Corporate Presentation

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1 Investment that Transforms Corporate Presentation INVESTOR RELATIONS Ignacio Gutierrez / CFO db@fhipo.com Xavier Martínez / IRO xm@fhipo.com inverstorrelations@fhipo.com [THE FOLLOWING TRANSLATION IS FOR CONVENIENCE PURPOSES ONLY] Ph: +52 (55)

2 Investment highlights 1 8 Experienced management team with robust governance standards About FHipo 2 Solid macroeconomic backdrop 7 Attractive riskreward profile with strong dividend generation \ 3 Attractive Mexican mortgage market fundamentals 6 High quality portfolios with collection through payroll deduction mechanisms 5 Strong growth potential, coupled with high entry barriers 4 Strategic alliance with Infonavit Fovissste and the new platform, Smart Lending 2

3 1. About FHipo

4 1 FHipo is the first Mortgage REIT in Latin America Market development Opportunity overview Commercial, office and industrial REITs Lodging REITs Mexican REIT market is created in 2011 First lodging REIT in Mexico is created in 2012 In 2014, FHipo is created: Mortgage REITs 2013 First mover advantage Mexico s largest IPO in 2014 (~US. $479m (1) ) US MREITs Market cap: US$67 bn (1) AuM (2) : US$477 bn (3) First infrastructure and education REITs in Mexico Infrastructure REITs In 2016, Follow-on Equity Offering: 2018 Mexico s largest Follow-on Offering in 2016 (~US. $173m (2) ) Source: FTSETM, NAREIT, Bloomberg. (1) As of December 31, Assumes a FX of MXN $18.05/US$ (2) Assets under management. (2) As of June 30,

5 1 FHipo and its key milestones since its IPO 1 st & ONLY MREIT in Mexico Ps. $8.6 bn IPO in November 2014 and Ps. $3.1 bn Follow-On in April 2016 (Sponsor Trust holder of 9.1% (3) ) Created to acquire, originate and manage mortgages in Mexico Partnership with Infonavit and Fovissste, the largest mortgage lenders with collection through payroll deduction mechanisms in LatAm (residential mortgage origination) Managed by CH, an entity formed and controlled by individuals with experience in the financial and mortgage markets Strategic Alliance with, technological platform through which, FHipo will increase its mortgage origination Resources / Funding Initial Public Offering Ps$8.6 bn November 2014 Ps$4.2 bn Co-participation September 2015 Follow-On Offering Ps$3.1 bn April 2016 Warehousing Facilities Ps$2.0 bn June 2016 Ps$7.0 bn July 2016 Long-Term Debt Ps.$3.9 bn Aug 2016, Apr 2017 FHIPOCB 17U Ps$3.4 bn Securitization July 2017 Warehousing Facilities Ps$1.4 bn June 2017 Ps$5.0 bn November 2017 Ps$5.0 bn December 2017 Ps$877.0 mm Acquisition Subordinated Equity Residuals December 2017 Warehousing Facility Ps$2.0 bn February Mortgage origination Financial Innovation Award by CFI Ps. $28.0 bn Ps. $6.0 bn (1) Ps. $4.0 bn Ps. $3.0 bn Ps. $6.0 bn (1) Ps. $1.5 bn (2) Programas de Originación: Objetivo de originación bajo Contrato de Cesión. Financial innovation that attracts private capital, developing the Mexican mortgage sector (1) Total amount to originate through the IMC Program equivalent to Ps $6.0 bn in the first auction of 2015, and Ps.$6.0 bn in the second auction of 2017). (2) Expected origination with the strategic alliance between Smart Lending and FHipo. (3) As of June 30 th,

6 1 Organizational Structure Public Float 90.7% Sponsor Trust 9.3% (1) CBFIs Issuer First mortgage REIT in Mexico Holders Assembly Technical Committee (TC) (Manager) Manager & Advisor Professionals with experience in the financial, real estate and mortgage sectors. TC Appointed by CBFI holders Management and Advisory Agreement Audit, Best Practices and Nomination Subcommittees Reporting and Analytics Systems & Technology National leader in mortgage portfolio servicing Participation in Mortgage Portfolios Sponsor Trust Group of prominent investors participating in ~9.1% (1) of FHipo s CBFIs and as CH s board members Commercial Banks and other mortgage originators Loan Originators Infonavit, Fovissste, Smart Lending, Commercial Banks, mortgage originators, among others Short- to medium-term Medium- to long-term (1) Considering over-allotment options, as of August 15 h,

7 2. Solid macroeconomic backdrop and favorable country demographics

8 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 2 Occupation, Employment and Mortgage Rates in Mexico The population contributing to the Mexican Social Security Institute (IMSS) has increased steadily in recent years, while unemployment rate has remained low and continues its positive trend. Progressive increase in the formal economy and downward unemployment tendency (Insured workers in 000s and unemployment as % of Economically Active Population) 21,000 19,500 18,000 16,500 15, % 7.0% 5.0% 3.0% 1.0% Source: IMSS and INEGI. Insured Workers Unemployment Behavior of the Mortgage Interest Rates (Private Sector) (Average TAC of loans in fixed interest rate of Banks and Sofoles) 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% Interest Rate charged by Infonavit and Fovissste (Interest rate charged depending on borrower s income level) 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% Source: Bank of Mexico. Nominal Interest Rate Real Interest Rate Infonavit VSM Fovissste VSM (1) (1) Infonavit Pesos Infonavit Más Crédito (1) Most loans denominated in Pesos have a fixed nominal interest rate of 12.0% 8

9 3. Attractive Mexican mortgage market fundamentals

10 3 Infonavit s Mortgage Loan Origination Infonavit expects to originate ~372 thousand loans per year for the next five years (2018 to 2022), which translates in a CAGR ( 18 22) of 7.2% Infonavit s mortgage loan origination (number of loans, granted for the acquisition of a new or used home) Infonavit s projected mortgage portfolio registered within its balance (billions of pesos in mortgage loan portfolios, nominal values) 375, , , , , ,011 56,823 56,176 56,919 57,672 58,437 59,215 $1,172.5 $1,292.4 $1,408.9 $1,518.7 $1,620.5 $1,725.0 $1, ,416 74,083 75,352 72,646 77,963 79,304 FHipo s target sector 28,171 28,667 28,954 29,243 29,536 29, E 2019E 2020E 2021E 2022E Infonavit s total mortgage loan portfolio 91,730 90,384 83,480 88,585 87,700 86,823 Source: Infonavit (Financial Plan ) Evolution of beneficiaries who qualify for a mortgage loan ( ) and % of those who request a loan (in 000s of beneficiaries) 124, , , , , , > than 10 VSM 5-10 VSM 4-5 VSM VSM < than 2.6 VSM Income Range in VSM 5,500 5,000 4,500 4,000 3,500 3,000 5,777 5,242 5,246 4,668 4,746 4,882 5, % 4,700 4,442 4, % 10.6% 10.1% 10.0% 10.7% 13.0% 13.7% 12.7% 12.7% 13.3% 11.0% 15.00% 10.00% 5.00% Beneficiaries who qualify Qualified beneficiaries who request a loan Source: Infonavit (Financial Plan ) Source: Infonavit (Financial Plan and ) 10

11 3 Fovissste s Mortgage Loan Origination External Financing (TFOVI issuances) (amounts in billions of pesos) Annual Average = = = = = = Source: BMV. TFOVI 13U TFOVI 13 2U TFOVI 13 3U TFOVI 14U TFOVI 14 2U TFOVI 14 3U TFOVI 15U TFOVI 15 2U Issued Amount Annual Average ( ) TFOVI 16 U TFOVI 17 U Fovissste expects to originate ~44 bn worth of mortgages annually Historic mortgage loan origination (amounts in billions of pesos) (amounts in billions of pesos) Fovissste Loans: Projected Origination $44.0 $39.8 $41.0 $35.3 $ E 2019E Originated loans in thousand Originated loans in billion pesos Source: FOVISSSTE (Annual Activity Report 2017). Source: FOVISSSTE (Annual Activity Report 2017). FOVISSSTE aims to continue granting loans and satisfying the demand for credit for more than 100,000 (1) workers at the service of the State (1) Source: ISSSTE Statistical Yearbook

12 2.1% 3.6% 3.8% 3.6% 3.4% 4.4% 4.0% 4.1% 6.5% 6.8% 3 Sub-penetrated mortgage market with steady growth levels while maintaining stable levels of asset quality The mortgage market has exhibited constant growth (Ps. $ in billions, in nominal values) The Mexican mortgage market continues to have low penetration (% of mortgage loans / GDP, 2016) $972 $1,087 $1,173 $1,276 $1,395 $1,515 $1,603 $1,720 $1,890 $2,079 $2, % 65.5% 62.9% 49.0% 33.4% 40.9% 21.4% 9.9% 9.1% 8.9% (1) Switzerland UK USA Spain EU Germany Chile Mexico Brazil LatAm Source: CNBV, Infonavit and FOVISSSTE. While maintaining consistent levels of asset quality Source: EMF and HOFINET. Annual Inflation of main countries 5.6% 5.8% 4.2% 3.1% 6.4% 6.4% 6.2% 5.8% 6.0% 5.9% 5.1% 4.3% 4.6% 3.8% 4.0% 4.0% 3.5% 3.5% 5.9% 4.3% 6.2% 6.3% 5.0% 4.4% 2.1% 1.4% 1.4% 2.3% 2.6% 2.3% 2.1% GDP México (growth) (3.1%) Formal Employment (growth) (4.7%) NPLs as % of total loans Source: Bank of Mexico, IMSS, CNBV, Infonavit, Fovissste and SHF Source: WID. Mexico USA Germany Brazil Switzerland Modest increase in NPL s following the financial crisis, mainly due to collection through payroll deduction mechanisms (1) Includes Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, Peru, Uruguay and Venezuela. 12

13 4. Strategic alliance with Infonavit, Fovissste and Smart Lending

14 FHipo currently participates in the following mortgage origination programs: Source: Infonavit, Fovissste y Smart Lending. Program Characteristics) Income Level 4.5 VSM onwards 3.5 VSM to 5.0 VSM 1.0 VSM onwards N/A N/A Target Destination Borrower s Age Maximum Loan Amount Home acquisition (guaranteed by a valid mortgage) years ~ USD $96.6 K (2) ~ USD $20.7 K (2) ~ USD $98.7 K (2) N/A N/A Interest Rate % (VSM) and 12.0% 12.0% 10.9% % (VSM) (TAC) ~ 12.5% % (1) Term Maximum LTV at Origination Maximum PTI at Origination Up to 30 years 95% 90% 95% 95% 90% 30% - 32% (3) 28% - 30% (3) N/A 32% Eligibility Criteria Collection Collection through payroll deduction Debit deduction Additional Program s Criteria The borrowers must have been employed for at least 2 years at their current job Loans originated by Infonavit before July 2014 are denominated in VSM and the loans originated subsequent to that date are denominated in Pesos The borrowers must have a minimum income of 3.5x VSM and maximum of 5.0 VSM The loans feature a first loss / credit insurance if they have an LTV greater than 50% Borrowers must have settled its original loan 6 months beforehand, with a solid history of payment. The borrowers must have been employed for at least 2 years at their current job No more than 10% of the portfolio can have borrowers with an income level below 4 VSM. Borrowers must have sustained an employment for at least 6 months Mortgage loans have to be current, without non-payments, carryovers or in risk of extension FOVISSSTE, sole and legitimate owner of the assigned loan portfolio The borrower must have a minimum of 6 months of sustained employment. Total Debt Service Ratio (TDSR) minimum of 0.65 and maximum of 0.75 (differs by income level) Note: VSM means times minimum wage, which is the index calculated by multiplying the current unit of measurement of valuation (UMA, 2018 Ps. $78.43) by the average number of days in a month, each year (30.4 days). (1) Net revenue paid to FHipo derived from the Smart Lending s portfolio, excludes insurance/accessories, origination fee and administration fee, expenses that are covered by Smart Lending through the revenue generated from the mortgages (TAC). (2) Assumes a FX MXN $18.0 per USD. (3) 30%/28% if house does not have eco-technology, and 32%/30% for houses with eco-technology. 14

15 4 Mortgage origination process FHipo works as a strategically of INFONAVIT, FOVISSSTE and Smart Lending through their mortgage loan origination. Below, the structure used to participate loans with such institutions Participation structure in INFONAVIT s Programs Structure of the assignment of collection rights on FOVISSSTE s portfolio 1 FOVISSSTE transfers mortgage portfolio FOVISSSTE Administration Trust 6 Interest and Amortizations 5 Collection of interest and amortization Trustee issues certificate of Fiduciary rights 2 7 Servicing Fee % 3 Loans subject to acquisition Return of nonqualifying loans FHipo coparticipates a % (1) of qualifying loans 1 Mortage Origination House acquisition 2 $ 4 FHipo pays FOVISSSTE the price of the certificate of fiduciary rights FOVISSSTE transfers certificate of fiduciary rights to FHipo Primary Servicer and Adviser & Manager 3 4 Loan Evaluation FHipo co-participates the loans that meet with the eligibility criteria. (1) The co-participated percentage has evolved positively in accordance with the monthly origination and the income levels of our borrower s. 15

16 4 Mortgage origination process (Cont.) About Smart Lending Smart Lending is a technological plataform that seeks to penetrate the Mexican mortgage market through the origination of mortgage loans via an efficient, dynamic and accurate platform Structure of the strategic alliance between FHipo and Smart Lending 5 Combining an innovative technological platform with an experienced management team, with knowledge and background in the mortgage sector, SL aspires to take advantage of its "first mover advantage" and consolidate as the largest mortgage origination platform in the country Absorbs credit risk Objective: Automate mortgage origination processes by reducing the number of people involved while simplifying procedures and structures 1 FHipo provides resources to fund mortgage loans 2 Smart Lending grants mortgage loans 3 Smart Lending transfers the rights associated with the originated loans (1) 4 Interest and amortizations are paid to SL by the borrower How will it be achieved? Smart Lending will adapt to the needs of its customers with a functional technological platform and exceptional service, providing an alternative to the complicated and traditional procedures of the past Origination Terms Pre-approval in real-time Approval (~ 12 hrs) Formalization (~ 3 weeks) Competitive Advantage 8. Experienced management team Competitive interest rate with robust governance standards Cont. Admin. (Personalized) 5 Interest and amortizations flow from SL to FHipo Loans from Ps. $1.0 million Simplification and reinvention of the origination process Processes 3x (times) faster than those from financial institutions Loan formalization in ~3 weeks Derived from the strategic alliance, FHipo will benefit by expanding its origination pipeline and diversifying its mortgage offer, which will allow FHipo to diversify risk and access new market opportunities by participating within a new income sector. (1) Assumes that the loans to be originated meet Fhipo s eligibility criteria. 16

17 5. Strong growth potential, coupled with high barriers to entry

18 5 We continue to benefit from high entry barriers 1 First mover advantage with proven track record regarding origination and financing strategies 2 Strategic investments aimed to maximize the return to the holders of the company's CBFIs 3 4 Agreements with Infonavit, Fovissste and Smart Lending to acquire and originate mortgage loans Solid IT platform, with high complexity of being replicated VEHICLE WITH STRONG GROWTH POTENTIAL 5 Know-how and industry expertise 6 Leverage strategy aimed to distribute attractive and stabilized returns 18

19 6. High-quality portfolios

20 6 Low-risk mortgage portfolio with predictable low losses coupled with improving labor fundamentals - INFONAVIT 15% of employees lose their job during a 10yr period (Infonavit s portfolio) however, expected credit losses are only 3% (Infonavit s portfolio) 20.00% 20% Unemployment levels >4 VSM 9% Collection effectiveness is reduced to 60% when there is no employment relationship, which means 9% will still be performing loans FOVISSSTE - 84% (2) = 0.7% 10.00% 10% 11.9% 11.90% 15% FHipo s portfolio has had a better than expected behavior 15% FOVISSSTE ~4.36% (2) 6% 3% 50% recovery of defaulted loans FOVISSSTE = 3.66% 3% 0.00% 0% Months since origination Infonavit s historical performance FHipo s current portfolio Source: Infonavit s Financial Plan. Total NPLs of CEDEVI and TFOVI securitizations >4 VSM Continues to pay Default Foreclosure Credit loss in life unemployement of loan level Source: Infonavit s Financial Plan. Analysis FHipo with Moody's public information. FOVISSTE has a similar accumulated credit performance as does Infonavit, however, in an annual basis the Expected Credit Loss is inferior given that loans have longer duration. (NPLs as a % of total securitized portfolio) SIMILAR UNDERLYING ASSETS TO THOSE OF FHIPO 4.00% 5.93% 2.25% 1.41% 0.77% CDVTOT 11U CDVTOT 12U CDVTOT 13U CDVTOT 14U CDVTOT 15U 5.99% 4.35% 4.39% 4.27% 5.07% 1.91% TFOVIS 11U TFOVIS 11-2U TFOVIS 12U TFOVIS 12-3U TFOVIS 13U TFOVIS 14U Source: Documentation and CDVITOT reports and Fitch Ratings TFOVI report as of November 30,2017 (1) Expected Loss of the portfolio originated through the Infonavit Total Program. The portfolio originated through the Infonavit Más Credito Program is expected to maintain a superior performance. (2) FHipo's analysis with Moody's public information. 20

21 7. Attractive risk-return profile

22 7 Diversified Sources of Funding FHipo has achieved financing through different types of leverage structures, through private institutions and the local debt market. Diversified Funding Competitive Funding rates Securitizations Short-Term Unsecured bonds Long-Term Funding Short-Term Issuance of securities/certificates backed by a trust which guarantees the issuance, whose equity structure consists of mortgage loans Issuance of securities/certificates backed by FHipo s Balance Sheet (SWAP) 1.53% 0.70% 0.60% Long-Term Covered Bonds Issuance of securities/certificates backed by (i) FHipo s balance sheet, and (ii) a collateral trust consisting o mortgage loans, which guarantees the issuance. Warehousing Facilities Credit facility conceded by a private entity, backed by a mortgage portfolio 7.00% CBF LT % CBF LT % CDVITOT 13U 2.49% 2.91% CDVITOT 14U (1) CDVITOT 15U 4.13% FCB 17U TIIE TIIE TIIE Warehousing CBF ST 0217 CBF ST 0118 Facilities (2) Fixed Rate Pesos SWAP Margin Fixed Rate UDI TIIE Funding Structure (figures in million of pesos) Sources of Funding Type of Funding Benchmark Rate Margin Maximum amount Amount Withdrawn Maturity Date / Duration CDVITOT 15U Securitization UDIBONO 2019 (1.80%) +110 bps - $1,775 Financial Duration: 2021 CDVITOT 14U Securitization UDIBONO 2018 (1.30%) +119 bps - $852 Financial Duration: 2020 CDVITOT 13U Securitization UDIBONO 2017 (1.54%) +192 bps - $1,127 Financial Duration: 2019 FHIPOCB 17U Securitization UDIBONO 2025 (3.11%) +102 bps - $3,435 Financial Duration: 2025 Short-Term Bond FHIPO Unsecured Bond TIIE bps - $500 May 2019 Short-Term Bond FHIPO Unsecured Bond TIIE bps - $500 October 2018 Credit Facility Banorte Warehousing Line TIIE bps $7,000 $0 (1) Legal Term: 2025 (Revolving) Credit Facility IDB Warehousing Line TIIE bps $1,397 $1,397 (1) 2023 (Revolving) Credit Facility HSBC Warehousing Line TIIE bps $5,000 $5,000 (1) Legal Term: 2050 (Revolving) Credit Facility NAFIN Warehousing Line TIIE bps $5,000 $2,520 (1) Legal Term: 2050 (Revolving) Credit Facility IFC Warehousing Line TIIE bps $2,000 $2,000 (1) Legal Term: 2025 (Revolving) Long-Term Bond FHIPO 16 Covered Bond Fixed Rate = 7.00% - - $3, / Legal Term: 2051 Long-Term Bond FHIPO 17 Covered Bond Fixed Rate = 8.78% - - $ / Legal Term: 2052 (1) Considers two SWAPs with a total notional principal of Ps. $4.5 bn. (2) Includes the used portion of warehousing facilities of HSBC, NAFIN, BID and IFC. 22

23 7 Attractive risk-return profile Attractive Financial Margin (Asset Yield vs. Debt Cost) FHipo continues to have an efficient financial margin even after having considered the recent surges of the local benchmark rate. Our assets continue to have competent yields and this coupled with competitive long term debt cost, establishes FHipo as an attractive investment for the public investors. Attractive Asset Yield of our origination programs Competitive Long-Term funding rates Long-Term Funding Short-Term 10.8% 10.9% 12.0% 13.5% 4.00% 9.4% 13.5% (3) (SWAP) 1.53% 0.70% 0.60% 4.00% 7.00% 8.78% TIIE TIIE TIIE 9.50% 5.40% 3.46% 2.49% 2.91% 4.13% IMC 2015 (Pesos) IMC 2017 (Pesos) Infonavit Total (Pesos) Infonavit Total (VSM) Fovissste (VSM) Smart Lending CBF LT 1 CBF LT 2 CDVITO 13U CDVITOT 14U CDVITOT 15U FCB 17U Warehousing Facilities (2) CBF ST 0217 CBF ST 0118 Increase in VSM Source: Infonavit, Fovissste and FHipo s quarterly reports. Interest Rate (1) Fixed Rate Pesos SWAP Margin Fixed Rate UDI TIIE Attractive financial margin between Asset Yield and Debt Cost (1) Considers two SWAPs with notional amount of Ps. $4.5 bn. (2) Includes the used portion of warehousing facilities of HSBC, NAFIN, BID and IFC. (3) Net income paid to FHipo derived from the Smart Lending portfolio, excludes insurance / accessories, commission for origination and commission for administration, expenses that cover a level of Smart Loan through the income from mortgages (CAT). 23

24 8. Development of the Mexican Housing Sector

25 8 Promoting the development of the Mexican Housing Sector Global Offering s Distribution Part of Fhipo s equity came from abroad: FHipo, as a new asset class, has generated greater appeal for the Mexican mortgage market, expanding the exposure and awareness of such sector in the international markets, demonstrating the immense opportunities available within this segment. FHipo, through resources obtained within the capital markets has and continues to improve the terms and conditions of the Mexican mortgage market, while at the same time creating attractive returns to its local and international investors. Improving Worker s Savings FHipo, as the first MREIT in Mexico, obtained investments from Mexican pension funds (AFOREs). As a vehicle floating in its entirely in the Mexican Stock Exchange, FHipo has contributed to both the savers, through attractive distributions to these invested AFOREs, and the workers/borrowers by creating a more competitive mortgage market, which in turn, has attained better terms and conditions for the industry as a whole. Through its global offerings, FHipo has brought external investment and continues to construct a more liquid mortgage industry in Mexico. Social Impact FHipo, by acquiring/originating Infonavit and Fovissste mortgages, creates greater competitiveness within the industry, encouraging the private sector to invest in a segment currently unattended by the commercial banks in Mexico. The latter, boosting mortgage supply, one of the key growth and development promoters in Mexico. FHipo represents a breakthrough in mexican history, instrument that obtained resources of funding from International Investors to supply and contribute to the development of the mexican mortgage market, thus enhancing growth in the housing industry. FHipo finances mortgages to worker s with income levels below 4.0 VSM, becoming the only relevant private player originating loans to the lowincome population. FHipo distributes a % of net profit, benefiting investors (AFOREs) AFOREs (Mexican workers) participate in FHipo Workers have greater opportunities to obtain a home FHipo finances residential mortgage loans to Mexican workers (1) Follow-On Equity Offering (April 19, 2016). 25

26 9. Experienced management team with robust governance standards 26

27 9 Experienced management team and strong governance standards Organizational structure Technical Committee structure Technical Committee 21 > 50% Daniel Braatz CEO Ignacio Gutiérrez CFO Jesús Gómez COO Diego Gutierrez CLO Audit Subcommittee Corporate Practices Subcommittee Nominations Subcommittee 3 100% 3 100% Odd, 3 Max. # of members Independent members CH structure and key responsibilities Members CH has a structure of + 30 people dedicated to the management of the vehicle Senior Management Investor Relations & Reporting Legal Counsel Risk Management Data Analysts Physical file Due Diligence Financial Planning Concord provides portfolio analysis through a built-to-suit platform designed for FHipo Data analysis Name Primary Occupation 1 Alfredo Vara Non-independent members 2 Daniel Braatz Non-independent members 3 Jesús Gómez Non-independent members 4 Sebastián Fernández Independent members 5 Margarita de la Cabada Independent members 6 Daniel Reséndiz Independent members 7 Vicente Corta Independent members (1) 8 David Proman Independent members Analysis to select applicable loans 27

28 Disclaimer This document was produced for information purposes only, for the exclusive use of the recipient. It should be understand as informative and should not be considered as a basis for any investment or financial transaction, therefore FIDEICOMISO HIPOTECARIO F/2061 ( FHipo, the Company or the Issuer ) its stockholders, members or employees does not assume any direct or indirect responsibility whatsoever of any financial transaction and/or any legal action that any person that consult it might eventually implement on the basis of such information. The information contained herein is indicative and subject to change at any time. Client should be aware that prices may fall as well as rise. For this reason, positive performance in the past can be no guarantee of positive performance in the future. All information in this document is subject to verification, correction, completion and change without notice. No representation or warranty, express or implied, is given or will be given as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk. It may not be reproduced to any other person, and it may not be published, in whole or in part, for any purpose. This document does not constitute an offer, a recommendation, or an invitation to purchase or sell investment instruments, perform financial services or to execute transactions of any kind. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. If the Company should, at any time in the future, commence a new offering of securities, any decision to invest in such offer to subscribe for or acquire securities of the Company must be based wholly on the information contained in the offering circular to be issued by the Company in connection with any such offer and not on the contents hereof. 28