average shares:                                         | ​ | ​ |                     | ​ | ​ |             | ​ | ​ |               |
| Weighted average of outstanding shares – basic and diluted | ​ | ​ | 16,413,928               | ​ | ​ | 36,753,425       | ​ | ​ | 79,242,873         |
| Earnings (loss) per share:                                       | ​ | ​ |                     | ​ | ​ |             | ​ | ​ |               |
| Earnings (loss) per outstanding shares, basic and diluted        | ​ | ​ |                     | ​ | ​ | 8.09             | ​ | ​ | (23.20)            |
| (1) | Book value per share is calculated using the formula: Total shareholder’s equity divided by shares outstanding. |
|-----|-----------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average of outstanding HCM Ordinary Shares represents weighted average of redeemable HCM Ordinary Shares outstanding. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

----