----

| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------------|

| ☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|---------------------------------------------------------------------------------------------|

----

----

| Large accelerated filer ☐ | Accelerated filer ☐       | Non-accelerated filer ☑ |
|---------------------------------|---------------------------------|-------------------------------|
|                            | Emerging growth company ☐ |

----

|      |                                                                               | Page   |
|-----------|------------------------------------------------------------------------------------|--------|
|      |                                                                               |   |
| PART I    |                                                                               | 2      |
| ITEM 1.   | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                              | 2      |
| ITEM 2.   | OFFER STATISTICS AND EXPECTED TIMETABLE                                            | 2      |
| ITEM 3.   | KEY INFORMATION                                      | 2      |
| ITEM 4.   | INFORMATION ON THE COMPANY                                                         | 22     |
| ITEM 4A.  | UNRESOLVED STAFF COMMENTS                                                          | 43     |
| ITEM 5.   | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                       | 43     |
| ITEM 6.   | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                         | 71     |
| ITEM 7.   | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                                  | 76     |
| ITEM 8.   | FINANCIAL INFORMATION                                                              | 77     |
| ITEM 9.   | THE OFFER AND LISTING                                                              | 79     |
| ITEM 10.  | ADDITIONAL INFORMATION                                                             | 82     |
| ITEM 11.  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                         | 94     |
| ITEM 12.  | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                             | 97     |
|      |                                                                               |   |
| PART II   |                                                                               | 98     |
| ITEM 13.  | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                                    | 98     |
| ITEM 14.  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE  OF PROCEEDS | 98     |
| ITEM 15.  | CONTROLS AND PROCEDURES                                                            | 98     |
| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT                                                   | 99     |
| ITEM 16B. | CODE OF ETHICS                                                                     | 99     |
| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                             | 99     |
| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                         | 100    |
| ITEM 16E. | PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS              | 100    |
| ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT                                 | 100    |
| ITEM 16G. | CORPORATE GOVERNANCE                                                               | 100    |
|      |                                                                               |   |
| PART III  |                                                                               | 100    |
| ITEM 17.  | FINANCIAL STATEMENTS                                                               | 100    |
| ITEM 18.  | FINANCIAL STATEMENTS                                                               | 100    |
| ITEM 19.  | EXHIBITS                                                                           | 101    |
|      |                                                                               |   |
| EX-6.1:   | COMPUTATION OF EARNINGS PER SHARE                                                  |   |
| EX-7.1:   | COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES                                  |   |
| EX-8.1:   | LIST OF SUBSIDIARIES                                                               |   |
| EX-12.1:  | CERTIFICATION                                                                      |   |
| EX-12.2:  | CERTIFICATION                                                                      |   |
| EX-13.1:  | CERTIFICATION                                                                      |   |
| EX-13.2:  | CERTIFICATION                                                                      |   |

----

Table of Contents

|  | § | our ability to generate sufficient cash from operations to meet our obligations, including the ability of our subsidiaries to generate sufficient distributable cash flow and to distribute such cash flow in accordance with our existing agreements with our lenders and strategic partners and applicable law; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Mexican, U.S. and global economic, political and social conditions; |
|--|--------|---------------------------------------------------------------------|

|  | § | conditions affecting the international shipping and transportation markets or the oil and gas industry; |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | § | our ability to reduce corporate overhead costs; |
|--|--------|-------------------------------------------------|

|  | § | the availability of capital to fund our expansion plans; |
|--|--------|----------------------------------------------------------|

|  | § | our ability to utilize a portion of our current and future tax loss carryforwards (“Net Operating Losses” or “NOLs”); |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | changes in fuel prices; |
|--|--------|-------------------------|

|  | § | changes in legal or regulatory requirements in Mexico or the United States; |
|--|--------|-----------------------------------------------------------------------------|

|  | § | market and interest rate fluctuations; |
|--|--------|----------------------------------------|

|  | § | competition in geographic and business areas in which we conduct our operations; |
|--|--------|----------------------------------------------------------------------------------|

----

Table of Contents

|  | § | the adverse resolution of litigation and other contingencies; |
|--|--------|---------------------------------------------------------------|

|  | § | the ability of management to manage growth and successfully compete in new businesses; and |
|--|--------|--------------------------------------------------------------------------------------------|

|  | § | the ability of the Company to repay, restructure or refinance its indebtedness. |
|--|--------|---------------------------------------------------------------------------------|

| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
|---------|-------------------------------------------------------|

| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
|---------|-----------------------------------------|

| ITEM 3. | KEY INFORMATION |
|---------|-----------------|

----

Table of Contents

|                                                                         |   | Year Ended December 31, |     |
|------------------------------------------------------------------------------|--------|-------------------------|----------|
|                                                                         |   | 2016                    |     |   | 2015 |   |   | 2014 |   |   | 2013 |   |   | 2012 |   |
| CONSOLIDATED INCOME STATEMENT DATA (a):                                      |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Transportation revenues                                                      |   | $                       | 2,647.5  |   |   | $ | 3,261.9 |   |   | $ | 2,937.3 |   |   | $ | 2,968.8 |   |   | $ | 2,738.8 |   |
| Income on Transportation                                                     |   |                    | 37.9     |   |   |   | 274.2 |   |   |   | 70.6 |   |   |   | 315.0 |   |   |   | 279.7 |   |
| Other Income (Expense) — Net(c)                                        |   |                    | 52.8     |   |   |   | 187.0 |   |   |   | 367.0 |   |   |   | 64.0 |   |   |   | (32.6 | ) |
| Operating Income                                                             |   |                    | 90.7     |   |   |   | 461.2 |   |   |   | 437.6 |   |   |   | 379.0 |   |   |   | 247.1 |   |
| Interest Income                                                              |   |                    | 24.7     |   |   |   | 21.4 |   |   |   | 23.7 |   |   |   | 37.9 |   |   |   | 49.6 |   |
| Interest Expense                                                             |   |                    | 869.3    |   |   |   | 800.2 |   |   |   | 855.5 |   |   |   | 943.1 |   |   |   | 981.2 |   |
| Exchange (Loss) Gain                                                         |   |                    | (21.3    | ) |   |   | 15.7 |   |   |   | (66.1 | ) |   |   | 4.4 |   |   |   | 44.9 |   |
| Loss before Taxes                                                            |   |                    | (775.2   | ) |   |   | (301.9 | ) |   |   | (460.3 | ) |   |   | (521.8 | ) |   |   | (639.6 | ) |
| Benefit (Provision) for Income Taxes                                         |   |                    | 268.6    |   |   |   | (698.5 | ) |   |   | (4.7 | ) |   |   | (4.7 | ) |   |   | (8.8 | ) |
| Loss from continuing operations                                              |   |                    | (506.6   | ) |   |   | (1,000.4 | ) |   |   | (465.0 | ) |   |   | (526.5 | ) |   |   | (648.4 | ) |
| Loss from discontinued operations                                            |   |                    | -        |   |   |   | (18.5 | ) |   |   | (49.5 | ) |   |   | (24.9 | ) |   |   | (132.7 | ) |
| Net (Loss) Income                                                            |   |                    | (506.6   | ) |   |   | (1,018.9 | ) |   |   | (514.5 | ) |   |   | (551.4 | ) |   |   | (781.1 | ) |
| Attributable to Non-controlling interest                                     |   |                    | 1.4      |   |   |   | (2.3 | ) |   |   | 2.4 |   |   |   | 5.0 |   |   |   | 5.3 |   |
| Attributable to stockholders of Grupo TMM, S.A.B.                            |   |                    | (508.0   | ) |   |   | (1,016.6 | ) |   |   | (516.9 | ) |   |   | (556.4 | ) |   |   | (786.4 | ) |
| Loss per Share from continuing operations(d)                                 |   |                    | (4.957   | ) |   |   | (9.790 | ) |   |   | (4.551 | ) |   |   | (5.153 | ) |   |   | (6.346 | ) |
| Loss per Share from discontinued operations(d)                               |   |                    | -        |   |   |   | (0.181 | ) |   |   | (0.484 | ) |   |   | (0.244 | ) |   |   | (1.298 | ) |
| Loss per Share from Net Loss(d)                                              |   |                    | (4.957   | ) |   |   | (9.971 | ) |   |   | (5.035 | ) |   |   | (5.397 | ) |   |   | (7.644 | ) |
| Loss per Share attributable to stockholders of Grupo TMM, S.A.B.(d)          |   |                    | (4.972   | ) |   |   | (9.949 | ) |   |   | (5.059 | ) |   |   | (5.445 | ) |   |   | (7.697 | ) |
| Book value per Share(e)                                                      |   |                    | 8.780    |   |   |   | 3.586 |   |   |   | 5.571 |   |   |   | 1.335 |   |   |   | 5.864 |   |
| Weighted Average Shares Outstanding (000s)                                   |   |                    | 102,183  |   |   |   | 102,183 |   |   |   | 102,183 |   |   |   | 102,183 |   |   |   | 102,183 |   |
|                                                                         |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE SHEET DATA (at end of period):                                       |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                    |   | $                       | 902.7    |   |   | $ | 1,045.4 |   |   | $ | 743.1 |   |   | $ | 895.0 |   |   | $ | 1,089.0 |   |
| Total Current Assets                                                         |   |                    | 2,121.3  |   |   |   | 2,603.6 |   |   |   | 2,806.1 |   |   |   | 1,954.3 |   |   |   | 2,029.5 |   |
| Property, vessels and equipment – Net(b)                               |   |                    | 9,564.9  |   |   |   | 9,553.1 |   |   |   | 9,052.9 |   |   |   | 9,053.1 |   |   |   | 9,716.7 |   |
| Concessions – Net                                                      |   |                    | 17.0     |   |   |   | 20.8 |   |   |   | 24.6 |   |   |   | 28.4 |   |   |   | 32.2 |   |
| Total Assets                                                                 |   |                    | 11,923.3 |   |   |   | 12,416.1 |   |   |   | 12,924.3 |   |   |   | 12,179.4 |   |   |   | 12,945.3 |   |
| Short-term financial debt                                                    |   |                    | 740.4    |   |   |   | 684.7 |   |   |   | 918.6 |   |   |   | 636.6 |   |   |   | 332.6 |   |
| Long-term financial debt                                                     |   |                    | 9,330.1  |   |   |   | 9,995.5 |   |   |   | 10,069.6 |   |   |   | 10,254.1 |   |   |   | 10,491.2 |   |
| Capital stock                                                                |   |                    | 2,169.9  |   |   |   | 2,169.9 |   |   |   | 2,169.9 |   |   |   | 2,169.9 |   |   |   | 2,169.9 |   |
| Stockholders’ Equity attributable to Stockholders of Grupo TMM, S.A.B. |   |                    | 897.2    |   |   |   | 366.4 |   |   |   | 569.3 |   |   |   | 136.4 |   |   |   | 599.2 |   |
| Non-controlling equity interest in subsidiaries                              |   |                    | 66.8     |   |   |   | 65.4 |   |   |   | 68.3 |   |   |   | 64.6 |   |   |   | 59.6 |   |
| Total Stockholders’ Equity                                             |   |                    | 964.0    |   |   |   | 431.8 |   |   |   | 637.6 |   |   |   | 201.0 |   |   |   | 658.8 |   |
|                                                                         |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER DATA:                                                                  |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Incremental Capital Investments(f)                                           |   | $                       | 162.1    |   |   | $ | 102.4 |   |   | $ | 228.9 |   |   | $ | 290.8 |   |   | $ | 351.3 |   |
| Depreciation and Amortization                                                |   |                    | 555.2    |   |   |   | 672.6 |   |   |   | 858.3 |   |   |   | 589.5 |   |   |   | 577.3 |   |
| Net cash provided by (used in):                                              |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating activities(g)                                                      |   |                    | 610.8    |   |   |   | 612.4 |   |   |   | 756.2 |   |   |   | 882.3 |   |   |   | 940.8 |   |
| Investing activities                                                         |   |                    | (74.4    | ) |   |   | 792.2 |   |   |   | (124.4 | ) |   |   | (208.7 | ) |   |   | (344.8 | ) |
| Financing activities                                                         |   |                    | (744.5   | ) |   |   | (1,165.8 | ) |   |   | (801.8 | ) |   |   | (868.1 | ) |   |   | (570.0 | ) |

----

| (a) | As of July 2013, Grupo TMM sold 100% of its interest in its truck transportation and haul-away trailers business. Accordingly, as of such date Grupo TMM has categorized this business as a discontinued operation and has excluded it from the consolidated income statement data. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | As of January 1, 2010, the Company has applied a revaluation model for its vessels, land, buildings and facilities pursuant to IAS 16 “Property, Plant and Equipment.” In accordance with this provision, the revalued model for most of the Company’s vessels, land, buildings and facilities is determined by market values calculated by external professional appraisers and other valuation techniques. The frequency of these revaluations will be based on changes in fair values, i.e., when these values differ materially from their book values. In accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” the implementation of this model is recognized prospectively. See Note 3.7 to the accompanying Audited Consolidated Financial Statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | See quantification of items in “Other Income (Expense) Integration” table below. |
|-----|----------------------------------------------------------------------------------------------|

| (d) | As of December 31, 2012, 2013, 2014, 2015 and 2016 the number of Shares outstanding was 102,182,841. |
|-----|------------------------------------------------------------------------------------------------------|

| (e) | Book value per Share: results from dividing total shareholders’ equity attributable to stockholders of Grupo TMM by the outstanding Shares at the end of each period. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | See Item 5. “Operating and Financial Review and Prospects — Liquidity and Capital Resources — Capital Expenditures and Divestitures.” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Commencing with fiscal year 2015, restricted cash is included as a part of the cash and cash equivalents line item. See Note 5 to the accompanying Audited Consolidated Financial Statements. Such inclusion has an effect on cash flows from operating activities disclosed in the consolidated statements of cash flows for all fiscal years reported. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                             |   | Year Ended December 31, |    |
|------------------------------------------------------------------|--------|-------------------------|---------|
|                                                             |   | 2016                    |    |   | 2015 |   |   | 2014 |   |   | 2013 |   |   | 2012 |   |
| TRANSPORTATION REVENUES:                                         |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Maritime Operations (a)                                          |   |                    | 2,167.6 |   |   |   | 2,770.9 |   |   |   | 2,488.3 |   |   |   | 2,455.3 |   |   |   | 2,188.8 |   |
| Logistics Operations (b)                                         |   |                    | 190.9   |   |   |   | 169.7 |   |   |   | 162.0 |   |   |   | 219.2 |   |   |   | 249.7 |   |
| Ports and Terminals Operations (c)                               |   |                    | 116.7   |   |   |   | 114.2 |   |   |   | 114.9 |   |   |   | 113.4 |   |   |   | 101.2 |   |
| Warehousing Operations (d)                                       |   |                    | 126.1   |   |   |   | 133.1 |   |   |   | 104.9 |   |   |   | 130.3 |   |   |   | 146.6 |   |
| Other business (e)                                               |   |                    | 46.2    |   |   |   | 74.0 |   |   |   | 67.2 |   |   |   | 50.6 |   |   |   | 52.5 |   |
| Total                                                            |   | $                       | 2,647.5 |   |   | $ | 3,261.9 |   |   | $ | 2,937.3 |   |   | $ | 2,968.8 |   |   | $ | 2,738.8 |   |
|                                                             |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME ON TRANSPORTATION(f):                                     |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maritime Operations                                              |   |                    | 247.6   |   |   |   | 492.5 |   |   |   | 271.3 |   |   |   | 517.8 |   |   |   | 442.9 |   |
| Logistics Operations                                             |   |                    | 30.6    |   |   |   | 27.4 |   |   |   | 26.4 |   |   |   | 40.7 |   |   |   | 58.6 |   |
| Ports and Terminals Operations                                   |   |                    | 6.1     |   |   |   | 7.6 |   |   |   | 4.6 |   |   |   | 0.2 |   |   |   | (3.8 | ) |
| Warehousing Operations                                           |   |                    | (44.6   | ) |   |   | (48.1 | ) |   |   | (51.4 | ) |   |   | (38.3 | ) |   |   | (32.8 | ) |
| Shared corporate costs                                           |   |                    | (201.8  | ) |   |   | (205.2 | ) |   |   | (180.3 | ) |   |   | (205.4 | ) |   |   | (185.2 | ) |
| Total                                                            |   | $                       | 37.9    |   |   | $ | 274.2 |   |   | $ | 70.6 |   |   | $ | 315.0 |   |   | $ | 279.7 |   |
|                                                             |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE):                                          |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from the sale of fixed assets                           |   |                    | 56.5    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Proceeds from the sale of subsidiaries                           |   |                    | -       |   |   |   | 185.3 |   |   |   | 358.1 |   |   |   | 8.1 |   |   |   | — |   |
| Cancellation of provisions                                       |   |                    | 2.1     |   |   |   | 5.9 |   |   |   | 16.7 |   |   |   | 9.8 |   |   |   | — |   |
| Reserve for fiscal resolution cost                               |   |                    | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (100.0 | ) |
| Reserve for prepayment and arbitration expenses                  |   |                    | — |   |   |   | — |   |   |   | — |   |   |   | (13.1 | ) |   |   | (6.8 | ) |
| Amortization of non-competition rights                           |   |                    | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (22.8 | ) |
| Gain on the purchase of Inmobilaria Dos Naciones                 |   |                    | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 74.2 |   |
| Dividends received from Comercializadora y Distribuidora Milgret |   |                    | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 23.4 |   |
| Taxes recovered, net of expenses incurred                        |   |                    | — |   |   |   | — |   |   |   | — |   |   |   | 42.0 |   |   |   | — |   |
| Other – Net                                                |   |                    | (5.8    | ) |   |   | (4.2 | ) |   |   | (7.8 | ) |   |   | 17.2 |   |   |   | (0.6 | ) |
| Total                                                            |   | $                       | 52.8    |   |   | $ | 187.0 |   |   | $ | 367.0 |   |   | $ | 64.0 |   |   | $ | (32.6 | ) |

| (a) | Maritime Operations primarily consist of offshore vessels, product tankers, parcel tankers, tugboats and shipyard. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (b) | Logistics Operations consist of container maintenance and repair, automotive services and intermodal terminal operations. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (c) | Ports and Terminals Operations consist of a port in Acapulco, Mexico, a terminal at Tuxpan, Mexico, loading and unloading operations at the port of Tampico, Mexico, and the operation of shipping agencies at various ports in Mexico. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Warehousing Operations consist of warehousing and bonded warehousing facility management services and are conducted through our subsidiary, Almacenadora de Depósito Moderno, S.A. de C.V. Auxiliary Credit Organization (“ADEMSA”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Represents certain new businesses which are in the development process. |
|-----|-------------------------------------------------------------------------|

| (f) | Income on Transportation includes loss on revaluation of vessels in 2016, 2015 and 2014 of $16.2 million, $29.4 million and $255.5 million, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                    |   | Exchange Rates |   |
|-------------------------|--------|----------------|--------|
| Year Ended December 31, |   | High(1)        |   |   | Low(1) |   |   | Average(2) |   |   | End ofYear(3) |   |
| 2012                    |   |           | 14.39  |   |   |   | 12.63 |   |   |   | 13.17 |   |   |   | 12.99 |   |
| 2013                    |   |           | 13.44  |   |   |   | 11.98 |   |   |   | 12.76 |   |   |   | 13.07 |   |
| 2014                    |   |           | 14.79  |   |   |   | 12.85 |   |   |   | 13.30 |   |   |   | 14.73 |   |
| 2015                    |   |           | 17.38  |   |   |   | 14.56 |   |   |   | 15.87 |   |   |   | 17.34 |   |
| 2016                    |   |           | 21.05  |   |   |   | 17.18 |   |   |   | 18.67 |   |   |   | 20.66 |   |
|               |   | Exchange Rates |   |
|--------------------|--------|----------------|--------|
| Monthly,           |   | High(4)        |   |   | Low(4) |   |   | Average(5) |   |   | End of Month(6) |   |
| Year 2016 and 2017 |   |           |   |   |   |   |   |   |   |   |   |   |
| November 2016      |   |           | 21.05  |   |   |   | 18.51 |   |   |   | 20.03 |   |   |   | 20.62 |   |
| December 2016      |   |           | 20.75  |   |   |   | 20.22 |   |   |   | 20.53 |   |   |   | 20.66 |   |
| January 2017       |   |           | 21.91  |   |   |   | 20.62 |   |   |   | 21.40 |   |   |   | 20.76 |   |
| February 2017      |   |           | 20.79  |   |   |   | 19.70 |   |   |   | 20.32 |   |   |   | 19.83 |   |
| March 2017         |   |           | 20.00  |   |   |   | 18.71 |   |   |   | 19.36 |   |   |   | 18.71 |   |
| April 2017         |   |           | 19.11  |   |   |   | 18.49 |   |   |   | 18.79 |   |   |   | 19.07 |   |
| May (7)            |   |           | 19.14  |   |   |   | 18.62 |   |   |   | 18.87 |   |   |   | 18.66 |   |

----

| (1) | The highest and lowest of the Noon Buying Rates for the Peso per U.S. dollar reported by Banco de México on the last business day of each month during the relevant year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The average of the Noon Buying Rates on the last day of each month during the relevant year. |
|-----|----------------------------------------------------------------------------------------------|

| (3) | The Noon Buying Rates on the last day of each relevant year. |
|-----|--------------------------------------------------------------|

| (4) | The highest and lowest of the Noon Buying Rates of each day in the relevant month. |
|-----|------------------------------------------------------------------------------------|

| (5) | The average of the Noon Buying Rates of each day in the relevant month. |
|-----|-------------------------------------------------------------------------|

| (6) | The Noon Buying Rates on the last day of each relevant month. |
|-----|---------------------------------------------------------------|

| (7) | Through May 23, 2017. |
|-----|-----------------------|

----

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|  | § | limiting cash flow available for capital expenditures, acquisitions, working capital and other general corporate purposes because a substantial portion of our cash flow from operations must be dedicated to servicing debt; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | increasing our vulnerability to a downturn in economic or industry conditions; |
|--|--------|--------------------------------------------------------------------------------|

|  | § | exposing us to risks inherent in interest rate fluctuations because future borrowings may be at interest rates that are higher than current rates, which could result in higher interest expenses; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | limiting our flexibility in planning for, or reacting to, competitive and other changes in our business; |
|--|--------|----------------------------------------------------------------------------------------------------------|

|  | § | placing us at a competitive disadvantage compared to our competitors that have less debt and greater operating and financing flexibility than we do; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | limiting our ability to engage in activities that may be in our long-term best interest; and |
|--|--------|----------------------------------------------------------------------------------------------|

|  | § | limiting our ability to borrow additional money to fund our working capital and capital expenditures or to refinance our existing indebtedness, or to enable us to fund the acquisitions contemplated in our business plan. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | incur additional indebtedness; |
|--|--------|--------------------------------|

|  | § | create or suffer to exist liens; |
|--|--------|----------------------------------|

|  | § | prepay certain debt; |
|--|--------|----------------------|

|  | § | make certain restricted payments, including the payment of dividends; |
|--|--------|-----------------------------------------------------------------------|

|  | § | carry out certain investments; |
|--|--------|--------------------------------|

|  | § | engage in certain transactions with shareholders and affiliates; |
|--|--------|------------------------------------------------------------------|

|  | § | use assets as security in other transactions; |
|--|--------|-----------------------------------------------|

|  | § | issue guarantees to third parties; |
|--|--------|------------------------------------|

|  | § | sell assets; and |
|--|--------|------------------|

|  | § | engage in certain mergers and consolidations or in sale-leaseback transactions. |
|--|--------|---------------------------------------------------------------------------------|

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|  | § | the continued identification, evaluation and participation in niche markets; |
|--|--------|------------------------------------------------------------------------------|

|  | § | the identification of joint venture opportunities or acquisition candidates; |
|--|--------|------------------------------------------------------------------------------|

|  | § | our ability to enter into acquisitions on favorable terms; |
|--|--------|------------------------------------------------------------|

|  | § | our ability to finance any expansion of our business; |
|--|--------|-------------------------------------------------------|

|  | § | our ability to hire and train qualified personnel, and to maintain our existing managerial base; |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | § | the successful integration of any acquired businesses with our existing operations; and |
|--|--------|-----------------------------------------------------------------------------------------|

|  | § | our ability to manage expansion effectively and to obtain required financing. |
|--|--------|-------------------------------------------------------------------------------|

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|  | § | prevailing economic conditions in the market; |
|--|--------|-----------------------------------------------|

|  | § | a substantial or extended decline in world trade; |
|--|--------|---------------------------------------------------|

|  | § | increases in the supply of vessel capacity; |
|--|--------|---------------------------------------------|

|  | § | prevailing charter rates; and |
|--|--------|-------------------------------|

|  | § | the cost of retrofitting or modifying existing ships, as a result of technological advances in vessel design or equipment, changes in applicable environmental or other regulations or standards, or otherwise. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | supply and demand for products suitable for shipping by our vessels; |
|--|--------|----------------------------------------------------------------------|

|  | § | changes in global production of products transported by our vessels; |
|--|--------|----------------------------------------------------------------------|

|  | § | the distance cargo products are to be moved by sea; |
|--|--------|-----------------------------------------------------|

|  | § | the globalization of manufacturing; |
|--|--------|-------------------------------------|

|  | § | global and regional economic and political conditions; |
|--|--------|--------------------------------------------------------|

|  | § | changes in seaborne and other transportation patterns, including changes in the distances over which cargoes are transported; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------|

|  | § | environmental and other regulatory developments; |
|--|--------|--------------------------------------------------|

|  | § | technological advancements; |
|--|--------|-----------------------------|

|  | § | currency exchange rates; and |
|--|--------|------------------------------|

|  | § | weather. |
|--|--------|----------|

|  | § | the number of newbuilding deliveries; |
|--|--------|---------------------------------------|

|  | § | the scrapping rate of older vessels similar to our vessels; |
|--|--------|-------------------------------------------------------------|

|  | § | the price of steel and other raw materials; |
|--|--------|---------------------------------------------|

|  | § | changes in environmental and other regulations that may limit the useful life of vessels; |
|--|--------|-------------------------------------------------------------------------------------------|

|  | § | the number of vessels that are out of service; and |
|--|--------|----------------------------------------------------|

|  | § | port congestion. |
|--|--------|------------------|

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|  | § | shipping industry relationships and reputation for customer service and safety; |
|--|--------|---------------------------------------------------------------------------------|

|  | § | shipping experience and quality of ship operations (including cost effectiveness); |
|--|--------|------------------------------------------------------------------------------------|

|  | § | quality and experience of seafaring crew; |
|--|--------|-------------------------------------------|

|  | § | the ability to finance vessels at competitive rates and financial stability in general; |
|--|--------|-----------------------------------------------------------------------------------------|

|  | § | relationships with shipyards and the ability to get suitable berths; |
|--|--------|----------------------------------------------------------------------|

|  | § | relationships with ship owners and the ability to obtain suitable second-hand vessels; |
|--|--------|----------------------------------------------------------------------------------------|

|  | § | construction management experience, including the ability to obtain on-time delivery of new ships according to customer specifications; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | § | willingness to accept operational risks pursuant to the charter, such as allowing termination of the charter for force majeure events, among others; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | competitiveness of the bid in terms of overall price. |
|--|--------|-------------------------------------------------------|

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|  | § | significant governmental influence over local economies; |
|--|--------|----------------------------------------------------------|

|  | § | substantial fluctuations in economic growth; |
|--|--------|----------------------------------------------|

|  | § | high levels of inflation; |
|--|--------|---------------------------|

|  | § | changes in currency values; |
|--|--------|-----------------------------|

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|  | § | exchange controls or restrictions on expatriation of earnings; |
|--|--------|----------------------------------------------------------------|

|  | § | high domestic interest rates; |
|--|--------|-------------------------------|

|  | § | wage and price controls; |
|--|--------|--------------------------|

|  | § | changes in governmental economic or tax policies; |
|--|--------|---------------------------------------------------|

|  | § | imposition of trade barriers; |
|--|--------|-------------------------------|

|  | § | unexpected changes in regulation; and |
|--|--------|---------------------------------------|

|  | § | overall political, social and economic instability. |
|--|--------|-----------------------------------------------------|

----

| 1 | The Banco de Mexico Consensus Board comprises 35 groups of private and international analysts and consultants specialized in the Mexican and international economies. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| 2012                                     |   |   | 3.57 | % |
|------------------------------------------|--------|--------|------|---|
| 2013                                     |   |   | 3.97 | % |
| 2014                                     |   |   | 4.08 | % |
| 2015                                     |   |   | 2.13 | % |
| 2016                                     |   |   | 3.36 | % |
| 2017 (last twelve months ended March 31) |   |   | 5.35 | % |

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|  | § | our revenues, cash flows and profitability; |
|--|--------|---------------------------------------------|

|  | § | the fair market value and profitability of our vessels; |
|--|--------|---------------------------------------------------------|

|  | § | our ability to maintain or increase our borrowing capacity; |
|--|--------|-------------------------------------------------------------|

|  | § | or ability to obtain additional capital to finance our business and make acquisitions, and the cost of that capital; |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | § | the collectability of our receivables; and |
|--|--------|--------------------------------------------|

|  | § | our ability to retain skilled personnel whom we would need in the event of an upturn in the demand for our services. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|                    |   | Spot price of Mexican crude oil |   |
|-------------------------|--------|---------------------------------|--------|
| Year Ended December 31, |   | High(1)                         |   |   | Low(1) |   |   | Average(2) |   |   | End ofYear(3) |   |
| 2012                    |   |                            | 117.54 |   |   |   | 84.67 |   |   |   | 102.27 |   |   |   | 96.70 |   |
| 2013                    |   |                            | 110.42 |   |   |   | 88.58 |   |   |   | 98.5 |   |   |   | 92.51 |   |
| 2014                    |   |                            | 102.41 |   |   |   | 45.45 |   |   |   | 87.66 |   |   |   | 45.45 |   |
| 2015                    |   |                            | 59.45  |   |   |   | 26.54 |   |   |   | 44.70 |   |   |   | 29.80 |   |
| 2016                    |   |                            | 46.53  |   |   |   | 18.90 |   |   |   | 35.86 |   |   |   | 46.30 |   |
|      |   | Spot price of Mexican crude oil |   |
|-----------|--------|---------------------------------|--------|
| Monthly,  |   | High(4)                         |   |   | Low(4) |   |   | Average(5) |   |   | End of Month(6) |   |
| Year 2017 |   |                            |   |   |   |   |   |   |   |   |   |   |
| January   |   |                            | 46.96  |   |   |   | 44.05 |   |   |   | 45.51 |   |   |   | 45.18 |   |
| February  |   |                            | 46.22  |   |   |   | 44.50 |   |   |   | 45.54 |   |   |   | 46.02 |   |
| March     |   |                            | 46.33  |   |   |   | 40.10 |   |   |   | 42.22 |   |   |   | 42.60 |   |
| April     |   |                            | 46.37  |   |   |   | 42.25 |   |   |   | 44.30 |   |   |   | 42.74 |   |
| May(7)    |   |                            | 46.19  |   |   |   | 41.42 |   |   |   | 43.51 |   |   |   | 46.19 |   |

----

| (1) | The highest and lowest spot price of Mexican crude oil in U.S. dollars reported by Banco de México on the last business day of each month during the relevant year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The average spot prices during the relevant year. |
|-----|---------------------------------------------------|

| (3) | The spot price on the last day of each relevant year. |
|-----|-------------------------------------------------------|

| (4) | The highest and lowest spot price in the relevant month. |
|-----|----------------------------------------------------------|

| (5) | The average spot price of each day in the relevant month. |
|-----|-----------------------------------------------------------|

| (6) | The spot price on the last day of each relevant month. |
|-----|--------------------------------------------------------|

| (7) | Through May 19, 2017. |
|-----|-----------------------|

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| ITEM 4. | INFORMATION ON THE COMPANY |
|---------|----------------------------|

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----

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|                           |   | Consolidated Transportation Revenues(in millions of Pesos)Years Ended December 31, |    |
|--------------------------------|--------|------------------------------------------------------------------------------------|---------|
|                           |   | 2016                                                                               |    |   | 2015 |   |   | 2014 |   |
| Maritime Operations            |   | $                                                                                  | 2,167.6 |   |   | $ | 2,770.9 |   |   | $ | 2,488.3 |   |
| Ports and Terminals Operations |   |                                                                               | 116.7   |   |   |   | 114.2 |   |   |   | 114.9 |   |
| Logistics Operations           |   |                                                                               | 190.9   |   |   |   | 169.7 |   |   |   | 162.0 |   |
| Warehousing Operations         |   |                                                                               | 126.1   |   |   |   | 133.1 |   |   |   | 104.9 |   |
| Other Business                 |   |                                                                               | 46.2    |   |   |   | 74.0 |   |   |   | 67.2 |   |
| Total                          |   | $                                                                                  | 2,647.5 |   |   | $ | 3,261.9 |   |   | $ | 2,937.3 |   |

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|                      |   | Foreign Trade 2014-2016(a)                 |   |
|---------------------------|--------|--------------------------------------------|--------|
|                      |   | As of December 31,(in millions of Dollars) |   |
|                      |   | 2016                                       |   |   | 2015 |   |   | 2014 |   |
| Total Exports             |   | US$373,930                                 |   |   | US$380,772 |   |   | US$397,535 |   |
| Total Imports             |   | US$387,065                                 |   |   | US$395,232 |   |   | US$399,977 |   |
| Total Trade Flows         |   | US$760,995                                 |   |   | US$776,004 |   |   | US$797,512 |   |
| Growth Rate—Exports |   |                                       | (1.8   | )% |   |   | (4.1 | )% |   |   | 4.6 | % |
| Growth Rate—Imports |   |                                       | (2.1   | )% |   |   | (1.2 | )% |   |   | 4.9 | % |
| Growth Rate—Total   |   |                                       | (1.9   | )% |   |   | (2.6 | )% |   |   | 4.8 | % |
| Growth Rate—GDP(b)  |   |                                       | 2.3    | % |   |   | 2.5 | % |   |   | 2.1 | % |

----

| (a) | The figures include the in-bound (maquiladora) industry. |
|-----|----------------------------------------------------------|

| (b) | The methodology for calculating Growth Rate-GDP was modified by the Instituto Nacional de Estadistica, Geografia e Informatica (INEGI) and is based on 2008 prices. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | We have expanded the assets of our Maritime Operations, resulting in better operating margins while strengthening our market position. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | § | During 2012 we (i) entered into an agreement for the purchase of an FSIV which was delivered in August 2012; (ii) were awarded a long-term time charter contract for an AHTS vessel with PEP, which vessel we initially acquired under a bareboat charter contract with Subsea Petroleum Services, S.A.E. that included a purchase option, and which we later acquired through a capital lease in November 2013; and (iii) acquired a shipyard in the port of Tampico, Mexico, enabling us to reduce our vessel maintenance and repair costs and providing us with an attractive and state-of-the-art facility for the Mexican maritime industry. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | In November 2016, the Company acquired a new generation harbor tug vessel, the “TMM Colima”, with azimuthal propulsion, from the Dutch shipyard Damen Shipyards Group. The vessel officially commenced operations on December 30, 2016 at the port of Manzanillo, where the Company has been an authorized concessionaire since 1997.  This vessel was acquired to enhance our fleet of vessels in response to the entry of a new competitor at the port of Manzanillo. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | In the third quarter of 2013, we sold the land transportation businesses (trucking and autohauling) in our Logistics Operations. In addition, in 2014 we agreed to sell our container terminal project in Tuxpan. With these sales, we continue our efforts to focus on our profitable businesses. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | In August 2016, the Company announced a venture with TransCanada and Sierra Oil & Gas to jointly develop a refined products storage, transportation, and distribution infrastructure to serve the growing demand for refined products such as gasoline, diesel and jet fuel from Tuxpan, Veracruz to the central region of Mexico. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | In August 2016, the Company’s subsidiary TTM authorized the issuance of up to $4,600 million of convertible debentures to holders of Company debt under the Trust Certificates Program. The convertible debentures will enable the Company to capitalize the debt held by trust certificate holders through the mandatory conversion of the debentures into shares of the Company over a 10-year period. In September 2016, TTM issued the first tranche of convertible debentures in the amount of $1,058.6 million in exchange for $945.2 million of trust certificates, improving our debt profile and cash flows.  See Note 17 of the accompanying Audited Consolidated Financial Statements. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | During 2016, the Company implemented a strategic plan to offset some of the instability in the oil industry which included the following actions: (i) reduction of costs and SG&A expenses, (ii) establishment of an early payment program (the “supply chain program”) through Nacional Financiera, S.N.C., reducing liquidity risk and the effect of payment delays which may result from recent changes in PEMEX’s payment policies and, (iii) diversification of our customer base in the product tankers and offshore vessels segments. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | With respect to our liabilities, in addition to continuing to service our debt obligations, in 2016 we partially prepaid our indebtedness to DVB Bank SE (formerly DVB Bank AG), which had been used to finance the purchase of two parcel tankers. We have also prepaid a portion of the principal outstanding under our Trust Certificates Program. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | We are one of the largest and leading Mexican owned and operated maritime and logistics companies in Mexico. |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | § | We have a demonstrated ability to contract vessels with limited disruptions. |
|--|--------|------------------------------------------------------------------------------|

|  | § | The Mexican Navigation Law requires that Mexican flag carriers receive preferential treatment. |
|--|--------|------------------------------------------------------------------------------------------------|

|  | § | We are poised to grow along with the energy sector. |
|--|--------|-----------------------------------------------------|

|  | § | We have extensive and proven experience in ports, terminals and integrated services, such as yards operations, vessels and intermodal equipment maintenance and repair, warehousing. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Our operations in Tuxpan, Veracruz are in a prime location to capitalize on the growth of trade via the Gulf of Mexico. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------|

----

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|   Vessel Type |   | Number ofVessels |   |   | Total DeadWeight Tons(in thousands) |   |   | Total CubicMeter Capacity(in thousands) |   |   | BHP(*) |   |
|-------------------------|--------|------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------|--------|--------|--------|--------|
| Offshore vessels        |   |             | 26     |   |                                |   | 34.4   |                                    |   |   |   | **     |   |   | 5,389 |   |
| Product tankers         |   |             | 4      |   |                                |   | 186.7  |                                    |   |   | 204.9  |   |   |   |   | ** |
| Parcel tankers          |   |             | 3      |   |                                |   | 41.1   |                                    |   |   | 45.0   |   |   |   |   | ** |
| Tug boats               |   |             | 7      |   |                                |   | 2.8    |                                    |   |   |   | **     |   |   | 4,883 |   |
| Total                   |   |             | 40     |   |                                |   | 264.9  |                                    |   |   | 249.9  |   |   |   |   |   |

----

| * | Average Brake Horse Power. |
|---|----------------------------|

| ** | Not applicable. |
|----|-----------------|

| Vessel           |   | Year |   | Flag   |   | DWT(1) |   | LOA(2)(m)(3) |   | Beam (m) |   | BHP    |   | Charterer |
|------------------|--------|------|--------|--------|--------|--------|--------|--------------|--------|----------|--------|--------|--------|-----------|
| Eco III          |   | 2008 |   | Mexico |   | 10,306 |   | 117.0        |   | 21.0     |   | 3,618  |   | HOCHI     |
| Isla Arbolada    |   | 2002 |   | Mexico |   | 417    |   |  46.0   |   | 8.0      |   | 5,400  |   | FIELDWOOD |
| Isla Arcas       |   | 2001 |   | Mexico |   | 224    |   |  50.3   |   | 9.1      |   | 7,200  |   | -         |
| Margot Marianne  |   | 1988 |   | Mexico |   | 320    |   |  39.6   |   | 7.9      |   | 2,100  |   | -         |
| Isla Aztecas     |   | 1998 |   | Mexico |   | 1,000  |   |  61.9   |   | 14.0     |   | 3,900  |   | FIELDWOOD |
| Isla Blanca      |   | 2008 |   | Mexico |   | 480    |   |  49.4   |   | 11.0     |   | 1,700  |   | PEP       |
| Isla Ciari       |   | 2009 |   | Mexico |   | 480    |   |  49.4   |   | 11.0     |   | 1,700  |   | PEP       |
| Isla Colorada    |   | 2001 |   | Mexico |   | 540    |   |  44.0   |   | 11.0     |   | 1,700  |   | -         |
| Isla Creciente   |   | 2002 |   | Mexico |   | 357    |   |  42.7   |   | 9.0      |   | 6,750  |   | -         |
| Isla de Cedros   |   | 1999 |   | Mexico |   | 2,000  |   |  67.0   |   | 14.9     |   | 8,000  |   | PEP       |
| Isla San Jose    |   | 2006 |   | Mexico |   | 1,660  |   |  68.0   |   | 16.0     |   | 12,240 |   | -         |
| Isla Grande      |   | 2004 |   | Mexico |   | 2,800  |   |  75.0   |   | 16.0     |   | 12,000 |   | -         |
| Isla Guadalupe   |   | 1998 |   | Mexico |   | 1,598  |   |  61.0   |   | 13.8     |   | 5,300  |   | -         |
| Isla Janitzio    |   | 2008 |   | Mexico |   | 480    |   |  49.3   |   | 11.0     |   | 1,700  |   | FIELDWOOD |
| Isla León   |   | 2008 |   | Mexico |   | 1,350  |   |  63.4   |   | 15.6     |   | 6,500  |   | -         |
| Isla Miramar     |   | 2000 |   | Mexico |   | 255    |   |  48.8   |   | 9.1      |   | 6,750  |   | PEP       |
| Isla Monserrat   |   | 2007 |   | Mexico |   | 3,250  |   |  71.9   |   | 16.0     |   | 5,450  |   | FIELDWOOD |
| Isla Passavera   |   | 1979 |   | Mexico |   | 293    |   |  32.0   |   | 7.3      |   | 2,100  |   | -         |
| Isla Pelicano    |   | 1984 |   | Mexico |   | 1,200  |   |  59.2   |   | 12.1     |   | 6,140  |   | -         |
| Isla San Gabriel |   | 2009 |   | Mexico |   | 369    |   |  55.6   |   | 10.4     |   | 7,200  |   | PEP       |
| Isla San Ignacio |   | 2009 |   | Mexico |   | 488    |   |  50.0   |   | 11.0     |   | 7,200  |   | -         |
| Isla San Luis    |   | 2009 |   | Mexico |   | 381    |   |  55.5   |   | 10.4     |   | 7,200  |   | -         |
| Isla Santa Cruz  |   | 2008 |   | Mexico |   | 1,900  |   |  63.4   |   | 15.8     |   | 6,800  |   | -         |
| Isla Verde       |   | 2001 |   | Mexico |   | 540    |   |  44.0   |   | 11.0     |   | 1,700  |   | PEP       |
| Subsea 88        |   | 2010 |   | Mexico |   | 1,115  |   |  55.0   |   | 13.8     |   | 2,574  |   | PEP       |
| Isla San Diego   |   | 2009 |   | Mexico |   | 552    |   |  55.2   |   | 10.4     |   | 7,200  |   | -         |

----

| (1) | Dead weight tons. |
|-----|-------------------|

| (2) | Overall length. |
|-----|-----------------|

| (3) | Meters. |
|-----|---------|

----

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| Vessel                         |   | Year |   | Flag    |   | Hull  |   | DWT(1) |   | LOA(3)(m)(4) |   | Beam (m) |   | Charterer           |
|--------------------------------|--------|------|--------|---------|--------|-------|--------|--------|--------|--------------|--------|----------|--------|-----------------------------------------------------------------------|
| Veracruz (formerly Amatlan II) |   | 2002 |   | Mexico  |   | DH(2) |   | 45,467 |   | 189          |   | 32       |   | PMI                                                                   |
| Tajin                          |   | 2003 |   | Mexico  |   | DH(2) |   | 47,147 |   | 183          |   | 32       |   | PDVSA                                                                 |
| Tula                           |   | 2005 |   | Mexico  |   | DH(2) |   | 46,911 |   | 183          |   | 32       |   | PMI                                                                   |
| Durango (formerly Tulum)       |   | 2000 |   | Liberia |   | DH(2) |   | 47,131 |   | 183          |   | 32       |   | -                                                                     |

----

| (1) | Dead weight tons. |
|-----|-------------------|

| (2) | Double hull. |
|-----|--------------|

| (3) | Overall length. |
|-----|-----------------|

| (4) | Meters. |
|-----|---------|

| Vessel  |   | Flag               |   | Year   |   | LOA                      |   | Beam             |   | Draft                       |   | DWT(1)             |   | Capacity M3Total |
|---------|--------|--------------------|--------|--------|--------|--------------------------|--------|------------------|--------|-----------------------------|--------|--------------------|--------|------------------|
|    |   |               |   |   |   |    (m)(2) |   |   (m)  |   |    (m)       |   |               |   |             |
| Olmeca  |   | Marshall Islands   |   | 2003   |   | 130.0                    |   | 22.4             |   | 12.0                        |   | 15,472             |   | 16,800           |
| Maya    |   | Marshall Islands   |   | 2003   |   | 123.0                    |   | 20.0             |   | 8.7                         |   | 12,452             |   | 14,102           |
| Bertina |   | Isla  Bahamas |   | 2006   |   |   128.6        |   |   20.4 |   |     8.7 |   |   13,158 |   | 14,106           |
|    |   |               |   |   |   |                     |   |             |   | Total                       |   | 41,082             |   | 45,008           |

----

| (1) | Dead weight tons. |
|-----|-------------------|

| (2) | Meters. |
|-----|---------|

----

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|  | § | expectations as to future oil and gas commodity prices; |
|--|--------|---------------------------------------------------------|

|  | § | customer assessments of offshore drilling prospects compared to land-based opportunities; |
|--|--------|-------------------------------------------------------------------------------------------|

----

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|  | § | customer assessments of cost, geological opportunity and political stability in host countries; |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | § | worldwide demand for oil and natural gas; |
|--|--------|-------------------------------------------|

|  | § | the ability of the Organization of Petroleum Exporting Countries (“OPEC”) to set and maintain production levels and pricing; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | the level of production of non-OPEC countries; |
|--|--------|------------------------------------------------|

|  | § | the relative exchange rates for the U.S. dollar; and |
|--|--------|------------------------------------------------------|

|  | § | various government policies regarding exploration and development of their oil and gas reserves. |
|--|--------|--------------------------------------------------------------------------------------------------|

| Port     | Concession                                  | Date Awarded     | Duration                                                               |
|----------|---------------------------------------------|------------------|------------------------------------------------------------------------|
| Acapulco | Integral port administration                | June 20, 1996    | 25 years (with the possibility of extension)                           |
|     |                                        |             |                                                                   |
|     |                                        |             |                                                                   |
| Tuxpan   | Stevedoring Services                        | August 4, 1999   | 20 years (includes extension for 10 years that was exercised in 2009). |
|     |                                        |             |                                                                   |
| Tampico  | Permit for loading and unloading operations | October 30, 2016 | 1 year                                                                 |

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| Business           |   | Partner                              |
|--------------------|--------|--------------------------------------|
| Ports (Acapulco)   |   | SSA Mexico, Inc.                     |
| Terminals (Tuxpan) |   | TransCanada and Sierra Oil & Gas |

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|  | § | customary provisions enabling authorities to carry out inspections of vessels and investigations of incidents; |
|--|--------|----------------------------------------------------------------------------------------------------------------|

|  | § | regulations concerning registration of vessels and waivers allowing Mexican companies to operate foreign flag vessels in otherwise reserved domains; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | foreign vessels are obliged to designate a shipping agent in order to call at Mexican ports; |
|--|--------|----------------------------------------------------------------------------------------------|

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|  | § | Mexican flag vessels are required to operate with Mexican crews only and cabotage is in principle reserved for Mexican vessels; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | § | when a foreign vessel is abandoned by the owners with cargo on board, provisions of the legislation coordinate repatriation and temporary maintenance of the crew which the law deems ultimately to be the joint and several liability of the owner and agent; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | the carriage of passengers, cargo and towage in ports and pilotage are also regulated; |
|--|--------|----------------------------------------------------------------------------------------|

|  | § | captains are responsible for damage and loss caused to vessels or ports due to negligence, lack of proper qualification, carelessness or bad faith, but are not responsible for damages caused by an act of God or force majeure; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | companies providing towage services must carry insurance to cover their liabilities to the satisfaction of the authorities; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------|

|  | § | pollution is regulated by international treaties; however this only covers CLC-type liabilities. Pollution in respect of other substances is dealt with under local legislation which has no limitation. This is irrespective of any criminal proceedings or sanctions against the party responsible for the incident; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | maritime privileges are also considered within the law. |
|--|--------|---------------------------------------------------------|

|  | § | bareboat charter; |
|--|--------|-------------------|

|  | § | time charter; |
|--|--------|---------------|

|  | § | voyage charter; |
|--|--------|-----------------|

|  | § | carriage of goods; |
|--|--------|--------------------|

|  | § | passengers; |
|--|--------|-------------|

|  | § | salvage; and |
|--|--------|--------------|

|  | § | towage. |
|--|--------|---------|

|  | § | general provisions (definitions, guarantees, and maritime insurance); |
|--|--------|-----------------------------------------------------------------------|

|  | § | extraordinary specialization of vessels, registration, national maritime registry, maritime agents and nautical education; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

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|  | § | temporary navigation permits and permits for permanent stay, maneuver, nautical tourism and pollution prevention; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------|

|  | § | revisions to conform hydrocarbons terminology to the new Hydrocarbons Law. |
|--|--------|----------------------------------------------------------------------------|

|  | § | providing for PEMEX and CFE to become state-owned, for-profit companies (empresas productivas del estado); |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | § | establishing a contractual regime to allow the Ministry of Energy (Secretaría de Energía or SENER), with the technical assistance of the new National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos or CNH), to award to PEMEX and private entities the right to participate in upstream oil and gas operations through the use of service contracts, profit-sharing agreements, production sharing agreements and license agreements, with the Ministry of Energy authorized to determine the best contractual form in each case so as to maximize revenue to the Mexican government; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | allowing private entities that have entered into a contract with PEMEX or the Mexican government to report, for accounting and financial purposes, the awarding of the contract, the related oil and gas reserves and the contract’s forecasted benefits, provided the private entities affirm that all oil and gas within the subsoil remains the property of Mexico; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | requiring PEMEX to participate in a “round zero” and submit to SENER for consideration a list of the areas where it intends to continue conducting exploration or production operations pursuant to the new contractual regime, establish that it has the technical, financial and execution capabilities needed to explore for and develop the oil and gas from those areas in an efficient and competitive manner, and provide a work program and budget for those areas; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | allowing PEMEX to transfer its rights to explore for and develop oil and gas resources to private entities upon application to SENER; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|  | § | allowing the Energy Regulatory Comission (Comisión Reguladora de Energia) to grant permits for the storage, transport and distribution of oil and gas through pipelines as well as for the generation and commercialization of electricity; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | creating the Mexican Petroleum Fund for Stabilization and Development (Fondo Mexicano del Petróleo para la Estabilización y el Desarollo) to act as a government trust fund for the collection and administration of income received by the Mexican government from contracts with PEMEX and private entities;  and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | creating the National Agency of Industrial Security and Environmental Protection of the Hydrocarbon Sector (Agencia Nacional de Seguridad Industrial y de Proteccion al Medio Ambiente del Sector de Hidrocarburos) to regulate and supervise matters concerning operational security and environmental protection in the oil and gas industry. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | Elimination of the corporate flat tax (IETU) and the tax on cash deposits (IDE); |
|--|--------|----------------------------------------------------------------------------------|

|  | § | Elimination of the existing fiscal tax consolidation regime. A transition scheme was established for taxpayers that previously operated under this regime and three alternatives have been established to calculate the deferred taxes for these taxpayers until December 31, 2013, which will be paid through partial payments made over the following five years; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Establishment of a new optional tax integration regime for groups of companies that meet certain conditions similar to those used under the former fiscal consolidation regime. The new optional tax integration regime requires an equity ownership of at least 80% for qualifying subsidiaries and would allow groups of companies to defer the annual tax payment for these subsidiaries for up to 3 years.  Under this regime, Grupo TMM would not be permitted to incorporate tax losses from previous years generated by our subsidiaries, but would be permitted to incorporate tax losses generated as of January 1, 2014; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Introduction of a new 10% withholding tax on dividends and/or distributions of earnings generated in 2014 and later years; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | § | Elimination of the exemption on gains from the sale of shares traded on the Mexican Stock Exchange or through a stock exchange recognized under applicable Mexican tax law. The gain will be taxable at the rate of 10% and will be withheld by the financial intermediary. Transferors that are residents of a country with which Mexico has entered into a tax treaty for the avoidance of double taxation may be exempt. See “Item 10. Additional Information—United States Federal Income and Mexican Federal Taxation —Certain Mexican Federal Tax Consequences.” |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Cancellation of scheduled decreases to the corporate income tax rate from its current 30% in 2013, 2014 and 2015; |
|--|--------|-------------------------------------------------------------------------------------------------------------------|

|  | § | Payments to resident or non-resident related parties are nondeductible when these are also deducted by the related party, except when the related party also regards the income as taxable in the same tax year or in the following year.  Generally, payments made to non-residents located in a low tax jurisdiction will not be deductible unless they are carried out on an arm’s-length basis; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | Tax deductions on exempt payments to employees are limited to 47% of the exempt payments, subject to a potential increase to 53% where the exempt payments are not lower than the payments made to employees in the previous year. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  Name                                                                                                                                                |   | Country ofIncorporation |   | OwnershipInterest |   |   | VotingInterest |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|--------|-------------------|--------|--------|----------------|--------|
| Administración Portuaria Integral de Acapulco S.A. de C.V. (Ports)*                                                                                  |   | Mexico                  |   |              | 51     | %      |           |   | 51 | % |
| Autotransportación y Distribución Logística, S.A. de C.V.(Logistics)                                                                       |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| TMM Logistics, S.A. de C.V.(Logistics)                                                                                                                    |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| Transportación Marítima Mexicana, S.A. de C.V. (Product and parcel tankers, offshore vessels, harbor tugboat operations, and shipping agencies) |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| Prestadora de Servicios MTR, S.A. de C.V. (Ports)                                                                                                         |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| Operadora Portuaria de Tuxpan, S.A. de C.V. (Ports)                                                                                                       |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| Optimus Services and Solutions, S. de R.L. de C.V. (Ports)*                                                                                               |   | Mexico                  |   |              | 50     | %      |           |   | 50 | % |
| TMM División Marítima, S. A. de C. V. (Offshore vessels)                                                                                        |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| TMM Parcel Tankers, S. A. de C. V. (Tanker vessels)                                                                                                       |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| Almacenadora de Deposito Moderno, S. A. de C. V. (Warehousing)                                                                                            |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |
| Inmobiliaria Dos Naciones, S. R. L. de C. V. (Shipyard)                                                                                                   |   | Mexico                  |   |              | 100    | %      |           |   | 100 | % |

| (*) | Less than wholly owned by the Company. |
|-----|----------------------------------------|

|                                           |   | Years Ended December 31, |     |   |   |   |
|------------------------------------------------|--------|--------------------------|----------|--------|--------|--------|
|                                           |   | 2016                     |     |   | 2015   |   |   | EstimatedAmortizationLife(Years) |   |
|                                           |   | (in thousands of Pesos)  |     |   |   |   |   |
| API Acapulco                                   |   | $                        | 94,607   |   |   | $      | 94,607 |   |   |   | 10 |   |
| Tugboats in the port of Manzanillo             |   |                     | 30,266   |   |   |   | 30,266 |   |   |   | * |   |
|                                           |   |                     | 124,873  |   |   |   | 124,873 |   |   |   |   |   |
| Accumulated amortization                       |   |                     | (107,844 | )      |   |   | (104,059 | ) |   |   |   |   |
| Concession rights and related assets—net |   | $                        | 17,029   |   |   | $      | 20,814 |   |   |   |   |   |

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| (*) | Fully amortized. |
|-----|------------------|

|                                            |   | Years Ended December 31, |      |   |   |   |
|-------------------------------------------------|--------|--------------------------|-----------|--------|--------|--------|
|                                            |   | 2016                     |      |   | 2015   |   |   | Estimated TotalUseful Lives(Years) |   |
|                                            |   | (in thousands of Pesos)  |      |
| Vessels                                         |   | $                        | 8,028,276 |   |   | $      | 8,131,363 |   |   |   | 28 |   |
| Shipyard                                        |   |                     | 363       |   |   |   | 423 |   |   |   | 38 |   |
| Drydocks (major vessel repairs)                 |   |                     | 4,457     |   |   |   | 53,547 |   |   |   | 0.5 |   |
| Buildings and installations                     |   |                     | 253,396   |   |   |   | 186,937 |   |   | 18 and 23 |   |
| Warehousing equipment                           |   |                     | 1,242     |   |   |   | - |   |   |   | 8 |   |
| Computer equipment                              |   |                     | 794       |   |   |   | 552 |   |   | 1 and 2 |   |
| Terminal equipment                              |   |                     | 3,319     |   |   |   | 4,120 |   |   |   | 8 |   |
| Ground transportation equipment                 |   |                     | 4,203     |   |   |   | 5,506 |   |   | 2, 3 and 8 |   |
| Other equipment                                 |   |                     | 9,556     |   |   |   | 13,330 |   |   |   |   |   |
|                                            |   | $                        | 8,305,606 |   |   | $      | 8,395,778 |   |   |   |   |   |
| Land                                            |   |                     | 1,060,661 |   |   |   | 880,620 |   |   |   |   |   |
| Construction in progress                        |   |                     | 198,605   |   |   |   | 276,681 |   |   |   |   |   |
| Total Property, Vessels and Equipment—net |   | $                        | 9,564,872 |   |   | $      | 9,553,079 |   |   |   |   |   |

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| ITEM 4A. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
|---------|----------------------------------------------|

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|  | § | Expanding our Maritime Operations: We have strengthened and streamlined our Maritime Operations in recent years, developing the business into our most profitable segment. We remain focused on expanding our Maritime Operations to add specialized vessels to our fleet in order to meet market requirements for new generation vessels with higher-rated and deeper-water capabilities as well as to strengthen our tugboat business following the entry of a new competitor at Manzanillo. In addition, we have continued our efforts to diversify our customer base in the product tankers and offshore vessels segments, as well as implemented a strategic cost reduction plan to offset some of the instability in the oil industry. See Item 4. “Information on the Company — Business Strategy – Expansion of our Maritime Operations.” |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Acquiring a shipyard in the port of Tampico: In January 2012, we acquired a shipyard in the port of Tampico, Mexico, which provides ship repair services and enables us to provide drydock service to more than 30 vessels per year, of which approximately 19.35% have been from our own fleet, which has reduced our vessel maintenance and repair costs. In the long term, we expect to have the capacity to be able to build vessels at the shipyard, enabling us to compete to satisfy the expected demands of PEMEX and future customers for new offshore vessels. See Item 4. “Information on the Company — Business Strategy – Expansion of our Maritime Operations.” |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Developing a liquid oils terminal at the port of Tuxpan: We continue developing storage and transportation infrastructure through our strategic partners, TransCanada and Sierra Oil & Gas, to serve the growing demand for refined products from Tuxpan to the central region of Mexico. The Mexican Energy Reforms include refined products liberalization, which should result in new mid-stream infrastructure to meet the demand for gasoline and diesel imports. The liquid oils terminal should help us capitalize on current and future demand for gasoline and diesel imports, which currently account for more than 55% of domestic consumption. See Item 4. “Information on the Company — Business Strategy – Expansion of our Ports and Terminals Operations.” |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Developing other terminals at the port of Tuxpan: We continue to own approximately 720 hectares through our wholly owned subsidiary, Prestadora de Servicios MTR, S.A. de C.V., on which we are developing a citrus juice export terminal and an automobile terminal. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Reducing our corporate overhead: Over the last few years, we have significantly reduced our operating costs by reducing our corporate executive headcount through the elimination of redundant functions and the transfer of certain employees to other business areas within the Company. For 2017, and as part of our strategic plan, we aim to optimize the size of our corporate staff as necessary to implement our business strategy. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Introducing cost-saving technology: We have enhanced our technology and information systems through the incorporation of TMM Integral Solutions as our new platform that will allow us leverage our capabilities for controlling and improve our service offerings and increase the security of our information. See Item 4. “Information on the Company — Systems and Technology.” |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Sale of certain subsidiaries:  We have sold certain non-strategic subsidiaries in an effort to streamline our operations and reduce operating costs. On June 30, 2013, we sold our truck transportation and haul-away trailers operation to an unrelated third party for $43.9 million. During 2014, we agreed to sell our container terminal project located in the port of Tuxpan.  During 2015, we sold various non-strategic subsidiaries, including Desarrollo Comercial Polo S.A.P.I. de C.V., Proserpec Servicios Administrativos S.A.P.I. de C.V., RRLC S.A.P.I. de C.V., Munray Services, S.A.P.I. de C.V., Nicte Inmobiliaria S.A.P.I. de C.V., Promotora Satuiza, S.A.P.I. de C.V. and Grupo Chant S.A.P.I. de C.V. to unrelated third parties for a total gain on sale of $185.3 million. During 2016 we did not sell any subsidiaries. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Improving our debt profile: In August 2016, the Company’s shareholders authorized the issuance of up to $4,600 million of convertible debentures to holders of Company debt under the Trust Certificates Program. The convertible debentures will enable the Company to capitalize the debt held by trust certificate holders through the mandatory conversion of the debentures into shares of the Company over a 10-year period. In September 2016, the Company’s subsidiary TTM issued the first tranche of convertible debentures in the amount of $1,058.6 million in exchange for $945.2 million of trust certificates, improving our debt profile and cash flows.  See Note 17 to the accompanying Audited Consolidated Financial Statements. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | § | Acquisition of TTM:On September 14, 2016, in connection with the corporate restructuring approved by the Company’s shareholders, the Company acquired 100% of the stock of TTM. The terms of the stock purchase agreement provided for the Company’s subsequent acquisition by, and merger into, TTM as approved at the August 31, 2016 Extraordinary Shareholders’ Meeting, subject to the condition precedent that the merger be declared effective by no later than April 14, 2017.  Because that merger did not take effect as described above, under the terms of the stock purchase agreement TTM became a wholly owned subsidiary of the Company effective September 14, 2016. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 |   | Year Ended December 31, |    |
|--------------------------------------|--------|-------------------------|---------|
|                                 |   | 2016                    |    |   | 2015 |   |   | 2014 |   |
|                                 |   | (in millions of Pesos)  |    |
| Consolidated Transportation Revenues |   |                    |    |   |   |   |   |   |   |
| Maritime Operations                  |   | $                       | 2,167.6 |   |   | $ | 2,770.9 |   |   | $ | 2,488.3 |   |
| Ports and Terminals Operations       |   |                    | 116.7   |   |   |   | 114.2 |   |   |   | 114.9 |   |
| Logistics Operations                 |   |                    | 190.9   |   |   |   | 169.7 |   |   |   | 162.0 |   |
| Warehousing Operations               |   |                    | 126.1   |   |   |   | 133.1 |   |   |   | 104.9 |   |
| Other business(*)                    |   |                    | 46.2    |   |   |   | 74.0 |   |   |   | 67.2 |   |
| Total                                |   | $                       | 2,647.5 |   |   | $ | 3,261.9 |   |   | $ | 2,937.3 |   |
| Income on Transportation (1)         |   |                    |    |   |   |   |   |   |   |   |   |   |
| Maritime Operations                  |   | $                       | 247.6   |   |   | $ | 492.5 |   |   | $ | 271.3 |   |
| Ports and Terminals Operations       |   |                    | 6.1     |   |   |   | 7.6 |   |   |   | 4.6 |   |
| Logistics Operations                 |   |                    | 30.6    |   |   |   | 27.4 |   |   |   | 26.4 |   |
| Warehousing Operations               |   |                    | (44.6   | ) |   |   | (48.1 | ) |   |   | (51.4 | ) |
| Shared corporate costs               |   |                    | (201.8  | ) |   |   | (205.2 | ) |   |   | (180.3 | ) |
| Total                                |   | $                       | 37.9    |   |   | $ | 274.2 |   |   | $ | 70.6 |   |

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| (*) | Represents certain new businesses which are in development. |
|-----|-------------------------------------------------------------|

| (1) | Income on Transportation includes loss on revaluation of vessels in 2016, 2015 and 2014 for $16.2 million, $29.4 million and $255.5 million respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                           |   | Consolidated Transportation Revenues(in millions of Pesos)Years Ended December 31, |    |
|--------------------------------|--------|------------------------------------------------------------------------------------|---------|
|                           |   | 2016                                                                               |    |   | % of NetRevenues |   |   | 2015 |   |   | % of NetRevenues |   |   | Y2016 vs.Y2015% Change |   |
| Maritime Operations            |   | $                                                                                  | 2,167.6 |   |   |   | 81.9 | % |   | $ | 2,770.9 |   |   |   | 84.9 | % |   |   | (21.8 | )% |
| Ports and Terminals Operations |   |                                                                               | 116.7   |   |   |   | 4.4 | % |   |   | 114.2 |   |   |   | 3.5 | % |   |   | 2.2 | % |
| Logistics Operations           |   |                                                                               | 190.9   |   |   |   | 7.2 | % |   |   | 169.7 |   |   |   | 5.2 | % |   |   | 12.5 | % |
| Warehousing Operations         |   |                                                                               | 126.1   |   |   |   | 4.8 | % |   |   | 133.1 |   |   |   | 4.1 | % |   |   | (5.3 | )% |
| Other business(*)              |   |                                                                               | 46.2    |   |   |   | 1.7 | % |   |   | 74.0 |   |   |   | 2.3 | % |   |   | (37.6 | )% |
| Total                          |   | $                                                                                  | 2,647.5 |   |   |   | 100.0 | % |   | $ | 3,261.9 |   |   |   | 100.0 | % |   |   | (18.8 | )% |

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| (*) | Represents certain new businesses which are in development. |
|-----|-------------------------------------------------------------|

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|                           |   | Grupo TMM OperationsIncome on Transportation (1)(2)(3)(in millions of Pesos)Year Ended December 31, |   |
|--------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|
|                           |   | 2016                                                                                                |   |   | 2015 |   |   | Y2016 vs.Y2015%Change |   |
| Maritime Operations(3)         |   | $                                                                                                   | 247.6  |   |   | $ | 492.5 |   |   |   | (49.7 | )% |
| Ports and Terminals Operations |   |                                                                                                | 6.1    |   |   |   | 7.6 |   |   |   | (19.7 | )% |
| Logistics Operations           |   |                                                                                                | 30.6   |   |   |   | 27.4 |   |   |   | 11.7 | % |
| Warehousing Operations         |   |                                                                                                | (44.6  | ) |   |   | (48.1 | ) |   |   | (7.3 | )% |
| Shared Corporate Costs         |   |                                                                                                | (201.8 | ) |   |   | (205.2 | ) |   |   | (1.7 | )% |
| Total                          |   | $                                                                                                   | 37.9   |   |   | $ | 274.2 |   |   |   | (86.2 | )% |

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| (1) | Operating results are reported as Transportation profit in our Financial Statements included elsewhere in this Annual Report. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (2) | To better reflect Grupo TMM’s corporate costs, the Company modified the presentation of its corporate expenses as of December 31, 2016 and 2015, separating human resources and information technology costs to be allocated to each business unit in accordance with their use. Income on transportation includes the following allocated total administrative costs: In 2016: $18.4 million in Ports and Terminals Operations, $35.5 million in Maritime Operations and $194.2 million in shared corporate costs. Income on transportation includes the following allocated total administrative costs: In 2015: $15.4 million in Ports and Terminals Operations, $30.1 million in Maritime Operations and $199.1 million in shared corporate costs. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Income on Transportation includes loss on revaluation of vessels in 2016 and 2015 for $16.2 million and $29.4 million respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

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|                                                 |   | (in millions of Pesos)Year Ended December 31, |   |
|------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                 |   |                                          |   |   |   |   |   |   |   |
|                                                 |   | 2016                                          |   |   | 2015 |   |   | Y2016vs.Y2015% Change |   |
| Interest income                                      |   | $                                             | 24.7   |   |   | $ | 21.4 |   |   |   | 15.4 | % |
| Interest expense                                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Interest on trust certificates                       |   | $                                             | 684.8  |   |   | $ | 618.8 |   |   |   | 10.7 | % |
| Interest on other loans                              |   |                                          | 98.6   |   |   |   | 95.7 |   |   |   | 3.0 | % |
| Amortization of trust certificate placement expenses |   |                                          | 76.2   |   |   |   | 75.2 |   |   |   | 1.3 | % |
| Amortization of expenses associated with other loans |   |                                          | 6.0    |   |   |   | 4.8 |   |   |   | 25.0 | % |
| Other financial expenses                             |   |                                          | 3.7    |   |   |   | 5.7 |   |   |   | (35.1 | )% |
| Subtotal                                             |   | $                                             | 869.3  |   |   | $ | 800.2 |   |   |   | 8.6 | % |
| Gain (loss) on exchange, net                         |   | $                                             | (21.3  | ) |   | $ | 15.7 |   |   |   | (235.7 | )% |
| Net financing cost                                   |   | $                                             | 865.9  |   |   | $ | 763.1 |   |   |   | 13.5 | % |

|                     |   | (in millions of Pesos)Year Ended December 31, |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   |                                          |   |   |   |   |   |   |   |
|                     |   | 2016                                          |   |   | 2015 |   |   | Y2016vs.Y2015% Change |   |
| Other income – net |   | $                                             | 52.8   |   |   | $ | 187.0 |   |   |   | (71.8 | )% |

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|                                 |   | (in millions of Pesos)Year Ended December 31, |   |
|--------------------------------------|--------|-----------------------------------------------|--------|
|                                 |   | 2016                                          |   |   | 2015 |   |   | Y2016vs.Y2015% Change |   |
| (Benefit) expenses from income taxes |   | $                                             | (268.6 | ) |   | $ | 698.5 |   |   |   | (138.5 | ) |

|                     |   | (in millions of Pesos)Year Ended December 31, |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | 2016                                          |   |   | 2015 |   |   | Y2016vs.Y2015% Change |   |
| Non-controlling interest |   | $                                             | 1.4    |   |   | $ | (2.3 | ) |   |   | (160.9 | )% |

|                                                              |   | (in millions of Pesos)Year Ended December 31, |   |
|-------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                              |   | 2016                                          |   |   | 2015 |   |   | Y2016vs.Y2015% Change |   |
|                                                              |   |                                          |   |   |   |   |   |   |   |
| Net (Loss) for the year attributable to stockholders of Grupo TMM |   | $                                             | (508.0 | ) |   | $ | (1,016.6 | ) |   |   | (50.0 | )% |

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|                           |   | Consolidated Transportation Revenues(in millions of Pesos)Years Ended December 31, |    |
|--------------------------------|--------|------------------------------------------------------------------------------------|---------|
|                           |   | 2015                                                                               |    |   | % of NetRevenues |   |   | 2014 |   |   | % of NetRevenues |   |   | Y2015 vs.Y2014% Change |   |
| Maritime Operations            |   | $                                                                                  | 2,770.9 |   |   |   | 84.9 | % |   | $ | 2,488.3 |   |   |   | 84.7 | % |   |   | 11.4 | % |
| Ports and Terminals Operations |   |                                                                               | 114.2   |   |   |   | 3.5 | % |   |   | 114.9 |   |   |   | 3.9 | % |   |   | (0.6 | )% |
| Logistics Operations           |   |                                                                               | 169.7   |   |   |   | 5.2 | % |   |   | 162.0 |   |   |   | 5.5 | % |   |   | 4.8 | % |
| Warehousing Operations         |   |                                                                               | 133.1   |   |   |   | 4.1 | % |   |   | 104.9 |   |   |   | 3.6 | % |   |   | 26.9 | % |
| Other business(*)              |   |                                                                               | 74.0    |   |   |   | 2.3 | % |   |   | 67.2 |   |   |   | 2.3 | % |   |   | 10.1 | % |
| Total                          |   | $                                                                                  | 3,261.9 |   |   |   | 100.0 | % |   | $ | 2,937.3 |   |   |   | 100.0 | % |   |   | 11.1 | % |

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| (*) | Represents certain new businesses which are in development. |
|-----|-------------------------------------------------------------|

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|                           |   | Grupo TMM OperationsIncome on Transportation (1)(2)(3)(in millions of Pesos)Year Ended December 31, |   |
|--------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|
|                           |   | 2015                                                                                                |   |   | 2014 |   |   | Y2015 vs.Y2014%Change |   |
| Maritime Operations(3)         |   | $                                                                                                   | 492.5  |   |   | $ | 271.3 |   |   |   | 81.5 | % |
| Ports and Terminals Operations |   |                                                                                                | 7.6    |   |   |   | 4.7 |   |   |   | 61.7 | % |
| Logistics Operations           |   |                                                                                                | 27.4   |   |   |   | 26.4 |   |   |   | 3.8 | % |
| Warehousing Operations         |   |                                                                                                | (48.1  | ) |   |   | (51.5 | ) |   |   | (6.6 | )% |
| Shared Corporate Costs         |   |                                                                                                | (205.2 | ) |   |   | (180.3 | ) |   |   | 13.8 | % |
| Total                          |   | $                                                                                                   | 274.2  |   |   | $ | 70.6 |   |   |   | 288.4 | % |

----

| (1) | Operating results are reported as Transportation profit in our Financial Statements included elsewhere in this Annual Report. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (2) | To better reflect Grupo TMM’s corporate costs, the Company modified the presentation of its corporate expenses as of December 31, 2015 and 2014, separating human resources and information technology costs to be allocated to each business unit in accordance with their use. Income on transportation includes the following allocated total administrative costs: In 2015: $15.4 million in Ports and Terminals Operations, $30.1 million in Maritime Operations and $199.1 million in shared corporate costs. Income on transportation includes the following allocated total administrative costs: In 2014: $11.2 million in Ports and Terminals Operations, $25.5 million in Maritime Operations and $175.1 million in shared corporate costs. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Income on Transportation includes loss on revaluation of vessels in 2015 and 2014 for $29.4 million and $255.5 million respectively. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

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|                                                 |   | (in millions of Pesos)Year Ended December 31, |   |
|------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                 |   | 2015                                          |   |   | 2014 |   |   | Y2015vs.Y2014% Change |   |
| Interest income                                      |   | $                                             | 21.4   |   |   | $ | 23.7 |   |   |   | (9.7 | )% |
| Interest expense                                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Interest on trust certificates                       |   | $                                             | 618.8  |   |   | $ | 660.4 |   |   |   | (6.3 | )% |
| Interest on other loans                              |   |                                          | 95.7   |   |   |   | 95.5 |   |   |   | 0.2 | % |
| Amortization of trust certificate placement expenses |   |                                          | 75.2   |   |   |   | 74.2 |   |   |   | 1.3 | % |
| Amortization of expenses associated with other loans |   |                                          | 4.8    |   |   |   | 6.6 |   |   |   | (27.3 | )% |
| Other financial expenses                             |   |                                          | 5.7    |   |   |   | 18.8 |   |   |   | (69.7 | )% |
| Subtotal                                             |   | $                                             | 800.2  |   |   | $ | 855.5 |   |   |   | (6.5 | )% |
| Gain (loss) on exchange, net                         |   | $                                             | 15.7   |   |   | $ | (66.1 | ) |   |   | (123.8 | )% |
| Net financing cost                                   |   | $                                             | 763.1  |   |   | $ | 898.0 |   |   |   | (15.0 | )% |

|                     |   | (in millions of Pesos)Year Ended December 31, |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | 2015                                          |   |   | 2014 |   |   | Y2015vs.Y2014% Change |   |
| Other income – net |   | $                                             | 187.0  |   |   | $ | 367.0 |   |   |   | (49.0 | )% |

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|                       |   | (in millions of Pesos)Year Ended December 31, |   |
|----------------------------|--------|-----------------------------------------------|--------|
|                       |   | 2015                                          |   |   | 2014 |   |   | Y2015vs.Y2014% Change |   |
| Expenses from income taxes |   | $                                             | 698.5  |   |   | $ | 4.7 |   |   |   | (N/A | ) |

|                     |   | (in millions of Pesos)Year Ended December 31, |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | 2015                                          |   |   | 2014 |   |   | Y2015vs.Y2014% Change |   |
| Non-controlling interest |   | $                                             | (2.3   | ) |   | $ | 2.4 |   |   |   | (195.8 | )% |

|                                                                     |   | (in millions of Pesos)Year Ended December 31, |     |
|--------------------------------------------------------------------------|--------|-----------------------------------------------|----------|
|                                                                     |   | 2015                                          |     |   | 2014 |   |   | Y2015vs.Y2014% Change |   |
|                                                                     |   |                                          |     |   |   |   |   |   |   |
| Net Income (Loss) for the year attributable to stockholders of Grupo TMM |   | $                                             | (1,016.6 | ) |   | $ | (516.9 | ) |   |   | (96.7 | )% |

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|  | § | loans and receivables |
|--|--------|-----------------------|

|  | § | financial assets at fair value through profit or loss |
|--|--------|-------------------------------------------------------|

|  | § | held-to-maturity investments |
|--|--------|------------------------------|

|  | § | available-for-sale financial assets. |
|--|--------|--------------------------------------|

|  | § | Level 1: quoted prices (without adjustment) in active markets for identical assets and liabilities; |
|--|--------|-----------------------------------------------------------------------------------------------------|

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|  | § | Level 2: data other than the quoted prices included in Level 1 that are observable for the asset and liability, either directly or indirectly; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | Level 3: non-observable data for the asset or liability. |
|--|--------|----------------------------------------------------------|

|  | § | Represents a significant separate line of business or a geographic area of operations; |
|--|--------|----------------------------------------------------------------------------------------|

|  | § | Is part of a specific coordinated plan to dispose of a significant separate line of business; or |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | § | Is a subsidiary acquired solely for the purpose of sale. |
|--|--------|----------------------------------------------------------|

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|                                                |   | (in millions of Pesos) |     |
|-----------------------------------------------------|--------|------------------------|----------|
|                                                |   |                   |     |
| TMM División Marítima, S. A. de C. V.     |   | $                      | 8,958.4  |   |
| TMM Parcel Tankers, S.A. de C.V.                    |   |                   | 353.1    |   |
| Transportación Maritima Mexicana, S.A. de C.V. |   |                   | 522.6    |   |
| Grupo TMM, S.A.B.                                   |   |                   | 128.4    |   |
| Almacenadora de Deposito Moderno, S.A. de C.V.      |   |                   | 12.8     |   |
| TMM Logistics, S.A de C.V.                          |   |                   | 95.1     |   |
| Total                                               |   | $                      | 10,070.4 |   |

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| Conversion date          |   | Percentage |   |   | Number of debentures to beconverted |   |
|--------------------------|--------|------------|--------|--------|-------------------------------------|--------|
| September 30, 2017       |   |       | 10     | %      |                                |   | 1,058,628 |   |
| September 30, 2019       |   |       | 45     | %      |                                |   | 4,763,828 |   |
|  September 30, 2022 |   |       | 45     | %      |                                |   | 4,763,828 |   |

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|                                                 |   | Years Ended December 31, |      |
|------------------------------------------------------|--------|--------------------------|-----------|
|                                                 |   | 2016                     |      |   | 2015 |   |   | 2014 |   |
|                                                 |   | (in thousands of Pesos)  |      |
| Operating activities                                 |   | $                        | 610,782   |   |   | $ | 612,381 |   |   | $ | 756,158 |   |
| Investing activities                                 |   |                     | (74,352   | ) |   |   | 792,154 |   |   |   | (124,384 | ) |
| Financing activities                                 |   |                     | (744,478  | ) |   |   | (1,165,762 | ) |   |   | (801,787 | ) |
| Currency exchange effect on cash                     |   |                     | 65,393    |   |   |   | 63,540 |   |   |   | 16,664 |   |
| Net increase (decrease) in cash and cash equivalents |   |                     | (142,655  | ) |   |   | 302,313 |   |   |   | (153,349 | ) |
| Cash and cash equivalents at beginning of year       |   |                     | 1,045,359 |   |   |   | 743,046 |   |   |   | 896,395 |   |
| Cash and cash equivalents at end of year             |   | $                        | 902,704   |   |   | $ | 1,045,359 |   |   | $ | 743,046 |   |

|                                                 |   | Years Ended December 31, |     |
|------------------------------------------------------|--------|--------------------------|----------|
|                                                 |   | 2016                     |     |   | 2015 |   |   | 2014 |   |
|                                                 |   | (in thousands of Pesos)  |     |
| Loss before provision for income taxes               |   | $                        | (775,179 | ) |   | $ | (301,930 | ) |   | $ | (460,337 | ) |
| Depreciation and amortization and other amortization |   |                     | 631,264  |   |   |   | 748,839 |   |   |   | 940,070 |   |
| Loss (gain) on sale of fixed assets—net        |   |                     | (56,491  | ) |   |   | 26,131 |   |   |   | (22,853 | ) |
| Sale of subsidiaries                                 |   |                     | -        |   |   |   | (171,505 | ) |   |   | (342,088 | ) |
| Provision for interests on debt                      |   |                     | 783,458  |   |   |   | 714,520 |   |   |   | 755,693 |   |
| Gain (loss) from exchange differences                |   |                     | 69,826   |   |   |   | 46,273 |   |   |   | 58,200 |   |
| Total changes in operating assets and liabilities    |   |                     | (42,096  | ) |   |   | (449,947 | ) |   |   | (172,527 | ) |
| Net cash provided by operating activities            |   | $                        | 610,782  |   |   | $ | 612,381 |   |   | $ | 756,158 |   |

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|                                                           |   | Years Ended December 31, |   |
|----------------------------------------------------------------|--------|--------------------------|--------|
|                                                           |   | 2016 (a)                 |   |   | 2015 (b) |   |   | 2014 (c) |   |
| Capital Expenditures by Segment:Ports and Terminals Operations |   | $                        | 1.1    |   |   | $ | 3.4 |   |   | $ | 13.9 |   |
| Maritime Operations                                            |   |                     | 160.7  |   |   |   | 78.5 |   |   |   | 184.3 |   |
| Warehousing Operations                                         |   |                     | 0.1    |   |   |   | 0.5 |   |   |   | 1.7 |   |
| Corporate                                                      |   |                     | 0.2    |   |   |   | 20.0 |   |   |   | 29.0 |   |
| Total                                                          |   | $                        | 162.1  |   |   | $ | 102.4 |   |   | $ | 228.9 |   |

----

| (a) | In 2016, capital expenditures included: (i) Ports and Terminals Operations: $1.0 million in acquisition and equipment improvements and $0.1 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations: $10.8 million in acquisition and equipment improvements and $149.9 million in construction projects; and (iii) Corporate: $0.2 million in fixed assets and other strategic corporate projects. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | In 2015, capital expenditures included: (i) Ports and Terminals Operations: $0.8 million in acquisition and equipment improvements and $2.6 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations: $56.0 million in acquisition and equipment improvements and $22.5 million in construction projects; and (iii) Corporate: $20.0 million in fixed assets and other strategic corporate projects. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | In 2014, capital expenditures included: (i) Ports and Terminals Operations: $10.8 million in acquisition and equipment improvements and $3.1 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations: $55.0 million in acquisition and equipment improvements and $129.3 million in construction projects; and (iii) Corporate: $29.0 million in fixed assets and other strategic corporate projects.. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                           |   | Years Ended December 31, |   |
|--------------------------------|--------|--------------------------|--------|
|                           |   | 2016 (a)                 |   |   | 2015 (b) |   |   | 2014 (c) |   |
| Capital Divestitures:          |   |                     |   |   |   |   |   |   |   |
| Sale of shares of subsidiaries |   | $                        | -      |   |   | $ | 829.9 |   |   | $ | 25.5 |   |
| Other assets                   |   |                     | 87.7   |   |   |   | 64.6 |   |   |   | 79.1 |   |
| Total                          |   | $                        | 87.7   |   |   | $ | 894.5 |   |   | $ | 104.6 |   |

----

| (a) | In 2016, capital divestitures included $87.7 million from the sale of land. |
|-----|-----------------------------------------------------------------------------|

| (b) | In 2015, capital divestitures included $64.6 million from the sale of vessels and terminal equipment and completion of the sale of the Company’s subsidiary Terminal Marítima de Tuxpan, S.A. de C.V.. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | In 2014, capital divestitures included $79.1 million from the sale of vessels, shipyard and ground transportation equipment. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

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| Year        | Capitalization % | Interest Payment % |
|-------------|------------------|--------------------|
| 1st and 2nd | 60%              | 40%                |
| 3th and 4th | 50%              | 50%                |
| 5th         | 25%              | 75%                |

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|  Indebtedness (1)                           |   | Less than1 year                                 |    |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |   | Total  |      |
|--------------------------------------------------|--------|-------------------------------------------------|---------|--------|-----------|--------|--------|-----------|--------|--------|------------------|--------|--------|--------|-----------|
|                                             |   | (in thousands of Pesos, unless noted otherwise) |    |
| Mexican Trust Certificates (2)                   |   |                                            | 144,312 |   |      |   | -      |      |   |   | -                |   |   |   | 8,814,106 |   |   |   | 8,958,418 |   |
| Parcel Tanker Vessels and Tugboat Financings (3) |   |                                            | 377,703 |   |      |   | 49,180 |      |   |   | 49,180           |   |   |   | 24,448    |   |   |   | 500,511 |   |
| Investors (4)                                    |   |                                            | 139,395 |   |      |   | -      |      |   |   | -                |   |   |   | -         |   |   |   | 139,395 |   |
| Land and Logistics Equipment Financing (5)       |   |                                            | 1,825   |   |      |   | 38,462 |      |   |   | -                |   |   |   | -         |   |   |   | 40,287 |   |
| Refinancing Acquisition ADEMSA(6)                |   |                                            | 21,319  |   |      |   | 55,233 |      |   |   | -                |   |   |   | -         |   |   |   | 76,552 |   |
| Working Capital (7)                              |   |                                            | 7,105   |   |      |   | 11,646 |      |   |   | 5,625            |   |   |   | -         |   |   |   | 24,376 |   |
| Other Debt (8)                                   |   |                                            | 39,659  |   |      |   | 54,318 |      |   |   | 35,492           |   |   |   | 663       |   |   |   | 130,132 |   |

| Total |   | $ | 731,318 |   |   | $ | 208,839 |   |   | $ | 90,297 |   |   | $ | 8,839,217 |   |   | $ | 9,869,671 |   |
|-------|--------|---|---------|--------|--------|---|---------|--------|--------|---|--------|--------|--------|---|-----------|--------|--------|---|-----------|--------|

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|  Financial Lease Obligations (9)                       |   | Less than1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |   | Total |    |
|-------------------------------------------------------------|--------|-----------------|--------|--------|-----------|--------|--------|-----------|--------|--------|------------------|--------|--------|-------|---------|
| Vessel, Transportation Equipment and Other Operating Leases |   | $               | 41,483 |   |      | $      | 82,966 |      |   | $      | 85,355           |   |   | $     | 164,888 |   |   | $ | 374,692 |   |
| Total                                                       |   | $               | 41,483 |   |      | $      | 82,966 |      |   | $      | 85,355           |   |   | $     | 164,888 |   |   | $ | 374,692 |   |

|  Operating Lease Obligations (10)                      |   | Less than1 year |    |   | 1-3 years |   |    | 3-5 years |   |   | More than5 years |   |   | Total |    |
|-------------------------------------------------------------|--------|-----------------|---------|--------|-----------|--------|---------|-----------|--------|--------|------------------|--------|--------|-------|---------|
| Vessel, Transportation Equipment and Other Operating Leases |   | $               | 112,115 |   |      | $      | 137,157 |      |   | $      | 154,709          |   |   | $     | 732,745 |   |   | $ | 1,136,726 |   |
| Total                                                       |   | $               | 112,115 |   |      | $      | 137,157 |      |   | $      | 154,709          |   |   | $     | 732,745 |   |   | $ | 1,136,726 |   |

| (1) | These amounts include principal payments and accrued and unpaid interest as of December 31, 2016. |
|-----|---------------------------------------------------------------------------------------------------|

| (2) | Debt allocated in one special purpose company in connection with financing of tanker vessels, offshore vessels and tugboats denominated in Mexican Pesos. The maturity of this line of credit is on August 2030, with a bullet principal payment, semiannual interest payments with a variable rate of 7.76% per annum as of December 31, 2016. The company contracted an interest rate CAP to protect against the possible fluctuation of the interest rate. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Debt allocated in two companies: The first is in connection with the financing of two parcel tanker vessels, allocated in one special purpose company, denominated in US Dollars. These lines of credit mature in June 2017, with a balloon payment of $320,624, monthly principal and interest payments with a weighted average rate of 6.96% per annum; the Company has initiated a formal process with the bank to extend the maturity for one more year to June 2018. The second financing is in connection with the acquisition of one tugboat, denominated in Euros; this line of credit matures in November 2022, with semiannual principal and interest payments with a fixed rate of 7.0% per annum. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Debt in connection with the cancellation of the Securitization Facility, denominated in US Dollars. The maturity of these lines of credit was on January 2017, semiannual interest payments and fixed rate of 11.25% per annum. The Company granted a reschedule of the balance extending the maturity to July 2017. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Debt in connection with the land & logistics equipment financing, denominated in Mexican Pesos. Line of credit denominated in Pesos, maturing in December 2019, with monthly interest and principal payments at a fixed rate of 12.0% per annum. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Debt in connection with ADEMSA acquisition refinancing, denominated in US Dollars. The Company refinanced the payment schedule and extend the maturity of this line of credit to December 2019, with quarterly principal and interest payments, with a variable rate of 6.35% per annum as of December 31, 2016. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Debt for working capital and to strength agricultural activities of ADEMSA. Various lines of credit denominated in Mexican Pesos, with different maturities between October 2017 and August 2021, monthly interest and principal payments with a weighted average rate of 8.80% per annum as of December 31, 2016. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Debt allocated in different companies for working capital and letter of credit issuances. Various lines of credit denominated in Mexican Pesos, with maturities between September 2018 and March 2022, with monthly principal and interest payments, variable rate; the weighted average rate was 9.28% per annum as of December 31, 2016. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Financial lease agreement for purchasing AHTS vessel, denominated in US Dollars, maturing in November 2026, with monthly interest and principal payments and fixed rate of 15.92%. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | These amounts include the minimum lease payments. |
|------|---------------------------------------------------|

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| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
|---------|--------------------------------------------|

|    Name                              | Principal Occupation                          | Years as aDirector orAlternateDirector |   | Age    |
|-----------------------------------------------------|-----------------------------------------------|----------------------------------------|--------|--------|
| Directors                                           |                                          |                                   |   |   |
| José F. Serrano Segovia                        | Chairman of the Board of Grupo TMM            | 45                                     |   | 76     |
| Ignacio Rodríguez Rocha                        | Attorney and First Vice-chairman of Grupo TMM | 26                                     |   | 81     |
| Maria Josefa Cuevas de Serrano                      | Private Investor                              | 11                                     |   | 71     |
| Francisco Javier García-Sabaté Palazuelos | Private Investor                              | 2                                      |   | 65     |
| Carlos Viveros Figueroa                             | Private Investor                              | 3                                      |   | 76     |
| Miguel Alemán Velasco                          | Private Investor                              | 8                                      |   | 85     |
| Miguel Alemán Magnani                          | Private Investor                              | 8                                      |   | 51     |
|                                                |                                          |                                   |   |   |
| Alternate Directors                                 |                                          |                                   |   |   |
| Vanessa Serrano Cuevas                              | President Deputy Director                     | 1                                      |   | 42     |

| Position in the Board of Directors | Term                                                                                                                                     |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|
|                               |                                                                                                                                     |
| Chairman                           | 7 years                                                                                                                                  |
| Vice-Chairman                      | 7 years                                                                                                                                  |
| Second Vice-Chairman               | Between 3 and 7 years (As determined by the General Shareholders’ Meeting that elects him/her. This position is currently vacant.) |
| Other Board Directors              | 1 year                                                                                                                                   |

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|  Name                        |   |  Position                                      |   | Years ofService   |   | ExecutiveOfficer |
|-----------------------------------|--------|----------------------------------------------------------------------------------------|--------|-----------------------------|--------|------------------|
| Corporate Directors               |   |                                                                                   |   |                        |   |             |
| José F. Serrano Segovia      |   | Chairman of the Board and Chief Executive Officer                                      |   | 45                          |   | 25               |
| Jacinto David Marina Cortés  |   | Deputy Chief Executive Officer                                                         |   | 26                          |   | 26               |
| Carlos Pedro Aguilar Méndez  |   | Deputy Chief Executive Officer and Chief Financial Officer and Administrative Director |   | 27                          |   | 10               |
| Silvia Millán Hernández |   | Corporate Human Resources Director                                                     |   | 30                          |   | 2                |
| Elvira Ruiz Carreño          |   | Corporate Audit Director                                                               |   | 21                          |   | 14               |
| Marco Augusto Martínez Avila |   | Corporate Legal Director                                                               |   | 9                           |   | 4                |
| Business Unit Directors           |   |                                                                                   |   |                        |   |             |
| Luis Manuel Ocejo Rodríguez  |   | Director, Maritime Transportation                                                      |   | 34                          |   | 10               |
| Gustavo Adolfo Madero Nieto       |   | Director, Ports and Terminals                                                          |   | 1                           |   | 1                |

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**Grupo TMM, S.A.B. and Subsidiaries**

|  | § | overseeing the accounting and financial reporting processes of the Company; |
|--|--------|-----------------------------------------------------------------------------|

|  | § | discussing the financial statements of the Company with all parties responsible for preparing and reviewing such statements, and advising the Board of Directors on their approval thereof; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | overseeing compliance with legal and regulatory requirements and overseeing audits of the financial statements of the Company; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------|

|  | § | evaluating the performance of the Company’s external auditor and its independent status; |
|--|--------|------------------------------------------------------------------------------------------------|

|  | § | advising the Board of Directors on the compliance of the Company’s or any of its subsidiaries’ internal controls, policies and in-house auditing, and identifying any deficiencies in accordance with the Bylaws of the Company and applicable regulations; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | providing sufficient opportunity for a private meeting between members of our internal and external auditors and the Audit Committee, who may also request additional information from employees and legal counsel; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | providing support to the Board of Directors in supervising and reviewing the Company’s corporate accounting and disclosure policies and discussing guidelines and policies to govern the process of risk assessment with management; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | advising the Board of Directors on any audit-related issues in accordance with the Bylaws of the Company and applicable regulations; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | § | assisting the Board of Directors in the selection of the external auditor (subject to approval by vote of the shareholders); |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | § | reviewing the financial statements and the external auditor’s report. The Committee may request that the external auditor be present when reviewing such reports, in addition to the Committee’s mandatory meeting with the external auditor at least once a year; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | preparing the Board of Directors’ opinion on the Chairman’s annual report and submitting it at the Shareholders’ Meeting for its approval; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | overseeing compliance by the Company’s chief executive officer with decisions made at a Shareholders’ Meeting or a Board of Directors meeting. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | requesting an opinion from independent experts as the Committee might see fit, in accordance with applicable regulations; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------|

|  | § | calling Shareholders’ Meetings and reviewing the agenda; |
|--|--------|----------------------------------------------------------------|

|  | § | supporting the Board of Directors in preparing its reports in accordance with the Bylaws of the Company and applicable regulations; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | § | suggesting procedures for hiring the Company’s chief executive officer, chief financial officer and senior executive officers; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | § | reviewing human resources policies, including senior executive officers’ performance evaluation policies, promotions and structural changes to the Company; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | assisting the Board of Directors in evaluating senior executive officers’ performance; |
|--|--------|----------------------------------------------------------------------------------------------|

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**Grupo TMM, S.A.B. and Subsidiaries**

|  | § | evaluating executive officer’s compensation. The Company is not required under Mexican law to obtain shareholder approval for equity compensation plans; the Board of Directors is required to approve the Company’s policies on such compensation plans; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | § | reviewing related party transactions; and |
|--|--------|-------------------------------------------|

|  | § | performing any activity set forth in the Mexican Securities Law. |
|--|--------|------------------------------------------------------------------|

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**Grupo TMM, S.A.B. and Subsidiaries**

| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
|---------|---------------------------------------------------|

|  Shareholder                |   | Numberof Shares |       |   | Percentage ofSharesOutstanding |   |
|----------------------------------|--------|-----------------|------------|--------|--------------------------------|--------|
| José F. Serrano Segovia (a) |   |            | 37,374,491 |   |                           |   | 36.6 | % |

----

|  | a) | Based upon information made known to the Company and reports of beneficial ownership filed with the SEC, the Serrano Segovia Family beneficially owns 41,958,875 Shares, including 29,046,176 Shares held by VEX, a Mexican corporation in which José F. Serrano Segovia holds 100% of the voting stock, and 561,350 Shares beneficially owned by Promotora Servia, S.A. de C.V. (“Promotora”), a Mexican corporation controlled by José F. Serrano Segovia. Of the 561,350 Shares beneficially owned by Promotora, 560,850 Shares are owned directly by its subsidiary, Servicios Directivos Servia, S.A. de C.V. (“Servicios”), a Mexican corporation. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 8. | FINANCIAL INFORMATION |
|---------|-----------------------|

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| ITEM 9. | THE OFFER AND LISTING |
|---------|-----------------------|

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|                      |   | Shares |   |
|----------------------|--------|--------|--------|
| Previous five years: |   | High   |   |   | Low |   |
| 2012                 |   |   | 5.70   |   |   |   | 2.07 |   |
| 2013                 |   |   | 2.93   |   |   |   | 1.80 |   |
| 2014                 |   |   | 7.85   |   |   |   | 2.30 |   |
| 2015                 |   |   | 5.10   |   |   |   | 3.30 |   |
| 2016                 |   |   | 11.00  |   |   |   | 3.70 |   |

----

|                             |   | Shares |   |
|----------------------------------|--------|--------|--------|
| Previous two years (by quarter): |   | High   |   |   | Low |   |
| 2015:                            |   |   |   |   |   |   |
| First Quarter                    |   |   | 4.99   |   |   |   | 3.30 |   |
| Second Quarter                   |   |   | 4.04   |   |   |   | 3.45 |   |
| Third Quarter                    |   |   | 5.10   |   |   |   | 3.61 |   |
| Fourth Quarter                   |   |   | 4.90   |   |   |   | 4.00 |   |
| 2016:                            |   |   |   |   |   |   |   |   |
| First Quarter                    |   |   | 5.00   |   |   |   | 3.99 |   |
| Second Quarter                   |   |   | 4.33   |   |   |   | 3.90 |   |
| Third Quarter                    |   |   | 11.00  |   |   |   | 3.70 |   |
| Fourth Quarter                   |   |   | 8.20   |   |   |   | 6.00 |   |
| 2017:                            |   |   |   |   |   |   |   |   |
| First Quarter                    |   |   | 6.78   |   |   |   | 5.42 |   |

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|                 |   | Shares |   |
|----------------------|--------|--------|--------|
| Previous six months: |   | High   |   |   | Low |   |
| November 30, 2016    |   |   | 7.49   |   |   |   | 6.00 |   |
| December 31, 2016    |   |   | 7.15   |   |   |   | 6.08 |   |
| January 31, 2017     |   |   | 6.78   |   |   |   | 5.50 |   |
| February 28, 2017    |   |   | 5.90   |   |   |   | 5.42 |   |
| March 31, 2017       |   |   | 5.99   |   |   |   | 5.50 |   |
| April 30, 2017       |   |   | 5.90   |   |   |   | 5.38 |   |

----

|                 |   | ADS(*) |   |
|----------------------|--------|--------|--------|
| Previous five years: |   | High   |   |   | Low |   |
| 2012                 |   |   | 2.20   |   |   |   | 0.70 |   |
| 2013                 |   |   | 1.10   |   |   |   | 0.71 |   |
| 2014                 |   |   | 2.91   |   |   |   | 0.82 |   |
| 2015                 |   |   | 1.58   |   |   |   | 1.01 |   |
| 2016                 |   |   | 2.75   |   |   |   | 0.96 |   |

----

| (*) | Effective June 15, 2012, the ADSs were delisted from the NYSE.  The ADSs began trading on the OTC market on June 18, 2012. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

|                             |   | ADS    |   |
|----------------------------------|--------|--------|--------|
| Previous two years (by quarter): |   | High   |   |   | Low |   |
| 2015:                            |   |   |   |   |   |   |
| First Quarter                    |   |   | 1.58   |   |   |   | 1.12 |   |
| Second Quarter                   |   |   | 1.30   |   |   |   | 1.05 |   |
| Third Quarter                    |   |   | 1.50   |   |   |   | 1.15 |   |
| Fourth Quarter                   |   |   | 1.40   |   |   |   | 1.01 |   |
| 2016:                            |   |   |   |   |   |   |   |   |
| First Quarter                    |   |   | 1.21   |   |   |   | 1.00 |   |
| Second Quarter                   |   |   | 1.15   |   |   |   | 1.01 |   |
| Third Quarter                    |   |   | 2.75   |   |   |   | 0.96 |   |
| Fourth Quarter                   |   |   | 2.01   |   |   |   | 1.42 |   |
| 2017:                            |   |   |   |   |   |   |   |   |
| First Quarter                    |   |   | 1.57   |   |   |   | 1.19 |   |

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|                 |   | ADS    |   |
|----------------------|--------|--------|--------|
| Previous six months: |   | High   |   |   | Low |   |
| November 30, 2016    |   |   | 1.88   |   |   |   | 1.42 |   |
| December 31, 2016    |   |   | 1.65   |   |   |   | 1.42 |   |
| January 31, 2017     |   |   | 1.57   |   |   |   | 1.34 |   |
| February 28, 2017    |   |   | 1.40   |   |   |   | 1.23 |   |
| March 31, 2017       |   |   | 1.34   |   |   |   | 1.19 |   |
| April 30, 2017       |   |   | 1.60   |   |   |   | 1.21 |   |

----

| ITEM 10. | ADDITIONAL INFORMATION |
|----------|------------------------|

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| Position in the Board of Directors | Term                                                                                                                                       |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|
|                               |                                                                                                                                       |
| Chairman                           | 7 years                                                                                                                                    |
| First Vice-Chairman                | 7 years                                                                                                                                    |
| Second Vice-Chairman               | Between 3 and 7 years (As determined by the General Shareholders’ Meeting that elects him/her.)                                      |
| Other Directors                    | 1 year                                                                                                                                     |
|                               | Except that in no event whatsoever shall more than one third (1/3) of the member directors be replaced for any fiscal year of the Company. |

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|  | 1. | The approval and/or modification of the annual budget, which must be approved for each fiscal year of the Company; |
|--|----|--------------------------------------------------------------------------------------------------------------------|

|  | 2. | The imposition or creation of any lien on any of the assets of the Company and/or of the corporations controlled by the Company, or the resolution of the Company and/or of the corporations controlled by the Company, to guarantee obligations of the Company and/or of its subsidiaries, or to guarantee obligations of third parties, in all of said cases, when the value of any of said transactions involves in a single act or in a series of related acts, an amount equal to or higher than five percent of the total consolidated assets of the Company during a calendar year; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | The decision to begin a new business line or the suspension of any business line developed by the Company or by any corporation in which the Company participates, either directly or indirectly; |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | Any decision related to the acquisition or sale of assets (including shares or equity interests or their equivalent, in any corporation controlled or not controlled by the Company or in which the Company has a significant share, or to any financing and/or the creation of any liens, when the value of any of said transactions involves in a single act or in a series of related acts, an amount equal to or higher than five percent of the total consolidated assets of the Company during a calendar year; |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5. | The determination of the manner in which the Company shall exercise its voting rights regarding shares or equity interests (or their equivalent) issued by its subsidiaries or entities in which the Company owns at least 20% of the capital stock thereof; and |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6. | The establishment of any committee of the Company other than the Audit and Corporate Practices Committee. |
|--|----|-----------------------------------------------------------------------------------------------------------|

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|  | (i) | They fulfill the requirements that the Bylaws and the applicable laws may stipulate for the approval of matters to be dealt with by the Board of Directors or, as the case may be, by committees of which they are members. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | They make decisions or vote at the meetings of the Board of Directors or, as the case may be, committees to which they belong, based on the information provided by the relevant managers, the corporation providing the external audit services or the independent experts, whose capacity and credibility do not offer a cause for reasonable doubt. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | They have selected the most suitable alternative, to the best of their knowledge and belief, or negative property damages had not been foreseeable, in both cases, based on the information available at the time of the decision. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | They fulfill the resolutions of the Shareholders’ Meeting, provided these do not violate the law. |
|--|------|---------------------------------------------------------------------------------------------------------|

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|  | · | 75% or more of its gross income consists of passive income; or |
|--|--------|----------------------------------------------------------------|

|  | · | 50% or more of the average quarterly value of its gross assets consists of assets that produce, or are held for the production of, passive income. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|

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|             |   | December 31,            |       |
|-------------|--------|-------------------------|------------|
|        |   | (in thousands of Pesos) |       |
|        |   | 2016                    |       |   | 2015 |   |
| Assets      |   | $                       | 1,219,322  |   |   | $ | 1,445,145 |   |
| Liabilities |   |                    | (1,328,109 | ) |   |   | (1,225,261 | ) |
|        |   | $                       | (108,787   | ) |   | $ | 219,884 |   |

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|                  |   | Breakdown of Fixed and Variable Rates of Financial Obligations(1) |   |
|-----------------------|--------|-------------------------------------------------------------------|--------|
|                  |   | Expected Maturity                                                 |   |
| Liabilities           |   | 2017                                                              |   |   | 2018 |   |   | 2019 |   |   | 2020 |   |   | Thereafter |   |   | Total |   |   | Fair Value |   |
|                  |   | (in millions of pesos)                                            |   |
| Long-Term Debt        |   |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Rate            |   | $                                                                 | 443.9  |   |   | $ | 53.3 |   |   | $ | 59.3 |   |   | $ | 40.4 |   |   | $ | 199.4 |   |   | $ | 796.3 |   |   | $ | 796.3 |   |
| Average Interest Rate |   |                                                              | 10.19  | % |   |   | 12.38 | % |   |   | 12.71 | % |   |   | 13.18 | % |   |   | 13.72 | % |   |   | 10.19 | % |   |   |   | ** |
| Variable Rate         |   | $                                                                 | 139.2  |   |   | $ | 63.6 |   |   | $ | 56.4 |   |   | $ | 23.6 |   |   | $ | 10,487.8 |   |   | $ | 10,770.6 |   |   | $ | 10,770.6 |   |
| Average Interest Rate |   |                                                              | 7.75   | % |   |   | 7.77 | % |   |   | 7.77 | % |   |   | 7.77 | % |   |   | 7.76 | % |   |   | 7.75 | % |   |   |   | ** |

----

| (1) | Information as of December 31, 2016. |
|-----|--------------------------------------|

| ** | Not applicable |
|----|----------------|

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| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
|----------|--------------------------------------------------------|

| Persons depositing or withdrawing CPOs must pay:                                                                                                                                         |   | For:                                                                                                                                                                                                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                  |   | ·     Issuance of ADSs, including issuances resulting from a distribution of CPOs or rights or other property ·     Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| US$.02 (or less) per ADS                                                                                                                                                                 |   | ·     Any cash distribution to ADS registered holders                                                                                                                                                                                                         |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| US$.02 (or less) per ADSs per calendar year                                                                                                                                              |   | ·     Depositary services                                                                                                                                                                                                                                |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| A fee equivalent to the fee that would be payable if securities distributed to holders had been CPOs and the CPOs had been deposited for issuance of ADSs                                |   | ·     Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders                                                                                                        |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| Registration or transfer fees                                                                                                                                                            |   | ·     Transfer and registration of CPOs on the register to or from the name of the depositary or its agent when a holder deposits or withdraws CPOs                                                                                                      |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| Expenses of the depositary                                                                                                                                                               |   | ·     Cable, telex and facsimile transmissions as expressly provided in the deposit agreement ·     Converting foreign currency to U.S. dollars                                                                                 |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or CPO underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes |   | ·     As necessary                                                                                                                                                                                                                                            |
|                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                   |
| Any charges incurred by the depositary or its agents for servicing the deposited securities                                                                                              |   | ·     As necessary                                                                                                                                                                                                                                       |

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| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
|----------|-------------------------------------------------|

| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
|----------|------------------------------------------------------------------------------|

| ITEM 15. | CONTROLS AND PROCEDURES |
|----------|-------------------------|

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| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT |
|-----------|----------------------------------|

| ITEM 16B. | CODE OF ETHICS |
|-----------|----------------|

| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|-----------|----------------------------------------|

|          |   | As of December 31, |     |
|---------------|--------|--------------------|----------|
|          |   | 2016               |     |   | 2015 |   |
| Audit Fees(a) |   | $                  | 13,612.4 |   |   | $ | 13,252.3 |   |
| Total(b)      |   | $                  | 13,612.4 |   |   | $ | 13,252.3 |   |

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| (a) | Audit Fees—Fees relate to the review of our Annual Financial Statements and Annual Report filed with the SEC and review of other SEC filings. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Total does not include Mexican tax (“Impuesto al Valor Agregado” or “IVA”). |
|-----|----------------------------------------------------------------------------------------------------------|

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| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
|-----------|------------------------------------------------------------|

| ITEM 16E. | PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
|-----------|-----------------------------------------------------------------------|

| ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
|-----------|----------------------------------------------------|

| ITEM 16G.  | CORPORATE GOVERNANCE |
|-----------------|----------------------|

| ITEM 17. | FINANCIAL STATEMENTS |
|----------|----------------------|

| ITEM 18. | FINANCIAL STATEMENTS |
|----------|----------------------|

| Contents                                                         | Page |
|------------------------------------------------------------------|------|
| Report of Independent Registered Public Accounting Firm          | F-1  |
| Consolidated Statements of Financial Position                    | F-3  |
| Consolidated Statements of Profit or Loss                        | F-4  |
| Consolidated Statements of Comprehensive (Loss) Income           | F-5  |
| Consolidated Statements of Changes in Stockholders’ Equity | F-6  |
| Consolidated Statements of Cash Flows                            | F-7  |
| Notes to the Consolidated Financial Statements                   | F-8  |

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| ITEM 19. | EXHIBITS |
|----------|----------|

| ExhibitNo. | Exhibit                                                                                                                                                                                                                                                                                                                                             |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                                                                                                                |
| 1.1        | Amended and Restated Bylaws of Grupo TMM, S.A.B., as registered with the Public Registry of Commerce on January 15, 2010, together with an English translation (incorporated herein by reference to Exhibit 1.1 of the Company’s Form 20-F filed on June 30, 2010).                                                                           |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 2.1        | Specimen Ordinary Participation Certificate, together with an English translation (incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form F-1 — Registration No. 33-47334).                                                                                                                                    |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 2.2        | Form of Amended and Restated Deposit Agreement (the “Deposit Agreement”) among the Company, The Bank of New York Mellon, as depositary and all owners and holders of American Depositary Shares (incorporated by reference to Exhibit 1 of the Company’s Registration Statement on Form F-6 — Registration No. 333-163562). |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 2.3        | Trust Agreement, dated November 24, 1989 (the “CPO Trust Agreement”), between Nacional Financiera, S.N.C., as grantor, and as CPO Trustee, together with an English translation (incorporated herein by reference to Exhibit 2 of the Company’s Registration Statement on Form F-6 — Registration No. 333-163562).          |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 2.4        | Public Deed, dated January 28, 1992, together with an English translation (incorporated herein by reference to Exhibit 4.5 of the Registration Statement on Form F-1 — Registration No. 33-47334).                                                                                                                                            |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 6.1*       | Computation of earnings per share under IFRS.                                                                                                                                                                                                                                                                                                       |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 7.1*       | Computation of ratio of earnings to fixed charge under IFRS.                                                                                                                                                                                                                                                                                        |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 8.1*       | List of Main Subsidiaries.                                                                                                                                                                                                                                                                                                                          |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 12.1*      | Section 302 Certification of Chief Executive Officer.                                                                                                                                                                                                                                                                                               |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 12.2*      | Section 302 Certification of Chief Financial Officer.                                                                                                                                                                                                                                                                                               |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 13.1*      | Section 906 Certification of Chief Executive Officer.                                                                                                                                                                                                                                                                                               |
|       |                                                                                                                                                                                                                                                                                                                                                |
| 13.2*      | Section 906 Certification of Chief Financial Officer.                                                                                                                                                                                                                                                                                               |

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| * | Filed herewith. |
|---|-----------------|

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|                                                        | Page                                           |
|-------------------------------------------------------------|------------------------------------------------|
|                                                        |                                           |
| Report of the independent registered public accounting firm | 1 -2                                           |
|                                                        |                                           |
| Consolidated statements of financial position               | 3                                              |
|                                                        |                                           |
| Consolidated statements of profit or loss                   | 4                                              |
|                                                        |                                           |
| Consolidated statements of comprehensive income             | 5                                              |
|                                                        |                                           |
| Consolidated statements of changes in stockholders' equity  | 6                                              |
|                                                        |                                           |
| Consolidated statements of cash flow                        | 7                                              |
|                                                        |                                           |
| Notes to the consolidated financial statements              |                                           |
|                                                        |                                           |
| 1                                                           | General information                            | 8 |
|                                                        |                                           |   |
| 2                                                           | Changes in accounting policies                 | 10 |
|                                                        |                                           |   |
| 3                                                           | Summary of significant accounting policies     | 11 |
|                                                        |                                           |   |
| 4                                                           | Going concern                                  | 23 |
|                                                        |                                           |   |
| 5                                                           | Cash and cash equivalents                      | 24 |
|                                                        |                                           |   |
| 6                                                           | Trade receivables                              | 25 |
|                                                        |                                           |   |
| 7                                                           | Other accounts receivable                      | 26 |
|                                                        |                                           |   |
| 8                                                           | Materials and supplies                         | 26 |
|                                                        |                                           |   |
| 9                                                           | Prepayments                                    | 26 |
|                                                        |                                           |   |
| 10                                                          | Leases                                         | 26 |
|                                                        |                                           |   |
| 11                                                          | Concession rights                              | 27 |
|                                                        |                                           |   |
| 12                                                          | Property, vessels and equipment                | 28 |
|                                                        |                                           |   |
| 13                                                          | Other non-current assets                       | 30 |
|                                                        |                                           |   |
| 14                                                          | Intangible assets                              | 31 |
|                                                        |                                           |   |
| 15                                                          | Impairment of long-lived assets                | 31 |
|                                                        |                                           |   |
| 16                                                          | Financial assets and liabilities               | 33 |
|                                                        |                                           |   |
| 17                                                          | Mandatorily convertible debentures into shares | 38 |
|                                                        |                                           |   |
| 18                                                          | Balances and transactions with related parties | 39 |
|                                                        |                                           |   |
| 19                                                          | Accounts payable and accrued expenses          | 40 |

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| 20     | Disposal of assets and groups classified as held for sale and discontinued operations | 40     |
|--------|---------------------------------------------------------------------------------------|--------|
|   |                                                                                  |   |
| 21     | Stockholders’ equity                                                            | 41     |
|   |                                                                                  |   |
| 22     | Other income (expenses)                                                               | 43     |
|   |                                                                                  |   |
| 23     | Interest expense and other financial costs                                            | 43     |
|   |                                                                                  |   |
| 24     | Income tax and tax loss carryforwards                                                 | 43     |
|   |                                                                                  |   |
| 25     | Segment reporting                                                                     | 45     |
|   |                                                                                  |   |
| 26     | Employee benefits                                                                     | 47     |
|   |                                                                                  |   |
| 27     | Loss per share                                                                        | 50     |
|   |                                                                                  |   |
| 28     | Fair value measurement                                                                | 50     |
|   |                                                                                  |   |
| 29     | Financial instruments risk                                                            | 52     |
|   |                                                                                  |   |
| 30     | Capital management policies and procedures                                            | 56     |
|   |                                                                                  |   |
| 31     | Commitments and contingencies                                                         | 57     |
|   |                                                                                  |   |
| 32     | Events subsequent to the reporting date                                               | 59     |
|   |                                                                                  |   |
| 33     | Authorization of the consolidated financial statements                                | 59     |

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| Grupo TMM, S.A.B. and Subsidiaries | 2 |
|------------------------------------|---|

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| Grupo TMM, S.A.B. and Subsidiaries | 3 |
|------------------------------------|---|

|                                                                |   | 2016   |       |   | 2015   |   |
|---------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Assets                                                              |   |   |       |   |   |   |
| Current                                                             |   |   |       |   |   |   |
| Cash and cash equivalents (Note 5)                                  |   | $      | 902,704    |   |   | $      | 1,045,359 |   |
| Trade receivables, net (Note 6)                                     |   |   | 796,369    |   |   |   | 1,048,426 |   |
| Other accounts receivable (Note 7)                                  |   |   | 241,578    |   |   |   | 191,635 |   |
| Related parties (Note 18)                                           |   |   | 59,098     |   |   |   | - |   |
| Materials and supplies (Note 8)                                     |   |   | 106,300    |   |   |   | 102,455 |   |
| Prepayments (Note 9)                                                |   |   | 15,280     |   |   |   | 21,542 |   |
| Assets classified as held for sale (Note 20)                        |   |   | -          |   |   |   | 194,200 |   |
| Total current assets                                                |   |   | 2,121,329  |   |   |   | 2,603,617 |   |
| Non-current                                                         |   |   |       |   |   |   |   |   |
| Property, vessels and equipment, net (Note 12)                      |   |   | 9,564,872  |   |   |   | 9,553,079 |   |
| Concession rights, net (Note 11)                                    |   |   | 17,029     |   |   |   | 20,814 |   |
| Other non-current assets (Note 13)                                  |   |   | 86,429     |   |   |   | 102,460 |   |
| Intangible assets (Note 14)                                         |   |   | 133,642    |   |   |   | 136,138 |   |
| Total non-current assets                                            |   |   | 9,801,972  |   |   |   | 9,812,491 |   |
| Total assets                                                        |   | $      | 11,923,301 |   |   | $      | 12,416,108 |   |
| Liabilities                                                         |   |   |       |   |   |   |   |   |
| Short-term                                                          |   |   |       |   |   |   |   |   |
| Short-term portion of the financial debt (Note 16)                  |   | $      | 740,370    |   |   | $      | 684,748 |   |
| Trade payables                                                      |   |   | 189,576    |   |   |   | 279,044 |   |
| Accounts payable and accrued expenses (Note 19)                     |   |   | 405,505    |   |   |   | 458,201 |   |
| Related parties (Note 18)                                           |   |   | 51,515     |   |   |   | 28,291 |   |
| Liabilities related to assets classified as held for sale (Note 20) |   |   | -          |   |   |   | 107,702 |   |
| Total short-term liabilities                                        |   |   | 1,386,966  |   |   |   | 1,557,986 |   |
| Long-term                                                           |   |   |       |   |   |   |   |   |
| Long-term portion of the financial debt (Note 16)                   |   |   | 9,330,087  |   |   |   | 9,995,502 |   |
| Employee benefits (Note 26)                                         |   |   | 164,207    |   |   |   | 211,242 |   |
| Deferred income tax (Note 24)                                       |   |   | 78,051     |   |   |   | 219,572 |   |
| Total long-term liabilities                                         |   |   | 9,572,345  |   |   |   | 10,426,316 |   |
| Total liabilities                                                   |   |   | 10,959,311 |   |   |   | 11,984,302 |   |
| Stockholders' equity (Note 21):                                     |   |   |       |   |   |   |   |   |
| Share capital, 103,760,541 shares authorized and issued             |   |   | 2,216,733  |   |   |   | 2,216,733 |   |
| Treasury shares (1,577,700 shares)                                  |   |   | (46,805    | )      |   |   | (46,805 | ) |
| Mandatory convertible debentures into shares                        |   |   | 724,100    |   |   |   | - |   |
| Other components of equity                                          |   |   | 2,263,108  |   |   |   | 2,099,516 |   |
| Accumulated losses                                                  |   |   | (4,259,984 | )      |   |   | (3,902,996 | ) |
| Grupo TMM, S.A.B. Stockholders                                      |   |   | 897,152    |   |   |   | 366,448 |   |
| Non-controlling interest (Note 3.1)                                 |   |   | 66,838     |   |   |   | 65,358 |   |
| Total stockholders' equity                                          |   |   | 963,990    |   |   |   | 431,806 |   |
| Total liabilities and stockholders' equity                          |   | $      | 11,923,301 |   |   | $      | 12,416,108 |   |

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Table of Contents

| Grupo TMM, S.A.B. and Subsidiaries | 4 |
|------------------------------------|---|

|                                                     |   | 2016   |        |   | 2015   |   |        | 2014   |   |
|----------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| Revenue from transportation                              |   | $      | 2,647,484   |   |   | $      | 3,261,945   |   |   | $ | 2,937,274 |   |
| Costs and expenses:                                      |   |   |        |   |   |   |        |   |   |   |   |   |
| Salaries, wages and employee benefits                    |   |   | 639,913     |   |   |   | 697,317     |   |   |   | 678,191 |   |
| Leases                                                   |   |   | 621,990     |   |   |   | 735,328     |   |   |   | 692,640 |   |
| Contracted services                                      |   |   | 550,287     |   |   |   | 595,243     |   |   |   | 391,956 |   |
| Fuel, materials and supplies                             |   |   | 218,960     |   |   |   | 237,066     |   |   |   | 207,839 |   |
| Depreciation, amortization and loss from revaluation     |   |   | 555,244     |   |   |   | 672,643     |   |   |   | 858,292 |   |
| Other costs and expenses                                 |   |   | 23,232      |   |   |   | 50,151      |   |   |   | 37,749 |   |
|                                                     |   |   | 2,609,626   |   |   |   | 2,987,748   |   |   |   | 2,866,667 |   |
| Transportation profit                                    |   |   | 37,858      |   |   |   | 274,197     |   |   |   | 70,607 |   |
| Other income, net (Note 22)                              |   |   | 52,870      |   |   |   | 186,985     |   |   |   | 367,031 |   |
| Operating income                                         |   |   | 90,728      |   |   |   | 461,182     |   |   |   | 437,638 |   |
| Comprehensive financing cost:                            |   |   |        |   |   |   |        |   |   |   |   |   |
| Interest income                                          |   |   | 24,719      |   |   |   | 21,380      |   |   |   | 23,646 |   |
| Interest expense and other financial costs (Note 23)     |   |   | (869,267    | )      |   |   | (800,232    | )      |   |   | (855,508 | ) |
| Exchange (loss) gain, net                                |   |   | (21,359     | )      |   |   | 15,740      |   |   |   | (66,113 | ) |
|                                                     |   |   | (865,907    | )      |   |   | (763,112    | )      |   |   | (897,975 | ) |
| Loss before taxes                                        |   |   | (775,179    | )      |   |   | (301,930    | )      |   |   | (460,337 | ) |
| Taxes on income (Note 24)                                |   |   | 268,615     |   |   |   | (698,475    | )      |   |   | (4,682 | ) |
| Loss before discontinued operations                      |   |   | (506,564    | )      |   |   | (1,000,405  | )      |   |   | (465,019 | ) |
| Loss on discontinued operations (Note 20)                |   |   | -           |   |   |   | (18,465     | )      |   |   | (49,462 | ) |
| Net loss for the year                                    |   | $      | (506,564    | )      |   | $      | (1,018,870  | )      |   | $ | (514,481 | ) |
| Attributable to:                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| Non-controlling interest                                 |   |   | 1,480       |   |   |   | (2,250      | )      |   |   | 2,421 |   |
| Grupo TMM, S.A.B. Stockholders                           |   |   | (508,044    | )      |   |   | (1,016,620  | )      |   |   | (516,902 | ) |
|                                                     |   | $      | (506,564    | )      |   | $      | (1,018,870  | )      |   | $ | (514,481 | ) |
| Loss per share for the year from continuing operations   |   | $      | (4.957      | )      |   | $      | (9.790      | )      |   | $ | (4.551 | ) |
| Loss per share for the year from discontinued operations |   |   | -           |   |   |   | (0.181      | )      |   |   | (0.484 | ) |
| Total loss per share for the year                        |   | $      | (4.957      | )      |   | $      | (9.971      | )      |   | $ | (5.035 | ) |
| Weighted average number of shares for the year           |   |   | 102,182,841 |   |   |   | 102,182,841 |   |   |   | 102,182,841 |   |

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Table of Contents

| Grupo TMM, S.A.B. and Subsidiaries | 5 |
|------------------------------------|---|

|                                                               |   | 2016   |     |   | 2015   |   |       | 2014   |   |
|--------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|------------|--------|--------|
| Net loss for the year                                              |   | $      | (506,564 | )      |   | $      | (1,018,870 | )      |   | $ | (514,481 | ) |
| Other comprehensive income:                                        |   |   |     |   |   |   |       |   |   |   |   |   |
| Items that will not be subsequently reclassified to profit or loss |   |   |     |   |   |   |       |   |   |   |   |   |
| (Deacrease) increase of non-controlling interest                   |   |   | -        |   |   |   | (673       | )      |   |   | 1,259 |   |
| Actuarial gains                                                    |   |   | 24,863   |   |   |   | 4,887      |   |   |   | 4,124 |   |
| Revaluation surplus (Note 28)                                      |   |   | 424,634  |   |   |   | 1,157,690  |   |   |   | 1,352,710 |   |
| Income tax on other comprehensive income                           |   |   | (134,849 | )      |   |   | (348,773   | )      |   |   | (407,050 | ) |
| Total of other comprehensive income for the year                   |   |   | 314,648  |   |   |   | 813,131    |   |   |   | 951,043 |   |
| Comprehensive (loss) income for the year                           |   | $      | (191,916 | )      |   | $      | (205,739   | )      |   | $ | 436,562 |   |
| Attributable to:                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Non-controlling interest                                           |   |   | 1,480    |   |   |   | (2,923     | )      |   |   | 3,680 |   |
| Grupo TMM, S.A.B. Stockholders                                     |   |   | (193,396 | )      |   |   | (202,816   | )      |   |   | 432,882 |   |
|                                                               |   | $      | (191,916 | )      |   | $      | (205,739   | )      |   | $ | 436,562 |   |

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Table of Contents

| Grupo TMM, S.A.B. and Subsidiaries | 6 |
|------------------------------------|---|

|                                  |   | Number ofoutstandingcommon shares |        |   | Sharecapital |   |      | Treasuryshares |   |   | Mandatoryconvertibledebenturesinto shares |   |   | Accumulatedlosses |    |   | Othercomponentsof equity(Note 21) |   |       | Subtotal |   |   | Noncontrollinginterest |   |   | Totalstockholders'equity |       |
|---------------------------------------|--------|-----------------------------------|-------------|--------|--------------|--------|-----------|----------------|--------|--------|-------------------------------------------|--------|--------|-------------------|---------|--------|-----------------------------------|--------|------------|----------|--------|--------|------------------------|--------|--------|--------------------------|------------|
| Balances as at December 31, 2013      |   |                              | 102,182,841 |   |         | $      | 2,216,733 |           |   | $      | (46,805                                   | )      |   | $                 | -       |   |                              | $      | (2,861,194 | )        |   | $      | 827,648                |   |   | $                        | 136,382    |   |   | $ | 64,601 |   |   | $ | 200,983 |   |
| Net loss for the year                 |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | (516,902   | )        |   |   | -                      |   |   |                     | (516,902   | ) |   |   | 2,421 |   |   |   | (514,481 | ) |
| Other comprehensive income            |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | 413,718    |     |   |   | 536,066                |   |   |                     | 949,784    |   |   |   | 1,259 |   |   |   | 951,043 |   |
| Comprehensive income for the year     |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   |       |     |   |   |                   |   |   |                     | 432,882    |   |   |   | 3,680 |   |   |   | 436,562 |   |
| Balances as at December 31, 2014      |   |                              | 102,182,841 |   |         |   | 2,216,733 |           |   |   | (46,805                                   | )      |   |              | -       |   |                              |   | (2,964,378 | )        |   |   | 1,363,714              |   |   |                     | 569,264    |   |   |   | 68,281 |   |   |   | 637,545 |   |
| Net loss for the year                 |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | (1,016,620 | )        |   |   | -                      |   |   |                     | (1,016,620 | ) |   |   | (2,250 | ) |   |   | (1,018,870 | ) |
| Other comprehensive income            |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | 78,002     |     |   |   | 735,802                |   |   |                     | 813,804    |   |   |   | (673 | ) |   |   | 813,131 |   |
| Comprehensive loss for the year       |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   |       |     |   |   |                   |   |   |                     | (202,816   | ) |   |   | (2,923 | ) |   |   | (205,739 | ) |
| Balances as at December 31, 2015      |   |                              | 102,182,841 |   |         |   | 2,216,733 |           |   |   | (46,805                                   | )      |   |              | -       |   |                              |   | (3,902,996 | )        |   |   | 2,099,516              |   |   |                     | 366,448    |   |   |   | 65,358 |   |   |   | 431,806 |   |
| Net loss for the year                 |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | (508,044   | )        |   |   | -                      |   |   |                     | (508,044   | ) |   |   | 1,480 |   |   |   | (506,564 | ) |
| Other comprehensive income            |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | 151,056    |     |   |   | 163,592                |   |   |                     | 314,648    |   |   |   | - |   |   |   | 314,648 |   |
| Comprehensive loss for the year       |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | -       |   |                              |   | -          |     |   |   | -                      |   |   |                     | (193,396   | ) |   |   | 1,480 |   |   |   | (191,916 | ) |
| Equity component of issuance of       |   |                              |        |   |         |   |      |           |   |   |                                      |   |   |              |    |   |                              |   |       |     |   |   |                   |   |   |                     |       |   |   |   |   |   |   |   |   |   |
| mandatory convertible debentures into |   |                              |        |   |         |   |      |           |   |   |                                      |   |   |              |    |   |                              |   |       |     |   |   |                   |   |   |                     |       |   |   |   |   |   |   |   |   |   |
| shares                                |   |                              | -           |   |         |   | -         |           |   |   | -                                         |   |   |              | 724,100 |   |                              |   | -          |     |   |   | -                      |   |   |                     | 724,100    |   |   |   | - |   |   |   | 724,100 |   |
| Balances as at December 31, 2016      |   |                              | 102,182,841 |   |         | $      | 2,216,733 |           |   | $      | (46,805                                   | )      |   | $                 | 724,100 |   |                              | $      | (4,259,984 | )        |   | $      | 2,263,108              |   |   | $                        | 897,152    |   |   | $ | 66,838 |   |   | $ | 963,990 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 7 |
|------------------------------------|---|

|                                                                |   | 2016   |      |   | 2015   |   |       | 2014   |   |
|---------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|------------|--------|--------|
| Cash flows from operating activities:                               |   |   |      |   |   |   |       |   |   |
| Loss before taxes                                                   |   | $      | (775,179  | )      |   | $      | (301,930   | )      |   | $ | (460,337 | ) |
| Adjustments to reconcile the loss with cash used in                 |   |   |      |   |   |   |       |   |   |   |   |   |
| operating activities:                                               |   |   |      |   |   |   |       |   |   |   |   |   |
| Depreciation, amortization and loss from revaluation                |   |   | 555,244   |   |   |   | 672,643    |   |   |   | 858,292 |   |
| Other amortizations                                                 |   |   | 76,020    |   |   |   | 76,196     |   |   |   | 81,778 |   |
| (Profit) loss from the sale of property, vessels and equipment, net |   |   | (56,491   | )      |   |   | 26,131     |   |   |   | (22,853 | ) |
| Accrued interests                                                   |   |   | 783,458   |   |   |   | 714,520    |   |   |   | 755,693 |   |
| Exchange gain                                                       |   |   | 69,826    |   |   |   | 46,273     |   |   |   | 58,200 |   |
| Gain from the sale of subsidiaries                                  |   |   | -         |   |   |   | (171,505   | )      |   |   | (342,088 | ) |
| Changes in assets and liabilities:                                  |   |   |      |   |   |   |       |   |   |   |   |   |
| Accounts receivable                                                 |   |   | 267,891   |   |   |   | (266,469   | )      |   |   | (186,665 | ) |
| Other accounts receivable and related parties                       |   |   | (54,580   | )      |   |   | (62,174    | )      |   |   | 33,851 |   |
| Materials and supplies                                              |   |   | (3,845    | )      |   |   | 16,141     |   |   |   | 8,056 |   |
| Prepayments                                                         |   |   | 6,403     |   |   |   | 9,230      |   |   |   | (18,723 | ) |
| Other accounts payable and accrued expenses                         |   |   | (247,901  | )      |   |   | (147,950   | )      |   |   | 20,957 |   |
| Other non-current assets                                            |   |   | 36,971    |   |   |   | (8,085     | )      |   |   | (33,326 | ) |
| Employee benefits                                                   |   |   | (47,035   | )      |   |   | 9,360      |   |   |   | 3,323 |   |
| Total adjustments                                                   |   |   | 1,385,961 |   |   |   | 914,311    |   |   |   | 1,216,495 |   |
| Cash from operating activities                                      |   |   | 610,782   |   |   |   | 612,381    |   |   |   | 756,158 |   |
| Cash from investment activities                                     |   |   |      |   |   |   |       |   |   |   |   |   |
| Sale of property, vessels and equipment                             |   |   | 87,720    |   |   |   | 64,677     |   |   |   | 79,095 |   |
| Acquisition of property, vessels and equipment                      |   |   | (162,072  | )      |   |   | (102,359   | )      |   |   | (228,948 | ) |
| Sale of subsidiaries                                                |   |   | -         |   |   |   | 829,836    |   |   |   | 25,469 |   |
| Cash (used in) from investment activities                           |   |   | (74,352   | )      |   |   | 792,154    |   |   |   | (124,384 | ) |
| Cash flow from financing activities                                 |   |   |      |   |   |   |       |   |   |   |   |   |
| Debt and interest payments, net                                     |   |   | (744,478  | )      |   |   | (1,165,762 | )      |   |   | (801,787 | ) |
| Cash used in financing activities                                   |   |   | (744,478  | )      |   |   | (1,165,762 | )      |   |   | (801,787 | ) |
| Exchange effect on cash                                             |   |   | 65,393    |   |   |   | 63,540     |   |   |   | 16,664 |   |
| (Decrease) increase in cash and cash equivalents                    |   |   | (142,655  | )      |   |   | 302,313    |   |   |   | (153,349 | ) |
| Cash and cash equivalents, beginning of year                        |   |   | 1,045,359 |   |   |   | 743,046    |   |   |   | 896,395 |   |
| Cash and cash equivalents, end of year                              |   | $      | 902,704   |   |   | $      | 1,045,359  |   |   | $ | 743,046 |   |
| Complementary information:                                          |   |   |      |   |   |   |       |   |   |   |   |   |
| Interest paid                                                       |   | $      | 737,548   |   |   | $      | 631,680    |   |   | $ | 779,429 |   |
| Income tax and corporate flat tax paid                              |   | $      | 3,433     |   |   | $      | 3,314      |   |   | $ | 4,682 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 8 |
|------------------------------------|---|

| 1 | General information |
|---|---------------------|

|  | · | Maritime: includes specialized offshore shipping services, clean oil, and chemical products shipping, tugboat services, and other activities related to the maritime transportation business. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Ports and terminals: includes shipping agency services, inland and seaport terminal services |
|--|--------|----------------------------------------------------------------------------------------------|

|  | · | Logistics: includes the operations of logistics solutions services and container and railcar maintenance and repair services. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------|

|  | · | Warehousing: includes bonded warehouse operations and management. |
|--|--------|-------------------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 9 |
|------------------------------------|---|

|                                                                          |   | Activity              |   | % of ownership |   |
|--------------------------------------------------------------------------|--------|-----------------------|--------|----------------|--------|
| TMM División Marítima, S.A. de C.V.                            |   | Maritime              |   |           | 100    | % |
| Transportación Marítima Mexicana, S.A. de C.V.                 |   | Maritime              |   |           | 100    | % |
| TMM Logistics, S.A. de C.V.                                              |   | Ports and terminals   |   |           | 100    | % |
| Inmobiliaria Dos Naciones, S. R.L. de C.V.                               |   | Maritime              |   |           | 100    | % |
| TMM Parcel Tankers, S.A. de C.V.                                         |   | Maritime              |   |           | 100    | % |
| Almacenadora de Depósito Moderno, S.A. de C.V.                      |   | Logistics - Warehouse |   |           | 100    | % |
| Autotransportación y Distribución Logística, S.A. de C.V. |   | Logistics             |   |           | 100    | % |
| Administración Portuaria Integral de Acapulco S.A. de C.V.          |   | Ports and terminals   |   |           | 51     | % |
| Prestadora de Servicios MTR, S.A. de C.V.                                |   | Ports and terminals   |   |           | 100    | % |
| Mexschiff Operación de Personal, S.A.P.I. de C.V.                   |   | Payroll outsourcing   |   |           | 100    | % |
| Omexmar Operadora Mexicana Marítima, S.A.P.I. de C.V.               |   | Payroll outsourcing   |   |           | 100    | % |
| Perhafen Services Marítimos, S.A.P.I. de C.V.                       |   | Payroll outsourcing   |   |           | 100    | % |
| TMM Dirección Corporativa, S.A.P.I. de C.V.                         |   | Payroll outsourcing   |   |           | 100    | % |
| Inmobiliaria TMM, S.A. de C.V.                                           |   | Property leasing      |   |           | 100    | % |

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| Grupo TMM, S.A.B. and Subsidiaries | 10 |
|------------------------------------|----|

| 2 | Changes in accounting policies |
|---|--------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 11 |
|------------------------------------|----|

| 3 | Summary of significant accounting policies |
|---|--------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 12 |
|------------------------------------|----|

| 3.1 | Basis of consolidation |
|-----|------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 13 |
|------------------------------------|----|

| 3.2 | Business combinations |
|-----|-----------------------|

| 3.3 | Foreign currency translation |
|-----|------------------------------|

| 3.4 | Cash and cash equivalents |
|-----|---------------------------|

| 3.5 | Materials and supplies |
|-----|------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 14 |
|------------------------------------|----|

| 3.6 | Prepayments |
|-----|-------------|

| 3.7 | Property, vessels and equipment |
|-----|---------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 15 |
|------------------------------------|----|

|  | · | it is technically possible to complete the construction of the asset so that it can be available to be used; |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | management has the intent of completing the asset to use it; |
|--|--------|--------------------------------------------------------------|

|  | · | it can be proven that the asset will generate economic benefits in the future; |
|--|--------|--------------------------------------------------------------------------------|

|  | · | adequate technical, financial or another type of resources are available to complete the asset; and |
|--|--------|-----------------------------------------------------------------------------------------------------|

|  | · | the disbursement attributable to the asset during its construction can be determined reliably. |
|--|--------|------------------------------------------------------------------------------------------------|

| 3.8 | Intangible assets |
|-----|-------------------|

| 3.9 | Impairment testing of long-lived assets |
|-----|-----------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 16 |
|------------------------------------|----|

| 3.10 | Leased assets |
|------|---------------|

| 3.11 | Financial instruments |
|------|-----------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 17 |
|------------------------------------|----|

|  | · | loans and receivables; |
|--|--------|------------------------|

|  | · | financial assets at fair value through profit or loss; |
|--|--------|--------------------------------------------------------|

|  | · | held-to-maturity investments; |
|--|--------|-------------------------------|

|  | · | available-for-sale financial assets. |
|--|--------|--------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 18 |
|------------------------------------|----|

| 3.12 | Provisions, contingent liabilities and contingent assets |
|------|----------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 19 |
|------------------------------------|----|

| 3.13 | Taxes on earnings |
|------|-------------------|

| 3.14 | Statutory employee profit sharing |
|------|-----------------------------------|

| 3.15 | Post-employment benefits and benefits for short-term employees |
|------|----------------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 20 |
|------------------------------------|----|

| 3.16 | Stockholders’ equity |
|------|----------------------------|

|  | · | revaluation surplus, including gains from the reevaluation of vessels and properties; |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | statutory reserve corresponds to the separation of earnings withheld to this reserve; |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | additional paid-in capital is equivalent to the amount received in excess of the par value of the shares; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | translation result represents the accumulated effect of the change in functional currency. |
|--|--------|--------------------------------------------------------------------------------------------|

| 3.17 | Recognition of revenue, costs and expenses, and financing costs |
|------|-----------------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 21 |
|------------------------------------|----|

| 3.18 | Information by segments |
|------|-------------------------|

| 3.19 | Discontinued operations |
|------|-------------------------|

|  | · | represents a significant separate line of business or a geographic area of operations; |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | is part of a specific coordinated plan to dispose of a significant separate line of business; or |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | · | is a subsidiary acquired solely for the purpose of sale. |
|--|--------|----------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 22 |
|------------------------------------|----|

| 3.20 | Significant management judgment in applying accounting policies and estimation uncertainty |
|------|--------------------------------------------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 23 |
|------------------------------------|----|

| 4 | Going concern |
|---|---------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 24 |
|------------------------------------|----|

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| Grupo TMM, S.A.B. and Subsidiaries | 25 |
|------------------------------------|----|

| 5 | Cash and cash equivalents |
|---|---------------------------|

|                        |   | 2016   |    |   | 2015   |   |
|------------------------|--------|--------|---------|--------|--------|--------|
| Cash on hand           |   | $      | 2,087   |   |   | $      | 1,223 |   |
| Banks at bank          |   |   | 302,753 |   |   |   | 262,678 |   |
| Short-term investments |   |   | 535,498 |   |   |   | 736,031 |   |
| Restricted cash        |   |   | 62,366  |   |   |   | 45,427 |   |
|                   |   | $      | 902,704 |   |   | $      | 1,045,359 |   |

| 6 | Trade receivables |
|---|-------------------|

|                                        |   | 2016   |    |   | 2015   |   |
|---------------------------------------------|--------|--------|---------|--------|--------|--------|
| Maritime                                    |   |   |    |   |   |   |
| Offshore vessels                            |   | $      | 496,579 |   |   | $      | 859,614 |   |
| Tankers                                     |   |   | 84,313  |   |   |   | 49,079 |   |
| Parcel tankers                              |   |   | 42,069  |   |   |   | 29,890 |   |
| Shipyards                                   |   |   | 23,781  |   |   |   | 12,595 |   |
| Tugboats                                    |   |   | 25,440  |   |   |   | 11,747 |   |
| Others                                      |   |   | 26      |   |   |   | 22 |   |
|                                        |   |   |    |   |   |   |   |   |
| Ports and terminals                         |   |   |    |   |   |   |   |   |
| Shipping agencies                           |   |   | 78,602  |   |   |   | 44,355 |   |
| Port services                               |   |   | 13,654  |   |   |   | 6,326 |   |
| Commercial leases                           |   |   | 599     |   |   |   | 1,231 |   |
|                                        |   |   |    |   |   |   |   |   |
| Logistics, warehousing and other businesses |   |   |    |   |   |   |   |   |
| Repair of containers                        |   |   | 27,471  |   |   |   | 42,740 |   |
| Automotive services                         |   |   | 891     |   |   |   | 3,549 |   |
| Warehousing                                 |   |   | 37,415  |   |   |   | - |   |
| Other businesses                            |   |   | 882     |   |   |   | 493 |   |
| Total trade receivables                     |   |   | 831,722 |   |   |   | 1,061,641 |   |
| Allowance for doubtful accounts             |   |   | (35,353 | )      |   |   | (13,215 | ) |
|                                        |   | $      | 796,369 |   |   | $      | 1,048,426 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 26 |
|------------------------------------|----|

| 7 | Other accounts receivable |
|---|---------------------------|

|                                             |   | 2016   |    |   | 2015   |   |
|--------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Services for port, maritime and other operations |   | $      | 168,105 |   |   | $      | 93,321 |   |
| Recoverable taxes                                |   |   | 28,673  |   |   |   | 29,215 |   |
| Insurance claims                                 |   |   | 3,764   |   |   |   | 9,872 |   |
| Employees                                        |   |   | 8,133   |   |   |   | 7,104 |   |
| Others                                           |   |   | 32,903  |   |   |   | 52,123 |   |
|                                             |   | $      | 241,578 |   |   | $      | 191,635 |   |

| 8 | Materials and supplies |
|---|------------------------|

|        |   | 2016   |    |   | 2015   |   |
|-------------|--------|--------|---------|--------|--------|--------|
| Spare parts |   | $      | 75,909  |   |   | $      | 69,235 |   |
| Fuels       |   |   | 29,722  |   |   |   | 32,360 |   |
| Others      |   |   | 669     |   |   |   | 860 |   |
|        |   | $      | 106,300 |   |   | $      | 102,455 |   |

| 9 | Prepayments |
|---|-------------|

|                       |   | 2016   |   |   | 2015   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|
| Fleet insurance            |   | $      | 6,350  |   |   | $      | 10,351 |   |
| Prepaid expenses           |   |   | 7,258  |   |   |   | 8,084 |   |
| Prepaid insurance premiums |   |   | 1,672  |   |   |   | 3,107 |   |
|                       |   | $      | 15,280 |   |   | $      | 21,542 |   |

| 10 | Leases |
|----|--------|

|             |   | 2016   |    |   | 2015   |   |
|------------------|--------|--------|---------|--------|--------|--------|
| Vessel Subsea 88 |   | $      | 166,366 |   |   | $      | 210,513 |   |
| Vehicle          |   |   | -       |   |   |   | 722 |   |
|             |   | $      | 166,366 |   |   | $      | 211,235 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 27 |
|------------------------------------|----|

|                              |   | Within the1st year |    |   | 1 to 3 years |   |    | 3 to 5 years |   |   | After 5years |   |   | Total  |    |
|------------------------------|--------|--------------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|--------|---------|
| Balance at December 31, 2016 |   |               |    |   |         |   |    |         |   |   |         |   |   |   |    |
| Lease payments               |   | $                  | 41,483  |   |         | $      | 82,966  |         |   | $      | 85,355       |   |   | $      | 164,888 |   |   | $ | 374,692 |   |
| Financial charges            |   |               | (31,713 | )      |         |   | (58,032 | )            |   |   | (50,937      | )      |   |   | (33,223 | ) |   |   | (173,905 | ) |
| Present values, net          |   | $                  | 9,770   |   |         | $      | 24,934  |         |   | $      | 34,418       |   |   | $      | 131,665 |   |   | $ | 200,787 |   |
|                         |   |               |    |   |         |   |    |         |   |   |         |   |   |   |    |   |   |   |   |   |
| Balance at December 31, 2015 |   |               |    |   |         |   |    |         |   |   |         |   |   |   |    |   |   |   |   |   |
| Lease payments               |   | $                  | 35,369  |   |         | $      | 69,619  |         |   | $      | 102,190      |   |   | $      | 173,173 |   |   | $ | 380,351 |   |
| Financial charges            |   |               | (27,938 | )      |         |   | (51,796 | )            |   |   | (68,624      | )      |   |   | (47,110 | ) |   |   | (195,468 | ) |
| Present values, net          |   | $                  | 7,431   |   |         | $      | 17,823  |         |   | $      | 33,566       |   |   | $      | 126,063 |   |   | $ | 184,883 |   |

|   | Leased assets       | Expire    |
|--------|---------------------|-----------|
|   | Building            | Apr. 2029 |
|   | Cranes              | Jul. 2020 |
|   | Offshore vessels    | Apr. 2018 |
|   | Docks and equipment | Mar. 2018 |
|   | Forklift            | Dec. 2017 |
|   | Computer equipment  | Nov. 2017 |

|                 |   | Within the1st year |    |   | 1 to 3 years |   |    | 3 to 5 years |   |   | After 5years |   |   | Total  |    |
|----------------------|--------|--------------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|--------|---------|
| Lease payments       |   |               |    |   |         |   |    |         |   |   |         |   |   |   |    |
| At December 31, 2016 |   | $                  | 112,115 |   |         | $      | 137,157 |         |   | $      | 154,709      |   |   | $      | 732,745 |   |   | $ | 1,136,726 |   |
|                 |   |               |    |   |         |   |    |         |   |   |         |   |   |   |    |   |   |   |   |   |
| At December 31, 2015 |   | $                  | 99,752  |   |         | $      | 121,109 |         |   | $      | 118,257      |   |   | $      | 681,801 |   |   | $ | 1,020,919 |   |

| 11 | Concession rights |
|----|-------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 28 |
|------------------------------------|----|

|                                                   |   | 2016   |     |   | 2015   |   |     | Years to amortize |   |
|--------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|-------------------|--------|
| Administración Portuaria Integral de Acapulco (a) |   | $      | 94,607   |   |   | $      | 94,607   |              |   |   | 10 |   |
| Transportación Marítima Mexicana (b)         |   |   | 30,266   |   |   |   | 30,266   |              |   |   | - |   |
|                                                   |   |   | 124,873  |   |   |   | 124,873  |              |   |   |   |   |
| Accumulated amortization                               |   |   | (107,844 | )      |   |   | (104,059 | )                 |   |   |   |   |
| Concession rights, net                                 |   | $      | 17,029   |   |   | $      | 20,814   |              |   |   |   |   |

| 12 | Property, vessels and equipment |
|----|---------------------------------|

|                            |   | 2016                      |      |
|---------------------------------|--------|---------------------------|-----------|
|                            |   | Net balancesat year start |      |   | Additions |   |   | Disposals |   |   | Transfersand others |   |   | Depreciation/impairment |   |   | Net balancesat year end |   |   | Estimateduseful lives(years) |   |
|                            |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vessels                         |   | $                         | 8,131,363 |   |   | $ | 7,835 |   |   | $ | - |   |   | $ | 357,027 | (a, f) |   | $ | 467,949 | (b) |  | $ | 8,028,276 |   |   |   | 25 |   |
| Shipyard                        |   |                      | 423       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 60 |   |   |   | 363 |   |   |   | 40 |   |
| Major vessel maintenance        |   |                      | 53,547    |   |   |   | 9,021 |   |   |   | - |   |   |   | (208 | ) |   |   | 57,903 |   |   |   | 4,457 |   |   |   | 2.5 |   |
| Buildings and facilities        |   |                      | 186,937   |   |   |   | 11 |   |   |   | 4,531 |   |   |   | 80,593 | (d) |   |   | 9,614 |   |   |   | 253,396 |   |   |   | 20 y 25 |   |
| Warehousing equipment           |   |                      | -         |   |   |   | 63 |   |   |   | - |   |   |   | 2,076 |   |   |   | 897 |   |   |   | 1,242 |   |   |   | 10 |   |
| Computer equipment              |   |                      | 552       |   |   |   | 254 |   |   |   | - |   |   |   | 465 |   |   |   | 477 |   |   |   | 794 |   |   |   | 3 y 4 |   |
| Terminal equipment              |   |                      | 4,120     |   |   |   | 488 |   |   |   | - |   |   |   | 6 |   |   |   | 1,295 |   |   |   | 3,319 |   |   |   | 10 |   |
| Ground transportation equipment |   |                      | 5,506     |   |   |   | 1,734 |   |   |   | 915 |   |   |   | 290 |   |   |   | 2,412 |   |   |   | 4,203 |   |   |   | 4.5 y 10 |   |
| Other equipment                 |   |                      | 13,330    |   |   |   | 419 |   |   |   | - |   |   |   | 467 |   |   |   | 4,660 |   |   |   | 9,556 |   |   |   |   |   |
|                            |   |                      | 8,395,778 |   |   |   | 19,825 |   |   |   | 5,446 |   |   |   | 440,716 |   |   |   | 545,267 |   |   |   | 8,305,606 |   |   |   |   |   |
| Land                            |   |                      | 880,620   |   |   |   | - |   |   |   | 81,568 | (e) |   |   | 261,609 | (d) |   |   | - |   |   |   | 1,060,661 |   |   |   |   |   |
| Construction in progress        |   |                      | 276,681   |   |   |   | 142,247 |   |   |   | - |   |   |   | (220,323 | )(f) |   |   | - |   |   |   | 198,605 |   |   |   |   |   |
|                            |   | $                         | 9,553,079 |   |   | $ | 162,072 |   |   | $ | 87,014 |   |   | $ | 482,002 |   |   | $ | 545,267 |   |   | $ | 9,564,872 |   |   |   |   |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 29 |
|------------------------------------|----|

|                                 |   | 2015                      |      |
|---------------------------------|--------|---------------------------|-----------|
|                            |   | Net balancesat year start |      |   | Additions |   |   | Disposals |   |   | Transfersand others |   |   | Depreciation/impairment |   |   | Net balancesat year end |   |   | Estimateduseful lives(years) |   |
|                            |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vessels                         |   | $                         | 7,609,796 |   |   | $ | 5,512 |   |   | $ | 76,265 | (c) |   | $ | 1,186,519 | (a) |   | $ | 594,199 | (b) |   | $ | 8,131,363 |   |   |   | 25 |   |
| Shipyard                        |   |                      | 486       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 63 |   |   |   | 423 |   |   |   | 40 |   |
| Major vessel maintenance        |   |                      | 83,130    |   |   |   | 49,998 |   |   |   | 20,397 | (c) |   |   | 775 |   |   |   | 59,959 |   |   |   | 53,547 |   |   |   | 2.5 |   |
| Buildings and facilities        |   |                      | 195,201   |   |   |   | - |   |   |   | - |   |   |   | 1,155 |   |   |   | 9,419 |   |   |   | 186,937 |   |   |   | 20 y 25 |   |
| Warehousing equipment           |   |                      | 18        |   |   |   | - |   |   |   | - |   |   |   | (18 | ) |   |   | - |   |   |   | - |   |   |   | 10 |   |
| Computer equipment              |   |                      | 584       |   |   |   | 358 |   |   |   | - |   |   |   | - |   |   |   | 390 |   |   |   | 552 |   |   |   | 3 y 4 |   |
| Terminal equipment              |   |                      | 13,805    |   |   |   | 613 |   |   |   | 8,960 |   |   |   | (3 | ) |   |   | 1,335 |   |   |   | 4,120 |   |   |   | 10 |   |
| Ground transportation equipment |   |                      | 8,162     |   |   |   | - |   |   |   | 125 |   |   |   | 27 |   |   |   | 2,558 |   |   |   | 5,506 |   |   |   | 4.5 y 10 |   |
| Other equipment                 |   |                      | 15,652    |   |   |   | 355 |   |   |   | - |   |   |   | 1,904 |   |   |   | 4,581 |   |   |   | 13,330 |   |   |   |   |   |
|                            |   |                      | 7,926,834 |   |   |   | 56,836 |   |   |   | 105,747 |   |   |   | 1,190,359 |   |   |   | 672,504 |   |   |   | 8,395,778 |   |   |   |   |   |
| Land                            |   |                      | 872,220   |   |   |   | - |   |   |   | - |   |   |   | 8,400 |   |   |   | - |   |   |   | 880,620 |   |   |   |   |   |
| Construction in progress        |   |                      | 253,887   |   |   |   | 45,050 |   |   |   | 4,948 |   |   |   | (17,308 | ) |   |   | - |   |   |   | 276,681 |   |   |   |   |   |
|                            |   | $                         | 9,052,941 |   |   | $ | 101,886 |   |   | $ | 110,695 |   |   | $ | 1,181,451 |   |   | $ | 672,504 |   |   | $ | 9,553,079 |   |   |   |   |   |

|   | (a) | Comprised primarily for revaluation surplus by $207,669 and $1,157,690 net of other transfers for 2016 and 2015, respectively. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Includes $23,304 loss from revaluation of two vessels in 2016 and $41,970 loss from revaluation of one vessel in 2015. |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Corresponds to the sale of the vessel Palenque on June 17, 2015. |
|--|-----|------------------------------------------------------------------|

|  | (d) | In 2016 is mainly comprised of the revaluation surplus of $ 216,965 net of other transfers. |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (e) | It includes the sale of a real property to Optimus on June 20, 2016, and a gain was generated amounting to $111,212. (See note 22). The receivable derived from this sale will be capitalized as described in Note 13 below. This transaction is considered a non-cash flow transaction for purposes of presentation in the consolidated statements of cash flows. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | It includes the acquisition made of the TMM Colima tugboat in December 2016. |
|--|-----|------------------------------------------------------------------------------|

|       |   | 2016   |      |   | 2015   |   |
|------------|--------|--------|-----------|--------|--------|--------|
| Vessels    |   | $      | 5,758,150 |   |   | $      | 6,118,692 |   |
| Lands      |   |   | 715,616   |   |   |   | 780,262 |   |
| Properties |   |   | 161,527   |   |   |   | 175,415 |   |
|       |   | $      | 6,635,293 |   |   | $      | 7,074,369 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 30 |
|------------------------------------|----|

| 13 | Other non-current assets |
|----|--------------------------|

|                                                                  |   | 2016   |   |   | 2015   |   |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Almacenes de Jugos Cítricos de México, S.A.P.I. de C.V. (a) |   | $      | 40,000 |   |   | $      | 40,000 |   |
| Prepaid expenses                                                      |   |   | 33,022 |   |   |   | 32,458 |   |
| Other non-current assets                                              |   |   | -      |   |   |   | 13,100 |   |
| Security deposits                                                     |   |   | 5,990  |   |   |   | 11,126 |   |
| Other investments in shares, net (c)                                  |   |   | 5,870  |   |   |   | 5,776 |   |
| Services & Solutions Optimus, S. de R.L. de C.V. (b)              |   |   | 1,547  |   |   |   | - |   |
|                                                                  |   | $      | 86,429 |   |   | $      | 102,460 |   |

|  | (a) | In July 2014, Grupo TMM contributed $40,000 to the capital stock of Almacenes de Jugos Citricos de Mexico, S.A.P.I. de C.V., which represents 21% of the voting shares. Since this entity has not started up operations as at the issue date of the consolidated financial statements, Company Management decided to value the entity at its input cost, which is lower than its recoverable value. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | On February 24, 2016, Grupo TMM entered into a "Project Development Contract", through its subsidiary Services & Solutions Optimus, S. de R.L. de C. V. (Optimus) with TransCanada and Sierra Oil & Gas, through its subsidiary Caoba Energia, S. de R.L. de C.V. (an unrelated third party, henceforth "Caoba"), whereby a petroleum liquid terminal ("Tuxpan Project") will be developed. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Are investments in companies in which Grupo TMM does not have control or significant influence; these investments are recognized and valued at their acquisition cost under which they are associated are at the beginning of operation. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 31 |
|------------------------------------|----|

| 14 | Intangible assets |
|----|-------------------|

|          |   | 2016                      |
|---------------|--------|---------------------------|
|          |   | Net balancesat year start |   |   | Additions(Disposals) |   |   | Transfersand others |   |   | Amortization |   |   | Net balancesat year end |   | Estimateduseful life(years) |
| Software      |   | $                         | 10,610 |   |   | $ | - |   |   | $ | 3,320 |   |   | $ | 5,816 |   |   | $ | 8,114 |   | 3 and 5 |
| Trademark (a) |   |                      | 125,528 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 125,528 |   | Indefinite |
|          |   | $                         | 136,138 |   |   | $ | - |   |   | $ | 3,320 |   |   | $ | 5,816 |   |   | $ | 133,642 |   |   |

|          |   | 2015                      |
|---------------|--------|---------------------------|
|          |   | Net balancesat year start |   |   | Additions(Disposals) |   |   | Transfersand others |   |   | Amortization |   |   | Net balancesat year end |   | Estimateduseful life(years) |
| Software      |   | $                         | 7,226 |   |   | $ | - |   |   | $ | 10,894 |   |   | $ | 7,510 |   |   | $ | 10,610 |   | 3 and 5 |
| Trademark (a) |   |                      | 125,528 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 125,528 |   | Indefinite |
|          |   | $                         | 132,754 |   |   | $ | - |   |   | $ | 10,894 |   |   | $ | 7,510 |   |   | $ | 136,138 |   |   |

|   | (a) | Corresponds to the rights on the Marmex trademark associated with the specialized maritime division segment, specifically the offshore vessels operation. This trademark is subject to annual impairment testing. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | Impairment of long-lived assets |
|----|---------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 32 |
|------------------------------------|----|

|    |   | 2016       |   |   | 2015         |   |
|---------|--------|------------|--------|--------|--------------|--------|
|    |   | Growthrate |   |   | Discountrate |   |   | Growthrate |   |   | Discountrate |   |
| Vessels |   |       | 2.00   | %      |         |   | 7.04 | % |   |   | 2.00 | % |   |   | 7.04 | % |

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| Grupo TMM, S.A.B. and Subsidiaries | 33 |
|------------------------------------|----|

| 16 | Financial assets and liabilities |
|----|----------------------------------|

|                                           |   | 2016   |       |   | 2015   |   |
|------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Financial assets                               |   |   |       |   |   |   |
| Valued at amortized cost                       |   |   |       |   |   |   |
| Cash and cash equivalents                      |   | $      | 902,704    |   |   | $      | 1,045,359 |   |
| Trade receivables                              |   |   | 796,369    |   |   |   | 1,048,426 |   |
| Other accounts receivable                      |   |   | 212,905    |   |   |   | 162,420 |   |
| Related parties                                |   |   | 59,098     |   |   |   | - |   |
| Total current financial assets                 |   | $      | 1,971,076  |   |   | $      | 2,256,205 |   |
|                                           |   |   |       |   |   |   |   |   |
| Financial liabilities                          |   |   |       |   |   |   |   |   |
| Valued at amortized cost                       |   |   |       |   |   |   |   |   |
| Short-term portion of the financial debt       |   | $      | 740,370    |   |   | $      | 684,748 |   |
| Trade payables                                 |   |   | 189,576    |   |   |   | 279,044 |   |
| Accounts payable and accrued expenses          |   |   | 394,473    |   |   |   | 433,051 |   |
| Related parties                                |   |   | 51,515     |   |   |   | 28,291 |   |
| Total short-term portion of the financial debt |   |   | 1,375,934  |   |   |   | 1,425,134 |   |
| Long-term financial debt                       |   |   | 9,330,087  |   |   |   | 9,995,502 |   |
| Total financial liabilities                    |   | $      | 10,706,021 |   |   | $      | 11,420,636 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 34 |
|------------------------------------|----|

| Year        |   | Capitalization % |   |   | Interest Payment % |   |
|-------------|--------|------------------|--------|--------|--------------------|--------|
| 1st and 2nd |   |             | 60     | %      |               |   | 40 | % |
| 3th and 4th |   |             | 50     | %      |               |   | 50 | % |
| 5th         |   |             | 25     | %      |               |   | 75 | % |

|                                                                            |   | 2016   |       |   | 2015   |   |
|---------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Consolidated offering                                                           |   | $      | 10,500,000 |   |   | $      | 10,500,000 |   |
| Capitalization of interests                                                     |   |   | 414,194    |   |   |   | 414,194 |   |
| Payments made (a)                                                               |   |   | (444,864   | )      |   |   | (374,871 | ) |
| Transaction costs                                                               |   |   | (804,170   | )      |   |   | (864,730 | ) |
| Subtotal                                                                        |   |   | 9,665,160  |   |   |   | 9,674,593 |   |
| Subscription of mandatorily convertible debentures into shares through CBFs (b) |   |   | (851,054   | )      |   |   | - |   |
| Long-term trust certificates                                                    |   | $      | 8,814,106  |   |   | $      | 9,674,593 |   |

|  | (a) | Interest amounts to $144,312 and $77,973 in 2015 and 2016 respectively, which is included as part of short-term interest payable. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | See Note 17. |
|--|-----|--------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 35 |
|------------------------------------|----|

|                                                                                                                                                                                                                                                                                                                                                                                                |   | 2016       |   |   | 2015      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                |   | Short-term |   |   | Long-term |   |   | Short-term |   |   | Long-term |   |
| Payable in Mexican pesos                                                                                                                                                                                                                                                                                                                                                                            |   |       |   |   |      |   |   |   |   |   |   |   |
| Daimler Financial Services México, S. de R.L. de C.V.(a)                                                                                                                                                                                                                                                                                                                                       |   | $          | 1,825  |   |      | $      | 38,462 |   |   | $ | 9,737 |   |   | $ | 36,786 |   |
| Recognition of debt and substitution of debtor for $40.9 million at a fixed rate of 12%, with monthly payments of principal and interest and maturing November 2019.                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Banco Nacional de Comercio Exterior, S.N.C.                                                                                                                                                                                                                                                                                                                                                         |   |       | -      |   |      |   | - |   |   |   | - |   |   |   | 9,272 |   |
| A line of credit with mortgage surety for $35.6 million, at a variable rate of the 28-day TIIE plus 450 points, maturing, December 1, 2017; Was paid in full and in advance in April 2016. Two lines of credit with mortgage surety for $65.7 and $161.6 million, at a variable rate of the 28-day TIIE plus 425 points maturing June 29, 2015; the latter were paid in full and early in May 2015. |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Banco Autofin México, S.A. Institución de Banca Múltiple                                                                                                                                                                                                                                                                                                                             |   |       | 19,644 |   |      |   | 75,487 |   |   |   | 19,559 |   |   |   | 95,044 |   |
| Five lives of credit with mortgage surety for $45.8, $34.6, $25.5, $21.6, and $8.4 million at a variable rate of the 28- day TIIE plus 450 basis points, with monthly payments of principal and interest, maturing September 2021.                                                                                                                                                                  |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| INPIASA, S.A. de C.V. (b)                                                                                                                                                                                                                                                                                                                                                                           |   |       | 1,566  |   |      |   | 5,741 |   |   |   | 2,397 |   |   |   | 7,169 |   |
| Contract for two lines of credit, the first for $15.7 million and the second for $4.2 million, both at a variable rate of the 28-day TIIE plus 450 basis points, with monthly payments of principal and interest, and maturing August 2021 and October 2016, respectively. The line amounting to $4.2 million was paid in full, and in accordance with the amortization schedule in October 2016.   |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Banco del Bajío, S.A. (b)                                                                                                                                                                                                                                                                                                                                                                      |   |       | 1,541  |   |      |   | 2,728 |   |   |   | 1,423 |   |   |   | 4,151 |   |
| $8.5 million line of credit at a variable rate of the 28-day TIIE plus 250 points, with monthly payments of principal and interest, and maturing November 2018                                                                                                                                                                                                                                      |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Value Arrendadora, S.A. de C.V. SOFOM ENR                                                                                                                                                                                                                                                                                                                                                           |   |       | -      |   |      |   | - |   |   |   | 430 |   |   |   | - |   |
| $1.4 million financial lease at 14.23% fixed rate with monthly payments of principal and interest on outstanding balances and maturing December 2016; was paid in full and in advance in July 2016.                                                                                                                                                                                                 |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| HSBC, S.A. (b)                                                                                                                                                                                                                                                                                                                                                                                      |   |       | 1,629  |   |      |   | 5,432 |   |   |   | - |   |   |   | - |   |
| $9.77 million line of credit at a variable rate of the 28-day TIIE plus 300 points, with monthly payments of principal and interest, and maturing April 2021.                                                                                                                                                                                                                                       |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Caja de Ahorro Popular la Merced Sociedad de Ahorro y Préstamo, S. de R.L. de C.V. (b)                                                                                                                                                                                                                                                                                                         |   |       | 1,100  |   |      |   | - |   |   |   | - |   |   |   | - |   |
| $2.64 million line of credit at a variable rate of the 28-day TIIE plus 200 points, with monthly payments of principal and interest, and maturing October 2017.                                                                                                                                                                                                                                     |   |       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 36 |
|------------------------------------|----|

|                                                                                                                                                                                   |   | 2016       |    |   | 2015      |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------|--------|-----------|--------|
|                                                                                                                                                                                   |   | Short-term |    |   | Long-term |   |   | Short-term |   |   | Long-term |   |
| Banco del Bajío, S.A.                                                                                                                                                             |   |       | 1,264   |   |      |   | 3,370 |   |   |   | - |   |   |   | - |   |
| $9.36 million line of credit at a variable rate of the 28-day TIIE plus 250 points, with monthly payments of principal and interest, and maturing August 2020.                         |   |       |    |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                   |   |       |    |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Certificados Bursátiles Fiduciarios                                                                                                                                               |   |       | -       |   |      |   | 8,814,106 |   |   |   | - |   |   |   | 9,674,593 |   |
| Portfolio securitization program with a variable interest rate of the 28-day TIIE annualized plus 245 basis points (at December 2016 close, this was 7.76%) maturing August 2030.      |   |       |    |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                   |   |       |    |   |      |   |   |   |   |   |   |   |   |   |   |   |
| CI Banco S.A. Institución de Banca Múltiple                                                                                                                                  |   |       | 20,000  |   |      |   | 15,000 |   |   |   | - |   |   |   | - |   |
| $40 million line of credit at a variable rate of the 28-day TIIE plus 150 points, with monthly payments of principal and interest on outstanding balances, and maturing November 2018. |   |       |    |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Interest payable                                                                                                                                                                       |   |       | 160,920 |   |      |   | - |   |   |   | 118,407 |   |   |   | - |   |
|                                                                                                                                                                                   |   |       | 209,489 |   |      |   | 8,960,326 |   |   |   | 151,953 |   |   |   | 9,827,015 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|
| Payable in US dollars                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |
| DVB Bank América, NV (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 352,575 |   |   |   | -      |   |   |   | 333,322 |   |   |   | -      |   |
| Two lines of credit with mortgage surety; the first for US$25.0 million (approximately $485.2 million) at an average rate of 7.42% and maturing May 2017. The second, for US$27.5 million (approximately $482.2 million), at an average rate of 7.78%, and maturing June 2017.                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |
| DEG-Deutsche Investitions – UND (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 20,105  |   |   |   | 55,793 |   |   |   | 88,433  |   |   |   | -      |   |
| US$8.5 million line of credit with pledge surety (approximately $164.9 million) at 8.01% fixed rate, with semiannual payments of principal and interest on outstanding balances, with a two year grace period on the principal and maturing July 2014. On September 2, 2016, the restructuring of the outstanding balance amounting to $4.1 million dollars (approximately 79.6 million) by extending the due date up to December 2019, with quarterly payments on principal and interest on the unpaid balance at a variable Libor rate at 90 days plus 550 points for the first 4 quarters, 650 points for the next 4 quarters, 750 points for the net 4 quarters, and finally 900 points for the last 2 quarters. |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Other (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 123,984 |   |   |   | -      |   |   |   | 104,039 |   |   |   | -      |   |
| Two unsecured loans were contracted, each for US$3.0 million (approximately $58.2 million) at 11.25% fixed rate, with semiannual payments of principal and interest and original maturing January 2016. Both credits were contracted again, and $1.0 million dollars on one of them was paid in January 2017.                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 37 |
|------------------------------------|----|

|                                                                                                                                                                                                              |   | 2016       |    |   | 2015      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------|--------|-----------|--------|
|                                                                                                                                                                                                              |   | Short-term |    |   | Long-term |   |   | Short-term |   |   | Long-term |   |
| FTAI Subsea 88 Ltd                                                                                                                                                                                                |   |       | 9,770   |   |      |   | 191,017 |   |   |   | 7,001 |   |   |   | 168,487 |   |
| US$10.8 million line of credit through financial leasing (approximately $209.6 million), at 15.92% fixed rate with monthly payments of principal and interest on outstanding balances and maturing November 2023. |   |       |    |   |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |   |       | 506,434 |   |      |   | 246,810 |   |   |   | 532,795 |   |   |   | 168,487 |   |

|                                                                                                                                                                                                         |   |   |    |   |   |   |      |   |   |   |    |   |   |   |      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|--------|-----------|--------|
| Payable in euros                                                                                                                                                                                        |   |   |    |   |   |   |      |   |   |   |    |   |   |   |      |   |
| B V Scheepswerf Damen Gorinchem                                                                                                                                                                         |   |   | 24,447  |   |   |   | 122,951   |   |   |   | -       |   |   |   | -         |   |
| Opening line of credit amounting to $7.58 million euros (approximating $166.9 million), at a 7.0% fixed rate with semester payments on principal and interest on unpaid balances and due November 2022. |   |   |    |   |   |   |      |   |   |   |    |   |   |   |      |   |
|                                                                                                                                                                                                    |   |   | 24,447  |   |   |   | 122,951   |   |   |   | -       |   |   |   | -         |   |
|                                                                                                                                                                                                    |   | $      | 740,370 |   |   | $      | 9,330,087 |   |   | $      | 684,748 |   |   | $      | 9,995,502 |   |

|  | (a) | On August 2, 2016, the Company completed the restructuring process of its payment schedule. |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (b) | They correspond to judicial and private agreements signed for the debt recognition with respect to Deposit Certificates secured and backed by ADEMSA. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | On March 4, 2016, the Company obtained a formal remission from the financial institution with respect to the nonperformance of the "Minimum Capital" financial ratio obligation. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | The Company formally completed the restructuring of the payment schedule and new due date on September 12, 2016. |
|--|-----|------------------------------------------------------------------------------------------------------------------|

|  | (e) | On January 31, 2017, both credits were contracted again by paying $1.0 million dollars on one of the credits. As at the issue date of these financial statements, the Company is up to date in its obligations. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Maturity            |   | 2016   |      |   | 2015   |   |
|---------------------|--------|--------|-----------|--------|--------|--------|
| 2017                |   | $      | -         |   |   | $      | 52,573 |   |
| 2018                |   |   | 118,515   |   |   |   | 44,382 |   |
| 2019                |   |   | 115,616   |   |   |   | 47,400 |   |
| 2020                |   |   | 64,040    |   |   |   | 34,427 |   |
| 2021                |   |   | 60,482    |   |   |   | 143,918 |   |
| 2022 and thereafter |   |   | 8,971,434 |   |   |   | 9,673,102 |   |
|                |   | $      | 9,330,087 |   |   | $      | 9,995,502 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 38 |
|------------------------------------|----|

| 17 | Mandatorily convertible debentures into shares |
|----|------------------------------------------------|

| Conversion date          |   | Percentage |   |   | Number of obligations to beconverted |   |
|--------------------------|--------|------------|--------|--------|--------------------------------------|--------|
| September 30, 2017       |   |       | 10     | %      |                                 |   | 1,058,628 |   |
| September 30, 2019       |   |       | 45     | %      |                                 |   | 4,763,828 |   |
|  September 30, 2022 |   |       | 45     | %      |                                 |   | 4,763,828 |   |

|                                                   |   | 2016   |      |
|--------------------------------------------------------|--------|--------|-----------|
| Total issue of debentures                              |   | $      | 1,058,628 |   |
|                                                   |   |   |      |   |
| Financial liability component                          |   |   | 69,637    |   |
| Interest payable                                       |   |   | 1,193     |   |
| Transaction costs                                      |   |   | (13,216   | ) |
| Financial liability component of short-term debentures |   | $      | 57,614    |   |
|                                                   |   |   |      |   |
| Financial liability component                          |   | $      | 113,795   |   |
| Interest payable                                       |   |   | 1,950     |   |
| Transaction costs                                      |   |   | (21,596   | ) |
| Financial liability component of long-term debentures  |   | $      | 94,149    |   |
|                                                   |   |   |      |   |
| Equity component                                       |   | $      | 875,196   |   |
| Interest payable                                       |   |   | 14,999    |   |
| Transaction costs                                      |   |   | (166,095  | ) |
| Equity component of debentures                         |   | $      | 724,100   |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 39 |
|------------------------------------|----|

| 18 | Balances and transactions with related parties |
|----|------------------------------------------------|

|                          |   | 2016       |   |   | 2015    |   |
|-------------------------------|--------|------------|--------|--------|---------|--------|
|                          |   | Receivable |   |   | Payable |   |   | Receivable |   |   | Payable |   |
| Optimus (see Notes 12 and 13) |   | $          | 59,098 |   |    | $      | - |   |   | $ | - |   |   | $ | - |   |
| SSA México, S.A. de C.V. |   |       | -      |   |    |   | 51,515 |   |   |   | - |   |   |   | 28,291 |   |
|                          |   | $          | 59,098 |   |    | $      | 51,515 |   |   | $ | - |   |   | $ | 28,291 |   |

|                         |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Income:                      |   |   |   |   |   |   |   |   |   |
| Gain on sale of fixed assets |   | $      | 54,679 |   |   | $      | -      |   |   | $ | - |   |
| Leases (a)                   |   |   | 788    |   |   |   | 788    |   |   |   | 788 |   |
|                         |   |   | 55,467 |   |   |   | 788    |   |   |   | 788 |   |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Other expenses (b)           |   | $      | 346    |   |   | $      | 250    |   |   | $ | 220 |   |

|  | (a) | Grupo TMM, S.A.B. leases with SSA México, S.A. de C.V. |
|--|-----|-------------------------------------------------------------|

|  | (b) | Management consulting billed by SSA México, S.A. de C.V. to Administración Portuaria Integral de Acapulco, S.A. de C.V. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|                  |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Short-term benefits   |   |   |   |   |   |   |   |   |   |
| Salaries              |   | $      | 37,768 |   |   | $      | 40,571 |   |   | $ | 40,056 |   |
| Social security costs |   |   | 623    |   |   |   | 775    |   |   |   | 855 |   |
|                  |   | $      | 38,391 |   |   | $      | 41,346 |   |   | $ | 40,911 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 40 |
|------------------------------------|----|

| 19 | Accounts payable and accrued expenses |
|----|---------------------------------------|

|               |   | 2016   |    |   | 2015   |   |
|--------------------|--------|--------|---------|--------|--------|--------|
| Operating expenses |   | $      | 160,413 |   |   | $      | 246,195 |   |
| General expenses   |   |   | 121,589 |   |   |   | 129,603 |   |
| Taxes payable      |   |   | 11,032  |   |   |   | 25,150 |   |
| Purchased services |   |   | 67,374  |   |   |   | 17,963 |   |
| Salaries and wages |   |   | 3,893   |   |   |   | 5,974 |   |
| Other              |   |   | 41,204  |   |   |   | 33,316 |   |
|               |   | $      | 405,505 |   |   | $      | 458,201 |   |

| 20 | Disposal of assets and groups classified as held for sale and discontinued operations |
|----|---------------------------------------------------------------------------------------|

|                          |   | 2015   |     |   | 2014   |   |
|-------------------------------|--------|--------|----------|--------|--------|--------|
| Income                        |   | $      | 133,170  |   |   | $      | 104,852 |   |
| Operating costs and expenses  |   |   | (166,796 | )      |   |   | (153,326 | ) |
| Depreciation and amortization |   |   | (1,586   | )      |   |   | (2,980 | ) |
| Other income                  |   |   | 970      |   |   |   | 10,214 |   |
| Operating loss                |   |   | (34,242  | )      |   |   | (41,240 | ) |
| Financial costs               |   |   | (372     | )      |   |   | (266 | ) |
| Net loss for the year         |   |   | (34,614  | )      |   |   | (41,506 | ) |

|                               |   | 2015   |    |
|------------------------------------|--------|--------|---------|
| Current assets                     |   |   |    |
| Cash and cash equivalents          |   | $      | 861     |   |
| Other accounts receivable          |   |   | 31,237  |   |
| Customers                          |   |   | 15,834  |   |
| Prepayments                        |   |   | 141     |   |
| Non-current assets                 |   |   |    |   |
| Property and equipment             |   |   | 127,683 |   |
| Other assets                       |   |   | 18,444  |   |
| Assets classified as held for sale |   | $      | 194,200 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 41 |
|------------------------------------|----|

|                                                      |   |   | 2015  |   |
|-----------------------------------------------------------|--------|--------|------------|--------|
| Short-term liabilities                                    |   |   |       |   |
| Accounts payable                                          |   | $      | 79,013     |   |
| Vendors                                                   |   |   | 8,751      |   |
| Bank loans (a)                                            |   |   | 2,584      |   |
| Long-term liabilities                                     |   |   |       |   |
| Bank loans (a)                                            |   |   | 5,734      |   |
| Deferred taxes                                            |   |   | 11,620     |   |
| Liabilities related to assets classified as held for sale |   | $      | 107,702    |   |

|  | (a) | It corresponds to a line of credit contracted with Banco del Bajio, S. A. in September 2013, with a variable EIIR rate at 28 days plus 250 points with monthly interest payments and capital maturities in August 2020, as well as a debt owed to Caja de Ahorro Popular la Merced Sociedad de Ahorro y Préstamo, S. de R.L. de C.V. at a 6% annual rate with monthly payments on unpaid balances on the principal and interest, due September 2017. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   | 2015   |   |   | 2014   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|
| Operating activities                    |   | $      | (1,036 | )      |   | $      | 273 |   |
| Investment activities                   |   |   | (473   | )      |   |   | (1,712 | ) |
| Financing activities                    |   |   | 1,679  |   |   |   | 743 |   |
| Cash flows from discontinued operations |   | $      | 170    |   |   | $      | (696 | ) |

| 21 | Stockholders’ equity |
|----|----------------------------|

|                                    |   | 2016   |      |   | 2015   |   |
|-----------------------------------------|--------|--------|-----------|--------|--------|--------|
| CUFIN generated up to December 31, 2013 |   | $      | 3,115,313 |   |   | $      | 3,014,041 |   |
| CUFIN generated beginning 2014          |   |   | -         |   |   |   | - |   |
|                                    |   | $      | 3,115,313 |   |   | $      | 3,014,041 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 42 |
|------------------------------------|----|

|                                         |   | Statutoryreserve |    |   | Definedbenefit plan |   |     | Premium onconvertibleobligations |   |   | Translationresult |   |   | Revaluationsurplus |     |   |   | Total  |      |
|----------------------------------------------|--------|------------------|---------|--------|---------------------|--------|----------|----------------------------------|--------|--------|-------------------|--------|--------|--------------------|----------|--------|--------|--------|-----------|
| Balance at December 31, 2014                 |   | $                | 216,948 |   |                | $      | (157,266 | )                                |   | $      | 77,106            |   |   | $                  | (247,668 | )      |   | $      | 1,474,594 |   |   |   | $ | 1,363,714 |   |
|                                         |   |             |    |   |                |   |     |                             |   |   |              |   |   |               |     |   |   |   |      |   |   |   |   |   |   |
| Revaluation of vessels                       |   |             | -       |   |                |   | -        |                             |   |   | -                 |   |   |               | -        |   |   |   | 1,157,690 |   |   |   |   | 1,157,690 |   |
| Defined benefit plan                         |   |             | -       |   |                |   | 4,887    |                             |   |   | -                 |   |   |               | -        |   |   |   | -         |   |   |   |   | 4,887 |   |
| Reclassification from disposal of properties |   |             | -       |   |                |   | -        |                             |   |   | -                 |   |   |               | -        |   |   |   | (78,002   | ) |   (a) |   |   | (78,002 | ) |
| Total before taxes                           |   |             | -       |   |                |   | 4,887    |                             |   |   | -                 |   |   |               | -        |   |   |   | 1,079,688 |   |   |   |   | 1,084,575 |   |
| Tax expense                                  |   |             | -       |   |                |   | (1,466   | )                                |   |   | -                 |   |   |               | -        |   |   |   | (347,307  | ) |   |   |   | (348,773 | ) |
| Total net of taxes                           |   |             | -       |   |                |   | 3,421    |                             |   |   | -                 |   |   |               | -        |   |   |   | 732,381   |   |   |   |   | 735,802 |   |
| Balance at December 31, 2015                 |   | $                | 216,948 |   |                | $      | (153,845 | )                                |   | $      | 77,106            |   |   | $                  | (247,668 | )      |   | $      | 2,206,975 |   |   |   | $ | 2,099,516 |   |
|                                         |   |             |    |   |                |   |     |                             |   |   |              |   |   |               |     |   |   |   |      |   |   |   |   |   |   |
| Revaluation of vessels and properties        |   |             | -       |   |                |   | -        |                             |   |   | -                 |   |   |               | -        |   |   |   | 424,634   |   |   |   |   | 424,634 |   |
| Defined benefit plan                         |   |             | -       |   |                |   | 24,863   |                             |   |   | -                 |   |   |               | -        |   |   |   | -         |   |   |   |   | 24,863 |   |
| Reclassification from disposal of properties |   |             | -       |   |                |   | -        |                             |   |   | -                 |   |   |               | -        |   |   |   | (151,056  | ) |   (a) |   |   | (151,056 | ) |
| Total before taxes                           |   |             | -       |   |                |   | 24,863   |                             |   |   | -                 |   |   |               | -        |   |   |   | 273,578   |   |   |   |   | 298,441 |   |
|                                         |   |             |    |   |                |   |     |                             |   |   |              |   |   |               |     |   |   |   |      |   |   |   |   |   |   |
| Tax expense                                  |   |             | -       |   |                |   | (7,459   | )                                |   |   | -                 |   |   |               | -        |   |   |   | (127,390  | ) |   |   |   | (134,849 | ) |
| Total net of taxes                           |   |             | -       |   |                |   | 17,404   |                             |   |   | -                 |   |   |               | -        |   |   |   | 146,188   |   |   |   |   | 163,592 |   |
| Balance at December 31, 2016                 |   | $                | 216,948 |   |                | $      | (136,441 | )                                |   | $      | 77,106            |   |   | $                  | (247,668 | )      |   | $      | 2,353,163 |   |   |   | $ | 2,263,108 |   |

|  | (a) | It corresponds to the reclassification of the revaluation surplus to accumulated losses from the sale of properties and to the depreciation of the period of revaluation of properties and vessels. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 43 |
|------------------------------------|----|

| 22 | Other income (expenses) |
|----|-------------------------|

|                                                                |   | 2016   |   |   | 2015   |   |    | 2014   |   |
|---------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
| Income from sale of fixed assets (b)                                |   | $      | 56,534 |   |   | $      | -       |   |   | $ | - |   |
| Cancellation of liabilities                                         |   |   | 2,076  |   |   |   | 5,859   |   |   |   | 16,737 |   |
| Other – Net                                                   |   |   | 500    |   |   |   | 754     |   |   |   | 8,215 |   |
| Proceeds from the sale of subsidiaries (a)                          |   |   | -      |   |   |   | 185,320 |   |   |   | 358,050 |   |
| Cancellation of projects                                            |   |   | (6,240 | )      |   |   | (4,948  | )      |   |   | - |   |
| Loss on investments in shares from recognition of cumulative losses |   |   | -      |   |   |   | -       |   |   |   | (15,971 | ) |
|                                                                |   | $      | 52,870 |   |   | $      | 186,985 |   |   | $ | 367,031 |   |

|  | (a) | In 2015 and 2014, corresponds to the income from the sale of subsidiaries (see Note 1). |
|--|-----|-----------------------------------------------------------------------------------------|

|  | (b) | It includes the sale of a land to Optimus on June 20, 2016 (see Note 12 and 13). |
|--|-----|----------------------------------------------------------------------------------|

| 23 | Interest expense and other financial costs |
|----|--------------------------------------------|

|                                                 |   | 2016   |    |   | 2015   |   |    | 2014   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Interest on trust certificates                       |   | $      | 684,829 |   |   | $      | 618,818 |   |   | $ | 660,357 |   |
| Interest on other loans                              |   |   | 98,630  |   |   |   | 95,713  |   |   |   | 95,476 |   |
| Valuation of interest rate CAP                       |   |   | -       |   |   |   | (12     | )      |   |   | 128 |   |
| Amortization of trust certificate placement expenses |   |   | 76,152  |   |   |   | 75,224  |   |   |   | 74,229 |   |
| Amortization of expenses associated with other loans |   |   | 6,011   |   |   |   | 4,754   |   |   |   | 6,589 |   |
| Other financial expenses                             |   |   | 3,645   |   |   |   | 5,735   |   |   |   | 18,729 |   |
|                                                 |   | $      | 869,267 |   |   | $      | 800,232 |   |   | $ | 855,508 |   |

| 24 | Income tax and tax loss carryforwards |
|----|---------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 44 |
|------------------------------------|----|

|                      |   | 2016   |    |   | 2015   |   |     | 2014 |   |
|---------------------------|--------|--------|---------|--------|--------|--------|----------|------|--------|
| Income tax                |   | $      | (3,433  | )      |   | $      | (3,314   | )    |   | $ | (4,682 | ) |
| Deferred tax for the year |   |   | 272,048 |   |   |   | (695,161 | )    |   |   | - |   |
| Total income taxes        |   | $      | 268,615 |   |   | $      | (698,475 | )    |   | $ | (4,682 | ) |

|                                                                               |   | 2016   |     |   | 2015   |   |     | 2014   |   |
|------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Loss before taxes                                                                  |   | $      | (775,179 | )      |   | $      | (301,930 | )      |   | $ | (460,337 | ) |
| Income tax                                                                         |   |   | 232,554  |   |   |   | 90,579   |   |   |   | 138,101 |   |
| (Decrease) increase from:                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Difference in depreciation and amortization                                        |   |   | 48,701   |   |   |   | (232,397 | )      |   |   | (454,778 | ) |
| Revaluation surplus                                                                |   |   | 132,019  |   |   |   | 320,467  |   |   |   | 393,361 |   |
| Income recognized in advance                                                       |   |   | (8,261   | )      |   |   | (11,409  | )      |   |   | (6,353 | ) |
| Materials and supplies                                                             |   |   | (15,673  | )      |   |   | (14,497  | )      |   |   | (6,264 | ) |
| Inflationary and currency exchange effects on monetary assets and liabilities, net |   |   | (102,928 | )      |   |   | (87,765  | )      |   |   | (150,405 | ) |
| Tax losses – net                                                             |   |   | (63,803  | )      |   |   | (498,884 | )      |   |   | 294,411 |   |
| Provisions and allowance for doubtful accounts                                     |   |   | (60,277  | )      |   |   | (143,685 | )      |   |   | (19,710 | ) |
| Difference between the tax and book value for the sale of assets                   |   |   | 116,906  |   |   |   | (49,084  | )      |   |   | (22,435 | ) |
| Difference between the tax and book value for the sale of shares                   |   |   | 20,136   |   |   |   | 7,902    |   |   |   | (136,557 | ) |
| Non-deductible expenses                                                            |   |   | (30,759  | )      |   |   | (79,702  | )      |   |   | (34,053 | ) |
| Provision for income tax                                                           |   | $      | 286,615  |   |   | $      | (698,475 | )      |   | $ | (4,682 | ) |

|                                                  |   | 2016   |       |   | 2015   |   |
|-------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Tax loss carryforwards                                |   | $      | 1,553,185  |   |   | $      | 1,458,633 |   |
| Valuation allowance for tax losses                    |   |   | (9,798     | )      |   |   | (7,543 | ) |
|                                                  |   |   | 1,543,387  |   |   |   | 1,451,090 |   |
| Inventories and provisions – net                |   |   | 40,964     |   |   |   | 26,820 |   |
| Concession rights and property, vessels and equipment |   |   | (1,662,402 | )      |   |   | (1,697,482 | ) |
| Total deferred tax liability                          |   | $      | (78,051    | )      |   | $      | (219,572 | ) |

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Table of Contents

| Grupo TMM, S.A.B. and Subsidiaries | 45 |
|------------------------------------|----|

| Year in which the loss was incurrred |   | Amounts |      |   | Year of expiration |   |
|-------------------------------------------|--------|---------|-----------|--------|--------------------|--------|
|                                      |   |    |      |   |               |   |
| 2007                                      |   | $       | 261,947   |   |               |   | 2017 |   |
| 2008                                      |   |    | 598,387   |   |               |   | 2018 |   |
| 2009                                      |   |    | 719,662   |   |               |   | 2019 |   |
| 2010                                      |   |    | 921,550   |   |               |   | 2020 |   |
| 2011                                      |   |    | 527,106   |   |               |   | 2021 |   |
| 2012                                      |   |    | 723,259   |   |               |   | 2022 |   |
| 2013                                      |   |    | 536,872   |   |               |   | 2023 |   |
| 2014                                      |   |    | 224,838   |   |               |   | 2024 |   |
| 2015                                      |   |    | 138,781   |   |               |   | 2025 |   |
| 2016                                      |   |    | 523,152   |   |               |   | 2026 |   |
|                                      |   | $       | 5,175,554 |   |               |   |   |   |

| 25 | Segment reporting |
|----|-------------------|

| December 31, 2016                         |   | Specializedmaritimedivision |       |   | Logisticsdivision |   |     | Ports andterminaldivision |   |   | Warehousingdivision |   |   | Otherbusinessesand sharedaccounts |     |   | Totalconsolidated |   |
|-------------------------------------------|--------|-----------------------------|------------|--------|-------------------|--------|----------|---------------------------|--------|--------|---------------------|--------|--------|-----------------------------------|----------|--------|-------------------|--------|
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |
| Revenue                                   |   | $                           | 2,167,585  |   |              | $      | 190,902  |                      |   | $      | 116,708             |   |   | $                                 | 126,070  |   |              | $      | 46,219 |   |   | $ | 2,647,484 |   |
| Costs and expenses                        |   |                        | (1,385,458 | )      |              |   | (158,403 | )                         |   |   | (100,109            | )      |   |                              | (169,737 | )      |              |   | (46,460 | ) |   |   | (1,860,167 | ) |
| Corporate expenses                        |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | (194,215 | ) |   |   | (194,215 | ) |
| Depreciation and amortization             |   |                        | (534,525   | )      |              |   | (1,908   | )                         |   |   | (10,489             | )      |   |                              | (947     | )      |              |   | (7,375 | ) |   |   | (555,244 | ) |
| Trasnportation profit (loss)              |   | $                           | 247,602    |   |              | $      | 30,591   |                      |   | $      | 6,110               |   |   | $                                 | (44,614  | )      |              | $      | (201,831 | ) |   | $ | (37,858 | ) |
| Costs, expenses and revenue not allocated |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (544,422 | ) |
| Net loss for the year                     |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   | $ | (506,564 | ) |
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   |   |   |
| Total assets by operating segment         |   | $                           | 12,830,358 |   |              | $      | 25,929   |                      |   | $      | 1,739,936           |   |   | $                                 | 148,828  |   |              | $      | - |   |   | $ | 14,745,051 |   |
| Shared assets                             |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | (2,821,750 | ) |   |   | (2,821,750 | ) |
| Total assets                              |   | $                           | 12,830,358 |   |              | $      | 25,929   |                      |   | $      | 1,739,936           |   |   | $                                 | 148,828  |   |              | $      | (2,821,750 | ) |   | $ | 11,923,301 |   |
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   |   |   |
| Total liabilities by operating segment    |   | $                           | 11,107,505 |   |              | $      | 23,874   |                      |   | $      | 276,772             |   |   | $                                 | 47,681   |   |              | $      | - |   |   | $ | 11,455,832 |   |
| Shared liabilities                        |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | (496,521 | ) |   |   | (496,521 | ) |
| Total liabilities                         |   | $                           | 11,107,505 |   |              | $      | 23,874   |                      |   | $      | 276,772             |   |   | $                                 | 47,681   |   |              | $      | (496,521 | ) |   | $ | 10,959,311 |   |
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   |   |   |
| Total capital expenditures by segment     |   | $                           | 160,691    |   |              | $      | -        |                      |   | $      | 1,087               |   |   | $                                 | 139      |   |              | $      | - |   |   | $ | 161,917 |   |
| Shared capital expenditures               |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | 155 |   |   |   | 155 |   |
| Total capital expenditures                |   | $                           | 160,691    |   |              | $      | -        |                      |   | $      | 1,087               |   |   | $                                 | 139      |   |              | $      | 155 |   |   | $ | 162,072 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 46 |
|------------------------------------|----|

|    December 31, 2015       |   | Specializedmaritimedivision |       |   | Logisticsdivision |   |     | Ports andterminaldivision |   |   | Warehousingdivision |   |   | Otherbusinessesand sharedaccounts |     |   | Totalconsolidated |   |
|-------------------------------------------|--------|-----------------------------|------------|--------|-------------------|--------|----------|---------------------------|--------|--------|---------------------|--------|--------|-----------------------------------|----------|--------|-------------------|--------|
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |
| Revenue                                   |   | $                           | 2,770,891  |   |              | $      | 169,709  |                      |   | $      | 114,225             |   |   | $                                 | 133,170  |   |              | $      | 73,950 |   |   | $ | 3,261,945 |   |
| Costs and expenses                        |   |                        | (1,630,348 | )      |              |   | (137,308 | )                         |   |   | (96,080             | )      |   |                              | (179,646 | )      |              |   | (72,666 | ) |   |   | (2,116,048 | ) |
| Corporate expenses                        |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | (199,057 | ) |   |   | (199,057 | ) |
| Depreciation and amortization             |   |                        | (648,079   | )      |              |   | (4,968   | )                         |   |   | (10,582             | )      |   |                              | (1,586   | )      |              |   | (7,428 | ) |   |   | (672,643 | ) |
| Transportation profit (loss)              |   | $                           | 492,464    |   |              | $      | 27,433   |                      |   | $      | 7,563               |   |   | $                                 | (48,062  | )      |              | $      | (205,201 | ) |   | $ | 274,197 |   |
| Costs, expenses and revenue not allocated |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (1,274,602 | ) |
| Loss before discontinued operations       |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (1,000,405 | ) |
| Discontinued operations                   |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (18,465 | ) |
| Net loss for the year                     |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   | $ | (1,018,870 | ) |

| December 31, 2015                         |   | Specializedmaritimedivision |       |   | Logisticsdivision |   |   | Ports andterminaldivision |   |   | Warehousingdivision |   |   | Otherbusinessesand sharedaccounts |    |   | Totalconsolidated |   |
|-------------------------------------------|--------|-----------------------------|------------|--------|-------------------|--------|--------|---------------------------|--------|--------|---------------------|--------|--------|-----------------------------------|---------|--------|-------------------|--------|
|  Total assets by operating segment   |   | $                           | 12,860,912 |   |              | $      | 16     |                      |   | $      | 1,621,311           |   |   | $                                 | -       |   |              | $      | - |   |   | $ | 14,482,239 |   |
| Total assets by discontinued segment      |   |                        | -          |   |              |   | -      |                      |   |   | -                   |   |   |                              | 194,200 |   |              |   | - |   |   |   | 194,200 |   |
| Shared assets                             |   |                        | -          |   |              |   | -      |                      |   |   | -                   |   |   |                              | -       |   |              |   | (2,260,331 | ) |   |   | (2,260,331 | ) |
| Total assets                              |   | $                           | 12,860,912 |   |              | $      | 16     |                      |   | $      | 1,621,311           |   |   | $                                 | 194,200 |   |              | $      | (2,260,331 | ) |   | $ | 12,416,108 |   |
|                                      |   |                        |       |   |              |   |   |                      |   |   |                |   |   |                              |    |   |              |   |   |   |   |   |   |   |
| Total liabilities by operating segment    |   | $                           | 10,822,299 |   |              | $      | 51,081 |                      |   | $      | 230,753             |   |   | $                                 | -       |   |              | $      | - |   |   | $ | 11,104,133 |   |
| Total liabilities by discontinued segment |   |                        | -          |   |              |   | -      |                      |   |   | -                   |   |   |                              | 107,702 |   |              |   | - |   |   |   | 107,702 |   |
| Shared liabilities                        |   |                        | -          |   |              |   | -      |                      |   |   | -                   |   |   |                              | -       |   |              |   | 772,467 |   |   |   | 772,467 |   |
| Total liabilities                         |   | $                           | 10,822,299 |   |              | $      | 51,081 |                      |   | $      | 230,753             |   |   | $                                 | 107,702 |   |              | $      | 772,467 |   |   | $ | 11,984,302 |   |
|                                      |   |                        |       |   |              |   |   |                      |   |   |                |   |   |                              |    |   |              |   |   |   |   |   |   |   |
| Total capital expenditures by segment     |   | $                           | 78,541     |   |              | $      | -      |                      |   | $      | 3,369               |   |   | $                                 | 473     |   |              | $      | - |   |   | $ | 82,383 |   |
| Shared capital expenditures               |   |                        | -          |   |              |   | -      |                      |   |   | -                   |   |   |                              | -       |   |              |   | 19,976 |   |   |   | 19,976 |   |
| Total capital expenditures                |   | $                           | 78,541     |   |              | $      | -      |                      |   | $      | 3,369               |   |   | $                                 | 473     |   |              | $      | 19,976 |   |   | $ | 102,359 |   |

| December 31, 2014                         |   | Specializedmaritimedivision |       |   | Logisticsdivision |   |     | Ports andterminaldivision |   |   | Warehousingdivision |   |   | Otherbusinessesand sharedaccounts |     |   | Totalconsolidated |   |
|-------------------------------------------|--------|-----------------------------|------------|--------|-------------------|--------|----------|---------------------------|--------|--------|---------------------|--------|--------|-----------------------------------|----------|--------|-------------------|--------|
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |
| Revenue                                   |   | $                           | 2,488,295  |   |              | $      | 161,984  |                      |   | $      | 114,954             |   |   | $                                 | 104,852  |   |              | $      | 67,189 |   |   | $ | 2,937,274 |   |
| Costs and expenses                        |   |                        | (1,384,242 | )      |              |   | (131,093 | )                         |   |   | (99,700             | )      |   |                              | (153,326 | )      |              |   | (64,946 | ) |   |   | (1,833,307 | ) |
| Corporate expenses                        |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | (175,068 | ) |   |   | (175,068 | ) |
| Depreciation and amortization             |   |                        | (832,735   | )      |              |   | (4,452   | )                         |   |   | (10,611             | )      |   |                              | (2,980   | )      |              |   | (7,514 | ) |   |   | (858,292 | ) |
| Trasnportation profit (loss)              |   | $                           | 271,318    |   |              | $      | 26,439   |                      |   | $      | 4,643               |   |   | $                                 | (51,454  | )      |              | $      | (180,339 | ) |   | $ | 70,607 |   |
| Costs, expenses and revenue not allocated |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (535,626 | ) |
| Loss before discontinued operations       |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (465,019 | ) |
| Discontinued operations                   |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   | (49,462 | ) |
| Net loss for the year                     |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   | $ | (514,481 | ) |
| Total assets by operating segment         |   | $                           | 16,472,921 |   |              | $      | 2,228    |                      |   | $      | 1,603,633           |   |   | $                                 | -        |   |              | $      | - |   |   | $ | 18,078,782 |   |
| Total assets by discontinued segment      |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | 184,920  |   |              |   | - |   |   |   | 184,920 |   |
| Shared assets                             |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | (5,339,375 | ) |   |   | (5,339,375 | ) |
| Total assets                              |   | $                           | 16,472,921 |   |              | $      | 2,228    |                      |   | $      | 1,603,633           |   |   | $                                 | 184,920  |   |              | $      | (5,339,375 | ) |   | $ | 12,924,327 |   |
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   |   |   |
| Total liabilities by operating segment    |   | $                           | 11,147,274 |   |              | $      | 412,751  |                      |   | $      | 240,391             |   |   | $                                 | -        |   |              | $      | - |   |   | $ | 11,800,416 |   |
| Total liabilities by discontinued segment |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | 94,150   |   |              |   | - |   |   |   | 94,150 |   |
| Shared liabilities                        |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | 392,216 |   |   |   | 392,216 |   |
| Total liabilities                         |   | $                           | 11,147,274 |   |              | $      | 412,751  |                      |   | $      | 240,391             |   |   | $                                 | 94,150   |   |              | $      | 392,216 |   |   | $ | 12,286,782 |   |
|                                      |   |                        |       |   |              |   |     |                      |   |   |                |   |   |                              |     |   |              |   |   |   |   |   |   |   |
| Total capital expenditures by segment     |   | $                           | 184,265    |   |              | $      | -        |                      |   | $      | 13,905              |   |   | $                                 | 1,712    |   |              | $      | - |   |   | $ | 199,882 |   |
| Shared capital expenditures               |   |                        | -          |   |              |   | -        |                      |   |   | -                   |   |   |                              | -        |   |              |   | 29,066 |   |   |   | 29,066 |   |
| Total capital expenditures                |   | $                           | 184,265    |   |              | $      | -        |                      |   | $      | 13,905              |   |   | $                                 | 1,712    |   |              | $      | 29,066 |   |   | $ | 228,948 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 47 |
|------------------------------------|----|

| 26 | Employee benefits |
|----|-------------------|

|                                   |   | 2016   |    |   | 2015   |   |    | 2014   |   |
|----------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Salaries, benefits and inherent        |   | $      | 654,677 |   |   | $      | 674,512 |   |   | $ | 660,108 |   |
| Pensions – defined benefit plans |   |   | (14,764 | )      |   |   | 22,805  |   |   |   | 18,083 |   |
|                                   |   | $      | 639,913 |   |   | $      | 697,317 |   |   | $ | 678,191 |   |

|                           |   | 2016   |    |   | 2015   |   |
|--------------------------------|--------|--------|---------|--------|--------|--------|
| Long-term:                     |   |   |    |   |   |   |
| Pensions and seniority premium |   | $      | 142,398 |   |   | $      | 189,213 |   |
| Termination of employment      |   |   | 21,809  |   |   |   | 22,029 |   |
|                           |   | $      | 164,207 |   |   | $      | 211,242 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 48 |
|------------------------------------|----|

|                    |   | 2016                          |    |   | 2015                    |   |
|-------------------------|--------|-------------------------------|---------|--------|-------------------------|--------|
|                    |   | Pensions andsenioritypremiums |    |   | Terminationofemployment |   |   | Pensions andsenioritypremiums |   |   | Terminationofemployment |   |
| Current service cost    |   | $                             | (29,914 | )      |                    | $      | (1,717 | ) |   | $ | 5,679 |   |   | $ | 1,547 |   |
| Interest cost           |   |                          | 15,072  |   |                    |   | 1,795 |   |   |   | 14,008 |   |   |   | 1,571 |   |
| Net cost for the period |   | $                             | (14,842 | )      |                    | $      | 78 |   |   | $ | 19,687 |   |   | $ | 3,118 |   |

|                        |   | 2016                          |    |   | 2015                    |   |
|-----------------------------|--------|-------------------------------|---------|--------|-------------------------|--------|
|                        |   | Pensions andsenioritypremiums |    |   | Terminationofemployment |   |   | Pensions andsenioritypremiums |   |   | Terminationofemployment |   |
| Defined benefit obligations |   | $                             | 144,049 |   |                    | $      | 21,809 |   |   | $ | 191,134 |   |   | $ | 22,029 |   |
| Plan assets                 |   |                          | (1,651  | )      |                    |   | - |   |   |   | (1,921 | ) |   |   | - |   |
| Total reserve               |   | $                             | 142,398 |   |                    | $      | 21,809 |   |   | $ | 189,213 |   |   | $ | 22,029 |   |

|                           |   | 2016                          |    |   | 2015                    |   |
|--------------------------------|--------|-------------------------------|---------|--------|-------------------------|--------|
|                           |   | Pensions andsenioritypremiums |    |   | Terminationofemployment |   |   | Pensions andsenioritypremiums |   |   | Terminationofemployment |   |
| DBO at period start            |   | $                             | 191,134 |   |                    | $      | 22,029 |   |   | $ | 183,925 |   |   | $ | 19,880 |   |
| Current service cost           |   |                          | (29,914 | )      |                    |   | (1,717 | ) |   |   | 5,679 |   |   |   | 1,547 |   |
| Interest cost                  |   |                          | 15,072  |   |                    |   | 1,795 |   |   |   | 14,008 |   |   |   | 1,571 |   |
| Benefits paid                  |   |                          | (1,128  | )      |                    |   | - |   |   |   | (256 | ) |   |   | - |   |
| Benefits paid from plan assets |   |                          | (13,739 | )      |                    |   | - |   |   |   | (9,752 | ) |   |   | - |   |
| Miscellaneous                  |   |                          | (269    | )      |                    |   | (1 | ) |   |   | (7 | ) |   |   | (11 | ) |
| Actuarial losses and gains     |   |                          | (17,107 | )      |                    |   | (297 | ) |   |   | (2,463 | ) |   |   | (958 | ) |
| DBO at period end              |   | $                             | 144,049 |   |                    | $      | 21,809 |   |   | $ | 191,134 |   |   | $ | 22,029 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 49 |
|------------------------------------|----|

|                            |   | 2016   |    |   | 2015   |   |
|---------------------------------|--------|--------|---------|--------|--------|--------|
| Value of the fund at year start |   | $      | 1,921   |   |   | $      | 1,923 |   |
| Expected return on assets       |   |   | (294    | )      |   |   | (194 | ) |
| Plan contributions              |   |   | 13,739  |   |   |   | 9,752 |   |
| Benefits paid                   |   |   | (13,739 | )      |   |   | (9,752 | ) |
| Interests of plan assets        |   |   | 24      |   |   |   | 192 |   |
| Value of the fund at year end   |   | $      | 1,651   |   |   | $      | 1,921 |   |

|                                  |   | 2016   |    |   | 2015   |   |
|---------------------------------------|--------|--------|---------|--------|--------|--------|
| Reserve for obligations at year start |   | $      | 211,242 |   |   | $      | 201,882 |   |
| Total cost for the year               |   |   | (14,764 | )      |   |   | 22,805 |   |
| Contributions to the plan             |   |   | (13,739 | )      |   |   | (9,752 | ) |
| Miscellaneous                         |   |   | -       |   |   |   | (16 | ) |
| Benefits paid charged to the reserve  |   |   | (1,128  | )      |   |   | (256 | ) |
| Actuarial (loss) gains                |   |   | (17,404 | )      |   |   | (3,421 | ) |
| Reserve for obligations at year end   |   | $      | 164,207 |   |   | $      | 211,242 |   |

|                            |   | 2016   |   |   | 2015   |   |
|---------------------------------|--------|--------|--------|--------|--------|--------|
| Discount rate                   |   |   | 9.00   | %      |   |   | 8.25 | % |
| Salary increase rate            |   |   | 4.00   | %      |   |   | 4.00 | % |
| Inflation rate                  |   |   | 3.50   | %      |   |   | 3.50 | % |
| Average working life expectancy |   |   | 19.80  |   |   |   | 19.00 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 50 |
|------------------------------------|----|

|                                                   |   | 1.0% increase |   |   | 1.0% decrease |   |
|--------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|
| Discount rate                                          |   |          |   |   |          |   |
| (Decrease) increase in the defined benefits obligation |   | $             | (7,026 | )      |          | $      | 7,730 |   |

|                                                   |   | 1.0% increase |   |   | 1.0% decrease |   |
|--------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|
| Salary increase rate                                   |   |          |   |   |          |   |
| Increase (decrease) in the defined benefits obligation |   | $             | 3,906  |   |          | $      | (3,687 | ) |

|                                                   |   | One yearincrease |   |   | One yeardecrease |   |
|--------------------------------------------------------|--------|------------------|--------|--------|------------------|--------|
| Average life expectancies                              |   |             |   |   |             |   |
| Increase (decrease) in the defined benefits obligation |   | $                | 6,800  |   |             | $      | (6,922 | ) |

| 27 | Loss per share |
|----|----------------|

| 28 | Fair value measurement |
|----|------------------------|

|  | · | Level 1: quoted prices (without adjustment) in active markets for identical assets and liabilities; |
|--|--------|-----------------------------------------------------------------------------------------------------|

|  | · | Level 2: data other than the quoted prices included in Level 1 that are observable for the asset and liability, either directly or indirectly; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 3: non-observable data for the asset or liability. |
|--|--------|----------------------------------------------------------|

|                     |   | 2016   |      |   | 2015   |   |
|--------------------------|--------|--------|-----------|--------|--------|--------|
| Level 3                  |   |   |      |   |   |   |
| Vessels                  |   | $      | 8,028,276 |   |   | $      | 8,131,363 |   |
| Buildings and facilities |   |   | 253,396   |   |   |   | 186,937 |   |
| Land                     |   |   | 1,060,661 |   |   |   | 880,620 |   |
|                     |   | $      | 9,342,333 |   |   | $      | 9,198,920 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 51 |
|------------------------------------|----|

|                              |   | Tankervessels |   |   | Specializedvessels |   |
|-----------------------------------|--------|---------------|--------|--------|--------------------|--------|
| Daily rate or fee                 |   | 15,145 usd    |   |   | 53,000 usd         |   |
| Average percentage of utilization |   |          | 98     | %      |               |   | 98 | % |
| Discount rate                     |   |          | 7.18   | %      |               |   | 7.18 | % |

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| Grupo TMM, S.A.B. and Subsidiaries | 52 |
|------------------------------------|----|

|                                             |   | Vessels |      |   | Buildings andfacilities |   |
|--------------------------------------------------|--------|---------|-----------|--------|-------------------------|--------|
| Balance at January 1, 2016                       |   | $       | 8,131,363 |   |                    | $      | 1,067,557 |   |
| Amount recognized in other comprehensive income: |   |    |      |   |                    |   |   |   |
| Revaluation surplus of vessels                   |   |    | 207,669   |   |                    |   | 216,965 |   |
| Amount recognized in statements of operations:   |   |    |      |   |                    |   |   |   |
| Loss on revaluation of vessels                   |   |    | (23,304   | )      |                    |   | - |   |
|                                             |   |    | 184,365   |   |                    |   | 216,965 |   |
| Additions and disposals, net                     |   |    | (287,452  | )      |                    |   | 29,535 |   |
| Balance at December 31, 2016                     |   | $       | 8,028,276 |   |                    | $      | 1,314,057 |   |

|                                             |   | Vessels |      |   | Buildings andfacilities |   |
|--------------------------------------------------|--------|---------|-----------|--------|-------------------------|--------|
| Balance at January 1, 2015                       |   | $       | 7,609,796 |   |                    | $      | 1,067,421 |   |
| Amount recognized in other comprehensive income: |   |    |      |   |                    |   |   |   |
| Revaluation surplus of vessels                   |   |    | 1,157,690 |   |                    |   | - |   |
| Amount recognized in statements of operations:   |   |    |      |   |                    |   |   |   |
| Loss on revaluation of vessels                   |   |    | (41,970   | )      |                    |   | - |   |
|                                             |   |    | 1,115,720 |   |                    |   | - |   |
| Additions and disposals, net                     |   |    | (594,153  | )      |                    |   | 136 |   |
| Balance at December 31, 2015                     |   | $       | 8,131,363 |   |                    | $      | 1,067,557 |   |

| 29 | Financial instruments risk |
|----|----------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 53 |
|------------------------------------|----|

|        |   | 2016   |       |   | 2015            |   |
|-------------|--------|--------|------------|--------|-----------------|--------|
|        |   | US $   |       |   | Othercurrencies |   |   | US $ |   |   | Othercurrencies |   |
| Assets      |   | $      | 1,217,594  |   |            | $      | 1,728 |   |   | $ | 1,443,579 |   |   | $ | 1,566 |   |
| Liabilities |   |   | (1,177,029 | )      |            |   | (151,080 | ) |   |   | (1,220,388 | ) |   |   | (4,873 | ) |
|        |   | $      | 40,565     |   |            | $      | (149,352 | ) |   | $ | 223,191 |   |   | $ | (3,307 | ) |

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| Grupo TMM, S.A.B. and Subsidiaries | 54 |
|------------------------------------|----|

|                                 |   | 2016                              |     |   | 2015                              |   |
|---------------------------------|--------|-----------------------------------|----------|--------|-----------------------------------|--------|
|                            |   | 19.70%Increase intheexchange rate |     |   | 19.70%decrease intheexchange rate |   |   | 17.63%Increase intheexchange rate |   |   | 17.63%decrease intheexchange rate |   |
| Assets in US dollars            |   | $                                 | 239,821  |   |                              | $      | (239,821 | ) |   | $ | 255,214 |   |   | $ | (255,214 | ) |
| Assets in other currencies      |   |                              | 340      |   |                              |   | (340 | ) |   |   | 277 |   |   |   | (277 | ) |
| Liabilities in US dollars       |   |                              | (231,831 | )      |                              |   | 231,831 |   |   |   | (215,755 | ) |   |   | 215,755 |   |
| Liabilities in other currencies |   |                              | (29,757  | )      |                              |   | 29,757 |   |   |   | (862 | ) |   |   | 862 |   |
|                            |   | $                                 | (21,427  | )      |                              | $      | 21,427 |   |   | $ | 38,874 |   |   | $ | (38,874 | ) |

|                        |   | 2016        |   |   | 2015        |   |
|-----------------------------|--------|-------------|--------|--------|-------------|--------|
|                        |   | +1%Variance |   |   | -1%Variance |   |   | +1%Variance |   |   | -1%Variance |   |
| Profit or loss for the year |   | $           | (2,262 | )      |        | $      | 2,262 |   |   | $ | (2,971 | ) |   | $ | 2,838 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 55 |
|------------------------------------|----|

|               |   | 2016   |    |   | 2015   |   |
|--------------------|--------|--------|---------|--------|--------|--------|
| Up to 3 months     |   | $      | 2,462   |   |   | $      | 148,466 |   |
| Up to 4 months     |   |   | 23,302  |   |   |   | 44,996 |   |
| More than 4 months |   |   | 378,392 |   |   |   | 244,780 |   |
|               |   | $      | 404,156 |   |   | $      | 438,242 |   |

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| Grupo TMM, S.A.B. and Subsidiaries | 56 |
|------------------------------------|----|

|                                  |   | Current     |    |   | Non-Current   |   |
|---------------------------------------|--------|-------------|---------|--------|---------------|--------|
|                                  |   | In 6 months |    |   | 6 to 12months |   |   | 1 to 4 years |   |   | More than 4years |   |
| At December 31, 2016                  |   |        |    |   |          |   |   |   |   |   |   |   |
| Trade payables                        |   | $           | -       |   |          | $      | 189,576 |   |   | $ | - |   |   | $ | - |   |
| Accounts payable and accrued expenses |   |        | -       |   |          |   | 405,504 |   |   |   | - |   |   |   | - |   |
| Financial debt                        |   |        | 685,231 |   |          |   | 55,139 |   |   |   | 494,664 |   |   |   | 8,835,123 |   |
|                                  |   | $           | 685,231 |   |          | $      | 650,219 |   |   | $ | 494,664 |   |   | $ | 8,835,123 |   |
|                                  |   |        |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| At December 31, 2015                  |   |        |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Trade payables                        |   | $           | -       |   |          | $      | 279,044 |   |   | $ | - |   |   | $ | - |   |
| Accounts payable and accrued expenses |   |        | -       |   |          |   | 458,201 |   |   |   | - |   |   |   | - |   |
| Financial debt                        |   |        | 203,091 |   |          |   | 481,657 |   |   |   | 168,487 |   |   |   | 9,827,015 |   |
|                                  |   | $           | 203,091 |   |          | $      | 1,218,902 |   |   | $ | 168,487 |   |   | $ | 9,827,015 |   |

| 30 | Capital management policies and procedures |
|----|--------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 57 |
|------------------------------------|----|

|                                              |   | 2016   |       |   | 2015   |   |
|---------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Stockholders’ equity                        |   | $      | 963,990    |   |   | $      | 431,806 |   |
|                                              |   |   |       |   |   |   |   |   |
| Total financial debt                              |   |   | 10,070,457 |   |   |   | 10,680,250 |   |
| Cash and cash equivalents                         |   |   | (902,704   | )      |   |   | (1,045,359 | ) |
| General financing                                 |   | $      | 9,167,753  |   |   | $      | 9,634,891 |   |
|                                              |   |   |       |   |   |   |   |   |
| Ratio of total debt to stockholders’ equity |   |   | 10.52      |   |   |   | 4.48 |   |

| 31 | Commitments and contingencies |
|----|-------------------------------|

| a) | Concession fees |
|----|-----------------|

| b) | Joint venture |
|----|---------------|

| a) | RPS Claim |
|----|-----------|

| b) | Mutual loans between WWS and TMM |
|----|----------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 58 |
|------------------------------------|----|

| c) | Mutual loans between Pacific Richfield Marine Pte. Ltd. ("PRM") and Grupo TMM |
|----|-------------------------------------------------------------------------------|

| d) | ADEMSA secured Certificates of Deposit |
|----|----------------------------------------|

| e) | Termination of the Consolidation Regimen |
|----|------------------------------------------|

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| Grupo TMM, S.A.B. and Subsidiaries | 59 |
|------------------------------------|----|

| f) | Other legal proceedings |
|----|-------------------------|

| g) | Operations with related parties |
|----|---------------------------------|

| h) | Other legislation |
|----|-------------------|

| 32 | Events subsequent to the reporting date |
|----|-----------------------------------------|

| a) | As mentioned in Note 4 of Going concern, during 2016 several factors significantly affected the Company and as a result of this situation on April 12, 2017 HR Ratings reviewed the rating of the issue to have it be HR A (E), maintaining the special review (see Note 16). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | On May 9, 2017 pursuant to the Trustholders’ Meeting was resolved that 49% of the interests payable on May 15, 2017 will be paid on November 15, 2017 together with the interests of such period; the remaining  51% of the interests payable was paid on the corresponding date. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33 | Authorization of the consolidated financial statements |
|----|--------------------------------------------------------|

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Table of Contents

|                    | GRUPO TMM, S.A.B. |
|--------------------|-------------------|
|                    |              |   |
|                    | By:               | /s/  Carlos Pedro Aguilar Mendez |
|                    |              | Carlos Pedro Aguilar Mendez |
|                    |              | Chief Financial Officer |
|                    |              |   |
| Date: May 26, 2017 |              |   |

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