##### Table of Contents





SECURITIES AND EXCHANGE COMMISSION





Form 20-F







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

OR



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

For the fiscal year ended December 31, 2013

OR



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

Commission file number 333-14194





GRUPO TMM,
S.A.B.

(Exact name of Registrant as specified in its charter)





TMM GROUP

(Translation
of Registrants name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

Avenida de la Cúspide, No. 4755

Colonia Parques del Pedregal,

14010 México City, D.F., México

(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

None

Securities
registered or to be registered pursuant to Section 12(g) of the Act:

Title of Each Class

American Depositary Shares (ADSs), each representing

five Ordinary Participation Certificates

(Certificados de Participación Ordinaria)

(CPOs)

CPOs, each representing one nominative common share,

without par value (Share)

Shares

Securities for
which there is a reporting obligation pursuant to Section 15(d) of the Act:

None





Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period
covered by the annual report.

102,182,841 Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 ̈  Yes    No  
x

If this report is an annual or transition report, indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 ̈  Yes    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition
of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated
filer   ̈                Accelerated
filer   ̈                Non-accelerated filer  x

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:



|             |  |                                                                                                         |  |         
|------------ |  | ------------------------------------------------------------------------------------------------------- |  | --------
|U.S. GAAP   ̈ |  | International Financial Reporting Standards as issued by the International Accounting Standards Board x |  | Other   ̈

If Other has been checked in response to the previous question, indicate by check mark which financial statement
item the registrant has elected to follow.

Item 17   ̈    Item 18   ̈

If this is an annual report, indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).

Yes   ̈    No  
x

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE
YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d)
of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes   ̈    No   ̈









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TABLE OF CONTENTS



|          |  |                                                                              |     |      |     | 
|--------- |  | ---------------------------------------------------------------------------- | --- | ---- | --- | 
|          |  |                                                                              |     | 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                                                   |     |      | 20  | 
|ITEM 4A.  |  | UNRESOLVED STAFF COMMENTS                                                    |     |      | 42  | 
|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                                                        |     |      | 80  | 
|ITEM 10.  |  | ADDITIONAL INFORMATION                                                       |     |      | 85  | 
|ITEM 11.  |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   |     |      | 96  | 
|ITEM 12.  |  | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       |     |      | 98  | 
|          | 
|PART II   |  |                                                                              | 100 |     
|ITEM 13.  |  | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              |     |      | 100 | 
|ITEM 14.  |  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |     |      | 100 | 
|ITEM 15.  |  | CONTROLS AND PROCEDURES                                                      |     |      | 100 | 
|ITEM 16A. |  | AUDIT COMMITTEE FINANCIAL EXPERT                                             |     |      | 101 | 
|ITEM 16B. |  | CODE OF ETHICS                                                               |     |      | 101 | 
|ITEM 16C. |  | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       |     |      | 101 | 
|ITEM 16D. |  | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   |     |      | 102 | 
|ITEM 16E. |  | PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS        |     |      | 102 | 
|ITEM 16F. |  | CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT                                 |     |      | 102 | 
|ITEM 16G. |  | CORPORATE GOVERNANCE                                                         |     |      | 102 | 
|          | 
|PART III  |  |                                                                              | 102 |     
|ITEM 17.  |  | FINANCIAL STATEMENTS                                                         |     |      | 102 | 
|ITEM 18.  |  | FINANCIAL STATEMENTS                                                         |     |      | 102 | 
|ITEM 19.  |  | EXHIBITS                                                                     |     |      |     | 
|          |  |                                                                             
|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                                                                |     |      |     | 



1



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##### Table of Contents

Grupo TMM, S.A.B. and Subsidiaries

Introduction

In this Annual Report,
references to $, Ps, Mx. pesos, Pesos or pesos are to Mexican Pesos and references to US$, U.S. dollars, Dollars or dollar are to United
States Dollars. This Annual Report contains translations of certain Dollar amounts into Pesos at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the Dollar amounts actually
represent such Peso amounts or could be converted into Pesos at the rates indicated or at any other rate. In this Annual Report on Form 20-F except as otherwise provided, references to we, us, our and
Company mean Grupo TMM, S.A.B. and its consolidated subsidiaries, and Grupo TMM means Grupo TMM, S.A.B.

Presentation of Financial Information

Our financial statements are published in Mexican pesos and prepared in conformity with International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board (IASB).

Due to changes in the economic
environment and to the fact that the operations of Grupo TMM are currently concentrated in Mexico, on February 26, 2013 the Company announced its decision to change its functional and reporting currency from the US dollar to the Mexican peso
effective as of January 1, 2012.

Forward-Looking Information

This Annual Report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on the beliefs of the Companys management as well as on assumptions made. Actual results could differ materially from
those included in such forward-looking statements. Readers are cautioned that all forward-looking statements involve risks and uncertainty.

The following factors, among others described in this Annual Report, could cause actual results to differ materially from such forward-looking
statements:



| |  |  | 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;
| | - |  | -------------------------------------------------------------------



| |  |  | the effect of the North American Free Trade Agreement (NAFTA) on the level of U.S.-Mexico trade;
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | conditions affecting the international shipping and transportation markets;
| | - |  | ---------------------------------------------------------------------------



| |  |  | 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;
| | - |  | --------------------------------------



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



| |  |  | 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.
| | - |  | -------------------------------------------------------------------------------

Readers are urged to read this entire Annual Report including, but not limited to, the section entitled Risk Factors, and
carefully consider the risks, uncertainties and other factors that affect our business. The information contained in this Annual Report is subject to change without notice. Readers should review future reports filed by us with the U.S. Securities
and Exchange Commission (the SEC) and the Bolsa Mexicana de Valores (the Mexican Stock Exchange). We undertake no obligation to publicly update or revise any forward-looking statements included in this Annual Report,
whether as a result of new information, future events or otherwise, except as required by applicable law or stock exchange regulation.

PART I



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

Not applicable.



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

Not applicable.



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

Selected Financial Data

The following table sets forth our selected financial data. The financial information presented for the fiscal years ended December 31,
2009, 2010, 2011, 2012 and 2013 was derived from our Audited Consolidated Financial Statements, of which the financial statements for each of the years ended December 31, 2011, 2012, and 2013 are contained elsewhere herein. The Financial
Statements have been prepared in accordance with IFRS as issued by the IASB.

The following data presents selected consolidated financial
information of the Company and should be read in conjunction with, and is qualified in its entirety by reference to, the Financial Statements of the Company, including the Notes thereto, also included in this Form 20-F, and to Item 5.
Operating and Financial Review and Prospects.

GRUPO TMM, S.A.B. AND SUBSIDIARIES UNDER IFRS

SELECTED CONSOLIDATED FINANCIAL DATA

(in millions of
Pesos, except per share data)



|                                                               |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |          |  
|-------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | -------- | -
|                                                               |  | Year Ended December 31, |        
|                                                               |  | 2013                    |         |   | 2012 |   |         | 2011 |  |   | 2010    |   |  | 2009 |        
|CONSOLIDATED INCOME STATEMENT DATA (a):                        |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |          |  
|Transportation revenues                                        |  | $                       | 2,838.5 |   |      | $ | 2,592.2 |      |  | $ | 2,514.3 |   |  | $    | 2,992.4 |   |  | $ | 3,304.9  |  
|Income on Transportation                                       |  |                         | 353.3   |   |      |   | 312.5   |      |  |   | 386.3   |   |  |      | 651.3   |   |  |   | 560.8    |  
|Other Income (Expense)  Net (b)                               |  |                         | 64.0    |   |      |   | (32.6   | )    |  |   | (54.5   | ) |  |      | (66.8   | ) |  |   | (43.0    | )
|Operating Income                                               |  |                         | 417.3   |   |      |   | 279.8   |      |  |   | 331.8   |   |  |      | 584.5   |   |  |   | 517.8    |  
|Interest Income                                                |  |                         | 37.9    |   |      |   | 49.6    |      |  |   | 43.8    |   |  |      | 102.1   |   |  |   | 98.7     |  
|Interest Expense  Net                                         |  |                         | 942.8   |   |      |   | 981.4   |      |  |   | 1,038.3 |   |  |      | 983.8   |   |  |   | 1,267.0  |  
|Exchange Gain (Loss) (c)                                       |  |                         | 4.4     |   |      |   | 44.9    |      |  |   | 1,160.1 |   |  |      | (470.5  | ) |  |   | (465.4   | )
|Income (Loss) before benefit from (provision for) Income Taxes |  |                         | (483.3  | ) |      |   | (607.1  | )    |  |   | 497.4   |   |  |      | (767.8  | ) |  |   | (1,115.9 | )



2



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|                                                                                    |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |          |  
|----------------------------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | - |  | ---- | -------- | - |  | - | -------- | -
|                                                                                    |  | Year Ended December 31, |         
|                                                                                    |  | 2013                    |          |   | 2012 |   |          | 2011 |  |   | 2010     |   |  | 2009 |         
|(Provision for) Benefit from Income Taxes                                           |  |                         | (4.7     | ) |      |   | (8.8     | )    |  |   | (12.0    | ) |  |      | (6.0     | ) |  |   | (11.6    | )
|Income (Loss) from continuing operations                                            |  |                         | (487.9   | ) |      |   | (615.8   | )    |  |   | 485.4    |   |  |      | (773.7   | ) |  |   | (1,127.5 | )
|Income (Loss) from discontinued operations                                          |  |                         | (63.5    | ) |      |   | (165.3   | )    |  |   | (293.8   | ) |  |      | (231.6   | ) |  |   | (165.5   | )
|Net Income (Loss)                                                                   |  |                         | (551.4   | ) |      |   | (781.1   | )    |  |   | 191.6    |   |  |      | (1,005.3 | ) |  |   | (1,293.0 | )
|Attributable to Non-controlling interest                                            |  |                         | 4.9      |   |      |   | 5.3      |      |  |   | 12.5     |   |  |      | 20.8     |   |  |   | 18.9     |  
|Attributable to stockholders of Grupo TMM, S.A.B.                                   |  |                         | (556.4   | ) |      |   | (786.5   | )    |  |   | 179.0    |   |  |      | (1,026.1 | ) |  |   | (1,311.9 | )
|Earnings (Loss) per Share from continuing operations (d)                            |  |                         | (4.775   | ) |      |   | (6.027   | )    |  |   | 4.750    |   |  |      | (7.585   | ) |  |   | (19.817  | )
|Earnings (Loss) per Share from discontinuedoperations (d)                           |  |                         | (0.621   | ) |      |   | (1.617   | )    |  |   | (2.875   | ) |  |      | (2.270   | ) |  |   | (2.909   | )
|Earnings (Loss) per Share from Net Income (Loss) (d)                                |  |                         | (5.396   | ) |      |   | (7.644   | )    |  |   | 1.875    |   |  |      | (9.855   | ) |  |   | (22.726  | )
|Earnings (Loss) per Share attributable to stockholders of Grupo TMM, S.A.B. (d)     |  |                         | (5.445   | ) |      |   | (7.697   | )    |  |   | 1.752    |   |  |      | (10.059  | ) |  |   | (23.058  | )
|Book value per share (e)                                                            |  |                         | 1.335    |   |      |   | 5.864    |      |  |   | 14.339   |   |  |      | 13.197   |   |  |   | 27.579   |  
|Weighted Average Shares Outstanding (000s)                                          |  |                         | 102,183  |   |      |   | 102,183  |      |  |   | 102,176  |   |  |      | 102,007  |   |  |   | 56,894   |  
|BALANCE SHEET DATA (at end of period):                                              |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |          |  
|Cash and cash equivalents                                                           |  | $                       | 405.3    |   |      | $ | 496.7    |      |  | $ | 507.6    |   |  | $    | 1,113.6  |   |  | $ | 260.9    |  
|Restricted cash                                                                     |  |                         | 489.7    |   |      |   | 592.3    |      |  |   | 568.1    |   |  |      | 648.6    |   |  |   | 837.4    |  
|Total Current Assets                                                                |  |                         | 1,954.3  |   |      |   | 2,029.5  |      |  |   | 2,025.3  |   |  |      | 2,632.5  |   |  |   | 2,256.6  |  
|Property, machinery and equipment  Net                                             |  |                         | 9,053.1  |   |      |   | 9,716.7  |      |  |   | 10,012.7 |   |  |      | 9,430.4  |   |  |   | 8,979.3  |  
|Concessions  Net                                                                   |  |                         | 28.4     |   |      |   | 32.2     |      |  |   | 35.9     |   |  |      | 35.3     |   |  |   | 40.4     |  
|Total Assets                                                                        |  |                         | 12,179.4 |   |      |   | 12,945.3 |      |  |   | 13,279.0 |   |  |      | 13,321.0 |   |  |   | 13,068.5 |  
|Current portion of long term debt (f)                                               |  |                         | 636.6    |   |      |   | 332.6    |      |  |   | 239.8    |   |  |      | 293.1    |   |  |   | 208.7    |  
|Obligations for sale of receivables short term (f)                                  |  |                         |         |   |      |   |         |      |  |   |         |   |  |      | 139.0    |   |  |   | 103.0    |  
|Long-term debt (f)                                                                  |  |                         | 10,254.1 |   |      |   | 10,491.2 |      |  |   | 10,255.8 |   |  |      | 10,358.6 |   |  |   | 9,763.2  |  
|Obligations for sale of receivables long term (f)                                   |  |                         |         |   |      |   |         |      |  |   |         |   |  |      | 6.8      |   |  |   | 156.5    |  
|Capital stock                                                                       |  |                         | 2,169.9  |   |      |   | 2,169.9  |      |  |   | 2,169.9  |   |  |      | 1,921.4  |   |  |   | 2,024.4  |  
|Stockholders Equity (Deficiency) attributable to Stockholders of Grupo TMM, S.A.B. |  |                         | 136.4    |   |      |   | 599.2    |      |  |   | 1,465.1  |   |  |      | 1,195.9  |   |  |   | 1,467.4  |  
|Non-controlling equity interest in subsidiaries                                     |  |                         | 64.6     |   |      |   | 59.6     |      |  |   | 54.3     |   |  |      | 110.3    |   |  |   | 95.2     |  
|Total Stockholders Equity                                                          |  |                         | 201.0    |   |      |   | 658.8    |      |  |   | 1,519.4  |   |  |      | 1,306.2  |   |  |   | 1,562.6  |  
|OTHER DATA:                                                                         |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |          |  
|Incremental Capital Investments (g)                                                 |  | $                       | 290.8    |   |      | $ | 351.2    |      |  | $ | 191.1    |   |  | $    | 405.9    |   |  | $ | 993.0    |  
|Depreciation and Amortization                                                       |  |                         | 585.6    |   |      |   | 566.9    |      |  |   | 640.5    |   |  |      | 725.3    |   |  |   | 574.2    |  



|(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. See Note 18 to the accompanying Audited Consolidated Financial Statements.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | See quantification of items in Other Expenses (Income) Integration table below.
|--- | ---------------------------------------------------------------------------------

|(c) | In 2011, 2010 and 2009 the Companys functional currency was Dollars. See Note 3.3 to the accompanying Audited Consolidated Financial Statements.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

|(d) | As of December 31, 2009 the number of Shares outstanding was 102,024,441, as of December 31, 2010 the number of Shares outstanding was 101,994,641, as of December 31, 2011, 2012 and 2013 the number of
Shares outstanding was 102,182,841. See Item 4. Information on the Company  History and Development of the Company.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(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) | Proceeds received as borrowings are net of transaction costs incurred in accordance with IAS No. 39: Financial Instruments Recognition and Measurement.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|(g) | See Item 5. Operating and Financial Review and Prospects  Liquidity and Capital Resources  Capital Expenditures and Divestitures.
|--- | -------------------------------------------------------------------------------------------------------------------------------------



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GRUPO TMM S.A.B. AND SUBSIDIARIES

SELECTED CONSOLIDATED OPERATING DATA

(in millions of
Pesos)



|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|---------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                 |  | Year Ended December 31, |        
|                                                                 |  | 2013                    |         |   | 2012 |   |         | 2011 |  |   | 2010    |   |  | 2009 |        
|TRANSPORTATION REVENUES:                                         |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ports and Terminals Operations (a)                               |  |                         | 113.4   |   |      |   | 101.2   |      |  |   | 123.7   |   |  |      | 130.2   |   |  |   | 89.2    |  
|Maritime Operations (b)                                          |  |                         | 2,455.3 |   |      |   | 2,188.8 |      |  |   | 2,133.4 |   |  |      | 2,534.6 |   |  |   | 2,696.8 |  
|Logistics Operations (c)                                         |  |                         | 219.2   |   |      |   | 249.7   |      |  |   | 210.5   |   |  |      | 265.6   |   |  |   | 427.0   |  
|Other business (d)                                               |  |                         | 50.6    |   |      |   | 52.5    |      |  |   | 46.7    |   |  |      | 62.0    |   |  |   | 91.9    |  
|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total                                                            |  | $                       | 2,838.5 |   |      | $ | 2,592.2 |      |  | $ | 2,514.3 |   |  | $    | 2,992.4 |   |  | $ | 3,304.9 |  
|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|INCOME ON TRANSPORTATION:                                        |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ports and Terminals Operations                                   |  |                         | 0.2     |   |      |   | (3.8    | )    |  |   | 27.8    |   |  |      | 46.2    |   |  |   | 18.9    |  
|Maritime Operations                                              |  |                         | 517.8   |   |      |   | 442.9   |      |  |   | 518.9   |   |  |      | 755.8   |   |  |   | 752.6   |  
|Logistics Operations                                             |  |                         | 40.7    |   |      |   | 58.6    |      |  |   | 38.9    |   |  |      | 36.0    |   |  |   | 28.4    |  
|Shared corporate costs                                           |  |                         | (205.4  | ) |      |   | (185.2  | )    |  |   | (199.3  | ) |  |      | (186.7  | ) |  |   | (239.1  | )
|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total                                                            |  | $                       | 353.3   |   |      | $ | 312.5   |      |  | $ | 386.3   |   |  | $    | 651.3   |   |  | $ | 560.8   |  
|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|OTHER INCOME (EXPENSE):                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Gain on property adjudication                                    |  |                         | 14.1    |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Other fuel products overage                                      |  |                         | 2.8     |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Reserve for fiscal resolution cost                               |  |                         |        |   |      |   | (100.0  | )    |  |   |        |   |  |      |        |   |  |   |        |  
|Reserve for prepayment and arbitration expenses                  |  |                         | (13.1   | ) |      |   | (6.8    | )    |  |   | (83.6   | ) |  |      | (2.9    | ) |  |   |        |  
|Amortization of non-competition rights                           |  |                         |        |   |      |   | (22.8   | )    |  |   | (25.6   | ) |  |      | (26.0   | ) |  |   | (27.8   | )
|Provision for consulting payments                                |  |                         |        |   |      |   |        |      |  |   | (4.4    | ) |  |      | (3.9    | ) |  |   | (4.2    | )
|Other  Net                                                      |  |                         |        |   |      |   | (0.6    | )    |  |   | (3.2    | ) |  |      | (1.4    | ) |  |   | (2.1    | )
|Proceeds from the sale of subsidiaries                           |  |                         | 8.1     |   |      |   |        |      |  |   | (2.5    | ) |  |      | (32.6   | ) |  |   |        |  
|Gain on the purchase of Inmobilaria Dos Naciones                 |  |                         |        |   |      |   | 74.2    |      |  |   |        |   |  |      |        |   |  |   |        |  
|Dividends received from Comercializadora y Distribuidora Milgret |  |                         |        |   |      |   | 23.4    |      |  |   |        |   |  |      |        |   |  |   |        |  
|Cancellation provision for tax on dividends                      |  |                         | 9.8     |   |      |   |        |      |  |   | 54.5    |   |  |      |        |   |  |   |        |  
|Taxes recovered, net of expenses incurred                        |  |                         | 42.0    |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   | 6.9     |  
|Proceeds from the sale of fixed assets                           |  |                         | 0.3     |   |      |   |        |      |  |   | 10.3    |   |  |      |        |   |  |   |        |  
|Surplus from equipment leasing                                   |  |                         |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   | (15.8   | )
|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total                                                            |  | $                       | 64.0    |   |      | $ | (32.6   | )    |  | $ | (54.5   | ) |  | $    | (66.8   | ) |  | $ | (43.0   | )
|                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  



|(a) | 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.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|(c) | Logistics Operations consist of trucking and intermodal transport, warehousing, container maintenance and repair and intermodal terminal operations.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------

|(d) | Represents intercompany transactions between segments, and certain new businesses which are in the development process.
|--- | -----------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Average Shares Outstanding

Income per Share is calculated based on the average number of Shares outstanding in each relevant year. The average number of Shares
outstanding in 2009 was 56,893,794, in 2010 was 102,006,730, in 2011 was 102,176,138, and in 2012 and 2013 was 102,182,841. See Item 4. Information on the Company  History and Development of the Company and Item 9.
The Offer and Listing  Share Repurchase Program.

Dividends

At shareholders meetings, shareholders have the ability, at their discretion, to approve dividends from time to time. At the Ordinary
Shareholders Meeting held on April 29, 2011, due to the Companys current financial condition, our shareholders decided to revoke the resolution adopted at the ordinary shareholders meeting held on April 24, 1997 by the
shareholders of our predecessor, Transportación Marítima Mexicana, S.A. de C.V. (TMM), declaring a dividend equivalent to US$0.17 per Share. That dividend was not paid, and no other dividend has been declared since 1997.

Exchange Rates

We maintain our
financial records, including our tax records, in Pesos. The amounts in Dollars are converted to the Peso equivalent using the prevailing exchange rate. In 2013, approximately 60% of our net consolidated revenues and 28% of our operating costs and
expenses were generated or incurred in Dollars. The remainder of our net consolidated revenues and operating expenses were generated or incurred in Pesos.

The following table sets forth the high, low, average and period-end noon buying rates for Pesos reported by Banco de México (the
Noon Buying Rate) expressed as Pesos per U.S. dollar for the periods indicated below.



|                        |  |                |       |  |        |  |       |            |  |  |                |  |  |  |       | 
|----------------------- |  | -------------- | ----- |  | ------ |  | ----- | ---------- |  |  | -------------- |  |  |  | ----- | 
|                        |  | Exchange Rates |      
|Year Ended December 31, |  | High(1)        |       |  | Low(1) |  |       | Average(2) |  |  | End ofYear(3)  | 
|2009                    |  |                | 15.36 |  |        |  | 12.60 |            |  |  | 13.51          |  |  |  | 13.04 | 
|2010                    |  |                | 13.18 |  |        |  | 12.16 |            |  |  | 12.64          |  |  |  | 12.38 | 
|2011                    |  |                | 14.24 |  |        |  | 11.50 |            |  |  | 12.43          |  |  |  | 13.95 | 
|2012                    |  |                | 14.39 |  |        |  | 12.63 |            |  |  | 13.17          |  |  |  | 12.99 | 
|2013                    |  |                | 13.44 |  |        |  | 11.98 |            |  |  | 12.76          |  |  |  | 13.07 | 
|                        | 
|                        |  | Exchange Rates |      
|Monthly,                |  | High(4)        |       |  | Low(4) |  |       | Average(5) |  |  | End ofMonth(6) | 
|Year 2014               |  |                |       |  |        |  |       |            |  |  |                |  |  |  |       | 
|January                 |  |                | 13.49 |  |        |  | 12.99 |            |  |  | 13.21          |  |  |  | 13.32 | 
|February                |  |                | 13.39 |  |        |  | 13.19 |            |  |  | 13.29          |  |  |  | 13.31 | 
|March                   |  |                | 13.32 |  |        |  | 13.08 |            |  |  | 13.20          |  |  |  | 13.08 | 
|April(7)                |  |                | 13.13 |  |        |  | 12.96 |            |  |  | 13.06          |  |  |  | 13.10 | 



|(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 April 25, 2014.
|--- | -----------------------



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##### Table of Contents

On April 25, 2014, the Noon Buying Rate was Ps. 13.1010 = US$1.00 (equivalent to Ps. 1.00 =
US$0.0763).

Risk Factors

Risks Relating to
our Indebtedness

Our substantial indebtedness could adversely affect our financial condition and impair our ability to operate our business,
and we may not be able to pay the interest on and principal amount of our indebtedness.

As of December 31, 2013, Grupo
TMMs total debt amounted to $10,890.6 million, which includes $9,880.2 million under our Mexican Peso-Denominated Trust Certificates Program (the Trust Certificates Program), $928.7 million of bank debt owed to several different
banks and $81.7 million owed to non-institutional lenders; of this debt, $636.6 million is short-term debt, and $10,254.0 million is long-term debt. As of March 31, 2014, Grupo TMMs total debt amounted to $10,684.8 million, which includes
$9,699.5 million under our Trust Certificates Program, $900.9 million of bank debt owed to several different banks and $84.4 million owed to non-institutional lenders; of this debt, $556.3 million is short-term debt, and $10,128.5 million is
long-term debt. Under IFRS, transaction costs in connection with financings are required to be accounted for as debt.

We are a highly
leveraged company and our level of indebtedness could have important consequences, including the following:



| |  |  | 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.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Our ability to service our indebtedness will depend upon future operating performance, including the ability to increase
revenues significantly, renew our existing vessel contracts and control expenses. Future operating performance depends upon various factors, including prevailing economic, financial, competitive, legislative, regulatory, business and other factors
that are beyond our control.

If we cannot generate sufficient cash flow from operations to service our indebtedness we may default under
our various financing facilities. If we default under any such facility, the relevant lender or lenders could then take action to foreclose against any collateral securing the payment of such facility. Most of our shipping assets have been pledged
to secure our obligations under our Trust Certificates Program and our various vessel financing facilities. See Item 3. Key Information  Selected Financial Data.



6



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##### Table of Contents

Grupo TMM is primarily a holding company and depends upon funds received from its operating subsidiaries to
make payments on its indebtedness.

Grupo TMM is primarily a holding company and conducts the majority of its operations, and holds
a substantial portion of its operating assets, through numerous direct and indirect subsidiaries. As a result, Grupo TMM relies on income from dividends and fees related to administrative services provided to its operating subsidiaries for its
operating income, including the funds necessary to service its indebtedness.

Under Mexican law, profits of Grupo TMMs
subsidiaries may only be distributed upon approval by such subsidiaries shareholders, and no profits may be distributed by its subsidiaries to Grupo TMM until all losses incurred in prior fiscal years have been offset against any sub-account
of Grupo TMMs capital or net worth account. In addition, at least 5% of profits must be separated to create a reserve (fondo de reserva)until such reserve is equal to 20% of the aggregate value of such subsidiarys capital stock
(as calculated based on the actual nominal subscription price received by such subsidiary for all issued shares that are outstanding at the time).

There is no restriction under Mexican law upon Grupo TMMs subsidiaries remitting funds to it in the form of loans or advances in the
ordinary course of business, except to the extent that such loans or advances would result in the insolvency of its subsidiaries, or for its subsidiaries to pay Grupo TMM fees or other amounts for services.

To the extent that Grupo TMM relies on dividends or other distributions from subsidiaries that it does not wholly own, Grupo TMM will only be
entitled to a pro rata share of the dividends or other distributions provided by such subsidiaries.

Restrictive covenants in our financing
agreements, including the Trust Certificates Program and our ship financings, may restrict our ability to pursue our business strategies.

Our agreements for our ship financings contain a number of restrictive covenants and any additional financing arrangements we enter into may
contain additional restrictive covenants. These covenants restrict or prohibit many actions, including our ability, or that of our subsidiaries, to, among others:



| |  |  | 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.
| | - |  | -------------------------------------------------------------------------------

Our Trust
Certificates Program also contains a number of restrictive covenants. These covenants relate solely to the vessels, contracts related to such vessels and the restricted cash under such program. Certificate holders only recourse under the Trust
Certificates Program is to the trust assets.



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If we fail to comply with these and other restrictive covenants, our obligation to repay our
indebtedness may be accelerated. If we cannot pay the amounts due on the Trust Certificates Program or under one or more of our vessel financing facilities, the relevant lender or lenders could then take action to foreclose against any collateral
securing the payment of such facility or facilities. Most of our shipping assets have been pledged to secure our obligations under our Trust Certificates Program and various vessel financing facilities.

We have to service our peso-denominated debt with revenues generated in dollars, as we do not generate sufficient revenue in pesos from our operations
to service all of our peso-denominated debt. This could adversely affect our ability to service our debt in the event of a devaluation or depreciation in the value of the dollar against the Mexican peso.

As of March 31, 2014, approximately 94% of our debt was denominated in pesos. As of the date of this Annual Report, we do not generate
sufficient revenue in pesos from our operations to service all of our peso-denominated debt. Consequently, we have to use revenues generated in dollars to service our peso-denominated debt. A devaluation or depreciation in the value of the dollar,
compared to the Mexican peso, could adversely affect our ability to service our debt. During 2013, the Mexican peso had depreciated approximately 0.6% against the dollar. During 2014 through March 31, 2014, the Mexican peso had depreciated
approximately 0.1% against the dollar.

Fluctuations in the Mexican peso/dollar exchange rate could lead to shifts in the types and
volumes of Mexican imports and exports, negatively impacting results on some of our businesses. Although a decrease in the level of exports may be offset by a subsequent increase in imports, any offsetting increase might not occur on a timely basis,
if at all. Future developments in U.S.-Mexican trade beyond our control may result in a reduction of freight volumes or in an unfavorable shift in the mix of products and commodities we carry.

Risks Relating to our Business

Uncertainties relating to our financial condition in our recent past and other factors raised substantial doubt about our ability to continue as a going
concern and could have resulted in our dissolution under Mexican corporate law.

In accordance with the Mexican Companies Act
(The Ley General de Sociedades Mercantiles), when a company has accumulated losses in excess of two-thirds of its capital stock, the dissolution of the company may be adopted by the shareholders of the company at an Extraordinary Shareholders
Meeting called by the companys board of directors upon the request of shareholders representing at least 33% of the companys capital stock. At the Extraordinary Shareholders Meeting, the shareholders may vote to either dissolve company
or approve any corporate strategy for addressing the accumulated losses.

Additionally, the Mexican Bankruptcy Act (Ley de Concursos
Mercantiles) provides that any third party with legal interest may request the judicial authorities to declare the dissolution of the company. A third person is considered to have a legal interest to request dissolution if the person is a
creditor of the company and (i) the company has failed continuously with its payment obligations to the third person and the amount of the failure represents at least the 35% of all the obligations of the company, and the company does not have
sufficient assets to satisfy at least 80% of the payment obligations in respect of which it has failed to make the required payments at the time of the request.

Although Grupo TMM improved its operating income in 2011, it incurred a net loss in 2009, 2010, 2012 and 2013. Our ability to continue as a
going concern is subject to our ability to generate sufficient profits and/or obtain necessary funding from outside sources and there can be no assurance that we will be able to generate such profits or obtain such funding.



8



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##### Table of Contents

As of April 25, 2014, the company had not received any request for an Extraordinary
Shareholders Meeting concerning the accumulated losses of the Company, nor had the Company received notice of any request to judicial authorities to declare a dissolution of the Company.

If our time charter arrangements are terminated or expire, our business could be adversely affected.

As of December 31, 2013, we had three product tanker vessels on time charter to PEMEX Refinación (PER), one product
tanker on time charter to PMI Trading, Limited (PMI), one product tanker that was on time charter to PER and PEMEX Exploración y Producción (PEP), and 19 offshore vessels on time charter to PEP. PER, PMI and PEP
are subsidiaries of Petróleos Mexicanos, the national oil company of Mexico (PEMEX). In addition, in 2013 we entered into seven offshore vessel chartering agreements with private operators with time periods ranging from one to two
years. In the event that our time charter arrangements are terminated or expire without being renewed, we will be required to seek new bareboat or time charter arrangements for these vessels. We cannot be sure that bareboat or time charters will be
available for the vessels following termination or expiration, or that bareboat or time charter rates in effect at the time of such termination or expiration will be comparable to those in effect under the existing time charters or in the present
market. In the event that bareboat or time charters are not available on terms acceptable to us, we may use those vessels in the spot market. Because charter rates in the spot market are subject to greater fluctuation than longer term bareboat or
time charter rates, any failure to maintain existing, or enter into comparable, charter arrangements could adversely affect our operating results.

Our results from operations are dependent on fuel expenses.

Our parcel tanker operations consume significant amounts of energy and fuel, the cost of which has significantly increased worldwide in recent
years. With respect to our other operations our customers pay for the fuel consumption. We currently meet, and expect to continue to meet, our fuel requirements almost exclusively through purchases at market prices from PEMEX, a government-owned
entity responsible for the distribution and sale of diesel fuel, maritime diesel oil and bunker fuel in Mexico. In addition, instability caused by imbalances in the worldwide supply and demand of oil may result in continuing increases in fuel
prices. Our fuel expense represents a significant portion of our operating expenses in our parcel tanker operations, and there may be increases in the price of fuel that cannot be hedged or transferred to the final user of our transportation
services. We cannot assure you that our operations would not be materially adversely affected in the future if prevailing conditions remain for a long period of time or if energy and fuel costs continue to increase.

We may be unable to successfully expand our business.

Future growth of our businesses will depend on a number of factors, including:



| |  |  | 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.
| | - |  | -----------------------------------------------------------------------------

In order to
maintain and improve operating results from new businesses, as well as our existing businesses, we will be required to manage our growth and expansion effectively. However, the management of new businesses involves numerous risks, including
difficulties in assimilating the operations and services of the new businesses, the diversion of managements attention from other business concerns and the disadvantage of entering markets in which we may have no or limited direct or prior
experience. Our failure to effectively manage our business could preclude our ability to expand our business and could have a material adverse effect on our results of operations.



9



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##### Table of Contents

Significant competition could adversely affect our future financial performance.

Certain of our business segments face significant competition, which could have a material adverse effect on our results of operations. Our
international parcel tanker transportation services, our coastwise product tanker business, and our offshore vessel services rendered in the Gulf of Mexico have faced significant competition, mainly from U.S., Mexican and other international
shipping companies acting directly or through a Mexican intermediary.

In our logistics operations division, our automotive logistics
services have faced intense competition, including price competition, from a large number of U.S., Mexican, and other international logistics companies. We cannot assure you that we will not lose business in the future due to our inability to
respond to competitive pressures by decreasing our prices without adversely affecting our gross margins and operational results.

Downturns in
certain cyclical industries in which our customers operate could have adverse effects on our results of operations.

The shipping
and logistics industries are highly cyclical, generally tracking the cycles of the world economy. Although transportation markets are affected by general economic conditions, there are numerous specific factors within each particular market segment
that may influence operating results. Some of our customers do business in industries that are highly cyclical, including the oil and gas and automotive sectors. Any downturn in these sectors could have a material adverse effect on our operating
results. Also, some of the products we transport have had a historical pattern of price cyclicality, which has typically been influenced by the general economic environment and by industry capacity and demand. We cannot assure you that prices and
demand for these products will not decline in the future, adversely affecting those industries and, in turn, our financial results.

Grupo TMM is a
party to arrangements with other parties as joint investors in non-wholly owned subsidiaries.

Grupo TMM is a party to arrangements
with other parties under which it and such parties have jointly invested in non-wholly owned subsidiaries, and Grupo TMM may enter into other similar arrangements in the future. Grupo TMMs partners in these non-wholly owned subsidiaries may at
any time have economic, business or legal interests or goals that are inconsistent with our interests or those of the entity in which they have invested with us. Furthermore, any dividends that are distributed from subsidiaries that Grupo TMM does
not wholly own would be shared pro rata with its partners according to their relative ownership interests. For these or any other reasons, disagreements or disputes with partners with whom Grupo TMM has a strategic alliance or relationship could
impair or adversely affect its ability to conduct its business and to receive distributions from, and return on its investments in, those subsidiaries.

Over time, vessel values may fluctuate substantially and, if these values are lower at a time when we are attempting to dispose of a vessel, we may
incur a loss.

Vessel values can fluctuate substantially over time due to a number of different factors, including:



| |  |  | 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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##### Table of Contents

In the future, if the market values of our vessels deteriorate significantly, we may be required
to record an impairment charge in our financial statements, which could adversely affect our results of operations. If a charter terminates, we may be unable to re-charter the vessel at an acceptable rate and, rather than continue to incur costs to
maintain and finance the vessel, may seek to dispose of it. Our inability to dispose of the vessel at a reasonable price could result in a loss on its sale and adversely affect our results of operations and financial condition.

Our growth depends upon continued growth and demand for the liquid bulk and offshore vessel industries which may have been at or near the peak of their
upward trend and charter hire rates have already been at or near historical highs. These factors may lead to reductions and volatility in charter hire rates and profitability.

The liquid bulk and offshore vessel industries are both cyclical and volatile in terms of charter hire rates and profitability. In the future,
charter rates and demand for our vessels may fluctuate as a result of changes in the size of and geographic location of supply and demand for oil and related products, as well as changes in maritime regulations. These and other factors affecting the
supply and demand for liquid bulk, offshore and vessels in general are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.

The factors that influence demand for our vessels capacity include:



| |  |  | 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 factors that influence the supply of our vessels capacity include:



| |  |  | 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.
| | - |  | ----------------



11



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##### Table of Contents

Our ability to re-charter our vessels upon the expiration or termination of their current
charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, the prevailing state of the charter market for our vessels. If the charter market is depressed when our vessels charters
expire, we may be forced to re-charter our vessels at reduced rates or even possibly a rate whereby we incur a loss, which may reduce our earnings or make our earnings volatile. The same issues will exist if we acquire additional vessels and attempt
to obtain multi-year time charter arrangements as part of our acquisition and financing plan.

Our growth depends on our ability to expand
relationships with existing charterers and to obtain new charterers, for which we will face substantial competition.

One of our
principal objectives is to acquire additional vessels in conjunction with entering into additional multi-year, fixed-rate time charters for these ships. The process of obtaining new multi-year time charters is highly competitive and generally
involves an intensive screening process and competitive bids, and often extends for several months. Shipping charters are awarded based upon a variety of factors relating to the vessel operator, including:



| |  |  | 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.
| | - |  | -----------------------------------------------------

We expect substantial competition from
a number of experienced companies, including state-sponsored entities and major shipping companies. Some of these competitors have significantly greater financial resources than we do, and can therefore operate larger fleets and may be able to offer
better charter rates. This competition may cause greater price competition for time charters. As a result of these factors, we may be unable to expand our relationships with existing customers or to obtain new customers on a profitable basis, if at
all, which would have a material adverse effect on our business, results of operations and financial condition and our ability to pay dividends to our stockholders.

The aging of our fleet may result in increased operating costs in the future, which could adversely affect our earnings.

In general, the cost of maintaining a vessel in good operating condition increases with the age of the vessel. As our fleet ages, we will incur
increased costs. Older vessels are typically less fuel efficient and more costly to maintain than more recently constructed vessels. Cargo insurance rates also increase with the age of a vessel, making older vessels less desirable to charterers.
Governmental regulations and safety or other equipment standards related to the age of a vessel may also require expenditures for alterations or the addition of new equipment to our vessels and may restrict the type of activities in which our
vessels may engage. Although our current fleet of 40 vessels had an average age of approximately 11.9 years as of March 31, 2014, we cannot assure you that, as our vessels age, market conditions will justify such expenditures or will enable us
to profitably operate our vessels during the remainder of their expected useful lives.



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Our results of operations may be adversely affected by operational risks inherent in the transportation and
logistics industry.

The operation of vessels and other machinery relating to the shipping and cargo business involves an inherent
risk of catastrophic marine disaster, mechanical failure, collisions, property losses to vessels, piracy, cargo loss or damage and business interruption due to political actions in Mexico and in foreign countries. In addition, the operation of any
harbor and seagoing vessel is subject to the inherent possibility of catastrophic marine disasters, including oil spills and other environmental accidents, and the liabilities arising from owning and operating vessels in international trade. Any
such event may result in a reduction of revenues or increased costs. The Companys vessels are insured for their estimated value against damage or loss, including war, terrorism acts, and pollution risks and we also carry other insurance
customary in the industry.

We maintain insurance to cover the risk of partial or total loss of or damage to all of our assets, including,
but not limited to, harbor and seagoing vessels, port facilities, port equipment, land facilities and offices. In particular, we maintain marine hull and machinery and war risk insurance on our vessels, which covers the risk of actual or
constructive total loss. Additionally, we have protection and indemnity insurance for damage caused by our operations to third persons. With certain exceptions, we do not carry insurance covering the loss of revenue resulting from a downturn in our
operations or resulting from vessel off-hire time on certain vessels. In certain instances, and depending on the ratio of insurance claims to insurance premiums paid, we may choose to self-insure our over-the-road equipment following prudent
guidelines. We cannot assure you that our insurance would be sufficient to cover the cost of damages suffered by us or damages to others, that any particular claim will be paid or that such insurance will continue to be available at commercially
reasonable rates in the future.

Additionally, some shipping and related activities decrease substantially during periods of bad weather.
Such adverse weather conditions can adversely affect our results of operations and profitability if they occur with unusual intensity, during abnormal periods, or last longer than usual in our major markets, especially during peak shipping periods.

Our operations are subject to extensive environmental and safety laws and regulations and we may incur costs that have a material adverse effect on
our financial condition as a result of our liabilities under or potential violations of environmental and safety laws and regulations.

Our operations are subject to general Mexican federal and state laws and regulations relating to the protection of the environment. The
Mexican Attorney General for Environmental Protection (Procuraduría Federal de Protección al Ambiente) is empowered to bring administrative and criminal proceedings and impose corrective actions and economic sanctions against
companies that violate environmental laws, and temporarily or permanently close non-complying facilities. The Mexican Ministry of Environmental Protection and Natural Resources (Secretaría del Medio Ambiente y Recursos Naturales or
SEMARNAT) and other ministries have promulgated compliance standards for, among other things, water discharge, water supply, air emissions, noise pollution, hazardous substances transportation and handling, and hazardous and solid waste
generation. Under the environmental laws, the Mexican Government has implemented a program to protect the environment by promulgating rules concerning water, land, air and noise discharges or pollution, and the transportation and handling of wastes
and hazardous substances.

We are also subject to the laws of various jurisdictions and international conferences with respect to
the discharge of hazardous materials, wastes and pollutants into the environment.

While we maintain insurance against certain of these
environmental risks in an amount which we believe is consistent with amounts customarily obtained in accordance with industry norms, we cannot assure you that our insurance will be sufficient to cover damages suffered by us or that insurance
coverage will always be available for these possible damages. Furthermore, such insurance typically excludes coverage for fines and penalties that may be levied for non-compliance with environmental laws and regulations.

We anticipate that the regulation of our business operations under federal, state and local environmental laws and regulations will increase
and become more stringent over time. We cannot predict the effect, if any, that the adoption of additional or more stringent environmental laws and regulations would have on our results of operations, cash flows, capital expenditure requirements or
financial condition.



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Our international parcel tanker transportation services rendered in the Gulf of Mexico and our
coastwise product tanker business rendered in both the Gulf of Mexico and in the Pacific Ocean provide services to transport petrochemical products and refined clean and dirty petroleum products, respectively. See Item 4. Information on
the Company  Business Overview  Maritime Operations. Under the United States Oil Pollution Act of 1990 (OPA or OPA 90), responsible parties, including ship owners and operators, are subject to various
requirements and could be exposed to substantial liability, and in some cases unlimited liability, for removal costs and damages, including natural resource damages and a variety of other public and private damages, resulting from the discharge of
oil, petroleum or related substances into the waters of the United States. In some jurisdictions, including the United States, claims for spill clean-up or removal costs and damages would enable claimants to immediately seize the ships of the owning
and operating company and sell them in satisfaction of a final judgment. The existence of comparable statutes enacted by individual states of the United States, but requiring different measures of compliance and liability, creates the potential for
similar claims being brought in the United States under state law. In addition, several other countries have adopted international conventions that impose liability for the discharge of pollutants similar to OPA. If a spill were to occur in the
course of operation of one of our vessels carrying petroleum products, and such spill affected the waters of the United States or another country that had enacted legislation similar to OPA, we could be exposed to substantial or unlimited liability.
Additionally, our vessels carry bunkers (ship fuel) and certain goods that, if spilled, under certain conditions, could cause pollution and result in substantial claims against us, including claims under international laws and conventions, OPA and
other U.S. federal, state and local laws. Further, under OPA and similar international laws and conventions, we are required to satisfy insurance and financial responsibility requirements for potential oil spills and other pollution incidents.
Penalties for failure to maintain the financial responsibility requirements can be significant and can include the seizure of the vessel.

Our vessels must also meet stringent operational, maintenance and structural requirements, and they are subject to rigorous inspections by
governmental authorities such as the U.S. Coast Guard for those vessels, which operate within U.S. territorial waters. Non-compliance with these regulations could give rise to substantial fines and penalties.

We could have liability with respect to contamination at third-party facilities in the United States where we have transported hazardous
substances or wastes under the U.S. Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) and comparable state laws (known as state Superfund laws). CERCLA and the state Superfund laws
impose joint and several liability for the cost of investigation and remediation, natural resources damages, certain health studies and related costs, without regard to fault or the legality of the original conduct, on certain classes of persons
with respect to the release into the environment of certain substances. These persons, commonly called potentially responsible parties or PRPs include the current and certain prior owners or operators of and persons that
arranged for the disposal or treatment of hazardous substances at sites where a release has occurred or could occur. In addition, other potentially responsible parties, adjacent landowners or other third parties may initiate cost recovery actions or
toxic tort litigation against PRPs under CERCLA or state Superfund law or state common law.

The U.S. Clean Water Act imposes restrictions
and strict controls regarding the discharge of wastes into the waters of the United States. The Clean Water Act and comparable state laws provide for civil, criminal and administrative penalties for unauthorized discharges of pollutants. In the
event of an unauthorized discharge of wastes or pollutants into waters of the United States, we may be liable for penalties and could be subject to injunctive relief.

Potential labor disruptions could adversely affect our financial condition and our ability to meet our obligations under our financing arrangements.

As of March 31, 2014, we had 1,860 employees, approximately 23% of whom were unionized. The compensation terms of the labor
agreement with these employees are subject to renegotiation on an annual basis and all other terms are renegotiated every two years. If we are not able to negotiate these provisions favorably, strikes, boycotts or other disruptions could occur, and
these potential disruptions could have a material adverse effect on our financial condition and results of operations and on our ability to meet our payment obligations under our financing arrangements.



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Continuing world tensions, including as the result of wars, other armed conflicts and terrorist attacks
could have a material adverse effect on our business.

Continuing world tensions, including those relating to the Middle East,
Iran, North Korea, Russia and the Ukraine, as well as terrorist attacks in various locations and related unrest, have increased worldwide political and economic instability and depressed economic activity in the United States and globally, including
the Mexican economy. The continuation or escalation of existing armed hostilities or the outbreak of additional hostilities as a consequence of further acts of terrorism or otherwise could cause a further downturn and/or significant disruption to
the economies of the United States, Mexico and other countries. The continued threat of terrorism within the United States and abroad and the potential for military action and heightened security measures in response to such threat may cause
significant disruption to commerce throughout the world, including restrictions on cross-border transport and trade. Furthermore, the Mexican governments efforts to combat illegal drug cartels have caused public safety issues that may hinder
Mexicos economic growth and could prompt restrictions on cross-border transport and trade.

Our customers may take actions that may reduce our
revenues.

If our customers believe that our financial condition will result in a lower quality of service, they may discontinue
use of our services. Additionally, some customers may demand lower prices. While we have contracts with some of our customers that prevent them from terminating our services or which impose penalties on customers who terminate our services, it may
be impractical or uneconomical to enforce these agreements in Mexican courts. If any of these events occurs, our revenues will be reduced.

Our
financial statements may not give you the same information as financial statements prepared under United States accounting rules.

Our financial statements are prepared in accordance with IFRS. IFRS differs in certain significant respects from U.S. GAAP including, among
others, the classification of minority interest and employees profit sharing, the accounting treatment for capitalized interest, consolidation of subsidiaries, and acquisition of shares of subsidiaries from minority stockholders and the
computation of deferred taxes. For this and other reasons, the presentation of financial statements and reported earnings prepared in accordance with IFRS may differ materially from the presentation of financial statements and reported earnings
prepared in accordance with U.S. GAAP.

Risks Relating to Mexico

Economic, political and social conditions may adversely affect our business.

Our financial performance may be significantly affected by general economic, political and social conditions in the markets where we operate.
Most of our operations and assets are located in Mexico. As a result, our financial condition, results of operations and business may be affected by the general condition of the Mexican economy, the valuation of the Peso as compared to the
U.S. Dollar, Mexican inflation, interest rates, regulation, taxation, social instability and political, social and economic developments in Mexico. Many countries in Latin America, including Mexico, have suffered significant economic, political
and social crises in the past, and these events may occur again in the future. Instability in the region has been caused by many different factors, including:



| |  |  | 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;
| | - |  | ---------------------------------



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

Mexico is an emerging market economy, with
attendant risks to our results of operations and financial condition.

Mexico has historically experienced uneven periods of
economic growth. Mexicos gross domestic product (GDP) increased 5.5%, 3.9%, 4.0% and 1.1% in 2010, 2011, 2012 and 2013, respectively and decreased by 6.5% in 2009. GDP growth was slightly lower than the Banco de Mexico Consensus
Board1 had estimated for 2013; however, the Banco de Mexico Consensus Board estimates that GDP in Mexico is expected to grow by approximately 3.1% in 2014, while inflation is expected to be 3.4%.
We cannot assure you that these estimates will prove to be accurate. The Mexican Government has exercised, and continues to exercise, significant influence over the Mexican economy. Accordingly, Mexican governmental actions concerning the economy
and state-owned enterprises could have a significant impact on Mexican private sector entities in general and on us in particular, as well as on market conditions, prices and returns on Mexican securities, including our securities.

Currency fluctuations or the devaluation and depreciation of the Peso could limit the ability of the Company and others to convert Pesos into U.S.
Dollars or other currencies which could adversely affect our business, financial condition and results of operations.

Severe
devaluation or depreciation of the Peso may also result in governmental intervention or disruption of international foreign exchange markets. This may limit our ability to transfer or convert Pesos into U.S. Dollars and other currencies for the
purpose of making timely payments of interest and principal on our dollar denominated indebtedness and adversely affect our ability to obtain foreign currency and other imported goods. The Mexican economy has suffered current account balance of
payment deficits and shortages of foreign exchange reserves in the past. While the Mexican Government does not currently restrict, and for more than ten years has not restricted, the right or ability of Mexican or foreign persons or entities to
convert Pesos into U.S. Dollars or to transfer other currencies outside of Mexico, the Mexican Government could institute restrictive exchange control policies in the future. To the extent that the Mexican Government institutes restrictive exchange
control policies in the future, our ability to transfer or convert Pesos into U.S. Dollars for the purpose of making timely payments of interest and principal on indebtedness would be adversely affected. Devaluation or depreciation of the Peso
against the U.S. Dollar may also adversely affect U.S. Dollar prices for our debt securities.

Pursuant to the provisions of
NAFTA, if Mexico experiences serious balance of payment difficulties or the threat thereof in the future, Mexico would have the right to impose foreign exchange controls on investments made in Mexico, including those made by U.S. and Canadian
investors. Any restrictive exchange control policy could adversely affect our ability to obtain U.S. Dollars or to translate Pesos into U.S. Dollars for purposes of making interest and principal payments to our creditors to the extent that we may
have to make those translations. This could have a material adverse effect on our business and financial condition.



|1 | The Banco de Mexico Consensus Board comprises 33 groups of private analysts and consultants specializing in the Mexican and international economies.
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------



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High interest rates in Mexico could increase our financing costs.

Mexico historically has had, and may continue to have, high real and nominal interest rates. The interest rates on 28-day Mexican government
treasury securities averaged 5.43%, 4.40%, 4.24%, 4.85% and 3.75% in 2009, 2010, 2011, 2012 and 2013, respectively, and for the three-month period ended March 31, 2014, they averaged 3.15%.

A total of $9,880.2 million of our debt represented by our Trust Certificates Program was incurred in Mexican Pesos at the Mexican interbank
rate, TIIE, plus 2.45%. The Company has hedged the interest rate risk of this variable rate debt at a maximum rate of 10.8% through July 2014, and has hedged the interest rate risk of this variable rate debt at a maximum rate of 9.80% for the 1-year
period commencing August 2014 and ending in August 2015. As of December 31, 2013, the 28-day TIIE rate was 3.8%, and as of March 31, 2014, the rate was 3.8%.

Developments in other emerging market countries or in the United States may affect us and the prices of our securities.

The market value of securities of Mexican companies, the economic and political situation in Mexico and our financial condition and results of
operations are, to varying degrees, affected by economic and market conditions in other emerging market countries and in the United States. Although economic conditions in other emerging market countries and in the United States may differ
significantly from economic conditions in Mexico, investors reactions to developments in any of these other countries may have an adverse effect on the market value or trading price of securities of Mexican issuers, including our securities,
or on our business.

Our operations, including demand for our products or services and the price of our floating rate debt, have also
historically been adversely affected by increases in interest rates in the United States and elsewhere. Although in recent years interest rates have maintained a downward trend, as interest rates rise, the interest payments on our floating rate debt
and the cost of refinancing our financing arrangements at maturity will rise as well.

Mexico may experience high levels of inflation in the future,
which could adversely affect our results of operations.

Mexico has a history of high levels of inflation, and may
experience high inflation in the future. During most of the 1980s and during the mid- and late 1990s, Mexico experienced periods of high levels of inflation. The annual inflation rates for the last five years, as measured by changes in the National
Consumer Price Index, as provided by Banco de México, were:



|                                   |  |  |      |  
|---------------------------------- |  |  | ---- | -
|2009                               |  |  | 3.57 | %
|2010                               |  |  | 4.40 | %
|2011                               |  |  | 3.82 | %
|2012                               |  |  | 3.57 | %
|2013                               |  |  | 3.97 | %
|2014 (three months ended March 31) |  |  | 1.43 | %

Mexicos current level of inflation has been reported at higher levels than the annual inflation rate of
the United States and Canada. The United States and Canada are Mexicos main trading partners. We cannot give any assurance that the Mexican inflation rate will decrease, increase or maintain its current level for any significant period of
time. A substantial increase in the Mexican inflation rate as currently in effect would have the effect of increasing some of our costs, which could adversely affect our financial condition and results of operations, as well as our ability to
service our debt obligations. High levels of inflation may also affect the balance of trade between Mexico and the United States, and other countries, which could adversely affect our results of operations.



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Political events and declines in the level of oil production in Mexico could affect the Mexican economy and
our business, financial condition and results of operations.

Mexican political events may significantly affect our operations. On
Decemember 1, 2012, Enrique Peña Nieto, a member of the Institutional Revolutionary Party (PRI), began a six-year term as president of Mexico following his victory in the July 1, 2012 presidential election. The change in the
governing party as a result of Mexicos 2012 federal presidential and congressional elections may result in significant changes in laws, as well as in policies and regulations that could alter Mexicos political and economic situation, and
which could consequently affect the Companys operations. In addition, because no single political party obtained a clear majority in the July 1, 2012 congressional election, governmental gridlock and political uncertainty may occur. We
cannot provide any assurances that political developments in Mexico, over which we have no control, will not have an adverse effect on our business, financial condition or results from operations.

As of February 2014, Mexicos daily oil production statistics indicate that oil production has been declining by less than a 1%
compounded average rate during the last 6 years (2009-2014). Nevertheless, oil production has declined by more than 500,000 barrels per day compared to the highest level recorded in 2007 and could continue declining in the coming years. In contrast,
imports of gasoline and diesel for domestic consumption have grown for the last 6 years at almost a 5% rate, and currently represent 41% of Mexicos domestic consumption.

Specialists have concluded that if the Mexican Government does not follow through with its planned energy sector reforms to promote increased
private investment, or fails to make additional investments to further PEMEXs technological capabilities, Mexicos oil production could decline considerably, which could weaken the financial position of the Mexican Government.

Finally, the Mexican economy in the past has suffered balance of payment deficits and shortages in foreign exchange reserves, and we cannot
assure you that these deficits and shortages will not occur in the future.

Federal tax legislation reforms in Mexico may have an adverse effect on
our financial condition and results of operations.

The Mexican Government has in recent years implemented various changes to the
tax laws applicable to Mexican companies, including us. Should the Mexican Government implement changes to the tax laws that result in our having significantly higher tax liability, we would be required to pay the higher amounts due pursuant to any
such changes, which could have a material adverse impact on our results of operations.

In December 2013, the Mexican Government enacted
various federal tax reforms that entered into effect on January 1, 2014. Among other changes, these reforms maintained a corporate income tax rate of 30%; eliminated the corporate flat tax, or IETU; imposed withholding taxes at a 10% rate on
the payment of dividends and capital gains from the sale of shares by and to Mexican and foreign shareholders; eliminated deductions previously allowed in respect of payments between related parties or certain foreign corporations; limited the tax
deductions for certain benefits paid to employees; and increased the value-added tax in certain areas of Mexico.

On
February 13, 2014, we filed an indirect writ of relief (amparo) challenging the constitutionality of various provisions of the tax reforms related to the elimination of the existing fiscal consolidation regime. We cannot assure you that
we will prevail in our constitutional challenge and are continuing to analyze the scope and implications of the January 1, 2014 tax reforms on our business. We cannot predict the full impact that the tax reform will have on our business,
financial condition and results of operations once it is fully implemented, including the effect on our business of higher payroll taxes and higher costs due to additional compliance measures. Our initial assessments indicate that the changes will
increase our income tax base in the coming years, primarily as a result of the new limitations on tax deductions. In addition, we cannot predict the indirect impact that this legislation could have on our customers and shareholders. It is possible
that our shareholders may be required to pay more taxes than they would have paid prior to the implementation of the January 1, 2014 tax reforms.

Mexican antitrust laws may limit our ability to expand through acquisitions or joint ventures.

Mexicos federal antitrust laws and regulations may affect some of our activities, including our ability to introduce new products
and services, enter into new or complementary businesses or joint ventures and complete acquisitions. In addition, the federal antitrust laws and regulations may adversely affect our ability to determine the rates we charge for our services and
products. Approval of the Comisión Federal de Competencia, or Mexican Antitrust Commission, is required for us to acquire and sell significant businesses or enter into significant joint ventures and we cannot assure you that we would
be able to obtain such approval.



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Investors may not be able to enforce judgments against the Company.

Investors may be unable to enforce judgments against us. We are a stock corporation, organized under the laws of Mexico. Substantially all our
directors and officers reside in Mexico, and all or a significant portion of the assets of those persons may be located outside the United States. It may not be possible for investors to effect service of process within the United States upon those
persons or to enforce judgments against them or against us in U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. Additionally, it may not be possible to enforce, in original actions
in Mexican courts, liabilities predicated solely on the U.S. federal securities laws and it may not be possible to enforce, in Mexican courts, judgments of U.S. courts obtained in actions predicated upon the civil liability provisions of the U.S.
securities laws.

Risks Relating to Ownership of our Equity

The protection afforded to minority shareholders in Mexico is different from that afforded to minority shareholders in the United States.

Under Mexican law, the protections afforded to minority shareholders are different from, and may be less than, those afforded to minority
shareholders in the United States. Under Mexican law, there is no procedure for class actions as such actions are conducted in the United States and there are different procedural requirements for bringing shareholder lawsuits against companies.
Therefore, it may be more difficult for minority shareholders to enforce their rights against us, our directors or our controlling shareholders than it would be for minority shareholders of a U.S. company.

In accordance with the Mexican Companies Act (Ley General de Sociedades Mercantiles), shareholders representing at least 33% of
our capital stock can request that the Board of Directors call an Extraordinary Shareholders Meeting to vote on proposals included by the shareholders in their request to the Board.

Holders of ADSs may not be entitled to participate in any future preemptive rights offering, which may result in a dilution of such holders equity
interest in our company.

Under Mexican law, if we issue new shares for cash as a part of a capital increase, we generally must
grant our stockholders the right to purchase a sufficient number of shares to maintain their existing ownership percentage in our company. Rights to purchase shares in these circumstances are commonly referred to as preemptive rights. We may not be
legally permitted to allow holders of ADSs in the United States to exercise preemptive rights in any future capital increase unless (1) we file a registration statement with the SEC with respect to that future issuance of shares or (2) the
offering qualifies for an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. At the time of any future capital increase, we will evaluate the costs and potential liabilities associated with filing a
registration statement with the SEC, as well as the benefits of preemptive rights to holders of ADSs in the United States and any other factors that we consider important in determining whether to file a registration statement.

If we do not file a registration statement with the SEC to allow holders of ADSs in the United States to participate in a preemptive rights
offering or if there is not an exemption from the registration requirements of the U.S. Securities Act of 1933 available, the equity interests of holders of ADSs would be diluted to the extent that ADS holders cannot participate in a preemptive
rights offering.

The Company is controlled by the Serrano Segovia family.

The Serrano Segovia family controls the Company through José Serrano Segovias direct and indirect ownership of our Shares, and
members of the Serrano Segovia family serve as members of our Board of Directors. Holders of our ADSs may not vote at our shareholders meetings. Each of our ADSs represents five CPOs. Holders of CPOs are not entitled to exercise any voting
rights with respect to the Shares held in the Master Neutral



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Investment Trust (Fideicomiso Maestro de Inversion Neutra) (the CPO Trust). Such voting rights are exercisable only by the trustee, which is required by the terms of the trust
agreement to vote such Shares in the same manner as the majority of the Shares that are not held in the CPO Trust that are voted at any shareholders meeting. Currently the Serrano Segovia family owns a majority of the Shares that are not held
in the CPO Trust. As a result, the Serrano Segovia family will be able to direct and control the policies of the Company and its subsidiaries, including mergers, sales of assets and similar transactions. See Item 7. Major Shareholders and
Related Party Transactions  Major Shareholders.

A change in control may adversely affect us.

A portion of the Shares and ADSs of the Company held by the Serrano Segovia family is currently pledged to secure indebtedness of the Serrano
Segovia family and entities controlled by them and may from time to time in the future be pledged to secure obligations of other of their affiliates. A foreclosure upon any such Shares held by the Serrano Segovia family could result in a change of
control under the various debt instruments of the Company and its subsidiaries. Such debt instruments provide that certain change of control events with respect to us will constitute a default and that the relevant lenders may require us to prepay
our debt obligations including accrued and unpaid interest, if any, to the date of such repayment. If such a default occurs, we cannot assure you that we will have enough funds to repay our debt.

Our ADSs have been delisted from the New York Stock Exchange (NYSE) and are now traded on the over-the-counter (OTC) market,
which may limit the liquidity and price of our ADSs more than if the ADSs were quoted or listed on the NYSE.

At a meeting held on
May 22, 2012, the Board of Directors of Grupo TMM, S.A.B. approved, by unanimous consent, the voluntary delisting of TMMs ADSs from the NYSE. To effect such delisting, the Company submitted Form 25 to the SEC on June 5, 2012. Shortly
thereafter, the Companys ADSs were delisted from the NYSE and began to trade on the OTC market under the ticker symbol GTMAY. Quotation of the ADSs on the OTC market may limit the liquidity and price of the ADSs more than if the ADSs were
quoted or listed on the NYSE.



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

History and Development of the Company

We were formed on August 14, 1987, under the laws of Mexico as a variable capital corporation (sociedad anónima de
capital variable)to serve as a holding company for investments by certain members of the Serrano Segovia family.

TMM
merged with and into Grupo TMM (formerly Grupo Servia, S.A. de C.V. (Grupo Servia)), which was effected on December 26, 2001, leaving Grupo TMM as the surviving entity. Under the terms of the merger, all of the assets,
privileges and rights and all of the liabilities of TMM were transferred to Grupo TMM upon the effectiveness of the merger. TMM was founded on September 18, 1958 by a group of private investors, including the Serrano Segovia family.

In December 2001, the boards of directors of TMM and Grupo TMM unanimously approved a corporate reorganization and merger in which TMM
was merged with and into Grupo TMM. After the merger, each shareholder of TMM continued to own the same relative economic interest in Grupo TMM as the shareholder owned in TMM prior to the merger. In preparation for the merger, the shareholders of
Grupo TMM approved the division (escisión)of Grupo TMM into two companies, Grupo TMM and a newly formed corporation, Promotora Servia, S.A. de C.V. (Promotora Servia). Under the terms of the escisión, Grupo
TMM transferred all of its assets, rights and privileges (other than its interest in TMM) and all of its liabilities to Promotora Servia. The transfer of assets to Promotora Servia was made without recourse and without representation or warranty of
any kind, and all of Grupo TMMs creditors expressly and irrevocably consented to the transfer of the liabilities to Promotora Servia.



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On September 13, 2002, we completed a reclassification of our Series L Shares of stock as
Series A Shares. The reclassification combined our two classes of stock into a single class by converting each share of our Series L Shares into one share of our Series A Shares. The reclassification also eliminated the variable portion of our
capital stock and we became a fixed capital corporation (sociedad anónima). Following the reclassification, we had 56,963,137 Shares outstanding. As a result of the elimination of the variable portion of our capital stock, our
registered name changed from Grupo TMM, S.A. de C.V. to Grupo TMM, S.A.

As a result of the securities law in Mexico promulgated in
June 2006, publicly traded companies in Mexico were transformed by operation of law into Sociedades Anónimas Bursátiles (Public Issuing Corporation) and were required to amend their bylaws to conform them to the provisions of
the new law. Accordingly, on December 20, 2006, the Company added the term Bursátil to its registered name to comply with the requirements under Mexicos new securities law, or Ley del Mercado de Valores.
As a result, the Company is known as Grupo TMM, Sociedad Anónima Bursátil, or Grupo TMM, S.A.B. In addition, the Series A Shares of the Company were renamed as nominative common shares without par value (Shares). The rights
afforded by the new Shares are identical to the rights afforded by the former Series A Shares.

Today, we are a fixed
capital corporation listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) incorporated under the Ley General de Sociedades Mercantiles for a term of 99 years. We are headquartered at Avenida de la Cúspide,
No. 4755, Colonia Parques del Pedregal, 14010 México City, D.F., México, and our telephone number is +52-55-5629-8866. Grupo TMMs Internet website address is www.grupotmm.com. The information on Grupo TMMs website is
not incorporated into this Annual Report.

Business Overview

General

We believe
we are one of the largest logistics and transportation companies in Mexico, providing dynamic ocean transportation services, including maritime, ports and terminals management and logistics services, to premium clients throughout Mexico.

Maritime Operations.Our Maritime Operations division provides maritime transportation services, including offshore vessels that
provide transportation and other services to the Mexican offshore oil industry, tankers that transport petroleum products within Mexican waters, parcel tankers that transport liquid chemical and vegetable oil cargos from and to the United States and
Mexico, and tugboats that provide towing services at the port of Manzanillo, Mexico. As of March 31, 2014, we provide these services through our fleet of 40 vessels, which includes product and chemical tankers, harbor tugs and a variety of
offshore supply vessels.

In addition, in January 2012 we acquired Inmobiliaria Dos Naciones (IDN), an experienced
shipyard with integrated services based in the port of Tampico, Mexico. IDN is located near offshore oil and gas facilities and key commercial routes between the Southeastern United States and Mexico. Currently, IDN provides ship repair services and
has two floating drydocks with a capacity of 3,000 metric tons each. We expect that in the future IDN will service more than 30 vessels per year and will also provide us with the necessary capability to build additional vessels.

Ports and Terminals Operations.We presently operate three Mexican port facilities, Tuxpan, Tampico and Acapulco, under concessions
granted by the Mexican Government, which provide for certain renewal rights. This business unit also provides port agent services to vessel owners and operators in the main Mexican ports.

Logistics Operations.We provide dedicated logistics services to major manufacturers, including automobile manufacturers and retailers
with facilities and operations throughout Mexico. We offer full-service logistical facilities in major industrial cities and railroad hubs throughout Mexico. The services that we provide include consulting, analytical and logistics outsourcing
services, which encompass the management of inbound movement of parts to manufacturing plants consistent with just-in-time inventory planning practices; logistics network (order-cycle) analysis; logistics information process design; intermodal
transport; warehousing and bonded warehousing facility management; supply chain and logistics management; product handling and repackaging; local pre-assembly; maintenance and repair of containers in principal Mexican ports and cities and inbound
and outbound distribution using multiple transportation modes. Due to the scope of our operations, together with the extent of our experience and resources, we believe that we are uniquely positioned to coordinate the entire supply chain for our
customers.



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Set forth below are our total revenues over the last three fiscal years for each of our business
segments:



|                               |  |                                                                                    |         |  |      |   |         |      |  |   |         | 
|------------------------------ |  | ---------------------------------------------------------------------------------- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|                               |  | Consolidated Transportation Revenues(in millions of Pesos)Years Ended December 31, |        
|                               |  | 2013                                                                               |         |  | 2012 |   |         | 2011 | 
|Maritime Operations            |  | $                                                                                  | 2,455.3 |  |      | $ | 2,188.8 |      |  | $ | 2,133.4 | 
|Ports and Terminals Operations |  |                                                                                    | 113.4   |  |      |   | 101.2   |      |  |   | 123.7   | 
|Logistics Operations           |  |                                                                                    | 219.2   |  |      |   | 249.7   |      |  |   | 210.5   | 
|Other Business                 |  |                                                                                    | 50.6    |  |      |   | 52.5    |      |  |   | 46.7    | 
|                               |  |                                                                                    |         |  |      |   |         |      |  |   |         | 
|Total                          |  | $                                                                                  | 2,838.5 |  |      | $ | 2,592.2 |      |  | $ | 2,514.3 | 
|                               |  |                                                                                    |         |  |      |   |         |      |  |   |         | 

All of these revenues are earned in Mexico except for 3% of the revenues from our chemical tankers and product
tankers.

Recent Developments

Sale of Land Transportation Business

In the third quarter of 2013, we sold the land transportation businesses (trucking and autohauling) in our Logistics Operations. With this
sale, we expect our operating results to improve as we focus our efforts on our profitable businesses.

Sale and Lease-back
Arrangement with UNIFIN

On March 31, 2014, the Company, through its subsidiary IDN, entered into a sale and
leaseback arrangement with UNIFIN Financiera, S.A.P.I. de C. V., SOFOM E.N.R. (UNIFIN), whereby IDN sold to UNIFIN the floating dry-dock ARD-10, the floating dry-dock ABDF 2, and the towing vessel Catherine
M for an amount of approximately $55.6 million. At the same time, IDN and UNIFIN entered into an operating leasing arrangement for the three assets in order to maintain their ability to operate and generate income. The leasing arrangement will
last four years with monthly payments of approximately $0.9 million. Under the arrangement, IDN is the lessee and UNIFIN is the lessor.

Charter and Acquisition of Additional Vessels

AHTS Subsea 88. On August 24, 2012, we entered into a bareboat charter contract with Subsea Petroleum Services,
S.A.E. that included an option to purchase the Anchor Handling Tug Supply vessel (AHTS) Subsea 88. On November 9, 2013, we financed the purchase of the vessel through a capital lease contract with FTAI Subsea 88
Ltd, a subsidiary of Fortress, a leasing company. The vessel is under a long-term time charter contract with PEP.

AHTS
Subsea 204. In the first quarter of 2014 we entered into a two-year bareboat charter contract with Subsea Petroleum Services, S.A.E. that included an option to purchase the AHTS Subsea 204. The vessel is under a long-term
time charter contract with PEP.

Sale of Vessels

As part of the Companys plan to modernize its fleet, the Company has sold some of its older offshore vessels in recent years: (i) on
March 13, 2013, we sold the Supply Tug Isla del Carmen to Gulf Marines Contractors S. de R.L. de C.V.; and (ii) on December 19, 2013, we sold Supply Tug Isla Tiburón to Naviera Mexicana JM S.A. de C.V.

Purchase of a Shipyard in Tampico

On January 30, 2012, we purchased IDN, a company that holds a concession to operate a shipyard in the port of Tampico, Mexico. The total
purchase price for the acquisition, including various assets, was $54.3 million. The shipyard is strategically positioned in the Gulf of Mexico, in close proximity to offshore oil and gas facilities and other key commercial routes between the
Southeastern United States and Mexico. The shipyard provides ship repair



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services and is currently working at full capacity. As of March 2014 the shipyard has provided service to more than 30 vessels per year, of which approximately 37% have been from our own fleet,
which has resulted in reduced costs due to increased efficiency in maintaining, repairing and positioning our vessels. In addition, we expect to develop the necessary capabilities to build vessels at the shipyard. This will allow us to compete to
build vessels for PEMEX, which recently expressed its intention to add 32 offshore vessels to its fleet, of which 21 are required to be Mexican-built vessels.

Extension of Harbor Towage Concession in Manzanillo

In December 2006, we obtained an extension by the Port Authorities to provide harbor towage services in the port of Manzanillo, Colima, for
eight additional years from January 27, 2007 until January 27, 2015.

In 2007 we were authorized to provide harbor towage
services for ten years to LPG vessels to Z Gas del Pacifico, S.A. de C.V. in Manzanillo, Colima.

As of August 2012,
the Federal Electricity Commission (Comisión Federal de Electricidad or CFE) began liquified natural gas (LNG) operations in the port of Manzanillo. Such operations require the towing service at Manzanillo terminal, which we provide.

Delisting of ADSs from the NYSE; Commencement of Trading on OTC Market

On May 2, 2012, we announced our financial results for the first quarter of 2012. When our financial results were converted to U.S.
dollars at the exchange rate in effect at the end of the first quarter, the results showed that we had fallen below the NYSEs continued listing standards for average global market capitalization and stockholders equity. On May 22,
2012, Grupo TMMs Board of Directors approved a resolution authorizing the voluntary delisting of TMMs ADSs from the NYSE.

On
May 23, 2012, we issued a press release announcing the Board of Directors decision to voluntarily delist TMMs ADSs from the NYSE, and explaining that the decision was based on a careful review of the circumstances, including the
volatility of the exchange rate between U.S. dollars and Mexican pesos, which created uncertainty regarding TMMs ability to satisfy the NYSEs continued listing standards going forward. In addition, the Companys Board of Directors
cited the low trading volume in TMMs ADSs and the compliance costs associated with maintaining a U.S. listing.

On June 5,
2012, the Company filed a Form 25 with the SEC to initiate the delisting of its ADSs from the NYSE. The delisting became effective on June 15, 2012, and on June 18, 2012, TMMs ADSs began trading on the OTC market under the ticker
symbol GTMAY.

TMMs ADSs continue to be registered in the United States under the U.S. Securities Exchange Act of 1934 and
TMMs nominative common shares underlying the ADSs continue to be traded in Mexico on the Mexican Stock Exchange (Bolsa Mexicana de Valores).

See Item 9. The Offer and Listing  Delisting of ADSs from the NYSE; Commencement of Trading on OTC Market.

Arbitration Claims Between Pacific Richfield Marine Pte. Ltd. (PRM) and Grupo TMM

Grupo TMM was recently a claimant in two arbitrations with PRM, a Singapore company. The arbitrations were conducted under the Singapore
International Arbitration Centre Rules and related to alleged breaches by PRM of two Memoranda of Agreements (MOAs) for the sale of two vessels. Grupo TMM sought recovery of the deposits it had paid for the two vessels in the sum of
US$5.2 million dollars (approximately $67.9 million) and damages for breaches of the MOAs. PRM alleged that Grupo TMM was in breach of the MOAs and sought a declaration that it was entitled to retain the deposits and receive damages for breach of
the MOAs. On November 28, 2011, the arbitral tribunal resolved the claims in favor of PRM and ordered Grupo TMM to instruct Platou, the broker holding the deposits, to release the same to PRM.



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On January 16, 2012, Grupo TMM filed suit in Mexico challenging the validity of the award
under the New York Convention for the Recognition and Enforcement of Foreign Arbitral Awards. After allowing the suit to proceed, the judge issued an order directing Platou not to release the deposit until PRM appears before the court in Mexico and
requests enforcement of the arbitral award. As of December 31, 2012, the Company had reserved the amount of the deposit and also created an additional allowance for potential legal fees associated with this case. Both items are reported in
other expenses  net for the years ended December 31, 2013 and 2012, respectively.

Restructuring and Termination of
Receivables Securitization Facility; Associated Capital Increase

In December of 2009, Grupo TMM restructured its securitization
facility with Deutsche Bank AG (the Securitization Facility). The Facility was created in 2006 by Grupo TMM and several of its subsidiaries. Under the Facility, a Trust (the Trust) had issued a series of trust certificates
backed by receivables assigned to the Trust by certain of Grupo TMMs subsidiaries.

As part of the restructuring of the
Securitization Facility, a company affiliated with Grupo TMM, Vex Asesores Corporativos, S.A.P.I. de C.V. (VEX), purchased certificates with a face value of US$86.5 million (approximately $1,130.1 million) (the Purchased
Certificates) from Deutsche Bank AG London.

As described below, pursuant to a separate agreement between VEX and Grupo TMM, all but
US$6 million (approximately $78.4 million) of the Purchased Certificates were subsequently cancelled and were exchanged for cash, equity in Grupo TMM, and other consideration. The transaction with VEX was approved by the Board of Directors of Grupo
TMM on the basis of a prior approval by TMMs Auditing and Corporate Governance Committee, which received an independent experts fairness opinion on the consideration and other terms and conditions of the transaction.

Pursuant to a resolution adopted at the Extraordinary General Shareholders Meeting held on December 15, 2009 and with the
authorization of the Comisión Nacional Bancaria y de Valores, on January 6, 2010, VEX acquired 46,797,404 Shares for an aggregate subscription price of US$41,181,715.53 (approximately $538.0 million), or US$0.88
(approximately $11.5) per Share (equivalent to US$4.40 (approximately $57.5) per ADS). The subscription price per Share was 10% higher than the ADS closing price on January 5, 2010. VEX paid the subscription price for the Shares as part of the
consideration for its sale to Grupo TMM of the Purchased Certificates. The remainder of the consideration VEX received for the Purchased Certificates consisted of US$27,103,065.52 in cash (approximately $354.1 million), a five-year promissory note
from Grupo TMM in the principal amount of US$12,250,000.00 (approximately $160.0 million), and subordinated trust certificates issued under the Securitization Facility with a face amount of US$6,000,000.00 (approximately $78.4 million). In May 2010,
VEX distributed 18,437,440 of the 46,797,404 Shares it acquired to various investors who participated in VEXs purchase of the Purchased Certificates from Deutsche Bank AG London.

As a result of the above, the subscribed and paid capital increase totaled Ps. 532,174,837 and the number of outstanding Shares of Grupo TMM
increased to 102,024,441 Shares. No shareholder exercised its preferential right to subscribe to the capital increase during the designated period. The portion of the issued capital stock that was not subscribed was automatically cancelled pursuant
to the resolution adopted at the Shareholders Meeting.

On May 13, 2011, the Company entered into an agreement with Deutsche
Bank AG London pursuant to which the Company repurchased all of the certificates held by Deutsche Bank AG London for a total of US$9.1 million (approximately $118.9 million), and all of the certificates were subsequently cancelled concurrently with
the cancellation of subordinated trust certificates held by VEX. The Company formally terminated the Securitization Facility effective June 30, 2011.

Mexican Peso-Denominated Trust Certificates Program

On April 30, 2007, at the shareholders meeting of the Company, our shareholders authorized the establishment of a program for the
issuance of trust certificates, which are securities secured solely by the trust assets and denominated in Mexican Pesos, for up to an amount of 9 billion Pesos. The proceeds from the sale of these certificates were utilized by us to refinance our
existing bank financings of our vessel fleet and to acquire additional vessels as contemplated by our expansion program. A portion of the cash proceeds from the issuance of the trust



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certificates is required to be held by the trust as restricted cash. The trust assets are comprised of the vessels contributed to the trust, the contracts related thereto and the restricted cash
thereunder. Certificate holders only recourse under the Trust Certificates Program is to the trust assets.

We closed our first,
second, and third issuances of trust certificates under the program on July 19, 2007, April 30, 2008, and July 1, 2008 in an amount of 3 billion Pesos, 1.55 billion Pesos, and 4.39 billion Pesos, respectively. Our first issuance was
used primarily to refinance existing vessel indebtedness. Our second issuance was used to finance the acquisition of five new and used vessels, and the third issuance was used to finance the acquisition of new and used vessels.

We closed our fourth issuance of trust certificates under the program on July 29, 2010, which by the General Shareholders Meeting
resolutions on April 30, 2010 was increased to 10.5 billion Pesos. This issuance was used primarily to repay the previous three issuances, thereby consolidating the debt under the program, and to refinance existing vessel indebtedness. As of
December 31, 2013, the outstanding balance was 10.594 billion Pesos.

In accordance with the program, the Company has the right to
capitalize interest for the first five years as per the following:



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

In August 2012 and with the authorization of the Trust Committee, the Company elected to capitalize 60% of the
accrued interest to dedicate such resources to a vessel substitution program. During 2013 the Company elected not to capitalize any interest on the trust certificates, choosing instead to pay 100% of the accrued interest.

Vessels Purchased through our Trust Certificates Program

PSV Isla Monserrat. On October 27, 2007, we entered into an agreement for the purchase from DESS PSV Ltd of a Platform Supply
Vessel (PSV) Isla Monserrat (which was built in 2007 and has an average Brake Horse Power (BHP) of 5,400). This PSV was delivered to Grupo TMM in January 2008 and is currently operating in the Gulf of Mexico. The purchase of
this vessel was financed by the second tranche of our Trust Certificates Program.

AHTS Isla Leon (formerly Sea Wolverine).
On April 3, 2008, we entered into an agreement for the purchase from DESS Ciprus Ltd of the AHTS Sea Wolverine (which was built in 2008 and has an average BHP of 6,500). This AHTS was delivered in June 2008. We added this AHTS to our offshore
fleet in the Gulf of Mexico. The purchase of this vessel was financed by the second tranche of our Trust Certificates Program.

Two AHTSs. On April 3, 2007, we entered into an agreement for the purchase from Rising Flag Worldwide Ltd of two new AHTSs (with a
BHP of 6,800). The first AHTS (Isla Santa Cruz) was delivered on August 15, 2008. We were forced to cancel the second AHTS due to a delay of the delivery by the shipyard. The Isla Santa Cruz was added to our offshore fleet in the Gulf of
Mexico. The purchase of this vessel was financed by the second tranche of our Trust Certificates Program.

Three Mini PSVs.
Isla Blanca, Isla Ciari and Isla Janitzio. On March 7, 2007, we entered into an agreement for the purchase from Adriatic Marine LLC of three mini PSVs. These mini PSVs were delivered in July 2008, November 2008 and January 2009,
respectively. We added these vessels to our offshore fleet in the Gulf of Mexico. The purchase of one of the vessels was financed by the second tranche of the Trust Certificates Program and the purchase of the other two vessels was financed through
the third tranche of our Trust Certificates Program.

Two FSIV. Isla San Gabriel and Isla San Luis. On
November 21, 2007, we entered into an agreement for the construction by Horizon Shipbuilding of two Fast Support Intervention Vessels (FSIV). These FSIV were delivered in August and October 2009, respectively.
We added these vessels to our offshore fleet in the Gulf of Mexico. The acquisition of these vessels was financed through the third tranche of our Trust Certificates Program.



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FPSO Vessel ECO III. On July 21, 2008, we acquired a newly constructed 10,000 Dead
Weight Tonnage (DWT) tanker vessel that was converted into a well test service vessel receiving an FPSO Floating Production Storage and Offloading System class notation. This vessel is equipped with a Dynamic Positioning
System (DP2) that allows the vessel to position itself near the oil well platforms and with the installed processing plant can receive, store and process fluids and gases during the completion, testing, and repair of oil wells. Today this vessel is
part of our offshore fleet in the Gulf of Mexico, having commenced operations in February 2010 under a long-term charter contract with a third-party operator. The purchase of this vessel was financed by the third tranche of our Trust Certificates
Program.

Mini PSV. Isla San Ignacio. On February 19, 2009, we entered into an agreement for the purchase from Adriatic
Marine LLC of one mini PSV. This vessel was added to our offshore fleet in the Gulf of Mexico in July 2009. The purchase of this vessel was financed by the third tranche of our Trust Certificates Program.

Three Product Tankers. Tulum, Tula and Tajin. In 2008 we entered into an agreement for the acquisition of three product tankers that
were delivered in July, September and October 2008, respectively. The purchase of these vessels were financed by the third tranche of our Trust Certificates Program.

FSIV Isla San Diego. On July 30 2012, we entered into an agreement for the purchase from Gulf-Mark Americas Inc. of an
offshore FSIV. This FSIV was delivered in August 2012. The purchase of this vessel was financed by the fourth tranche of our Trust Certificates Program.

SSA Claims

In
July 2006, February 2007 and May 2012, Grupo TMM received claim notices from SSA relating to certain contingencies affecting SSA (formerly TMM Puertos y Terminales, S.A. de C.V. or TMMPyT) in connection with the Amended and Restated Master
Agreement dated July 21, 2001.

On June 14, 2007, we were officially notified by the International Chamber of Commerce
(ICC) of arbitration proceedings with respect to one of the claims, which related to payments made by SSA to its employees under Mexicos compulsory profit sharing regulations. SSA also filed a tax proceeding with the tax
authorities in Mexico which related to the same payments made by SSA to its employees under Mexicos compulsory profit sharing regulations. We have not been notified of any proceedings with respect to the second claim.

On March 6, 2009, the Arbitral Tribunal resolved the claim submitted to arbitration, and ordered Grupo TMM to pay SSA $30.8 million plus
interest at a 6% annual rate from November 8, 2006.

In connection with the order, on May 15, 2009, Grupo TMM and SSA agreed
that if the tax proceeding were to result in a finding that the amount paid by SSA to its employees was inappropriate or not required, Grupo TMM would not be required to pay the arbitration award to SSA. In addition, on May 15, 2009, Grupo TMM
and SSA signed an agreement in which both companies agreed to negotiate the terms of a possible transaction to be carried out in Tuxpan, Veracruz as an alternate method of satisfying the arbitration award. If an agreement between Grupo TMM and SSA
could not reached by the end of 2010, and if SSA were to receive an unfavorable ruling in the tax proceeding, then Grupo TMM would pay SSA 50% of its distributions in API Acapulco (the joint venture with SSA) until the arbitration award was paid in
full.

In June 2010, SSA obtained a favorable ruling in its tax proceeding. The ruling was confirmed on November 25, 2010, and on
February 1, 2011 Grupo TMM and SSA entered into an agreement pursuant to which the arbitration proceeding was settled in exchange for a payment by the Company to SSA in the amount of $2.4 million. This settlement agreement supersedes the
agreements entered into in 2009.

On January 10, 2013, we were officially notified by the ICC of arbitration proceedings with respect
to the claim submitted in May 2012, which related to payments made by SSA to a law firm regarding a tax proceeding with the tax authorities in Mexico and which related to the trademark of Servicios en Puertos y Teminales. The arbitration proceeding
is in its final stages.



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Sale of Investment in Grupo Seglo

On April 20, 2010, Grupo TMM agreed to sell its stockholdings in the companies that comprised Grupo Seglo to its partner for $60 million.

The Mexican Market

Since
TMMs formation in 1958, the growth and diversification of the Mexican economy have largely driven our growth. As a result of NAFTA, which became effective on January 1, 1994, trade with and investment in the Mexican economy has
significantly increased, resulting in greater traffic along the North-South cross-border trade routes, which comprise the NAFTA corridor. The following table illustrates the growth of the foreign trade segment of the Mexican economy over the last
three years:



|                    |  |                                            |  |            |  |           
|------------------- |  | ------------------------------------------ |  | ---------- |  | ----------
|                    |  | Foreign Trade 2011-2013(a)                
|                    |  | As of December 31,(in millions of Dollars)
|                    |  | 2013                                       |  | 2012       |  | 2011      
|Total Exports       |  | US$380,189                                 |  | US$370,915 |  | US$349,676
|Total Imports       |  | US$381,210                                 |  | US$370,752 |  | US$350,842
|Total Trade Flows   |  | US$761,399                                 |  | US$741,666 |  | US$700,518
|Growth RateExports |  | 2.5%                                       |  | 6.1%       |  | 17.2%     
|Growth RateImports |  | 2.8%                                       |  | 5.7%       |  | 16.4%     
|Growth RateTotal   |  | 2.7%                                       |  | 5.9%       |  | 16.8%     
|Growth RateGDP(b)  |  | 1.1%                                       |  | 4.0%       |  | 3.9%      



|(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 2003 prices.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Source: Banco de México (BANXICO).
| | ----------------------------------

Business Strategy

As part of our continued effort to achieve the Companys goals, throughout the past 5 years we have accomplished the following:



| |  |  | We have expanded the assets of our Maritime Operations, resulting in better operating margins.
| | - |  | ----------------------------------------------------------------------------------------------



| |  |  | During 2009 we (i) entered into an agreement for the purchase of a mini-supply vessel which was delivered in July 2009 and (ii) were awarded a third bareboat charter contract for a product tanker with PEMEX
for a five-year period.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 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.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | During the first quarter of 2014 we were awarded a long-term time charter contract for an AHTS vessel with PEP, which vessel we acquired under a bareboat charter contract with Subsea Petroleum Services, S.A.E. fthat
included a purchase option.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | As a part of the strategy established by President Peña Nieto to develop cabotage services, our Maritime Operations started a 10-day cabotage service of containerized cargo between the pacific ports of
Manzanillo, Mazatlan and Guaymas.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | In the third quarter of 2013, we sold the land transportation businesses (trucking and autohauling) in our Logistics Operations. With this sale, we expect our operating results to improve as we focus our efforts on our
profitable businesses.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | With respect to our liabilities, in addition to continually servicing our debt obligations, we restructured and partially prepaid the debt we incurred with DVB Bank SE (formerly DVB Bank AG) to finance the purchase of
two parcel tankers. We have also prepaid principal under our Trust Certificates Program.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Moving forward, our business
strategy is focused on the following:

Expansion and improvement of our Maritime Operations

Considering the urgent need of PEMEX to increase its oil and gas reserves as well as the potential derived from the recent Energy Reform, along
with the seniority granted to Mexican ship-owners under the Mexican Navigation Law (Mexican flagged vessels have a preference to perform cabotage in Mexican waters), our Maritime Operations is focused on consolidating and expanding operations by:
(i) increasing cabotage services with medium and long-term contracts (ii) satisfying increasing demand for exploration and distribution services in Mexico; (iii) meeting market requirements for new generation vessels with higher-rated
and deeper-water capabilities; (iv) increasing the current capacity of our shipyard repair services to more than 30 vessels per year, of which approximately one third is owned fleet and, in the long term, to have the capacity to build vessels,
enabling us to compete to satisfy PEMEXs expected demand for new offshore vessels and, (v) increase container cabotage services / operations by extending the existing routes and opening a new ones.

Expansion of our Ports and Terminals Operations

Notwithstanding a contraction in 2009, foreign trade via the Gulf of Mexico has grown at a 7% average rate in recent years. In addition, 41% of
Mexicos current gasoline and diesel consumption is imported via the Gulf of Mexico. These factors, combined with our prime location in the port of inTuxpan, where we own approximately 2,000 acres of land and whichwill be the closest port to
Mexico City and the central Mexican states that are the primary contributors to Mexicos GDP, have led our Ports and Terminals Operations to focus on developing the following assets in Tuxpan: (i) a state-of-the-art container terminal;
(ii) a liquids terminal capable of meeting the current and future needs of companies in the energy and related industries; (iii) an edible and concentrated liquids terminal, and (iv) an export/import cargo-handling terminal.

Expansion of our Logistics Operations

We are looking to leverage our experience and knowledge of Mexico and its laws, our customer relationships, and our skills in managing union
and non-union labor resources to further expand our business with the automotive industry and in general in all activities related to yards and storage management, with an emphasis on just-in-time inventory planning, store, subassemblies
and yards administration.

We expect to meet all of the above mentioned goals through a series of financial and commercial strategies that
are described in greater detail under Item 5. Operating and Financial Review and ProspectsBusiness Plan.

Certain Competitive Advantages

We believe that we benefit from the following competitive advantages:



| |  |  | 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.
| | - |  | ----------------------------------------------------------------------------------------------



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| |  |  | 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.
| | - |  | -----------------------------------------------------------------------------------------------------------------------

Maritime Operations

Our Maritime
Operations include: (a) supply and logistics services to the oil offshore industry at offshore facilities in the Gulf of Mexico and between ports, moving crews and/or cargo to and from oil platforms; (b) product tankers for the
transportation in cabotage of petroleum products, such as the distribution of gasoline to a variety of Mexican ports where the gasoline is further distributed inland; (c) parcel tankers, also known as chemical tankers, for the transportation of
liquid chemical cargoes between ports in Mexico and the United States; (d) tugboats that provide harbor towing services in and out of the port of Manzanillo; and (e) shipyard services, including ship repair and dry docking services.
Mexican law provides that cabotage (intra-Mexican movement between ports) is reserved for ships flying the Mexican flag, which we believe provides us with a competitive advantage in this market. This segment accounted for 86% of consolidated
revenues for the year 2013, 84% for the year 2012, and 64% for the year 2011.

Fleet Management

As of March 31, 2014, we operated a fleet comprised of product tankers and parcel tankers, as well as a fleet of offshore vessels and
tugboats. Of a total of 40 vessels, 37 are owned tonnage (five product tankers, 25 offshore vessels, two parcel tankers and five tugboats) and three are chartered units (one offshore vessel and two tugboats).

The table below sets forth information as of March 31, 2014, about our fleet of owned and chartered vessels by type, size and capacities:



|                 |  |                  |    |  |                                     |  |       |                                         |  |  |        |  |  |  |       | 
|---------------- |  | ---------------- | -- |  | ----------------------------------- |  | ----- | --------------------------------------- |  |  | ------ |  |  |  | ----- | 
|Vessel Type      |  | Number ofVessels |    |  | Total DeadWeight Tons(in thousands) |  |       | Total CubicMeter Capacity(in thousands) |  |  | BHP(*) | 
|Offshore vessels |  |                  | 26 |  |                                     |  | 34.3  |                                         |  |  | **     |  |  |  | 5,389 | 
|Product tankers  |  |                  | 5  |  |                                     |  | 231.3 |                                         |  |  | 253.1  |  |  |  | **    | 
|Parcel tankers   |  |                  | 2  |  |                                     |  | 27.9  |                                         |  |  | 30.9   |  |  |  | **    | 
|Tug boats        |  |                  | 7  |  |                                     |  | 2.8   |                                         |  |  | **     |  |  |  | 4,682 | 
|                 |  |                  |    |  |                                     |  |       |                                         |  |  |        |  |  |  |       | 
|Total            |  |                  | 40 |  |                                     |  | 296.3 |                                         |  |  | 284.0  |  |  |  |       | 
|                 |  |                  |    |  |                                     |  |       |                                         |  |  |        |  |  |  |       | 



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

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

Offshore Vessels

We have been participating in this business for more than 20 years. Our offshore division provides supply and logistics services to the
offshore industry between the ports and the offshore facilities in the Gulf of Mexico through a specialized fleet that includes fast and conventional crew vessels, supply vessels, anchor handling tug supply vessels, floating production, storage and
offloading (FPSO) vessels and Dynamic Positioning (DP) vessels. Other services include supply and administration of onboard personnel, coordination and supervision of the maritime transport of staff, materials and equipment
from the base on shore to operational points of the vessels within the oil-drilling zone of the Gulf of Mexico, and coordination and supervision of catering and accommodation matters onboard the vessels. As of March 2014, TMMs offshore fleet
represented 5.5% of Mexicos offshore fleet. As of March 31, 2014, 19 TMM vessels were directly hired by PEMEX, and seven additional vessels were hired by private operators engaged in the construction and maintenance sectors for PEMEX or
working in the spot market.



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Product Tankers

Since 1992, we have provided product tanker chartering services to PEMEX for the transportation of clean and dirty petroleum products, from
refineries to various Mexican ports. Our fleet is comprised of five product tankers, which include one long-term contract entered into during August 2009, three short-term contracts with PEMEX and one short-term contract with PMI.

Set forth below is information regarding our product tanker fleet as of March 31, 2014:



|                                  |  |      |      |  |      |        |      |       |        |  |        |              |  |  |          |  |  |           |    |  |  |      
|--------------------------------- |  | ---- | ---- |  | ---- | ------ | ---- | ----- | ------ |  | ------ | ------------ |  |  | -------- |  |  | --------- | -- |  |  | -----
|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 |  |  | PEMEX
|Palenque II (formerly Choapas II) |  |      | 1992 |  |      | Mexico |      | DH(2) |        |  | 44,646 |              |  |  | 182      |  |  |           | 30 |  |  | PEMEX
|Tajin                             |  |      | 2003 |  |      | Mexico |      | DH(2) |        |  | 47,147 |              |  |  | 183      |  |  |           | 32 |  |  | PEMEX
|Tula                              |  |      | 2005 |  |      | Mexico |      | DH(2) |        |  | 46,911 |              |  |  | 183      |  |  |           | 32 |  |  | PMI  
|Tulum                             |  |      | 2000 |  |      | Mexico |      | DH(2) |        |  | 47,131 |              |  |  | 183      |  |  |           | 32 |  |  | PEMEX



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

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

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

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

We have a competitive advantage in the Mexican market as Mexican Maritime law
establishes that cabotage services should be provided by Mexican flag vessels and only Mexican companies are allowed to fly the Mexican flag.

OPA 90 established that vessels that do not have double-hulls will be prohibited from transporting crude oil and petroleum products in U.S.
coastwise transportation after a certain date based on the age and size of the vessel unless they are modified with a double-hull. In addition Annex II (Rules 13G and 13H) from MARPOL 73/78 establishes a phase out calendar for single hull tankers.
We are aware of this regulation and do not charter or intend to acquire vessels that do not comply with these rules.

Parcel Tankers

Our parcel tanker business operates between Mexican and American ports in the Gulf of Mexico, transporting chemicals, vegetable
and animal oils and molasses. The majority of the transported cargo is under contracts of affreightment (COAs) in which the customers commit the carriage of their cargo over a fixed period time on multiple voyages, with a minimum and a
maximum cargo tonnage at a fixed price. The vessel operator is responsible for the vessel, the fuel and the port expenses. Currently, our parcel tanker fleet is comprised of two owned vessels. We transported 848 thousand tons of chemical
products in our parcel tankers during 2013, 762 thousand tons during 2012, and 798 thousand tons during 2011. Our primary customers for our parcel tanker services include major oil and chemical companies.

Set forth below is information regarding our parcel tankers as of March 31, 2014:



|       |  |                  |  |      |      |  |        |  |       |      |  |  |       |  |  |        |       |  |                  |  |        |  |  |  |        | 
|------ |  | ---------------- |  | ---- | ---- |  | ------ |  | ----- | ---- |  |  | ----- |  |  | ------ | ----- |  | ---------------- |  | ------ |  |  |  | ------ | 
|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 |  |      | 2002 |  |        |  | 123.0 |      |  |  | 20.0  |  |  |        | 8.7   |  |                  |  | 12,452 |  |  |  | 14,102 | 
|       |  |                  |  |      |      |  |        |  |       |      |  |  |       |  |  |        |       |  |                  |  |        |  |  |  |        | 
|       |  |                  |  |      |      |  |        |  |       |      |  |  |       |  |  |        | Total |  |                  |  | 27,924 |  |  |  | 30,902 | 
|       |  |                  |  |      |      |  |        |  |       |      |  |  |       |  |  |        |       |  |                  |  |        |  |  |  |        | 



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

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



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Harbor Towing

Since January 1997, TMM (formerly Servicios Mexicanos en Remolcadores, S.A. de C.V.) has provided tugboat services in the port of
Manzanillo under a 10-year concession, including port docking and navigation in and out of channels and port facilities into open waters. In December 2006, the concession to operate this business was renewed by the relevant authorities for eight
more years. As of March 31, 2014 we were operating five owned vessels in this port, one bareboat charter vessel and one time charter vessel.

Shipyard

On
January 30, 2012, we purchased IDN, a company that holds a concession to operate a shipyard in the port of Tampico, Mexico. The shipyard is strategically positioned in the Gulf of Mexico, in close proximity to offshore oil and gas facilities
and other key commercial routes between the Southeastern United States and Mexico. The shipyard provides ship repair services and will enable us to provide dry docking services to more than 30 vessels per year. In addition, we expect to develop the
necessary capabilities to build vessels at the shipyard.

Customers and Contractual Arrangements

The primary purchasers of our Maritime Operations services are multi-national oil, gas and chemical companies. These services are generally
contracted for on the basis of short-term or long-term time charters, voyage charters, COAs or other transportation agreements tailored to the shippers requirements. In 2013, our ten largest customers accounted for approximately 86% and 72% of
Maritime Operations revenues and consolidated revenues, respectively. The loss of one or more of our customers could have a material adverse effect on the results of operations of our Maritime Operations.

The services we provide are arranged through different contractual arrangements. Time charters are the principal contractual form for our
Maritime Operations.

In the case of a time charter, the customer is responsible for the hire, fuel and port expenses, and we are
responsible for the nautical operation of the vessel including the expenses related with the crew, maintenance, and insurance of the vessels. When we bareboat charter a vessel to a customer, the customer is responsible for the hire, fuel and port
expenses but also assumes all risk of the nautical operation, including the associated expenses. COAs are contracts with a customer for the carriage of cargoes that are committed on a multi-voyage basis over a period of weeks or months, with minimum
and maximum cargo tonnages specified over the period at fixed rates per ton depending on the duration of the contract. Typically, under voyage charters and contracts of affreightment the vessel owner pays for the fuel and any applicable port
charges.

Markets

The demand for offshore vessels is affected by the level of offshore exploration and drilling activities, which in turn is influenced by a
number of factors including:



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



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



| |  |  | 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;
| | - |  | ----------------------------------------------



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



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

Ports and
Terminals Operations

We conduct operations at the Mexican ports of Acapulco, Tuxpan and Tampico. We have been granted three partial
assignment agreements of rights and obligations in respect to our operations at Tuxpan. Additionally, we own land and a multipurpose cargo terminal in Tuxpan. Our concession in Acapulco and our partial assignment agreement of rights and obligations
in Tuxpan give us the right of first refusal to continue operations for a second term once the term of the original contract expires. In August 2010, we began operations in the port of Tampico, where we were granted a two-year permit (renewable for
an additional two years) to conduct vessel loading and unloading. In September of 2012, the permit was extended for four years and is renewable for an additional four years. Ports and Terminals operations accounted for 4% of consolidated revenues in
2013, 4% in 2012 and 4% in 2011.

The following table sets forth our existing port facilities and concessions:



|         |  |                                             |  |                    |  |                                                                       
|-------- |  | ------------------------------------------- |  | ------------------ |  | ----------------------------------------------------------------------
|Port     |  | Concession                                  |  | Date Awarded       |  | Duration                                                              
|Acapulco |  | Integral port administration                |  | June 20, 1996      |  | 25 years (with the possibility of extension)                          
|         |  |                                             | 
|Tuxpan   |  | Approximately 1,300 meters of waterfront    |  | September 25, 2000 |  | 20 years (with the possibility of extension)                          
|         |  |                                             | 
|         |  | Approximately 0.8 hectares of land          |  | April 7, 1997      |  | 20 years (with the possibility of extension)                          
|         |  |                                             | 
|         |  | Stevedoring Services                        |  | August 4, 1999     |  | 20 years (includes extension for 10 years that was exercised in 2009).
|         |  |                                             | 
|Tampico  |  | Permit for loading and unloading operations |  | September 24, 2012 |  | 4 years (with the possibility of extension for 4 years)               

Acapulco

In June 1996, we received a 25-year concession to operate the tourist port of Acapulco and commenced operations in July 1996. Our port
interests in Acapulco are operated through a joint venture with SSA called Administración Portuaria Integral de Acapulco, S.A. de C.V.(API Acapulco), in which we have a 51% interest.

Through API Acapulco, we operate and manage an automobile terminal, a cruise ship terminal with a capacity to receive two cruise ships
simultaneously and an automobile warehouse with a capacity to store up to 1,700 automobiles.

In 2013, we handled 76,557 automobile
exports for Volkswagen, Chrysler and Nissan to South America and Asia, reflecting a decrease of 14% from 2012, when we handled approximately 89,187 automobiles at our terminal.

Acapulco is one of the main tourist ports in Mexico. During 2013, we had 9 cruise ship calls in Acapulco, which was the same number of calls
as we had in 2012.



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Tuxpan

We own approximately 2,000 acres of land in Tuxpan, and we own a terminal for multipurpose cargo through our wholly owned subsidiary Terminal
Marítima de Tuxpan, S.A. de C.V. We have access to a contiguous public berth where containers and general cargo can be unloaded and delivered to our multipurpose terminal. Additionally, we offer container-warehousing services at this port.
While we currently handle only a small volume of cargo at the port, we are in the process of developing a container terminal and liquids terminal at the site. Our Tuxpan port facilities are operated through Operadora Portuaria de Tuxpan, S.A. de
C.V., a wholly owned subsidiary of Grupo TMM.

Tampico

In July 2010, we were granted a two-year permit to conduct vessel loading and unloading operations in the public berths at the port of Tampico.
In September 2012, the permit was extended for four years and is renewable for an additional four years. Our operations in Tampico involve the loading and unloading of general cargo, such as steel and wood.

Shipping Agencies

We operate shipping agencies at ports throughout Mexico, including the ports of Acapulco, Veracruz, Coatzacoalcos, Ciudad del Carmen, Dos
Bocas, Tuxpan, Cozumel, Costa Maya, Progreso and Zihuatanejo. Our shipping agencies provide services to vessel owners and operators in Mexican ports, including (i) port agent services, including the preparation of the required documentation
with the relevant port authorities for the dispatch of vessels; (ii) protective agent services, which support the rotation of crew members and the supply of spare parts; (iii) cargo and multimodal supervision; (iv) ship chandler
services, which include the procurement of food, water and supplies and (v) bunkering services, which include the coordination of fuel delivery services. Our shipping agencies also provide shipping agency services at other major ports through
agreements with local agents.

Logistics Operations

Through TMM Logistics, S.A. de C.V. (TMM Logistics), a wholly owned subsidiary of Grupo TMM, we provide dedicated logistics
services to major manufacturers, including automobile manufacturers, and retailers with facilities and operations throughout Mexico. We offer full-service logistical facilities in major industrial cities and railroad hubs throughout Mexico,
including in Aguascalientes, Toluca, Puebla, Veracruz, Nuevo Laredo, Mexico City and Monterrey, among others. The services that we provide include consulting, analytical and logistics outsourcing services, which encompass the management of inbound
movement of parts to manufacturing plants consistent with just-in-time inventory planning practices; logistics network (order-cycle) analysis; logistics information process design; bonded warehousing facility management; supply chain and logistics
management; product handling and repackaging; local pre-assembly; and maintenance and repair of containers in principal Mexican ports and cities. Due to the scope of our operations, together with the extent of our experience and resources, we
believe that we are uniquely positioned to coordinate the entire supply chain for our customers. This segment accounted for 8% of consolidated revenues in 2013, 10% in 2012 and 8% in 2011.

Automotive Services

We provide specialized logistics support for the automotive industry within Mexico. Services include the arrangement and coordination of the
movement of motor vehicle parts or sub-assemblies from supplier facilities to assembly plants, warehousing, inspection and yard management. Our logistics services can be provided as end-to-end integrated logistics programs (bundled) or discrete
services (unbundled) depending on customer needs.

Container Repair and Maintenance

We offer maintenance and repair services for dry and refrigerated containers in Manzanillo, Veracruz, Altamira, Ensenada, Aguascalientes,
Distrito Federal (Pantaco) and Mazatlan. These services involve keeping refrigerated components and other parts of a container in useable condition, including mechanical repair, welding and repainting of such containers.



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TMM Plus

TMM Plus is a state-of-the-art supply chain platform that we developed which enables us to better control our operations and to provide our
customers with full tracking of their products while products are moving through the supply chain. In addition, this tool increases our capabilities for designing and controlling a variety of logistics services. This platform has expanded our
service offerings, which we expect will continue to increase the volume of our business.

With TMM Plus we can track the movement of cargo
units and our related operational responsibilities efficiently throughout the supply chain through the use of hand-held devices carried by our operational team. Through TMM Plus, information on each process is supplied to our customers in real time
and displayed in different formats according to their needs. The system also has the ability to produce different reports and statistics according to customer needs.

Warehousing Services

We offer warehousing services through our subsidiary, Almacenadora de Depósito Moderno, S.A. de C.V. Organización Auxiliar de
Crédito (ADEMSA). ADEMSA currently operates over 428,292 square meters of warehousing space throughout Mexico, including 85,429 square meters of direct warehouse space (the largest of which is located in northern Mexico City). Due
to its regulated nature, ADEMSA is one of a limited number of warehousing companies authorized by the Mexican Government to provide bonded warehousing services and to issue negotiable certificates of deposit. At the beginning of 2013, we decided to
discontinue this business in order to focus on more profitable operations. As a result, this operation is presented as discontinued.

Grupo TMMs Strategic Partners

We are currently a partner in the following strategic arrangement:



|                 |  |                 
|---------------- |  | ----------------
|Business         |  | Partner         
|Ports (Acapulco) |  | SSA Mexico, Inc.

Sales and Marketing

Much of the success of our business depends on our marketing network. Our marketing network includes affiliated offices, agencies at Mexican
ports and a sales force based throughout Mexico to sell our logistics, ports and specialized maritime services. Our marketing and sales efforts are designed to grow and expand our current customer base by initiating long-term contracts. We have
devised, implemented and will continue to implement several customer service initiatives in connection with our marketing efforts, which include the designation of customer sales territories and assignment of customer service teams to particular
customers.

Since we commenced operations, we have been actively seeking to obtain new customer contracts with the expectation of entering
into long-term contracts with such new clients or with existing customers. Although written customer contracts are not customary in Mexico, we have succeeded in negotiating written contracts with a number of our major customers.

Systems and Technology

We continually
enhance our technology and information systems to support our operations. Our systems are updated regularly to increase operating efficiencies, improve customer satisfaction and maintain regulatory compliance. We have deployed devices and software
to increase accuracy and security in our information systems in order to ensure the continuity of our business operations.



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We have developed TMM Plus, an internet-based information systems platform that integrates
different logistics services, thereby increasing the efficiency of our logistics operations. The information systems platform supports dedicated logistics contracts and yard management. The systems platform allows our customers to access information
regarding the location and status of their cargo via computer. See  Business Strategy  Reducing Corporate Overhead and Other Operating Costs.

Competition

Maritime Operations

The Companys primary competitors in the offshore vessel business are Oceanografía, S.A. de C.V., Tidewater de Mexico,
S. de R. L. de C.V., Naviera Bourbon Tamaulipas, S.A. de C.V., Mantenimiento Express Marítimo, S.R.L. and Naviera Integral, S.A. de C.V.

The Companys primary competitor in the parcel tanker business is Stolt-Nielsen Transportation Group Ltd. Some other competitors in this
business include Nordic, Eitzen and Caribbean Tankers, Inc.

Our tugboat business does not have a direct competitor within the port of
Manzanillo, however other important tugboat operations in Mexico are provided by Saam Remolques, S.A., Cia. Marítima del Pacífico, S.A. de C.V. and Cia Marítima Mexicana, S.A. de C.V.

The Companys primary competitors in the product tanker business are Blue Marine Cargo, S.A. de C.V., Naviera Tulum, S.A. de C.V.,
Naviera Tapias, S.A. and Naviera del Sureste, S.A. de C.V. and PMI Trading.

The primary competitors of our shipyard business are Talleres
Navales del Golfo, Chet Morrison, Astilleros Mexicanos JP and Astilleros Pergaza.

The Company believes the most important competitive
factors concerning the Maritime Operations segment are pricing, the flying of the Mexican flag and the availability of equipment to fit customer requirements, including the ability to provide and maintain logistical support given the complexity of a
project and the cost of transferring equipment from one market to another. The Company believes it can capitalize on opportunities as they develop for purchasing, mobilizing, or upgrading vessels to meet changing market conditions.

Ports and Terminals Operations

The Companys key competitors in its ports business are Hutchinson Ports, SSA Mexico, Grupo CICE and Amports.

In its shipping agencies business, the Companys primary competitors are Representaciones Marítimas, Meritus and Aconsur.

The Company believes the most important competitive factors concerning the Ports and Terminals Operations segment are customer service,
experience and operating capabilities.

Logistics Operations

In the logistics business, the Company faces competition primarily from Car Logistics S.A. de C.V., Axis Logistics S.A. de C.V., Wallenius,
SEGLO, Ceva Logistics, Syncreon, Keuhne-Nagel, SeSe, Amport, DHL, CSI, SSA, CPV and CSI.

In its maintenance and repair business, the
Company faces competition primarily from Container Care International Inc., Reparación Internacional de Contenedores, S.A. de C.V. and Maersk Sealand Inc.



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##### Table of Contents

Our warehousing business main competitors are Exel Logistics de Mexico S.A. de C.V., Zimag
Logistics, Accel Logística S.A. de C.V., Kuehne & Nagel S.A de C.V. and Grupo Onest Logistics. At the beginning of 2013, we decided to discontinue this business in order to focus on more profitable operations. As a result, this
operation is presented as discontinued.

The Company believes the most important competitive factors in the Logistics Operations segment
are price, customer service, brand name, experience, operating capabilities and state-of-the-art information technology.

Regulatory Framework

Certain countries have laws which restrict the carriage of cargos depending upon the nationality of a vessel or its crew or the origin
or destination of the vessel, as well as other considerations relating to particular national interests. In accordance with Mexicos Navigation Law (Ley de Navegación y Comercio Marítimos), cabotage (intra-Mexican movement)
is reserved for ships flying the Mexican flag. We believe we are currently in material compliance with all restrictions imposed by the jurisdictions in which we operate. However, we cannot predict the cost of compliance if our business is expanded
into other jurisdictions which have enacted similar regulations.

We are also subject to the laws of various jurisdictions and
international conferences with respect to the discharge of materials into the environment. See  Environmental Regulation and  Insurance.

Our port operations are subject to the Ley de Puertos.Port operations require a concession title granted by the Mexican
Government to special companies incorporated under the Ley de Puertos, which companies may partially assign their concession title to third parties for the use and exploitation of assets owned by the Mexican Government in the different port
facilities (subject to the Ley de Puertos and the terms and conditions of the concession title). Various port services require a special permit granted by the Ministry of Communications and Transportation of Mexico. Concession titles may be
revoked under certain circumstances in accordance with applicable law and the terms of the concession title. Partial assignments of concession titles may be rescinded under certain circumstances established in the corresponding assignment
agreements. Foreign investment in special companies incorporated under the Ley de Puertos (such as API Acapulco) may not exceed 49%, except through vehicles or securities deemed by applicable Mexican law as neutral investments.

Mexican Navigation Law

On June 1, 2006 the Mexican Navigation Law (Ley de Navegación y Comercio Marítimos) was published in
Mexicos Official Gazette, and became effective 30 days thereafter. This law: (i) strengthens the reservation of cabotage services for Mexican individuals dedicated to shipping or Mexican shipping companies; (ii) establishes
mechanisms and procedures for the resolution of maritime controversies or disputes and (iii) in general terms, is protective of the Mexican shipping industry. Nevertheless, there can be no assurance that the percentage of Mexican-flagged
vessels operating in Mexico will continue to increase in the future.

The law gives precedence to international treaties ratified
by Mexico to foster uniformity in the type of regime applicable to specific circumstances such as the Hague Visby Rules, CLC/FUND Conventions, 1976 Limitation Convention, Salvage Convention, COLREGS, and MARPOL. (All vessels navigating Mexican
waters must enter into protection and indemnity insurance agreements.)

Listed below are some of the salient points of the legislation:



| |  |  | 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.
| | - |  | -------------------------------------------------------

The law establishes time limits for
commencement of proceedings with respect to 7 specific types of contracts as follows:



| |  |  | bareboat charter;
| | - |  | -----------------



| |  |  | time charter;
| | - |  | -------------



| |  |  | voyage charter;
| | - |  | ---------------



| |  |  | carriage of goods;
| | - |  | ------------------



| |  |  | passengers;
| | - |  | -----------



| |  |  | salvage; and
| | - |  | ------------



| |  |  | towage.
| | - |  | -------

Mexican Energy Reforms

On December 12, 2013, the Mexican Government passed legislation amending articles 25, 27 and 28 of the Mexican Constitution
(Constitución Política de los Estados Unidos Mexicanos) and providing 21 transitional articles to establish the legal framework for reforming the Mexican energy sector. The reforms aim to modernize the Mexican energy sector and
increase private investment by, inter alia:



| |  |  | providing for PEMEX and CFE to become state-owned, for-profit companies (empresas productivas del estado) within the next 2 years;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | establishing a contractual regime to allow the Ministry of Energy (Secretaría de Energía or SENER), with the technical assistance of the new National Hydrocarbons Comission (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;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | 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
commercializationi 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.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As the Mexican Congress works to develop the detailed legal framework to implementing the reforms, PEMEX will commence the process of
requesting approval from the Ministry of Energy and the National Hydrocarbon Commission to maintain control of certain areas where it has been engaged in exploration and production. After those entities determine PEMEXs round zero
lease allocation, PEMEX will then determine whether to exploit those areas alone or in partnership with private investors. At the same time, the Ministry of Energy and the CNH, possibly with assistance from international companies, will conduct
surveys to assess Mexicos potential resources, particularly in deep water. Those entities will then work with the Ministry of Finance to determine what types of contracts to issue and under what terms, with the first bids likely to be held in
2016.

We are continuing to analyze the scope and implications of the recent energy sector reforms on our business. We cannot predict the
full impact that the reforms will have on our business, financial condition and results of operations once they are fully implemented. Our initial assessment is that the reforms have the potential to significantly increase Mexican oil and gas
production in the coming years. Although there is no guarantee that these reforms will produce such an effect, we believe that an increase in Mexican oil and gas production would likely have a positive impact on our business, financial condition and
results of operations.

Mexican Tax Reforms

On December 11, 2013, the Mexican Government published in the Official Gazette various federal tax reforms that entered into effect on
January 1, 2014. Key aspects of the reforms include:



| |  |  | 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;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | 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 that would have decreased the rate from its current 30% in 2013 to 29% in 2014 and 28% in 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
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 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.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

On February 13, 2014, we filed an indirect writ of relief (amparo) challenging the
constitutionality of various provisions of the tax reforms related to the elimination of the existing fiscal consolidation regime. As we await the outcome of the constitutional challenge, we are continuing to analyze the scope and implications of
the recent tax reforms on our business. We cannot predict the full impact that the reforms will have on our business, financial condition and results of upon implementation, including the effect on our business of higher payroll taxes and higher
costs due to additional compliance measures. Our initial assessments indicate that the changes will increase our income tax base in the coming years, primarily as a result of the new limitations on tax deductions. In addition, we cannot predict the
indirect impact that this legislation could have on our customers and shareholders. It is possible that our shareholders may be required to pay more taxes than they would have paid prior to the implementation of the recent tax reforms.

Environmental Regulation

Our
operations are subject to Mexican federal and state laws and regulations relating to the protection of the environment, as well as technical environmental requirements issued by the SEMARNAT. Under the General Law of Ecologic Equilibrium and
Protection of the Environment (Ley General de Equilibrio Ecológico y Protección al Ambiente) and the General Law for Integral Prevention and Handling of Residues (Ley General de Prevención y Gestión Integral del
Residuos), the SEMARNAT and other authorized ministries have promulgated standards, for, among other things, water discharge, water supply, emissions, noise pollution, hazardous substances, transportation and solid waste generation. The terms of
the port concessions also impose on us certain environmental law compliance obligations. See  Insurance.

Under
OPA, responsible parties, including owners and operators of ships, are subject to various requirements and could be exposed to substantial liability, and in some cases, unlimited liability for removal costs and damages, including natural resource
damages and a variety of other public and private damages, resulting from the discharge of oil, petroleum or related substances into United States waters by their vessels. In some jurisdictions, claims for



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removal costs and damages would enable claimants to immediately seize the ships of the owning and operating company and sell them in satisfaction of a final judgment. The existence of comparable
statutes enacted by individual states of the United States, but requiring different measures of compliance and liability, creates the potential for similar claims being brought under state law. In addition, several international conventions that
impose similar liability for the discharge of pollutants have been adopted by other countries. If a spill were to occur in the course of the operation of one of our vessels carrying petroleum products, and such spill affected the United States or
another country that had enacted legislation similar to OPA, we could be exposed to substantial or unlimited liability.

The U.S. Clean
Water Act imposes restrictions and strict controls regarding the discharge of wastes into the waters of the United States. The Clean Water Act and comparable state laws, provide for civil, criminal and administrative penalties for unauthorized
discharges of pollutants. In the event of an unauthorized discharge of wastes or pollutants into waters of the United States, we may be liable for penalties and could be subject to injunctive relief.

In addition, our seagoing transport of petroleum and petroleum products subjects us to additional regulations and exposes us to liability
specific to this activity. Laws and international conventions adopted by several countries in the wake of the Exxon Valdez accident, most notably OPA (discussed above), could result in substantial or even unlimited liability for us in
the event of a spill. Moreover, these laws subject tanker owners to additional regulatory and insurance requirements. We believe that we are in compliance with all material requirements of these regulations.

We could have liability with respect to contamination at our former U.S. facilities or third-party facilities in the United States where we
have sent hazardous substances or wastes under the U.S. Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) and comparable state laws (known as state Superfund laws). CERCLA and the
state Superfund laws impose joint and several liability for the cost of investigation and remediation, natural resources damages, certain health studies and related costs, without regard to fault or the legality of the original conduct, on certain
classes of persons with respect to releases into the environment of certain substances. These persons, commonly called potentially responsible parties or PRPs include the current and certain prior owners or operators of a
facility and persons that arranged for the disposal or treatment of certain substances at a facility where a release has or could occur. In addition, other potentially responsible parties, adjacent landowners or other third parties may initiate cost
recovery actions or toxic tort litigation against PRPs under CERCLA, state Superfund laws or state common law.

Noncompliance with
applicable environmental laws and regulations may result in the imposition of considerable administrative or civil fines, temporary or permanent shutdown of operations or other injunctive relief, or criminal prosecution. We currently believe that
all of our facilities and operations are in substantial compliance with applicable environmental regulations. There are currently no material legal or administrative proceedings pending against us with respect to any environmental matters, and we do
not believe that continued compliance with environmental laws will have a material adverse effect on our financial condition or results of operations.

We cannot predict the effect, if any, that the adoption of additional or more stringent environmental laws and regulations would have on the
operations of companies that are engaged in the type of business in which we are engaged, or specifically, on our results of operations, cash flows, capital expenditure requirements or financial condition.

Insurance

Our business is affected by a
number of risks, including mechanical failure of vessels and other transportation equipment, collisions, property loss of vessels and other transportation equipment, piracy, cargo loss or damage, as well as business interruption due to political
circumstances in Mexico and in foreign countries, hostilities and labor strikes. In addition, the operation of any oceangoing vessel is subject to the inherent possibility of catastrophic marine disaster, including oil spills and other environmental
accidents, and the liabilities arising from owning and operating vessels in international trade.



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We maintain insurance to cover the risk of partial or total loss of or damage to all of our
assets, including, but not limited to, harbor and seagoing vessels, port facilities, port equipment, land facilities and offices. In particular, we maintain marine hull and machinery and war risk insurance on our vessels, which covers the risk of
actual or constructive total loss. Additionally, we have protection and indemnity insurance for damage caused by our operations to third persons. With certain exceptions, we do not carry insurance covering the loss of revenue resulting from a
downturn in our operations or resulting from vessel off-hire time on certain vessels. In certain instances, and depending on the ratio of insurance claims to insurance premiums paid, we may choose to self-insure our over-the-road equipment following
prudent guidelines. We believe that our current insurance coverage is adequate to protect against the accident-related risks involved in the conduct of our business and that we maintain a level of coverage that is consistent with industry practice.
However, we cannot assure you that our insurance would be sufficient to cover the cost of damages suffered by us or damages to others, that any particular claim will be paid or that such insurance will continue to be available at commercially
reasonable rates in the future. OPA 90, by imposing potentially unlimited liability upon owners, operators and bareboat charters for certain oil pollution accidents in the United States, made liability insurance more expensive for ship-owners and
operators.

Organizational Structure

We hold a majority of the voting stock in each of our subsidiaries. The most significant subsidiaries, as of March 31, 2014, include:



|                                                                                                                            |  |                         |  |                   |     |   |                |  |     |  
|--------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | ----------------- | --- | - | -------------- |  | --- | -
|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 | %
|Transportación Marítima Mexicana, S.A. de C.V. (Product and Parcel Tankers, Offshore vessels and harbor tugboat
operations) |  | Mexico                  |  |                   | 100 | % |                |  | 100 | %
|Terminal Marítima de Tuxpan, S.A. de C.V. (Ports)                                                                           |  | Mexico                  |  |                   | 100 | % |                |  | 100 | %
|TMM Logistics, S.A. de C.V. (Logistics)                                                                                     |  | Mexico                  |  |                   | 100 | % |                |  | 100 | %
|TMM Agencias, S.A. de C.V. (Shipping agencies)                                                                              |  | Mexico                  |  |                   | 100 | % |                |  | 100 | %
|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.
|--- | --------------------------------------

Property, Plant and Equipment

Our principal executive offices are located in Mexico City, and are currently under lease from March 2006 through March 2021. Our business
activities and the business activities of our subsidiaries in the logistics and transportation fields are conducted with both leased and owned equipment, and, in certain instances, through concessions granted to us by the Mexican Government. We were
granted the right to operate certain facilities, including certain cruise ship terminals and ports, as part of franchises awarded through the Mexican Governments privatization activity. We operate facilities, either through leases or with
direct ownership interests, in Acapulco, Aguascalientes, Altamira, Ciudad del Carmen, Coatzacoalcos, Cuernavaca, Dos Bocas, Ensenada, Hermosillo, Veracruz, Manzanillo, Mexico City, Monterrey, Nuevo Laredo, Puebla, Querétaro, Tampico, Toluca
and Tuxpan. See Item 4. Information on the Company  Business Overview, and Notes 8 and 9 to the accompanying Audited Consolidated Financial Statements contained elsewhere herein.



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Concession Rights and Related Assets as summarized below:



|                                         |  |                          |         |   |      |   |         |                                   |  |  |   | 
|---------------------------------------- |  | ------------------------ | ------- | - | ---- | - | ------- | --------------------------------- |  |  | - | 
|                                         |  | Years Ended December 31, |         |   |      |  
|                                         |  | 2013                     |         |   | 2012 |   |         | EstimatedAmortization Life(Years) | 
|                                         |  | (in thousands of Pesos)  |         |   |      |  
|API Acapulco                             |  | $                        | 94,607  |   |      | $ | 94,607  |                                   |  |  | 9 | 
|Tugboats in the port of Manzanillo       |  |                          | 30,266  |   |      |   | 30,266  |                                   |  |  | * | 
|                                         |  |                          |         |   |      |   |         |                                   |  |  |   | 
|                                         |  |                          | 124,873 |   |      |   | 124,873 |                                   |  |  |   | 
|Accumulated amortization                 |  |                          | (96,491 | ) |      |   | (92,706 | )                                 |  |  |   | 
|                                         |  |                          |         |   |      |   |         |                                   |  |  |   | 
|Concession rights and related assetsnet |  | $                        | 28,382  |   |      | $ | 32,167  |                                   |  |  |   | 
|                                         |  |                          |         |   |      |   |         |                                   |  |  |   | 



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

Property, Plant and Equipment are summarized below:



|                                        |  |                          |           |  |      |   |           |                                    |  |           
|--------------------------------------- |  | ------------------------ | --------- |  | ---- | - | --------- | ---------------------------------- |  | ----------
|                                        |  | Years Ended December 31, |           |  |     
|                                        |  | 2013                     |           |  | 2012 |   |           | Estimated TotalUseful Lives(Years)
|                                        |  | (in thousands of Pesos) 
|Vessels                                 |  | $                        | 7,030,847 |  |      | $ | 7,350,720 |                                    |  | 24        
|Shipyard                                |  |                          | 56,300    |  |      |   | 57,979    |                                    |  | 39        
|Drydocks (major vessel repairs)         |  |                          | 99,927    |  |      |   | 107,760   |                                    |  | 1.5       
|Buildings and installations             |  |                          | 207,251   |  |      |   | 230,774   |                                    |  | 19 and 24 
|Warehousing equipment                   |  |                          | 18        |  |      |   | 5,753     |                                    |  | 9         
|Computer equipment                      |  |                          | 488       |  |      |   | 1,436     |                                    |  | 2 and 3   
|Terminal equipment                      |  |                          | 5,457     |  |      |   | 7,926     |                                    |  | 9         
|Ground transportation equipment         |  |                          | 10,853    |  |      |   | 212,484   |                                    |  | 3, 4 and 9
|Other equipment                         |  |                          | 8,305     |  |      |   | 11,989    |                                    |  |           
|                                        |  |                          |           |  |      |   |           |                                    |  |           
|                                        |  | $                        | 7,419,446 |  |      | $ | 7,986,821 |                                    |  |           
|Land                                    |  |                          | 1,338,414 |  |      |   | 1,401,551 |                                    |  |           
|Construction in progress                |  |                          | 295,258   |  |      |   | 328,281   |                                    |  |           
|                                        |  |                          |           |  |      |   |           |                                    |  |           
|Total Property, Plant and Equipmentnet |  | $                        | 9,053,118 |  |      | $ | 9,716,653 |                                    |  |           
|                                        |  |                          |           |  |      |   |           |                                    |  |           

On January 30, 2012, the Company acquired a shipyard in the port of Tampico for $54.3 million. The
shipyard is focused on ship repair and has two floating docks with capacity of 3,000 metric tons.

As of December 31, 2013, 22
offshore vessels, 5 tanker vessels and 5 tugboats have been pledged to secure our obligations under our Trust Certificates program. In addition, 10 properties have been pledged to secure our obligations under our line of credit from Banco Nacional
de Comercio Exterior.

The Company has adopted the revaluation model to determine the carrying amounts for one class of its fixed assets
(properties), in accordance with IAS 16, Property, Plant and Equipment. As a result, in December 2013, the Company recognized a net surplus of $135.4 million from the revaluation of fixed assets as follows: land $104.5 million and
buildings and facilities $30.9 million. See Note 3.8 to the accompanying Audited Consolidated Financial Statements contained elsewhere herein.

As of July 2013, Grupo TMM sold 100% of its interest in its truck transportation and haul-away trailers business. See Note 18 to the
accompanying Audited Consolidated Financial Statements contained elsewhere herein.



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

None.



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##### Table of Contents

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

Executive Overview

We generate our revenues and cash flows by providing our customers with value-added multimodal transportation and logistics services, such as
warehousing, storage management, ports and terminals operations, cargo handling and logistics support. Our commercial and strategic alliances allow us to market a full range of services in the context of a total supply chain distribution process.
Through such alliances, we have been able to benefit not only from synergies, but also from the operational expertise of our alliance partners, enhancing our own competitiveness.

Our operating results are generally affected by a variety of factors, including macroeconomic conditions, fluctuations in exchange rates,
operating performance of our business units, changes in applicable regulations and fluctuations in oil prices. The effect of changes in these factors impacts our revenues and operating results.

Over the last few years, we have made and continue to make significant changes to our business, including:



| |  |  | 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 offshore vessels to our fleet in order to meet market requirements for new generation vessels with higher-rated and deeper-water capabilities. In addition, we have attempted to increase our cabotage services
through medium and long-term contracts, and have continued our efforts to add specialized offshore vessels to our fleet in order to satisfy increasing Mexican demand for exploration and distribution services. 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 23% 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 PEMEXs expected demand for new offshore vessels. See Item 4. Information on the Company  Business Strategy  Expansion of our Maritime Operations.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Developing a container terminal and liquids terminal at the port of Tuxpan: We continue to work towards developing a container terminal and a liquids terminal at the port of Tuxpan, Veracruz. The container
terminal should help us meet the increasing demand in the Gulf of Mexico resulting from the growth of the Mexican market. The liquids terminal should help us manage current gasoline and diesel imports as well as increased imports which are expected
to result from the construction of a pipeline and a berthing position. See Item 4. Information on the Company  Business Strategy  Development of Container Terminal and Liquids Terminal at the Port of Tuxpan.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Repaying and restructuring our debt: In May 2011, we prepaid in full the remaining US$9.1 million outstanding on our US$200 million Securitization Facility with Deutsche Bank AG, which was established in
September 2006 and successfully restructured in December 2009, and restructured and partially prepaid debt related to parcel tankers with DVB Bank. We continue to review and analyze alternatives to refinance our debt to extend the maturity and
reduce the interest expense thereof. See Item 4. Information on the Company  Recent Developments  Mexican Peso-Denominated Trust Certificates Program and  Restructuring and Termination of Receivables
Securitization Facility; Associated Capital Increase.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Our Trust Certificates Program: On April 30, 2007 we established a Mexican Peso-Denominated Trust Certificates Program for the issuance of
trust certificates, which are securities secured by trust assets and denominated in Mexican Pesos, for an aggregate amount of Ps. 9 billion. We closed our first, second, and third issuances of trusts certificates under the program on July 19,
2007, April 30, 2008, and July 1, 2008, respectively, in an amount of Ps. 3 billion, Ps. 1.55 billion, and Ps. 4.39 billion, respectively. Our first
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | issuance was used primarily to refinance existing vessel indebtedness. Our second issuance was primarily used to finance the acquisition of five new and used vessels for an approximate aggregate
amount of US$111.4 million. Our third issuance was used to acquire new and used vessels. We closed our fourth issuance of trust certificates under the program on July 29, 2010 in an amount of Ps. 10.5 billion. This issuance was used primarily
to repay the previous three issuances, thereby consolidating the debt under the program, and to refinance existing vessel indebtedness. According to this fourth issuance of the program, the Company has the right to capitalize a portion of the
accrued interest on the trust certificates during the first five years after issuance. See Item 4. Information on the Company  Recent Developments  Mexican Peso-Denominated Trust Certificates Program.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Reducing our corporate overhead: Over the last few years, we have significantly reduced our operating costs by reducing our corporate executive headcount from 222 to 97 full-time equivalent positions, through the
elimination of redundant functions and the transfer of certain employees to other business areas within the Company. For 2014, no further reductions are contemplated. However, as part of our business strategy, we intend to maintain our corporate
expenses at a level no greater than 5% of our revenues.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Introducing cost-saving technology: We have developed TMM Plus, an Internet-based information systems platform that integrates logistics services, thereby increasing the efficiency of our logistics operations.
The information systems platform supports dedicated logistics contracts and yard management. The systems platform allows our customers to access information regarding the location and status of their cargo via computer. See Item 4.
Information on the Company  Logistics Operations  TMM Plus.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Sale of Certain Subsidiaries: Since 2008, Grupo TMM, in an effort to streamline its operations and reduce operating costs, has sold certain non-strategic subsidiaries and recognized a US$17.7 million gain on the
sale of such subsidiaries. On April 20, 2010, Grupo TMM agreed to sell its stockholdings in the companies that comprised Grupo Seglo to its partner for $60 million. On June 30, 2013, we sold our truck transportation and haul-away trailers
operation to an unrelated third party for $43.9 million.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Operating Results

The following discussion should be read in conjunction with, and is qualified in its entirety by reference to our Financial Statements and the
notes thereto appearing elsewhere in this Annual Report. Our Financial Statements have been prepared in accordance with IFRS, which differ in certain respects from U.S. GAAP.

General

Set forth below is a summary of
the results of operations:



|                                     |  |                         |         |   |      |   |         |      |  |   |         |  
|------------------------------------ |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                     |  | Year Ended December 31, |        
|                                     |  | 2013                    |         |   | 2012 |   |         | 2011 | 
|                                     |  | (in millions of Pesos)  |        
|Consolidated Transportation Revenues |  |                         |         |   |      |   |         |      |  |   |         |  
|Maritime Operations                  |  | $                       | 2,455.3 |   |      | $ | 2,188.8 |      |  | $ | 2,133.4 |  
|Ports and Terminals Operations       |  |                         | 113.4   |   |      |   | 101.2   |      |  |   | 123.7   |  
|Logistics Operations                 |  |                         | 219.2   |   |      |   | 249.7   |      |  |   | 210.5   |  
|Other business(*)                    |  |                         | 50.6    |   |      |   | 52.5    |      |  |   | 46.7    |  
|                                     |  |                         |         |   |      |   |         |      |  |   |         |  
|Total                                |  | $                       | 2,838.5 |   |      | $ | 2,592.2 |      |  | $ | 2,514.3 |  
|                                     |  |                         |         |   |      |   |         |      |  |   |         |  
|Income on Transportation             |  |                         |         |   |      |   |         |      |  |   |         |  
|Maritime Operations                  |  | $                       | 517.8   |   |      | $ | 442.9   |      |  | $ | 518.9   |  
|Ports and Terminals Operations       |  |                         | 0.2     |   |      |   | (3.8    | )    |  |   | 27.8    |  
|Logistics Operations                 |  |                         | 40.7    |   |      |   | 58.6    |      |  |   | 38.8    |  
|Shared corporate costs               |  |                         | (205.4  | ) |      |   | (185.2  | )    |  |   | (199.3  | )
|                                     |  |                         |         |   |      |   |         |      |  |   |         |  
|Total                                |  | $                       | 353.3   |   |      | $ | 312.5   |      |  | $ | 386.2   |  
|                                     |  |                         |         |   |      |   |         |      |  |   |         |  



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



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Fiscal Year ended December 31, 2013 Compared to Fiscal Year ended December 31,
2012

Revenues from operations for the year ended December 31, 2013 were $2,838.5 million compared to $2,592.2 million for the
year ended December 31, 2012.



|                               |  |                                                                                    |         |  |                  |  |       |      |  |   |                  |  |  |                        |       |   |  |  |       |   
|------------------------------ |  | ---------------------------------------------------------------------------------- | ------- |  | ---------------- |  | ----- | ---- |  | - | ---------------- |  |  | ---------------------- | ----- | - |  |  | ----- | --
|                               |  | Consolidated Transportation Revenues(in millions of Pesos)Years Ended December 31, |        
|                               |  | 2013                                                                               |         |  | % of NetRevenues |  |       | 2012 |  |   | % of NetRevenues |  |  | Y2013 vs.Y2012% Change |      
|Ports and Terminals Operations |  | $                                                                                  | 113.4   |  |                  |  | 4.0   | %    |  | $ | 101.2            |  |  |                        | 3.9   | % |  |  | 12.1  | % 
|Maritime Operations            |  |                                                                                    | 2,455.3 |  |                  |  | 86.5  | %    |  |   | 2,188.8          |  |  |                        | 84.5  | % |  |  | 12.2  | % 
|Logistics Operations           |  |                                                                                    | 219.2   |  |                  |  | 7.7   | %    |  |   | 249.7            |  |  |                        | 9.6   | % |  |  | (12.2 | )%
|Other business(*)              |  |                                                                                    | 50.6    |  |                  |  | 1.8   | %    |  |   | 52.5             |  |  |                        | 2.0   | % |  |  | (3.6  | )%
|                               |  |                                                                                    |         |  |                  |  |       |      |  |   |                  |  |  |                        |       |   |  |  |       |   
|Total                          |  | $                                                                                  | 2,838.5 |  |                  |  | 100.0 | %    |  | $ | 2,592.2          |  |  |                        | 100.0 | % |  |  | 9.5   | % 
|                               |  |                                                                                    |         |  |                  |  |       |      |  |   |                  |  |  |                        |       |   |  |  |       |   



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

Ports and Terminals
Operations

Ports and Terminals Operations revenues increased 12.1% to $113.4 million for the year ended December 31,
2013 compared to $101.2 million for the year ended December 31, 2012, and accounted for 4.0% of total net revenues. This increase is mainly due to increased volumes in the port of Tuxpan, where volume increased to 206,000 ton in 2013 from
53,000 tons in 2012, due to a major movement of mineral bulk (rocks) shipped in this port. The increase was partially offset by a decrease in volumes in the automotive segment in Acapulco (76,557 in 2013 vs. 89,187 in 2012), which is a result of
changes in the units exported to Asia, and by a reduction of revenue at shipping agencies due to lower volumes.

Maritime Operations

Maritime Operations revenues increased 12.2% to $2,455.3 million in 2013 compared to $2,188.8 million in 2012 and accounted
for 86.5% of total net revenues. This increase was mainly attributable to an increase in our offshore vessels business due to higher utilization; a 12.6% revenue improvement in our parcel tanker business as a result of operating one additional
leased vessel during the first quarter and half of the second quarter of 2013; 20.3% revenue growth in our harbor tugs business due primarily to higher rates for our services at the port of Manzanillo; and a 14.0% revenue increase in our product
tanker business due to a higher utilization of the vessels. Additionally, the shipyard business reported 4.9% higher revenue in 2013 compared to 2012, as revenue improved throughout 2013, from $6.9 million in the first quarter, to $9.8 million in
the second quarter, to $18.4 million in the third quarter and to $17.8 million in the fourth quarter. The increased revenue in 2013 was primarily attributable to an increase in client demand for higher value services.

Logistics Operations

Logistics Operations revenues decreased 12.2% to $219.2 million in 2013 compared to $249.7 million in 2012 and accounted for 7.7% of
total net revenues. This decrease was mainly attributable to a revenue loss in the automotive segment due to the loss of a client. The decrease was partially offset by higher revenues in the maintenance and repair segment, which was mainly due to a
6.6% volume increase at the Veracruz facility compared to the 2012.



45



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##### Table of Contents

Income on Transportation

Under IFRS, income on transportation reflects revenues on transportation less operating costs and expenses. References to operating income in
this Annual Report refer to income on transportation, plus/minus the effect of other income (expenses) as presented in the Financial Statements included elsewhere in this Annual Report.

Total costs and expenses for the year ended December 31, 2013 increased 9.0% to $2,485.2 million from $2,279.7 million for the year ended
December 31, 2012. This increase was mainly attributable to an increase of 7.6%, or $42.8 million, in leases and other rents, an increase of 17.9%, or $57.5 million, in contracted services, an increase of 34.5%, or $53.1 million, in fuels,
materials and accessories, an increase of 4.8%, or $30.3 million, in salaries, wages and employee benefits, and an increase of 3.3%, or $18.7 million, in depreciation and amortization. Operating income increased 49.1% to $417.3 million for the year
ended December 31, 2013 from an operating income of $279.8 million for the year ended December 31, 2012.

The following table
sets forth information concerning the Companys operating income on transportation by business segment for the years ended December 31, 2013 and 2012, respectively.



|                               |  |                                                                                                  |        |   |      |   |        |                       |  |  |        |   
|------------------------------ |  | ------------------------------------------------------------------------------------------------ | ------ | - | ---- | - | ------ | --------------------- |  |  | ------ | --
|                               |  | Grupo TMM OperationsIncome on Transportation (1)(2)(in millions of
Pesos)Year Ended December 31, |       
|                               |  | 2013                                                                                             |        |   | 2012 |   |        | Y2013 vs.Y2012%Change | 
|Ports and Terminals Operations |  | $                                                                                                | 0.2    |   |      | $ | (3.8   | )                     |  |  | (105.3 | )%
|Maritime Operations            |  |                                                                                                  | 517.8  |   |      |   | 442.9  |                       |  |  | 16.9   | % 
|Logistics Operations           |  |                                                                                                  | 40.7   |   |      |   | 58.6   |                       |  |  | (30.5  | )%
|Shared Corporate Costs         |  |                                                                                                  | (205.4 | ) |      |   | (185.2 | )                     |  |  | (10.9  | )%
|                               |  |                                                                                                  |        |   |      |   |        |                       |  |  |        |   
|Total                          |  | $                                                                                                | 353.3  |   |      | $ | 312.5  |                       |  |  | 13.1   | % 
|                               |  |                                                                                                  |        |   |      |   |        |                       |  |  |        |   



|(1) | Operating results are reported as Income on Transportation 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, 2013 and 2012, 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 2013: $22.9 million in Ports and Terminals Operations, $92.4 million in Maritime Operations,
$12.2 in Logistics Operations and $196.9 in shared corporate costs. In 2012: $23.6 million in Ports and Terminals Operations, $92.3 million in Maritime Operations, $10.3 in Logistics Operations and $172.0 in shared corporate costs.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ports and Terminals Operations

Ports and Terminals Operations operating income for the year ended December 31, 2013 increased to $0.3 million compared to a loss
$3.8 million for the year ended December 31, 2012, after deducting $35.1 million of administrative costs in 2013 compared to $35.7 million of such costs in 2012. This increase is mainly due to increased volumes in the port of Tuxpan, where
volume increased to 206,000 tons in 2013 from 53,000 tons in 2012, due to a major movement of mineral bulk (rocks) shipped in this port. The increase was partially offset by a decrease in volumes in the automotive segment in Acapulco (76,557 units
in 2013 vs. 89,187 units in 2012), which is a result of a decrease in the number of units exported to Asia, as well as by a reduction of revenue at shipping agencies due to lower volumes.

Maritime Operations

Maritime Operations operating income for the year ended December 31, 2013 increase to $517.8 million compared to $442.9 million for
the year ended December 31, 2012, after deducting $92.3 million of administrative costs in both 2013 and 2012. This increase was mainly attributable to an increase in our offshore vessels business



46



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##### Table of Contents

due to higher utilization; a 12.6% revenue improvement in our parcel tanker business as a result of operating one additional leased vessel during the first quarter and half of the second quarter
of 2013; 20.3% revenue growth in our harbor tugs business due to an improved revenue mix; and a 14.0% revenue increase in our product tanker business due to a higher utilization of the vessels. Additionally, the shipyard business reported 4.9%
higher revenue in 2013 compared to 2012, as revenue improved throughout 2013, from $6.9 million in the first quarter, to $9.8 million in the second quarter, to $18.4 million in the third quarter and to $17.8 million in the fourth quarter.

Logistics Operations

Logistics Operations operating income for the year ended December 31, 2013 decreased to $40.6 million, compared to $58.6 million for the
year ended December 31, 2012. This decrease was mainly attributable to an operating loss in the automotive business due to the loss of a client. The decrease was partially offset by higher operating income at the maintenance and repair segment,
which was mainly due to a 6.6% increase in volume at the Veracruz facility compared to 2012.

Net Financing Cost



|                                                     |  |                                               |       |   |      |   |       |                       |  |  |        |   
|---------------------------------------------------- |  | --------------------------------------------- | ----- | - | ---- | - | ----- | --------------------- |  |  | ------ | --
|                                                     |  | (in millions of Pesos)Year Ended December 31, |      
|                                                     |  | 2013                                          |       |   | 2012 |   |       | Y2013vs.Y2012% Change | 
|Interest income                                      |  | $                                             | 37.9  |   |      |   | 49.6  |                       |  |  | (23.6  | )%
|                                                     |  |                                               |       |   |      |   |       |                       |  |  |        |   
|Interest expense                                     |  |                                               |       |   |      |   |       |                       |  |  |        |   
|Interest on trust certificates                       |  | $                                             | 764.9 |   |      |   | 774.9 |                       |  |  | (1.3   | )%
|Interest on other loans                              |  |                                               | 80.9  |   |      |   | 82.0  |                       |  |  | (1.3   | )%
|Interest rate CAP                                    |  |                                               | (4.4  | ) |      |   | 5.9   |                       |  |  | (174.6 | )%
|Amortization of trust certificate placement expenses |  |                                               | 78.4  |   |      |   | 79.7  |                       |  |  | (1.6   | )%
|Amortization of expenses associated with other loans |  |                                               | 10.8  |   |      |   | 10.7  |                       |  |  | 0.9    | % 
|Other financial expenses                             |  |                                               | 12.2  |   |      |   | 28.2  |                       |  |  | (56.7  | )%
|Subtotal                                             |  | $                                             | 942.8 |   |      | $ | 981.4 |                       |  |  | (3.9   | )%
|                                                     |  |                                               |       |   |      |   |       |                       |  |  |        |   
|Gain on exchange, net                                |  | $                                             | 4.4   |   |      | $ | 44.9  |                       |  |  | (90.2  | )%
|                                                     |  |                                               |       |   |      |   |       |                       |  |  |        |   
|Net financing cost                                   |  | $                                             | 900.5 |   |      | $ | 886.9 |                       |  |  | 1.5    | % 

Net financing cost recognized during the year ended December 31, 2013 was a $900.5 million debit compared
to a $886.9 million debit incurred during the year ended December 31, 2012. The net financing cost in 2013 included a net exchange gain of $4.4 million and in 2012 included a net exchange gain of $44.9 million as a result of fluctuations in the
relative value of the Peso against the Dollar. Interest expense decreased $38.6 million in 2013. Interest payments on our trust certificates are due semi-annually in February and August. In 2013, we paid approximately $784.9 million of interest
on our trust certificates and a principal prepayment of $5.0 million. The variation resulted from the change in functional and reporting currency from Dollars to Pesos, eliminating in 2013 the currency exchange variation resulting from our
Peso-denominated debt.

Other Expenses  Net



|                     |  |                                               |      |  |      |   |       |                       |  |  |       |  
|-------------------- |  | --------------------------------------------- | ---- |  | ---- | - | ----- | --------------------- |  |  | ----- | -
|                     |  | (in millions of Pesos)Year Ended December 31, |     
|                     |  | 2013                                          |      |  | 2012 |   |       | Y2013vs.Y2012% Change | 
|Other expenses  net |  | $                                             | 64.0 |  |      | $ | (32.6 | )                     |  |  | 296.0 | %

Other expenses  net for the year ended December 31, 2013 was $63.9 million and included primarily
$42.0 million of taxes recovered, net of expenses, $14.1 million of gain on property adjudication, $9.8 million of cancellation provision and $(13.1) million of reserve for prepayment and arbitration expenses. Other expenses  net for the year
ended December 31, 2012 was $26.4 million and included primarily $74.2 million in gain on the purchase of the Tampico shipyard and $100 million of costs related to the resolution of certain tax proceedings. (See Notes 20 and 26(h) to the
accompanying Audited Consolidated Financial Statements contained elsewhere herein).



47



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##### Table of Contents

Expenses from Income Taxes



|                           |  |                                               |     |  |      |   |     |                       |  |  |       |   
|-------------------------- |  | --------------------------------------------- | --- |  | ---- | - | --- | --------------------- |  |  | ----- | --
|                           |  | (in millions of Pesos)Year Ended December 31, |    
|                           |  | 2013                                          |     |  | 2012 |   |     | Y2013vs.Y2012% Change | 
|Expenses from income taxes |  | $                                             | 4.7 |  |      | $ | 8.8 |                       |  |  | (46.6 | )%

In the year ended December 31, 2013, we incurred a tax expense of $4.7 million compared to $8.8 million
for the year ended December 31, 2012. The decrease in 2013 was due primarily to the application of certain tax benefits.

Non-controlling Interest



|                         |  |                                               |     |  |      |   |     |                       |  |  |      |   
|------------------------ |  | --------------------------------------------- | --- |  | ---- | - | --- | --------------------- |  |  | ---- | --
|                         |  | (in millions of Pesos)Year Ended December 31, |    
|                         |  | 2013                                          |     |  | 2012 |   |     | Y2013vs.Y2012% Change | 
|Non-controlling interest |  | $                                             | 5.0 |  |      | $ | 5.3 |                       |  |  | (5.7 | )%

Non-controlling interest decreased to $5.0 million for the year ended December 31, 2013, from $5.3
million for the year ended December 31, 2012.

Net Income (Loss) for the year attributable to stockholders of Grupo TMM



|                                                                         |  |                                               |        |   |      |   |        |                       |  |  |       |   
|------------------------------------------------------------------------ |  | --------------------------------------------- | ------ | - | ---- | - | ------ | --------------------- |  |  | ----- | --
|                                                                         |  | (in millions of Pesos)Year Ended December 31, |       
|                                                                         |  | 2013                                          |        |   | 2012 |   |        | Y2013vs.Y2012% Change | 
|Net Income (Loss) for the year attributable to stockholders of Grupo TMM |  | $                                             | (556.4 | ) |      | $ | (786.4 | )                     |  |  | (29.2 | )%

In the year ended December 31, 2013, we recognized a net loss of $556.4 million, or $5.4 per Share. In
the year ended December 31, 2012, we recognized a net loss of $786.4 million, or $7.6 per Share.



48



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##### Table of Contents

Fiscal Year ended December 31, 2012 Compared to Fiscal Year ended December 31,
2011

Revenues from operations for the year ended December 31, 2012 were $2,592.2 million compared to $2,514.3 million for the
year ended December 31, 2011.



|                               |  |                                                                                    |         |  |                  |  |       |      |  |   |                  |  |  |                        |       |   |  |  |       |   
|------------------------------ |  | ---------------------------------------------------------------------------------- | ------- |  | ---------------- |  | ----- | ---- |  | - | ---------------- |  |  | ---------------------- | ----- | - |  |  | ----- | --
|                               |  | Consolidated Transportation Revenues(in millions of pesos)Years Ended December 31, |        
|                               |  | 2012                                                                               |         |  | % of NetRevenues |  |       | 2011 |  |   | % of NetRevenues |  |  | Y2012 vs.Y2011% Change |      
|Ports and Terminals Operations |  | $                                                                                  | 101.2   |  |                  |  | 3.9   | %    |  | $ | 123.7            |  |  |                        | 4.9   | % |  |  | (18.2 | )%
|Maritime Operations            |  |                                                                                    | 2,188.8 |  |                  |  | 84.5  | %    |  |   | 2,133.4          |  |  |                        | 84.9  | % |  |  | 2.6   | % 
|Logistics Operations           |  |                                                                                    | 249.7   |  |                  |  | 9.6   | %    |  |   | 210.5            |  |  |                        | 8.4   | % |  |  | 18.6  | % 
|Other business(*)              |  |                                                                                    | 52.5    |  |                  |  | 2.0   | %    |  |   | 46.7             |  |  |                        | 1.8   | % |  |  | 12.5  | % 
|                               |  |                                                                                    |         |  |                  |  |       |      |  |   |                  |  |  |                        |       |   |  |  |       |   
|Total                          |  | $                                                                                  | 2,592.2 |  |                  |  | 100.0 | %    |  | $ | 2,514.3          |  |  |                        | 100.0 | % |  |  | 3.1   | % 
|                               |  |                                                                                    |         |  |                  |  |       |      |  |   |                  |  |  |                        |       |   |  |  |       |   



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

Ports and
Terminals Operations

Ports and Terminals Operations revenues decreased 18.2% to $101.2 million for the year ended
December 31, 2012 compared to $123.7 million for the year ended December 31, 2011, and accounted for 3.9% of total net revenues. This decrease was mainly due to a decrease in volumes in the cruise segment in Acapulco (9 ship calls in 2012
vs. 81 ship calls in 2011), which is a result of changes in Pacific cruise routes to other destinations because of the current security concerns that exist in this port, as well as a reduction of revenue at shipping agencies due to lower volumes.

Maritime Operations

Maritime Operations revenues increased 2.6% to $2,188.8 million in 2012 compared to $2,133.4 million in 2011 and accounted for 84.4% of
total net revenues. This increase was mainly attributable to an increase in the number of our offshore vessels in operation, productivity and utilization. In addition, revenues from our tugboat business increased due to the provision of tug services
to a new Liquefied Natural Gas terminal at Manzanillo in March of 2012 and our purchase of IDN, a company that holds a concession to operate a shipyard in the port of Tampico.

Logistics Operations

Logistics Operations revenues increased 18.6% to $249.7 million in 2012 compared to $210.5 million in 2011 and accounted for 9.7% of
total net revenues. This increase was mainly attributable to increased revenues in the automotive business at Puebla and Saltillo, and to 5.5% higher revenue in the maintenance and repair segment.

Income on Transportation

Under IFRS,
income on transportation reflects revenues on transportation less operating costs and expenses. References to operating income in this Annual Report refer to income on transportation, plus/minus the effect of other income (expenses) as presented in
the Financial Statements included elsewhere in this Annual Report.

Total costs and expenses for the year ended December 31, 2012
increased 7.1% to $2,279.7 million from $2,128.0 million for the year ended December 31, 2011. This increase was mainly attributable to an increase of 3.2%, or $17.4 million, in leases and other rents, an increase of 34.3%, or $39.3 million, in
contracted services, an increase of 12.0%, or $68.2 million, in salaries, wages and employee benefits, and an increase of 8.2%, or $43.2 million, in depreciation and amortization. Operating income decreased 15.7% to $279.8 million for the year ended
December 31, 2012 from an operating income of $331.8 million for the year ended December 31, 2011.



49



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##### Table of Contents

The following table sets forth information concerning the Companys operating income on
transportation by business segment for the year ended December 31, 2012.



|                               |  |                                                                                                  |        |   |      |   |        |                       |  |  |        |   
|------------------------------ |  | ------------------------------------------------------------------------------------------------ | ------ | - | ---- | - | ------ | --------------------- |  |  | ------ | --
|                               |  | Grupo TMM OperationsIncome on Transportation (1)(2)(in millions of
Pesos)Year Ended December 31, |       
|                               |  | 2012                                                                                             |        |   | 2011 |   |        | Y2012 vs.Y2011%Change | 
|Ports and Terminals Operations |  | $                                                                                                | (3.8   | ) |      | $ | 27.8   |                       |  |  | (113.6 | )%
|Maritime Operations            |  |                                                                                                  | 442.9  |   |      |   | 518.9  |                       |  |  | (14.6  | )%
|Logistics Operations           |  |                                                                                                  | 58.6   |   |      |   | 38.9   |                       |  |  | 51.0   | % 
|Shared Corporate Costs         |  |                                                                                                  | (185.2 | ) |      |   | (199.3 | )                     |  |  | (7.0   | )%
|                               |  |                                                                                                  |        |   |      |   |        |                       |  |  |        |   
|Total                          |  | $                                                                                                | 312.5  |   |      | $ | 386.3  |                       |  |  | (19.1  | )%
|                               |  |                                                                                                  |        |   |      |   |        |                       |  |  |        |   



|(1) | Operating results are reported as Income on Transportation 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, 2012 and 2011, 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 2012: $23.6 million in Ports and Terminals Operations, $92.3 million in Maritime Operations,
$10.3 in Logistics Operations and $172.0 in shared corporate costs. In 2011: $22.4 million in Ports and Terminals Operations, $84.5 million in Maritime Operations, $12.3 million in Logistics Operations and $186.4 million in shared corporate costs.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ports and Terminals Operations

Ports and Terminals Operations incurred an operating loss for the year ended December 31, 2012 of $3.8 million, after deducting
$23.6 million of administrative costs, compared to $27.8 million, after deducting $22.9 million of administrative costs, for the year ended December 31, 2011. The operating loss was primarily due to an 89% reduction in cruise ship activity at
Acapulco.

Maritime Operations

Maritime Operations operating income for the year ended December 31, 2012 decreased to $442.9 million, after deducting $92.3 million
of administrative costs, compared to $518.9 million, after deducting $85.0 million of administrative costs, for the year ended December 31, 2011. This decrease was mainly due to decreased revenue in the product tanker business, the fact that
one tanker was unused throughout the second half of 2012, and costs associated with one time-chartered offshore vessel.

Logistics
Operations

Logistics Operations incurred operating income for the year ended December 31, 2012 of $249.7 million, after
deducting $1.8 million of administrative costs, compared to operating income of $210.5 million, after deducting $12.3 million of administrative costs, for the year ended December 31, 2011. Operating income in 2012 increased slightly due to a
24.8% increase in volumes and rates in the automotive segment compared with 2011.



50



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##### Table of Contents

Net Financing Cost



|                                                     |  |                                               |       |  |      |   |         |                       |  |  |       |   
|---------------------------------------------------- |  | --------------------------------------------- | ----- |  | ---- | - | ------- | --------------------- |  |  | ----- | --
|                                                     |  | (in millions of Pesos)Year Ended December 31, |      
|                                                     |  | 2012                                          |       |  | 2011 |   |         | Y2012vs.Y2011% Change | 
|Interest Income                                      |  | $                                             | 49.6  |  |      |   | 43.8    |                       |  |  | 13.2  | % 
|                                                     |  |                                               |       |  |      |   |         |                       |  |  |       |   
|Interest expense                                     |  |                                               |       |  |      |   |         |                       |  |  |       |   
|Interest on trust certificates                       |  | $                                             | 774.9 |  |      |   | 775.9   |                       |  |  | (0.1  | )%
|Interest on other loans                              |  |                                               | 82.0  |  |      |   | 78.0    |                       |  |  | 5.1   | % 
|Interest rate CAP                                    |  |                                               | 5.9   |  |      |   | 9.0     |                       |  |  | 34.4  | % 
|Amortization of trust certificate placement expenses |  |                                               | 79.7  |  |      |   | 90.8    |                       |  |  | (12.2 | )%
|Amortization of expenses associated with other loans |  |                                               | 10.7  |  |      |   | 70.3    |                       |  |  | (84.8 | )%
|Other financial expenses                             |  |                                               | 28.2  |  |      |   | 14.3    |                       |  |  | (98.4 | )%
|Subtotal                                             |  | $                                             | 981.4 |  |      | $ | 1,038.3 |                       |  |  | (5.5  | )%
|                                                     |  |                                               |       |  |      |   |         |                       |  |  |       |   
|Gain on exchange, net                                |  | $                                             | 44.9  |  |      | $ | 1,160.1 |                       |  |  | (96.1 | )%
|                                                     |  |                                               |       |  |      |   |         |                       |  |  |       |   
|Net financing cost                                   |  | $                                             | 886.9 |  |      | $ | (165.6  | )                     |  |  | 635.6 | % 

Net financing cost recognized during the year ended December 31, 2012 was a $896.8 million debit compared
to a $165.6 million credit incurred during the year ended December 31, 2011. The net financing cost in 2012 included a net exchange gain of $44.9 million and in 2011 included a net exchange gain of $1,160.1 million as a result of fluctuations
in the relative value of the Peso against the Dollar. Interest expense decreased $56.9 million in 2012. Interest payments on our trust certificates are due semi-annually in February and August. In 2012, we paid approximately $540.7 million of
interest on our trust certificates and a principal prepayment of $15.4 million. The variation resulted from the change in functional and reporting currency from Dollars to Pesos, eliminating in 2012 the currency exchange variation resulting
from our Peso-denominated debt.

Other Expenses  Net



|                     |  |                                               |       |   |      |   |       |                       |  |  |      |  
|-------------------- |  | --------------------------------------------- | ----- | - | ---- | - | ----- | --------------------- |  |  | ---- | -
|                     |  | (in millions of Pesos)Year Ended December 31, |      
|                     |  | 2012                                          |       |   | 2011 |   |       | Y2012vs.Y2011% Change | 
|Other expenses  net |  | $                                             | (32.6 | ) |      | $ | (54.5 | )                     |  |  | 40.2 | %

Other expenses  net for the year ended December 31, 2012 was $26.4 million and included primarily
$74.2 million in gain on the purchase of the Tampico shipyard and $100 million of costs related to the resolution of certain tax proceedings. Other expenses  net for the year ended December 31, 2011 was $175.3 million and included
primarily $83.6 million in reserves for prepayment and arbitration expenses. (See Notes 20 and 26(h) to the accompanying Audited Consolidated Financial Statements contained elsewhere herein).

Expenses from Income Taxes



|                           |  |                                               |     |  |      |   |      |                       |  |  |       |   
|-------------------------- |  | --------------------------------------------- | --- |  | ---- | - | ---- | --------------------- |  |  | ----- | --
|                           |  | (in millions of Pesos)Year Ended December 31, |    
|                           |  | 2012                                          |     |  | 2011 |   |      | Y2012vs.Y2011% Change | 
|Expenses from income taxes |  | $                                             | 8.8 |  |      | $ | 12.0 |                       |  |  | (26.7 | )%

In the year ended December 31, 2012, we incurred a tax expense of $8.8 million compared to $12.0 million
for the year ended December 31, 2011. The decrease in 2012 was due primarily to the application of certain tax benefits.



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Non-controlling Interest



|                         |  |                                               |     |  |      |   |      |                       |  |  |       |   
|------------------------ |  | --------------------------------------------- | --- |  | ---- | - | ---- | --------------------- |  |  | ----- | --
|                         |  | (in millions of Pesos)Year Ended December 31, |    
|                         |  | 2012                                          |     |  | 2011 |   |      | Y2012vs.Y2011% Change | 
|Non-controlling interest |  | $                                             | 5.3 |  |      | $ | 12.5 |                       |  |  | (57.6 | )%

Non-controlling interest decreased to $5.3 million for the year ended December 31, 2012, from $12.5
million for the year ended December 31, 2011. This decrease is due to a decrease in net income for the year from companies in which we hold a non-controlling interest.

Net Income (Loss) for the year attributable to stockholders of Grupo TMM



|                                                                         |  |                                               |        |   |      |   |       |                       |  |  |        |   
|------------------------------------------------------------------------ |  | --------------------------------------------- | ------ | - | ---- | - | ----- | --------------------- |  |  | ------ | --
|                                                                         |  | (in millions of Pesos)Year Ended December 31, |       
|                                                                         |  | 2012                                          |        |   | 2011 |   |       | Y2012vs.Y2011% Change | 
|Net Income (Loss) for the year attributable to stockholders of Grupo TMM |  | $                                             | (786.4 | ) |      | $ | 179.0 |                       |  |  | (539.3 | )%

In the year ended December 31, 2012, we recognized a net loss of $786.4 million, or $7.6 per Share. In
the year ended December 31, 2011, we recognized net income of $179.0 million, or $1.9 per Share.

Critical Accounting Policies

Our Financial Statements have been prepared in accordance with the IFRS as issued by the IASB.

We have identified certain key accounting policies on which our financial condition and results of operations are dependent. These key
accounting policies most often involve complex matters, may be based on estimates and involve a significant amount of judgment. In the opinion of our management, our critical accounting policies under IFRS are those related to revenue recognition,
translation to a foreign currency, deferred income taxes, labor obligations and impairment of long-lived assets. For a full description of all of our accounting policies. See Note 3 to the accompanying Audited Consolidated Financial Statements
contained elsewhere herein.

Revenue Recognition.Voyage revenues (parcel tankers) are recognized as income at the time the voyage
is completed. Revenues associated with voyages in process are deferred and recognized at the conclusion of the voyage. Voyage revenues for the relevant accounting period are recognized as income based on where the shipments originated and the
corresponding destination actually reached during that period. This requires that management, at the cut-off date for each accounting period, estimate the progress of shipments during that period. The income and costs of services of other
non-maritime operations are recognized at the time when services are provided.

Translation of Foreign Currency. As of
December 31, 2013 and 2012, the operating and reporting currency is the Mexican peso. As of January 1, 2012, the Company decided to change its functional and reporting currency from US dollars to Mexican pesos because the Mexican peso is
the currency of the primary economic environment in which Grupo TMM operates. The procedures for translating the functional currency were applied prospectively as of said date, as follows:



| |  |  | All asset and liability lines for the statement of financial position for 2011 were translated to the new functional currency using the exchange rate of $13.9476 Mexican pesos per US dollar.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In the case of non-monetary lines, the amounts were translated on this date based on their corresponding historic costs.
| | - |  | ------------------------------------------------------------------------------------------------------------------------



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| |  |  | The revenue and costs contained in each consolidated statement of operations and comprehensive income were translated using the exchange rates in effect for the transaction dates.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | All resulting exchange differences were reported in the comprehensive income as part of the Translation balance.
| | - |  | ------------------------------------------------------------------------------------------------------------------



| |  |  | The translation effect in 2012 of the non-monetary lines originated in pesos (fixed assets, intangible assets, and prepaid expenses) is originated by the difference between the historial original value and the
translation of such lines at the exchange rate of 13.9476, when registering such items at its historical value in pesos.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Deferred Income Taxes.We apply the provisions of IAS 12, Income Taxes. The guidance under IFRS establishes that the
recognition of net operating loss carryforwards should be based on the likelihood that such tax credits will be effectively used to offset future tax liabilities. In making such an evaluation we have to exercise significant judgment in estimating
the level of future taxable income that we will generate and our projections take into consideration certain assumptions, some of which are under our control and others, which are not. Key assumptions include inflation rates, currency fluctuations
and future revenue growth. If our assumptions are not accurate, the amount of tax credits we have recognized could be significantly impacted.

Labor obligations. Seniority premiums, to which employees are entitled after 15 years of service and after having retired at the age of
60, and retirement plan benefits obligations, are expensed in the years in which the services are rendered. Other compensation based on length of service to which employees may be entitled in the case of retirement and also dismissals of personnel
aged 55 and over, in accordance with the Federal Labor Law, are provided for based on an actuarial computation, in accordance with IAS 19 Employee Benefits. As of January 1, 2012, Grupo TMM has decided to voluntarily cancel its
accounting policy on the reserve for severance pay resulting from dismissals of personnel under 55 years of age, as this benefit has been withdrawn and as possible future restructuring costs will no longer involve the payment of these benefits on
termination of employment. The effects of this change in policy were applied retrospectively. The retrospective effects for 2011 resulted in a charge to operations of $10.0 million, cancellation of a liability for $7.3 million, and a benefit to
accrued earnings of $17.3 million; for 2010 they resulted in a charge to operations of $8.1 million, cancellation of a liability for $7.8 million, and a benefit to accrued earnings of $15.8 million.

Impairment of Long-Lived Assets. The Company reviews the carrying value of intangible assets and long-lived assets annually and
impairments are recognized whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its recoverable
amount, which is the higher of an assets net selling price and its value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable discounted cash flows.

Measurement of the impairment loss is based on the fair value of the asset which is determined based on management estimates and assumptions
and by making use of available market data, evaluated in accordance with IAS 36. In evaluating the carrying value and useful lives of long-lived assets, the Company reviews indicators of potential impairment, such as the present value of discounted
projected operating cash flows generated for the useful service life of the asset, asset sale and purchase values, business plans and overall market conditions.

In evaluating the Companys vessels for impairment, the Company determines the value of the vessel by calculating the present value of
its discounted projected operating cash flows over the course of its useful life (assuming a standard useful life of 25 years) and the expected residual value of the vessel. For each type of vessel, discounted projected operating cash flows are
calculated based upon assumptions that include the vessels average charter rate in the international market during the previous 10 years and current charter rates as indicated by recognized industry markers such as the Baltic Dry Index. The
residual value of a vessel is calculated based on average international scrap prices during the previous 10 years multiplied by a coefficient based on market transactions for similar vessels. The operational cost of each vessel is derived by using
the average of the previous 10 years (if data is only available for a shorter period, a shorter period is used), with cost projections determined based on the current use and maintenance expenses actually incurred, including drydocking and other
costs. The impairment calculation methodology also incorporates an annual rate of inflation and a discount rate derived from two components, a cost of debt calculation based on the 10-year U.S. dollar LIBOR average and a cost of equity calculation
based on the 10-year average interest rate for 10-year U.S. government bonds. Although the Company believes that the assumptions it incorporates into its calculations are reasonable and appropriate, such assumptions are unavoidably subjective.



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For the years ended December 31, 2013 and 2012, there were no impairment losses as the
recoverable values for the long-lived assets were significantly higher than their book values. For the year ended December 31, 2011, an impairment of US$0.9 million (approximately Ps. 11.8 million) was determined with respect to a vessel and an
impairment of US$10.4 million (approximately Ps. 135.9 million) was determined with respect to goodwill related to a business, as the recoverable values of the long-lived assets were determined to be lower than their book values. The amounts were
determined based on the result of the calculation of the value in use (discounted cash flow). For the year ended December 31, 2010, no losses for impairment were determined as the recoverable values for the long-lived assets were significantly
higher than their book values.

Financial instruments.Financial assets and financial liabilities are recognized when the Company
becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and
rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. Financial assets and financial liabilities are measured initially at fair value adjusted by transactions costs, except for
financial assets and financial liabilities carried at fair value through profit or loss, which are measured initially at fair value. Financial assets and financial liabilities are measured subsequently as described below.

Financial assets

For the
purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments are classified into the following categories upon initial recognition:



| |  |  | loans and receivables
| | - |  | ---------------------



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



| |  |  | held-to-maturity investments
| | - |  | ----------------------------



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

The category determines subsequent measurement and
whether any resulting income and expense is recognized in profit or loss or in other comprehensive income. All financial assets except for those at fair value through profit or loss are subject to review for impairment at least at each reporting
date. Financial assets are impaired when there is any objective evidence that a financial asset or a group of financial assets is impaired. Different criteria to determine impairment are applied for each category of financial assets, which are
described below. All income and expenses relating to financial assets that are recognized in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of
trade receivables which is presented within other expenses.

Financial liabilities

The Companys financial liabilities include borrowings, trade and other financial liabilities are measured subsequently at amortized cost
using the effective interest method, except for financial liabilities held for trading or designated at fair value through profit or loss, that are carried subsequently at fair value with gains or losses recognized in profit or loss.

Derivative financial instruments

A specific accounting treatment is required for derivatives designated as hedging instruments in cash flow hedge relationships. To qualify for
hedge accounting, the hedging relationship must meet several strict conditions with respect to documentation, probability of occurrence of the hedged transaction and hedge effectiveness. All



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other derivative financial instruments are accounted for at fair value through profit or loss. For the reporting periods under review, the Company has entered into a hedging derivative financial
instrument for the next two years. This instrument has been entered into to mitigate interest rate risk arising from the trust certificates issued under the Companys Trust Certificates Program. All derivative financial instruments used for
hedge accounting are recognized initially at fair value and reported subsequently at fair value in the statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging
instruments in cash flow hedges are recognized in other comprehensive income and included within the cash flow hedge reserve in equity. Any ineffectiveness in the hedge relationship is recognized immediately in profit or loss. If a forecast
transaction is no longer expected to occur or if the hedging instrument becomes ineffective, any related gain or loss recognized in other comprehensive income is transferred immediately to profit or loss.

Discontinued operations

Results for discontinued operations

A discontinued operation is a component of the entity that has been disposed of, or has been classified as held for sale, and:



| |  |  | 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.
| | - |  | --------------------------------------------------------

The gains or losses on discontinued
operations, including components of gains or losses from previous years are reported as a single amount on the consolidated statement of operations. This amount, which includes the gains or losses after taxes for discontinued operations and the
gains or losses after taxes resulting from measuring and disposing of assets classified as held for sale, are discussed in more detail in Note 18 to the accompanying Audited Consolidated Financial Statements contained elsewhere herein.

The disclosures for discontinued operations in the previous year are related to all the operations that have been discontinued as of the close
date for the last period reported.

Recent Accounting Pronouncements IFRS

New Standards, Amendments, and Interpretations for Existing Standards That Are Not Yet In Effect and Which Have Not Been Adopted Early by
Grupo TMM.At the date of authorization of the Audited Consolidated Financial Statements contained elsewhere herein, certain new standards, amendments, and interpretations for the existing standards have been published by the IASB but are not
yet effective, and have not been adopted early by the Company. Management anticipates that all of the relevant pronouncements will be adopted in the first period after the effective date of the pronouncement. Information on new standards,
amendments, and interpretations that are expected to be relevant to Grupo TMMs financial statements is detailed below. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the
Companys consolidated financial statements.

IFRS 9 Financial Instruments (IFRS 9).The objective of the IASB is to replace
IAS 39, Financial Instruments: Recognition and Measuring (IAS 39) with IFRS 9. To date, the chapters that discuss the recognition, classification, measuring, and de-recognition of financial assets and liabilities have been issued. These chapters are
applicable for years starting on or after January 1, 2015. The chapters that discuss the methodology for impairment and hedge accounting are still being developed. In addition, in November 2011, the IASB tentatively decided to consider making
minimal modifications to the financial asset classification model of IFRS 9 to resolve issues in application. Management has not yet considered the impact of this new standard on the consolidated financial statements for Grupo TMM. However, the
Company does not expect to implement IFRS 9 until all its chapters have been released and the full impact of all the changes can be evaluated.



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Consolidation Standards.The IASB released a package of consolidation standards applicable
for years starting on or after January 1, 2013. The information for these new standards is presented below. Management has not yet completed its assessment of the impact of these new and revised standards on the consolidated financial
statements of Grupo TMM.

i. IFRS 10 Consolidated Financial Statements (IFRS 10)

IFRS 10 replaces IAS 27 Consolidated and Separated Financial Statements (IAS 27) and SIC 12 Consolidation - Special Purpose Entities. IFRS 10
revises the definition of control and provides a more extensive guide for its application. The new requirements have the potential to affect which Grupo TMM interests will be considered subsidiaries and therefore change the scope of consolidation of
entities. However, the requirements for the consolidation procedures, the accounting changes for non-controlling interests, and the accounting for the loss of control in a subsidiary remain the same. Managements preliminary assessment is that
IFRS 10 will not change the classification of any of Grupo TMMs current interests as of December 31, 2013.

ii. IFRS 11 Joint
Arrangements (IFRS 11)

IFRS 11 replaces IAS 31 Interests in joint ventures (IAS 31). This new standard revises the
categories of joint arrangement and the criteria for classification in the categories to more closely align the accounting of investors with the rights and obligations of the joint venture. In addition, the option in IAS 31 to use proportionate
consolidation for joint ventures has been eliminated. IFRS 11 now requires the use of the participation method, which is currently used for investments in associates. The Company has no arrangements that would fall under the scope of this standard.

iii. IFRS 12 Disclosure of Interests in Other Entities (IFRS 12)

IFRS 12 contains, and makes consistent, the disclosure requirements for the different types of investments, including unconsolidated structured
entities. It introduces a new disclosure requirement for the risks to which the Company is exposed in terms of its involvement with structured entities.

iv. Consequential Amendment to IAS 27 Separate Financial Statements (IAS 27) and IAS 28 Investments in Associates and
Joint Ventures (IAS 28)

IAS 27 only covers consolidated financial statements. IAS 28 includes investments in joint ventures
under its scope. However, the participation method of IAS 28 remains unchanged.

IFRS 13 Fair Value Measurement (IFRS 13).IFRS 13 clarifies the definition of fair value and provides a guide with improved disclosures regarding the measuring of fair value. This does not affect which lines are required to be measured at fair value. The scope of IFRS 13 is broad and
applies to both financial lines and non-financial lines for which other IFRS require or permit fair valure measures or disclosures on fair value measures, except in certain circumstances. IFRS 13 applies prospectively for years starting on or after
January 1, 2013. Its disclosure requirements do not need to be applied to the comparative information for the first year of its application.

Changes to IAS 19 Employee benefits (IAS 19 Amendments).The IAS 19 Amendments include a number of improvements planned.
The most significant refers to defined benefit plans, including:



| |  |  | Eliminating the corridor method, and thus requiring entities to recognize the re-meaurements (including actuarial profits and losses) incurred for the period reported in other comprehensive income;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Changing the measuring and reporting of certain components of the defined benefit cost. The net amount in operations is affected by the exclusion of the components of the expected performance of the plan assets and the
interest expense, which are replaced with the net expense/income from interests on the net liability/asset of the defined benefits; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | Improving disclosure requirements, including information on the characteristics of the defined benefit plans and the risks to which entities are exposed through participation in these.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The IAS 19 Amendments apply for years starting on or after January 1, 2013 and their effects are to be applied retroactively. The IAS 19
Amendments have not had a material impact on the consolidated financial statements of Grupo TMM and required no retroactive application, as our actuarial profits and losses were already being recognized in other comprehensive income lines.

Liquidity and Capital Resources

Our
business is capital intensive and requires ongoing expenditures for, among other things, improvements to ports and terminals, infrastructure and technology, capital expenditures for vessels and other equipment, leases and repair of equipment and
maintenance of our vessels. Our principal sources of liquidity consist of cash flows from operations, existing cash balances, sales of assets and debt financing.

Grupo TMM is primarily a holding company and conducts the majority of its operations, and holds a substantial portion of its operating assets
through numerous direct and indirect subsidiaries. As a result, it relies on income from dividends and fees related to administrative services provided from its operating subsidiaries for its operating income, including the funds necessary to
service its indebtedness.

In addition, the Company notes that its financial statements present its debt obligations on a consolidated
basis; however 98.7% of the Companys debt is held directly by its subsidiaries, each of which services its own debt out of its operating income. Management believes that these factors will enable the Company to remain current in its debt
repayments notwithstanding the Mexican Law restriction on the distribution of profits by subsidiaries described below.

As of
December 31, 2013, the respective debt obligations of each of the Companys subsidiaries were as follows:



|                                               |  |                        |          | 
|---------------------------------------------- |  | ---------------------- | -------- | 
|                                               |  | (in millions of Pesos) |         
|TMM División Marítima, S. A. de C. V.          |  | $                      | 10,106.2 | 
|TMM Parcel Tankers, S.A. de C.V.               |  |                        | 319.1    | 
|Transportación Maritima Mexicana, S.A. de C.V. |  |                        | 240.6    | 
|Proserpec, S.A.P.I de C.V.                     |  |                        | 83.0     | 
|Grupo TMM, S.A.B.                              |  |                        | 134.0    | 
|TMM Logistics, S.A de C.V.                     |  |                        | 7.7      | 
|                                               |  |                        |          | 
|Total                                          |  | $                      | 10,890.6 | 

Under Mexican law, dividends from our subsidiaries, including a pro rata share of the available
proceeds of our joint ventures, may be distributed only when the shareholders of such companies have approved the corresponding financial information, and none of our subsidiaries or joint venture companies can distribute dividends to us until
losses incurred by such subsidiary have been recouped. In addition, at least 5% of profits must be separated to create a reserve (fondo de reserva)until such reserve is equal to 20% of the aggregate value of such subsidiarys capital
stock (as calculated based on the actual nominal subscription price received by such subsidiary for all issued shares that are outstanding at the time).

As of March 31, 2014, Grupo TMMs total debt amounted to $10,684.8 million, which includes $9,699.5 million under our Mexican
Peso-Denominated Trust Certificates Program and $900.9 million of bank debt owed to several different banks; of this debt, $556.3 million is short-term debt, and $10,128.5 million is long-term debt. Under IFRS, transaction costs in connection with
financings are required to be accounted for as debt.

As of December 31, 2013 and March 31, 2014, we were in compliance with all
of the restrictive covenants contained in our financing agreements, except as described in footnote 2 to Other financing at Note 15 to the accompanying Audited Consolidated Financial Statements contained elsewhere herein.



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As of December 31, 2013, Grupo TMMs total debt amounted to $10,890.7 million, which
includes $9,880.2 million under our Mexican Peso-Denominated Trust Certificates Program, and $928.7 million of bank debt owed to several different banks; of this debt, $636.6 million was short-term debt, and $10,254.1 million was long-term debt.

Our total shareholders equity in 2013, including non-controlling interest in consolidated subsidiaries, was $201.0 million,
resulting in a debt-to-equity ratio of 54.2.

As of December 31, 2012, Grupo TMMs total debt amounted to $10,823.8 million,
which includes $9,839.8 million under our Mexican Peso-Denominated Trust Certificates Program, and $909.8 million of bank debt owed to several different banks; of this debt, $332.6 million was short-term debt, and $10,491.2 million was long-term
debt.

Our total shareholders equity in 2012, including non-controlling interest in consolidated subsidiaries, was $658.8 million,
resulting in a debt-to-equity ratio of 16.4.

As of December 31, 2011, Grupo TMMs total debt amounted to $10,495.6 million,
which includes $9,544.1 million under our Mexican Peso-Denominated Trust Certificates Program, and $875.4 million of bank debt owed to several different banks; of this debt, $239.8 million was short-term debt, and $10,255.8 million was long-term
debt.

Our total shareholders equity in 2011, including non-controlling interest in consolidated subsidiaries, was $1,519.4 million,
resulting in a debt-to-equity ratio of 6.9.

As of December 31, 2010, Grupo TMMs total debt amounted to $12,163.7 million,
which includes $10,968.4 million under our Mexican Peso-Denominated Trust Certificates Program, $164.6 million under our Securitization Facility, and $1,030.7 million of bank debt owed to several different banks; of this debt, $486.8 million was
short-term debt, and $11,676.9 million was long-term debt.

Our total shareholders equity in 2010, including non-controlling
interest in consolidated subsidiaries, was $1,470.5 million, resulting in a debt-to-equity ratio of 8.3.

As of December 31, 2009,
Grupo TMMs total debt amounted to $10,940.5 million, which includes $9,474.6 million under our Mexican Peso-Denominated Trust Certificates Program, $277.5 million under our Securitization Facility, and $1,188.3 million of bank debt owed to
several different banks; of this debt, $333.3 million was short-term debt, and $10,607.1 million was long-term debt.

Our total
shareholders equity in 2009, including non-controlling interest in consolidated subsidiaries, was $1,670.9 million, resulting in a debt-to-equity ratio of 6.5.

On January 9, 2008, Grupo TMM (through its subsidiary TMM Remolcadores, S. A. de C. V.) entered into a financing agreement for the
acquisition of two tugboats in the amount of US$11.9 million (approximately $155.5 million) (85% of the vessels purchase price) with a term of seven years, at a fixed rate of 6.35% with quarterly payments of principal and interest. This
financing facility was fully prepaid on July 29, 2010 with proceeds from the fourth issuance under our Trust Certificates Program.

On January 11, 2008, in order to refinance the acquisition of ADEMSA, Grupo TMM closed a financing agreement in the amount of US$8.5
million (approximately $111.1 million) with a term of seven years, at a fixed rate of 8.01% with semi-annual payments of principal starting on January 2010 and semi-annual interests payments. The Company continues to negotiate with the bank to
restructure the amortization schedule, in order to get better cash flow conditions.

On January 24, 2008, through its subsidiary TMM
Flota Marítima, S. A. de C. V., Grupo TMM obtained a financing facility of up to US$100 million (approximately $1,306.5 million) for the acquisition and construction of vessels to be delivered from 2008 through 2010. The financing facility
was used for the acquisition of one supply vessel for US$32.8 million (approximately $428.5 million) (90% of the purchase price) for a term of seven years. The facility included two kinds of loans, the senior loan of US$27.4 million (approximately
$358.0 million) at variable rate of Libor +185 basis points and the junior loan of US$5.4 million (approximately $70.6 million) at variable rate of Libor + 400 basis points, with monthly payments of principal and interest. Both loans were fully
prepaid on April 30, 2008 with the proceeds of the second issuance of the Trust Certificates Program.



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On April 30, 2008, Grupo TMM issued securities under the second tranche of its Trust
Certificates Program for $1.55 billion, at Mexicos interbank equilibrium interest rate, TIIE, plus 195 basis points. The proceeds from the second tranche of this program were used to acquire additional tankers and offshore vessels, to repay
existing debt, to fund required cash reserves and to pay issuance-related expenses.

On July 1, 2008, Grupo TMM issued securities
under the third tranche of its Trust Certificates Program for $4.39 billion, at Mexicos interbank equilibrium interest rate, TIIE, plus 219 basis points. The proceeds from the third tranche of this program were used to acquire additional
offshore vessels, to fund required cash reserves and to pay issuance-related expenses.

In June 2009, Grupo TMM (through its subsidiary
TMM División Marítima, S.A. de C.V.) obtained a line of credit in dollars for working capital and/or current accounts for US$25.0 million (approximately $326.6 million) at a variable rate, maturing in June 2015. See Other
Debt.

In November 2009, Grupo TMM obtained a line of credit in Mexican pesos in two tranches, one for working capital and the
second for the issuance of letters of credit, for a total of $215.0 million, maturing in November 2012, at a variable rate with monthly interest payments. See Other Debt.

In December 2009, Grupo TMM restructured its Securitization Facility, resulting in the cancellation of approximately $1,122.8 million in
certificates issued under the Facility and the release of certain subsidiaries from participation in the Facility. See Item 4. Information on the Company  Recent Developments  Restructuring and Termination of Receivables
Securitization Facility; Associated Capital Increase.

On July 29, 2010, Grupo TMM issued trust certificates under the fourth
issuance of its Trust Certificates Program in the amount of $10.5 billion, at Mexicos interbank equilibrium interest rate, TIIE, plus 245 basis points. The proceeds from the fourth issuance have been used to prepay the previous three
issuances, thereby consolidating the debt under the program, and to refinance other vessel financings, to fund required cash reserves and to pay issuance-related expenses.

On May 13, 2011, the Company entered into an agreement with Deutsche Bank AG London pursuant to which the Company repurchased all of the
certificates held by Deutsche Bank AG London for a total of US$9.1 million (approximately $118.9 million), and all of the certificates were subsequently cancelled concurrently with the cancellation of the subordinated trust certificates held by VEX.
The Company formally terminated the facility effective June 30, 2011. See Item 4. Information on the Company  Recent Developments  Restructuring and Termination of Receivables Securitization Facility; Associated Capital
Increase.

In November 2013, Grupo TMM (through its subsidiary Transportación Marítima Mexicana, S.A. de C.V.)
obtained a line of credit in US dollars of up to US$10.8 million (approximately $141.1 million) to finance the acquisition of the vessel Subsea 88 through a capital lease at a fixed rate with monthly principal and interest payments. See
Capital Leases below.

As of March 31, 2014, we had net working capital (current assets less current liabilities)
of $352.7 million. We had net working capital of $428.6 million, $445.4 million and $735.0 million as of December 31, 2013, December 31, 2012, and December 31, 2011, respectively. The decrease in net working capital from
December 31, 2012 to December 31, 2013 was primarily attributable to a decrease of $91.4 million in cash and cash equivalents and $60.4 million in accounts payable.



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Information on Cash Flows

Summary cash flow data for the years ended December 31, 2013, 2012 and 2011 is as follows:



|                                               |  |                          |          |   |      |   |          |      |  |   |            |  
|---------------------------------------------- |  | ------------------------ | -------- | - | ---- | - | -------- | ---- |  | - | ---------- | -
|                                               |  | Years Ended December 31, |         
|                                               |  | 2013                     |          |   | 2012 |   |          | 2011 | 
|                                               |  | (in thousands of Pesos)  |         
|Operating activities                           |  |                          | 984,945  |   |      |   | 916,563  |      |  |   | 890,503    |  
|Investing activities                           |  |                          | (208,686 | ) |      |   | (344,795 | )    |  |   | (218,446   | )
|Financing activities                           |  |                          | (868,085 | ) |      |   | (570,006 | )    |  |   | (1,267,971 | )
|Currency exchange effect on cash               |  |                          | 430      |   |      |   | (12,691  | )    |  |   | (150,868   | )
|                                               |  |                          |          |   |      |   |          |      |  |   |            |  
|Net decrease in cash and cash equivalents      |  |                          | (91,396  | ) |      |   | (10,929  | )    |  |   | (746,782   | )
|Cash and cash equivalents at beginning of year |  |                          | 496,680  |   |      |   | 507,609  |      |  |   | 1,254,391  |  
|                                               |  |                          |          |   |      |   |          |      |  |   |            |  
|Cash and cash equivalents at end of year       |  | $                        | 405,284  |   |      | $ | 496,680  |      |  | $ | 507,609    |  
|                                               |  |                          |          |   |      |   |          |      |  |   |            |  

For the year ended December 31, 2013, the Companys consolidated cash position decreased by $91,396
million from the year ended December 31, 2012. This decrease was mainly attributable to a $868.1 million payment of debt under the Trust Certificates Program and others loans, $208.7 million of investments in fixed assets.

For the year ended December 31, 2012, the Companys consolidated cash position decreased by $10,929 million from the year ended
December 31, 2011. This decrease was mainly attributable to a $570.0 million payment of debt under the Trust Certificates Program and others loans, $344.8 million of investments in fixed assets and a reduction of $24.3 million of restricted
cash.

For the year ended December 31, 2011, the Companys consolidated cash position decreased by $746.8 million from the year
ended December 31, 2010. This decrease was mainly attributable to a $1,268.0 million payment of debt under the Trust Certificates Program, Securitization Facility and others loans and $218.4 million of investments in fixed assets, which was
partially offset by $80.5 million of restricted cash.

Our Cash Flows from Operating Activities

Net cash flows provided by operating activities amounted to $984.9 million in the year ended December 31, 2013 compared to $916.6 million
in the year ended December 31, 2012. This increase was mainly attributable to an increase in revenue at our Maritime Operations, which improved 12.2% due mainly to: a 10.7% revenue increase at our offshore vessels business due to higher
utilization; a 12.6% revenue increase at our chemical tankers business as a result of operating one additional leased vessel during the first quarter and half of the second quarter of 2013; a 20.3% increase in revenue at our harbor tugs business due
to an improved revenue mix; and a 14.0% revenue increase at our product tanker business due to a higher utilization of the vessels. Additionally, our shipyard business reported 4.9% higher revenue in 2013 compared to 2012.

Net cash flows provided by operating activities amounted to $916.6 million in the year ended December 31, 2012 compared to $890.5 million
in the year ended December 31, 2011. This increase was mainly attributable to an increase in the number of our offshore vessels in operation, productivity and utilization. In addition, revenues from our tugboat business increased due to the
provision of tug services to a new LNG terminal at Manzanillo in March of 2012 and our purchase of IDN, a company that holds a concession to operate a shipyard in the port of Tampico.

The following table summarizes cash flows from operating activities for the periods indicated:



|                                                        |  |                          |          |   |      |   |          |      |  |   |            |  
|------------------------------------------------------- |  | ------------------------ | -------- | - | ---- | - | -------- | ---- |  | - | ---------- | -
|                                                        |  | Years Ended December 31, |         
|                                                        |  | 2013                     |          |   | 2012 |   |          | 2011 | 
|                                                        |  | (in thousands of Pesos)  |         
|Income (Loss) before results of discontinued operations |  | $                        | (487,939 | ) |      | $ | (615,836 | )    |  | $ | 485,361    |  
|Depreciation and amortization and other amortization    |  |                          | 670,439  |   |      |   | 675,360  |      |  |   | 663,308    |  
|(Provision) benefit for income taxes                    |  |                          | 4,687    |   |      |   | 8,783    |      |  |   | 41,060     |  
|Gain on sale of fixed assetsnet                        |  |                          | (9,240   | ) |      |   | (12,344  | )    |  |   | (6,189     | )
|Sale of subsidiaries                                    |  |                          | (8,078   | ) |      |   | (74,245  | )    |  |   |           |  
|Gain on adjudication of property                        |  |                          | (14,063  | ) |      |   |         |      |  |   |           |  
|(Increase) decrease in restricted cash                  |  |                          | 102,622  |   |      |   | (24,273  | )    |  |   | 80,519     |  
|Provision for interests on debt                         |  |                          | 845,723  |   |      |   | 850,919  |      |  |   | 852,795    |  
|Gain from exchange differences                          |  |                          | (1,277   | ) |      |   | (38,078  | )    |  |   | (1,158,423 | )
|Total changes in operating assets and liabilities       |  |                          | (117,929 | ) |      |   | 146,277  |      |  |   | (67,928    | )
|                                                        |  |                          |          |   |      |   |          |      |  |   |            |  
|Net cash provided by (used in) operating activities     |  | $                        | 984,945  |   |      | $ | 916,563  |      |  | $ | 890,503    |  
|                                                        |  |                          |          |   |      |   |          |      |  |   |            |  



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Our Cash Flows from Investing Activities

Net cash used in investing activities for the year ended December 31, 2013 was $208.7 million, which included $290.8 million for the
acquisition of vessels and operating equipment, which was partially offset by the sale of operating equipment and discontinued business for $43.9 million. Net cash used in investing activities for the year ended December 31, 2012 was $344.8
million, which included $351.2 million for the acquisition of vessels and operating equipment and $54.3 million for acquisition of subsidiaries, which was partially offset by the sale of operating equipment for $60.7 million. Net cash used in
investing activities for the year ended December 31, 2011 was $218.4 million, which included $191.1 million for the acquisition of vessels and operating equipment, which was partially offset by the sale of operating equipment for $47.5 million.

See  Capital Expenditures and Divestitures below for further details of capital expenditures and divestitures relating
to the years ended December 31, 2013, 2012 and 2011, respectively.

Our Cash Flows from Financing Activities

For the year ended December 31, 2013, cash used by financing activities amounted to $868.1 million, which resulted primarily from the
payment of debt under the Securitization Facility, our Trust Certificates Program and others loans.

For the year ended December 31,
2012, cash used by financing activities amounted to $570.0 million, which resulted primarily from the payment of debt under the Securitization Facility, our Trust Certificates Program and others loans.

For the year ended December 31, 2011, cash used by financing activities amounted to $1,268.0 million, which resulted primarily from the
payment of debt under the Securitization Facility, our Trust Certificates Program and others loans.

Business Plan

Our business plan is to grow and strengthen our financial position through a new strategy that empowers the expansion of our operations through
multiple projects and objectives. These projects seek to combine the elements that can enable us to capture the growth opportunities that the recent Mexican Energy and Tax Reforms are expected to generate, with the ultimate goal of generating value
for our shareholders.

Maritime Operations. In order to increase the value of our Maritime Operations division, we are working on
alternatives that allow us to exchange debt for equity in order to reduce our liabilities and grow with cash generated from operations; additionally we are seeking to exploit the divisions operating capabilities to develop the business of
operating assets owned by third parties. We intend to form a more robust and integrated stand-alone company by grouping all maritime business subsidiaries into TMM Division Maritima, including, given their relationship with the maritime industry,
the existing businesses of Container Repair and Maintenance and Shipping Agencies. We have also started a 10-day cabotage service of containerized cargo between the pacific ports of Manzanillo, Mazatlan and Guaymas. With the above, we intend to
define ourselves as a shipping company focused on Mexico with special attention to the energy sector.

Ports and Terminals
Operations. We continue to work with potential investors on the development of a container terminal and a liquids terminal in the port of Tuxpan, Veracruz. Once the construction of the Mexico-Tuxpan highway is completed, the port of Tuxpan will
be the closest port to Mexico City and the central Mexican states, which represent over 50% of Mexicos GDP, enabling it to service the existing and growing demand of foreign trade via the Gulf of Mexico. Also and as part of our plan to extend
our ports operations, we are in the final phase of a joint venture for the complete supply chain (extraction, storage , land and sea transportation) of an edible and concentrated liquids terminal in the port of Tuxpan, Veracruz, with the initial
products to consist of frozen and concentrated orange juice. The project includes two stages, the first of which will involve TMM operating the terminal to further add vessels operations. Regarding our operation at Acapulco, we are seeking to
collaborate with the respective authorities in order to generate additional cruise activity.



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Logistics Operations. We are looking to develop the automotive and food logistics market
in all areas with emphasis on the just in sequence, store, subassemblies and management of cars and container yards through a partnership with an international technology operator.

Corporate Expenses. We expect to optimize the size of our corporate staff by allocating the administrative, accounting, finance and
human resources functions directly to the operating divisions that result following the implementation of the plans described above.

Our Ability to Continue as a Going Concern

Our Financial Statements for the year ended December 31, 2013 includes an explanatory note describing the existence of substantial doubt
about our ability to continue as a going concern. Such note observes that (i) the continuation of the Company as an ongoing business depends on our compliance with our financial obligations on a regular basis, (ii) to be
successful in our new investments we need to increase our fleet of vessels and take into consideration the requirements of PEMEX and our other clients and (iii) the Financial Statements do not include any adjustment over the assets or
liabilities that could be necessary if the company is not able to continue as an ongoing business.

The maritime business has been
improving in its performance in recent years, becoming more efficient with the same level of income, consolidating as our most profitable business. In addition, Company management continues to work on the implementation of the five-year growth plan,
which includes the following projects and their current status:

Short Term Projects

In the third quarter of 2013, we sold our ground transportation and autotransporter business, which did not generate the results expected. With
this sale, we expect that the operating results of our logistics operations will improve as we focus our efforts on our more profitable businesses.

Medium Term Projects

We
plan to develop a container terminal and a liquids terminal at the port of Tuxpan, Veracruz. The container terminal will offer service to the growing demand in the Gulf of Mexico, taking advantage of the growth of the Mexican market. The objective
of the liquids terminal will be to manage both current imports and also the expected increase in the importation of gasoline and diesel, through the construction of a pipeline and a berthing position. This terminal is expected to start operations at
the beginning of 2016 as only the completion of the Mexico City-Tuxpan highway remains pending. Construction of the highway has been delayed due to problems with the land. These terminals are expected to contribute a significant portion of the
expected revenue.

We are also considering expanding our fleet of supplier ships with specialized vessels to capitalize on the growing
demand for deep water exploration in Mexico.

In accordance with our business plan, in 2013 we started to purchase additional vessels, and
will continue to do so during 2014 until we add a total of nine vessels; seven of which will be under 10-year financial leasing at 15%, one under time charter (crew and costs at the expense of the leaseholder) and the other under bareboat charter
(crew and costs at the expense of the lessor).

We will commence a new cabotage business segment in the Pacific in 2014, which will start
with a chartered vessel until optimal levels are reached to justify the acquisition of a vessel.

We anticipate that the successful
implementation of these projects in the medium term will allow us to grow with high return assets and operations, significantly improving our capital structure and generating increased value for our stockholders. The implementation of these medium
term projects will be funded by a combination of capital and debt.



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In addition, we have commenced a study to improve our debt profile in order to reduce our
financing costs and improve the flows available for investment. As part of this effort, we have elected to capitalize approximately 40% of the interest payable under our Trust Certificates Program and allocate the available funds to our vessel
expansion program.

We believe that the above-mentioned changes should be enough to provide the Company with the ability to continue as a
going concern.

See Item 3. Key Information  Risk Factors  Risks Relating to Our Business relating to our
financial condition in recent years and other factors which raise substantial doubt about our ability to continue as a going concern and could result in our dissolution under Mexican Corporate Law.

Capital Expenditures and Divestitures

The following tables set forth our principal capital expenditures and divestitures during the last three years:

Our Principal Capital Expenditures for the Last Three Years

(in millions of Pesos)



|                                 |  |                          |       |  |          |   |       |          |  |   |       | 
|-------------------------------- |  | ------------------------ | ----- |  | -------- | - | ----- | -------- |  | - | ----- | 
|                                 |  | Years Ended December 31, |      
|                                 |  | 2013 (a)                 |       |  | 2012 (b) |   |       | 2011 (c) | 
|Capital Expenditures by Segment: |  |                          |       |  |          |   |       |          |  |   |       | 
|Ports and Terminals Operations   |  | $                        | 11.3  |  |          | $ | 18.7  |          |  | $ | 63.5  | 
|Maritime Operations              |  |                          | 252.3 |  |          |   | 307.1 |          |  |   | 116.3 | 
|Logistics Operations             |  |                          | 2.7   |  |          |   | 10.9  |          |  |   | 6.0   | 
|Corporate                        |  |                          | 24.5  |  |          |   | 14.5  |          |  |   | 5.3   | 
|                                 |  |                          |       |  |          |   |       |          |  |   |       | 
|Total                            |  | $                        | 290.8 |  |          | $ | 351.2 |          |  | $ | 191.1 | 
|                                 |  |                          |       |  |          |   |       |          |  |   |       | 



|(a) | In 2013, capital expenditures included: (i) Ports and Terminals Operations: $11.3 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations:
$159.5 million in acquisition and equipment improvements and $92.8 million in construction projects; (iii) Logistics Operations: $2.0 million in construction projects and $0.7 million in operating equipment and related fixed assets; and
(iv) Corporate: $24.5 million in fixed assets and other strategic corporate projects.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | In 2012, capital expenditures included: (i) Ports and Terminals Operations: $18.7 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations:
$106.8 million in acquisition and equipment improvements and $200.3 million in construction projects; (iii) Logistics Operations: $2.4 million in construction projects and $8.5 million in operating equipment and related fixed assets; and
(iv) Corporate: $14.5 million in fixed assets and other strategic corporate projects.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | In 2011, capital expenditures included: (i) Ports and Terminals Operations: $63.5 million in construction in process for the expansion and maintenance of port and terminal facilities; (ii) Maritime Operations:
$61.6 million in equipment improvements, and $54.7 million in construction projects; (iii) Logistics Operations: $6.0 million in construction projects; and (iv) Corporate: $5.3 million in fixed assets and other strategic corporate
projects.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Our Principal Capital Divestitures for the Last Three Years

(in millions of Pesos)



|                               |  |                          |      |  |          |   |      |          |  |   |      | 
|------------------------------ |  | ------------------------ | ---- |  | -------- | - | ---- | -------- |  | - | ---- | 
|                               |  | Years Ended December 31, |     
|                               |  | 2013 (a)                 |      |  | 2012 (b) |   |      | 2011 (c) | 
|Capital Divestitures:          |  |                          |      |  |          |   |      |          |  |   |      | 
|Sale of shares of subsidiaries |  | $                        | 43.9 |  |          | $ |     |          |  | $ |     | 
|Other assets                   |  |                          | 17.2 |  |          |   | 15.2 |          |  |   | 27.0 | 
|                               |  |                          |      |  |          |   |      |          |  |   |      | 
|Total                          |  | $                        | 61.1 |  |          | $ | 15.2 |          |  | $ | 27.0 | 
|                               |  |                          |      |  |          |   |      |          |  |   |      | 



|(a) | In 2013, capital divestitures included $61.1 million from the sale of vessels and ground transportation equipment.
|--- | ------------------------------------------------------------------------------------------------------------------

|(b) | In 2012, capital divestitures included $15.2 million from the sale of vessels and ground transportation equipment.
|--- | ------------------------------------------------------------------------------------------------------------------

|(c) | In 2011, capital divestitures included $27.0 million from the sale of other fixed assets.
|--- | -----------------------------------------------------------------------------------------



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Securitization Facility

On September 25, 2006, the Company entered into the Securitization Facility with Deutsche Bank, AG for US$200 million (approximately
$2,613.0 million) at an annual fixed interest rate of approximately 12.5%, using many of the structural features of the previous securitization transactions.

On December 18, 2009, as part of the restructuring of the Companys Securitization Facility, VEX, an affiliate of the Company,
purchased certificates with a face value of US$86.5 million (approximately $1,130.1 million). VEX is a Mexican company in which José F. Serrano Segovia (our principal stockholder and Chairman of our Board of Directors) holds a minority equity
interest and controls 100% of the voting stock; the remaining equity interest in VEX is held by related and unrelated investors through non-voting shares.

In addition, as part of the restructuring, certain conditions of the Securitization Facility were modified. Among others, the logistics
division subsidiaries (TMM Logistics, S.A. de C.V. and Lacto Comercial Organizada, S.A. de C.V.) were released from the Facility and consequently the accounts receivable generated by these subsidiaries will no longer be assigned to the Trust. See
Item 4. Information on the Company  Recent Developments  Restructuring and Termination of Receivables Securitization Facility; Associated Capital Increase.

To improve the Companys amortization profile and to decrease financial expenses, in mid-2010 we began discussing with Deutsche Bank AG
London the repurchase of the trust certificates held by Deutsche Bank under our Securitization Facility. In May 2011, the Company finalized the early repurchase of all the certificates held by Deutsche Bank for a total of US$9.1 million
(approximately $118.9 million) and all of the certificates were subsequently cancelled concurrently with the cancellation of the subordinated trust certificates held by VEX. The Company formally terminated the Securitization Facility effective
June 30, 2011.

Capital Leases

As of December 31, 2013, the Company had two capital lease obligations.

In November 2013, Grupo TMM (through its subsidiary Transportación Marítima Mexicana, S.A. de C.V.) entered into an agreement
with FTAI Subsea 88 Ltd, a subsidiary of Fortress, to obtain a line of credit for 10 years in US dollars of up to US$10.8 million (approximately $141.1 million) to finance the acquisition of the vessel Subsea 88 through a
capital lease, at a fixed rate of 15.9% per annum, with monthly principal and interest payments. As of December 31, 2013, the outstanding balance was US$10.7 million (approximately $139.8 million).

In December 2012, Grupo TMM entered into an agreement with Value Arrendadora, S.A. de C.V. to obtain capital lease financing for 4
years in Mexican Pesos in an amount of $1.8 million to finance the acquisition of transportation assets, at a fixed rate of 14.23% per annum, with monthly principal and interest payments. As of December 31, 2013, the outstanding balance
was $1.1 million.

Transportation Equipment and Other Operating Leases

We lease, transportation and container-handling equipment, our corporate office building and other assets under agreements which are classified
as operating leases. The terms of these lease agreements vary from 1 to 15 years and contain standard provisions for these types of operating agreements.

Purchase of Two Parcel Tankers

On May 25, 2007 the Company purchased the M/T Maya and purchased the M/T Olmeca on June 19, 2007. We entered
into a 10-year line of credit with DVB Bank SE (formerly DVB Bank AG) in an aggregate amount of US$52.5 million (approximately $685.9 million) to finance the acquisition of these parcel tankers. Principal and



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interest under this loan was payable on a monthly basis. Interest was payable at a weighted average rate of 7.61% per annum. On April 4, 2011, the Company entered into an agreement with
the bank to restructure this loan through: (i) full prepayment of the junior loan tranche in an amount totaling US$6.5 million (approximately $84.9 million), including US$0.7 million (approximately $9.1 million) in breakage costs;
(ii) drawing of a new tranche in the amount of US$4.0 million (approximately $52.3 million) with monthly interest payments and a balloon principal payment due upon maturity in June 2017; and (iii) opening of a bridge tranche with monthly
drawings of up to US$3.5 million (approximately $45.7 million) over the next 24 months to reduce the principal payments due on the existing senior loan tranche. Both of the new tranches are at a variable rate of the AIR (Actual Interbank Rate) plus
400 basis points, and the Company will pay principal on the bridge tranche beginning in April 2013 on a quarterly basis until maturity in June 2017. As of May 31, 2011, the weighted average rate of interest on the restructured loan was
6.70% per annum. This agreement allows the Company to improve the amortization schedule of this loan facility and reduce the related financial expenses.

Mexican Peso-Denominated Trust Certificates Program

On April 30, 2007, at the shareholders meeting of the Company, our shareholders authorized the establishment of a program for the
issuance of trust certificates, which are securities secured by trust assets and denominated in Mexican Pesos, for up to an amount of $9 billion. The proceeds from the sale of these certificates will be used by us to refinance our existing bank
financings of our vessel fleet, and to finance the acquisition of additional vessels as contemplated by our expansion program.

We closed
our first, second and third issuances of trust certificates under the program on July 19, 2007, April 30, 2008, and July 1, 2008, in an amount of $3 billion, $1.55 billion, and $4.39 billion, respectively. Our first issuance was
used primarily to refinance existing vessel indebtedness. Our second issuance was used to refinance vessels indebtedness and the acquisition of new vessels and our third issuance was mainly used to finance the acquisition of new and used vessels. On
July 29, 2010, we closed our fourth issuance of trust certificates for $10.5 billion at Mexicos interbank equilibrium interest rate, TIIE, plus 245 basis points. The proceeds from the fourth issuance have been used primarily to prepay the
previous three issuances, thereby consolidating the debt under the program, and to refinance other vessel financings. As of December 31, 2013, the outstanding balance was $10.594 billion.

In accordance with the program, the Company has the right to capitalize interest for the first five years as per the following:



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

In August 2012 and with the authorization of the Trust Committee, the Company elected to capitalize 60% of the
accrued interest to dedicate such resources to a vessel substitution program. During 2013 the Company elected not to capitalize any interest on the trust certificates, choosing instead to pay 100% of the accrued interest. See Item 4.
Information on the Company  Recent Developments  Vessels Purchased through out Trust Certificates Program.

Auto Haulage Financing and Acquisition of Transportation Units

On July 19, 2007, we purchased certain auto haulage operating assets from Auto Convoy Mexicano, S.A. de C.V., a former Mexican auto
hauling company, for an aggregate purchase price of $429 million. These auto haulage operating assets were incorporated in our logistics division and commenced operations in September 2007.

The Company entered into a financing facility denominated in Pesos with Daimler Financial Services Mexico, S. de R.L. de C.V. (formerly known
as DC Automotriz Servicios, S. de R.L. de C.V.) (Daimler) to finance the purchase of these assets in July 2007, for $123.7 million, with 84 monthly payments of principal and interest beginning on January 2008. Interest is payable at a
variable rate based on the 91-day TIIE plus 200 basis points.



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On June 4, 2008, the Company, through its subsidiary Lacto Comercial Organizada, S.A. de
C.V. (Lacorsa), entered into a loan facility in Mexican pesos with Daimler for the acquisition of 31 transportation units for $19.8 million at a fixed rate of 12.85%. Principal is payable in 60 consecutive monthly payments plus accrued
interest on the outstanding balance, maturing in June 2013.

On September 26, 2008, the Company, through Lacorsa, entered into a loan
facility in Mexican pesos with Daimler for the acquisition of 8 transportation units for $5.2 million at a fixed rate of 13.56%. Principal is payable in 60 consecutive monthly payments plus accrued interest on the outstanding balance, maturing in
September 2013. In June 2010, both loans were restructured into a single loan for $21.7 million at a fixed rate of 14.8%. Principal is payable in 60 consecutive monthly payments plus accrued interest on the outstanding balance, maturing in May 2015.

On December 1, 2010, we entered into a debt recognition and restructuring agreement with Lacorsa for $96.7 million at a variable
rate of the 28-day TIIE plus 3.5 percentage points. Principal is payable in 72 consecutive monthly payments plus accrued interest on the outstanding balance starting January 1, 2011 and maturing in December 2016.

On December 3, 2013, following previous negotiations, we entered into another debt recognition and restructuring agreement Daimler for
$62.9 million at a variable rate of the 28-day TIIE plus 6.0 percentage points. Principal is payable in 72 consecutive monthly payments plus accrued interest on the outstanding balance starting January 1, 2014 and maturing in December 2019.

Other Debt

In June 2009, the Company secured with Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo, through its
subsidiary TMM División Marítima, S.A. de C.V., a line of credit in dollars for working capital and/or current accounts for US$25.0 million (approximately $326.6 million) at a variable rate, maturing in June 2015. Monthly interest
payments are due on outstanding balances and principal is due at maturity. Amounts may be drawn in both dollars and pesos with the possibility of making prepayments on principal without penalty. The Company made 3 draws under this facility for an
aggregate amount of approximately US$17.9 million (approximately $233.9 million). The Company fully prepaid the amounts drawn in July 2010, April 2012 and June 2012, respectively.

In November 2010, the Company secured with Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo, through its
subsidiary TMM División Marítima, S.A. de C.V., a second line of credit in dollars for working capital and/or current accounts for US$15.0 million (approximately $196.0 million) at a variable rate, maturing in June 2015. Monthly
interest payments are due on outstanding balances and principal is due at maturity. Amounts may be drawn in both dollars and pesos with the possibility of making prepayments on principal without penalty. The balance of both facilities, together,
cannot be over US$25.0 million (approximately $326.6 million) or its equivalent in Mexican pesos. In November 2010, a first draw was made on this second line of credit for $115.0 million at a variable rate of the 28-day TIIE plus 425 basis points,
with interest payable monthly. t. In October 2011, a second draw was made on the second line of credit for $65.7 million at a variable rate of the 28-day TIIE plus 425 basis points, with monthly interest payments. As of December 31, 2013, the
effective rate for this second line of credit was 8.0425% with an outstanding balance of $70.3 million.

In August 2012, the Company
secured with Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo, through its subsidiary TMM División Marítima, S.A. de C.V., a third line of credit in dollars for working capital and/or current
accounts for US$15.0 million (approximately Ps. 196.0 million) at a variable rate, maturing in June 2015. Monthly interest payments are due on outstanding balances and principal is due at maturity. Amounts may be drawn in both dollars and pesos with
the possibility of making prepayments on principal without penalty. The balance of the three facilities, together, cannot be over US$25.0 million (approximately Ps. 326.6 million) or its equivalent in Mexican pesos. In August 2012, a first draw was
made on this third line of credit for $161.6 million at a variable rate of the 28-day TIIE plus 425 basis points, with interest payable monthly. As of December 31, 2013, the effective rate for this draw on the third line of credit was 8.0425%
with an outstanding balance of $161.6 million.



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In November 2009, the Company secured with Banco Mercantil del Norte, S.A., Institución de
Banca Múltiple, through its subsidiary Ficorsa Corporate Services, S.A.P.I de C.V., a special purpose company, a line of credit in Mexican pesos in two tranches, one for the issuance of letters of credit, or Tranche A, and the second for
working capital, or Tranche B, for a total of $215.0 million, originally maturing in November 2012 and extended to December 2013, at a variable rate with monthly interest payments. During 2009 and 2010 the Company drew an aggregate amount of
approximately of $126 million under both Tranches, which amounts were subsequently repaid in full. The line of credit matured in 2013 with no amounts outstanding.

In July 2010, the Company secured with Autofin México, though its subsidiary Proserpec Servicios Administrativos, S.A.P.I. de C.V., a
line of credit in Mexican pesos for working capital for a total of $100.0 million, maturing in June 2012, at a variable rate of the 28-day TIIE plus 450 basis points with interest payable monthly. On September 30, 2011, using the same line of
credit, the balance on the principal for this draw and interests was prepaid in full.

In September 2011, to strengthen the agricultural
activities of ADEMSA, the Company decided to take advantage of the line of credit held by Proserpec Servicios Administrativos, S.A.P.I. de C.V. with the bank, to secure a loan for $42.9 million. Therefore, considering the prepayment and this new
draw on the line of credit, on September 30, 2011, the loans were combined into one for approximately $80.4 million at a variable rate of the 28-day TIIE plus 500 basis points, with monthly payments of principal and interest, and maturing
September 2016. The effective rate on this draw on the line of credit as of December 31, 2012 was 8.2962% with an outstanding balance of $44.2 million.

In January 2011, to improve the amortization schedule of the Receivables Securitization Facility and its cancelation, the Company decided to
secure two lines of credit through its subsidiary Transportación Marítima Mexicana, S.A. de C.V. with two private investments, each of the credits for US$3.0 million (approximately $39.2 million). The loan accrues interest at a fixed
rate of 11.25%, with semi-annual interest and principal payments, a two-year grace period for principal payments, and maturing January 2016. As of December 31, 2013 the outstanding balance of both credits was US$6.0 million (approximately $78.4
million).

In November 2011, the Company decided to secure a line of credit to strengthen the agricultural activities of ADEMSA, through
its subsidiary Proserpec Servicios Administrativos, S.A.P.I. de C.V. with Logra Financiamientos, S.A. de C.V. SOFOM ENR, $10.6 million. The loan accrues interest at a variable rate of the 28-day TIIE plus 600 basis points, with monthly interest
payments, four principal payments, and maturing December 2012. This line of credit was fully paid at maturity in December 2012.

In
November 2011, the Company decided to enter into two loan facilities to strengthen the agricultural activities of ADEMSA, through its subsidiary Proserpec Servicios Administrativos, S.A.P.I. de C.V. with INPIASA, S.A. de C.V. The first for $15.7
million at a variable rate of the 28-day TIIE plus 450 basis points, with monthly payments of principal and interest, and maturing August 2021; the second for $4.2 million at a variable rate of the 28-day TIIE plus 450 basis points, with monthly
payments of principal and interest, and maturing October 2016. The effective rate for both loans as of December 31, 2013 was 8.2962%, with a total outstanding balance of approximately $14.3 million.

In March 2012, the Company secured with Inter Banco S.A., though its subsidiary Transportación Marítima Mexicana, S.A. de C.V.,
a line of credit in Mexican pesos for working capital for a total of $15.0 million, at a variable rate of the 28-day TIIE plus 475 basis points with monthly payments of principal and interest, and maturing in March 2013. This line of credit was
fully paid at maturity in March 2013.

In October 2013, the Company secured with Inter Banco S.A., though its subsidiary
Transportación Marítima Mexicana, S.A. de C.V., another line of credit in Mexican pesos for working capital for a total of approximately $19.9 million, at a variable rate of the 28-day TIIE plus 500 basis points with monthly payments
of principal and interest, and maturing in December 2015. The effective rate on this line of credit as of December 31, 2013 was 8.7925% with an outstanding balance of $18.4 million.



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In August 2012, the Company inter into an agreement with Inter Banco S.A., though its subsidiary
TMM Logistics, S.A. de C.V., for a line of credit in Mexican pesos for working capital for a total of $5.0 million, to be able to discount invoices from services rendered to the Secretaría de Seguridad Pública del D.F. at a variable
rate of the 28-day TIIE plus 500 basis points and maturing on August 2013. The Company renews the facility with the bank until August 2014 and increasing the amount up to $10.0 million. The effective rate on this line of credit as of
December 31, 2013 was 8.7954% with an outstanding balance of $4.2 million.

In June 2012, the Company decided to secure line of
credit to strengthen the agricultural activities of ADEMSA, through its subsidiary Proserpec Servicios Administrativos, S.A.P.I. de C.V. with Corporación Financiera de Occidente, S.A. de C.V. SOFOL IBM for $18.0 million at a variable rate of
the 28-day TIIE plus 600 basis points, with monthly payments of principal and interest, and maturing June 2015. The effective rate for both loans as of December 31, 2013 was 9.7941%, with a total outstanding balance of $9.0 million.

In September 2012, the Company secured with Autofin México, though its subsidiary Servicios Directivos Sedise, S.A.P.I. de C.V., a line
of credit in Mexican pesos for working capital for a total of $4.4 million, at a variable rate of the 28-day TIIE plus 500 basis points with monthly payments of interest, and maturing in March 2013. This line of credit was fully paid in March 2013.

In December 2012, the Company decided to enter into another line of credit to strengthen the agricultural activities of ADEMSA, through
its subsidiary Proserpec Servicios Administrativos, S.A.P.I. de C.V. with Banco del Bajío, S.A. for $8.5 million at a variable rate of the 28-day TIIE plus 250 basis points, with monthly payments of principal and interest, with a grace period
of 12 months for principal payments, and maturing November 2019. The effective rate for both loans as of December 31, 2013 was 6.2831%, with a total outstanding balance of $8.4 million.

In December 2012, the Company decided to enter secure a line of credit through a capital lease to acquire automotive equipments with Value
Arrendadora, S.A. de C.V. SOFOM ENR, for $1.4 million at a fixed rate of 14.23%, with monthly payments of principal and interest, and maturing on December 2016.

In September 2009, the Company secured with Pure Leasing, S.A. de C.V. through its subsidiary TMM Logistics, S.A. de C.V., a line of credit in
Mexican pesos for working capital and/or current accounts for $26.2 million at a fixed rate of 14.25% with monthly payments on principal and interest on outstanding balances, maturing in September 2014, with a total outstanding balance of $3.5
million.

In September 2013, the Company entered into multiple lines of credit in order to strengthen the agricultural activities of its
subsidiary, ADEMSA. These include:



| |  |  | A $7.6 million line of credit from Banco del Bajío, S.A. to ADEMSA at a variable rate of the 28-day TIIE plus 250 basis points, with monthly payments of principal and interest, a grace period of 12 months for
principal payments, and maturing in August 2020. The effective interest rate on this loan as of December 31, 2013 was 6.02941%, with a total outstanding balance of $7.6 million.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A $4.6 million line of credit from Banco del Bajío, S.A. to the Companys subsidiary Proserpec Servicios Administrativos, S.A.P.I. de C.V. (Proserpec) at a variable rate of the 28-day TIIE plus
500 basis points, with monthly payments of principal and interest, and maturing on December 2014. The effective interest rate for the loan as of December 31, 2013 was 8.7929%, with a total outstanding balance of $3.4 million.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A $2.3 million line of credit from Banco Monex, S.A. to Proserpec at a variable rate of the 28-day TIIE plus 500 basis points, with monthly payments of principal and interest, and maturing on December 2014. The
effective interest rate for the loan as of December 31, 2013 was 8.7915%, with a total outstanding balance of $1.7 million.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A $36 million line of credit from Sofihaa Financiera, S.A. de C.V. SOFOM ENR to Proserpec at a variable rate of the 28-day TIIE plus 500 basis points, with monthly payments of principal and interest, and maturing on
December 2014. The effective interest rate for the loan as of December 31, 2013 was 9.0829%, with a total outstanding balance of $2.7 million.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Foreign Currency Risk

A majority of the Companys revenues are denominated in U.S. dollars, and the majority of our costs and expenses are denominated in Pesos.
As such, the Company is exposed to foreign currency risk and may occasionally use currency derivatives to manage alternating levels of exposure. These derivatives allow the Company to offset an increase in operating and/or administrative expenses
arising from foreign currency appreciation or depreciation against the U.S. dollar.

The Companys income from operations may
therefore be materially affected by variances in the exchange rate between the U.S. dollar and the Mexican Peso. The Company has sought to minimize its exposure to foreign currency risk by holding its debt primarily in Mexican Pesos. Mexican Pesos
historically have been subject to greater risk of devaluation and have tended to depreciate against the U.S. dollar. Currently, approximately 94% of the Companys indebtedness is denominated in Mexican Pesos, most of which is long-term debt
incurred in connection with the Companys Trust Certificates Program. Certificates issued under the Trust Certificates Program have a 20-year term and do not require the Company to make any principal payments prior to maturity.

The Company currently believes that its strategy of holding the majority of its debt as long-term, Mexican Peso-denominated debt will allow it
to effectively manage its foreign currency risk without the use of currency derivatives or other hedging instruments. However, Company has in the past, and may from time to time in the future, enter into currency derivatives denominated in Mexican
Pesos or other relevant currencies to attempt to manage its foreign currency risk. These derivatives should allow the Company to offset an increase in operating and/or administrative expenses arising from foreign currency appreciation or
depreciation against the U.S. dollar. See Item 11. Quantitative and Qualitative Disclosures About Market Risk  Foreign Currency Risk.

Trend Information

Historically, a
substantial portion of the revenue generated by our maritime operations has been achieved through contracts with PEMEX. In 2011, 2012 and 2013, 62%, 59% and 56% respectively, of the revenue generated by maritime operations resulted from contracts
with PEMEX. We believe that we will further increase our revenues in this business segment going forward. PEMEX is expected to increase its deep water exploration in order to restore its decreasing oil reserves; as a result, we expect an increase in
PEMEX demand for different types of vessels on the offshore sector.

The future success of our logistics business depends upon our ability
to enter into contracts with large automotive manufacturers, retail and consumer goods companies and to become a supplier for Government entities, providing integrated logistics and shipping services. Our primary skills that make us competitive are:
(i) our logistics expertise, (ii) our ability to continue developing warehousing, logistics and other land transportation infrastructure, and (iii) our ability to provide state-of-the-art systems to provide logistics solutions.

We have refinanced most of the debt related to vessel acquisitions with the first issuance of our Trust Certificates Program reduced the
corresponding debt service obligations and extended the term of our vessel financings. The ability to satisfy our obligations under our debt in the future will depend upon our future performance, including our ability to increase revenues
significantly and control expenses. Future operating performance depends upon prevailing economic, financial, business and competitive conditions and other factors, many of which are beyond our control. Our ability to refinance our debt and take
other actions will depend on, among other things, our financial condition at the time, the restrictions in the instruments governing our debt and other factors, including market conditions, the macroeconomic environment and such variables as the
Peso/dollar exchange rate and benchmark money market rates in Pesos and dollars, which are beyond our control.

We have funded capital
expenditures with funds from operating cash flows and expect to seek additional financing through secured credit arrangements and asset-backed financings for additional capital expenditures as we have been doing with our Trust Certificates Program
described above.



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Off-Balance Sheet Arrangements

As of December 31, 2013, we did not have any off-balance sheet arrangements. We report our assets and liabilities according to the current
IFRS as issued by the IASB.

Contractual Obligations

The following table outlines our obligations for payments under our capital leases, debt obligations, operating leases and other financing
arrangements for the periods indicated as of December 31, 2013:



|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|----------------------------------------------------------- |  | ----------------------------------------------- | ------- |  | --------- | - | ------- | --------- |  | - | ---------------- |  |  | ----- | --------- |  |  | - | ---------- | 
|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)                              |  |                                                 | 138,090 |  |           |   |        |           |  |   |                 |  |  |       | 9,742,134 |  |  |   | 9,880,224  | 
|Parcel Tanker Vessels Financings (3)                        |  |                                                 | 319,091 |  |           |   |        |           |  |   |                 |  |  |       |          |  |  |   | 319,091    | 
|Investors (4)                                               |  |                                                 | 46,869  |  |           |   | 34,807  |           |  |   |                 |  |  |       |          |  |  |   | 81,676     | 
|Land and Logistics Equipment Financing (5)                  |  |                                                 | 11,282  |  |           |   | 41,134  |           |  |   | 14,086           |  |  |       |          |  |  |   | 66,502     | 
|Refinancing Acquisition ADEMSA(6)                           |  |                                                 | 69,919  |  |           |   |        |           |  |   |                 |  |  |       |          |  |  |   | 69,919     | 
|Working Capital PROSERPEC (7)                               |  |                                                 | 33,756  |  |           |   | 38,632  |           |  |   | 5,978            |  |  |       | 4,630     |  |  |   | 82,996     | 
|Other Debt (8)                                              |  |                                                 | 13,404  |  |           |   | 235,155 |           |  |   |                 |  |  |       |          |  |  |   | 248,559    | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|Total                                                       |  | $                                               | 632,411 |  |           | $ | 349,728 |           |  | $ | 20,064           |  |  | $     | 9,746,764 |  |  | $ | 10,748,967 | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|                                                            |  |                                                 |         |  |          
|Operating Lease Obligations (9)                             |  | Less than1 year                                 |         |  | 1-3 years |   |         | 3-5 years |  |   | More than5 years |  |  | Total |          
|Vessel, Transportation Equipment and Other Operating Leases |  | $                                               | 26,693  |  |           | $ | 53,456  |           |  | $ | 52,457           |  |  | $     | 183,011   |  |  | $ | 315,617    | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|Total                                                       |  | $                                               | 26,693  |  |           | $ | 53,456  |           |  | $ | 52,457           |  |  | $     | 183,011   |  |  | $ | 315,617    | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|                                                            |  |                                                 |         |  |          
|Operating Lease Obligations (10)                            |  | Less than1 year                                 |         |  | 1-3 years |   |         | 3-5 years |  |   | More than5 years |  |  | Total |          
|Vessel, Transportation Equipment and Other Operating Leases |  | $                                               | 62,966  |  |           | $ | 84,580  |           |  | $ | 70,283           |  |  | $     | 569,512   |  |  | $ | 787,341    | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|Total                                                       |  | $                                               | 62,966  |  |           | $ | 84,580  |           |  | $ | 70,283           |  |  | $     | 569,512   |  |  | $ | 787,341    | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|                                                            |  |                                                 |         |  |          
|Other (11)                                                  |  | Less than1 year                                 |         |  | 1-3 years |   |         | 3-5 years |  |   | More than5 years |  |  | Total |          
|Securitization Facility                                     |  | $                                               |        |  |           | $ |        |           |  | $ |                 |  |  | $     |          |  |  | $ |           | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 
|Total                                                       |  | $                                               |        |  |           | $ |        |           |  | $ |                 |  |  | $     |          |  |  | $ |           | 
|                                                            |  |                                                 |         |  |           |   |         |           |  |   |                  |  |  |       |           |  |  |   |            | 



|(1) | These amounts include principal payments and accrued and unpaid interest as of December 31, 2013.
|--- | -------------------------------------------------------------------------------------------------

|(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 July 2030, with a
bullet principal payment, semiannual interest payments with a variable rate of 6.80% per annum as of December 31, 2013. The company contracted an interest rate CAP to protect against the possible fluctuation of the interest rate.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Debt allocated in one special purpose company in connection with the financing of two parcel tanker vessels, denominated in US Dollars. The maturity of these lines of credit is on June 2017, with a balloon payment of
$220,796, monthly principal and interest payments with a weighted average rate of 6.65% per annum.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Debt in connection with the cancellation of the Securitization Facility, denominated in US Dollars. The maturity of these lines of credit is on January 2016, semiannual interest payments and fixed rate of
11.25% per annum.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Debt in connection with the land & logistics equipment financing, denominated in Mexican Pesos. Various lines of credit denominated in Mexican Pesos, with maturities between August 2013 and December 2019,
monthly interest and principal payments with fixed and variable rates; the weighted average rate was 10.03% per annum as of December 31, 2013.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|(6) | Debt in connection with ADEMSA acquisition refinancing, denominated in US Dollars. The maturity of this line of credit is on July 2014, with semiannual interest payments and 6 principal payments, fixed rate of
8.01% per annum. The company is in the process of restructuring the payment schedule with the bank in order to extend the maturity.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) | Debt allocated in one special purpose company for working capital and to strength agricultural activities of ADEMSA. Various lines of credit denominated in Mexican Pesos, with different maturities between June 2015 and
August 2021, monthly interest and principal payments with a weighted average rate of 8.30% per annum as of December 31, 2013.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(8) | Debt allocated in special purpose companies for working capital and letter of credit issuances. Various lines of credit denominated in Mexican Pesos, with maturities between August 2014 and December 2015, monthly
interest payments with bullet principal payment with a variable rate; the weighted average rate was 8.11% per annum as of December 31, 2013.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(9) | Financial lease agreements for purchasing the following vessel and transportation equipment: (i) Transportation equipment, denominated in Mexican Pesos, maturing in December 2016, monthly interest and principal
payments and a fixed rate of 14.23%; and, (ii) AHTS vessel, denominated in US Dollars, with maturity on November 2026, monthly interest and principal payments and a fixed rate of 15.92%.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|(11) | In April 2011, the Company finalized the early repurchase of all the certificates held by Deutsche Bank in the Securitization Facility.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------



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

Directors and Senior Management

Board of Directors

Our Estatutos Sociales, or Bylaws, provide that our Board of Directors shall consist of not less than seven and not more than 21
directors, without taking into account the appointment of their respective alternates. We currently have seven directors on our board. Our Board of Directors is elected annually by a majority vote of our shareholders and is responsible for the
management of the Company. The Company does not have any agreements to pay benefits to any directors upon termination of their employment.

Our current Board of Directors was elected and ratified at the Companys Annual General Ordinary Shareholders Meeting held on
April 30, 2013. Our directors and alternate directors, their principal occupations and years of service (rounded to the nearest year) as a director or alternate director are as follows:



|                               |  |                                               |  |                                        |    |  |     |  |    | 
|------------------------------ |  | --------------------------------------------- |  | -------------------------------------- | -- |  | --- |  | -- | 
|Name                           |  | Principal Occupation                          |  | Years as aDirector orAlternateDirector |    |  | Age | 
|Directors                      |  |                                               |  |                                        |    |  |     |  |    | 
|José F. Serrano Segovia        |  | Chairman of the Board of Grupo TMM            |  |                                        | 42 |  |     |  | 73 | 
|Ignacio Rodríguez Rocha        |  | Attorney and First Vice-chairman of Grupo TMM |  |                                        | 23 |  |     |  | 78 | 
|Maria Josefa Cuevas de Serrano |  | Private Investor                              |  |                                        | 8  |  |     |  | 68 | 
|Luis Martínez Argüello         |  | Private Investor                              |  |                                        | 9  |  |     |  | 73 | 
|José Luis Ávalos del Moral     |  | Private Investor                              |  |                                        | 7  |  |     |  | 71 | 
|Miguel Alemán Velasco          |  | Private Investor                              |  |                                        | 5  |  |     |  | 82 | 
|Miguel Alemán Magnani          |  | Private Investor                              |  |                                        | 5  |  |     |  | 48 | 
|Alternate Directors            |  |                                               |  |                                        |    |  |     |  |    | 
|José Francisco Serrano Cuevas  |  | President Deputy Director                     |  |                                        | 13 |  |     |  | 33 | 



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The directors (whenever elected) shall remain in office for the period of time stated below,
calculated from the date of their appointment. The directors may be reelected and, in case of the failure to appoint their substitute or, if the designated substitute does not take office, the directors in office being substituted shall continue to
perform their duties for up to thirty calendar days following the date of expiry of the term for which they were appointed, as described below. For further information see Item 10. Additional Information  Board of Directors.



|                                   |  |                                                                                                                                   
|---------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------
|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                                                                                                                            

José F. Serrano Segovia

Mr. Serrano was born on November 22, 1940. He has served as Chairman of Grupo TMM since 1992. Throughout his professional career, he
has owned several family-owned companies in Mexico. Among the most outstanding positions of his professional and entrepreneurial career are: Chairman of the Executive Committee and Chairman of the Board of Grupo Anáhuac, S.A. de C.V. and
Chairman of the Executive Committee and Chairman of the Board of Hules Mexicanos, S.A. de C.V. Mr. Serrano holds a masters degree in engineering from Villanova University in Pennsylvania, U.S.A.

Ignacio Rodríguez Rocha

Mr. Rodríguez was born on July 13, 1936. Mr. Rodríguez has been appointed as First Vice Chairman of the Board of
Directors of Grupo TMM since April 30, 2013. He is a member of the Board of Automotriz México, S.A. de C.V and Diesel de Toluca, S.A. de C.V. Mr. Rodríguez is currently a partner of Rodriguez Rocha, S.C.

Maria Josefa Cuevas de Serrano

Mrs. Serrano was born on June 16, 1946. Mrs. Serrano is the founder of the Sociedad Internacional de Valores de Arte Mexicano,
A.C. (SIVAM), which promotes classical music and outreach for talented artists in Mexico. Additionally, she is an active promoter of Mexican art in Mexico and abroad. Mrs. Serrano is the wife of Mr. José F. Serrano Segovia.

Luis Martínez Argüello

Mr. Martínez was born on January 1, 1941. Since February 2003, Mr. Martínez has been the CEO of Servicio Global de
Asesoría y Cabildeo, S.C. and of San Lucas Trading Co., S.A. de C.V. From 1972 to January 2003, Mr. Martínez worked in the Mexican cement industry. In 1972 he worked at Cemex, S.A. de C.V. as Corporate Director of Strategic
Planning, leaving in 1982 to work at Cementos Apasco, S.A. de C.V. as the Commercial and International Corporate Director until 1990, when he returned to Cemex, to serve as Corporate Director of Special Projects. He holds a degree in Business
Administration from the Universidad Iberoamericana and a postgraduate degree in Administration from Harvard University.

José Luis Avalos del
Moral

Mr. Ávalos del Moral was born on September 4, 1943. In 2003 he began his own consulting firm offering
consulting services in connection with corporate governance, finance, strategic planning and human resources. Early in his career, Mr. Avalos was Senior Auditor at PricewaterhouseCoopers and then held several high-level managerial positions in
the Finance and Planning divisions at IBM, both in Mexico City and New York. He previously worked at Banco Nacional de Mexico where he held the position of Comptroller, among others. He is a member of the Board as well as President of the Auditing
Committee of Hispano, S.A. Graphic Arts. In 1967 he graduated with honors as a Public Accountant from the Universidad Nacional Autónoma de México (UNAM). Mr. Ávalos also holds a masters degree in Business
Administration from Pace University of New York.



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Miguel Alemán Velasco

Mr. Alemán was born on March 18, 1932 in Veracruz, Mexico. He has a degree in Law from the Universidad Autónoma de
México. Throughout his professional career, he has held various public positions in the Mexican Government, such as Constitutional Governor of the State of Veracruz and Senator of the Republic. He is currently President of the Management
Board of the Mexican airline Interjet, as well as Vice Chairman of the Board of Directors of Televisa. Mr. Alemán has received several awards from renowned national and international institutions, and has published several novels, essays,
articles and technical books.

Miguel Alemán Magnani

Mr. Alemán was born on April 25, 1966 in Mexico City. He has a degree in Law from the Universidad Anáhuac and a course in
Business Management from the Instituto Panamericano de Alta Dirección de Empresas (IPADE). He has held important positions within Televisa, Mexicos largest Spanish speaking media communications company. He is currently the
CEO of the Mexican airline Interjet, as well as Chairman of GALEM, a German Group specializing in telecommunications, real estate and transportation. He is a member of the board of several Mexican companies. He is also a partner of the Discovery
Americas fund.

Executive Officers

Our officers serve at the discretion of our Board of Directors. Our executive officers, their position and years of service with us and as an
executive officer are as follows:



|                              |  |                                                                                 |  |                 |    |  |                  |  |    | 
|----------------------------- |  | ------------------------------------------------------------------------------- |  | --------------- | -- |  | ---------------- |  | -- | 
|Name                          |  | Position                                                                        |  | Years ofService |    |  | ExecutiveOfficer | 
|Corporate Directors           |  |                                                                                 |  |                 |    |  |                  |  |    | 
|José F. Serrano Segovia       |  | Chairman of the Board and Chief Executive Officer                               |  |                 | 42 |  |                  |  | 22 | 
|Jacinto David Marina Cortés   |  | Deputy Chief Executive Officer                                                  |  |                 | 23 |  |                  |  | 23 | 
|Carlos Pedro Aguilar Mendez   |  | Chief Financial Officer, Corporate Administrative Director and Finance Director |  |                 | 24 |  |                  |  | 7  | 
|Marco Antonio Godínez Ramírez |  | Corporate Human Resources Director*                                             |  |                 |    |  |                  |  |    | 
|Elvira Ruiz Carreño           |  | Corporate Audit Director                                                        |  |                 | 18 |  |                  |  | 11 | 
|Marco Augusto Martínez Avila  |  | Corporate Legal Director                                                        |  |                 | 6  |  |                  |  |    | 
|Business Unit Directors       |  |                                                                                 |  |                 |    |  |                  |  |    | 
|Luis Manuel Ocejo Rodriguez   |  | Director, Maritime Transportation                                               |  |                 | 31 |  |                  |  | 7  | 



|* | Mrs. Marco Antonio Godínez Ramírez was appointed as a Corporate Human Resources Director in March 2014.
|- | -------------------------------------------------------------------------------------------------------

José F. Serrano Segovia, who is chairman of the Board of Directors, is married to Maria Josefa Cuevas de Serrano, a member of the Board
of Directors. José Serrano Cuevas, who is an alternate director of the Board of Directors, is the son of José F. Serrano Segovia and Maria Josefa Cuevas de Serrano.

Compensation

For the year ended
December 31, 2013, the aggregate total compensation paid to our directors, alternate directors and executive officers for services in all capacities was approximately $42.5 million. See Item 7. Major Shareholders and Related Party
Transactions.

Pension, Retirement or Similar Benefits

Seniority premiums, retirement plan obligations (Pension Benefits) and other employee compensation payable at the end of employment
are based on actuarial calculations using the projected unit credit method. Pension Benefits are based mainly on years of service, age and salary level upon retirement.



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Seniority premiums, Pension Benefits and other employee compensation payable upon termination
include the amortization of past service costs over the average remaining working lifetime of employees.

Board Practices

Our Bylaws provide that our Board of Directors shall consist of at least seven but not more than 21 directors elected at our annual ordinary
shareholders meeting to serve until their successors accept their election at the next annual ordinary shareholders meeting. The Board of Directors is responsible for the management of the Company. Mexican Securities Law requires that at
least 25% of the members of the Board be independent directors.

Audit and Corporate Practices Committee

The Board of Directors appointed an Audit and Corporate Practices Committee, which was approved at the Extraordinary Shareholders Meeting
held on December 20, 2006 and added a fourth member at the Annual Shareholders Meeting held on April 30, 2008. This Committee is composed of Luis Martínez Argüello (President), Ignacio Rodriguez Rocha, and José
Luis Ávalos del Moral, who has accounting and related financial management expertise in compliance with the Mexican Securities Law. Additionally Mr. Ávalos is considered a financial expert according to the standards set forth in
Section 407 of the Sarbanes Oxley Act of 2002. In accordance with Mexican Securities Law and Mexican Corporate Practices, the committees responsibilities include, among others:

Audit responsibilities:



| |  |  | 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;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | 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.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------

Corporate Practices responsibilities:



| |  |  | 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;
| | - |  | --------------------------------------------------------------------------------------



| |  |  | 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.
| | - |  | ----------------------------------------------------------------

Code of Ethics

The Company has adopted a Code of Ethics, which applies to its principal executive officer, principal financial officer, and other
members of our senior management. We last updated the Code of Ethics in February 2014. The Code of Ethics may be viewed on the Company website at www.grupotmm.com under the caption Investors  Corporate Governance. An English
version of this document is available upon written request sent to Grupo TMM, S.A.B., Avenida de la Cúspide, No. 4755, Colonia Parques del Pedregal, 14010 México City, D.F., México, Attn: Human Resources.

Statutory Auditor

Pursuant to the Mexican Securities Market Law (MSML), the surveillance of the Company is entrusted to different committees (i.e.,
Audit and Corporate Practices Committees), as previously described, which replace the role of the Statutory Auditor. At the Extraordinary Shareholders Meeting held on December 20, 2006, the Statutory Auditor, Salles Sainz  Grant
Thornton, S.C (SSGT), Mr. Javier García Sabaté, and the alternate Statutory Auditor were duly replaced by the Audit and Corporate Practices Committee of the Company. However, SSGT continue to serve as the Statutory Auditor for the
majority of our subsidiaries.

Employees

As of March 31, 2014, we had 1,860 employees, approximately 23% of whom were unionized. As of December 31, 2013, we had 1,970
employees, approximately 17% of whom were unionized. The decrease in the number of our employees in the first quarter of 2014 is largely due to decreases in our automotive services business.



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As of December 31, 2012, we had 3,162 employees, approximately 42% of whom were unionized. The decrease in
the number of our employees in 2013 is largely due to the sale of the auto haulage transportation and autotransporter business of our Logistics Operations segment. As of December 31, 2011, we had 3,059 employees, approximately 41% of whom were
unionized. The increase in the number of our employees in 2012 was largely due to our acquisition of a shipyard and increased operations at the port of Tampico. In accordance with customary practice in Mexico, we negotiate union contracts annually
with regard to wages and every two years with regard to other matters, including benefits. We have experienced nine strikes since 1958. The longest of these strikes occurred in 1981 and lasted 21 days. We have not experienced a strike since 1987 and
believe that relations with our employees are good.

Share Ownership

As of April 16, 2014, the Serrano Segovia family held 41,217,193 Shares directly, and the CPO Trustee maintained 26,247,740 Shares of our
capital stock in the form of ADSs, including 3,512,500 Shares that are beneficially owned by the Serrano Segovia family. Accordingly, as of such date, the Serrano Segovia family controlled the voting power of our capital stock. The voting power
controlled by the Serrano Segovia family varies from time to time, depending upon the number of Shares held by the Serrano Segovia family and by the CPO Trust and others. As of April 16, 2014, other than as set forth below in the section
entitled Major Shareholders, each of our other directors, alternate directors or executive officers owns less than one percent of our Shares on an individual basis.

Shares were contributed to the CPO Trust established with a 30-year term by Nacional Financiera, S.N.C. (the CPO Trustee)
on November 24, 1989. The CPO Trustee authorized the issuance of non-redeemable ordinary participation certificates (certificados de participación ordinarios no amortizables) (CPOs) that correspond to our Shares. One
CPO may be issued for each Share contributed to the CPO Trust. CPOs constitutes separate negotiable instruments different and apart from the Shares, and afford to their holders only economic rights with respect to the Shares held in the CPO Trust.
Such voting rights are exercisable only by the CPO Trustee, which is required by the terms of the CPO Trust to vote such Shares in the same manner as holders of a majority of the outstanding Shares not held in the CPO Trust and voted at the relevant
meeting. Mexican and non-Mexican investors may hold CPOs without restrictions of any kind. The acquisition of Shares representing 5% or more of the capital stock of Grupo TMM by any person or group of persons (other than the Serrano Segovia family
and the CPO Trustee), in one or a series of simultaneous or successive transactions requires the prior approval of the Board of Directors. As of April 16, 2014, the CPO Trustee held CPOs representing an aggregate of 26,247,740 Shares in the
form of ADSs.



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

Major Shareholders

The following table indicates, as of April 16, 2014, unless otherwise indicated, the shareholders that beneficially own 5% or more of our
outstanding Shares (the Major Shareholders). The percentage of our outstanding Shares owned by each Major Shareholder shown below is based on the 102,182,841 Shares outstanding as of April 16, 2014. For purposes hereof, each Major
Shareholder with shared voting or investment authority with respect to certain securities is deemed to beneficially own all such securities.



|                                |  |                 |            |  |                                |  |      |  
|------------------------------- |  | --------------- | ---------- |  | ------------------------------ |  | ---- | -
|Shareholder                     |  | Numberof Shares |            |  | Percentage ofSharesOutstanding | 
|José F. Serrano Segovia (a) (b) |  |                 | 36,632,809 |  |                                |  | 35.9 | %



|a) | Based upon information made known to the Company and reports of beneficial ownership filed with the SEC, the Serrano Segovia Family beneficially owns 41,217,193 Shares, including 28,359,964 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.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|b) | Members of the Serrano Segovia family have pledged an aggregate of 7,513,867 Shares to IXE Banco, S.A. (IXE), to secure a loan in the principal amount of US$1.3 million.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Change in Percentage Ownership

No Major Shareholder has disclosed a significant change in its percentage ownership of Shares during the three years ended December 31,
2013.

Voting Rights and Control

As of April 16, 2014, 26,247,740 Shares were held in the form of ADSs, which have limited voting rights. The Shares held in the form of
ADSs are held directly by the CPO Trust. The voting rights for those Shares are exercisable only by the trustee of the CPO Trust, which is required by the terms of the trust agreement to vote such Shares at any shareholders meeting in the same
manner as the majority of the Shares that are not held in the CPO Trust are voted. Of the 75,935,101 Shares held outside of the CPO Trust as of April 16, 2014, the Serrano Segovia family beneficially owns 37,704,693, or 49.6% of such Shares. As
a result, the Serrano Segovia family could direct and control the policies of the Company and its subsidiaries, including mergers, sales of assets and similar transactions. See Item 9. The Offer and Listing. Except for the limited
voting rights applicable to their ADSs, none of the Major Shareholders have voting rights that differ from those applicable to other holders of Shares.

Other than the Serrano Segovia family, which may be deemed to control us, to our knowledge we are not directly or indirectly owned or
controlled by any other corporation, by any foreign government or by any other natural or legal person, severally or jointly. We are not aware of any arrangement which may at a later date result in a change of control of the Company.

Related Party Transactions

On
December 18, 2009, as part of the restructuring of the Companys Securitization Facility, VEX, an affiliate of the Company, purchased trust certificates issued under the Securitization Facility with a face value of $1,206.5 million. VEX is
a Mexican company in which José F. Serrano Segovia holds a minority equity interest and controls 100% of the voting stock; the remaining equity interest in VEX is held by related and unrelated investors through non-voting shares. The
transaction with VEX was approved by the Board of Directors of Grupo TMM, on the basis of a prior approval by the Auditing and Corporate Governance Committee, which received an independent experts fairness opinion on the consideration and
other terms and conditions of the transaction.

Pursuant to a resolution adopted at the Extraordinary General Shareholders Meeting
held on December 15, 2009 and with the authorization of the Comisión Nacional Bancaria y de Valores, on January 6, 2010, VEX acquired 46,797,404 Shares for an aggregate subscription price of US$41,181,715.53, or US$0.88 per
Share (equivalent to US$4.40 per ADS). The subscription price per Share was 10% higher than the ADS closing price on January 5, 2010. VEX paid the subscription price for the Shares as part of the consideration for its sale to Grupo TMM of the
trust certificates. The remainder of the consideration VEX received for the trust certificates consisted of US$27,103,065.52 in cash, a five-year promissory note from Grupo TMM in the principal amount of US$12,250,000, and subordinated trust
certificates issued under the Securitization Facility with a face amount of US$6,000,000. In May 2010, VEX distributed 18,437,440 of the 46,797,404 Shares it acquired to its investors. See Item 4. Information on the Company  Recent
Developments  Restructuring and Termination of Receivables Securitization Facility; Associated Capital Increase.



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

See Item 18  Financial Statements.



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Legal Proceedings

Mutual Claims Between PRM and Grupo TMM

Grupo TMM was recently a claimant in two arbitrations with PRM, a Singapore company. The arbitrations were conducted under the Singapore
International Arbitration Centre Rules and related to alleged breaches by PRM of two agreements for the sale of two vessels. Grupo TMM sought recovery of the deposits it had paid for the two vessels in the sum of US$5.2 million (approximately $67.9
million) and damages for breaches of the agreements. PRM alleged that Grupo TMM was in breach of the agreements and sought a declaration that it was entitled to the deposits and damages for breach. On November 28, 2011, the arbitral tribunal
resolved the claims in favor of PRM and ordered Grupo TMM to instruct Platou, the broker holding the deposits, to release the same to PRM.

On January 16, 2012, Grupo TMM filed suit in Mexico challenging the validity of the award under the New York Convention for the
Recognition and Enforcement of Foreign Arbitral Awards. After allowing the suit to proceed, the judge issued an order directing Platou not to release the deposit until PRM appears before the court in Mexico and requests enforcement of the arbitral
award. In addition, on February 28, 2012, Grupo TMM filed a petition to set aside the award in Singapore on the grounds that the arbitrator failed to properly consider all the arguments and documents presented. As of December 31, 2013, the
Company had reserved the amount of the deposit and also created an additional allowance of US$1.5 million (approximately $19.6 million) for potential legal fees associated with this case. Both items are reported in other expenses  net for the
year ended December 31, 2013.

SSA Claims

In July 2006, February 2007, and May 2012, Grupo TMM received claim notices from SSA relating to certain contingencies affecting SSA
(formerly TMM Puertos y Terminales, S.A. de C.V. or TMMPyT) in connection with the Amended and Restated Master Agreement dated July 21, 2001.

On June 14, 2007, we were officially notified by the ICC of arbitration proceedings with respect to one of the claims, which related to
payments made by SSA to its employees under Mexicos compulsory profit sharing regulations. SSA also filed a tax proceeding with the tax authorities in Mexico which related to the same payments made by SSA to its employees under Mexicos
compulsory profit sharing regulations. We have not been notified of any proceedings with respect to the second claim.

On
March 6, 2009, the Arbitral Tribunal resolved the claim submitted to arbitration, and ordered Grupo TMM to pay SSA Ps. 30,837,071, plus interest at a 6% annual rate from November 8, 2006.

In connection with the order, on May 15, 2009, Grupo TMM and SSA agreed that if the tax proceeding were to result in a finding that the
amount paid by SSA to its employees was inappropriate or not required, Grupo TMM would not be required to pay the arbitration award to SSA. In addition, on May 15, 2009, Grupo TMM and SSA signed an agreement in which both companies agreed to
negotiate the terms of a possible transaction to be carried out in Tuxpan, Veracruz as an alternate method of satisfying the arbitration award. If an agreement between Grupo TMM and SSA could not be reached by the end of 2010, and if SSA were to
receive an unfavorable ruling in the tax proceeding, then Grupo TMM would pay SSA 50% of its distributions in API Acapulco (the joint venture with SSA) until the arbitration award is paid in full.

In June 2010, SSA obtained a favorable ruling in its tax proceeding. The ruling was confirmed on November 25, 2010, and on
February 1, 2011 Grupo TMM and SSA entered into an agreement pursuant to which the arbitration proceeding was settled in exchange for a payment by the Company to SSA in the amount of Ps. 2.4 million. This settlement agreement supersedes the
agreements entered into in 2009.

On January 10, 2013, we were officially notified by the ICC of arbitration proceedings with respect
to the claim submitted in May 2012, which related to alleged payments for an approximate amount of US$2.6 million regarding a tax proceeding with the tax authorities in Mexico which related to the trademark of Servicios en Puertos y Teminales. In
2012, SSA obtained a favorable ruling in its tax proceeding. The arbitration proceeding is in its final stages.



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Refined Product Services (RPS) Claim

On August 7, 2007, Transportación Marítima Mexicana, S.A. de C.V. (TMM) filed a claim for arbitration against
RPS for the amount of US$50,000 (approximately $653,260) for various expenses incurred by TMM due to the delay of the delivery of the tanker vessel Palenque.

On October 19, 2007, RPS filed a countersuit for US$3.0 million (approximately $39.2 million), alleging that TMM failed to maintain the
tanker vessel Palenque, and also filed a claim for consequential damages for losing a contract while the vessel was being repaired. Although it is impossible to predict the outcome of any legal proceeding, we believe this claim to be without merit
and intend to defend this proceeding vigorously.

Mutual Claims Between Worldwide Services, Ltd. (WWS) and TMM

In December 2007, TMM and WWS filed claims against each other relating to the charter by us of the vessel Veracruz. TMMs
US$342,500 (approximately $4.5 million) claim related to the fuel costs and low performance of the vessel Veracruz, and WWS US$1.3 million (approximately $17.0 million) counter claim alleged that the same vessel overperformed and that
consequently, TMM owes WWS under the terms of the charter contract. Although it is impossible to predict the outcome of any legal proceeding, we believe this claim to be without merit and intend to defend this proceeding vigorously.

ADEMSA Secured Certificates of Deposit

ADEMSA from time to time issues certificates of deposit relating to agricultural goods held by it. As a result of the crisis that affected
Mexican farmers during 2010 and 2011, the resulting fluctuations in the prices of wheat, corn and beans, and exchange rate losses relating to fertilizer transactions, defaults on loan obligations by the producers to which ADEMSA issued secured
certificates of deposit in favor of various financial institutions, the goods and/or amounts consigned thereto, which, as a result of the defaults by the producers and the exercise of rights conferred by the certificates, filed claims against ADEMSA
for compliance with the obligations to deliver the goods covered or payment of the amounts secured.

ADEMSA, each of the financial
institutions and COVAHESA, in its capacity as representative for over one thousand agricultural producers, have been negotiating a financial restructuring to permit the long-term financing of the debts or claims involved. As a result, the Company
presents an allowance as of December 31, 2012 and 2011 for $118.0 and $233.0 million, respectively, relating to the obligations of ADEMSA in the event the agreements being negotiated with the financial institutions cannot be implemented or if
the debts cannot be settled in full during the term and under the conditions of the financing restructuring being negotiated.

Tax
Proceedings

During 2012, the Federal Judiciary Power resolved on various proceedings that certain Grupo TMM companies had pursued
against resolutions issued by the Federal Tax Service (SAT) that had rejected the offsetting of credit balances, by which those companies paid taxes for related parties for previous years. As a result, the credit balances should be recovered by the
companies that had been denied this offsetting.

The tax authorities are currently conducting audits on the companies that originally owed
the tax, however they have recognized the corresponding provisions, which are presented in the accounts payable and accrued expense liability.

Elimination of the Fiscal Consolidation Regime

On February 13, 2013, we filed an indirect writ of relief (amparo) challenging the constitutionality of various provisions related
to the elimination of the fiscal consolidation regime, which was among the Mexican tax reforms that went into effect on January 1, 2014. See Item 4. Information on the Company  Regulatory Framework  Mexican Tax
Reforms and Notes 22 and 26(i) to our Audited Consolidated Financial Statements contained elsewhere herein. In our writ, we have offered various arguments that we believe demonstrate that various aspects of the tax reform violate the
constitutional guarantees of proportionality, legality, and legal certainty, and also various human rights recognized by the Mexican Constitution and in international treaties to which Mexico is party.



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Given the diversity of procedures in the tax laws to determine the effects of deconsolidation
required by these reforms, the various criteria to be used, and the possible results of the acts contested in our writ of relief, our Financial Statements do not include any disclosure regarding deconsolidation as there is no certainty as to the
application of a specific procedure.

Other Legal Proceedings

We are a party to various other legal proceedings and administrative actions, all of which are of an ordinary or routine nature and incidental
to our operations. Although it is impossible to predict the outcome of any legal proceeding, in the opinion of our management, such proceedings and actions should not, individually or in the aggregate, have a material adverse effect on our financial
condition, results of operations or liquidity. For information regarding our pending tax assessment, see Note 26 to the accompanying Audited Consolidated Financial Statements contained elsewhere herein.

In considering whether accrual of a loss contingency is necessary in connection with legal claims outstanding that could, both individually or
in the aggregate, have a material effect on the financial condition or operating results of the Company, the Company evaluates the requirements of paragraph 14 of IAS 37 to determine whether the Company has a present obligation (legal or
constructive), whether it is probable that an outflow of resources will be required in order to settle the obligation, and whether the amount of the obligation can be reliably estimated. Based on managements review and analysis of the legal
claims outstanding for the fiscal year ended December 31, 2013, the Company concluded that it did not have a present obligation in respect of any legal claims outstanding other than the mutual claims between PRM and SSA described above.

Dividends

At shareholders
meetings, shareholders have the ability, at their discretion, to approve dividends from time to time. At the Ordinary Shareholders Meeting held on April 29, 2011, due to the Companys current financial condition, our shareholders
decided to revoke the resolution adopted at the ordinary shareholders meeting held on April 24, 1997 by the shareholders of our predecessor, TMM, declaring a dividend equivalent to $0.17 per Share, subject to our outstanding debt
obligations and availability of funds. That dividend was not paid, and no other dividend has been declared since 1997.

Significant Changes

See Item 4. Information on the Company  Business Overview  Recent Developments.



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

Trading

Our Series A Shares started trading on the Bolsa Mexicana de Valores, S.A. de C.V. (the Mexican Stock Exchange or the
Bolsa) on September 24, 1980 and our Series L Shares began trading on August 9, 1991. In June 1992, L Share ADSs, each representing one Series L Share, were issued by Citibank, N.A. as depositary in exchange for Rule 144A ADSs
as part of an initial public offering, and commenced trading on the NYSE. On September 13, 2002, we completed a reclassification of our Series L Shares of stock as Series A Shares. The reclassification combined our two classes of stock into a
single class by converting each share of our Series L Shares into one share of our Series A Shares. The reclassification also eliminated the variable portion of our capital stock and we became a fixed capital corporation (sociedad
anónima). Following the reclassification, we had 56,963,137 Series A Shares outstanding. As a result of the elimination of the variable portion of our capital stock, our registered name changed from Grupo TMM, S.A. de C.V. to Grupo TMM,
S.A.



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As a result of the promulgation of the new securities law in Mexico in June of 2006,
public companies were transformed by operation of law into Sociedades Anónimas Bursátiles (Public Issuing Corporation) and were required to amend their bylaws to conform them to the provisions of the new law. On
December 20, 2006, the Company added the term Bursátil to its registered name to comply with the requirements under Mexicos new securities law or Ley del Mercado de Valores, resulting in Grupo TMM,
Sociedad Anónima Bursátil, or Grupo TMM, S.A.B. In addition, the Series A Shares of the Company were renamed and are now referred to as nominative common shares, without par value (Shares). The rights afforded by
these new Shares are identical to the rights afforded by the former Series A Shares.

Our Shares continue to trade in Mexico on the
Bolsa. In the United States, our ADSs, each representing five CPOs, are traded on the OTC market and are issued and exchanged by The Bank of New York Mellon in New York as the depositary. The Bank of New York Mellon replaced Citibank, N.A. as
depositary on December 18, 2009. As of April 16, 2014, of the 102,182,841 outstanding Shares, 24,247,740 were held in the form of ADSs.

The CPOs do not trade independently of the Shares on the Bolsa. In the event that CPOs are sold to a Mexican national, the Shares
underlying such CPOs will be delivered directly to the purchaser through S.D. Indeval, S.A. de C.V. (Indeval). Indeval is a privately owned central securities depositary that acts as a clearing house, depositary, custodian,
settlement, and transfer agent and registration institution for Mexican Stock Exchange transactions, eliminating the need for physical transfer of securities. Because non-Mexican nationals cannot acquire direct interests in the Shares, in the event
that the purchaser of such Shares is not a Mexican national, such Shares must be delivered in the form of CPOs through Indeval.

Limitations
Affecting ADS Holders and CPO Holders

Each Share entitles the holder thereof to one vote at any of our shareholders meetings.
Holders of CPOs are not entitled to vote the Shares underlying such CPOs. Such voting rights are exercisable only by the CPO Trustee, which is required to vote all such Shares in the same manner as the holders of a majority of the Shares that are
not held in the CPO Trust and that are voted at the relevant meeting.

Whenever a shareholders meeting approves a change of
corporate purpose, change of domicile or restructuring from one type of corporate form to another, any shareholder who has voted against such change or restructuring has the right to withdraw as a shareholder and receive an amount equal to the book
value of its shares (in accordance with our latest balance sheet approved by the annual ordinary general shareholders meeting), provided such shareholder exercises its right to withdraw during the 15-day period following the meeting at which
such change or restructuring was approved. Because the CPO Trustee is required to vote the Shares held in the CPO Trust in the same manner as the holders of a majority of the Shares that are not held in the CPO Trust and that are voted at the
relevant meeting, appraisal rights will not be available to holders of CPOs.

The tables below set forth for the periods indicated, the
reported high and low prices for the Shares on the Mexican Stock Exchange. In addition, the tables below set forth the reported high and low prices for the ADSs on the NYSE for the periods between January 1, 2009 and June 15, 2012. The
reported high and low prices for the ADSs for the periods beginning or after June 18, 2012 reflect the high and low bid prices for the ADSs on the OTC market.

Mexican Stock Exchange

Price per Share

(Pesos)



|                     |  |        |       |  |     |  |      | 
|-------------------- |  | ------ | ----- |  | --- |  | ---- | 
|                     |  | Shares |      
|Previous five years: |  | High   |       |  | Low | 
|2009                 |  |        | 14.75 |  |     |  | 9.08 | 
|2010                 |  |        | 10.63 |  |     |  | 5.02 | 
|2011                 |  |        | 6.70  |  |     |  | 2.05 | 
|2012                 |  |        | 5.70  |  |     |  | 2.07 | 
|2013                 |  |        | 2.93  |  |     |  | 1.80 | 





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Mexican Stock Exchange

Price per Share

(Pesos)



|                                 |  |        |      |  |     |  |      | 
|-------------------------------- |  | ------ | ---- |  | --- |  | ---- | 
|                                 |  | Shares |     
|Previous two years (by quarter): |  | High   |      |  | Low | 
|2012:                            |  |        |      |  |     |  |      | 
|First Quarter                    |  |        | 5.35 |  |     |  | 4.07 | 
|Second Quarter                   |  |        | 5.70 |  |     |  | 3.91 | 
|Third Quarter                    |  |        | 4.35 |  |     |  | 2.38 | 
|Fourth Quarter                   |  |        | 2.65 |  |     |  | 2.07 | 
|2013:                            |  |        |      |  |     |  |      | 
|First Quarter                    |  |        | 2.80 |  |     |  | 2.35 | 
|Second Quarter                   |  |        | 2.68 |  |     |  | 1.80 | 
|Third Quarter                    |  |        | 2.93 |  |     |  | 2.10 | 
|Fourth Quarter                   |  |        | 2.50 |  |     |  | 2.10 | 
|2014:                            |  |        |      |  |     |  |      | 
|First Quarter                    |  |        | 2.66 |  |     |  | 2.20 | 

Mexican Stock Exchange

Price per Share

(Pesos)



|                     |  |        |      |  |     |  |      | 
|-------------------- |  | ------ | ---- |  | --- |  | ---- | 
|                     |  | Shares |     
|Previous six months: |  | High   |      |  | Low | 
|October 31, 2013     |  |        | 2.50 |  |     |  | 2.25 | 
|November 30, 2013    |  |        | 2.43 |  |     |  | 2.23 | 
|December 31, 2013    |  |        | 2.49 |  |     |  | 2.10 | 
|January 31, 2014     |  |        | 2.66 |  |     |  | 2.20 | 
|February 28, 2014    |  |        | 2.64 |  |     |  | 2.58 | 
|March 31, 2014       |  |        | 2.64 |  |     |  | 2.25 | 



Source:
InfoSel Financiero

New York Stock Exchange / OTC Market

Price per ADS

(Dollars)



|                     |  |        |      |  |     |  |      | 
|-------------------- |  | ------ | ---- |  | --- |  | ---- | 
|                     |  | ADS(*) |     
|Previous five years: |  | High   |      |  | Low | 
|2009                 |  |        | 5.65 |  |     |  | 2.95 | 
|2010                 |  |        | 4.00 |  |     |  | 1.89 | 
|2011                 |  |        | 2.78 |  |     |  | 1.25 | 
|2012                 |  |        | 2.20 |  |     |  | 0.70 | 
|2013                 |  |        | 1.10 |  |     |  | 0.71 | 



|(*) | Effective August 24, 2009, the ADS to CPO ratio changed from 1:1 to 1:5. Effective June 15, 2012, the ADSs were delisted from the NYSE. The ADSs began trading on the OTC market on June 18, 2012.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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New York Stock Exchange / OTC Market

Price per ADS

(Dollars)



|                                 |  |        |      |  |     |  |      | 
|-------------------------------- |  | ------ | ---- |  | --- |  | ---- | 
|                                 |  | ADS(*) |     
|Previous two years (by quarter): |  | High   |      |  | Low | 
|2012:                            |  |        |      |  |     |  |      | 
|First Quarter                    |  |        | 2.16 |  |     |  | 1.31 | 
|Second Quarter                   |  |        | 2.20 |  |     |  | 1.14 | 
|Third Quarter                    |  |        | 1.12 |  |     |  | 0.86 | 
|Fourth Quarter                   |  |        | 1.10 |  |     |  | 0.70 | 
|2013:                            |  |        |      |  |     |  |      | 
|First Quarter                    |  |        | 1.10 |  |     |  | 0.91 | 
|Second Quarter                   |  |        | 1.02 |  |     |  | 0.73 | 
|Third Quarter                    |  |        | 1.09 |  |     |  | 0.71 | 
|Fourth Quarter                   |  |        | 0.96 |  |     |  | 0.73 | 
|2014:                            |  |        |      |  |     |  |      | 
|First Quarter                    |  |        | 1.04 |  |     |  | 0.82 | 



|(*) | Effective August 24, 2009, the ADS to CPO ratio changed from 1:1 to 1:5. Effective June 15, 2012, the ADSs were delisted from the NYSE. The ADSs began trading on the OTC market on June 18, 2012.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OTC Market

Price per ADS

(Dollars)



|                     |  |      |      |  |     |  |      | 
|-------------------- |  | ---- | ---- |  | --- |  | ---- | 
|                     |  | ADS  |     
|Previous six months: |  | High |      |  | Low | 
|October 31, 2013     |  |      | 0.96 |  |     |  | 0.80 | 
|November 30, 2013    |  |      | 0.93 |  |     |  | 0.80 | 
|December 31, 2013    |  |      | 0.91 |  |     |  | 0.73 | 
|January 31, 2014     |  |      | 0.99 |  |     |  | 0.83 | 
|February 28, 2014    |  |      | 1.02 |  |     |  | 0.88 | 
|March 31, 2014       |  |      | 1.04 |  |     |  | 0.82 | 



Source:
NYSE  price history composite; OTC market quotations.

Share Repurchase Program

On December 14, 2007, the Company announced that its Board of Directors had given its approval to constitute a reserve fund to repurchase
Shares during their meeting held in November of that year. The Share repurchase program was also approved by the Companys shareholders at a shareholders meeting. The program was approved for an amount of up to US$10 million
(approximately $130.7 million).

The Company has repurchased 1,577,700 Shares under the program since its approval in 2007. As of
April 16, 2014, of the 102,182,841 outstanding Shares, 24,247,740 were held in the form of ADSs.

Delisting of ADSs from the NYSE; Commencement of
Trading on the OTC Market

In accordance with Sections 801 and 802 of the NYSE Listed Company Manual, a company is considered to be
below compliance standards if, among other things:



| |  |  | its average global market capitalization is less than US$50 million over a 30 trading-day period and its stockholders equity is less than US$50 million;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | its average global market capitalization is less than US$15 million over a 30 trading-day period, which would result in immediate initiation of suspension and delisting procedures; or
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | its average closing price of a listed security is less than US$1.00 over a consecutive 30 trading-day period.
| | - |  | -------------------------------------------------------------------------------------------------------------

On October 17, 2008, the Company received an official notice from the NYSE, pursuant to which the Company was informed that it was
below criteria in connection with the applicable NYSE continued listing standard that states that if the average closing price of a security is less than US$1.00 over a consecutive 30-trading day period, it is considered below criteria.



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As of such date, the Company had a six-month period to cure this deficiency so it could remain
listed on the NYSE. On February 26, 2009, the NYSE submitted to the SEC an immediately effective rule filing which suspended the NYSEs US$1.00 minimum price requirement on a temporary basis, initially through June 30, 2009 and later
extended to July 31, 2009.

The temporary suspension of the US$1.00 minimum price requirement stated that companies trading below the
US$1.00 minimum price criteria that did not regain compliance during the suspension period would recommence their compliance period upon reinstitution of the stock price continued listing standard and receive the remaining balance of their
compliance period.

Additionally, companies below the US$1.00 minimum price criteria during the rule suspension period, would be deemed to
have regained compliance during this period if:



| | 1. | At the end of their respective six-month cure period, as established prior to this rules suspension, they have a US$1.00 closing share price on both the last trading day of the period and based on the preceding 30
trading days; and/or
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | At the end of any calendar month during the suspension they have a US$1.00 closing share price on both the last trading day of such month and based on the 30 trading days preceding the end of such month.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In order to comply with the NYSEs minimum price requirement, on August 24, 2009 we changed our ADS ratio from
one ADS for every one CPO to one ADS for every five CPOs. All fractional entitlements of the Companys ADS holders resulting from the reverse split were aggregated and sold by Citibank, N.A., the depositary at that time, on behalf of the ADS
holders, and cash proceeds were distributed to the ADS holders in proportion to their fractional interests. There was no change to the Companys CPOs or the underlying nominative common shares. For our ADS holders, the ratio change had the same
effect as a one-for-five reverse stock split and thereby increased the listing price of our ADSs, bringing us into compliance with the NYSEs minimum price requirement.

As of June 30, 2011, the value of our stockholders equity had reduced to US$51.4 million (US$41.7 million before minority
interest). In August 2011, we engaged in discussions with the NYSE and explained to the NYSE that the reduction in our stockholders equity was primarily attributable to an appreciation of the Mexican peso against the U.S. dollar, as
approximately 90% of our total debt is denominated in Mexican pesos and an appreciation of the Mexican peso against the U.S. dollar negatively impacts our net income, which in turn reduces the value of our stockholders equity. Following our
discussions with the NYSE, the Mexican peso depreciated against the U.S. dollar, and the value of our total stockholders equity rose to US$108.4 million (US$104.5 million before minority interest) as of December 31, 2011, which brought us
into compliance with the NYSE continued listing standards.

On May 2, 2012, we announced our financial results for the first quarter
of 2012. When our financial results were converted to U.S. dollars at the exchange rate in effect at the end of the first quarter, the results showed that we had fallen below the NYSEs continued listing standards for average global market
capitalization and stockholders equity. On May 22, 2012, Grupo TMMs Board of Directors approved a resolution authorizing the voluntary delisting of TMMs ADSs from the NYSE.

On May 23, 2012, we issued a press release announcing the Board of Directors decision to voluntarily delist TMMs ADSs from
the NYSE, and explaining that the decision was based on a careful review of the circumstances, including the volatility of the exchange rate between U.S. dollars and Mexican pesos, which created uncertainty regarding TMMs ability to satisfy
the NYSEs continued listing standards going forward. In addition, the Companys Board of Directors cited the low trading volume in TMMs ADSs and the compliance costs associated with maintaining a U.S. listing.

On June 5, 2012, the Company filed a Form 25 with the SEC to initiate the delisting of its ADSs from the NYSE. On June 18, 2012,
TMMs ADSs began trading on the OTC market under the ticker symbol GTMAY.



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TMMs ADSs continue to be registered in the United States under the U.S. Securities Exchange
Act of 1934 and TMMs nominative common shares underlying the ADSs continue to be traded in Mexico on the Mexican Stock Exchange (Bolsa Mexicana de Valores).



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

Share Capital

Not applicable.

Memorandum and Articles of
Association

The following is a summary of the provisions of the Bylaws (Estatutos Sociales) of Grupo TMM and is
qualified in its entirety by the actual provisions within the Bylaws themselves and applicable provisions of the General Law of Mercantile Companies (Ley General de Sociedades Mercantiles) and the Mexican Securities Law (Ley del Mercado de
Valores). For a description of the provisions of our Bylaws relating to our Board of Directors, General Director, Special Committees and Statutory Auditors, as well as Audit and Corporate Practices Committee, see Item 6. Directors,
Senior Management and Employees.

Organization and Register

We were incorporated in the United Mexican States as a sociedad anónima, as evidenced by public deed number 26,225 dated
August 14, 1987. We amended our Bylaws on August 29, 2002 in connection with the reclassification of our Series A Shares and Series L Shares.

On June 4th, 2008, certain articles of the Companys Bylaws were modified at the General Shareholders Meeting. The
modification to Article 14 added further restrictions to the acquisition or the transfer of the Companys shares providing more specific detail with respect to the requirements and authorizations required in order to acquire five percent or
more of the Companys shares. Article 25 was modified in order to comply with the Mexican Exchange Law (Ley del Mercado de Valores). Finally, Article 27 was modified to clarify which shareholders are required to sign the Shareholders
Meeting Attendance Sheet. This General Shareholders Meeting was properly formalized in public deed number 18,196 (filing before the Public Commerce Registry pending) by and before Mr. Juan Martín Álvarez Moreno, Public
Brokerage number 46 of Mexico City, Federal District.

On December 15, 2009, certain articles of the Companys Bylaws were
modified at the General Shareholders Meeting. The modification to Article 6 approved a capital increase. This General Shareholders Meeting was properly formalized in public deed number 21,851 (filed before the Public Commerce Registry
pending) by and before Mr. Juan Martín Álvarez Moreno, Public Brokerage number 46 of Mexico City, Federal District.

Our statement of corporate purposes authorizes us to engage in, among other things, shipping and transportation services, the development,
organization and management of all types of companies or entities, the acquisition of shares or units of the capital stock of other companies or entities, and generally, to carry out and execute all acts, transactions, agreements and operations of
any nature as may be necessary or convenient in furtherance of our corporate purposes.

Board of Directors

Our business and affairs are managed by the Board of Directors and by a General Director. The Board of Directors consists of not more than 21
nor fewer than seven persons, provided that at least 25% of the directors are independent. Our directors are elected annually at the Annual General Shareholders Meeting. The Board of Directors shall always have a Chairman, a First
Vice-Chairman and a Second Vice-Chairman and other Directors. The position of Second Vice-Chairman is currently vacant.



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The directors (whenever elected) shall remain in office for the period of time stated below,
calculated from the date of their appointment. The directors may be re-elected and, in case of the failure to appoint their substitute or if the designated substitute does not take office, the directors in office being substituted shall continue to
perform their duties for up to 30 calendar days following the date of expiry of the term for which they were appointed:



|                                   |  |                                                                                                                                           
|---------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------
|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.

In the event of the permanent absence of the Chairman or of any of the Vice-Chairmen, the Board of Directors,
at the first meeting held after said permanent absence shall temporarily appoint from among its members or persons outside the same, the director or directors that shall fill relevant vacancies. Also, in the event of resignation or permanent absence
of any of the other directors, the Board of Directors shall make the appointments of temporary directors as may be required for the continuance of the Boards integration and duties. In both cases, a General Ordinary Shareholders Meeting
shall be called as soon as possible to ratify or make definitive appointments of the relevant directors and, in any case, in the absence of said call, the first General Shareholders Meeting held after any of said events shall carry out the
final appointment.

The Board of Directors shall appoint a Secretary and a Deputy Secretary, who shall not be a part of the Board of
Directors. Said Secretary and Deputy Secretary may at any time be removed by the Board of Directors and their temporary and final absences shall be covered by the persons appointed by the Board of Directors. Despite the fact that the Secretary and
the Deputy Secretary are not members of the Board of Directors of the Company, they may sign jointly or severally and instruct the publication of any call to the Shareholders Meeting of the Company ordered or resolved by the Board of Directors
or the Audit and Corporate Practices Committee.

The meetings of the Board of Directors may be ordinary or extraordinary. The ordinary
meetings shall be held periodically on the dates and times designated by such Board of Directors, provided that such Board of Directors meets at least 4 times during each fiscal year. The extraordinary meetings shall be held when the Chairman of the
Board of Directors determines or at the request of 25% of the directors. The Board of Directors shall meet at the Companys registered office or at any other place in Mexico or abroad as determined beforehand in the respective call. The
meetings of the Board of Directors shall be presided over by the Chairman and in his absence, by the alternate Chairman and, in the absence of the alternate Chairman, by any director designated by the directors present at the meeting in question, by
a majority of votes.

In order for a Board of Directors meeting to be valid, at least half of the directors that make up the Board of
Directors from time to time must be in attendance and the Chairman and a Vice-Chairman shall always and in any event be in attendance. If a meeting of the Board of Directors may not be held due to the lack of quorum or the absence of the Chairman
and a Vice-Chairman, the call shall be repeated as many times as needed. In order for the resolutions of the Board of Directors to be valid, the favorable vote of the majority of the directors present at the meeting in question is required. In the
event of a tie, the Chairman of the Board of Directors, or his alternate, as applicable, shall have the tie-breaking vote.

For
resolutions of the Board of Directors to be valid in connection with the matters listed below, the favorable vote of (i) the Chairman of the Board of Directors and (ii) the First Vice-Chairman or the Second Vice-Chairman is required. The
following matters shall be decided upon exclusively by the Board of Directors of the Company:



| | 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;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 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.
| | -- | ---------------------------------------------------------------------------------------------------------

The Board of Directors shall primarily have the duty of establishing general strategies for the direction of the business of the Company and
its subsidiaries and that of overseeing the management and direction of the same and the performance of the relevant managers or officers. Such Board may establish one or more committees. In any event, the Company shall establish one or more
committees in charge of the duties of audit and corporate practices.

General Director

The General Director, or Chief Executive Officer, shall be in charge of the day-to-day management of the Company, the direction and execution
of the businesses of the Company and of its subsidiaries, subject to the strategies, policies and guidelines approved by the Board of Directors or, as the case may be, by committees created pursuant to the corporate Bylaws.

In order to fulfill his duties, the General Director shall have the powers granted to him by the Board of Directors at the time of his
appointment or at any other time after his appointment. For the exercise of his duties and activities and the fulfillment of his obligations, the General Director shall be assisted by all the relevant managers and other employees of the Company and
of the corporations controlled by the Company.

Audit and Corporate Practices Committee

The Board of Directors of the Company must establish a committee to carry out the audit and corporate practices functions that shall be
integrated by at least three independent directors appointed by the Board of Directors, which members are proposed by the Chairman. The foregoing notwithstanding, the Chairman of the Audit and Corporate Practices Committee must be appointed and/or
removed from his position exclusively by the General Shareholders Meeting and he must always be an independent director. The Chairman of the Audit and Corporate Practices Committee in no event whatsoever may preside over the Board of
Directors.

The oversight of the management, direction and execution of the business of the Company and of its subsidiaries shall be
entrusted to the Board of Directors through the aforementioned Audit and Corporate Practices Committee, as well as through the individuals or corporations that carry out the external audit of the Company for each fiscal year.



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Capital Stock

To conform to the provisions of the new Mexican Securities Law, our Series A Shares of capital stock were converted into nominative common
shares without par value (Shares), thereby deleting any series. The rights of the Series A Shares and the Shares are identical.

Consequently, our total capital stock is made up of 103,760,541 Shares, of which 1,577,700 are held in treasury. As a result of a translation
adjustment effective January 1, 2012, our stated total capital stock increased by $994,720,659 from $1,222,011,712. Accordingly, our total stated capital stock is $2,216,732,371.

Registration and Transfer

All Shares are evidenced by share certificates in registered form. Mexican law requires that all shares be represented by a certificate,
although a single certificate may represent multiple shares of stock. Certificates may be issued in the name of the registered holder. All of our share certificates are issued in the name of the registered holder. Mexican law also requires that all
transfers, encumbrances and liens on nominative shares must be recorded in the share registry book and are only enforceable against us and third parties after such registration occurs. S.D. Indeval, S.A. de C.V. (Indeval) is the
registrar and transfer agent for the Shares held in book-entry form. A global certificate representing all Shares in book entry form is deposited at Indeval. Shareholders holding their share certificates directly are required to be recorded as such
by the secretary of the Company in our share registry book.

Shareholders Meetings

Shareholders are entitled to vote on all matters at ordinary or special shareholders meetings. The Board of Directors will convene an
Annual Shareholders Meeting at least once a year on the date determined by the Board of Directors within the first four months following the end of the fiscal year. In addition to dealing with the matters included on the agenda, the
shareholders meeting should discuss, approve or modify the report of the Board of Directors, of the General Director and of the committee(s) that carry out the duties of corporate and audit practices, related to (i) the day-to-day conduct
of business, (ii) the general balance sheet, (iii) the statement of income and losses, (iv) the statement of changes in financial position, and (v) the statement of the change in shareholders equity for such fiscal year. At
such meeting directors shall also be appointed as per our Bylaws for the next fiscal year and their compensation shall be determined.

All
notices of shareholders meetings shall be published once in the official newspaper of the domicile of the Company and in one of the newspapers of major circulation in such domicile, at least 15 days prior to the date scheduled for the meeting
to be held. In order for the Ordinary Shareholders Meetings to be considered legally convened as a result of the first call, at least half of the capital stock in circulation at that time must be represented thereat, and the resolutions of
such meeting shall be valid when passed by a majority of the votes present.

Ordinary Shareholders Meetings require the attendance
of shareholders holding at least half the shares that have the right to attend such meetings, and the affirmative vote of a majority of the holders present at any such meeting, in a first call, and in a second call, the affirmative vote of majority
holders of shares that have the right to attend any such meeting irrespective of the number of shares presents thereat, in order to take action.

Extraordinary Shareholders Meetings require the attendance of shareholders holding at least 75% of the shares that have the right to
attend and vote at any such meetings, and the affirmative vote of at least half the issued and outstanding shares having such voting right, in a first call, and in a second or subsequent call, the attendance and affirmative vote of at least half the
issued and outstanding shares having the right to attend and vote at any such meeting in order to take action.

Shareholders may be
present or represented by a simple proxy at shareholders meetings. Directors and statutory auditors of the Company may not represent any shareholder at any shareholders meeting.



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In order to attend any meeting, shareholders must obtain an admission card prior to the meeting
from Indeval or another financial institution in the United Mexican States or abroad. Such financial institution must notify the Company (telegraphic or facsimile means are authorized) of the name of the depositor, the number of shares deposited and
the date on which the deposit was made. Admission cards to shareholders meetings may be regularly obtained through authorized brokers in the United Mexican States which, together with the list issued by Indeval, will be sufficient for any
shareholder to obtain the corresponding admission card.

Limitation on Share Ownership

Mexican law and our corporate charter prohibit ownership of Shares by foreign investors. Any acquisition of Shares in violation of this charter
provision would be null and void.

Any foreigner who acquires any interest or participation in our capital stock through CPOs will be
considered a Mexican citizen insofar as Mexican law and we are concerned (except with respect to the right to own Shares) and will be deemed to understand and agree that such foreigner may not invoke the protection of his government in connection
with his interest or participation in the Company, under penalty of forfeiture of such interest or participation in favor of the United Mexican States.

We contributed Shares of our capital stock to the Master Neutral Investment Trust (Fideicomiso Maestro de Inversion Neutra)(the
CPO Trust) established with a 30-year term by Nacional Financiera, S.N.C. (the CPO Trustee) on November 24, 1989. The CPO Trustee authorized the issuance of non-redeemable ordinary participation certificates
(certificados de participación ordinarios no amortizables)(CPOs) that correspond to our Shares. One CPO may be issued for each of our Shares contributed to the CPO Trust. CPOs constitute separate negotiable instruments
different and apart from our Shares, and afford to their holders only economic rights attaching to Shares. Consequently, holders of CPOs are not entitled to exercise any voting rights with respect to the Shares held in the CPO Trust. Such voting
rights are exercisable only by the CPO Trustee, which is required by the terms of the CPO Trust to vote such Shares in the same manner as holders of a majority of the outstanding Shares not held in the CPO Trust and voted at the relevant meeting.

Prior to its termination date, the CPO Trustee will sell Shares held by the CPO Trust, and deliver the proceeds thereof to CPO
holders in proportion to their respective CPO holdings. Alternatively, we may establish a new trust to enable continued foreign equity participation in the Company. Although, we will endeavor to establish a new trust to substitute the CPO Trust, no
assurance can be made that we will in fact establish or be able to establish such new trust.

Mexican and non-Mexican investors may hold
CPOs without restrictions of any kind.

We note that because CPOs are negotiable instruments separate and apart from Shares of the
Company, holders of CPOs do not qualify as shareholders, and may not exercise the minority rights afforded by the General Law of Mercantile Companies and Mexican Securities Law of the United Mexican States, except for the right to exercise a
derivative action for civil liability against the Directors and relevant officers of the Company or its subsidiaries, as further detailed in section entitled Minority Rightsbelow.

Acquisition of Share Capital

On December 20, 2006, the Company amended Article 14 of its Bylaws to provide that the consent of the Board of Directors would be required
for acquisitions that would result in any person or group of persons acquiring five percent or more of our Shares whether in a single transaction or in several simultaneous or successive transactions, notwithstanding the number of shares that such
person may own at such time. If the approved process is not complied with, the acquirer will not be entitled to vote the acquired Shares. The approved process will apply only to direct acquisitions of Shares and not to CPOs and ADSs. In addition,
the acquisition of Shares by any Mexican national may also be subject to the applicable provisions of Mexican antitrust laws. The Board is required to resolve with respect to any request for authorization to acquire five percent or more of our
Shares within a period of three months following the request and to take into account certain criteria as set forth in our Bylaws that relates to the consequences affecting the Company by such acquisition. Notwithstanding this restriction, in the
event of a public offering for the acquisition of 100% of our Shares, no authorization by the Board of Directors in connection with such public offering is necessary and the Board of Directors is required by law to render an opinion related to the



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terms and conditions of such public offering which opinion is to be rendered pursuant to applicable regulations. Our Bylaws provide that any amendment to the aforementioned provision may only be
approved at a General Extraordinary Shareholders Meeting, at which shares representing five percent or more of the capital stock of the Company have not voted against.

On June 4, 2008, Article 14 of the Companys Bylaws was further modified at the General Shareholders Meeting. These
modifications added further restrictions to the acquisition or the transfer of the Companys shares providing more specific detail with respect to the requirements and authorizations required in order to acquire five percent or more of the
Companys shares.

Rights

1. Applicable to Shareholders, CPOs holders and the CPO Trustee

The shareholder, or group of shareholders representing at least five percent or more of the capital stock, may exercise a derivative action for
civil liability against the directors and relevant officers of the Company, provided the complaint includes the total amount of the liabilities in favor of the Company, its subsidiaries or entities in which the Company owns 20% or more of the
capital stock thereof, and not only the personal interest of the petitioners. The assets obtained as a result of the claim shall be for the benefit of the Company, its subsidiaries, or such entities, as applicable.

Pursuant to the Mexican Securities Law, CPOs or ADSs holders, as well as the CPO Trustee, may also exercise the aforementioned civil liability
action.

2. Applicable to Shareholders

The shareholder or group of shareholders representing at least 20% or more of the capital stock may oppose in court the resolutions of the
General Shareholders Meetings, provided (i) the complaint is filed within the 15 days following the adjournment of the Shareholders Meeting, (ii) the plaintiffs have not attended the Shareholders Meeting or they have cast
their vote against the resolution, and (iii) the complaint states the clause of the Companys Bylaws or of the legal norm violated, as well as a description of the violation. Shareholders exercising such opposition right must deposit their
Shares before a Notary Public or an authorized financial institution and their complaint shall be accompanied by evidence of such deposit. Deposited shares may not be withdrawn until a final judgment is rendered.

The shareholder or group of shareholders representing at least 10% of the capital stock shall be entitled to appoint, at the Annual General
Ordinary Shareholders Meeting held in order to elect directors, a Regular Member and, as the case may be, his respective alternate. The appointment of any director carried out by a minority may only be reversed when all other directors are
also removed, unless the removal is attributable to a justified reason according to the applicable law.

Holders of 10% or more of the
capital stock of the Company may require the Chairman of the Board of Directors or of the Audit and Corporate Practices Committee to call a General Shareholders Meeting.

The shareholder or group of shareholders representing, at least, 10% of the shares represented at a Shareholders Meeting may request
that the voting on any matter of which they are not sufficiently informed be postponed and in said case the voting on said matter shall be postponed for three calendar days, without the need for a new call. This right may be exercised only once for
the same matter.

In addition, shareholders are entitled to (i) review all information and documents pertaining to the matters for
which a Shareholders Meeting has been called at the offices of the Company and within at least 15 calendar days of the scheduled date of the meeting; (ii) request that certain relevant issues be dealt with at the meeting that were not
originally on the agenda for the meeting, if called for under sundry or general matters in the relevant call for the meeting; (iii) be represented at the meeting by persons designated by them pursuant to standard proxy forms that are to be made
available by the Company with at least 15 calendar days prior to the date scheduled for the meeting



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which will contain the name of the Company, the matters to be discussed at the meeting and spaces for instructions as to the manner of the vote; and (iv) execute agreements between or among
different shareholders provided that any such shareholders agreement(s) must be disclosed to the Company within five business days following the date of their execution for disclosure thereof to the public through the relevant stock exchanges
and disclosure of their existence in the annual reports of the Company, and provided further that such agreements will not affect any voting at any Shareholders Meeting of the Company, may not be enforced against the Company and will only be
effective among the executing shareholders upon disclosure to the public as aforesaid.

Limitation of Officers and
Directors Liability

In addition to voting for directors at the Annual Shareholders Meeting, shareholders are asked to
vote upon the financial statements of the Company and the annual reports of the Board of Directors, the Audit and Corporate Practices Committee, and the General Director. If the holders of a majority of the votes entitled to be cast approve
managements performance, all shareholders are deemed to have released the directors and officers from claims or liability to us or our shareholders arising out of actions taken or any failure to take actions by any of them on our behalf during
the prior fiscal year, with certain exceptions. Officers and directors may not be released from any claims or liability for criminal acts, fraud, self-dealing or gross negligence.

Members of the Board of Directors and the officers of the Company shall not incur, individually or jointly, any responsibility for the damages
and/or losses they may cause to the Company or its subsidiaries or of entities in which the Company owns 20% or more of the capital stock thereof, derived from acts executed by, or decisions made, by any of them, to the extent that acting in good
faith, any of the following exclusions of responsibility applies:



| | (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.
| | ---- | -------------------------------------------------------------------------------------------------

We shall indemnify and hold the directors, the General Director and all other relevant managers of the Company or of the mercantile
corporations controlled by the Company harmless from all damages and/or losses that their performance may cause to the Company and the corporations controlled by the Company or in which it has a significant influence, except in the event of
deceitful acts or acts in bad faith, unlawful acts in accordance with the applicable legislation or whose indemnity, pursuant to said legislation may not be agreed or granted by the Company. For said purposes, we may obtain liability insurance or
any similar insurance and grant any bonds and bails that may be necessary or convenient. All legal costs related to the respective defense shall be payable by us against general expenses, which shall only be refunded to the Company by the director
in question, the General Director or the relevant manager in question, when required pursuant to a firm court order releasing the Company from its indemnity obligations.

Liquidation Rights

Any liquidation of the Company shall be carried out in the manner provided under the valid General Law of Mercantile Companies. The
shareholders meeting, in the act of agreeing to the dissolution, should establish the rules that, in addition to the legal provisions and the provisions provided herein, should dictate the actions of the liquidators. Holders of 75% of the
votes entitled to be cast is required to approve a liquidation of the Company.



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Dividends

Dividends are declared by the shareholders. All holders of common stock (represented by Shares, CPOs or ADSs) will share equally on a per share
basis in any dividend declared by our shareholders.

Certain Voting Rights

Our only class of outstanding capital stock consists of Shares. Shares, when properly issued, are fully voting shares of capital stock without
par value.

Preemptive and Other Rights

In case of a capital increase, except in the case of treasury shares (in which case no preemptive rights applies), the holders of Shares have
the preemptive right to subscribe for the new shares issued as a result of a capital increase, in proportion to the number of Shares owned by each of them.

Material Contracts

See Item 5.
Operating and Financial Review and Prospects  Liquidity and Capital Resources.

Exchange Controls

There are currently no exchange controls in Mexico; however, Mexico has imposed foreign exchange controls in the past. Pursuant to the
provisions of NAFTA, if Mexico experiences serious balance of payment difficulties or the threat thereof in the future, Mexico would have the right to impose foreign exchange controls on investments made in Mexico, including those made by U.S. and
Canadian investors.

United States Federal Income and Mexican Federal Taxation

The following is a summary of certain United States federal income tax and certain Mexican federal tax consequences related to the acquisition,
ownership, and disposition of our ADSs by certain holders.

The Convention for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion and a Protocol thereto between the United States and Mexico became effective on January 1, 1994 and has been amended by additional protocols (collectively, the Tax Treaty). The United States and Mexico have also
entered into an agreement concerning the exchange of information with respect to tax matters.

This summary is not intended as tax advice
to any particular holder of ADSs, which can be rendered only in light of that holders particular circumstances. Accordingly, each holder of ADSs is urged to consult such holders tax advisor with respect to the specific tax consequences
to such holder of the acquisition, ownership and disposition of our ADSs, including the availability and applicability of any tax treaty to such holder.

The summary with respect to certain United States federal income tax consequences is based on the Internal Revenue Code of 1986 (the
Code), the Treasury Regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date of this Annual Report and as applicable in the current taxable year, and all of which are subject to
change, possibly with retroactive effect, or to different interpretations. The summary with respect to certain Mexican federal taxes is based on the Mexican federal tax laws, the Tax Treaty, regulations issued thereunder, rulings and general rules
issued by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público), official pronouncements and judicial decisions, all as of the date of this Annual Report, and all of which are subject to
change, possibly with retroactive effect, or to different interpretations.



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General

For purposes of this summary, a U.S. holder means a beneficial owner of ADSs, who is, for U.S. federal income tax purposes,
(i) a citizen or resident of the United States, (ii) a domestic corporation (or other entity taxable as a corporation), (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of source, or
(iv) a trust, if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust
or (B) the trust has a valid election in place to be treated as a United States trust. A non-U.S. holder is any holder other than a U.S. holder. The tax treatment of persons who hold their ADSs through a partnership (including an
entity treated as a partnership for U.S. federal income tax purposes) generally will depend upon the status of the partner and the activities of the partnership. Partners in a partnership holding ADSs should consult their tax advisors.

For purposes of this summary, a non-resident U.S. holder is a U.S holder that is a non-resident of Mexico for Mexican federal tax
purposes and that does not have a permanent establishment in Mexico. In general, for Mexican federal tax purposes, an individual is a resident of Mexico if he has established his home in Mexico, unless he has a home both in Mexico and abroad; in
such case, an individual will be considered to be a resident of Mexico if the individuals center of vital interests is in Mexico. For these purposes, the center of vital interests will be considered to be located in Mexico, among
other cases, if either (i) more than 50% of the individuals total income in a calendar year is derived from sources in Mexico, or (ii) the main center of the individuals professional activities is located in Mexico. Mexican
nationals who are state officials or state workers are deemed to be residents of Mexico, even though their individual center of vital interests is located abroad. A Mexican national is presumed to be a resident of Mexico unless such person can
demonstrate otherwise. A legal entity is a resident of Mexico if it maintains the principal administration of its business or the effective location of its management in Mexico. If a legal entity or an individual is deemed to have a permanent
establishment in Mexico for Mexican federal income tax purposes, all income attributable to such permanent establishment will be subject to Mexican federal income tax, in accordance with applicable laws.

If an individual or legal entity ceases to be a resident of Mexico for Mexican federal tax purposes, such individual or legal entity must make
certain filings with the Mexican tax authorities generally within a 15-day period before its change of residency.

A non-resident of
Mexico is an individual or legal entity that does not satisfy the requirements to be considered a resident of Mexico for Mexican federal tax purposes.

Certain Mexican Federal Tax Consequences

This summary of certain Mexican federal tax consequences relates only to non-resident U.S. holders of our ADSs. This summary does not address
all of the Mexican tax consequences that may be applicable to specific holders of the Shares (including a holder that controls the Company, an investor that holds 10% or more of the Shares or holders that constitute a group of persons for purposes
of Mexican law).

Dividends Dividends distributed from net taxable profits generated after or during 2014, either in cash or
in any other form, paid with respect to the Shares underlying the CPOs represented by our ADSs generally will not be subject to a 10% Mexican withholding tax. Our ADSs are not subject to Mexican withholding tax if such dividends were distributed
from the net taxable profits generated before 2014.

Capital Gains Capital gains arising from the sale or other disposition
of our ADSs carried out through a stock exchange recognized under applicable Mexican tax law, generally will be subject to a 10% Mexican income tax to be withheld by the financial intermediary, except in cases when the transferor asserts its
residency in a country with which Mexico has entered into a tax treaty for the avoidance of double taxation, in which case the non-resident holder will not be subject to Mexican tax.



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In compliance with certain requirements, gains on the sale or other disposition of ADSs made in
circumstances different from those set forth in the prior paragraph generally would be subject to Mexican tax, at the general rate of 25% of the gross income, regardless of the nationality or residence of the transferor. However, under the Tax
Treaty, a holder that is eligible to claim the benefits of the Tax Treaty will be exempt from Mexican tax on gains realized on a sale or other disposition of our ADSs in a transaction that is not carried out through the Mexican Stock Exchange or
other approved securities markets, so long as the holder did not own, directly or indirectly, 25% or more of our outstanding capital stock (including shares represented by our ADSs) within the 12-month period preceding such sale or other
disposition.

Deposits and withdrawals of ADSs will not give rise to any Mexican tax or transfer duties.

In general, commissions paid in brokerage transactions for the sale of our ADSs on the Mexican Stock Exchange are subject to a value-added tax
of 16%.

Other Mexican Taxes There are no Mexican inheritance, succession taxes or value-added taxes applicable to the
ownership, transfer or disposition of our ADSs. Gratuitous transfers of our ADSs may, in some circumstances, subject the recipient to Mexican federal income tax. There are no Mexican stamp, issue, registration or similar taxes or duties payable by
non-resident U.S. holders with respect to our ADSs.

Certain United States Federal Income Tax Consequences

U.S. Holders

The
following is a summary of certain United States federal income tax consequences to U.S. holders of the acquisition, ownership and disposition of ADSs. This discussion does not purport to be tax or legal advice and may not be applicable depending
upon a U.S. holders particular situation.

Each U.S. holder should consult such U.S. holders own tax advisor with respect
to the current and, possibly future, U.S. federal, state, local and foreign tax consequences to such U.S. holder of the acquisition, ownership and disposition of ADSs.

This summary is directed solely at U.S. holders that hold their ADSs as capital assets and whose functional currency is the Dollar. This
summary does not discuss all of the U.S. federal income tax consequences that may be relevant to U.S. holders, particularly those that may be subject to special treatment under U.S. federal income tax laws, such as partnerships, banks, financial
institutions, thrifts, real estate investment trusts, regulated investment companies, insurance companies, dealers in securities or currencies, U.S. holders whose functional currency is not the U.S. dollar, tax-exempt investors, expatriates, former
long-term U.S. residents, U.S. holders that reside outside the United States, persons who received shares in return for services rendered or in connection with their employment, securities traders who elect to account for their investments in ADSs
on a mark-to-market basis, persons that own (or are deemed to own for U.S. tax purposes) 10% or more of the voting stock of the Company, or persons that hold their ADSs as part of a hedge, straddle, conversion or other integrated transaction. This
summary does not discuss any United States federal estate, gift or alternative minimum tax consequences or the tax laws of any state, local or foreign government that may be applicable.

For United States federal income tax purposes, a holder of an ADS generally will be treated as the beneficial owner of the CPOs represented by
such ADS and such CPOs will represent a beneficial interest in the underlying Shares represented by such CPOs.

Distributions Distributions with respect to our ADSs that are paid out of our current or accumulated earnings and profits (as determined for United States federal income tax purposes) will be includible in the gross income of a U.S. holder as ordinary
dividend income when the distributions are received by the depositary and will not be eligible for the dividends received deduction otherwise allowable to U.S. holders that are corporations. To the extent that a distribution exceeds our current and
accumulated earnings and profits, it will be treated first as a nontaxable return of the U.S. holders adjusted tax basis in its ADSs to the extent of such tax basis, and then as gain from the sale or exchange of a capital asset. A U.S. holder
must include in gross income as ordinary income the gross amount of the dividends.



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The amount of any dividend paid in Pesos will be included in income by a U.S. holder in an amount
equal to the Dollar value of the Pesos received, based on the exchange rate in effect on the date the distribution is includible in income by the U.S. holder, regardless of whether the Pesos are converted into Dollars. A U.S. holder will have a
basis in the Pesos received equal to their Dollar value on the date of receipt. Any gain or loss recognized on a subsequent sale or translation of the Pesos for a different amount generally will be U.S. source ordinary income or loss. Dividends
generally will constitute foreign source income for U.S. federal tax credit purposes.

Subject to certain exceptions for short-term and
hedged positions, certain dividends received with respect to the ADSs by an individual U.S. holder may be subject to United States federal income tax at a maximum rate of 20% if the dividends are qualified dividends. Qualified dividends
with respect to an individual U.S. holder generally include dividends that are received from a qualified foreign corporation, provided the U.S. holder meets certain holding period requirements with respect to its ownership of such
qualified foreign corporation. A qualified foreign corporation generally includes a foreign corporation if (A) (i) its shares, including its ADSs, are readily tradable on an established securities market in the United States, or
(ii) it is eligible for the benefits of a comprehensive income tax treaty with the United States that the Internal Revenue Service (IRS) has approved for purposes of the qualified dividend rule, and (B) it was not a passive
foreign investment company (PFIC) in the taxable year in which the dividend was paid or in the preceding taxable year. The ADSs are traded on the OTC market and will qualify as readily tradable on an established securities market in the
United States for purposes of this rule as long as they are so listed. Further, as discussed below, we believe that we are not a PFIC. Therefore, we believe that dividends paid to an individual U.S. holder with respect to the ADSs generally are
subject to U.S. federal income tax at a maximum rate of 20%, provided such U.S. holder otherwise meets the requirements for the application of such rate. The maximum 20% tax rate is effective with respect to qualified dividends includible in income
during any taxable year ending before January 1, 2013.

Capital Gains In general, upon the sale or other disposition of
ADSs, a U.S. holder will recognize gain or loss equal to the difference between the amount realized on the sale or disposition (in Dollars, generally determined at the spot rate on the date of disposition, or in the case of a cash basis U.S. holder,
at the exchange rate in effect on the settlement date, if the amount realized is denominated in a foreign currency) and the U.S. holders adjusted tax basis in the ADSs (in Dollars). The gain or loss will be treated as capital gain or loss if
the ADSs were held as a capital asset and will be long-term capital gain or loss if the ADSs have been held for more than one year on the date of the sale or other disposition. Capital gains of individuals generally are taxed at lower rates than
items of ordinary income. With respect to sales or other dispositions occurring during any taxable year ending before January 1, 2013, the maximum long-term capital gain tax rate for an individual U.S. holder is generally 20%. The deductibility
of capital losses is subject to limitations. Deposits and withdrawals of CPOs by a U.S. holder in exchange for ADSs generally will not result in the realization of gain or loss for U.S. federal income tax purposes. Gain or loss recognized by a U.S.
holder on a sale or other disposition of ADSs generally will be treated as gain or loss from sources within the United States for United States foreign tax credit purposes.

In addition, under current law, certain U.S. Investors that are individuals, estates or trusts are be required to pay an additional 3.8% tax
on various types of investment income. Such U.S. Investors should consult their tax advisors regarding the effect, if any, of the applicability of this tax in respect to an investment in our ADSs.

The rules governing foreign tax credits are complex and U.S. holders should consult their own tax advisors regarding the application of
these rules in their particular circumstances.

PFIC We believe that we were not a PFIC for United States federal income
tax purposes for the 2012 taxable year and we do not anticipate being a PFIC for the 2013 taxable year. However, because PFIC status depends upon the composition of our income and assets and the market value of our assets from time to time
(including certain equity investments of less than 25 percent) and because the characterization of certain income and assets is uncertain under the PFIC rules, there can be no assurance that we will not be considered a PFIC for any taxable year. If
we were treated as a PFIC for any taxable year during which a U.S. holder held ADSs, certain adverse consequences could apply to such U.S. holder.

In general, if we were treated as a PFIC for any taxable year, gain recognized by a U.S. holder on the sale or other disposition of ADSs would
be allocated ratably over the U.S. holders holding period for such ADSs. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC



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would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, and an
interest charge would be imposed on the tax liability attributable to such amounts. Further, generally, to the extent any distribution during a taxable year to a U.S. holder in respect of ADSs exceeds 125% of the average of the annual distributions
in respect of such ADSs received by such U.S. holder during the preceding three taxable years, such excess distribution would be subject to taxation as described in the preceding sentence. Certain elections may be available to mitigate
the adverse consequences resulting from PFIC status.

Information Reporting and Backup Withholding  Dividends on, and
proceeds from the sale or other disposition of, ADSs paid to a U.S. holder generally may be subject to the information reporting and backup withholding rules under the Code unless such U.S. holder (i) certifies its correct taxpayer
identification number, (ii) certifies that it is exempt from, or otherwise not subject to, backup withholding, and (iii) complies with any other applicable requirements of the backup withholding rules. Any amount withheld under these rules
generally will be allowed as a credit against the U.S. holders United States federal income tax liability, provided certain information is timely provided to the IRS.

Non-U.S. Holders

A
non-U.S. holder generally will not be subject to United States federal income or withholding tax on dividends received with respect to ADSs, unless such income is effectively connected with the conduct by such non-U.S. holder of a United States
trade or business (or, in the case of a non-U.S. holder that qualifies for the benefits of an income tax treaty with the United States, such income is attributable to a permanent establishment or fixed place of business of such non-U.S. holder in
the United States).

A non-U.S. holder of ADSs will not be subject to United States federal income or withholding tax on gain realized on
the sale or other disposition of ADSs, unless (1) such gain is effectively connected with the conduct by such non-U.S. holder of a United States trade or business (or, in the case of a non-U.S. holder that qualifies for the benefits of an
income tax treaty with the United States, such gain is attributable to a permanent establishment or fixed place of business of such non-U.S. holder in the United States), or (2) in the case of gain realized by an individual non-U.S. holder,
such non-U.S. holder is present in the United States for 183 days or more in the taxable year of the sale or other disposition and certain other conditions are met.

Although non-U.S. holders generally are exempt from backup withholding, a non-U.S. holder may be required to comply with certification and
identification procedures in order to establish such exemption.

Documents On Display

All documents concerning the Company referred to herein may be inspected at our offices in Mexico City. We will provide a summary of such
documents in English upon request. In addition, the materials in this Annual Report on Form 20-F, and exhibits thereto, may be inspected and copied at the Securities and Exchange Commissions public reference room in Washington, D.C. Please
call the Securities and Exchange Commission at 1-800-SEC-0330 for further information on public reference rooms. The Securities and Exchange Commission maintains a web site on the Internet at http://www.sec.gov that contains reports and other
information regarding us.



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

The following information
includes forward-looking statements that involve risk and uncertainties. Actual results could differ from those presented. All information below is presented under IFRS as of December 31, 2013, in pesos.

We are exposed to market risks arising from changes in interest rates, foreign exchange rates, equity prices and commodity prices. We use
derivative instruments, on a selective basis, to manage these risks. We do not use derivative instruments for trading or speculative purposes. We maintain and control our treasury operations and overall financial risk through policies approved by
senior management and our Board of Directors.



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Foreign Currency Risk

A majority of the Companys revenues are denominated in U.S. dollars, and the majority of our costs and expenses are denominated in Pesos.
As such, the Company is exposed to foreign currency risk and may occasionally use currency derivatives to manage alternating levels of exposure. These derivatives allow the Company to offset an increase in operating and/or administrative expenses
arising from foreign currency appreciation or depreciation against the U.S. dollar.

The Companys income from operations may
therefore be materially affected by variances in the exchange rate between the U.S. dollar and the Mexican Peso. The Company has sought to minimize its exposure to foreign currency risk by holding its debt primarily in Mexican Pesos. Mexican Pesos
historically have been subject to greater risk of devaluation and have tended to depreciate against the U.S. dollar. Currently, approximately 96% of the Companys indebtedness is denominated in Mexican Pesos, most of which is long-term debt
incurred in connection with the Companys Trust Certificates Program. Certificates issued under the Trust Certificates Program have a 20-year term and do not require the Company to make any principal payments prior to maturity.

The Company currently believes that its strategy of holding the majority of its debt as long-term, Mexican Peso-denominated debt will allow it
to effectively manage its foreign currency risk without the use of currency derivatives or other hedging instruments. However, the Company has in the past, and may from time to time in the future, enter into currency derivatives denominated in
Mexican Pesos or other relevant currencies to attempt to manage its foreign currency risk. These derivatives should allow the Company to offset an increase in operating and/or administrative expenses arising from foreign currency appreciation or
depreciation against the U.S. dollar.

At December 31, 2013 and 2012, the Company had monetary assets and liabilities denominated in
currencies other than the Mexican peso as follows:



|            |  |                         |          |   |      |   |          |  
|----------- |  | ----------------------- | -------- | - | ---- | - | -------- | -
|            |  | December 31,            |         
|            |  | (in thousands of Pesos) |         
|            |  | 2013                    |          |   | 2012 |  
|Assets      |  | $                       | 721,366  |   |      | $ | 500,730  |  
|Liabilities |  |                         | (993,157 | ) |      |   | (891,280 | )
|            |  |                         |          |   |      |   |          |  
|            |  | $                       | (271,791 | ) |      | $ | (390,550 | )
|            |  |                         |          |   |      |   |          |  

The objective of the Company when using these derivatives is always to manage specific risks and exposures,
and not to trade such instruments for profit or loss. A majority of the Companys indebtedness is denominated in Pesos, and most of this debt is fixed-rate.

Interest Rate Risk

We depend upon
debt-financing transactions, including debt securities, bank and vendor credit facilities and leases, to finance our operations. These transactions expose us to interest rate risk, with the primary interest rate risk exposure resulting from changes
in the relevant base rates (CETES, TIIE, LIBOR and/or prime rate) which are used to determine the interest rates that are applicable to borrowings under our credit facilities. We are also exposed to interest rate risk in connection with the
refinancing of maturing debt.

The table below provides information about the Companys debt obligations. For debt obligations, the
table represents principal cash flows and related weighted average interest rates by expected maturity dates. The information is presented in millions of pesos, which is the Companys reporting currency.



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|                      |  |                                                                   |       |   |      |   |       |      |  |   |       |   |  |            |       |   |       |   |          |            |  |   |          |   |  |   |          | 
|--------------------- |  | ----------------------------------------------------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ----- | - |  | ---------- | ----- | - | ----- | - | -------- | ---------- |  | - | -------- | - |  | - | -------- | 
|                      |  | Breakdown of Fixed and Variable Rates of Financial Obligations(1) |      
|                      |  | Expected Maturity                                                 |      
|Liabilities           |  | 2014                                                              |       |   | 2015 |   |       | 2016 |  |   | 2017  |   |  | Thereafter |       |   | Total |   |          | Fair Value | 
|                      |  | (in millions of pesos)                                            |      
|Long-Term Debt        |  |                                                                   |       |   |      |   |       |      |  |   |       |   |  |            |       |   |       |   |          |            |  |   |          |   |  |   |          | 
|Fixed Rate            |  | $                                                                 | 354.4 |   |      | $ | 30.9  |      |  | $ | 18.8  |   |  | $          | 6.2   |   |       | $ | 120.8    |            |  | $ | 531.1    |   |  | $ | 531.1    | 
|Average Interest Rate |  |                                                                   | 10.21 | % |      |   | 10.54 | %    |  |   | 10.62 | % |  |            | 10.73 | % |       |   | 15.92    | %          |  |   | 10.21    | % |  |   | **       | 
|Variable Rate         |  | $                                                                 | 144.1 |   |      | $ | 272.7 |      |  | $ | 25.5  |   |  | $          | 13.9  |   |       | $ | 10,629.5 |            |  | $ | 11,085.7 |   |  | $ | 11,085.7 | 
|Average Interest Rate |  |                                                                   | 6.84  | % |      |   | 6.83  | %    |  |   | 6.80  | % |  |            | 6.81  | % |       |   | 6.81     | %          |  |   | 6.78     | % |  |   | **       | 



|(1) | Information as of December 31, 2013.
|--- | ------------------------------------

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

From time to time, we use derivative financial instruments such as interest
rate cap transactions for hedging purposes in order to reduce our exposure to increases in interest rates.

On July 29, 2010, the
Company entered into a three-year interest cap transaction (July 2010 to August 2013) with Banamex, S.A. in an amount of Ps. 10.5 billion to hedge against fluctuations in the TIIE rates in Mexico. This contract was entered into in connection with
the fourth issuance of the Trust Certificates Program.

On December 6, 2012, the Company entered into a one-year interest cap
transaction (August 2013 to August 2014) with Credit Suisse in an amount of Ps. 10.6 billion to hedge against fluctuations in the TIIE rates in Mexico. This contract was entered into in connection with the fourth issuance of the Trust Certificates
Program.

On January 10, 2014, the Company entered into a one-year interest cap transaction (August 2014 to August 2015) with Credit
Suisse in an amount of Ps. 10.6 billion to hedge against fluctuations in the TIIE rates in Mexico. This contract was entered into in connection with the fourth issuance of the Trust Certificates Program.

Commodity Price Risk

The Company is
exposed to price changes in the commodities markets for certain inventory goods, and specifically fuel. The Company purchases its diesel fuel on a spot basis within Mexico, and it purchases ship bunker fuel in the United States for certain of its
operations. These purchases are affected by price changes in the international energy commodity market. In the past, the Company has entered into diesel fuel and other energy commodity derivatives transactions to manage these risks and may continue
to engage in similar transactions in the future.

Inflation Rate Risk

A substantial increase in the Mexican inflation rate would have the effect of increasing our Peso-denominated costs and expenses, which could
affect our results of operations and financial condition. High levels of inflation may also affect the balance of trade between Mexico and the United States and other countries, which could adversely affect our results of operations.

Derivative Instruments

As of
December 31, 2013, the only derivative instruments held by the Company are the interest rate caps used for hedging purposes in the fourth issuance of certificates under our Trust Certificates Program.



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

American Depositary Shares

The Bank of New York Mellon, the depositary, collects its fees for delivery and surrender of ADSs directly from investors depositing CPOs or
surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable
property to pay the fees. The depositary may collect its annual fee for depositary services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The
depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.



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|                                                                                                                                                                                         |  |                                                                                                                                                                                                                 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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                                                                                                                                                                                                 

Fees payable by the depositary

The depositary has agreed to reimburse us for expenses we incur in connection with the establishment of the ADS facility, including legal fees,
fees due to the previous depositary, investor relations expenses and other facility-related expenses. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not
necessarily tied to the amount of fees the depositary collects from investors. The depositary has also agreed to pay its standard out-of-pocket administrative, maintenance and shareholder services expenses for the ADSs. Such expenses include the
expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S. Federal tax information, mailing required tax forms, stationary, postage, facsimile and
telephone calls, and certain investor relationship programs or special investor relations promotional services. We received reimbursements in the amount of US$28,889.12 net of taxes, from the depositary during the year ended December 31, 2011.
During the year ended December 31, 2012, we received reimbursements from the depositary in the amount of US$7,640.86, net of taxes. We did not receive any reimbursements from the depositary during the year ended December 31, 2013.



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PART II



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

None.



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

See
Item 4. Information on the Company  Organizational Structure  Reclassification of Series A and Series L Shares.



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

(a) Disclose Controls and Procedures.

The Company has evaluated, under the supervision and with the participation of management, including the Companys Chief Executive Officer
and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of December 31, 2013. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility
of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon this
evaluation, the Companys Chief Executive Officer and Chief Financial Officer each concluded that, as of the end of the 2013 fiscal year, our disclosure controls and procedures were effective to provide reasonable assurance that information
required to be disclosed by the Company in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported as and when required by the Securities and Exchange Commissions applicable rules and forms, and is
accumulated and communicated to the Companys management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Managements annual report on internal control over financial reporting.

The Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Companys internal control over financial reporting is a process designed under the supervision of the Companys Chief Executive Officer and Chief Financial
Officer that: (i) pertains to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Companys assets; (ii) provides reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements for external reporting in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorization of the
Companys management and directors; and (iii) provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedure may
deteriorate. The Company, with the participation of its Chief Executive Officer and Chief Financial Officer, has assessed the effectiveness of the Companys internal control over financial reporting as of December 31, 2013. In making its
assessment of internal control over financial reporting, management used the criteria in the 1992 Internal ControlIntegrated Framework set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission.

As a result of this assessment, the Companys management has determined that the Companys internal control over financial reporting
was effective as of December 31, 2013.



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(c) Attestation report of the registered public accounting firm.

Not applicable.

(d) Changes in
internal control over financial reporting.

As required by Rule 13a-15(d), under the Exchange Act, our management, including our Chief
Executive Officer and Chief Financial Officer, conducted an evaluation of our internal control over financial reporting to determine whether any change occurred during the period covered since the last report that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting. Based on this evaluation, it has been determined that there has been no change during the period covered by this annual report that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.



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

The Board of Directors of Grupo TMM appointed an Audit
and Corporate Practices Committee which is comprised of three independent directors, each of whom has significant experience in analyzing and evaluating financial reports and an understanding of internal controls and procedures for financial
reporting. The members of this committee are Luis Martínez Argüello (President), Ignacio Rodriguez Rocha and José Luis Ávalos del Moral. Mr. Ávalos is considered a financial expert according to the standards set
forth in Section 407 of the Sarbanes Oxley Act of 2002, and also has accounting and related financial management expertise in compliance with the Mexican Securities Law.



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

Grupo TMM has adopted a code of ethical conduct entitled, Code of
Ethics, covering all its officers, including its principal executive officer, principal financial officer and principal accounting officer, and all of its employees. We will provide a copy of the Companys Code of Ethics free of charge
upon written request sent to Grupo TMM, Avenida de la Cúspide, No. 4755, Colonia Parques del Pedregal, 14010 México City, D.F., México, Attn: Human Resources.

We last updated our Code of Ethics in October 2008. We have not granted any waivers to any provision of our Code of Ethics to any officer,
employee or member of the Audit or Corporate Practices Committee during the Companys fiscal year ended December 31, 2013.



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

The following table reflects our principal
accounting fees and services for the years 2013 and 2012:

GRUPO TMM, S. A. B.

Summary of Auditors Payments

(In thousands of
Pesos)



|              |  |                    |          |  |      |   |          | 
|------------- |  | ------------------ | -------- |  | ---- | - | -------- | 
|              |  | As of December 31, |         
|              |  | 2013               |          |  | 2012 |  
|Audit Fees(a) |  | $                  | 12,976.6 |  |      | $ | 13,551.5 | 
|Tax Fees(b)   |  |                    | 170.3    |  |      |   | 210.3    | 
|              |  |                    |          |  |      |   |          | 
|Total(c)      |  | $                  | 13,146.9 |  |      | $ | 13,761.8 | 
|              |  |                    |          |  |      |   |          | 



|(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) | Tax FeesFees relate to specific tax issues, in compliance with the applicable tax laws.
|--- | ----------------------------------------------------------------------------------------

|(c) | Total does not include Mexican tax (Impuesto al Valor Agregado or IVA).
|--- | ---------------------------------------------------------------------------



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The Companys Audit Committee pre-approves all fees for the services provided by the
independent auditors, including the fees for 2012 and 2013 in accordance with the Companys policies and procedures.



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

Not applicable.



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

None.



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

None.



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

Not applicable.

PART III



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

Not applicable.



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

The following financial statements are filed as part of this
Annual Report on Form 20-F.



|                                                           |  |      |           | 
|---------------------------------------------------------- |  | ---- | --------- | 
|Contents                                                   |  | Page |          
|Report of Independent Registered Public Accounting Firm    |  |      | F-4 - F-5 | 
|Consolidated Statements of Financial Position              |  |      | F-6       | 
|Consolidated Statements of Operations                      |  |      | F-7       | 
|Consolidated Statements of Comprehensive (Loss) Income     |  |      | F-8       | 
|Consolidated Statements of Changes in Stockholders Equity |  |      | F-9       | 
|Consolidated Statements of Cash Flows                      |  |      | F-10      | 
|Notes to the Consolidated Financial Statements             |  |      | F-11      | 



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Grupo TMM, S.A.B. and Subsidiaries



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

Documents filed as exhibits to this Annual Report:



|            |  |                                                                                                                                                                                                                                                                                                                            
|----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
No. |  | 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.                                                                                                                                                                                                                                                                      



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



---

##### Table of Contents



LOGO

Consolidated Financial Statements and Report of the Independent Registered Public Accounting Firm

Grupo TMM, S.A.B. and Subsidiaries

December 31, 2013,
2012 and 2011



LOGO



F-1



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



Contents



|                                                            |  |                                                                  |           |      |      | 
|----------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- | ---- | ---- | 
|                                                            |  |                                                                  |           | Page |     
|Report of the Independent Registered Public Accounting Firm |  |                                                                  | F-4 - F-5 |     
|                                                            | 
|Consolidated statements of financial position               |  |                                                                  | F-6       |     
|                                                            | 
|Consolidated income statements                              |  |                                                                  | F-7       |     
|                                                            | 
|Consolidated statements of comprehensive income             |  |                                                                  | F-8       |     
|                                                            | 
|Consolidated statements of changes in stockholders equity  |  |                                                                  | F-9       |     
|                                                            | 
|Consolidated statements of cash flow                        |  |                                                                  | F-10      |     
|                                                            | 
|Notes to the consolidated financial statements              |  |                                                                  |           |     
|                                                            |  |                                                                 
|1.                                                          |  | Nature of operations and general information                     |           |      | F-11 | 
|                                                            |  |                                                                 
|2.                                                          |  | Changes in accounting policies                                   |           |      | F-15 | 
|                                                            |  |                                                                 
|3.                                                          |  | Summary of significant accounting policies                       |           |      | F-16 | 
|                                                            |  |                                                                 
|4.                                                          |  | Going concern                                                    |           |      | F-28 | 
|                                                            |  |                                                                 
|5.                                                          |  | Cash and cash equivalents                                        |           |      | F-29 | 
|                                                            |  |                                                                 
|6.                                                          |  | Other accounts receivable                                        |           |      | F-29 | 
|                                                            |  |                                                                 
|7.                                                          |  | Prepayments                                                      |           |      | F-29 | 
|                                                            |  |                                                                 
|8.                                                          |  | Leases                                                           |           |      | F-29 | 
|                                                            |  |                                                                 
|9.                                                          |  | Concession rights                                                |           |      | F-30 | 
|                                                            |  |                                                                 
|10.                                                         |  | Property, machinery and equipment, net                           |           |      | F-31 | 
|                                                            |  |                                                                 
|11.                                                         |  | Other non-current assets                                         |           |      | F-33 | 
|                                                            |  |                                                                 
|12.                                                         |  | Intangible assets                                                |           |      | F-34 | 
|                                                            |  |                                                                 
|13.                                                         |  | Impairment of long-lived assets                                  |           |      | F-35 | 
|                                                            |  |                                                                 
|14.                                                         |  | Fair value measurement                                           |           |      | F-36 | 
|                                                            |  |                                                                 
|15.                                                         |  | Financial assets and liabilities                                 |           |      | F-37 | 
|                                                            |  |                                                                 
|16.                                                         |  | Balances and transactions with related parties                   |           |      | F-42 | 
|                                                            |  |                                                                 
|17.                                                         |  | Accounts payable and accrued expenses                            |           |      | F-43 | 
|                                                            |  |                                                                 
|18.                                                         |  | Assets and liabilities held for sale and discontinued operations |           |      | F-43 | 
|                                                            |  |                                                                 
|19.                                                         |  | Stockholders equity                                             |           |      | F-45 | 



F-2



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





|     |  |                                                       |  |  |      | 
|---- |  | ----------------------------------------------------- |  |  | ---- | 
|     |  |                                                      
|220. |  | Other income (expenses), net                          |  |  | F-47 | 
|     |  |                                                      
|21.  |  | Interest expense                                      |  |  | F-48 | 
|     |  |                                                      
|22.  |  | Income tax, tax carryforwards, and corporate flat tax |  |  | F-48 | 
|     |  |                                                      
|23.  |  | Financial information by segment                      |  |  | F-51 | 
|     |  |                                                      
|24.  |  | Employee benefits                                     |  |  | F-53 | 
|     |  |                                                      
|25.  |  | Loss per share                                        |  |  | F-56 | 
|     |  |                                                      
|26.  |  | Contingencies and commitments                         |  |  | F-56 | 
|     |  |                                                      
|27.  |  | Financial risk management, objectives and policies    |  |  | F-59 | 
|     |  |                                                      
|28.  |  | Capital management policies and procedures            |  |  | F-64 | 
|     |  |                                                      
|29.  |  | Subsequent event                                      |  |  | F-64 | 
|     |  |                                                      
|30.  |  | Decree that reforms, adds, and repeals various laws   |  |  | F-65 | 



F-3



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##### Table of Contents

|     |  | 
|---- |  | 
|LOGO |  | 



Report of the Independent
Registered Public Accounting Firm

Board of Directors and Stockholders of

Grupo TMM, S.A.B.:

We have audited the accompanying consolidated
statements of financial position for GRUPO TMM, S.A.B. and subsidiaries (Grupo TMM or the Company), as of December 31, 2013, 2012 and 2011, and the related consolidated statements of operations, comprehensive income, changes
in stockholders equity, and cash flows for each of the three years in the period ended December 31, 2013. These consolidated financial statements are the responsibility of the Companys Management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States) and International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
We were not engaged to perform an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the aforementioned consolidated financial statements present fairly, in all
material respects, the financial position of Grupo TMM, S.A.B. and Subsidiaries as of December 31, 2013, 2012 and 2011, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2013, in
conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.



F-4



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##### Table of Contents

|     |  | 
|---- |  | 
|LOGO |  | 



The accompanying consolidated financial statements
have been prepared under the assumption the Company will continue as a going concern. As discussed in Note 4, the Company has incurred significant net losses in 2013 and 2012, principally as a result of its comprehensive financing cost. These
conditions, along with other matters as set forth in Note 4, raise substantial doubt the Companys ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome
of this uncertainty.

/s/ SALLES, SAINZ  GRANT THORNTON, S.C.

Mexico City

April 30, 2014



F-5



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##### Table of Contents

|                                           |  | 
|------------------------------------------ |  | 
|Grupo TMM, S.A.B. y Compañías subsidiarias |  | 



Consolidated statements
of financial position

December 31, 2013, 2012 and 2011

(Amounts in thousands of Mexican pesos)



|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|--------------------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                                                                                                    |  | 2013 |            |   | 2012 |   |            | 2011 | 
|Assets                                                                                              |  |      |            |   |      |   |            |      |  |   |            |  
|Current                                                                                             |  |      |            |   |      |   |            |      |  |   |            |  
|Cash and cash equivalents (Note 5)                                                                  |  | $    | 405,284    |   |      | $ | 496,680    |      |  | $ | 507,609    |  
|Restricted cash (Note 15)                                                                           |  |      | 489,723    |   |      |   | 592,345    |      |  |   | 568,072    |  
|Accounts receivable - net of allowance for doubtful accounts of $10,767 in 2013 and $55,112 in 2012 |  |      | 563,303    |   |      |   | 474,027    |      |  |   | 543,440    |  
|Other accounts receivable - net (Note 6)                                                            |  |      | 170,491    |   |      |   | 295,714    |      |  |   | 244,864    |  
|Materials and supplies                                                                              |  |      | 126,652    |   |      |   | 133,990    |      |  |   | 144,246    |  
|Prepayments (Note 7)                                                                                |  |      | 12,190     |   |      |   | 12,906     |      |  |   | 17,100     |  
|Assets classified as held for sale (Note 18)                                                        |  |      | 186,628    |   |      |   | 23,842     |      |  |   |           |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total Current Assets                                                                                |  |      | 1,954,271  |   |      |   | 2,029,504  |      |  |   | 2,025,331  |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Property, machinery and equipment - net (Note 10)                                                   |  |      | 9,053,118  |   |      |   | 9,716,653  |      |  |   | 10,012,703 |  
|Concession rights - net (Note 9)                                                                    |  |      | 28,382     |   |      |   | 32,167     |      |  |   | 35,943     |  
|Other non-current assets (Note 11)                                                                  |  |      | 65,443     |   |      |   | 92,733     |      |  |   | 103,477    |  
|Intangible assets (Note 12)                                                                         |  |      | 129,727    |   |      |   | 132,267    |      |  |   | 158,933    |  
|Deferred income tax (Note 22)                                                                       |  |      | 948,413    |   |      |   | 941,944    |      |  |   | 942,621    |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total Assets                                                                                        |  | $    | 12,179,354 |   |      | $ | 12,945,268 |      |  | $ | 13,279,008 |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Current Liabilities                                                                                 |  |      |            |   |      |   |            |      |  |   |            |  
|Current portion of long term debt (Note 15)                                                         |  | $    | 636,552    |   |      | $ | 332,595    |      |  | $ | 239,759    |  
|Suppliers                                                                                           |  |      | 241,923    |   |      |   | 302,362    |      |  |   | 299,525    |  
|Related parties (Note 16)                                                                           |  |      | 14,212     |   |      |   | 18,061     |      |  |   | 12,218     |  
|Accounts payable and accrued expenses (Note 17)                                                     |  |      | 510,397    |   |      |   | 931,107    |      |  |   | 738,853    |  
|Liabilities related to assets classified as held for sale (Note 18)                                 |  |      | 122,661    |   |      |   |           |      |  |   |           |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total current liabilities                                                                           |  |      | 1,525,745  |   |      |   | 1,584,125  |      |  |   | 1,290,355  |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Long term debt (Note 15)                                                                            |  |      | 10,254,067 |   |      |   | 10,491,189 |      |  |   | 10,255,824 |  
|Employee benefits (Note 24)                                                                         |  |      | 198,559    |   |      |   | 211,143    |      |  |   | 213,415    |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total non-current liabilities                                                                       |  |      | 10,452,626 |   |      |   | 10,702,332 |      |  |   | 10,469,239 |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total Liabilities                                                                                   |  |      | 11,978,371 |   |      |   | 12,286,457 |      |  |   | 11,759,594 |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Stockholders equity (Note 19):                                                                     |  |      |            |   |      |   |            |      |  |   |            |  
|Share capital, 103,760,541 shares authorized and issued                                             |  |      | 2,216,733  |   |      |   | 2,216,733  |      |  |   | 2,216,733  |  
|Treasury shares (1,577,700 shares)                                                                  |  |      | (46,805    | ) |      |   | (46,805    | )    |  |   | (46,805    | )
|Other components of equity                                                                          |  |      | 987,801    |   |      |   | 893,201    |      |  |   | 937,735    |  
|Accumulated losses                                                                                  |  |      | (3,021,347 | ) |      |   | (2,463,934 | )    |  |   | (1,642,527 | )
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Controlling interest                                                                                |  |      | 136,382    |   |      |   | 599,195    |      |  |   | 1,465,136  |  
|Non-controlling interest (Note 3.1)                                                                 |  |      | 64,601     |   |      |   | 59,616     |      |  |   | 54,278     |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total stockholders equity                                                                          |  |      | 200,983    |   |      |   | 658,811    |      |  |   | 1,519,414  |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  
|Total liabilities and stockholders equity                                                          |  | $    | 12,179,354 |   |      | $ | 12,945,268 |      |  | $ | 13,279,008 |  
|                                                                                                    |  |      |            |   |      |   |            |      |  |   |            |  

The accompanying notes are an integral part of these consolidated financial statements.



F-6



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##### Table of Contents

|                                           |  | 
|------------------------------------------ |  | 
|Grupo TMM, S.A.B. y Compañías subsidiarias |  | 



Consolidated income
statements

For the years ended December 31, 2013, 2012 and 2011

(Amounts in thousands of Mexican pesos, except amounts per shares)



|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|--------------------------------------------------------------- |  | ---- | --------- | - | ---- | - | --------- | ---- |  | - | --------- | -
|                                                                |  | 2013 |           |   | 2012 |   |           | 2011 | 
|Transportation revenue                                          |  | $    | 2,838,542 |   |      | $ | 2,592,195 |      |  | $ | 2,514,254 |  
|Costs and expenses:                                             |  |      |           |   |      |   |           |      |  |   |           |  
|Salaries, wages and employee benefits                           |  |      | 667,244   |   |      |   | 636,935   |      |  |   | 568,723   |  
|Leases and other rents                                          |  |      | 606,596   |   |      |   | 563,800   |      |  |   | 546,416   |  
|Purchased services                                              |  |      | 377,830   |   |      |   | 320,362   |      |  |   | 300,007   |  
|Fuel, materials and supplies                                    |  |      | 206,955   |   |      |   | 153,871   |      |  |   | 114,580   |  
|Other costs and expenses                                        |  |      | 41,004    |   |      |   | 37,889    |      |  |   | 74,614    |  
|Depreciation and amortization                                   |  |      | 585,607   |   |      |   | 566,880   |      |  |   | 523,662   |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                |  |      | 2,485,236 |   |      |   | 2,279,737 |      |  |   | 2,128,002 |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Income on transportation                                        |  |      | 353,306   |   |      |   | 312,458   |      |  |   | 386,252   |  
|Other income (expenses), net (Note 20)                          |  |      | 63,990    |   |      |   | (32,609   | )    |  |   | (54,481   | )
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Operating income                                                |  |      | 417,296   |   |      |   | 279,849   |      |  |   | 331,771   |  
|Interest income                                                 |  |      | 37,907    |   |      |   | 49,614    |      |  |   | 43,819    |  
|Interest expense (Note 21)                                      |  |      | 942,817   |   |      |   | 981,425   |      |  |   | 1,038,288 |  
|Gain from exchange differences, net                             |  |      | 4,362     |   |      |   | 44,909    |      |  |   | 1,160,076 |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Comprehensive financing cost                                    |  |      | (900,548  | ) |      |   | (886,902  | )    |  |   | 165,607   |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|(Loss) income before taxes                                      |  |      | (483,252  | ) |      |   | (607,053  | )    |  |   | 497,378   |  
|Provision for income taxes (Note 22)                            |  |      | (4,687    | ) |      |   | (8,783    | )    |  |   | (12,017   | )
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|(Loss) income before result from discontinued operations        |  |      | (487,939  | ) |      |   | (615,836  | )    |  |   | 485,361   |  
|Loss from discontinued operations (Note 18)                     |  |      | (63,482   | ) |      |   | (165,280  | )    |  |   | (293,778  | )
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Net (loss) income for the year                                  |  | $    | (551,421  | ) |      | $ | (781,116  | )    |  | $ | 191,583   |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Attributable to:                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Non-controlling interest                                        |  |      | 4,985     |   |      |   | 5,338     |      |  |   | 12,539    |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Grupo TMM, S.A.B. Stockholders                                  |  | $    | (556,406  | ) |      | $ | (786,454  | )    |  | $ | 179,044   |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|(Loss) earning from continued operations for the year per share |  |      | (4.775    | ) |      |   | (6.027    | )    |  |   | 4.750     |  
|Loss from discontinued operations for the year per share        |  |      | (0.621    | ) |      |   | (1.617    | )    |  |   | (2.875    | )
|Net (loss) earning for the year per share                       |  |      | (5.396    | ) |      |   | (7.644    | )    |  |   | 1.875     |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  
|Weighted average of shares outstanding for the period           |  |      | 102,183   |   |      |   | 102,183   |      |  |   | 102,176   |  
|                                                                |  |      |           |   |      |   |           |      |  |   |           |  

The accompanying notes are an integral part of these consolidated financial statements.



F-7



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##### Table of Contents

|                                           |  | 
|------------------------------------------ |  | 
|Grupo TMM, S.A.B. y Compañías subsidiarias |  | 



Consolidated statements
of comprehensive income

For the years ended December 31, 2013, 2012 and 2011

(Amounts in thousands of Mexican pesos)



|                                                       |  |      |          |   |      |   |          |      |  |   |         |  
|------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | ------- | -
|                                                       |  | 2013 |          |   | 2012 |   |          | 2011 | 
|Net (loss) profit for the year                         |  | $    | (551,421 | ) |      | $ | (781,116 | )    |  | $ | 191,583 |  
|Other comprehensive (loss) income items:               |  |      |          |   |      |   |          |      |  |   |         |  
|Stock repurchase                                       |  |      |         |   |      |   |         |      |  |   | 4,198   |  
|Translation result                                     |  |      |         |   |      |   | (42,989  | )    |  |   | (1,046  | )
|Provision for employee benefits                        |  |      | (1,654   | ) |      |   | 11,480   |      |  |   | (41,549 | )
|Revaluation surplus                                    |  |      | 135,359  |   |      |   | (63,620  | )    |  |   | (3,786  | )
|Cancellation of dividends (Note 19)                    |  |      |         |   |      |   |         |      |  |   | 134,204 |  
|Income tax on other comprehensive income (loss) items  |  |      | (40,112  | ) |      |   | 15,642   |      |  |   | 13,601  |  
|Reduction of capital in subsidiaries                   |  |      |         |   |      |   |         |      |  |   | (84,034 | )
|                                                       |  |      |          |   |      |   |          |      |  |   |         |  
|Other comprehensive results for the year, net of taxes |  |      | 93,593   |   |      |   | (79,487  | )    |  |   | 21,588  |  
|                                                       |  |      |          |   |      |   |          |      |  |   |         |  
|Comprehensive loss for the year                        |  | $    | (457,828 | ) |      | $ | (860,603 | )    |  | $ | 213,171 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |         |  
|Attributable to:                                       |  |      |          |   |      |   |          |      |  |   |         |  
|Non-controlling interest                               |  |      | 4,985    |   |      |   | 5,338    |      |  |   | (56,018 | )
|Grupo TMM, S.A.B. Stockholders                         |  |      | (462,813 | ) |      |   | (865,941 | )    |  |   | 269,189 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |         |  
|                                                       |  | $    | (457,828 | ) |      | $ | (860,603 | )    |  | $ | 213,171 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |         |  

The accompanying notes are an integral part of these consolidated financial statements.



F-8



---

##### Table of Contents

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



Consolidated statements
of changes in stockholders equity

For the years ended December 31, 2013, 2012 and 2011

(Amounts in thousands of Mexican pesos, except number of shares)



|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|-------------------------------------------- |  | ------------------------------------ | ----------- |  | ------------ | - | --------- | -------------------------- |  | - | ----------------- | - |  | --------------------------------- | ---------- | - | -------- | - | ------- | ----------------------- |  | - | ------------------------ | - |  | - | ------- | - |  | - | --------- | -
|                                             |  | Number ofsharesissued andoutstanding |             |  | Sharecapital |   |           | Repurchaseof treasurystock |  |   | Accumulatedlosses |   |  | Othercomponentsof equity(Note 19) |            |   | Subtotal |   |         | Non-controllinginterest |  |   | Totalstockholdersequity |  
|Balances as of December 31, 2010             |  |                                      | 101,994,641 |  |              | $ | 1,968,162 |                            |  | $ | (46,805           | ) |  | $                                 | (1,560,219 | ) |          | $ | 834,809 |                         |  | $ | 1,195,947                |   |  | $ | 110,296 |   |  | $ | 1,306,243 |  
|Sale of repurchased stocks during 2011       |  |                                      | 188,200     |  |              |   | 5,579     |                            |  |   |                  |   |  |                                   | (1,381     | ) |          |   |        |                         |  |   | 4,198                    |   |  |   |        |   |  |   | 4,198     |  
|Revaluation surplus                          |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   |           |   |          |   | (2,650  | )                       |  |   | (2,650                   | ) |  |   |        |   |  |   | (2,650    | )
|Translation result                           |  |                                      |            |  |              |   | 242,992   |                            |  |   |                  |   |  |                                   | (365,091   | ) |          |   | 105,576 |                         |  |   | (16,523                  | ) |  |   | 15,477  |   |  |   | (1,046    | )
|Provision for employee benefits              |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | (29,084    | ) |          |   |        |                         |  |   | (29,084                  | ) |  |   |        |   |  |   | (29,084   | )
|Cancellation of dividends                    |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | 134,204    |   |          |   |        |                         |  |   | 134,204                  |   |  |   |        |   |  |   | 134,204   |  
|Reduction of capital in subsidiaries         |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   |           |   |          |   |        |                         |  |   |                         |   |  |   | (84,034 | ) |  |   | (84,034   | )
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Total other comprehensive items for the year |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   | 90,145                   |   |  |   |         |   |  |   | 21,588    |  
|Net earnings for the year                    |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | 179,044    |   |          |   |        |                         |  |   | 179,044                  |   |  |   | 12,539  |   |  |   | 191,583   |  
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Comprehensive earnings for the year          |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   | 269,189                  |   |  |   |         |   |  |   | 213,171   |  
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Balances as of December 31, 2011             |  |                                      | 102,182,841 |  |              |   | 2,216,733 |                            |  |   | (46,805           | ) |  |                                   | (1,642,527 | ) |          |   | 937,735 |                         |  |   | 1,465,136                |   |  |   | 54,278  |   |  |   | 1,519,414 |  
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Revaluation surplus                          |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   |           |   |          |   | (44,534 | )                       |  |   | (44,534                  | ) |  |   |        |   |  |   | (44,534   | )
|Translation result                           |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | (42,989    | ) |          |   |        |                         |  |   | (42,989                  | ) |  |   |        |   |  |   | (42,989   | )
|Provision for employee benefits              |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | 8,036      |   |          |   |        |                         |  |   | 8,036                    |   |  |   |        |   |  |   | 8,036     |  
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Total other comprehensive items for the year |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   | (79,487                  | ) |  |   |         |   |  |   | (79,487   | )
|Net loss for the year                        |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | (786,454   | ) |          |   |        |                         |  |   | (786,454                 | ) |  |   | 5,338   |   |  |   | (781,116  | )
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Comprehensive loss for the year              |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   | (865,941                 | ) |  |   |         |   |  |   | (860,603  | )
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Balances as of December 31, 2012             |  |                                      | 102,182,841 |  |              |   | 2,216,733 |                            |  |   | (46,805           | ) |  |                                   | (2,463,934 | ) |          |   | 893,201 |                         |  |   | 599,195                  |   |  |   | 59,616  |   |  |   | 658,811   |  
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Revaluation surplus                          |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | 151        |   |          |   | 94,600  |                         |  |   | 94,751                   |   |  |   |        |   |  |   | 94,751    |  
|Provision for employee benefits              |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | (1,158     | ) |          |   |        |                         |  |   | (1,158                   | ) |  |   |        |   |  |   | (1,158    | )
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Total other comprehensive items for the year |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   | 93,593                   |   |  |   |         |   |  |   | 93,593    |  
|Net loss for the year                        |  |                                      |            |  |              |   |          |                            |  |   |                  |   |  |                                   | (556,406   | ) |          |   |        |                         |  |   | (556,406                 | ) |  |   | 4,985   |   |  |   | (551,421  | )
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Comprehensive loss for the year              |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   | (462,813                 | ) |  |   |         |   |  |   | (457,828  | )
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  
|Balances as of December 31, 2013             |  |                                      | 102,182,841 |  |              | $ | 2,216,733 |                            |  | $ | (46,805           | ) |  | $                                 | (3,021,347 | ) |          | $ | 987,801 |                         |  | $ | 136,382                  |   |  | $ | 64,601  |   |  | $ | 200,983   |  
|                                             |  |                                      |             |  |              |   |           |                            |  |   |                   |   |  |                                   |            |   |          |   |         |                         |  |   |                          |   |  |   |         |   |  |   |           |  

The accompanying notes are an integral part of these consolidated financial statements.



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



Consolidated statements
of cash flow

For the years ended December 31, 2013, 2012 and 2011

(Amounts in thousands of Mexican pesos)



|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|----------------------------------------------------------------------- |  | ---- | --------- | - | ---- | - | --------- | ---- |  | - | ---------- | -
|                                                                        |  | 2013 |           |   | 2012 |   |           | 2011 | 
|Cash flows from operating activities:                                   |  |      |           |   |      |   |           |      |  |   |            |  
|Loss before results of discontinued operations                          |  | $    | (487,939  | ) |      | $ | (615,836  | )    |  | $ | 485,361    |  
|Adjustments to reconcile net loss to cash used in operating activities: |  |      |           |   |      |   |           |      |  |   |            |  
|Depreciation and amortization                                           |  |      | 585,607   |   |      |   | 566,880   |      |  |   | 523,662    |  
|Other amortizations                                                     |  |      | 84,832    |   |      |   | 108,480   |      |  |   | 139,646    |  
|Provision for taxes                                                     |  |      | 4,687     |   |      |   | 8,783     |      |  |   | 41,060     |  
|Gain on the sale of properties, machinery and equipment - Net           |  |      | (9,240    | ) |      |   | (12,344   | )    |  |   | (6,189     | )
|Provision for interest on debt                                          |  |      | 845,723   |   |      |   | 850,919   |      |  |   | 852,795    |  
|Gain on adjudication of property                                        |  |      | (14,063   | ) |      |   |          |      |  |   |           |  
|Gain from exchange differences                                          |  |      | (1,277    | ) |      |   | (38,078   | )    |  |   | (1,158,423 | )
|Sale of subsidiaries                                                    |  |      | (8,078    | ) |      |   | (74,245   | )    |  |   |           |  
|Changes in assets and liabilities:                                      |  |      |           |   |      |   |           |      |  |   |            |  
|Restricted cash                                                         |  |      | 102,622   |   |      |   | (24,273   | )    |  |   | 80,519     |  
|Accounts receivable                                                     |  |      | (176,588  | ) |      |   | 67,266    |      |  |   | (106,727   | )
|Other accounts receivable and related parties                           |  |      | (5,401    | ) |      |   | (137,585  | )    |  |   | 72,681     |  
|Materials and supplies                                                  |  |      | (2,828    | ) |      |   | 14,839    |      |  |   | (25,583    | )
|Prepayments                                                             |  |      | 716       |   |      |   | 3,205     |      |  |   | 1,152      |  
|Other accounts payable and accrued expenses                             |  |      | 141,934   |   |      |   | 174,267   |      |  |   | (197,830   | )
|Other non-current assets                                                |  |      | 1,779     |   |      |   | 39,314    |      |  |   | 127,846    |  
|Employee benefits                                                       |  |      | (4,880    | ) |      |   | 15,012    |      |  |   | 39,883     |  
|Operating activities discontinued business and available for sale       |  |      | (71,273   | ) |      |   | (69,561   | )    |  |   | 4,341      |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Total adjustments                                                       |  |      | 1,474,272 |   |      |   | 1,492,879 |      |  |   | 388,833    |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash provided by operating activities                                   |  |      | 986,333   |   |      |   | 877,043   |      |  |   | 874,194    |  
|Cash from discontinued operations, net                                  |  |      | (1,388    | ) |      |   | 39,520    |      |  |   | 16,309     |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash from operating activities, net                                     |  |      | 984,945   |   |      |   | 916,563   |      |  |   | 890,503    |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash flows from investment activities                                   |  |      |           |   |      |   |           |      |  |   |            |  
|Sale of properties, machinery and equipment                             |  |      | 17,166    |   |      |   | 15,176    |      |  |   | 27,055     |  
|Acquisition of properties, machinery and equipment                      |  |      | (290,766  | ) |      |   | (341,636  | )    |  |   | (189,497   | )
|Acquisition of subsidiaries                                             |  |      |          |   |      |   | (54,301   | )    |  |   |           |  
|Sale of subsidiaries                                                    |  |      | 5,760     |   |      |   |          |      |  |   |           |  
|Reduction of capital in subsidiaries                                    |  |      |           |   |      |   |           |      |  |   | (74,874    | )
|Investment activities discontinued business and available for sale      |  |      | 15,249    |   |      |   | 35,966    |      |  |   | 18,870     |  
|Sale of discontinued business                                           |  |      | 43,905    |   |      |   |          |      |  |   |           |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash used in investment activities                                      |  |      | (208,686  | ) |      |   | (344,795  | )    |  |   | (218,446   | )
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash flows from financing activities                                    |  |      |           |   |      |   |           |      |  |   |            |  
|Payments of debt and interest - net                                     |  |      | (875,667  | ) |      |   | (570,006  | )    |  |   | (1,121,266 | )
|Cash proceeds from obligations from the sale of receivables             |  |      |          |   |      |   |          |      |  |   | (147,910   | )
|Purchase of capital stock                                               |  |      |          |   |      |   |          |      |  |   | 1,205      |  
|Financing available for sale business                                   |  |      | 7,582     |   |      |   |          |      |  |   |           |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash used in financing activities                                       |  |      | (868,085  | ) |      |   | (570,006  | )    |  |   | (1,267,971 | )
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Effect on cash from currency fluctuation                                |  |      | 430       |   |      |   | (12,691   | )    |  |   | (10,038    | )
|Decrease in cash and equivalents                                        |  |      | (91,396   | ) |      |   | (10,929   | )    |  |   | (605,952   | )
|Cash and equivalents at year start                                      |  |      | 496,680   |   |      |   | 507,609   |      |  |   | 1,113,561  |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Cash and cash equivalents at year end                                   |  | $    | 405,284   |   |      | $ | 496,680   |      |  | $ | 507,609    |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Supplement cash disclosures                                             |  |      |           |   |      |   |           |      |  |   |            |  
|Interest paid                                                           |  | $    | 862,506   |   |      | $ | 616,921   |      |  | $ | 920,962    |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  
|Income tax and corporate flat tax paid                                  |  | $    | 3,016     |   |      | $ | 64,635    |      |  | $ | 12,738     |  
|                                                                        |  |      |           |   |      |   |           |      |  |   |            |  

The accompanying notes are an integral part of these consolidated financial statements.



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Notes to the consolidated
financial statements

As of December 31, 2013, 2012 and 2011

(Amounts expressed in thousands of Mexican pesos, except number of shares and where otherwise indicated)

1 Nature of operations and general information

Grupo TMM, S.A.B. (Grupo TMM or the Company) is a Mexican company whose principal activity is providing multimodal transportation and
logistics services to premium customers throughout Mexico. Grupo TMM provides logistics services, offshore supply shipping services, clean oil and chemical products shipping, tug-boat services, warehouse management, shipping agency, inland and
seaport terminal services, container and railcar maintenance and repair, and other activities related to the shipping and land freight transport business. As noted below, in 2013 the Company disposed of a significant portion of its logistics
division business.

Grupo TMM and Subsidiaries are subject to the laws and ordinances of other countries, as well as international regulations governing
maritime transportation and the observance of safety and environmental regulations.

Grupo TMMs head office is located at Avenida de la
Cúspide N° 4755, Colonia Parques del Pedregal, Delegación Tlalpan, C. P. 14010, México, D. F.



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As of December 31, 2013 and 2012, Grupo TMM
holds the percentage of equity interest indicated in the following companies:



|                                                                                                           |  |      |     |   |      |  |     |  
|---------------------------------------------------------------------------------------------------------- |  | ---- | --- | - | ---- |  | --- | -
|                                                                                                           |  | 2013 |     |   | 2012 | 
|Inmobiliaria TMM, S.A. de C.V.                                                                             |  |      | 100 | % |      |  | 100 | %
|Transportación Marítima Mexicana, S.A. de C.V. f)                                                          |  |      | 100 | % |      |  | 100 | %
|TMM Logistics, S.A. de C.V. g) and m)                                                                      |  |      | 100 | % |      |  | 100 | %
|Operadora Portuaria de Tuxpan, S.A. de C.V.                                                                |  |      | 100 | % |      |  | 100 | %
|Terminal Marítima de Tuxpan, S.A. de C.V.                                                                  |  |      | 100 | % |      |  | 100 | %
|Transportes Líquidos Mexicanos, LTD                                                                        |  |      | 100 | % |      |  | 100 | %
|TMM Agencias, S.A. de C.V.                                                                                 |  |      | 100 | % |      |  | 100 | %
|Marmex Marine México, Inc.                                                                                 |  |      | 100 | % |      |  | 100 | %
|Autotransportación y Distribución Logística, S.A. de C.V.                                                  |  |      | 100 | % |      |  | 100 | %
|Almacenadora de Depósito Moderno, S. A. de C. V.                                                           |  |      | 100 | % |      |  | 100 | %
|Repcorp, S.A. de C.V. and subsidiary                                                                       |  |      | 100 | % |      |  | 100 | %
|TMM Parcel Tankers, S.A. de C.V.                                                                           |  |      | 100 | % |      |  | 100 | %
|TMM División Marítima, S.A. de C.V.                                                                        |  |      | 100 | % |      |  | 100 | %
|TMM Dirección Corporativa S.A.P.I. de C.V.                                                                 |  |      | 100 | % |      |  | 100 | %
|Ikusi S.A.P.I. de C.V.                                                                                     |  |      | 100 | % |      |  | 100 | %
|Ficorsa Corporate Services, S.A.P.I. de C.V.                                                               |  |      | 100 | % |      |  | 100 | %
|Sedirsa Promotora, S.A.P.I. de C.V.                                                                        |  |      | 100 | % |      |  | 100 | %
|Trasatlántica Marítima de México, S.A.P.I. de C.V. (q)                                                     |  |      | 100 | % |      |  | 100 | %
|Promotora Satuiza, S.A.P.I. de C.V. (p)                                                                    |  |      | 99  | % |      |  | 99  | %
|Lex New Proyects, S.A.P.I. de C.V.                                                                         |  |      | 99  | % |      |  | 100 | %
|Administración Portuaria Integral de Acapulco, S.A. de C.V.                                                |  |      | 51  | % |      |  | 51  | %
|Servicios Administrativos API Acapulco, S.A. de C.V.                                                       |  |      | 51  | % |      |  | 51  | %
|Comercializadora y Distribuidora Milgret, S.A.P.I. de C.V.                                                 |  |      | 99  | % |      |  | 99  | %
|Nicte Inmobiliaria, S.A.P.I. de C.V.                                                                       |  |      | 99  | % |      |  | 99  | %
|Proserpec Servicios Administrativos, S.A.P.I. de C.V.                                                      |  |      | 100 | % |      |  | 99  | %
|Sunev Corporation, S.A.P.I. de C.V. a)                                                                     |  |      | 100 | % |      |  |    |  
|Olympia Overseas, S.A.P.I. de C.V. a)                                                                      |  |      | 100 | % |      |  |    |  
|TMM Risk Management Services Agente de Seguros y de Fianzas, S.A. de C.V. b)                               |  |      | 100 | % |      |  |    |  
|Promotora Satco, S.A. de C.V. c)                                                                           |  |      |    |   |      |  | 100 | %
|Operadora Marítima TMM, S.A. de C.V. d)                                                                    |  |      |    |   |      |  | 100 | %
|Operadora Portuaria Lázaro Cárdenas, S.A. de C.V. d)                                                       |  |      |    |   |      |  | 100 | %
|Personal Marítimo, S.A. de C.V. d)                                                                         |  |      |    |   |      |  | 100 | %
|Servicios Directivos Sedise, S.A.P.I. de C.V. d)                                                           |  |      |    |   |      |  | 99  | %
|Seehafen Operadora Marítima, S.A.P.I. de C.V. d)                                                           |  |      |    |   |      |  | 100 | %
|Servicios de Logística de México, S.A. de C.V. d)                                                          |  |      |    |   |      |  | 100 | %
|Servicios en Operaciones Logísticas, S.A. de C.V. d)                                                       |  |      |    |   |      |  | 100 | %
|Saltiva Operations, S.A.P.I de C.V. (formerly Línea Mexicana TMM, S.A. de C.V.) e)                         |  |      |    |   |      |  | 100 | %
|Bochum Services, S.A.P.I. de C.V. e)                                                                       |  |      | 100 | % |      |  |    |  
|Munray Services, S.A.P.I. de C.V. f)                                                                       |  |      | 100 | % |      |  |    |  
|Bamorau Servicios, S.A.P.I. de C.V. g)                                                                     |  |      | 100 | % |      |  |    |  
|Dibacar Servicios S.A.P.I. de C.V. g)                                                                      |  |      | 100 | % |      |  |    |  
|Inmobiliaria Dos Naciones, S. de R.L. de C.V. h)                                                           |  |      | 100 | % |      |  | 100 | %
|Mexschiff Operación de Personal, S.A.P.I. de C.V. i)                                                       |  |      | 100 | % |      |  | 100 | %
|Perjomar Operadora, S.A.P.I. de C.V. (formerly Perjomar Operadora de Personal, S.A.P.I. de C.V.) i) and m) |  |      | 44  | % |      |  | 100 | %



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





|                                                         |  |  |     |   |  |  |     |  
|-------------------------------------------------------- |  |  | --- | - |  |  | --- | -
|Omexmar Operadora Mexicana Marítima, S.A.P.I. de C.V. i) |  |  | 100 | % |  |  | 100 | %
|Siderpec Training Operadora, S.A.P.I de C.V. i)          |  |  | 98  | % |  |  | 98  | %
|Perhafen Services Marítimos, S.A.P.I. de C.V. j)         |  |  | 100 | % |  |  | 100 | %
|Arbeimeer Operadora de Personal, S.A.P.I. de C.V. j)     |  |  | 98  | % |  |  | 98  | %
|Opertraining Services, S.A.P.I. de C.V. k)               |  |  | 99  | % |  |  | 98  | %
|Acram Services, S.A. P.I. de C.V. l)                     |  |  | 96  | % |  |  |    |  
|Lacto Comercial Organizada, S.A. de C.V. d), n) and o)   |  |  |    |   |  |  | 100 | %



|a) | On February 20, 2013, Sunev Corporation, S.A.P.I. de C.V. and Olympia Overseas, S.A.P.I. de C.V, were established under the corporate purpose of entering into contracts and agreements with the public and private
sector, industrial, commercial or services, to provide all class of consulting and services.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|b) | On April 26, 2013, TMM Risk Management Services Agente de Seguros y de Fianzas, S.A. de C.V. was established to provide insurance and bond brokerage services and also to purchase, sell, hold, lease, and mortgage
all class of buildings and properties.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|c) | On June 4, 2013, the company Promotora Satco, S.A. de C.V. was sold to an unrelated third party. The effects of this operation are not relevant.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------

|d) | On August 31, 2013, 100% of the participation in Servicios de Logística de México, S.A. de C.V., Operadora Marítima TMM, S.A. de C.V., Operadora Portuaria de Lázaro Cárdenas, S.A.
de C.V., Personal Marítimo, S.A. de C.V., Servicios Directivos Sedise, S.A.P.I. de C.V., and Servicios en Operaciones Logísticas, S.A. de C.V. were sold to unrelated third parties. Also, on July 10, 2013 and July 15, 2013,
100% of the participation in Seehafen Operadora Marítima, S.A.P.I. de C.V. and in Lacto Comercial Organizada, S.A. de C.V., were sold to an unrelated third party.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|e) | On November 29, 2013, Línea Mexicana TMM, S.A. de C.V. changed its business name to Saltiva Operations, S.A.P.I de C.V., splitting on December 10 with the incorporation of Compañía Bochum
Services, S.A.P.I. de C.V. Lastly, on December 19, 2013, Grupo TMM sold 99.995% of its shares in Saltiva Operations, S.A.P.I. de C.V., to an unrelated third party. The effects of this operation are not relevant.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|f) | On November 30, 2013, the companies Munray Services, S.A.P.I. de C.V., and Rebarcar Corporation, S.A. de C.V., split from Transportación Marítima Mexicana, S.A. de C.V., and Rebarcar Corporation, S.A.
de C.V. was sold on December 2 to an unrelated party. The effects of this operation are not relevant.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|g) | On December 10, 2013, three companies split from TMM Logistics, S.A. de C.V., with Bamorau Servicios, S.A.P.I. de C.V., Dibacar Servicios S.A.P.I. de C.V., and Creaciones Daratu, S.A.P.I de C.V., as the spin-offs.
The latter of these was sold on December 19 to an unrelated party and the effects of this operation are not relevant.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|h) | On January 31, 2012, shares in Inmobiliaria Dos Naciones, S. de R.L. de C.V., were acquired. This company engages in the construction of port facilities for the construction, repair, servicing, or major
modification of vessels, and also conducts any other activity that would directly support or be related to this corporate purpose.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|i) | On May 28, 2012, Mexschiff Operación de Personal, S.A.P.I. de C.V., Omexmar Operadora Mexicana Marítima, S.A.P.I. de C.V., Perjomar Operadora de Personal, S.A.P.I. de C.V. (currently Perjomar
Operadora, S.A.P.I. de C.V.), and Siderpec Training Operadora, S.A.P.I de C.V. were established to provide consulting and services at Mexican ports, as regulated by the port law, and also to enter into contracts and agreements with the public and
private sectors, industrial, commercial, or services, to provide all class of consulting or services.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|j) | On June 14, 2012, Arbeimeer Operadora de Personal, S.A.P.I. de C.V. and Perhafen Services Marítimos, S.A.P.I. de C.V., were established to provide all class of industrial, commercial, and service consulting
services and also to provide services and consulting at Mexican ports, as regulated by the port law.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|k) | On June 14, 2012, Opertraining Services, S.A.P.I. de C.V., was formed to provide all class of services to third parties, including but not limited to, technical assistance and administrative services.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|l) | On February 20, 2013, Acram Services, S.A. P.I. de C.V. was established to enter into contracts and agreements with the public and private sectors, industrial, commercial, or services, to provide all class of
consulting and services.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|m) | On March 29, 2013, were included new parties sliding to 44% the share of Grupo TMM in the Company.
|-- | --------------------------------------------------------------------------------------------------

|n) | On June 30, 2012, Grupo TMM sold shares in Lacto Comercial Organizada, S.A. de C.V. to TMM Logistics, S.A. de C.V.; on this same date TMM Logistics, S.A. de C.V. split with the spin-off being Seehafen Operadora
Marítima, S.A.P.I. de C.V., which engages in the construction, repair, servicing, maintenance, and refurbishment of all class of containers and platforms within Mexico and overseas, on its own account or for third parties.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|o) | On March 31, 2013, Lacto Comercial Organizada, S.A. de C.V. split in Trasembarque, S.A.P.I. de C.V. Company, which was sold on July 15 to a third party, such operation was not relevant.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|p) | On November 22, 2011, one share in Promotora Satuiza, S.A.P.I. de C.V., was sold to an unrelated party.
|-- | -------------------------------------------------------------------------------------------------------

|q) | On May 12, 2011, Trasatlántica Marítima de México, S.A.P.I. de C.V. was established to provide all class of maritime, waterway, and lake transportation services on the water routes.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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2 Changes in accounting
policies

New and revised standards that are effective for annual periods beginning on or after January 1, 2013

These standards are described following:

IFRS 10
Consolidated Financial Statements (IFRS 10)

IFRS 10 replaces IAS 27 Consolidated and Separated Financial Statements (IAS 27)
and SIC 12 Consolidation - Special Purpose Entities. IFRS 10 revises the definition of control and provides a more extensive guide for its application. The new requirements have the potential to affect which Grupo TMM interests will be
considered subsidiaries and therefore change the scope of the consolidation. The requirements for the consolidation procedures, the accounting changes for non-controlling interests, and the accounting for the loss of control in a subsidiary remain
the same.

Management has reviewed its control assessments in accordance with IFRS 10 and has concluded that there is no effect on the classification (as
subsidiaries or otherwise) of any of the Grupo TMMs investees held during the period or comparative periods covered by these financial statements.

IFRS 11 Joint Arrangements (IFRS 11)

IFRS 11
replaces IAS 31 Interests in Joint Ventures (IAS 31) and SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Ventures. IFRS 11 revises the categories of joint arrangement and the criteria for classification
into the categories, with the objective of more closely aligning the accounting with the investors rights and obligations relating to the arrangement. In addition, the option of IAS 31 to use proportionate consolidation for arrangements
classified as jointly controlled entities under that Standard has been eliminated. IFRS 11 now requires the use of the equity method for arrangements classified as joint ventures (as for investments in associates). The Company has no arrangements
that would fall under the scope of this standard.

IFRS 12 Disclosure of Interests in Other Entities (IFRS 12)

IFRS 12 contains, and makes compatible, the disclosure requirements for the different types of investments, including unconsolidated structured entities. The
standard introduces new disclosure requirements for the risks to which the Company is exposed based on its interest in structured entities. The Company has no Interests in Other Entities that would fall under the scope of this standard.

Consequential amendments to IAS 27 Separate Financial Statements (IAS 27) and IAS 28 Investments in Associates and Joint Ventures
(IAS 28)

IAS 27 now only covers separate financial statements. IAS 28 brings investments in joint ventures into its scope. However, IAS 28s
equity accounts methodology remains unchanged.

IFRS 13 Fair Value Measurement (IFRS 13)

IFRS 13 clarifies the definition of fair value and provides related guidance and enhanced disclosures regarding the measuring of fair value. It does not affect
which items are required to be fair-valued. The scope of IFRS 13 is broad and applies to both financial lines and non-financial lines for which other IFRS require or permit fair value measures or disclosures on fair value measures, except in certain
circumstances. (See Note 14).

IFRS 13 applies prospectively for years starting on or after January 1, 2013. Its disclosure requirements do not need
to be applied to the comparative information for the first year of its application.



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Amendments to IAS 19 Employee
benefits (IAS 19)

The IAS 19 Amendments include various changes to the accounting for employee benefits, the most significant of which involve
defined benefit plans. These changes are:



| |  |  | The corridor method is eliminated, requiring entities to recognize the re-measurements (including actuarial profits and losses) for the period incurred in other comprehensive income.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Changes in the measuring and reporting of certain components of the defined benefit cost. The net amount in operations is affected by the exclusion of the components of the expected performance of the plan assets and
the interest expense, which are replaced with the net expense/income from interests on the net liability/asset of the defined benefits.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Improved disclosure requirements, including information on the characteristics of the defined benefit plans and the risks to which entities are exposed through participation in these.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The application of the IAS 19 amendment had no material impact on Grupo TMM as the actuarial profits and losses were already being recognized in other
comprehensive income, therefore the changes to this standard did not need to be applied retrospectively.

Standards amendments and interpretations to
existing standards that are not yet effective and have not been adopted early by Grupo TMM.

At the date of approval of these consolidated financial
statements, the IASB has published certain new standards, amendments, and interpretations to existing standards, which have not entered into effect and which have not been adopted in advance by Grupo TMM.

Management expects all pertinent pronouncements will be adopted into Grupo TMM accounting policies for the first period the pronouncement takes effect. The
information regarding the new standards, amendments, and interpretations that are expected to be relevant for the consolidated financial statements of Grupo TMM are described following. Some other standards and new interpretations have been issued
but these are not expected to have a material impact on the consolidated financial statements of Grupo TMM.

IFRS 9 Financial Instruments
(IFRS 9)

The IASB intends to substitute the whole of IAS 39 Financial Instruments: Recognition and Measuring (IAS 39) with IFRS 9. To
date, the chapters that discuss the recognition, classification, measuring, and derecognition of financial assets and liabilities have already been released. These chapters are in effect for years starting on or after January 1, 2015. Chapters
dealing with impairment methodology and hedge accounting are still being developed. Also, in November 2011, the IASB tentatively decided to consider the possibility of making limited changes to the classification model for financial assets under
IFRS 9 to address the problems of application. Grupo TMM Management will assess the impact of this new standard on the consolidated financial statements of Grupo TMM. Management does not expect to implement IFRS 9 until it has been completed and its
overall impact can be assessed.

3 Summary of significant accounting policies

Grupo TMM and its subsidiaries prepare their consolidated financial statements in accordance with International Financial Reporting Standards
(IFRS), issued by the International Accounting Standards Board (IASB) and these are expressed in thousands of Mexican pesos.



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The accompanying consolidated financial statements
were authorized and approved for issue by Board of Directors and the General Stockholders Meeting on April 28 and April 30, 2014, respectively.

The most significant accounting policies are summarized following:

3.1 Basis of consolidation

The consolidated financial
statements include those of Grupo TMM and all of its subsidiaries. Grupo TMM controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through
its power over the subsidiary. All subsidiaries have the reporting date of December 31, 2013.

The balances and transactions between subsidiary
companies have been eliminated for the purposes of consolidation, including balances and unrealized gains on transactions between Grupo TMMs companies. Unrealized losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by Grupo TMM.

Non-controlling interests, presented as part of the stockholders equity, represent the portion of a subsidiarys profit or loss and net assets that
is not held by the Grupo TMM. Grupo TMM attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.

Associates

Associates are all entities over which Grupo
TMM has significant influence but not control, generally accompanying a shareholding between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at their
acquisition cost.

When Grupo TMMs share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured
receivables, Grupo TMM does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealized
gains on transactions between Grupo TMM and its associates are eliminated to the extent of Grupo TMM interest the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

3.2 Business combinations

Grupo TMM applies the
acquisition method to accounting for business combinations. The consideration transferred by Grupo TMM to obtain control of a subsidiary is calculated as the sum of the fair values on the acquisition-date of the assets transferred, liabilities
incurred, and the equity interests issued by Grupo TMM, which includes, accordingly, the fair value of any asset or liability that arises from the contingent consideration arrangement. Acquisition costs are expensed as incurred.

Grupo TMM recognizes identifiable assets acquired and liabilities assumed in the business combination independent of whether these were recognized in
acquirers financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair value.



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Goodwill is stated after the individual recognition
of identifiable intangible assets. It is calculated as the excess on the sum of a) the fair value of the consideration transferred, b) the amount recognized for any non-controlling interest in the entity acquired, and c) the fair value on the
acquisition date of any equity interest in the acquire, over the acquisition-date the fair values of the identifiable net assets. If the fair values for the identifiable net assets exceed the sum calculated above, this excess amount (e.g. gain on a
bargain purchase) is immediately recognized in profit or loss.

3.3 Foreign currency translation

Functional and presentation currency

As of
December 31, 2013 and 2012, the functional and reporting currency is the Mexican peso. As of January 1, 2012, the Company decided to change its functional and reporting currency from US dollars to Mexican pesos since this is the currency
of the primary economic environment in which Grupo TMM operates. The procedures for converting the functional currency were applied prospectively as of said date, as follows:



| |  |  | All asset and liability lines for each statement of financial position for 2011 and 2010 were converted to the new operating currency using the exchange rate of $13.9476 and $12.3817 Mexican pesos per US dollar,
respectively.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In the case of non-monetary items, the resulting amounts converted on this date were considered at their corresponding historic costs.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The revenue and costs on the consolidated income statement and comprehensive income were converted at the exchange rates for the transaction dates.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | All resulting exchange differences were reported in the comprehensive income as part of the Translation result.
| | - |  | -----------------------------------------------------------------------------------------------------------------



| |  |  | The translation effect in 2012 of the non-monetary items originated in pesos (fixed assets, intangible assets, and prepaid expenses) is originated by the difference in between the historical original value and the
translation of such lines at the exchange rate of $13.9476, when registering such lines at their historical value in pesos.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Valuation of
foreign currency

Monetary assets and liabilities denominated in foreign currency are translated into the functional currency at current exchange
rates. The difference between the exchange rate on the date of the transaction and the exchange rate on the settlement date, or if not settled the date of the statement of financial position, is included in the consolidated income statements as gain
or loss from exchange differences.

3.4 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other highly liquid and short-term investments that are readily convertible
into known amounts of cash and which are subject to insignificant risk of change in their value.

3.5 Restricted cash

Restricted cash represents the amount required to guarantee payments according to the obligations arising from the debt agreements for the acquisition of
vessels and trust certificates (see Note 15).



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3.6 Materials and supplies

Materials and supplies, consisting mainly in fuel and items for the maintenance of property and equipment, are valued at the lower of the average cost and the
net realizable value.

3.7 Prepayments

Represent
prepayments for services that will be received in the future and are amortized in the period when said services are received.

3.8 Property, machinery
and equipment

Land and buildings

The land and
buildings used in the operation are reported at their revalued amounts. Revalued amounts are fair values determined by appraisals conducted by external professional valuers every three years or before if the market factors indicate a significant
change in fair value.

Any revaluation surplus is recognized as part of other comprehensive income and forms part of Other components of
equity in stockholders equity. Insofar as any decrease from revaluation or loss due to impairment has been previously recognized, an increase in the revaluation is credited to earnings for the remaining portion of the increase recognized
in other comprehensive income. Decreases from revaluation incurred by land or a building are recognized when the appraisal or proof of impairment is delivered, with the corresponding decrease affecting other comprehensive income up to the amount of
any revaluation surplus within the Revaluation surplus account for this asset and any remnant decrease is recognized in profit or loss. Any revaluation surplus remaining in the stockholders equity on the disposal of the asset is
transferred to retained earnings.

The depreciation of buildings is recognized using the straight line method to write down its carrying value less its
estimated residual value. As no finite useful life for land can be determined, related carrying amounts are not depreciated.

Machinery and equipment

Machinery and equipment are stated at construction or acquisition cost. Acquisitions through capital leases or charter arrangements with an obligation
to purchase are capitalized based on the present value of future minimum payments, recognizing the related liability. Depreciation of machinery and equipment is computed using the straight-line method based on the useful lives of the assets net of
the estimated residual value.

Recurring maintenance and repair expenditures are charged to operating expenses as incurred. Major repairs to vessels
(docks) are capitalized and amortized over the period in which benefits are expected to be received (two to five years for vessels).

The material
residual values and the estimated useful life are adjusted as necessary, at least once a year.

Gains or losses from the disposal of property, machinery
and equipment are determined as differences between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss as part of Other income (expenses), accordingly (see Note 20).



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3.9 Intangible assets

Recognition of intangible assets

Concession rights

Concession rights correspond to payments made for the rights to operate assets under concession, which are stated at cost and are amortized over the
terms specified in the corresponding agreements.

Software

Software licenses acquired are capitalized on the basis of costs incurred to acquire and install the specific software.

Trademark

The trademark acquired on a business
combination that qualifies for separate recognition is considered an intangible asset and is recorded at its fair value.

Subsequent measurement

Intangible assets are accounted for using the cost model by which the net capitalized costs of their residual value are amortized using the
straight-line method throughout their estimated useful lives, in the case of the concession rights; these are amortized according to the term specified in the corresponding agreement. The residual values and useful lives are reviewed on each
reporting date. The trademark is considered an intangible asset with an indefinite life therefore it is subject to impairment tests annually as described in Note 13.

The amortization is included in the consolidated income statement as part of the depreciation and amortization item.

Subsequent expenditures to preserve software and trademarks are expensed as incurred.

3.10 Impairment of long-lived assets

The value of
intangible and long-lived assets is reviewed periodically and losses are recorded for impairment when there are events or circumstances indicating that carrying amount cannot be recovered. Loss from impairment is determined when the carrying amount
exceeds the respective recoverable amount, which is the greater of the net sale value and the value in use. For the purposes of evaluating the impairment, assets are analyzed in the greatest detail possible and identified separately with their
respective cash flows discounted. At December 31, 2013 and 2012, no losses from impairment were reported.

3.11 Leased assets

Financial leases

The economic ownership of the leased
asset is transferred to the leaseholder if they substantially assume all the risks and rewards related to the ownership of the leased asset. The corresponding asset is then recognized at the start of the lease at the fair value for the leased asset,
or if lower, at the present value of the minimum lease payments plus incidentals, accordingly. A corresponding amount is recognized as a liability for financial leasing, independent of whether some of the lease payments are settled in advance of the
lease start date.



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The corresponding liability decreases by the lease
payments net of the financial expenses. The interest component in the lease payment represents a portion of the capital balance outstanding and is charged to operations as financial costs over the lease period.

Notes 3.8 above and 8 describe the depreciation methods and estimated useful lives, respectively, for assets under financial leases.

Operating leases

All other leases are treated as
operating leases. Payments on operating lease agreements are recognized as an expense on a straight-line basis over the lease term. The associated costs, such as maintenance and insurance, are expensed as incurred.

3.12 Financial instruments

Recognition, initial
measurement and derecognition

Financial assets and liabilities are recognized when the Company is party to the contractual provisions of a financial
instrument and are initially measured at fair value adjusted for the transaction costs, except for the financial assets and liabilities that are measured at their fair value through profits or losses, which are initially measured at fair value.

Financial assets are derecognized when the contractual rights to the cash flows from a financial asset expire, or when the financial asset and all the
substantial risks and benefits have been transferred. A financial liability is derecognized as extinguished, discharged, cancelled, or expired. Financial assets and liabilities are subsequently measured as described following.

Classification and subsequent measurement of financial assets

For the purposes of subsequent measurement, financial assets that are not those designated and effective as hedging instruments are classified into the
following categories when they are initially recognized:



| |  |  | loans and receivables;
| | - |  | ----------------------



| |  |  | financial assets at fair value through profits or losses;
| | - |  | ---------------------------------------------------------



| |  |  | held-to-maturity investments;
| | - |  | -----------------------------



| |  |  | available-for-sale financial.
| | - |  | -----------------------------

The Companys financial assets are classified into the category of loans
and receivables, and available for sale. These financial assets are impaired when there is objective evidence that the financial asset or group of financial assets has been impaired. Different criteria are applied to determine the impairment for
each category of financial assets, as described following.

All income and expenses related to financial assets which are recognized in profit or loss are
reported in the comprehensive financing cost, except for the impairment of the client accounts receivable, which are reported in other income (expenses).



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Loans and accounts receivable

Loans and accounts receivable are non-derivative financial assets with fixed or determinable payments that are not traded on an active market. After the
initial recognition, these are measured at amortized cost using the effective interest method, less the provision for impairment. The discount is omitted when the effect of the discount is immaterial. The cash and cash equivalents of Grupo TMM, and
also the trade receivables, and most of the other accounts receivable fall under this category of financial instruments.

Individually significant
accounts receivable are considered for impairment when these are in arrears or when there is objective evidence that a specific payment will fall into default.

Financial assets available for sale

Financial assets
available for sale are non-derivative financial assets that are assigned to this category or do not qualify to be included in any of the other categories of financial assets. The Companys financial assets available for sale consist of various
investments in shares on which Grupo TMM does not hold any significant control or influence.

These investments in shares are measured at cost less any
charge for impairment, as their fair value cannot be currently estimated reliably. Charges for impairment are recognized in operations.

Classification
and subsequent measuring of financial liabilities

The financial liabilities of Grupo TMM include financial debt, suppliers, and other accounts payable
and derivative financial instruments.

Financial liabilities are subsequently measured at amortized cost using the effective interest method. All
derivative financial instruments that are not designated and are not effective as hedges are accounted for at fair value through profits or losses.

All
interest-related charges are recognized in operations and included in the item interest expense in the consolidated income statement.

3.13
Provisions, contingent liabilities and contingent assets

Provisions are recognized when the present obligations resulting from a past event will
probably lead to an outflow of Grupo TMM economic resources and the amounts can be reliably estimated. Timing or amount of the outflow may still be uncertain. A present obligation arises from a presence of a legal or constructive commitment that has
resulted from past events. Provisions are not recognized for future operating losses.

Provisions are the estimated amounts required to be expended to
settle the present obligation based on the most reliable evidence available at the date of the consolidated financial statements, including the risks and uncertainties associated with the present obligation.

When there are several similar obligations, the likelihood that an outflow will be required in settlement is determined considering the class of obligations
as a whole. Provisions are discounted at their present value, where the time value of money is material.



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Any reimbursement that Grupo TMM can be virtually
certain to collect from a third party regarding an obligation is recognized as a separate asset. However, this asset may not exceed the amount for the related provision.

All provisions are reviewed on the issue of the financial statements and adjusted to reflect the current best estimate.

When the possible outflow of economic resources for present obligations is remote or improbable, this is not recognized as a liability, unless it was assumed
in the course of a business combination.

Possible inflows of economic benefits to Grupo TMM that do not yet meet the recognition criteria of an asset are
considered contingent assets.

3.14 Income tax and corporate flat tax, prepaid or deferred

Deferred income tax is determined using the comprehensive liability method, based on temporary differences arising between the tax basis of assets and
liabilities and their carrying amounts in the financial statements. Currently enacted or substantively enacted tax rates are used in the determination of deferred income tax.

Until December 31, 2013, the Corporate Flat Tax was a tax that co-existed with Income Tax, therefore the Company developed projections based on
reasonable, reliable assumptions properly supported, which represented Managements best estimate where it had identified that the expected trend was essentially that Income Tax would be incurred by Grupo TMM in future years. Accordingly, only
deferred Income Tax was recognized as of this date.

The Corporate Flat Tax Law has been repealed as of January 1, 2014, however as the Company had
estimated Income Tax would be incurred in future years there were no effects that needed to be recognized in the consolidated financial statements as a result of the Law being repealed.

Deferred tax assets are recognized to the extent that it is probable that future taxable profit against which temporary differences can be utilized will be
available (see Note 22).

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Changes to the assets and liabilities due to deferred taxes are recognized as a component of provision for income taxes in the consolidated income statement,
except when these are associated with items that are recognized in other lines in the comprehensive income (such as the revaluation of properties) or directly in the stockholders equity, in which case the deferred tax in question is reported
in other items in the comprehensive income or stockholders equity, respectively.

3.15 Statutory employee profit sharing

The statutory employee profit sharing is determined applying the rate of 10% on taxable income, adjusted as provided for by the Income Tax Law. The statutory
employee profit sharing accrued is considered an ordinary expense associated with employee benefits.



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3.16 Post-employment benefits and short-term
benefits for employees Post-employment benefits

Defined benefit plans

The seniority pension to which employees are entitled after 15 years of service and after having retired at the age of 60, are expensed in the years in which
the services are rendered (see Note 24).

In addition, the Company has pension plans for certain employees who retire after the age of 65 (or early
retirement at 60 or 55), in addition to having completed a minimum 15 years of service, which are expensed in the years in which the services are rendered (see Note 24).

Under the defined benefits plan, the pension amount an employee will receive upon retirement is determined in reference to the time of service and salary
determined for each case based on the plan. The legal obligation of the benefits lies with Grupo TMM, even if the plans assets to finance the defined benefits plan are separate. The plans assets may include assets specifically designated
in a long-term benefit fund.

The liability recognized in the consolidated statement of financial position for the defined benefits plans is the present
value of the defined benefits obligation (DBO) as of the reporting date less the fair value of the plan assets.

Management estimates the DBO annually
with the assistance of independent actuaries, based on the standard inflation rate, the salary growth rate, and the mortality rate. The discount factors are determined near the close of each year in reference to the high quality corporate bonds that
are denominated in the currency in which the benefits will be paid and which have maturities similar to the terms on the corresponding pension liability.

The net cost for the defined benefits liability period is included in the item Salaries, wages and employee benefits in the consolidated income
statements.

Indemnifications

Indemnifications that
are not substitutive of retirement, paid to personnel who leave the company due to restructuring or any other reason, are charged to the operations for the period when incurred or provisions are created when there is a present obligation of these
events, with a probability of an outflow of resources and this obligation can be reasonably estimated.

As of January 1, 2012, Grupo TMM decided to
voluntarily cancel its accounting policy on the reserve for indemnification payments resulting from dismissals of personnel under 55 years of age, as this benefit was withdrawn and as possible future restructuring costs will no longer involve the
payment of these benefits on termination of employment. The effects of this change in policy were applied retrospectively.



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Short-term employee benefits

Short-term employee benefits, including vacation entitlement, are current liabilities included in Accounts payable and accrued expenses, measured
at the amount Grupo TMM expects to pay as a result of time not taken; as these liabilities are short-term, they were not discounted as their effect is considered immaterial.

3.17 Share capital and reserves

Common shares are
classified as equity. Grupo TMM does not have other equity instruments in addition to its common stock.

Incremental costs directly attributable to the
issue of new shares or options are shown in equity as a deduction, net of taxes, from the proceeds. Incremental costs directly attributable to the issue of new shares or options, or for the acquisition of a business, are included in the cost of
acquisition as part of the purchase consideration.

The cumulative operations include all current earnings and for previous periods.

Other components of equity capital include:



| |  |  | revaluation surplus, including gains from the revaluation of properties;
| | - |  | ------------------------------------------------------------------------



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



| |  |  | premium on the issue of convertible obligations, equal to the amount received over the nominal value of the obligation;
| | - |  | -----------------------------------------------------------------------------------------------------------------------



| |  |  | translation result represents the effect of the exchange rate on the operating currency.
| | - |  | ----------------------------------------------------------------------------------------

3.18 Recognition
of revenue, costs and expenses, and loan costs

Revenue

Revenue comprises the fair value of the consideration received or receivable for services provided, net of rebates and discounts.

Revenue from bareboat vessel leasing is recognized monthly according to the number of days elapsed and during the term of the corresponding contract. Revenue
from voyages, when their duration is longer than two months, is recognized proportionally as a shipment moves from origin to destination.

Revenue
associated with ground transportation services and other non-maritime transactions are recognized at the time the services are rendered and when accepted by the client.

Costs and expenses

The costs and expenses for ground
transportation and also those related to other maritime operations are recognized when the services are rendered.

Financing costs

Interest income and expense are reported as accrued using the effective interest method and are reported as part of the comprehensive financing cost.



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3.19 Segments

Grupo TMM has three operating segments: specialized maritime division, logistics division, and ports and terminals division. During 2013, the Company disposed
of a significant portion of the logistics division segment. In identifying its operating segments, Management follows Grupo TMMs service lines, which represent the main services provided by Grupo TMM.

Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing
approaches. All inter-segment transfers are carried out at market prices.

The accounting policies Grupo TMM uses for segment reporting are the same as
those used in its consolidated financial statements, with the exception that corporate assets which are not directly attributable to the business activities of any operating segment are not allocated. In the financial periods presented, the
primarily applies to the Grupo TMMs head office.

3.20 Discontinued operations

Results for discontinued operations

A discontinued
operation is a component of the entity that has been disposed of, or has been classified as held for sale, and:



| |  |  | 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.
| | - |  | --------------------------------------------------------

The gains or losses on discontinued operations,
including components of gains or losses from previous years are reported as a single line item on the consolidated income statements. This amount, which includes the gains or losses after taxes for discontinued operations and the gains or losses
after taxes resulting from measuring and disposing of assets classified as held for sale, are discussed in more detail in Note 18.

The disclosures for
discontinued operations in the previous year are related to all the operations that have been discontinued by the reporting date of the latest period presented.

Non-current assets held for sale and discontinued operations

When Grupo TMM intends to sell a non-current asset or a group of assets (a group held for sale), and if the sale is highly probable within the next 12 months,
the assets or group held for sale are classified as held for sale and are reported separately in the consolidated statement of financial position.

Assets classified as held for sale are measured at their carrying value immediately prior to the classification as held for sale, or at their fair
value less their cost of sale, whichever is less. No asset classified as held for sale is subject to depreciation or amortization after being so classified.



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3.21 Management reporting judgments on applying
accounting policies and uncertainty in estimates

On preparing the consolidated financial statements, Management makes various assumptions, estimates,
and judgments to recognize and measure assets, liabilities, income and expenses.

Management reporting judgments

The reporting judgments made by Management as to the application of the accounting policies of Grupo TMM that would have a material effect on the consolidated
financial statements are described following.

Deferred tax assets

The amount for which a deferred tax asset can be recognized is based on the assessment of the probability of obtaining future fiscal earnings for which Grupo
TMMs deferred tax assets can be used. In addition, reporting judgment is required to evaluate the impact of certain legal, fiscal, and/or economic limits (see Note 22).

Uncertainty regarding estimates

The information for
reporting judgments, estimates, and assumptions that has the most significant effect on the recognition and measuring of assets, liabilities, income and expenses is provided following; actual results may differ substantially.

Impairment of long-lived assets

On assessing impairment,
Management determines the recoverable value for each asset or cash generating unit based on the expected future cash flows and determines an adequate interest rate to be able to calculate the present value of these cash flows. The uncertainty in the
estimate is related to the assumptions regarding results of future operations and the determination of an adequate discount rate.

Useful lives of
depreciable assets

Management reviews the useful lives of the depreciable assets on each reporting date, based on the expected use of each asset. The
uncertainty in these estimates is derived from the technical obsolescence that could change the expected use of vessels and other equipment.

Defined
benefit obligation

Managements estimate of the DBO is based on a number of critical assumptions, such as inflation rates, mortality rates,
discount rate, and a consideration for future salary increases. The variances in these assumptions can impact the amount of the DBO and the corresponding annual expense for defined benefits (the analysis is provided in Note 24).

Fair value measurement

Management uses valuation
techniques to measure the fair value of its properties through independent appraisers. This results in Management preparing estimates and assumptions based on market information and using observable data that could be used by market participants to
assign a price to properties. These fair value estimates for financial instruments can vary from the actual prices obtained on operations at market value on the reporting date (see Note 14).



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4 Going concern

The accompanying consolidated financial statements have been prepared under the assumption the Company will continue as a going concern in accordance
with the International Financial Reporting Standards issued by the IASB. The Company has incurred significant net losses in 2013 and 2012, principally as a result of its comprehensive financing cost. These conditions, along with other matters, raise
significant and substantial doubt the Company ́s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Company Strategy

The maritime business has been
improving in its performance in recent years, becoming more efficient with the same level of income, consolidating as the most profitable business for Grupo TMM. In addition, Management continues to work on the implementation of the five year growth
plan, which includes the following progress and projects:

Short term

In the third quarter of 2013, Grupo TMM sold the truck transportation and haul-away trailers business (logistics division segment) which did not generate the
results expected. With this disincorporation, the operating results are expected to improve as efforts will be focused on the profitable businesses.

Medium term

Grupo TMM plans to develop a container
terminal and a liquids terminal at the port of Tuxpan, Veracruz. The container terminal will offer service to the growing demand in the Gulf of Mexico, taking advantage of the growth of the Mexican market. The objective of the liquids terminal will
be to manage both current imports and also the expected increase in the importation of gasoline and diesel, through the construction of a pipeline and a mooring position. This terminal is expected to start operations at the beginning of 2016 as only
the completion of the Mexico City-Tuxpan highway remains pending. Construction of the highway has been delayed due to problems with the land. These terminals are expected to contribute a significant portion of the expected revenue.

Grupo TMM is considering increasing its fleet of supplier ships with specialized vessels to face the growing demand for deep water exploration in Mexico.

According to the Business Plan, in 2013 Grupo TMM started to purchase vessels, which will continue in 2014 until nine vessels are added; seven under 10-year
financial leasing at 15%, one under Time Charter (crew and costs at the expense of the leaseholder) and the other under Bareboat (crew and costs at the expense of the lessor).

The Company will commence the business of cabotage in the Pacific in 2014, which will start with a chartered vessel until optimal levels are reached to
justify the acquisition of a vessel.

The successful implementation of these projects in the medium term will allow Grupo TMM to grow with high return
assets and operations, significantly improving the Companys capital structure and increasing its value for stockholders. The implementation of these medium term projects will be funded by a combination of capital and debt.



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In addition, Grupo TMM has started a study to
improve the debt profile in order to reduce its financing cost and improve the flows available for investment, through the capitalization of approximately 40% of the Trust Certificates.

5 Cash and cash equivalents

Cash and cash equivalents at December 31, 2013, 2012 and 2011 are summarized as follows:



|             |  |      |         |  |      |   |         |      |  |   |         | 
|------------ |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|             |  | 2013 |         |  | 2012 |   |         | 2011 | 
|Cash on hand |  | $    | 767     |  |      | $ | 960     |      |  | $ | 2,640   | 
|Banks        |  |      | 69,918  |  |      |   | 48,059  |      |  |   | 52,959  | 
|Investments  |  |      | 334,599 |  |      |   | 447,661 |      |  |   | 452,010 | 
|             |  |      |         |  |      |   |         |      |  |   |         | 
|             |  | $    | 405,284 |  |      | $ | 496,680 |      |  | $ | 507,609 | 
|             |  |      |         |  |      |   |         |      |  |   |         | 

6 Other accounts receivable

Other accounts receivable at December 31, 2013, 2012 and 2011 are summarized as follows:



|                                                 |  |      |         |  |      |   |         |      |  |   |         | 
|------------------------------------------------ |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|                                                 |  | 2013 |         |  | 2012 |   |         | 2011 | 
|Recoverable income taxes                         |  | $    | 35,365  |  |      | $ | 68,096  |      |  | $ | 33,223  | 
|Services for port, maritime and other operations |  |      | 54,243  |  |      |   | 95,716  |      |  |   | 105,179 | 
|Insurance claims                                 |  |      | 17,694  |  |      |   | 35,776  |      |  |   | 21,898  | 
|Employees                                        |  |      | 8,154   |  |      |   | 41,193  |      |  |   | 34,534  | 
|Other recoverable taxes                          |  |      | 7,620   |  |      |   | 7,131   |      |  |   | 5,049   | 
|Others                                           |  |      | 47,415  |  |      |   | 47,802  |      |  |   | 44,981  | 
|                                                 |  |      |         |  |      |   |         |      |  |   |         | 
|                                                 |  | $    | 170,491 |  |      | $ | 295,714 |      |  | $ | 244,864 | 
|                                                 |  |      |         |  |      |   |         |      |  |   |         | 

7 Prepayments

Prepayments at December 31, 2013, 2012 and 2011 are summarized as follows:



|                           |  |      |        |  |      |   |        |      |  |   |        | 
|-------------------------- |  | ---- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                           |  | 2013 |        |  | 2012 |   |        | 2011 | 
|Prepaid expenses           |  | $    | 1,849  |  |      | $ | 3,377  |      |  | $ | 6,472  | 
|Fleet insurance            |  |      | 8,275  |  |      |   | 7,993  |      |  |   | 7,769  | 
|Prepaid insurance premiums |  |      | 2,066  |  |      |   | 1,536  |      |  |   | 2,859  | 
|                           |  |      |        |  |      |   |        |      |  |   |        | 
|                           |  | $    | 12,190 |  |      | $ | 12,906 |      |  | $ | 17,100 | 
|                           |  |      |        |  |      |   |        |      |  |   |        | 

8 Leases

Financial leases as lessee

The Company holds two
financial leases, the first is on a vehicle which started in December 2012 and will end in December 2016; the second is on a vessel named Subsea 88, which started in November 2013 and will end in October 2023. At December 31, 2013
and 2012 the net carrying value for the units is $159,791 and $1,805, respectively. At December 31, 2011 the Company had no financial leases.



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The financial leasing liabilities (see Note 15) are
secured by the associated assets held under this modality. Future minimum finance lease payments at the end of each reporting period are:



|                             |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  
|---------------------------- |  | ---------------- | ------- | - | ------------ | - | ------- | ------------ |  | - | ------------ | - |  | ----- | ------- | - |  | - | -------- | -
|                             |  | Within the1 year |         |   | 1 to 3 years |   |         | 3 to 5 years |  |   | After 5years |   |  | Total |        
|Balance at December 31, 2013 |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  
|Lease payments               |  | $                | 26,692  |   |              | $ | 53,457  |              |  | $ | 52,457       |   |  | $     | 183,011 |   |  | $ | 315,617  |  
|Financial charges            |  |                  | (22,552 | ) |              |   | (42,897 | )            |  |   | (39,027      | ) |  |       | (69,489 | ) |  |   | (173,965 | )
|                             |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  
|Net present values           |  | $                | 4,140   |   |              | $ | 10,560  |              |  | $ | 13,430       |   |  | $     | 113,522 |   |  | $ | 141,652  |  
|                             |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  
|Balance at December 31, 2012 |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  
|Lease payments               |  | $                | 464     |   |              | $ | 928     |              |  | $ | 464          |   |  | $     |        |   |  | $ | 1,856    |  
|Financial charges            |  |                  | (183    | ) |              |   | (230    | )            |  |   | (34          | ) |  |       |        |   |  |   | (447     | )
|                             |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  
|Net present values           |  | $                | 281     |   |              | $ | 698     |              |  | $ | 430          |   |  | $     |        |   |  | $ | 1,409    |  
|                             |  |                  |         |   |              |   |         |              |  |   |              |   |  |       |         |   |  |   |          |  

The financial lease contract for Subsea 88 includes monthly lease payments and a purchase option at the end of the
term.

Operating leases as lessor

The Company holds
three operating leases, the first corresponds to the head office building, which started in March 2006 and originally expired in February 2021, with the option to buy at year 5, 10 and at the end of the lease; this lease is being restructured
through a new contract being signed in March 2014, which will bear a term of 15 years, expiring in February 2029. The second is on computer equipment, which started in December 2012 with a 36 month term. The third is on 3 forklifts for container
maintenance operations, which started in December 2013 and has a 48 month term.

The minimum future payments for the leases are:



|                     |  |              |         |  |              |   |         |              |  |   |              |  |  |       |         |  |  |   |         | 
|-------------------- |  | ------------ | ------- |  | ------------ | - | ------- | ------------ |  | - | ------------ |  |  | ----- | ------- |  |  | - | ------- | 
|                     |  | Within 1year |         |  | 1 to 3 years |   |         | 3 to 5 years |  |   | After 5years |  |  | Total |        
|Lease payments       |  |              |         |  |              |   |         |              |  |   |              |  |  |       |         |  |  |   |         | 
|At December 31, 2013 |  | $            | 62,966  |  |              | $ | 84,579  |              |  | $ | 70,283       |  |  | $     | 569,512 |  |  | $ | 787,340 | 
|                     |  |              |         |  |              |   |         |              |  |   |              |  |  |       |         |  |  |   |         | 
|At December 31, 2012 |  | $            | 91,195  |  |              | $ | 117,242 |              |  | $ | 64,527       |  |  | $     | 605,572 |  |  | $ | 878,536 | 
|                     |  |              |         |  |              |   |         |              |  |   |              |  |  |       |         |  |  |   |         | 
|At December 31, 2011 |  | $            | 102,174 |  |              | $ | 107,656 |              |  | $ | 104,491      |  |  | $     | 242,062 |  |  | $ | 556,383 | 
|                     |  |              |         |  |              |   |         |              |  |   |              |  |  |       |         |  |  |   |         | 

9 Concession rights

The Company holds concessions to operate the cruise and vehicle terminal at the port of Acapulco and the tugboat services at the port of Manzanillo. Under
these concession agreements, the Company is obliged to keep the facilities included in the concession in good condition. At the end of the concessions, these facilities will revert to the federal government.

Therefore the concession rights and the partial rights assignments provide for rights in favor of the federal government (see Note 26).

The Company is in compliance with its obligation to maintain the concession facilities in good condition.



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The concession rights at December 31, 2013,
2012 and 2011 are summarized following:



|                                                  |  |      |         |   |      |   |         |      |  |   |                  |   |  |  |    | 
|------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ---------------- | - |  |  | -- | 
|                                                  |  | 2013 |         |   | 2012 |   |         | 2011 |  |   | Years toamortize |  
|Administración Portuaria Integral de Acapulco (1) |  | $    | 94,607  |   |      | $ | 94,607  |      |  | $ | 94,607           |   |  |  | 10 | 
|Transportación Marítima Mexicana (2)              |  |      | 30,266  |   |      |   | 30,266  |      |  |   | 30,266           |   |  |  |   | 
|                                                  |  |      |         |   |      |   |         |      |  |   |                  |   |  |  |    | 
|                                                  |  |      | 124,873 |   |      |   | 124,873 |      |  |   | 124,873          |   |  |  |    | 
|Accumulated amortization                          |  |      | (96,491 | ) |      |   | (92,706 | )    |  |   | (88,930          | ) |  |  |    | 
|                                                  |  |      |         |   |      |   |         |      |  |   |                  |   |  |  |    | 
|Concession rights  net                           |  | $    | 28,382  |   |      | $ | 32,167  |      |  | $ | 35,943           |   |  |  |    | 
|                                                  |  |      |         |   |      |   |         |      |  |   |                  |   |  |  |    | 

The amortization of the concession rights for the years ended December 31, 2013, 2012 and 2011 was $3,785, $3,785 and
$3,776, respectively.



|(1) | Concession expires June 2021.
|--- | -----------------------------

|(2) | Renewal expires January 2015. In January 2007, the total value of this concession was amortized prior to the renewal.
|--- | ---------------------------------------------------------------------------------------------------------------------

10 Property, machinery and equipment

Property, machinery and equipment at December 31, 2013, 2012 and 2011 are summarized as follows:



|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         
|------------------------------- |  | ------------------------- | --------- |  | --------- | - | ------- | --------- |  | - | ------------------- |  |  | ------------------------ | -------- | ----- | ----------------------- | - | ------- | ---------------------------- |  | - | --------- |  |  | --------
|                                |  | 2013                     
|                                |  | Net balancesat year start |           |  | Additions |   |         | Disposals |  |   | Transfersand others |  |  | Depreciation/ impairment |          |       | Net balancesat year end |   |         | Estimateduseful lives(years)
|Vessels                         |  | $                         | 7,350,720 |  |           | $ | 170,126 |           |  | $ | 2,964               |  |  | $                        | 995      |       |                         | $ | 488,030 |                              |  | $ | 7,030,847 |  |  | 25      
|Shipyard                        |  |                           | 57,979    |  |           |   |        |           |  |   |                    |  |  |                          |         |       |                         |   | 1,679   |                              |  |   | 56,300    |  |  | 40      
|Major vessel repairs            |  |                           | 107,760   |  |           |   | 68,277  |           |  |   |                    |  |  |                          | 2,416    |       |                         |   | 78,526  |                              |  |   | 99,927    |  |  | 2.5     
|Buildings and facilities        |  |                           | 230,774   |  |           |   | 196     |           |  |   |                    |  |  |                          | (14,176  | ) (1) |                         |   | 9,543   |                              |  |   | 207,251   |  |  | 20 & 25 
|Warehousing equipment           |  |                           | 5,753     |  |           |   | 470     |           |  |   |                    |  |  |                          | (4,393   | )     |                         |   | 1,812   |                              |  |   | 18        |  |  | 10      
|Computer equipment              |  |                           | 1,436     |  |           |   | 13      |           |  |   | 37                  |  |  |                          | (39      | )     |                         |   | 885     |                              |  |   | 488       |  |  | 3 & 4   
|Terminal equipment              |  |                           | 7,926     |  |           |   | 980     |           |  |   |                    |  |  |                          | (1,975   | )     |                         |   | 1,474   |                              |  |   | 5,457     |  |  | 10      
|Ground transportation equipment |  |                           | 212,484   |  |           |   | 3,911   |           |  |   | 13,761              |  |  |                          | (173,561 | ) (2) |                         |   | 18,220  |                              |  |   | 10,853    |  |  | 4.5 & 10
|Other equipment                 |  |                           | 11,989    |  |           |   | 457     |           |  |   | 404                 |  |  |                          | (1,777   | )     |                         |   | 1,960   |                              |  |   | 8,305     |  |  |         
|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         
|                                |  |                           | 7,986,821 |  |           |   | 244,430 |           |  |   | 17,166              |  |  |                          | (192,510 | )     |                         |   | 602,129 |                              |  |   | 7,419,446 |  |  |         
|Land                            |  |                           | 1,401,551 |  |           |   |        |           |  |   |                    |  |  |                          | (63,137  | ) (1) |                         |   |        |                              |  |   | 1,338,414 |  |  |         
|Construction in progress        |  |                           | 328,281   |  |           |   | 46,336  |           |  |   |                    |  |  |                          | (79,359  | )     |                         |   |        |                              |  |   | 295,258   |  |  |         
|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         
|                                |  | $                         | 9,716,653 |  |           | $ | 290,766 |           |  | $ | 17,166              |  |  | $                        | (335,006 | )     |                         | $ | 602,129 |                              |  | $ | 9,053,118 |  |  |         
|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         



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|                                |  |                           |            |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         
|------------------------------- |  | ------------------------- | ---------- |  | --------- | - | ------- | --------- |  | - | ------------------- |  |  | ------------------------ | -------- | ----- | ----------------------- | - | ------- | ---------------------------- |  | - | --------- |  |  | --------
|                                |  | 2012                     
|                                |  | Net balancesat year start |            |  | Additions |   |         | Disposals |  |   | Transfersand others |  |  | Depreciation/ impairment |          |       | Net balancesat year end |   |         | Estimateduseful lives(years)
|Vessels                         |  | $                         | 7,634,540  |  |           | $ | 13,208  |           |  | $ | 2,751               |  |  | $                        | 181,672  |       |                         | $ | 475,949 |                              |  | $ | 7,350,720 |  |  | 25      
|Shipyard                        |  |                           |           |  |           |   |        |           |  |   |                    |  |  |                          | 59,503   | (3)   |                         |   | 1,524   |                              |  |   | 57,979    |  |  | 40      
|Major vessel repairs            |  |                           | 83,267     |  |           |   | 93,612  |           |  |   |                    |  |  |                          | (12,663  | )     |                         |   | 56,456  |                              |  |   | 107,760   |  |  | 2.5     
|Buildings and facilities        |  |                           | 248,323    |  |           |   |        |           |  |   |                    |  |  |                          | (7,419   | ) (5) |                         |   | 10,130  |                              |  |   | 230,774   |  |  | 20 & 25 
|Warehousing equipment           |  |                           | 8,326      |  |           |   | 390     |           |  |   |                    |  |  |                          | (584     | )     |                         |   | 2,379   |                              |  |   | 5,753     |  |  | 10      
|Computer equipment              |  |                           | 4,603      |  |           |   | 740     |           |  |   |                    |  |  |                          | 13       |       |                         |   | 3,920   |                              |  |   | 1,436     |  |  | 3 & 4   
|Terminal equipment              |  |                           | 8,773      |  |           |   | 534     |           |  |   |                    |  |  |                          | 92       |       |                         |   | 1,473   |                              |  |   | 7,926     |  |  | 10      
|Ground transportation equipment |  |                           | 263,748    |  |           |   | 11,766  |           |  |   | 40,793              |  |  |                          | 13,192   |       |                         |   | 35,429  |                              |  |   | 212,484   |  |  | 4.5 & 10
|Other equipment                 |  |                           | 13,657     |  |           |   | 178     |           |  |   |                    |  |  |                          | 349      |       |                         |   | 2,195   |                              |  |   | 11,989    |  |  |         
|                                |  |                           |            |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         
|                                |  |                           | 8,265,237  |  |           |   | 120,428 |           |  |   | 43,544              |  |  |                          | 234,155  |       |                         |   | 589,455 |                              |  |   | 7,986,821 |  |  |         
|Land                            |  |                           | 1,376,460  |  |           |   |        |           |  |   |                    |  |  |                          | 25,091   | (4)   |                         |   |        |                              |  |   | 1,401,551 |  |  |         
|Construction in progress        |  |                           | 371,006    |  |           |   | 230,775 |           |  |   |                    |  |  |                          | (273,500 | )     |                         |   |        |                              |  |   | 328,281   |  |  |         
|                                |  |                           |            |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         
|                                |  | $                         | 10,012,703 |  |           | $ | 351,203 |           |  | $ | 43,544              |  |  | $                        | (14,254  | )     |                         | $ | 589,455 |                              |  | $ | 9,716,653 |  |  |         
|                                |  |                           |            |  |           |   |         |           |  |   |                     |  |  |                          |          |       |                         |   |         |                              |  |   |           |  |  |         



|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |           |   |                         |   |         |                            |  |   |            |  |  |         
|------------------------------- |  | ------------------------- | --------- |  | --------- | - | ------- | --------- |  | - | ------------------- |  |  | ------------------------ | --------- | - | ----------------------- | - | ------- | -------------------------- |  | - | ---------- |  |  | --------
|                                |  | 2011                     
|                                |  | Net balancesat year start |           |  | Additions |   |         | Disposals |  |   | Transfersand others |  |  | Depreciation/ impairment |           |   | Net balancesat year end |   |         | Estimateuseful life(years)
|Vessels                         |  | $                         | 7,138,892 |  |           | $ | 2,636   |           |  | $ |                    |  |  | $                        | 961,623   |   |                         | $ | 468,611 | (6)                        |  | $ | 7,634,540  |  |  | 25      
|Dry-docks:                      |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |           |   |                         |   |         |                            |  |   |            |  |  |         
|Major vessel repairs            |  |                           | 71,950    |  |           |   | 68,608  |           |  |   |                    |  |  |                          | 9,016     |   |                         |   | 66,307  |                            |  |   | 83,267     |  |  | 2.5     
|Buildings and facilities        |  |                           | 196,807   |  |           |   | 725     |           |  |   | 725                 |  |  |                          | 64,292    |   |                         |   | 12,776  |                            |  |   | 248,323    |  |  | 20 & 25 
|Warehousing equipment           |  |                           | 11,317    |  |           |   |        |           |  |   |                    |  |  |                          | 594       |   |                         |   | 3,585   |                            |  |   | 8,326      |  |  | 10      
|Computer equipment              |  |                           | 7,429     |  |           |   | 823     |           |  |   |                    |  |  |                          | 968       |   |                         |   | 4,617   |                            |  |   | 4,603      |  |  | 3 & 4   
|Terminal equipment              |  |                           | 9,137     |  |           |   | 614     |           |  |   |                    |  |  |                          | 2,397     |   |                         |   | 3,375   |                            |  |   | 8,773      |  |  | 10      
|Ground transportation equipment |  |                           | 329,824   |  |           |   | 711     |           |  |   | 28,230              |  |  |                          | 9,981     |   |                         |   | 48,538  |                            |  |   | 263,748    |  |  | 4.5 & 10
|Other equipment                 |  |                           | 13,484    |  |           |   | 363     |           |  |   | 167                 |  |  |                          | 2,780     |   |                         |   | 2,803   |                            |  |   | 13,657     |  |  |         
|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |           |   |                         |   |         |                            |  |   |            |  |  |         
|                                |  |                           | 7,778,840 |  |           |   | 74,480  |           |  |   | 29,122              |  |  |                          | 1,051,651 |   |                         |   | 610,612 |                            |  |   | 8,265,237  |  |  |         
|Land                            |  |                           | 1,323,183 |  |           |   |        |           |  |   | 4,352               |  |  |                          | 57,629    |   |                         |   |        |                            |  |   | 1,376,460  |  |  |         
|Constructions in progress       |  |                           | 328,400   |  |           |   | 139,978 |           |  |   |                    |  |  |                          | (97,372   | ) |                         |   |        |                            |  |   | 371,006    |  |  |         
|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |           |   |                         |   |         |                            |  |   |            |  |  |         
|                                |  | $                         | 9,430,423 |  |           | $ | 214,458 |           |  | $ | 33,474              |  |  | $                        | 1,011,908 |   |                         | $ | 610,612 |                            |  | $ | 10,012,703 |  |  |         
|                                |  |                           |           |  |           |   |         |           |  |   |                     |  |  |                          |           |   |                         |   |         |                            |  |   |            |  |  |         

All the amounts for depreciation and impairment are included as part of the depreciation and amortization on the consolidated
income statements.

The accumulated depreciation on property, machinery and equipment at December 31, 2013, 2012 and 2011 is $3,410,111, $3,212,168
and $2,666,004, respectively.



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|(1) | Includes the revaluation surplus of lands for $104,433 and for buildings and facilities for $30,926 for a total of $135,359, and also includes transfers from the removal of discontinued business and available for sale.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Primarily includes the removal of the equipment for discontinued business.
|--- | --------------------------------------------------------------------------

|(3) | On January 30, 2012, Grupo TMM acquired a shipyard at the port of Tampico, representing an investment of $54,301. This shipyard is for ship repairs and has two floating docks with a capacity of 3,000 metric tons.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Includes the addition of the Inmobiliaria Dos Naciones, S.A. de C.V. land for $65,358 and the reversion of the property revaluation surplus of $40,882.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Includes reversion of revaluation surplus for $3,652.
|--- | -----------------------------------------------------

|(6) | In 2011, the Company determined impairment of $11,200 for the Vessel Tula.
|--- | --------------------------------------------------------------------------

If the cost model had been used,
the revalued carrying amounts for land and for buildings and facilities at December 31, 2013 would be $47,986 and $161,083, respectively. The revalued amounts include a revaluation surplus of $1,344,153 before taxes, which is not available for
distribution to stockholders.

Fair value measurement

See Note 14 regarding the measuring of fair value for land and buildings.

Guarantees

At December 31, 2013, 32 vessels are
securing the issue of Trust Certificates. In addition, 3 vessels are securing financing with DVB Bank and the financial lease with FTAI Subsea 88. Also, there are 12 properties securing various bank loans.

At December 31, 2012 and 2011, 24 supplier ships, 5 tanker vessels, and 5 tugboats were securing the issue of Trust Certificates. In addition, there were
10 properties, including the La Moderna property, securing the Bancomext loan. Also, 39 tractor-trailers were securing the financing received from DC Automotriz Servicios.

11 Other non-current assets

Other non-current assets at December 31, 2013, 2012 and 2011 are shown following:



|                                      |  |      |        |  |      |   |        |      |  |   |         | 
|------------------------------------- |  | ---- | ------ |  | ---- | - | ------ | ---- |  | - | ------- | 
|                                      |  | 2013 |        |  | 2012 |   |        | 2011 | 
|Prepaid expenses                      |  | $    | 35,267 |  |      | $ | 57,163 |      |  | $ | 62,373  | 
|Other investments in shares - net (1) |  |      | 28,460 |  |      |   | 26,934 |      |  |   | 31,899  | 
|Security deposits                     |  |      | 1,716  |  |      |   | 8,636  |      |  |   | 9,205   | 
|                                      |  |      |        |  |      |   |        |      |  |   |         | 
|                                      |  | $    | 65,443 |  |      | $ | 92,733 |      |  | $ | 103,477 | 
|                                      |  |      |        |  |      |   |        |      |  |   |         | 



|(1) | Corresponds to investments in companies in which Grupo TMM does not have control or significant influence; these investments are recognized and valuated at their acquisition cost.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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12 Intangible assets

Intangible assets at December 31, 2013, 2012 and 2011 are summarized as follows:



|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           
|-------------------------- |  | ------------------------ | ------- |  | --------- | - | ----- | --------- |  | - | ------------------- |  |  | ------------------------ | ------ | - | ---------------------- | - | ------- | ---------------------------- |  | - | ------- |  |  | ----------
|                           |  | 2013                    
|                           |  | Netbalances atyear start |         |  | Additions |   |       | Disposals |  |   | Transfersand others |  |  | Amortization/ impairment |        |   | Netbalances atyear end |   |         | Estimateduseful lives(years)
|Software                   |  | $                        | 6,739   |  |           | $ |      |           |  | $ | 27                  |  |  | $                        | 470    |   |                        | $ | 2,983   |                              |  | $ | 4,199   |  |  | 3 & 5     
|Trademarks (1)             |  |                          | 125,528 |  |           |   |      |           |  |   |                    |  |  |                          |       |   |                        |   |        |                              |  |   | 125,528 |  |  | Indefinite
|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           
|                           |  | $                        | 132,267 |  |           | $ |      |           |  | $ | 27                  |  |  | $                        | 470    |   |                        | $ | 2,983   |                              |  | $ | 129,727 |  |  |           
|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           
|                           | 
|                           |  | 2012                    
|                           |  | Netbalances atyear start |         |  | Additions |   |       | Disposals |  |   | Transfersand others |  |  | Amortization/ impairment |        |   | Netbalances atyear end |   |         | Estimateduseful lives(years)
|Software                   |  | $                        | 4,673   |  |           | $ | 7,342 |           |  | $ |                    |  |  | $                        | 234    |   |                        | $ | 5,510   |                              |  | $ | 6,739   |  |  | 3 & 5     
|Trademarks (1)             |  |                          | 125,528 |  |           |   |      |           |  |   |                    |  |  |                          |       |   |                        |   |        |                              |  |   | 125,528 |  |  | Indefinite
|Non-competition rights (2) |  |                          | 28,732  |  |           |   |      |           |  |   |                    |  |  |                          | (5,910 | ) |                        |   | 22,822  |                              |  |   |        |  |  | 5         
|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           
|                           |  | $                        | 158,933 |  |           | $ | 7,342 |           |  | $ |                    |  |  | $                        | (5,676 | ) |                        | $ | 28,332  |                              |  | $ | 132,267 |  |  |           
|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           
|                           | 
|                           |  | 2011                    
|Software                   |  | $                        | 1,250   |  |           | $ | 3,180 |           |  | $ |                    |  |  | $                        | 4,539  |   |                        | $ | 4,296   |                              |  | $ | 4,673   |  |  | 3 & 5     
|Goodwill (ADEMSA) (3)      |  |                          | 129,082 |  |           |   |      |           |  |   |                    |  |  |                          | 16,322 |   |                        |   | 145,404 |                              |  |   |        |  |  |           
|Trademarks (1)             |  |                          | 111,434 |  |           |   |      |           |  |   |                    |  |  |                          | 14,094 |   |                        |   |        |                              |  |   | 125,528 |  |  |           
|Non-competition rights (2) |  |                          | 51,012  |  |           |   |      |           |  |   |                    |  |  |                          | 6,452  |   |                        |   | 28,732  |                              |  |   | 28,732  |  |  | 5         
|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           
|                           |  | $                        | 292,778 |  |           | $ | 3,180 |           |  | $ |                    |  |  | $                        | 41,407 |   |                        | $ | 178,432 |                              |  | $ | 158,933 |  |  |           
|                           |  |                          |         |  |           |   |       |           |  |   |                     |  |  |                          |        |   |                        |   |         |                              |  |   |         |  |  |           



|(1) | Corresponds to the rights on the Marmex trademark associated with the specialized maritime division segment, specifically the supplier ship operation. This trademark is subject to annual impairment testing under IAS 36.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | A stockholder with significant influence in the business decision making of Grupo TMM decided to sell her holdings. In view that this individual also had knowledge of business plans, market condition, as well as
relationships with customers and vendors of Grupo TMM, the Board of Directors approved the Company on November 20, 2007 to enter into a non-competition agreement for a 5 year period with this individual; this agreement provides for a penalty of
US$14.3 million (approximately $186,832) in the event of breach. At December 31, 2012, this agreement had expired.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The goodwill arises from the purchase of Almacenadora de Depósito Moderno, S.A. de C.V., (ADEMSA). The value of the intangible asset for customer relations could not be reasonably estimated; therefore
it is included in the value for this goodwill. It was decided to cancel the goodwill following the annual impairment trial balance performed in 2011.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The ADEMSA goodwill, the non-competition rights, and the Marmex trademark are subject to an annual impairment assessment in accordance with IAS
36.



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13 Impairment of
long-lived assets

At December 31, 2013, 2012 and 2011, Grupo TMM has performed annual impairment tests. The recoverable amounts for the cash
generating units were determined based on calculations of value in use and fair value less costs of disposal as follows:

Vessels and trademark

Vessels are identifiable assets that individually generate cash flows which are largely independent from the flows from other assets or groups of
assets. The trademark is considered an asset that does not generate flows independently therefore this was grouped with the vessels as a cash-generating unit (specialized maritime division segment) together with other long-lived assets in this
segment. The recoverable amount for these assets was determined as their value in use. At December 31, 2013 and 2012, no losses for impairment were determined for these assets. At December 31, 2011 the Company determined impairment of
$11,200 for the Vessel Tula.

Properties

The
recoverable amount of properties was determined as their fair value less costs of disposal, which are considered immaterial in terms of the fair value. The determination of fair value is described in Note 14 following. At December 31, 2013,
2012 and 2011, no losses for impairment were determined for these assets.

Corporate assets and other long-lived assets

These assets were not identified with any cash-generating unit; therefore these were evaluated at the Grupo TMM level. The recoverable amount for these assets
was determined as their value in use. At December 31, 2013, 2012 and 2011, no losses for impairment were determined for these assets.

The
recoverable amounts for cash-generating units were determined based on calculations of the value in use, covering a detailed three-year projection, followed by an extrapolation of the cash flows operated for the useful lives remaining for the units
using the growth rates determined by Management. At December 31, 2013, 2012 and 2011, the recovery values for the cash-generating unit are $16,494,751, $17,091,506 and $16,320,063, respectively.

The present value of the cash flows expected for each segment was determined applying an appropriate discount rate.



|        |  |            |      |   |              |  |      |            |  |  |              |   |  |            |      |   |              |  |      |   |  |  |      |  
|------- |  | ---------- | ---- | - | ------------ |  | ---- | ---------- |  |  | ------------ | - |  | ---------- | ---- | - | ------------ |  | ---- | - |  |  | ---- | -
|        |  | 2013       |      |   | 2012         |  |      | 2011       | 
|        |  | Growthrate |      |   | Discountrate |  |      | Growthrate |  |  | Discountrate |   |  | Growthrate |      |   | Discountrate | 
|Vessels |  |            | 2.00 | % |              |  | 4.98 | %          |  |  | 2.00         | % |  |            | 5.09 | % |              |  | 2.00 | % |  |  | 5.29 | %
|        |  |            |      |   |              |  |      |            |  |  |              |   |  |            |      |   |              |  |      |   |  |  |      |  

Growth rates

The growth
rates reflect the long-term average for these rates for the specialized maritime segment (all publicly available).

Discount rates

The discount rate reflects adequate adjustments associated with the market risk and the specific risk factors.



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Cash flow assumptions

The key assumptions of Management for the specialized maritime segment include stable profit margins, which have been determined based on experience in this
market. Grupo TMMs Management considers this to be the best information available to forecast this mature market. The cash flow projections reflect stable profit margins achieved before the period covered by said projections. No consideration
has been given to efficiency improvements and prices and salaries reflect the inflation projected for the industry, which is publicly available.

In
addition to the considerations described for determining the value in use of assets, the cash-generating units, and the group described above, Management is currently not aware of any other probable change that could require changes in their key
estimate. However, the estimate for the recoverable amount for the specialized maritime segment is particularly sensitive to the discount rates. If the discount rate used increases 1%, the value in use would decrease up to 7% in terms of the value
determined, value that continues to exceed the carrying value for the specialized maritime segment assets, therefore no impairment is observed.

14 Fair value measurement

At December 31, 2013, 2012 and 2011, the financial assets and liabilities measured at fair value in the
consolidated statement of financial position are represented by land and properties and are grouped into level 2 of a fair value hierarchy. The three Levels are defined based on the observability of relevant lines for the measuring, as follows:



| |  |  | Level 1: quoted prices (without adjustment) in active markets for identical assets or liabilities
| | - |  | -------------------------------------------------------------------------------------------------



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



| |  |  | Level 3: non-observable lines for the asset or liability
| | - |  | --------------------------------------------------------

The fair value for the primary properties of Grupo
TMM is estimated based on valuations prepared by independent, qualified property appraisers. The information and the important assumptions are developed in close collaboration with Management. The Finance and Administrative Department reviews the
valuation processes and changes in fair value on each financial reporting date. Additional information is presented following.

Buildings, facilities
and land (Level 2)

The valuation was performed using a market focus that reflects the prices observed on recent market transactions involving similar
properties and incorporates adjustments for specific factors for the land in question, including its size, location, attachments, and current use. In 2013, a positive adjustment of 8% was incorporated for these factors. Land had been revaluated
previously in 2010.



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15 Financial assets
and liabilities

Categories of financial assets and liabilities

The financial assets and liabilities at December 31, 2013, 2012 and 2011 are summarized as follows:



|                                                      |  |      |            |  |      |   |            |      |  |   |            | 
|----------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | ---- |  | - | ---------- | 
|                                                      |  | 2013 |            |  | 2012 |   |            | 2011 | 
|Financial assets                                      |  |      |            |  |      |   |            |      |  |   |            | 
|Valued at amortized cost                              |  |      |            |  |      |   |            |      |  |   |            | 
|Cash and cash equivalents (including restricted cash) |  | $    | 895,007    |  |      | $ | 1,089,025  |      |  | $ | 1,075,681  | 
|Accounts receivable                                   |  |      | 563,303    |  |      |   | 474,027    |      |  |   | 543,440    | 
|Other accounts receivable                             |  |      | 170,491    |  |      |   | 295,714    |      |  |   | 244,864    | 
|                                                      |  |      |            |  |      |   |            |      |  |   |            | 
|Total current financial assets                        |  | $    | 1,628,801  |  |      | $ | 1,858,766  |      |  | $ | 1,863,985  | 
|                                                      |  |      |            |  |      |   |            |      |  |   |            | 
|Financial liabilities                                 |  |      |            |  |      |   |            |      |  |   |            | 
|Valued at amortized cost                              |  |      |            |  |      |   |            |      |  |   |            | 
|Current portion of the debt                           |  | $    | 636,552    |  |      | $ | 332,595    |      |  | $ | 239,759    | 
|Vendors                                               |  |      | 241,923    |  |      |   | 302,362    |      |  |   | 299,525    | 
|Accounts payable and accrued expenses                 |  |      | 510,397    |  |      |   | 931,107    |      |  |   | 738,853    | 
|Related parties                                       |  |      | 14,212     |  |      |   | 18,061     |      |  |   | 12,218     | 
|                                                      |  |      |            |  |      |   |            |      |  |   |            | 
|Total short-term financial liabilities                |  |      | 1,403,084  |  |      |   | 1,584,125  |      |  |   | 1,290,355  | 
|Long-term debt                                        |  |      | 10,254,067 |  |      |   | 10,491,189 |      |  |   | 10,255,824 | 
|                                                      |  |      |            |  |      |   |            |      |  |   |            | 
|Total financial liabilities                           |  | $    | 11,657,151 |  |      | $ | 12,075,314 |      |  | $ | 11,546,179 | 
|                                                      |  |      |            |  |      |   |            |      |  |   |            | 

At December 31, 2013, 2012 and 2011, the carrying value of the financial assets and liabilities at amortized cost is
considered similar to their fair value.

Financial debt

Trust Certificates

On July 29, 2010, an offering of
Trust Certificates was released for $10,500 million. This offering consolidated the three previous offerings released by the Company into one. The Trust Certificates bear a term of 20 years and were given an initial credit rating of HR AA with
stable outlook by HR Ratings de México, S.A. de C.V. on July 23, 2010. On November 20, 2012, after the second performance review of the offering, HR Ratings de México, S.A. de C.V. ratified its rating of HR AA with stable
outlook.

Interest on this offering are payable semiannually commencing February 15, 2011, having already contracted a hedging derivative financial
instrument (interest rate CAP) which allows for the Issuer Trusts maximum payable rate to be 10.80% per annum during the first 4 years of the offering. At the beginning of 2013, the Company extended the CAP for the period from August 2013
to August 2014, under which the maximum rate payable is 10.80%. In addition, in January 2014, the Company again extended the CAP for the period from August 2014 to August 2015, under which the maximum rate payable is 9.80%, which allows the Company
to increase the efficiency of the coverage by 100 basis points in terms of the previous coverage.



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This offering represents the total amount for future
services to be provided to the contracting parties according to the terms of the Trust Certificate program and, like the previous offerings, it observes a cash restriction in order to secure certain operating obligations and potential payment
obligations in the event of default. The restricted cash balance at December 31, 2013, 2012 and 2011 was $489.7 million, $592.3 million and $568.0 million, respectively.

The outstanding balance under this Offering at December 31, 2013, 2012 and 2011 was $10,595.1 million, $10,600.1 million and $10,386.5 million, at an
interest rate of 6.80%, 7.29% and 7.31% per annum, respectively. The interest expense for the trust certificates was $764,858, $774,942 and $775,900 for the years ended December 31, 2013, 2012 and 2011, respectively.

In accordance with the Program, the Company has the right and choice to capitalize interest for the first five years as per the following:



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

In August 2012, with the authorization of the Trust Committee, the Company capitalized 60% of the accrued interest to dedicate
such resources to a vessel substitution program. During 2013 and 2011, the Company paid 100% of the accrued interest; therefore no interest capitalization has been performed.

The Trust Certificates at December 31, 2013, 2012 and 2011 are summarized as follows:



|                             |  |      |            |   |      |   |            |      |  |   |            |  
|---------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                             |  | 2013 |            |   | 2012 |   |            | 2011 | 
|Consolidated offering        |  | $    | 10,500,000 |   |      | $ | 10,500,000 |      |  | $ | 10,500,000 |  
|Capitalization of interests  |  |      | 229,022    |   |      |   | 229,022    |      |  |   |           |  
|Payments made (1)            |  |      | (133,866   | ) |      |   | (128,866   | )    |  |   | (113,466   | )
|Interests payable            |  |      | 138,090    |   |      |   | 148,111    |      |  |   | 174,624    |  
|Transaction costs            |  |      | (991,112   | ) |      |   | (1,056,560 | )    |  |   | (1,133,516 | )
|                             |  |      |            |   |      |   |            |      |  |   |            |  
|Long-term trust certificates |  | $    | 9,742,134  |   |      | $ | 9,691,707  |      |  | $ | 9,427,642  |  
|                             |  |      |            |   |      |   |            |      |  |   |            |  



|(1) | Capital payments made during 2013 were $5,000.
|--- | ----------------------------------------------



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Other financing

The information for other financing at December 31, 2013, 2012 and 2011 is summarized as follows:



|                                                                                                                                                                                                                                                                           |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------- | ------ |  | --------- | - | ------- | ---------- |  | - | --------- |  |  | ---------- | ------- |  | --------- | - | ------ |  |  | - | ------- | 
|                                                                                                                                                                                                                                                                           |  | 2013       |        |  | 2012      |   |         | 2011       | 
|                                                                                                                                                                                                                                                                           |  | Short-term |        |  | Long-term |   |         | Short-term |  |   | Long-term |  |  | Short-term |         |  | Long-term |  
|Payable in Mexican pesos -                                                                                                                                                                                                                                                 |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|Pure Leasing, S.A. de C.V.                                                                                                                                                                                                                                                 |  | $          | 3,490  |  |           | $ |        |            |  | $ | 7,171     |  |  | $          | 3,054   |  |           | $ | 8,536  |  |  | $ | 9,791   | 
|$24.9 million line of credit at 14.25% fixed rate with monthly payments of interest and principal on outstanding balances and maturing
September 2014.                                                                                                                     |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|Daimler Financial Services México, S. de R.L. de C.V.                                                                                                                                                                                                                      |  |            | 7,765  |  |           |   | 55,220  |            |  |   | 21,123    |  |  |            | 59,159  |  |           |   | 18,202 |  |  |   | 77,814  | 
|Recognition of debt and substitution of debtor for $62.9 million at a variable rate of the28-day TIIE plus 6 points, with monthly
payments of principal and interest and maturing October 2019.                                                                            |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|Banco Nacional de Comercio Exterior, S.N.C.                                                                                                                                                                                                                                |  |            |       |  |           |   | 225,970 |            |  |   |          |  |  |            | 294,580 |  |           |   |       |  |  |   | 203,747 | 
|Three lines of credit with mortgage guarantee for $115.3, $65.7 and $161.6 million at a variable rate of the 28-day TIIE plus 425
points, maturing June 29, 2015.                                                                                                          |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|Banco Auto fin México, S.A. Institución de Banca Múltiple                                                                                                                                                                                                                  |  |            | 16,075 |  |           |   | 28,131  |            |  |   | 20,452    |  |  |            | 44,206  |  |           |   | 16,137 |  |  |   | 60,282  | 
|$80.4 million line of credit at a variable rate of the 28-day TIIE plus 500 basis points, with monthly payments of principal and
interest and maturing September 2016.                                                                                                     |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|INPIASA, S.A. de C.V.(1)                                                                                                                                                                                                                                                   |  |            | 2,397  |  |           |   | 11,112  |            |  |   | 2,397     |  |  |            | 13,202  |  |           |   | 2,413  |  |  |   | 14,268  | 
|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. |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|Corporación Financiera de Occidente, S.A. de C.V. SOFOL Institución de Banca Múltiple
(FINOX)(1)                                                                                                                                                                           |  |            | 6,000  |  |           |   | 3,000   |            |  |   | 6,000     |  |  |            | 9,000   |  |           |   |       |  |  |   |        | 
|$18.0 million line of credit at a variable rate of the 28-day TIIE plus 600 basis points, with 36 monthly payments of principal and
interest, and maturing June 2015.                                                                                                      |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 
|Inter Bunco, S.A.                                                                                                                                                                                                                                                          |  |            | 13,404 |  |           |   | 9,185   |            |  |   | 3,950     |  |  |            |        |  |           |   |       |  |  |   |        | 
|Two lines of credit with trust surety for $19.9 and $10.0 million at a variable rate of the28-day TIIE plus 500 basis points,
monthly payments of principal and interest on outstanding balances and maturing December 2015 and August 2014, respectively.                 |  |            |        |  |           |   |         |            |  |   |           |  |  |            |         |  |           |   |        |  |  |   |         | 



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



|                                                                                                                                                                                                         |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------- | ------- | - | --------- |  | ---------- | ---------- |  |  | --------- | - |  | ---------- | ---------- |  | --------- |  | ------- | - |  |  | --------- | 
|                                                                                                                                                                                                         |  | 2013       |         |   | 2012      |  |            | 2011       | 
|                                                                                                                                                                                                         |  | Short-term |         |   | Long-term |  |            | Short-term |  |  | Long-term |   |  | Short-term |            |  | Long-term | 
|Banco del Bajío, S.A.(1)                                                                                                                                                                                 |  |            | 4,857   |   |           |  | 6,997      |            |  |  |          |   |  |            | 8,539      |  |           |  |        |   |  |  |          | 
|Two lines of credit for $8.5 and $4.6 million at a variable rate of the 28-day TIIE plus 250 points, with payments of principal and
interest and maturing November 2019 and December 2014, respectively. |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|Value Arrendadora, S.A. de C.V. SOFOM ENR                                                                                                                                                                |  |            | 324     |   |           |  | 804        |            |  |  | 281       |   |  |            | 1,128      |  |           |  |        |   |  |  |          | 
|$1.4 million financial lease at 14.23% fixed rate with monthly payments of principal and interest on outstanding balances and maturing
December 2016.                                                    |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|Banco MONEX, S.A. Institución de BancaMúltiple(1)                                                                                                                                                        |  |            | 1,715   |   |           |  |           |            |  |  |          |   |  |            |           |  |           |  |        |   |  |  |          | 
|$2.3 million peso loan at a variable rate of the28-day TIIE plus 500 basis points, with monthly payments of principal and interest
and maturing December 2014.                                           |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|Sofihaa Financiera, S.A. de C.V. SOFOM ENR(1)                                                                                                                                                            |  |            | 2,712   |   |           |  |           |            |  |  |          |   |  |            |           |  |           |  |        |   |  |  |          | 
|$3.6 million line of credit at a variable rate of the 28-day TIIE plus 500 basis points, with monthly payments of principal and
interest and maturing December 2014.                                     |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|Trust Certificates                                                                                                                                                                                       |  |            |        |   |           |  | 9,742,134  |            |  |  |          |   |  |            | 9,691,707  |  |           |  |         |   |  |  | 9,427,642 | 
|Portfolio securitization program with a variable interest rate of the 28-day TIIE annualized plus 245 basis points (at December 2013
close, this was 6.80%) maturing August 2030.                        |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|Logra Financiamientos, S.A. de C.V. SOFOM ENR                                                                                                                                                            |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|$10.6 million line of credit at a variable rate of the 28-day TIIE plus 600 basis points, with monthly payments of principal and
interest and maturing December 2012.                                    |  |            |        |   |           |  |           |            |  |  |          |   |  |            |           |  |           |  | 6,737   |   |  |  |          | 
|Interest payable                                                                                                                                                                                         |  |            | 149,748 |   |           |  |           |            |  |  | 157,711   |   |  |            |           |  |           |  | 126,882 |   |  |  |          | 
|Transaction costs                                                                                                                                                                                        |  |            | (151    | ) |           |  |           |            |  |  | (322      | ) |  |            |           |  |           |  | (2,261  | ) |  |  |          | 
|                                                                                                                                                                                                         |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 
|                                                                                                                                                                                                         |  |            | 208,336 |   |           |  | 10,082,553 |            |  |  | 218,763   |   |  |            | 10,124,575 |  |           |  | 176,646 |   |  |  | 9,793,544 | 
|                                                                                                                                                                                                         |  |            |         |   |           |  |            |            |  |  |           |   |  |            |            |  |           |  |         |   |  |  |           | 



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



|                                                                                                                                                                                                                                                                                  |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------- | ------- |  | --------- | - | ---------- | ---------- |  | - | --------- |  |  | ---------- | ---------- |  | --------- | - | ------- |  |  | - | ---------- | 
|                                                                                                                                                                                                                                                                                  |  | 2013       |         |  | 2012      |   |            | 2011       | 
|                                                                                                                                                                                                                                                                                  |  | Short-term |         |  | Long-term |   |            | Short-term |  |   | Long-term |  |  | Short-term |            |  | Long-term |  
|Payable in US dollars -                                                                                                                                                                                                                                                           |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|DVB Bank América, NV(2)                                                                                                                                                                                                                                                           |  |            | 318,571 |  |           |   |           |            |  |   | 34,605    |  |  |            | 309,812    |  |           |   | 39,402  |  |  |   | 343,432    | 
|Two lines of credit with mortgage guarantee; the first for US$25.0 million (approximately $326.6 million) at an average rate of 7.42%
and maturing May 2017. The second, for US$27.5 million (approximately $359.3 million), at an average rate of 7.78%, and maturing June 2017. |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|DEG-Deutsche Investitions UND(3)                                                                                                                                                                                                                                                 |  |            | 66,633  |  |           |   |           |            |  |   | 66,239    |  |  |            |           |  |           |   | 23,711  |  |  |   | 47,422     | 
|US$8.5 million line of credit with pledge guarantee (approximately $111.1 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.                         |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|Investors                                                                                                                                                                                                                                                                         |  |            | 39,195  |  |           |   | 34,807     |            |  |   | 12,988    |  |  |            | 56,802     |  |           |   |        |  |  |   | 71,426     | 
|Two unsecured loans were contracted, each for US$3.0 million (approximately $39.2 million) at 11.25% fixed rate, with semiannual
payments of principal and interest and maturing January 2016.                                                                                    |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|FTAI Subsea 88 Ltd                                                                                                                                                                                                                                                                |  |            | 3,817   |  |           |   | 136,707    |            |  |   |          |  |  |            |           |  |           |   |        |  |  |   |           | 
|US$10.8 million line of credit through financial leasing (approximately $141.1 million), at 15.92% fixed rate with monthly payments of
principal and interest on outstanding balances and maturing November 2023.                                                                 |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|                                                                                                                                                                                                                                                                                  |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|                                                                                                                                                                                                                                                                                  |  |            | 428,216 |  |           |   | 171,514    |            |  |   | 113,832   |  |  |            | 366,614    |  |           |   | 63,113  |  |  |   | 462,280    | 
|                                                                                                                                                                                                                                                                                  |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 
|                                                                                                                                                                                                                                                                                  |  | $          | 636,552 |  |           | $ | 10,254,067 |            |  | $ | 332,595   |  |  | $          | 10,491,189 |  |           | $ | 239,759 |  |  | $ | 10,255,824 | 
|                                                                                                                                                                                                                                                                                  |  |            |         |  |           |   |            |            |  |   |           |  |  |            |            |  |           |   |         |  |  |   |            | 



|(1) | Correspond to signed court settlements for the recognition of debts regarding the Certificates of Deposit secured by ADEMSA (see Note 26g).
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | As there is no written waiver from the financial institution regarding the Minimum Capital ratio, the whole of this debt is reported with short-term maturity. On the issue date of these financial statements,
the Company is in the process of obtaining the written waiver from the bank, and also the establishment of the new minimum capital required.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | As of the issue date of these financial statements, Grupo TMM is in the process of negotiating the restructuring of the payment schedule and a new maturity date for the loan.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



Covenants

Some of the agreements related to the abovementioned loans contain certain covenants including the observance of certain financial ratios, restrictions on
dividend payments, and sales of assets, among others. Grupo TMM and subsidiaries were in compliance with these covenants and restrictions at December 31, 2013, 2012 and 2011, except as described in footnote (2) to Other
financing above.

The interest expense on the trust certificates and the bank loans was $845,723, $856,801 and $846,800 for the years ended
December 31, 2013, 2012 and 2011, respectively.

The maturity of the long-term bank loans at December 31, 2013, 2012 and 2011 is as follows:



|                               |  |             |            |  |             |   |            |             |  |   |            | 
|------------------------------ |  | ----------- | ---------- |  | ----------- | - | ---------- | ----------- |  | - | ---------- | 
|                               |  | 2013        |            |  | 2012        |   |            | 2011        | 
|Maturity                       |  | Loans - net |            |  | Loans - net |   |            | Loans - net | 
|2013                           |  | $           |           |  |             | $ |           |             |  | $ | 153,382    | 
|2014                           |  |             |           |  |             |   | 107,243    |             |  |   | 130,815    | 
|2015                           |  |             | 302,731    |  |             |   | 403,184    |             |  |   | 274,851    | 
|2016                           |  |             | 43,926     |  |             |   | 80,364     |             |  |   | 54,744     | 
|2017 and thereafter (for 2011) |  |             | 19,770     |  |             |   | 200,221    |             |  |   | 214,389    | 
|2018 and thereafter (for 2012) |  |             | 22,179     |  |             |   | 9,700,177  |             |  |   | 9,427,643  | 
|2019 and thereafter            |  |             | 9,865,461  |  |             |   |           |             |  |   |           | 
|                               |  |             |            |  |             |   |            |             |  |   |            | 
|                               |  | $           | 10,254,067 |  |             | $ | 10,491,189 |             |  | $ | 10,255,824 | 
|                               |  |             |            |  |             |   |            |             |  |   |            | 

16 Balances and transactions with related parties

The accounts payable and transactions with related parties at December 31, 2013, 2012 and 2011 are summarized following:



|                         |  |      |        |  |      |   |        |      |  |   |        | 
|------------------------ |  | ---- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                         |  | 2013 |        |  | 2012 |   |        | 2011 | 
|SSA México, S.A. de C.V. |  | $    | 14,212 |  |      | $ | 18,061 |      |  | $ | 12,218 | 
|                         |  |      |        |  |      |   |        |      |  |   |        | 

SSA México, S.A. de C.V., is a company with which Grupo TMM and Administration Port aria Integral de Acapulco, S.A. de
C.V. conduct leasing operations and consulting.

The most relevant transactions with related parties at December 31, 2013, 2012 and 2011 are
summarized as follows:



|                   |  |      |     |  |      |   |     |      |  |   |       | 
|------------------ |  | ---- | --- |  | ---- | - | --- | ---- |  | - | ----- | 
|                   |  | 2013 |     |  | 2012 |   |     | 2011 | 
|Income:            |  |      |     |  |      |   |     |      |  |   |       | 
|Leases (1)         |  | $    | 788 |  |      | $ | 788 |      |  | $ | 939   | 
|Interests (2)      |  |      |    |  |      |   |    |      |  |   | 2,444 | 
|                   |  |      |     |  |      |   |     |      |  |   |       | 
|Expenses:          |  |      |     |  |      |   |     |      |  |   |       | 
|Other expenses (3) |  | $    | 127 |  |      | $ | 132 |      |  | $ | 2,566 | 
|                   |  |      |     |  |      |   |     |      |  |   |       | 



|(1) | Grupo TMM, S.A.B. leases with SSA México, S.A. de C.V.
|--- | ------------------------------------------------------

|(2) | Administración Portuaria Integral de Acapulco, S.A. de C.V. interests with SSA México, S.A. de C.V.
|--- | ---------------------------------------------------------------------------------------------------



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|(3) | Management fees billed by SSA México, S.A. de C.V. to Administración Portuaria Integral de Acapulco, S.A. de C.V.
|--- | -----------------------------------------------------------------------------------------------------------------

Operations involving executive personnel for the years ended December 31, 2013, 2012 and 2011 include the following expenses:



|                      |  |      |        |  |      |   |        |      |  |   |        | 
|--------------------- |  | ---- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                      |  | 2013 |        |  | 2012 |   |        | 2011 | 
|Short-term benefits   |  |      |        |  |      |   |        |      |  |   |        | 
|Salaries              |  | $    | 41,671 |  |      | $ | 64,548 |      |  | $ | 60,645 | 
|Social security costs |  |      | 872    |  |      |   | 1,955  |      |  |   | 1,824  | 
|                      |  |      |        |  |      |   |        |      |  |   |        | 
|                      |  | $    | 42,543 |  |      | $ | 66,503 |      |  | $ | 62,469 | 
|                      |  |      |        |  |      |   |        |      |  |   |        | 

17 Accounts payable and accrued expenses

Accounts payable and accrued expenses at December 31, 2013, 2012 and 2011 are shown following:



|                            |  |      |         |  |      |   |         |      |  |   |         | 
|--------------------------- |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|                            |  | 2013 |         |  | 2012 |   |         | 2011 | 
|Operating expenses          |  | $    | 174,534 |  |      | $ | 70,384  |      |  | $ | 98,554  | 
|General expenses            |  |      | 98,393  |  |      |   | 451,138 |      |  |   | 438,192 | 
|Taxes payable (see Note 22) |  |      | 98,017  |  |      |   | 325,342 |      |  |   | 97,075  | 
|Other                       |  |      | 82,787  |  |      |   | 12,125  |      |  |   | 10,454  | 
|Purchased services          |  |      | 33,239  |  |      |   | 49,296  |      |  |   | 48,342  | 
|Salaries and wages          |  |      | 23,427  |  |      |   | 22,822  |      |  |   | 46,236  | 
|                            |  |      |         |  |      |   |         |      |  |   |         | 
|                            |  | $    | 510,397 |  |      | $ | 931,107 |      |  | $ | 738,853 | 
|                            |  |      |         |  |      |   |         |      |  |   |         | 

18 Assets and groups held for sale and discontinued operations

Lacto Comercial Organizada, S.A. de C.V. (Lacto) and Almacenadora de Depósito Moderno, S. A. de C.V. (ADEMSA)

At the beginning of 2013, Management decided to discontinue the warehousing, truck transportation and haul-away trailers operations. This decision was made in
keeping with Grupo TMMs strategy to focus on its better performing businesses. By consequence, the assets and liabilities of ADEMSA (warehousing) and Lacto (truck transportation and haul-away trailers), included in the logistics division
segment, were classified as assets for disposal. The income and expenses, gains and losses associated with the discontinuation of this subgroup have been eliminated from profits or losses from the continued operations of Grupo TMM and are reported
in the consolidated statement of operations under the line Loss from discontinued operations.

On June 30, 2013, the truck transportation
and haul-away trailers operation was sold to an unrelated third party (see Note 1), therefore since said date Grupo TMM has ceased to recognize this discontinued operation in the consolidated statements of financial position and operations. At
December 31, 2013, 2012 and 2011, the loss for the warehousing, truck transportation and haul-away trailers operation, since the disposal date, and the assets and liabilities classified as held for sale are summarized as follows:



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|                                               |  |      |          |   |      |   |          |      |  |   |          |  
|---------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                               |  | 2013 |          |   | 2012 |   |          | 2011 | 
|Income                                         |  | $    | 419,345  |   |      | $ | 742,550  |      |  | $ | 830,615  |  
|Operating costs and expenses                   |  |      | (437,608 | ) |      |   | (774,412 | )    |  |   | (859,860 | )
|Depreciation and amortization                  |  |      | (19,464  | ) |      |   | (129,766 | )    |  |   | (246,427 | )
|Other income                                   |  |      | 2,218    |   |      |   | 6,232    |      |  |   | 8,777    |  
|                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Loss from operations                           |  |      | (35,509  | ) |      |   | (155,396 | )    |  |   | (266,895 | )
|Financial costs                                |  |      | (3,560   | ) |      |   | (9,884   | )    |  |   | 2,165    |  
|                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Loss from discontinued operations              |  |      | (39,069  | ) |      |   | (165,280 | )    |  |   | (264,730 | )
|Corporate flat tax                             |  |      |         |   |      |   |         |      |  |   | (29,048  | )
|Loss from the sale of business                 |  |      | (24,413  | ) |      |   |         |      |  |   |         |  
|                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Loss for the year from discontinued operations |  | $    | (63,482  | ) |      | $ | (165,280 | )    |  | $ | (293,778 | )
|                                               |  |      |          |   |      |   |          |      |  |   |          |  

All the assets and liabilities for the truck transportation and haul-away trailers business have been sold on this operation;
however Grupo TMM is still in the process of selling the warehousing business. Management expects to sell this line of business in 2014.

The carrying
values for the assets and liabilities associated with the warehousing business for disposal are summarized following:



|                                                          |  |      |         |  |      |   |        | 
|--------------------------------------------------------- |  | ---- | ------- |  | ---- | - | ------ | 
|                                                          |  | 2013 |         |  | 2012 |  
|Current assets                                            |  |      |         |  |      |   |        | 
|Cash and cash equivalents                                 |  | $    | 1,388   |  |      | $ |       | 
|Other accounts receivable                                 |  |      | 24,302  |  |      |   |       | 
|Trade receivables                                         |  |      | 9,522   |  |      |   |       | 
|Prepayments                                               |  |      | 745     |  |      |   |       | 
|Non-current assets                                        |  |      |         |  |      |   |        | 
|Property and equipment (1)                                |  |      | 130,955 |  |      |   | 23,842 | 
|Other assets                                              |  |      | 19,716  |  |      |   |       | 
|                                                          |  |      |         |  |      |   |        | 
|Assets classified as held for sale                        |  | $    | 186,628 |  |      | $ | 23,842 | 
|                                                          |  |      |         |  |      |   |        | 
|Short-term liabilities                                    |  |      |         |  |      |   |        | 
|Accounts payable                                          |  | $    | 90,283  |  |      | $ |       | 
|Suppliers                                                 |  |      | 13,175  |  |      |   |       | 
|Bank loans (2)                                            |  |      | 7,055   |  |      |   |       | 
|Long-term liabilities                                     |  |      |         |  |      |   |        | 
|Bank loans (2)                                            |  |      | 527     |  |      |   |       | 
|Deferred taxes                                            |  |      | 11,621  |  |      |   |       | 
|                                                          |  |      |         |  |      |   |        | 
|Liabilities related to assets classified as held for sale |  | $    | 122,661 |  |      | $ |       | 
|                                                          |  |      |         |  |      |   |        | 



|(1) | For the year 2012, the amount corresponds to land owned by the subsidiary Proserpec, which was classified as available for sale this year.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Corresponds to a line of credit contracted in September 2013 with Banco del Bajío, S.A. at a variable rate of the 28-day TIIE plus 250 points, with payments of principal and interest and maturing August 2020.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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The cash flows generated by the truck transportation
and haul-away trailers operation for the reporting periods under review until disposal are summarized following:



|                                        |  |      |         |   |      |   |         |      |  |   |        | 
|--------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------ | 
|                                        |  | 2013 |         |   | 2012 |   |         | 2011 | 
|Operating activities                    |  | $    | (71,273 | ) |      | $ | (69,561 | )    |  | $ | 4,341  | 
|Investment activities                   |  |      | 15,249  |   |      |   | 35,966  |      |  |   | 18,870 | 
|Financing activities                    |  |      | 7,582   |   |      |   |        |      |  |   |       | 
|                                        |  |      |         |   |      |   |         |      |  |   |        | 
|Cash flows from discontinued operations |  | $    | (48,442 | ) |      | $ | (33,595 | )    |  | $ | 23,211 | 
|                                        |  |      |         |   |      |   |         |      |  |   |        | 

Sale of the truck transportation and haul-away trailers business during the financing reporting period

On July 2013, Grupo TMM sold 100% of its interest in its truck transportation and haul-away trailers business.

On the date of sale, the carrying values for the business net assets and the consideration received were:



|                                     |  |      |          |  
|------------------------------------ |  | ---- | -------- | -
|                                     |  | 2013 |         
|Current assets                       |  |      |          |  
|Cash and cash equivalents            |  | $    | 2,600    |  
|Trade receivables                    |  |      | 112,821  |  
|Other accounts receivable            |  |      | 203,794  |  
|Other current assets                 |  |      | 17,791   |  
|                                     |  |      |          |  
|Total current assets                 |  |      | 337,006  |  
|                                     |  |      |          |  
|Non-current assets                   |  |      |          |  
|Property and equipment               |  |      | 177,318  |  
|Other assets                         |  |      | 6,306    |  
|                                     |  |      |          |  
|Total assets, net                    |  |      | 520,630  |  
|                                     |  |      |          |  
|Short-term liabilities               |  |      |          |  
|Suppliers and other accounts payable |  |      | (452,312 | )
|                                     |  |      |          |  
|Total liabilities                    |  |      | (452,312 | )
|                                     |  |      |          |  
|Total net assets                     |  |      | 68,318   |  
|Total consideration received in cash |  |      | 43,905   |  
|                                     |  |      |          |  
|Loss from disposal                   |  | $    | (24,413  | )
|                                     |  |      |          |  

19 Stockholders equity

Capital stock

At December 31, 2013, 2012 and 2011,
the Companys capital stock is comprised of 102,182,841 shares outstanding, registered, without par value, and with voting rights, which may be held by Mexican nationals, investors, or companies that include in their bylaws the exclusion of
foreigners clause. Foreigners may acquire shares under the figure of American Depository Shares (ADSs).

In January 2011, the Company
sold 188,200 repurchased shares.



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On June 5, 2012, the Company registered Form 25
with the US Securities and Exchange Commission (SEC) to complete the delisting of its ADSs on the New York Stock Exchange, effective as of market closing on June 15, 2012. Following this date, the TMM ADSs are traded Over-The-Counter (OTC)
under the listing code GTMAY. The underlying TMM common shares for the ADSs continue to be traded on the Mexican Stock Exchange under the listing code TMM A.

Net tax profit account (CUFIN)

At December 31,
2013, 2012 and 2011, the current balance in the Net Tax Profit Account (CUFIN for its acronym in Spanish) is $199,075, $191,473 and $184,892, respectively. The distribution of dividends or profits to stockholders for up to this amount will
not generate income taxes; for a surplus of this amount, same will be multiplied by 1.4286 and the tax rate of 30% applied, which is definitive and may be credited against the income tax for this and the next two years. The balance in this account
is susceptible to adjustment to the distribution date using the Mexican Consumers Price Index (INPC for its acronym in Spanish).

On
April 29, 2011, the Ordinary General Stockholders Meeting decided to amend the resolution adopted April 24, 1997, to revoke the dividend decreed on that date, releasing the Company from the payment of same. As a result, the liability
recorded for this item was cancelled.

Capital decreases

At December 31, 2013, 2012 and 2011, the current balance in the Capital Contribution Account (CUCA for its acronym in Spanish) is $4,606,297,
$4,430,410 and $4,278,109, respectively. In the event of capital reimbursement or decreases in favor of stockholders, the surplus for said reimbursement on this amount will be treated as a distributed earning.

In the event the equity capital exceeds the balance in the CUCA, the difference will be considered a dividend or distributed earning subject to the payment of
income tax. If the earnings in reference come from the CUFIN, there will be no corporate tax due for the capital decrease or reimbursement. Otherwise, these will be treated as dividends or distributed earnings.

Other components of capital

Details of other components
of capital at December 31, 2013, 2012 and 2011 are shown following:



|                              |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|----------------------------- |  | ---------------- | ------- |  | -------------------------------- | - | ------ | --------------------------- |  | - | ---------------------------- | - |  | ----- | ------- | - |  | - | ------- | -
|                              |  | Statutoryreserve |         |  | Premium onconvertibleobligations |   |        | Translationresult(Note 3.3) |  |   | Revaluationsurplus(Note 3.8) |   |  | Total |        
|Balance at December 31, 2010  |  | $                | 192,592 |  |                                  | $ | 68,449 |                             |  | $ | (219,862                     | ) |  | $     | 793,630 |   |  | $ | 834,809 |  
|Revaluation reversion of land |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (3,786  | ) |  |   | (3,786  | )
|Translation result            |  |                  | 24,356  |  |                                  |   | 8,657  |                             |  |   | (27,806                      | ) |  |       | 100,370 |   |  |   | 105,577 |  
|                              |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Total before taxes            |  |                  | 24,356  |  |                                  |   | 8,657  |                             |  |   | (27,806                      | ) |  |       | 96,584  |   |  |   | 101,791 |  
|                              |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Tax benefit                   |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | 1,135   |   |  |   | 1,135   |  
|                              |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Total net of taxes            |  |                  | 24,356  |  |                                  |   | 8,657  |                             |  |   | (27,806                      | ) |  |       | 97,719  |   |  |   | 102,926 |  
|                              |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Balance at December 31, 2011  |  | $                | 216,948 |  |                                  | $ | 77,106 |                             |  | $ | (247,668                     | ) |  | $     | 891,349 |   |  | $ | 937,735 |  
|                              |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  



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|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|---------------------------------- |  | ---------------- | ------- |  | -------------------------------- | - | ------ | --------------------------- |  | - | ---------------------------- | - |  | ----- | ------- | - |  | - | ------- | -
|                                   |  | Statutoryreserve |         |  | Premium onconvertibleobligations |   |        | Translationresult(Note 3.3) |  |   | Revaluationsurplus(Note 3.8) |   |  | Total |        
|Revaluation reversion of land      |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (58,403 | ) |  |   | (58,403 | )
|Revaluation reversion of buildings |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (5,217  | ) |  |   | (5,217  | )
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Total before taxes                 |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (63,620 | ) |  |   | (63,620 | )
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Tax benefit                        |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | 19,086  |   |  |   | 19,086  |  
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Total net of taxes                 |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (44,534 | ) |  |   | (44,534 | )
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Balance at December 31, 2012       |  |                  | 216,948 |  |                                  |   | 77,106 |                             |  |   | (247,668                     | ) |  |       | 846,815 |   |  |   | 893,201 |  
|Revaluation of land                |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | 104,433 |   |  |   | 104,433 |  
|Revaluation of buildings           |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | 30,926  |   |  |   | 30,216  |  
|For sale of building               |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (216    | ) |  |   | (216    | )
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Total before taxes                 |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | 135,143 |   |  |   | 135,143 |  
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Tax expense                        |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | (40,543 | ) |  |   | (40,543 | )
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Total net of taxes                 |  |                  |        |  |                                  |   |       |                             |  |   |                             |   |  |       | 94,600  |   |  |   | 94,600  |  
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  
|Balance at December 31, 2013       |  | $                | 216,948 |  |                                  | $ | 77,106 |                             |  | $ | (247,668                     | ) |  | $     | 941,415 |   |  | $ | 987,801 |  
|                                   |  |                  |         |  |                                  |   |        |                             |  |   |                              |   |  |       |         |   |  |   |         |  

20 Other income (expenses)

Other income (expenses) at December 31, 2013, 2012 and 2011 is summarized as follows:



|                                                                 |  |      |          |  |      |   |           |      |  |   |          | 
|---------------------------------------------------------------- |  | ---- | -------- |  | ---- | - | --------- | ---- |  | - | -------- | 
|                                                                 |  | 2013 |          |  | 2012 |   |           | 2011 | 
|Taxes recovered, net of expenses incurred                        |  | $    | 41,946   |  |      | $ |          |      |  | $ |         | 
|Gain on the adjudication of property                             |  |      | 14,063   |  |      |   |          |      |  |   |         | 
|Cancellation of provisions                                       |  |      | 9,819    |  |      |   |          |      |  |   |         | 
|Proceeds from sale of subsidiaries                               |  |      | 8,148    |  |      |   |          |      |  |   | (2,560)  | 
|Other proceeds from fuel excess                                  |  |      | 2,792    |  |      |   |          |      |  |   |         | 
|Proceeds from the sale of fixed assets                           |  |      | 313      |  |      |   |          |      |  |   | 10,364   | 
|Provision for consulting payments                                |  |      |         |  |      |   |          |      |  |   | (4,449)  | 
|Arbitration expenses (Note 26e)                                  |  |      | (13,091) |  |      |   | (6,830)   |      |  |   | (83,611) | 
|Gain from the purchase of Inmobiliaria Dos Naciones (Note 1)     |  |      |         |  |      |   | 74,245    |      |  |   |         | 
|Dividends received from Comercializadora y Distribuidora Milgret |  |      |         |  |      |   | 23,420    |      |  |   |         | 
|Cancellation provision for tax on dividends                      |  |      |         |  |      |   |          |      |  |   | 54,494   | 
|Amortization of non-competition rights (Note 12)                 |  |      |         |  |      |   | (22,822)  |      |  |   | (25,600) | 
|Cost provision for tax resolution (Note 26h)                     |  |      |         |  |      |   | (100,000) |      |  |   |         | 
|Other  Net                                                      |  |      |         |  |      |   | (622)     |      |  |   | (3,119)  | 
|                                                                 |  |      |          |  |      |   |           |      |  |   |          | 
|                                                                 |  | $    | 63,990   |  |      | $ | (32,609)  |      |  | $ | (54,481) | 
|                                                                 |  |      |          |  |      |   |           |      |  |   |          | 



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21 Interest expense

Interest expense at December 31, 2013, 2012 and 2011 is summarized as follows:



|                                                              |  |      |         |   |      |   |         |      |  |   |           | 
|------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | --------- | 
|                                                              |  | 2013 |         |   | 2012 |   |         | 2011 | 
|Interest on Trust Certificates                                |  | $    | 764,858 |   |      | $ | 774,942 |      |  | $ | 775,911   | 
|Interest on other loans                                       |  |      | 80,865  |   |      |   | 81,959  |      |  |   | 77,981    | 
|Derivative financial instruments (Interest rate CAP)          |  |      | (4,370  | ) |      |   | 5,926   |      |  |   | 9,035     | 
|Amortization of trust certificate transaction costs           |  |      | 78,354  |   |      |   | 79,717  |      |  |   | 90,781    | 
|Amortization of transaction costs associated with other loans |  |      | 10,848  |   |      |   | 10,723  |      |  |   | 70,326    | 
|Other financial expenses                                      |  |      | 12,262  |   |      |   | 28,158  |      |  |   | 14,254    | 
|                                                              |  |      |         |   |      |   |         |      |  |   |           | 
|                                                              |  | $    | 942,817 |   |      | $ | 981,425 |      |  | $ | 1,038,288 | 
|                                                              |  |      |         |   |      |   |         |      |  |   |           | 

22 Income tax, tax loss carry forwards, and corporate flat tax

Income tax

On December 31 Grupo TMM has been
authorized by the Mexican tax authorities to determine its consolidated taxable income jointly with its controlled companies.

On December 11, 2013,
a Decree was published in the Official Federal Gazette to reform, add, and repeal various tax provisions, entering into effect on January 1, 2014 (2014 Tax Reform). This Decree repealed the Corporate Flat Tax law and the Income Tax Law in
effect until December 31, 2013 and enacted a new Income Tax Law.

Termination of the Consolidation Regimen

The new Income Tax Law eliminates the regimen of fiscal consolidation by which the Company had determined consolidated income tax until December 31, 2013.
Regarding this, on February 13, 2014, the Company filed an indirect amparo(writ of relief) (see Note 26i) against the various provisions related to the disappearance of the regimen of fiscal consolidation, presenting arguments to
demonstrate the unconstitutionality of these provisions violating the guarantees of proportionality, legality, and legal certainty, and also various human rights recognized by the Mexican Federal Constitution and by international treaties to which
Mexico is party.

Given the diversity of procedures in the tax laws to determine the effects of deconsolidation required by these, and also the various
criteria to be used, and the possible results of the acts contested in the ampere,no disclosure is made regarding deconsolidation as there is no certainty as to the application of a specific procedure. The foregoing in order to not hold as
accepted any of the procedures established in the tax disposition, and which could negatively affect the interests of the Company in the amperecase.

Results for the year

Consolidated tax income (loss) was
incurred for the years ended December 31, 2013, 2012 and 2011 in the amounts of $329,913, $(100,431) and $(346,487), respectively.

The difference
between taxable and book income is due primarily to the gain or loss on inflation recognized for tax purposes, the difference between tax and book amortization and depreciation, non-deductible expenses, as well as certain temporary differences
reported in different periods for financial and tax purposes.



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The provision for taxes on earnings recognized in
the consolidated income statement for the years ended December 31, 2013, 2012 and 2011 is shown following:



|                   |  |      |        |   |      |   |        |      |  |   |         |  
|------------------ |  | ---- | ------ | - | ---- | - | ------ | ---- |  | - | ------- | -
|                   |  | 2013 |        |   | 2012 |   |        | 2011 | 
|Income tax         |  | $    | (4,423 | ) |      | $ | (3,660 | )    |  | $ | (8,028  | )
|Corporate flat tax |  |      | (264   | ) |      |   | (5,123 | )    |  |   | (3,989  | )
|                   |  |      |        |   |      |   |        |      |  |   |         |  
|Income taxes       |  | $    | (4,687 | ) |      | $ | (8,783 | )    |  | $ | (12,017 | )
|                   |  |      |        |   |      |   |        |      |  |   |         |  

The reconciliation between the provision for income tax based on the statutory income tax rate and the provision recorded by
the Company at December 31, 2013, 2012 and 2011 is as follows:



|                                                                                   |  |      |          |   |      |   |          |      |  |   |          |  
|---------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                   |  | 2013 |          |   | 2012 |   |          | 2011 | 
|(Loss) Income before taxes                                                         |  | $    | (483,252 | ) |      | $ | (607,053 | )    |  | $ | 497,378  |  
|                                                                                   |  |      |          |   |      |   |          |      |  |   |          |  
|Income tax                                                                         |  |      | 144,976  |   |      |   | 182,116  |      |  |   | (149,213 | )
|(Decrease) increase from:                                                          |  |      |          |   |      |   |          |      |  |   |          |  
|Difference in depreciation and amortization                                        |  |      | 141,677  |   |      |   | 43,843   |      |  |   | (129,157 | )
|Revaluation surplus                                                                |  |      | 28,988   |   |      |   | 655      |      |  |   | (1,007   | )
|Income recognized in advance                                                       |  |      | (57,814  | ) |      |   | (249,947 | )    |  |   | (216,832 | )
|Inventories                                                                        |  |      | (13,405  | ) |      |   | 1,758    |      |  |   | (5,853   | )
|Inflationary and currency exchange effects on monetary assets and liabilities, net |  |      | (148,868 | ) |      |   | (109,023 | )    |  |   | (139,012 | )
|Tax losses                                                                         |  |      | 25,429   |   |      |   | 82,589   |      |  |   | 250,967  |  
|Provisions and allowance for doubtful accounts                                     |  |      | (76,564  | ) |      |   | 61,794   |      |  |   | 8,676    |  
|Difference between the tax and book value for the sale of assets                   |  |      | (16,252  | ) |      |   | 4,437    |      |  |   | (3,318   | )
|Valuation allowance for tax losses                                                 |  |      |          |   |      |   |          |      |  |   | 387,881  |  
|Non-cumulative income                                                              |  |      |         |   |      |   | 813      |      |  |   | 62       |  
|Difference between the tax and book value for the sale of shares                   |  |      | (12,470  | ) |      |   | 35,798   |      |  |   | (820     | )
|Non-deductible expenses                                                            |  |      | (20,384  | ) |      |   | (63,616  | )    |  |   | (14,391  | )
|                                                                                   |  |      |          |   |      |   |          |      |  |   |          |  
|Provision for income tax                                                           |  | $    | (4,687   | ) |      | $ | (8,783   | )    |  | $ | (12,017  | )
|                                                                                   |  |      |          |   |      |   |          |      |  |   |          |  

The components of deferred tax assets at December 31, 2013, 2012 and 2011 are comprised as follows:



|                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                                                        |  | 2013 |            |   | 2012 |   |            | 2011 | 
|Tax loss carry forwards                                 |  | $    | 2,830,045  |   |      | $ | 3,108,798  |      |  | $ | 2,667,227  |  
|Valuation allowance for tax losses                      |  |      | (626,262   | ) |      |   | (928,860   | )    |  |   | (576,956   | )
|                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|                                                        |  |      | 2,203,783  |   |      |   | 2,179,938  |      |  |   | 2,090,271  |  
|Inventories and provisions - Net                        |  |      | 88,354     |   |      |   | 232,784    |      |  |   | 145,446    |  
|Income recognized in advance                            |  |      |           |   |      |   | 50,783     |      |  |   | 296,749    |  
|Concession rights and property, machinery and Equipment |  |      | (1,343,724 | ) |      |   | (1,521,561 | )    |  |   | (1,589,845 | )
|                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|Total deferred tax assets                               |  | $    | 948,413    |   |      | $ | 941,944    |      |  | $ | 942,621    |  
|                                                        |  |      |            |   |      |   |            |      |  |   |            |  



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Grupo TMM has recognized a deferred tax asset
related to its tax loss carryforwards as well as its subsidiaries and other items after evaluating the reversal of existing taxable temporary differences. To the extent that the balance of the deferred tax asset exceeds the existing temporary
differences, Management has evaluated the recoverability of such amounts by estimating future taxable profits in the foreseeable future which extend from 2014 through 2022. The tax profits include estimates of profitability and macroeconomic
assumptions which are based on Managements best judgment (see Note 3.21).

Corporate flat tax

The Corporate Flat Tax Law ceases to be in effect as of January 1, 2014. To December 31, 2013, the Corporate Flat Tax for the period was calculated
applying a rate of 17.5% to the amount resulting from reducing the total revenue received from the activities to which this tax applies by the authorized deductions, provided the former are greater than the latter, and with the understanding that
for such purposes both revenues and deductions are contemplated when these have been either collected or paid. The so-called Corporate Flat Tax credits are deducted from the above income, as provided for by law.

Corporate Flat Tax credits are amounts that could be deducted from this tax, which included, among other things, greater deductions of revenue from previous
years, credits for salaries, social security contributions, and deductions of some assets such as inventories and fixed assets during the transition period from the Corporate Flat Tax entering into effect.

The Corporate Flat Tax was a tax that co-existed with Income Tax until December 31, 2013 and was therefore subject to the following:



| | a | If the Corporate Flat Tax exceeded the Income Tax for the same period, the Company would pay Corporate Flat Tax on the portion exceeding the income tax. Pursuant to the foregoing, the Company would credit the Income Tax
paid for the period against the Corporate Flat Tax for the same period.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b | If the Corporate Flat Tax was less than the Income Tax for the same period, the Company would not pay Corporate Flat Tax for the period.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------



| | c | The Corporate Flat Tax base was negative, due to deductions that exceeded taxable income, there would be no Corporate Flat Tax due. In addition, the amount of that base multiplied by the Corporate Flat Tax rate would
result in a Corporate Flat Tax credit that could be offset against the Corporate Flat Tax for subsequent periods.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

During the year ended
December 31, 2011, the holding Company determined an IETUbase of $44,799 and a tax of $7,839, applying the credit from the higher deductions on past income to which the Company is entitled under the terms of Article 11 of the IETULaw.

During the years ended December 31, 2013 and 2012, the Company determined deductions higher than the Corporate Flat Tax income for $312,237
and $22,470, respectively.



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



Tax loss carryforwards

At December 31, 2013, the tax consolidating group headed by Grupo TMM, as the parent company, had tax loss carryforwards, shown as follows, which may be
restated by inflation, under Mexican legislation.



|                                    |  |                              |           |  |                   |     
|----------------------------------- |  | ---------------------------- | --------- |  | ----------------- | ----
|Year in which the loss was incurred |  | Amounts restated toJune 2013 |           |  | Year ofexpiration
|2009                                |  | $                            | 229,839   |  |                   | 2019
|2010                                |  |                              | 589,821   |  |                   | 2020
|2011                                |  |                              | 374,056   |  |                   | 2021
|2012                                |  |                              | 371,872   |  |                   | 2022
|                                    |  |                              |           |  |                   |     
|                                    |  | $                            | 1,565,588 |  |                   |     
|                                    |  |                              |           |  |                   |     

23 Financial information by segment

The Company operates in the following segments: i) specialized maritime transportation, ii) logistics, and iii) operation of ports and terminals, and related
services. The specialized maritime transportation operations (Specialized Maritime Division) include the transportation of liquid petroleum and petrochemical products in bulk, materials and supplies for drilling platforms, as well as
tugboat services. The land transportation operations (Logistics Division) include truck transportation and haul-away trailers, warehousing, and logistics solutions. The port and terminal operations (Ports and Terminals
Division) include terminal services and agency activities.

In September 2013, the Company completed the sale of a portion of its assets in the
Logistics Division, including the truck transportation and haul-away trailers operations. The Company continues to provide its warehousing services as discontinued operations in accordance with IFRS 5 Non-current assets held for sale and
discontinued operations. There have been no changes in the measuring methods used to calculate the earnings reported for each segment. The information for each operating segment is as follows:



|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|----------------------------------------- |  | ---------------------------- | ---------- | - | ------------------ | - | -------- | --------------------------- |  | - | -------------------------------------------- | - |  | ------------------ | ---------- | - |  | - | ---------- | -
|December 31, 2013                         |  | Specializedmaritime division |            |   | Logistics division |   |          | Ports and terminalsdivision |  |   | Eliminationbetweensegmentsand sharedaccounts |   |  | Total consolidated |           
|Transportation revenue                    |  | $                            | 2,455,316  |   |                    | $ | 219,245  |                             |  | $ | 113,414                                      |   |  | $                  | 50,567     |   |  | $ | 2,838,542  |  
|Costs and expenses                        |  |                              | (1,375,189 | ) |                    |   | (175,229 | )                           |  |   | (101,972                                     | ) |  |                    | (247,239   | ) |  |   | (1,899,629 | )
|Depreciation and amortization             |  |                              | (562,340   | ) |                    |   | (3,378   | )                           |  |   | (11,193                                      | ) |  |                    | (8,696     | ) |  |   | (585,607   | )
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Profit (loss) from transportation         |  | $                            | 517,787    |   |                    | $ | 40,638   |                             |  | $ | 249                                          |   |  | $                  | (205,368   | ) |  | $ | 353,306    |  
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Costs, expenses and revenue not allocated |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   | (841,245   | )
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Loss before discontinued operations       |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   | (487,939   | )
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Discontinued operations                   |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   | (63,482    | )
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Net loss for the year                     |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  | $ | (551,421   | )
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total assets by operating segment         |  | $                            | 14,971,325 |   |                    | $ | 49,041   |                             |  | $ | 1,695,120                                    |   |  | $                  |           |   |  | $ | 16,715,486 |  
|Total assets by discontinued segment      |  |                              |            |   |                    |   | 186,628  |                             |  |   |                                              |   |  |                    |            |   |  |   | 186,628    |  
|Shared assets                             |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    | (4,722,760 | ) |  |   | (4,722,760 | )
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total assets                              |  | $                            | 14,971,325 |   |                    | $ | 235,669  |                             |  | $ | 1,695,120                                    |   |  | $                  | (4,722,760 | ) |  | $ | 12,179,354 |  
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total liabilities by continued segment    |  | $                            | 11,034,676 |   |                    | $ | 235,996  |                             |  | $ | 390,025                                      |   |  | $                  |           |   |  | $ | 11,660,697 |  
|Total liabilities by discontinued segment |  |                              |            |   |                    |   | 122,661  |                             |  |   |                                              |   |  |                    |            |   |  |   | 122,661    |  
|Shared liabilities                        |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    | 195,013    |   |  |   | 195,013    |  
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total liabilities                         |  | $                            | 11,034,676 |   |                    | $ | 358,657  |                             |  | $ | 390,025                                      |   |  | $                  | 195,013    |   |  | $ | 11,978,371 |  
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total capital expenditures by segment     |  | $                            | 252,269    |   |                    | $ | 2,691    |                             |  | $ | 11,317                                       |   |  | $                  |           |   |  | $ | 266,277    |  
|Shared capital expenditures               |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    | 24,489     |   |  |   | 24,489     |  
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total capital expenditures                |  | $                            | 252,269    |   |                    | $ | 2,691    |                             |  | $ | 11,317                                       |   |  | $                  | 24,489     |   |  | $ | 290,766    |  
|                                          |  |                              |            |   |                    |   |          |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  



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|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|------------------------------------------------- |  | ---------------------------- | ---------- | - | ----------------- | - | --------- | --------------------------- |  | - | -------------------------------------------- | - |  | ------------------ | ---------- | - |  | - | ---------- | -
|December 31, 2012                                 |  | Specialized maritimedivision |            |   | Logisticsdivision |   |           | Ports andterminals division |  |   | Eliminationbetweensegmentsand sharedaccounts |   |  | Total consolidated |           
|Transportation revenue                            |  | $                            | 2,188,809  |   |                   | $ | 249,657   |                             |  | $ | 101,193                                      |   |  | $                  | 52,536     |   |  | $ | 2,592,195  |  
|Costs and expenses                                |  |                              | (1,206,865 | ) |                   |   | (186,589  | )                           |  |   | (94,165                                      | ) |  |                    | (225,238   | ) |  |   | (1,712,857 | )
|Depreciation and amortization                     |  |                              | (539,041   | ) |                   |   | (4,491    | )                           |  |   | (10,811                                      | ) |  |                    | (12,537    | ) |  |   | (566,880   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Profit (loss) from transportation                 |  | $                            | 442,903    |   |                   | $ | 58,577    |                             |  | $ | (3,783                                       | ) |  | $                  | (185,239   | ) |  | $ | 312,458    |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Costs, expenses and revenue not allocated         |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | (928,294   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Loss before discontinued operations               |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | (615,836   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Discontinued operations                           |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | (165,280   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Net loss for the year                             |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  | $ | (781,116   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total assets by continued segment                 |  | $                            | 12,728,408 |   |                   | $ | 655,890   |                             |  | $ | 1,679,835                                    |   |  | $                  |           |   |  | $ | 15,064,133 |  
|Total assets by discontinued segment              |  |                              |            |   |                   |   | 23,842    |                             |  |   |                                              |   |  |                    |            |   |  |   | 23,842     |  
|Shared assets                                     |  |                              |           |   |                   |   |          |                             |  |   |                                             |   |  |                    | (2,142,707 | ) |  |   | (2,142,707 | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total assets                                      |  | $                            | 12,728,408 |   |                   | $ | 679,732   |                             |  | $ | 1,679,835                                    |   |  | $                  | (2,142,707 | ) |  | $ | 12,945,268 |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total liabilities by segment                      |  | $                            | 10,979,340 |   |                   | $ | 1,434,726 |                             |  | $ | 692,338                                      |   |  | $                  |           |   |  | $ | 13,106,404 |  
|Shared liabilities                                |  |                              |           |   |                   |   |          |                             |  |   |                                             |   |  |                    | (819,947   | ) |  |   | (819,947   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total liabilities                                 |  | $                            | 10,979,340 |   |                   | $ | 1,434,726 |                             |  | $ | 692,338                                      |   |  | $                  | (819,947   | ) |  | $ | 12,286,457 |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total capital expenditures by segment             |  | $                            | 307,135    |   |                   | $ | 10,874    |                             |  | $ | 18,671                                       |   |  | $                  |           |   |  | $ | 336,680    |  
|Shared capital expenditures                       |  |                              |           |   |                   |   |          |                             |  |   |                                             |   |  |                    | 14,523     |   |  |   | 14,523     |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total capital expenditures                        |  | $                            | 307,135    |   |                   | $ | 10,874    |                             |  | $ | 18,671                                       |   |  | $                  | 14,523     |   |  | $ | 351,203    |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|                                                  |  |                              |            |   |                  
|December 31, 2011                                 |  | Specialized maritimedivision |            |   | Logisticsdivision |   |           | Ports andterminals division |  |   | Eliminationbetweensegmentsand sharedaccounts |   |  | Total consolidated |           
|Transportation revenues                           |  | $                            | 2,133,395  |   |                   | $ | 210,456   |                             |  | $ | 123,701                                      |   |  | $                  | 46,702     |   |  | $ | 2,514,254  |  
|Costs and expenses                                |  |                              | (1,118,967 | ) |                   |   | (167,657  | )                           |  |   | (84,555                                      | ) |  |                    | (233,161   | ) |  |   | (1,604,340 | )
|Depreciation and amortization                     |  |                              | (495,539   | ) |                   |   | (3,951    | )                           |  |   | (11,359                                      | ) |  |                    | (12,813    | ) |  |   | (523,662   | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Income (loss) from transportation                 |  | $                            | 518,889    |   |                   | $ | 38,848    |                             |  | $ | 27,787                                       |   |  | $                  | (199,272   | ) |  | $ | 386,252    |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Costs, expenses, and revenues not allocated       |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | 99,109     |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Profit before result from discontinued operations |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | 485,361    |  
|Loss from discontinued operations                 |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | (293,778   | )
|Net profit for the year                           |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   | 191,583    |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total assets by segment                           |  | $                            | 12,679,038 |   |                   | $ | 878,350   |                             |  | $ | 2,040,520                                    |   |  | $                  |           |   |  | $ | 15,597,908 |  
|Shared assets                                     |  |                              |           |   |                   |   |          |                             |  |   |                                             |   |  |                    | (2,318,900 | ) |  |   | (2,318,900 | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total assets                                      |  | $                            | 12,679,038 |   |                   | $ | 878,350   |                             |  | $ | 2,040,520                                    |   |  | $                  | (2,318,900 | ) |  | $ | 13,279,008 |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total liabilities by segment                      |  | $                            | 10,706,275 |   |                   | $ | 1,603,528 |                             |  | $ | 970,711                                      |   |  | $                  |           |   |  | $ | 13,280,514 |  
|Shared liabilities                                |  |                              |           |   |                   |   |          |                             |  |   |                                             |   |  |                    | (1,520,920 | ) |  |   | (1,520,920 | )
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total liabilities                                 |  | $                            | 10,706,275 |   |                   | $ | 1,603,528 |                             |  | $ | 970,711                                      |   |  | $                  | (1,520,920 | ) |  | $ | 11,759,594 |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total capital expenditures by segment             |  | $                            | 116,282    |   |                   | $ | 5,990     |                             |  | $ | 63,553                                       |   |  | $                  |           |   |  | $ | 185,825    |  
|Shared capital expenditures                       |  |                              |           |   |                   |   |          |                             |  |   |                                             |   |  |                    | 5,257      |   |  |   | 5,257      |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  
|Total capital expenditures                        |  | $                            | 116,282    |   |                   | $ | 5,990     |                             |  | $ | 63,553                                       |   |  | $                  | 5,257      |   |  | $ | 191,082    |  
|                                                  |  |                              |            |   |                   |   |           |                             |  |   |                                              |   |  |                    |            |   |  |   |            |  



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24 Employee benefits

Expense for employee benefits

The expenses
recognized for employee benefits are:



|                                 |  |      |         |  |      |   |         |      |  |   |         | 
|-------------------------------- |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|                                 |  | 2013 |         |  | 2012 |   |         | 2011 | 
|Salaries, benefits and inherent  |  | $    | 659,196 |  |      | $ | 619,265 |      |  | $ | 545,676 | 
|Pensions  defined benefit plans |  |      | 8,048   |  |      |   | 17,670  |      |  |   | 23,047  | 
|                                 |  |      |         |  |      |   |         |      |  |   |         | 
|                                 |  | $    | 667,244 |  |      | $ | 636,935 |      |  | $ | 568,723 | 
|                                 |  |      |         |  |      |   |         |      |  |   |         | 

The liabilities recognized for pensions and other employee remunerations in the consolidated statement of financial position
are comprised as follows:



|                               |  |      |         |  |      |   |         |      |  |   |         | 
|------------------------------ |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|                               |  | 2013 |         |  | 2012 |   |         | 2011 | 
|Long-term:                     |  |      |         |  |      |   |         |      |  |   |         | 
|Pensions and seniority Premium |  | $    | 178,991 |  |      | $ | 188,449 |      |  | $ | 186,935 | 
|Termination of employment      |  |      | 19,568  |  |      |   | 22,694  |      |  |   | 26,480  | 
|                               |  |      |         |  |      |   |         |      |  |   |         | 
|                               |  | $    | 198,559 |  |      | $ | 211,143 |      |  | $ | 213,415 | 
|                               |  |      |         |  |      |   |         |      |  |   |         | 

The liabilities for employee benefits, short term, are included in the line Accounts payable and accrued
liabilities in the consolidated statements of financial position, which at December 31, 2013, 2012 and 2011 are $23,427, $22,822 and $46,236, respectively.

Remunerations on the termination of employment

The
seniority premiums and the retirement plan (pensions) obligations are based on actuarial calculations using the projected unit credit method. Pension benefits are based mainly on years of service, age, and salary level upon retirement.

The amounts charged to operations include the amortization of the cost of past services over the average time of service remaining. The Company continues
with its policy of recognizing actuarial losses and gains for seniority premiums and pensions in the consolidated income statements, the actuarial (loss) gain net of taxes for 2013, 2012 and 2011 was $(1,158), $8,036 and $(29,084), respectively.

The plan exposes Grupo TMM to such risks as interest rate, investment, mortality, and inflation.

Interest rate risk

The present value of the defined
benefits obligation is calculated using a discount rate making reference to the market performance of high quality corporate bonds.

The estimated term
for the bonds is consistent with the estimated term for the defined benefits obligation and is denominated in pesos. A decrease in the market performance of high quality corporate bonds will increase the defined benefits obligation of Grupo TMM,
although this is expected to be partially compensated by an increase in the fair value of certain of the plans assets.

Investment risk

The plan assets are predominantly capital and debt instruments traded on the Mexican Stock Exchange which are considered low risk.



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Mortality risk

Grupo TMM provides benefits for life to those who are covered by the defined benefits liability. An increase in the life expectancy of such persons will
increase the defined benefits liability.

Inflation risk

A significant proportion of the defined benefits obligation is linked to inflation. An increase in the inflation rate will increase the Companys
obligation.

The details of the net cost for the period for seniority premiums and termination of employment, and also the basic actuarial estimates for
the calculation of these labor obligations are shown following:



|                        |  |                               |        |   |                         |   |       |                               |  |   |                         |  |  |                               |       |  |                         |   |        |   |  |   |       | 
|----------------------- |  | ----------------------------- | ------ | - | ----------------------- | - | ----- | ----------------------------- |  | - | ----------------------- |  |  | ----------------------------- | ----- |  | ----------------------- | - | ------ | - |  | - | ----- | 
|                        |  | 2013                          |        |   | 2012                    |   |       | 2011                          | 
|                        |  | Pensionsand senioritypremiums |        |   | Terminationofemployment |   |       | Pensions andsenioritypremiums |  |   | Terminationofemployment |  |  | Pensions andsenioritypremiums |       |  | Terminationofemployment |  
|Labor cost              |  | $                             | (8,725 | ) |                         | $ | 3,367 |                               |  | $ | 7,180                   |  |  | $                             | 3,846 |  |                         | $ | 6,481  |   |  | $ | 3,782 | 
|Interest expense        |  |                               | 12,276 |   |                         |   | 1,130 |                               |  |   | 4,439                   |  |  |                               | 2,057 |  |                         |   | 11,909 |   |  |   | 1,828 | 
|Return on plans assets |  |                               |       |   |                         |   |      |                               |  |   | 148                     |  |  |                               |      |  |                         |   | (953   | ) |  |   |      | 
|                        |  |                               |        |   |                         |   |       |                               |  |   |                         |  |  |                               |       |  |                         |   |        |   |  |   |       | 
|Net cost for the period |  | $                             | 3,551  |   |                         | $ | 4,497 |                               |  | $ | 11,767                  |  |  | $                             | 5,903 |  |                         | $ | 17,437 |   |  | $ | 5,610 | 
|                        |  |                               |        |   |                         |   |       |                               |  |   |                         |  |  |                               |       |  |                         |   |        |   |  |   |       | 

At December 31, 2013, 2012 and 2011, the reserve for pensions and seniority premiums, and also for the termination of
employment, is comprised as follows:



|                                       |  |                               |         |   |                         |   |        |                               |  |   |                         |   |  |                               |        |   |                         |   |         |   |  |   |        | 
|-------------------------------------- |  | ----------------------------- | ------- | - | ----------------------- | - | ------ | ----------------------------- |  | - | ----------------------- | - |  | ----------------------------- | ------ | - | ----------------------- | - | ------- | - |  | - | ------ | 
|                                       |  | 2013                          |         |   | 2012                    |   |        | 2011                          | 
|                                       |  | Pensionsand senioritypremiums |         |   | Terminationofemployment |   |        | Pensionsand senioritypremiums |  |   | Terminationofemployment |   |  | Pensionsand senioritypremiums |        |   | Terminationofemployment |  
|Defined benefit obligations            |  | $                             | 180,184 |   |                         | $ | 19,568 |                               |  | $ | 190,109                 |   |  | $                             | 23,564 |   |                         | $ | 188,609 |   |  | $ | 26,480 | 
|Plan assets                            |  |                               | (1,193  | ) |                         |   |       |                               |  |   | (1,176                  | ) |  |                               |       |   |                         |   | (1,674  | ) |  |   |       | 
|Transition assets pending amortization |  |                               |        |   |                         |   |       |                               |  |   | (484                    | ) |  |                               | (870   | ) |                         |   |        |   |  |   |       | 
|                                       |  |                               |         |   |                         |   |        |                               |  |   |                         |   |  |                               |        |   |                         |   |         |   |  |   |        | 
|Total reserve                          |  | $                             | 178,991 |   |                         | $ | 19,568 |                               |  | $ | 188,449                 |   |  | $                             | 22,694 |   |                         | $ | 186,935 |   |  | $ | 26,480 | 
|                                       |  |                               |         |   |                         |   |        |                               |  |   |                         |   |  |                               |        |   |                         |   |         |   |  |   |        | 

At December 31, 2013, 2012 and 2011, the DBO for pensions and seniority premiums, and also for the reserve for
termination of employment, are comprised as follows:



|                               |  |                               |         |   |                         |   |        |                               |  |   |                         |   |  |                               |        |   |                         |   |         |   |  |   |        |  
|------------------------------ |  | ----------------------------- | ------- | - | ----------------------- | - | ------ | ----------------------------- |  | - | ----------------------- | - |  | ----------------------------- | ------ | - | ----------------------- | - | ------- | - |  | - | ------ | -
|                               |  | 2013                          |         |   | 2012                    |   |        | 2011                          | 
|                               |  | Pensionsand senioritypremiums |         |   | Terminationofemployment |   |        | Pensionsand senioritypremiums |  |   | Terminationofemployment |   |  | Pensionsand senioritypremiums |        |   | Terminationofemployment |  
|DBO at period start            |  | $                             | 190,109 |   |                         | $ | 23,564 |                               |  | $ | 188,609                 |   |  | $                             | 26,480 |   |                         | $ | 161,149 |   |  | $ | 23,577 |  
|Labor cost                     |  |                               | (8,725  | ) |                         |   | 3,367  |                               |  |   | 7,180                   |   |  |                               | 3,846  |   |                         |   | 6,481   |   |  |   | 3,782  |  
|Financial cost                 |  |                               | 12,276  |   |                         |   | 1,130  |                               |  |   | 4,439                   |   |  |                               | 2,057  |   |                         |   | 11,909  |   |  |   | 1,828  |  
|Benefits paid                  |  |                               | (8,879  | ) |                         |   | (7,852 | )                             |  |   | (11,799                 | ) |  |                               | (107   | ) |                         |   | (11,326 | ) |  |   | (213   | )
|Benefits paid from plan assets |  |                               | (1,984  | ) |                         |   |       |                               |  |   |                        |   |  |                               |       |   |                         |   |        |   |  |   |       |  
|Miscellaneous                  |  |                               | (2,613  | ) |                         |   | (2,058 | )                             |  |   |                        |   |  |                               |       |   |                         |   |        |   |  |   |       |  
|Actuarial losses and gains     |  |                               |        |   |                         |   | 1,417  |                               |  |   | 1,680                   |   |  |                               | (8,712 | ) |                         |   | 20,396  |   |  |   | (2,494 | )
|                               |  |                               |         |   |                         |   |        |                               |  |   |                         |   |  |                               |        |   |                         |   |         |   |  |   |        |  
|DBO at period end              |  | $                             | 180,184 |   |                         | $ | 19,568 |                               |  | $ | 190,109                 |   |  | $                             | 23,564 |   |                         | $ | 188,609 |   |  | $ | 26,480 |  
|                               |  |                               |         |   |                         |   |        |                               |  |   |                         |   |  |                               |        |   |                         |   |         |   |  |   |        |  



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The plan assets at December 31, 2013, 2012 and
2011 are comprised as follows:



|                                |  |      |        |   |      |   |       |      |  |   |         |  
|------------------------------- |  | ---- | ------ | - | ---- | - | ----- | ---- |  | - | ------- | -
|                                |  | 2013 |        |   | 2012 |   |       | 2011 | 
|Value of the fund at year start |  | $    | 1,176  |   |      | $ | 1,674 |      |  | $ | 11,901  |  
|Expected return on assets       |  |      | 65     |   |      |   | (498  | )    |  |   | (10,227 | )
|Plan contributions              |  |      | 1,984  |   |      |   |      |      |  |   |        |  
|Benefits paid                   |  |      | (2,096 | ) |      |   |      |      |  |   |        |  
|Actuarial gains                 |  |      | 64     |   |      |   |      |      |  |   |        |  
|                                |  |      |        |   |      |   |       |      |  |   |         |  
|Value of the fund at year end   |  | $    | 1,193  |   |      | $ | 1,176 |      |  | $ | 1,674   |  
|                                |  |      |        |   |      |   |       |      |  |   |         |  

The changes in the pension plan, seniority premium, and termination of employment plan at December 31, 2013, 2012 and
2011 are as follows:



|                                              |  |      |         |   |      |   |         |      |  |   |         |  
|--------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                              |  | 2013 |         |   | 2012 |   |         | 2011 | 
|Reserve for obligations at year start         |  | $    | 211,143 |   |      | $ | 213,415 |      |  | $ | 172,787 |  
|Cost for the year                             |  |      | 8,048   |   |      |   | 17,670  |      |  |   | 23,047  |  
|Contributions to the plan                     |  |      | (1,984  | ) |      |   |        |      |  |   |        |  
|Miscellaneous                                 |  |      | (8,869  | ) |      |   |        |      |  |   | 36      |  
|Benefits paid charged to the reserve          |  |      | (10,937 | ) |      |   | (11,906 | )    |  |   | (11,539 | )
|Provision for severance recognized in capital |  |      | 1,158   |   |      |   | (8,036  | )    |  |   | 29,084  |  
|                                              |  |      |         |   |      |   |         |      |  |   |         |  
|Reserve for obligations at year end           |  | $    | 198,559 |   |      | $ | 211,143 |      |  | $ | 213,415 |  
|                                              |  |      |         |   |      |   |         |      |  |   |         |  

The significant actuarial assumptions used for the valuation are:



|                        |  |      |       |   |      |  |       |      |  |  |       |  
|----------------------- |  | ---- | ----- | - | ---- |  | ----- | ---- |  |  | ----- | -
|                        |  | 2013 |       |   | 2012 |  |       | 2011 | 
|Discount rate           |  |      | 7.00  | % |      |  | 7.00  | %    |  |  | 7.75  | %
|Salary increase rate    |  |      | 4.00  | % |      |  | 4.00  | %    |  |  | 4.00  | %
|Inflation rate          |  |      | 3.50  | % |      |  | 3.50  | %    |  |  | 3.50  | %
|Average life expectancy |  |      | 13.10 |   |      |  | 12.36 |      |  |  | 10.85 |  

These assumptions were prepared by Management with the assistance of independent actuaries. the discount factors are
determined near the end of each year making reference to the market performance of high quality corporate bonds denominated in the currency in which the benefits will be paid and which have similar maturities to the terms for the pension obligation
corresponding. Other assumptions are based on actual reference parameters and Managements historical experience.

At December 31, 2013, 2012
and 2011, approximately 17%, 42% and 42%, respectively, of the Companys employees work under collective bargaining agreements that are subject to annual salary reviews and biannually for other compensations. At December 31, 2013, 2012 and
2011, Grupo TMM has 1,970, 3,162 and 3,059 employees, respectively.

The significant actuarial assumptions to determine the defined benefits obligation
are the discount rate, the salary increase rate, and the average life expectancy. The calculation of the defined benefits obligation is sensitive to these assumptions. The following table summarizes the effects of changes to these actuarial
assumptions on the defined benefits obligations at December 31, 2013:



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|                                                       |  |                     |        |   |                     |   |         |  
|------------------------------------------------------ |  | ------------------- | ------ | - | ------------------- | - | ------- | -
|                                                       |  | Increase of1.0%     |        |   | Decrease of1.0%     |  
|Discount rate                                          |  |                     |        |   |                     |   |         |  
|(Decrease) increase in the defined benefits obligation |  | $                   | (9,318 | ) |                     | $ | 10,664  |  
|                                                       |  |                    
|                                                       |  | Increase of1.0%     |        |   | Decrease of1.0%     |  
|Salary increase rate                                   |  |                     |        |   |                     |   |         |  
|Increase (decrease) in the defined benefits obligation |  | $                   | 11,926 |   |                     | $ | (10,573 | )
|                                                       |  |                    
|                                                       |  | Increase ofone year |        |   | Decrease ofone year |  
|Average life expectancies                              |  |                     |        |   |                     |   |         |  
|Increase (decrease) in the defined benefits obligation |  | $                   | 5,146  |   |                     | $ | (4,675  | )

The present value of the defined benefits obligation and also the defined benefits obligation recognized in the consolidated
statement of financial position are calculated using the same method (projected unit credit). The sensitivity analyses are based on a change in one assumption without changing the others. This sensitivity analysis may not be representative of the
real variance in the defined benefits obligation, as it is unlikely that the change to the assumptions would occur on its own, as some of the assumptions may be correlated.

25 Loss per share

The loss
per share at December 31, 2013, 2012 and 2011 was calculated based on the weighted average number of shares outstanding during the year. There are no potentially dilutive instruments outstanding, therefore basic and diluted losses per share are
the same:



|                                                                  |  |      |          |   |      |   |          |      |  |   |          |  
|----------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                  |  | 2013 |          |   | 2012 |   |          | 2011 | 
|(Loss) gain before discontinued operations                        |  | $    | (487,939 | ) |      | $ | (615,836 | )    |  | $ | 485,361  |  
|Discontinued operations                                           |  |      | (63,482  | ) |      |   | (165,280 | )    |  |   | (293,778 | )
|Net loss for the year                                             |  |      | (551,421 | ) |      |   | (781,116 | )    |  |   | 191,583  |  
|Weighted average number of shares outstanding, thousands per year |  |      | 102,183  |   |      |   | 102,183  |      |  |   | 102,176  |  
|                                                                  |  |      |          |   |      |   |          |      |  |   |          |  
|(Loss) earnings from continued operations for the year per share  |  | $    | (4.775   | ) |      | $ | (6.027   | )    |  | $ | 4.750    |  
|                                                                  |  |      |          |   |      |   |          |      |  |   |          |  
|Loss from discontinued operations for the year per share          |  | $    | (0.621   | ) |      | $ | (1.617   | )    |  | $ | (2.875   | )
|                                                                  |  |      |          |   |      |   |          |      |  |   |          |  
|Net (loss) earnings for the year per share                        |  | $    | (5.396   | ) |      | $ | (7.644   | )    |  | $ | 1.875    |  
|                                                                  |  |      |          |   |      |   |          |      |  |   |          |  

26 Contingencies and commitments:

Commitments

a) Concession fees

Pursuant to the concessions under which it operates the port and tugboat services, the Company has made monthly fixed and variable payments. Such payments
totaled $8,563, $9,907 and $8,018 in 2013, 2012 and 2011, respectively.



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b) Charters

The Company has used various bareboat and time-chartered vessels to supplement its fleet for short periods of less than one year. The related charter expenses
were $145,010, $135,450 and $186,683 for 2013, 2012 and 2011.

There are no minimum payments for charters at December 31, 2013, 2012 and 2011.

Contingencies

c) RPS Claim

On August 7, 2007, Transportacion Maritima Mexicana, S.A. de C.V. (TMM) filed a claim for arbitration against Refined Product Services
(RPS) for $545, for various expenses incurred by TMM due to the delay of the re-delivery of the tanker vessel Palenque.

On October 19,
2007, RPS filed a countersuit for US$3.0 million (approximately $39,196), for alleged faults and lack of maintenance involving the tanker vessel Palenque, and also consequential damages for having lost a contract while the vessel was being repaired.

TMMs position against this countersuit is strong, as there are sufficient elements and arguments for defense, also the amount claimed by RPS would
appear to be excessive and for non-supported issues.

d) Mutual claims between WWS and TMM

On December 2007, Transportacion Maritima Mexicana, S.A. de C.V. (TMM) and Worldwide Services, Ltd. (WWS) filed claims against each other; TMM for US$342,500
(approximately $4,475), for fuel and low performance of the vessel Veracruz A and WWS for US$1.3 million (approximately $16,985), claiming, mainly, an over-performance of the same vessel.

Company Management believes it has strong arguments to support the claim and to defend its position on the arbitration.

e) Mutual loans between Pacific Richfield Marine Pte. Ltd. (PRM) and Grupo TMM

Grupo TMM is the complainant on two arbitrations brought against Pacific Richfield Marine (PRM), company established in and under the laws of
Singapore. The arbitration is being conducted according to the Rules of the Singapore International Arbitration Centre and involves certain breaches by PRM of two Purchase Agreements for the acquisition of two vessels. GTMM is seeking the recovery
of the deposit paid for the two vessels for the amount of US$5.2 million (approximately $67,939), and also payment of damages caused by the breaches incurred by PRM of the Purchase Agreements. PRM countered claiming that it is Grupo TMM who breached
the Purchase Agreements, seeking the arbiters decision to award PRM the deposit plus any damages the Arbiter may award.

On November 28, 2011,
the Company received the decision entered against the interests of Grupo TMM, losing the right to recover the deposit of US$5.2 million (approximately $67,939). As a result, the Company reserved this amount during 2011.



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Consequently, Grupo TMM filed suit in Mexico for the
annulment of the decision and also all PRM out-of-court requirements for payment, and the case was admitted by the Federal Courts, preserving the term on the deposit and ordering this not to be delivered to PRM until final judgment is entered to
recognize and, eventually, order the execution of the arbiters decision judicial, in accordance with that provided by the Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

On February 27, 2012, action was filed with the Singapore courts for the annulment of the decision, which was resolved on September 23, 2013,
against Grupo TMM.

At December 31, 2013, the Company has created additional provisions for the legal fees associated with this case, which are
reported in other income (expenses), net for $13,091 and $6,830 in 2013 and 2012, respectively. (See Note 20).

f) SSA vs GTMM  Arbitration

On January 14, 2013, GTMM received a Request for Arbitration from SSA Inc. and SSA México, S.A. de C.V. (hereinafter, SSA).
The arbitration was opened as on January 31, 2007 the Federal Tax Service (SAT) issued notice number 330-SAT-7-07071, which orders SSA México to pay various money amounts which at the time amounted to $274,454. SSA bases its defense
primarily on arguing that TMM is responsible for indemnifying in accordance with the corresponding contract (Restated Master Agreement).

Company
management believes it has strong arguments to support the claim and to defend its position on the arbitration.

g) ADEMSA secured Certificates of
Deposit

During 2011 and 2010, ADEMSA issued secured Certificates of Deposit in favor of various financial institutions, goods and/or amounts consigned
thereto, which, as a result of the defaults by the producers and on exercising the right conferred by the Certificates, filed claim against ADEMSA for compliance with the obligations to deliver goods covered or payment of the amounts secured.

In the interest of meeting due compliance with its obligations, and as the Mexican agriculturalists are undergoing a crisis, being sensitive to the
difficulties, both ADEMSA and each of the financial institutions, and the company COVAHESA, in its capacity as representative for over one thousand producers, have been negotiating a financial structuring so as to answer the complaints and to this
effect sign the agreements necessary to permit the long term financing of the debts or claims, finding a viable solution for all parties involved.

At
December 31, 2013, 2012 and 2011, the Company holds a reserve of $106,285, $118,000 and $233,000 respectively, in order to settle the obligations of ADEMSA in the event the agreements are being negotiated with the financial institutions cannot
be implemented or if the debts cannot be settled in full during the term and under the conditions for the financing negotiated. At December 31, 2013 and 2012, the Company made payments to the financial institutions for $11,715 and $115,000,
respectively. At December 31, 2013, this reserve is included in the liability related to non-current assets available for sale and at December 31, 2012 in the liability for accounts payable and accrued expenses.



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h) Tax proceedings

During 2012, the Federal Judiciary Power resolved on various proceedings that certain Grupo TMM companies had pursued against resolutions issued by the Federal
Tax Service (SAT) that had rejected the offsetting of credit balances, by which said companies paid taxes for related parties for previous years. As a result, the credit balances should be recovered by the companies that had been denied this
offsetting.

The tax authorities are currently conducting audits on the companies that originally owed the taxes; however they have recognized the
corresponding provisions, which are presented in the accounts payable and accrued expense.

i) Termination of the Consolidation Regimen

On February 13, 2013, the Company filed an indirect amparo(writ of relief) against various provisions related to the disappearance of the regimen
of fiscal consolidation, offering arguments to demonstrate the unconstitutionality of various provisions violating the guarantees of proportionality, legality, and legal certainty, and also various human rights recognized by the Mexican Constitution
and in international treaties to which Mexico is party.

Given the diversity of procedures in the tax laws to determine the effects of deconsolidation
required by these, and also the various criteria to be used, and the possible results of the acts contested in the amparo,no disclosure is made regarding deconsolidation as there is no certainty as to the application of a specific procedure.
The foregoing in order to not hold as accepted any of the procedures established in the tax disposition, and which could negatively affect the interests of the Company in the amperecase.

j) Other legal proceedings

The Company is party to
various other legal proceedings and administrative actions, all of which are of an ordinary or routine nature and incidental to its operations. Although it is impossible to predict the outcome of any legal proceeding, in the opinion of the
Companys Management, such proceedings and actions should not, individually or in the aggregate, have a material adverse effect on the Companys financial condition, results of operations or liquidity.

k) Operations with related parties

The Company has
significant dealings and relationships with related parties. To this effect, the Company has documentation for the transactions that took place during 2012 that confirms the terms of these transactions are the same as those that would result from
transactions between unrelated parties. The Company and its subsidiaries are in the process of completing this study for 2013.

27 Financial risk management, objectives and policies

Grupo TMM main financial instruments, other than derivate financial instruments, are bank loans, securitization structures for future income, cash and short
term deposits. The main objective of these financial instruments is to provide the Company with all necessary funds to properly perform its operations. The Company has several financial assets and liabilities, such as commercial credits and
commercial payables, which arise directly from its operations.



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Grupo TMM also enters into derivate transactions,
such as interest rate CAPs as discussed in Note 15. The objective is to manage variable interest rate risks arising from the Companys operations and from its financing sources. The method to acknowledge the resulting gain or loss depends on
the nature of the coverage.

The main risks arising from the Companys financial instruments are the cash flow risk deriving from interest rate
variations, liquidity risk, interest rate risk and credit risk. The Company analyzes the risks and determines management policies for each of these risks as described in the following summary.

Cash flow risk

The Companys revenues and its
operating cash flows are independent from variances in the market interest rate.

Grupo TMM policy is to manage its interests cost by using a combination
of a fixed and variable rate debts. In order to manage this combination with an efficient cost, Grupo TMM enters into interest rate swaps, where it commits to interchanging, at determined intervals, the difference between the fixed interest rate and
the variable interest rate at amounts that are calculated in reference to an agreed theoretical amount of principal, through agreements in which Grupo TMM receives the difference in excess of the maximum interest rate determined in the contracts.
This exchange is aimed to cover for the underlying debt obligations.

Currency risk

The monetary position for Grupo TMM may be materially affected by variances in the exchange rate between the US dollar and the Mexican peso due to the
Companys significant operations in Mexico. The Group does not cover this exposure. The Group minimizes its exposure effects in foreign currency by contracting debt in Mexican pesos. In July 2010, the Company issued Trust Certificates for
approximately $10,500,000, consolidating the three previous offerings in one.

Grupo TMM also faces transactional currency exposure. This exposure derives
from sales and acquisitions made in currencies other than Mexican pesos, Grupo TMMs functional currency. At December 31, 2013, 2012 and 2011, approximately 60%, 59% and 60%, respectively, of Grupo TMMs sales are denominated in US
dollars, while approximately 28% and 30% of the costs and expenses are denominated in US dollars.

At December 31, 2013, 2012 and 2011, the Company
held monetary assets and liabilities denominated in foreign currencies other than the Mexican peso, classified according to its corresponding interbank exchange rate as related to the Mexican peso, as follows:



|                                |  |      |          |   |      |   |          |      |  |   |            |  
|------------------------------- |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | ---------- | -
|                                |  | 2013 |          |   | 2012 |   |          | 2011 | 
|Assets in US dollars            |  | $    | 716,763  |   |      | $ | 495,364  |      |  | $ | 599,524    |  
|Assets in other currencies      |  |      | 4,603    |   |      |   | 5,366    |      |  |   | 3,515      |  
|Liabilities in US dollars       |  |      | (985,968 | ) |      |   | (876,268 | )    |  |   | (1,129,812 | )
|Liabilities in other currencies |  |      | (7,189   | ) |      |   | (15,012  | )    |  |   | (7,155     | )
|                                |  |      |          |   |      |   |          |      |  |   |            |  
|                                |  | $    | (271,791 | ) |      | $ | (390,550 | )    |  | $ | (533,928   | )
|                                |  |      |          |   |      |   |          |      |  |   |            |  

At December 31, 2013, 2012 and 2011, the exchange rate was Ps13.0652, Ps12.9880 and Ps13.9476 per US dollar,
respectively.



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Sensitivity analysis

The following table shows the sensitivity in operations associated with to the financial assets and liabilities of Grupo TMM and the exchange rate; US dollar
(USD)/peso considering that the rest of the conditions remain unchanged. Assuming a variance of +/- 2.95% in the USD/peso exchange rate for the years ended December 31, 2013, 2012 and 2011. This percentage was determined based on
the volatility of the average exchange rate market over the past 12 months. The sensitivity analysis is based on financial instruments in foreign currency held by Grupo TMM on the reporting date.

If the peso had strengthened or weakened against the USD by 2.95%, this would have had the following impact on the monetary position:



|                                |  |                                   |         |   |                                   |   |         |                                   |  |   |                                   |   |  |                                   |         |   |                                   |   |         |   |  |   |         |  
|------------------------------- |  | --------------------------------- | ------- | - | --------------------------------- | - | ------- | --------------------------------- |  | - | --------------------------------- | - |  | --------------------------------- | ------- | - | --------------------------------- | - | ------- | - |  | - | ------- | -
|                                |  | 2013                              |         |   | 2012                              |   |         | 2011                              | 
|                                |  | 2.95%increase in theexchange rate |         |   | 2.95%decrease in theexchange rate |   |         | 2.95% increasein theexchange rate |  |   | 2.95% decreasein the exchangerate |   |  | 2.95% increasein theexchange rate |         |   | 2.95% decreasein theexchange rate |  
|Assets in US dollars            |  | $                                 | 21,145  |   |                                   | $ | (21,145 | )                                 |  | $ | 14,613                            |   |  | $                                 | (14,613 | ) |                                   | $ | 17,686  |   |  | $ | (17,686 | )
|Assets in other currencies      |  |                                   | 136     |   |                                   |   | (136    | )                                 |  |   | 158                               |   |  |                                   | (158    | ) |                                   |   | 104     |   |  |   | (104    | )
|Liabilities in US dollars       |  |                                   | (29,086 | ) |                                   |   | 29,086  |                                   |  |   | (25,850                           | ) |  |                                   | 25,850  |   |                                   |   | (33,329 | ) |  |   | 33,329  |  
|Liabilities in other currencies |  |                                   | (212    | ) |                                   |   | 212     |                                   |  |   | (443                              | ) |  |                                   | 443     |   |                                   |   | (211    | ) |  |   | 211     |  
|                                |  |                                   |         |   |                                   |   |         |                                   |  |   |                                   |   |  |                                   |         |   |                                   |   |         |   |  |   |         |  
|                                |  | $                                 | (8,017  | ) |                                   | $ | 8,017   |                                   |  | $ | (11,522                           | ) |  | $                                 | 11,522  |   |                                   | $ | (15,750 | ) |  | $ | 15,750  |  
|                                |  |                                   |         |   |                                   |   |         |                                   |  |   |                                   |   |  |                                   |         |   |                                   |   |         |   |  |   |         |  

The exposure to exchange rates varies during each year, depending on the volume of overseas operations; however, the above
analysis is considered representative of Grupo TMMs exposure to currency risk.

Interest rate risks

Grupo TMM exposure to the risk of changes in market interest rates is related principally to the long-term debt obligations of Grupo TMM at a floating interest
rate.

Grupo TMMs policy is to obtain fixed rated instruments on its loans and, when a loan has a variable interest rate, the Companys policy
is to obtain all needed derivative financial instruments in order to fix this rate. At December 31, 2013, the Company has $531.1 and $11,085.7 million pesos of debt contracted on fixed and variable rates, respectively. At December 31,
2012, the Company had $573 and $11,034.8 million pesos of debt contracted on fixed and variable rates, respectively. At December 31, 2011, the Company had $429 and $10,763.4 million pesos of debt contracted on fixed and variable rates,
respectively.

The variable portion of the debt is associated with the Trust Certificates for an original amount of $10,500 million pesos. The Company has
an interest rate CAP which allows for the Issuer Trusts maximum payable rate to be 10.80% per annum during the first 4 years of the offering. At the beginning of 2013, the Company extended the CAP for the period from August 2013 to August
2014, under which the maximum rate payable is 10.80%. In addition, in January 2014, the Company again extended the CAP for the period from August 2014 to August 2015, under which the maximum rate payable is 9.80%.



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Sensitivity analysis

The following table illustrates the sensitivity in operations at December 31, 2013, 2012 and 2011 to a reasonably possible change in the interest rates of
+/- 1%. These changes are considered to be reasonably possible based on the current market conditions. The calculations are based on a variance in the average market interest rate for each period and the financial instruments on the reporting date
that are sensitive to variances in the interest rates. The rest of the variables remain constant.



|                     |  |              |        |   |              |   |       |              |  |   |              |   |  |              |       |  |              |   |        |   |  |   |       | 
|-------------------- |  | ------------ | ------ | - | ------------ | - | ----- | ------------ |  | - | ------------ | - |  | ------------ | ----- |  | ------------ | - | ------ | - |  | - | ----- | 
|                     |  | 2013         |        |   | 2012         |   |       | 2011         | 
|                     |  | +1% variance |        |   | -1% variance |   |       | +1% variance |  |   | -1% variance |   |  | +1% variance |       |  | -1% variance |  
|Results for the year |  | $            | (3,933 | ) |              | $ | 4,002 |              |  | $ | (4,594       | ) |  | $            | 4,472 |  |              | $ | (4,757 | ) |  | $ | 4,757 | 
|                     |  |              |        |   |              |   |       |              |  |   |              |   |  |              |       |  |              |   |        |   |  |   |       | 

The impact shown in the above sensitivity is considered the same both in the results of operations and in stockholder equity.

Credit risk

Grupo TMM only sells to solvent third
parties. Grupo TMMs policy is that all customers who prefer to operate under credit conditions are subject to credit verification procedures. Moreover, receivable balances are constantly watched so that Grupo TMMs exposure loss on
receivables is not significant.

As Grupo TMM only engages in these types of operations with third parties of recognized solvency, the Company does not
require surety.

Regarding the credit risks derived from other financial assets of Grupo TMM, which include cash and cash equivalents, Grupo TMMs
exposure to risks is related to the possibility of non-compliance by its counterparts, with a maximum exposure that is equal to the sum of such instruments, which is considered immaterial, as the counterparts are banks with high reputation ratings
given by independent rating agencies.

Some of the unimpaired accounts receivable are in arrears on the reporting date, as shown following:



|                   |  |      |        |  |      |   |        | 
|------------------ |  | ---- | ------ |  | ---- | - | ------ | 
|                   |  | 2013 |        |  | 2012 |  
|Up to 3 months     |  | $    | 1,297  |  |      | $ | 20,917 | 
|Up to 4 months     |  |      | 11,052 |  |      |   | 6,367  | 
|More than 4 months |  |      | 15,501 |  |      |   | 32,017 | 
|                   |  |      |        |  |      |   |        | 
|                   |  | $    | 27,850 |  |      | $ | 59,301 | 
|                   |  |      |        |  |      |   |        | 

Regarding customers and other accounts receivable, Grupo TMM is not exposed to any significant problem of credit risk with any
counterpart, either individually or as a group with similar characteristics. Based on historical information on the rate of default, Management considers the credit quality of the accounts receivable that are not in arrears or impaired, to be good.



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Concentration of risk

For the years ended December 31, 2013, 2012 and 2011, the Company earned revenue from PEMEX Exploration and Production and PEMEX Refining, representing
39%, 10% and 25% of the Companys total revenue, and also 28%, 11% and 15%, respectively; no other customer represents more than 8% of the Companys total revenue.

The Company assesses the financial situation of its customers and has an allowance for doubtful accounts if needed.

Liquidity risk

The goal of Grupo TMM is to maintain a
balance between the continuity of loans and flexibility through the use of bank loans and securitizations. At December 31, 2013, 2012 and 2011, only 6%, 3% and 2%, respectively, of Grupo TMMs financial liabilities are due within the next
12 months.

At December 31, 2013, 2012 and 2011, the financial liabilities of Grupo TMM have contractual maturities (including interest payments as
applicable) as summarized following:



|                                         |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 
|---------------------------------------- |  | ---------- | ------- |  | ------------- | - | --------- | ------------ |  | - | ---------------- |  |  | - | --------- | 
|                                         |  | Current    |         |  | Non-Current   |  
|                                         |  | In 6months |         |  | 6 to 12months |   |           | 1 to 5 years |  |   | More than 5years | 
|At December 31, 2013                     |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 
|Suppliers                                |  | $          |        |  |               | $ | 241,923   |              |  | $ |                 |  |  | $ |          | 
|Accounts payable and accrued liabilities |  |            |        |  |               |   | 510,397   |              |  |   |                 |  |  |   |          | 
|Debt                                     |  |            | 131,253 |  |               |   | 505,299   |              |  |   | 400,123          |  |  |   | 9,853,944 | 
|                                         |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 
|                                         |  | $          | 131,253 |  |               | $ | 1,257,619 |              |  | $ | 400,123          |  |  | $ | 9,853,944 | 
|                                         |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 
|At December 31, 2012                     |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 
|Suppliers                                |  | $          |        |  |               | $ | 302,362   |              |  | $ |                 |  |  | $ |          | 
|Accounts payable and accrued liabilities |  |            |        |  |               |   | 931,107   |              |  |   |                 |  |  |   |          | 
|Debt                                     |  |            | 133,038 |  |               |   | 199,557   |              |  |   | 791,012          |  |  |   | 9,700,177 | 
|                                         |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 
|                                         |  | $          | 133,038 |  |               | $ | 1,433,026 |              |  | $ | 791,012          |  |  | $ | 9,700,177 | 
|                                         |  |            |         |  |               |   |           |              |  |   |                  |  |  |   |           | 

The above amounts reflect the contractual cash flows without discount, which may differ from the values registered in the
liabilities on the reporting date.

Risk of the dissolution of the Company

Under the Mexican Corporation and Commercial Partnership Law, when a company has accumulated losses of more than two thirds its share capital, the dissolution
of the company needs to be approved by its stockholders during an Extraordinary General Meeting. Stockholders representing at least 33% of the stockholder capital can ask the Board of Directors to call an Extraordinary General Stockholders
Meeting to discuss the dissolution of the Company, but this is not mandatory. Company stockholders can approve any corporate strategy to address cumulative losses.



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Also, the Business Reorganization Law provides that
any third party holding legal interest can petition the courts to declare the company into bankruptcy. Legal interest is defined as being held by any creditor of the Company. Such declaration can be petitioned by a creditor and if (a) the
Company has continuously defaulted on its payment obligations and the amount in default represents at least 35% of the Companys total obligations, and (b) the Company has no assets with which to settle at least 80% of the obligations in
default at the time of the petition.

As of April 30, 2014, the company had not received any request for an Extraordinary Shareholders Meeting
concerning the accumulated losses of the Company, nor had the Company received notice of any request to judicial authorities to declare dissolution of the Company

28 Capital management policies and procedures

Grupo TMMs capital management goal is to ensure the capacity of Grupo TMM to continue as a going concern and to provide its stockholders with an
appropriate return on their investment. The Company monitors capital based on the carrying value plus its debt.

The Company sets its capital amount
proportionate to its overall financing structure, meaning, the capital and financial liabilities that are not loans. Grupo TMM manages the capital structure and makes adjustments in light of changes in the economic conditions and the associated
risks of the underlying assets. In order to maintain or adjust the capital structure, Grupo TMM may adjust the amount of the issue new shares, or sell assets to reduce its debt.

At December 31, 2013, 2012 and 2011, the capital management is summarized as follows:



|                                          |  |      |            |  |      |   |            |      |  |   |            | 
|----------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | ---- |  | - | ---------- | 
|                                          |  | 2013 |            |  | 2012 |   |            | 2011 | 
|Stockholders equity                      |  | $    | 200,983    |  |      | $ | 658,811    |      |  | $ | 1,519,414  | 
|                                          |  |      |            |  |      |   |            |      |  |   |            | 
|Stockholders equity                      |  | $    | 200,983    |  |      | $ | 658,811    |      |  | $ | 1,519,414  | 
|Total financial debt                      |  |      | 10,890,619 |  |      |   | 10,823,784 |      |  |   | 10,495,583 | 
|                                          |  |      |            |  |      |   |            |      |  |   |            | 
|                                          |  | $    | 11,091,602 |  |      | $ | 11,482,595 |      |  | $ | 12,014,997 | 
|                                          |  |      |            |  |      |   |            |      |  |   |            | 
|Ratio of total debt to stockholder equity |  |      | 55.19      |  |      |   | 17.43      |      |  |   | 7.91       | 
|                                          |  |      |            |  |      |   |            |      |  |   |            | 

29 Subsequent event

a) On February 17, 2014, the Company, through the Issuer Trust and on prior confirmation by the Common Representative, early amortized the Trust
Certificates for $1,000. This amortization did not require the payment of premiums or any other penalty. The outstanding balance on the Trust Certificates as of this date is $10,594,200.



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b) On March 31st, 2014, the Company decided to
enter into a Sale & Lease-back operation with UNIFIN Financiera, S.A.P.I. de C. V., SOFOM E.N.R. (UNIFIN), through its subsidiary Inmobiliaria Dos Naciones, S. de R. L. de C.V. (IDN), where IDN sold to UNIFIN the floating
dry-dock ARD -10, the floating dry-dock ABDF 2, and the towing vessel Catherine M for an amount of $55.6 million. At the same time, IDN and UNIFIN held an operating leasing arrangement of the aforementioned
three assets in order to maintain them working and generating incomes. The leasing arrangement will last four years with monthly payments of $0.9 million, IDN participate as Lessee and UNIFIN as Lessor.

30 Decree that reforms, adds, and repeals various laws

On December 11, 2013, a Decree was enacted to reform, add, and repeal various tax provisions. The most important changes are described following:

New Income Tax Law

The Income Tax Law that had been in
effect since 2002 was repealed, with the enactment of a new law that will take effect January 1, 2014.

Corporate Flat Tax Law and Cash Deposits
Law

Under the reforms, the Corporate Flat Tax Law and the Cash Deposits Law have been repealed. Therefore these two taxes cease to be effective as of
January 1, 2014.

Elimination of the regimen of fiscal consolidation and new regimen of integration

The regimen of fiscal consolidation was eliminated; therefore a transition scheme was set up for taxpayers under this regimen and diverse alternatives are
established to calculate the deferred taxes for these taxpayers until December 31, 2013, and also a scheme of partial payments for the next five years.

Also, an optional regimen is established for groups of companies that meet certain requisites, similar to those considered for the former regimen of fiscal
consolidation. One of the requisites for applying this new regimen is to have a minimum of 80% of the voting power in a subsidiary. Through this new optional scheme, companies may defer a portion of the tax for up to three years based on a strict
control of the individual taxes generated by the group.

The incorporation of tax losses from previous years generated by subsidiaries or holding
companies, which would include Grupo TMM under this new regiment, are not permitted; however, tax losses generated as of the date the new regimen enters into effect are permitted in certain cases.

New income tax on dividends

The Decree approves imposing
on dividends, or payments made by Mexican companies to stockholders natural persons or to non-residents, a 10% tax on the gross amount of the dividends or earning paid. This new tax is imposed on the stockholder that receives the dividend or benefit
and will be applied through withholding by the payer of the distribution. The withholding of the tax will be considered a definitive payment. This new legislation also applies to earnings distributed as a result of capital decreases.



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However, if the payment of the dividend corresponds
to earnings generated up to 2013, and said benefits are drawn from the CUFIN, these will remain exempt from the 10% withholding. Companies that make these payments will carry a record in their accounting for the balance in these accounts.

This new fiscal regimen is wholly independent from the tax on dividends from the CUFIN, and also the income tax credit for dividends, which are unchanged.

Payments to related parties

The reform limits the
deduction of payments made to resident or non-resident related parties, when the revenue corresponding is not taxable for the related party in question, or if this revenue is taxed overseas, at a rate lower than 22.5% (75% of the income tax rate
applicable in Mexico).

Similarly, interest, royalties, or payments for technical assistance made to a foreign entity that controls or is controlled by
the Mexican entity, must be considered non-deductible. This is applicable when the foreign entity that receives the payment is considered a non-resident for the purposes of the income tax law, except when its stockholders or partners are subject to
taxes on the income they receive from said foreign entity, when the payments made for these items are considered non-existent for tax purposes in the country or territory where the foreign entity is resident, and when the foreign entity is not
subject to considering the payment a taxable income, in accordance with the tax laws applicable.

Exempt salary benefits

In the case of payments made to employees, which are considered fully or partially exempt from income tax, the tax deduction for the taxpayer will be limited
to 47%, instead of the 41% originally proposed.

The tax deduction could increase to 53% of the exempt payments, insofar that the exempt benefits given to
employees during the corresponding year are not lower than the benefits given the previous year.

Employee Profit Sharing

The tax base to determine both income tax and employee profit sharing will be the same, however, the application of tax losses from previous years is not
permitted for these calculations and exempt salary benefits paid to employees will be considered wholly deductible for the employee profit sharing base.

Company Management is currently assessing the impact of these changes on its consolidated financial statements. Initial conclusions would indicate that the
income tax base in the coming years will increase due to the limitations on tax deductions, as is the case for social security.



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Grupo TMM, S.A.B. and Subsidiaries

SIGNATURES

The registrant hereby
certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.



GRUPO TMM, S.A.B.By:

/s/ Carlos Pedro Aguilar MendezCarlos Pedro Aguilar MendezChief Financial Officer


Date: April 30, 2014