EARNINGS REPORT 1Q17. Quarterly Report INVESTOR RELATIONS. Investment that Transforms

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1 Investment that Transforms [ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT OF ANY CONFLICT, THE SPANISH TEXT SHALL PREVAIL] EARNINGS REPORT 1Q17 INVESTOR RELATIONS Ignacio Gutiérrez / CFO ig@fhipo.com Xavier Martínez / IRO xm@fhipo.com Ph: +52 (55) inverstorrelations@fhipo.com Quarterly Report

2 FHipo reports Net Income of Ps. $243.5 million Earnings Report 1Q17 Mexico City, Mexico, April 28 th, Banco Invex, S.A., Institución de Banca Múltiple, Grupo Financiero Invex or Fideicomiso Hipotecario ("FHipo") (BMV: FHIPO), announces the first quarter results concluding March 31 st, The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and published on the Mexican Stock Exchange ("BMV"). Highlights of the 1 st quarter of 2017 Net Income increased 7.0% during the first quarter of 2017 (1Q17), reaching Ps. $243.5 million, compared to Ps. $227.6 million reported in the first quarter of 2016 (1Q16). FHipo, during the 1Q17, co-participated Ps. $1,369.5 million in mortgage loans through Infonavit programs, reaching a net on-balance mortgage portfolio worth Ps. $17,718.4 million, an increase of 77.3% compared to Ps. $9,996.1 million reported in 1Q16. As of 1Q17 we account for an outstanding portfolio worth Ps. $23,216.3 million, considering our securitized portfolio and the collection rights acquired from Fovissste (Consolidated Portfolio). During the quarter we carried out the second issuance of Secured Bonds (Certificados Bursátiles Fiduciarios or CBFs) held in the Mexican Market, amounting to Ps. $900.0 million, becoming the second covered bond issued in the local market. The bond pays a fixed nominal interest rate of 8.78% and were placed at a 5 year term. Moreover, during 1Q17, we made an additional drawdown from the first credit facility signed with Banco Mercantil del Norte (Banorte Facility 1) for Ps. $950.0 million. As of quarter s end, FHipo has withdrawn Ps. $3,100.0 million through this credit facility. As of the end of 1Q17 we mantain a (consolidated) debt to equity ratio of 1.2x, considering FHipo s on-balance debt and our off-balance securitization transaction (CDVITOT 15 and 15-2U) which amounts to Ps. $2,123.6 million, in line with our stated objective. With the objective of preserving the stability of our certificates, and generating greater value to our holders, during the quarter FHipo became the first mortgage investment trust that launched its share buyback program in an agile and efficient manner. During the 1Q17, FHipo managed to acquire 15,620,764 CBFIs (3.3% of the total shares outstanding) at a weighted average price of Ps. $22.47 per CBFI. Earnings per CBFI (EPS) during 1Q17 amounted to Ps. $0.536, considering 453,894,236 CBFIs outstanding as of quarter s end. Financial Margin for 1Q17 amounted to Ps. $364.3 million, which increased 35.8% in comparison with the Financial Margin of Ps. $268.4 million recorded in 1Q16. As of March 31 st 2017, FHipo s non-performing loans (NPLs) represented only 0.86% of the on-balance portfolio, a 50 bps increase compared to the 0.36% reported in the 1Q16. Considering the Consolidated Portfolio, the aggregated non-current portfolio (NPL s) represents 0.75% of the consolidated mortgage assets. Our return on equity (ROE) was 8.8% in the 1Q17, 10 bps greater than the 8.7% reported last quarter. 1 PAGE

3 Summary of Key Financial Metrics Quarter to Quarter Year to date Figures are presented according to each metric (%, $) 1Q17 1Q16 1Q17 1Q16 Financial Margin and Interest Revenues Financial Margin - "interest revenue - interest expense / total interest revenue" 63.8% 88.9% 63.8% 88.9% Net Interest Margin (NIM) (1) - "total revenues, net / average net mortgage loans" 6.7% 10.7% 6.7% 10.7% Efficiency Metrics Efficiency Ratio - "total expenses / total revenue" 30.4% 23.6% 30.4% 23.6% Total Expenses / Gross Income 17.6% 21.1% 17.6% 21.1% Allowance for loan Losses / Total Mortgage Loans (2) 1.14% 0.91% 1.14% 0.91% Returns and Profits Earnings per CBFI (EPS) (3) - "net income / number of CBFIs" $0.536 $0.660 $0.536 $0.660 Return on Assets (ROA) (1)(4) - "net income / total assets" 4.6% 8.4% 4.6% 8.4% Return on Equity (ROE) (1)(5) - "net income / total equity" 8.8% 11.2% 8.8% 11.2% Other Metrics Non-performing Loans / Net Portfolio 0.86% 0.36% 0.86% 0.36% Note (1): Annualized considering effective days of operation in the period and net mortgage loans average during the period (2): Total mortgage loans excludes allowance for loan losses. (3): Amount in Mexican Pesos. (4): Considers the average total assets during the quarter. (5): Considers the average total equity during the quarter. 2 PAGE

4 Message from the Chief Executive Officer Dear Investor, FHipo initiated the year with a solid performance, FHipo s consolidating process since its Initial Public Offering (IPO) has been challenging, but thanks to the efforts of our team we have successfully concluded another quarter of operation. We are satisfied with FHipo s achievements, our mortgage portfolio expanded and we managed to maintain the quality and profitability of our assets. In terms of growth, we continue originating mortgage loans through the Infonavit Total program and the Infonavit Más Crédito program, backing such origination with the continuous development of our leverage strategy, having successfully closed a second Long Term Covered Bond for Ps. $900 million and having withdrawn Ps. $950 million from Banorte s first warehousing line facility. As of quarter s end, our on balance mortgage portfolio expanded 77.3% year over year, increasing from Ps. $9,996.1 million to Ps. $17,718.4 million, while maintaining non-performing loans of 0.86%. In terms of profitability, our net income increased 7.0%, form Ps. $227.6 million to Ps. $243.5 million in comparison to the previous year. Furthermore, as of the 1Q17 we have achieved a consolidated leverage ratio of 1.2x debt to equity. As a result of the global economic environment, during the quarter, FHipo's CBFIs were heavily pressured, primarily due to external causes and not necessarily to business fundamentals. This resulted in FHipo, being the first mortgage investment trust to create and launch its share buyback program. During the quarter, FHipo managed to acquire 15.6 million CBFIs (3.3% of the outstanding shares) at a weighted average price of Ps. $22.47 per certificate. The share buyback program resulted in FHipo acquiring its own CBFIs at a discount (10.1% below its book value), preserving the stability of its shares and generating greater returns for its investors. As of 1Q17 we have a consolidated mortgage loan portfolio of Ps. $23,062.8 million, reaching an annualized return on assets (ROA) of 4.6% and an annualized ROE of 8.8%. Moreover, our net income subject to distribution for the quarter amounted to Ps. $243.5 million, which after applying our distribution policy of 95%, results in a distribution per CBFI of Ps. $0.51. Like every year, 2017 will bring significant challenges, succeeding notable adjustments at a macroeconomic level, mainly geopolitical risks, a significant deceleration of Mexico s growth rate and the adjustment of the reference rate that will affect our leverage structure. However, we have and will continue to face these challenges with the following measures: i) we will originate mortgage loans with a more conservative rational, maintaining a constant origination pace and only when the assets in question are sufficiently attractive to generate financial margin; ii) we will maintain our recurring expenses constant; and iii) we will seek to maintain more than half of our debt at fixed rates, sustaining a conservative profile against possible increases in local and international interest rates. Finally, I would like to state that we will continue to work heavily during 2017, developing our leverage programs and focusing primarily on generating financial margin. We have a positive view of the mortgage origination opportunities in Mexico and we will strive to continue developing our business plan in the correct manner, demonstrating FHipo s capability to generate value and attractive returns for its investors. Daniel Braatz CEO 3 PAGE

5 Our participation with Infonavit On August 13 th 2014, FHipo celebrated an "Initial Assignment Agreement" with the Instituto del Fondo Nacional de la Vivienda para los Trabajadores or "Infonavit", a social service agency of the Mexican government dedicated, among other activities, to mortgage financing. Infonavit is the leading mortgage underwriter in Mexico and one of the largest mortgage providers in Latin America, with a balance of more than eight million mortgage loans. Infonavit s operations are primarily financed from interest and principal payments on their mortgage loans. Employers deduct interest and principal from their workers payroll and remit payments to Infonavit. In addition, employers are subject to mandatory contributions to the National Housing Fund for an amount that is currently equivalent to 5% of the salary of each worker at service. Currently FHipo participates in two Infonavit Programs; Infonavit Total and Infonavit Más Crédito, in which FHipo acquires a percentage of each mortgage originated by Infonavit under both programs. The Infonavit Total Program exists in Mexico since 2008, in which there are currently participating 6 financial institutions, and the Infonavit Más Crédito Program exists since 2012, in which there are currently participating 3 financial institutions. As in the Infonavit Total Program, within the Infonavit Más Crédito Program, FHipo acquires a percentage of each mortgage loan, all loans offered through this program are originated in co-participation with private entities. Before the mortgage origination initiates, there is a bidding process based on amount and interest rate. Through the bidding process, Infonavit assigns the future co-participation of each originated loan to the participating entities, until the total projected loan origination for a certain period is allocated. Generally, the private institutions assume a higher participation percentage on each loan than Infonavit. Once the auction concludes the daily mortgage origination begins. As of March 31 st 2017, FHipo maintains the co-ownership of 69,673 Infonavit mortgage loans, which consider as of 1Q17, 58,669 on-balance loans and 11,004 off-balance loans securitized through the CDVITOT 15U and 15-2U transaction. Through FHipo, the Infonavit continues to strengthen its objectives set in the housing public policy, which plans to reduce responsibly the housing lag in Mexico, by improving and expanding existing housing, procuring the acquisition of new homes and promoting the participation of private capital in the origination of mortgage loans in Mexico. Finally the participation of FHipo, jointly with the Infonavit, will continue improving the development of the mortgage industry in Mexico, offering greater dynamism by creating new products, increasing the liquidity of the secondary mortgage market as well as financing unattended sectors through the participation of different institutions. 4 PAGE

6 Our participation with Fovissste Fovissste is a social service agency dedicated, among other activities to mortgage financing, and is currently the second largest mortgage originator with collection through payroll deduction mechanisms in Mexico, subsequent to Infonavit. Fovissste s operations are mainly financed by payments of interest and principal on granted mortgage loans to workers at the service of State/Government dependencies, with direct discount form the workers payroll, which in turn the government dependency must remit to Fovissste through the Federal Treasury, including the mandatory contributions that the State dependencies must entail to the Fund. Fovissste originates approximately 11.0% 1 of the mortgage loans in the country, and has a credit management capacity that is amongst the most efficient worldwide. Without doubt, its credit rating of AAFC2+(MEX) assigned by Fitch as mortgage loan administrator and its AAA (Triple A) rating assigned by Fitch and S&P for their debt issuances (TFOVI), are proof of its capacity as administrator and credit risk mitigator. On June 3 rd 2016, FHipo and Fovissste initiated a strategic alliance, through a transaction in which Fovissste transferred fiduciary rights on 7,144 mortgage loans to FHipo which are to be administrated by the trust F/2803. FHipo in exchange for the fiduciary rights, paid a compensation of Ps. $2,999.6 million, equivalent to the balance of the transferred fiduciary rights. As of March 31 st 2017, FHipo maintains collection/fiduciary rights upon 7,368 Fovissste mortgage loans. Through this acquisition, FHipo established a long-term relationship with Fovissste, which will continue to strengthen over time, resulting in higher mortgage supply in Mexico while enhancing the liquidity of the mortgage market. The foregoing, leading FHipo to continue developing a growth strategy focused on generating long term value for its investors. 1 By number of loans (Sociedad Hipotecaria Federal Report, 2017) 5 PAGE

7 Operation Results Quarter to Quarter Year to date (In Thousands of Mexican Pesos, except Net Income per CBFI) 1Q17 1Q16 Variation % Var 1Q17 1Q16 REVENUES Total net interest income $570,918 $301,843 $269, % $570,918 $301,843 Financing interest expenses ($206,572) ($33,477) ($173,095) 517.1% ($206,572) ($33,477) (-) Allowance for loan losses ($46,691) ($1,862) ($44,829) 2,407.6% ($46,691) ($1,862) Financial margin adjusted by credit risks $317,655 $266,504 $51, % $317,655 $266,504 Valuation of receivable benefits in secur. transactions 32,224 31, % 32,224 31,274 TOTAL REVENUES, NET 349, ,778 52, % 349, ,778 TOTAL EXPENSES (106,424) (70,164) (36,260) 51.7% (106,424) (70,164) NET INCOME $243,455 $227,614 $15, % $243,455 $227,614 NET INCOME PER CBFI $0.536 $0.660 ($0.123) (18.7%) $0.536 $0.660 Interest Income increased 89.1% during the 1Q17, reaching Ps. $570.9 million compared with Ps. $301.8 registered as of 1Q16. These revenues consider the accrued interest of our on-balance portfolio, the indexation on the outstanding balance of our mortgage portfolio denominated in VSM, the interests of the collection rights on Fovissste s portfolio and the returns obtained from our liquid investments. The variation is mainly attributed to the growth of our mortgage loan portfolio with respect to the loan portfolio registered in 1Q16, which in turn generated higher revenues. Valuation of Receivable Benefits in Securitization Transactions based on the fair value of the RMBS Equity Residual of the CDVITOT 15U and 15-2U, valued on the income approach, resulted in a gain of Ps. $32.2 million in the 1Q17, a 3.0% increase compared with the Ps. $31.3 million reported as of the 1Q16. At quarter s end, the equity residual is backed by a mortgage portfolio worth approximately Ps. $2,521.2 million. Total Revenue 1Q17 Ps. $603.1 million Revenue Breakdown 1Q17 Total Revenue 1Q16 Ps. $333.1 million Revenue Breakdown 1Q16 2.3% 5.3% Interests on mortgage loans Investment income 0.7% 9.4% Interests on mortgage loans Investment income 92.4% Valuation of Receivable Benefits in Securitization Transactions 89.9% Valuation of Receivable Benefits in Securitization Transactions Interest Expense amounted to Ps. $206.6 million in the 1Q17, an increase of 517.1% in comparison with the Ps. $ PAGE

8 million registered in 1Q16. FHipo s financing interest expense has increased during the past quarters due to our leverage strategy, which results in a larger mortgage portfolio and a more robust balance sheet. During 1Q17, FHipo placed a long term covered bond for Ps. $900.0 million and withdrew, in a single drawdown, Ps. $950.0 million from the Banorte Facility 1. As of 1Q17, FHipo maintains Ps. $11,274.0 million of debt within its balance sheet, considering bank loans and issued bonds. All the proceeds obtained by these financial structures were used for the acquisition and origination of mortgage portfolios and the acquisition of CBFIs FHIPO 14 (thorugh its share buyback program). Financial Margin reached Ps. $364.3 million in 1Q17, an increase of 35.8% when compared to the Ps. $268.4 million reached in 1Q16. The financial margin is the sum of interest income obtained during 1Q17, minus the interest expense generated in the same period. Allowance for Loan Losses recognized in results reached Ps. $46.7 million in 1Q17, a decrease of Ps. $44.8 million compared to Ps. $1.8 million reported in 1Q16. FHipo calculates its allowance for loan losses based on the expected loss methodology. The allowance for loan losses registered in the Balance Sheet as of March 31 st 2017 resulted in Ps. $203.4 million, representing 1.14% of our on-balance portfolio. Advisory, Administration, and Servicing Expenses amounted to Ps. $87.2 million during 1Q17, displaying an increase of 46.4% in comparison with Ps. $59.6 million registered as of 1Q16, the increase is related directly to the balance of our portfolio and the invested equity in mortgage loans, since fees are determined based on such balances. These expenses represent the advisory, administration and collection service received from the Infonavit and Concentradora Hipotecaria during the quarter. Net Income increased 7.0% in comparison with the same quarter of the previous year, reaching Ps. $243.5 million in 1Q17 compared with Ps. $227.6 million in 1Q16. Net income represented 69.6% of the total interest income during 1Q17, this translates into an earnings per share of Ps. $0.51 considering the outstanding CBFIs as of 1Q17 2. The following charts show the increase of our net income year over year and quarter over quarter, as well as the development of the allowance for loan losses in comparison with our on-balance mortgage portfolio quarter to quarter. $227,614 Net Income (in thousands) $243,455 $227,614 $243,455 Allowance for Loan Losses / Total Mortgage Loans 1.14% 0.91% 1Q16 1Q YTD 2017 YTD 1Q16 1Q17 2 As of March 31 st 2017, FHipo has repurchased 15,620,764 CBFIs FHIPO 14 through its share buyback program. The total number of shares outstanding as of the 1Q17 is 453,894, PAGE

9 Balance Sheet (In Thousands of Mexican Pesos) 1Q17 1Q16 Variation % Var ASSETS Cash equivalents and debt securities $939,809 $468,451 $471, % Mortgage loans, net 17,718,411 9,996,135 7,722, % Collection Rights, net 2,976, ,976,710 N/A Receivable benefits in securitization transactions 536, , , % Derivative financial instruments 107, ,639 N/A Accounts receivables and other assets 440, ,972 49, % TOTAL ASSETS $22,719,174 $11,256,743 $11,462, % LIABILITIES AND EQUITY TOTAL LIABILITIES $11,394,455 $2,747,719 $8,646, % TOTAL EQUITY 11,324,719 8,509,024 2,815, % % TOTAL LIABILITIES AND EQUITY $22,719,174 $11,256,743 $11,462, % Total Assets as of March 31 st 2017 amounted to Ps. $22,719.2 million, an increase of 101.8% over the Ps. $11,256.7 million registered as of 1Q16. FHipo s assets, which increased primarily through our leverage structures and the resources obtained in the Follow-on Equity Offering. FHipo s total assets are mainly comprised of: i) cash equivalents of Ps. $939.8 million, representing 4.1% of total assets; ii) net mortgage loan portfolio amounting to Ps. $17,718.4 million, representing 78.0% of total assets; iii) net collection rights on Fovissste s portfolio equivalent to Ps. $2,976.7 million, which represent 13.1% of total assets and iv) the receivable benefits in securitization transactions which amounted to Ps. $536.2 million and represent 2.4% of total assets. Mortgage Loan Portfolio on-balance as of 1Q17 is composed by 58,669 mortgage loans, with a net balance of Ps. $17,718.4 million, an increase of 77.3% in comparison with the Ps. $9,996.1 million reported in 1Q16. During 1Q17, FHipo acquired mortgage loans amounting to Ps. $1,369.5 million, received principal amortizations of Ps. $308.7 million and returned loans that did not meet with our eligibility criteria; after audits conducted by Concentradora Hipotecaria, worth Ps. $77.0 million, reaching a net outstanding balance of Ps. $17,617.5 million; furthermore, as of March 31 st 2017 the accrued interest receivable amounted to Ps. $271.7 million, the indexation of VSM denominated loans for the 1Q17 within our balance resulted in Ps. $32.5 million, and by reducing the allowance for loan losses the net mortgage portfolio resulted in Ps. $17,718.4 million. Collection Rights on Fovissste s portfolio are composed by fiduciary (collection) rights which Fovissste transferred to the trust F/2803 on May 2016, amounting to Ps. $2,976.7 million as of 1Q17, net of allowance for loan losses. In consolidated terms, considering the securitized portfolio and the collection rights on Fovissste s portfolio, FHipo s mortgage portfolio as of 1Q17 consists of 77,041 loans for a total value of Ps. $23,216.3 million, considering the outstanding portfolio balance including accrued interest and indexation on loans denominated in times minimum wage, reaching an 82.2% increase in comparison with the Ps. $12,743.7 million registered as of 1Q16. 8 PAGE

10 Portfolio Value (millions) # of Mortgage Loans Summary Consolidated Mortgage Portfolio 3 Interest rate Infonavit Total Pesos Average interest rate Infonavit Total VSM Interest rate Infonavit Más Crédito Average interest rate Fovissste VSM Non-Current Portfolio Ps. $23, , % (nominal) 9.6% (real) 10.8% (nominal) 5.4% (real) 0.75% Non-Current Portfolio as percentage of FHipo s net mortgage portfolio was 0.86% or Ps. $146.0 million as of 1Q17, in comparison to the 0.36% registered in 1Q16. Considering the securitized portfolio through the CDVITOT 15U and 15-2U transaction, and the collection rights on Fovissste s portfolio, the consolidated non-current portfolio as of 1Q17 was 0.75%. The non-current portfolio, has remained below our long-term estimated loss, this is a result of our well designed diversification strategy. Allowance for Loan Losses reached Ps. $203.4 million as of 1Q17, determined by the estimated loss methodology in accordance with IFRS, an increase of Ps. $111.8 million in comparison with Ps. $91.7 million registered in 1Q16, such increase is mainly derived by the recognition of the expected loss over the investments made in new loans during the quarter and in a smaller portion to the mortgages that have fallen into default; the allowance corresponds to the expected loss of the remaining life of each loan. The accumulated allowance for loan losses is equivalent to a coverage ratio of 1.3x (times) against our non-current portfolio. Receivable Benefits in Securitization Transactions of the equity residual, as of 1Q17, has a value of Ps. $536.2 million. The equity residual is valued in accordance with IFRS at fair value. The portfolio securitization was issued during 3Q15. As of 1Q17, the total principal balance of the mortgage portfolio transferred to the CDVITOT 15U and 15-2U is Ps. $2,521.2 million. Other Receivables as of 1Q17 amounted to Ps. $440.4 million, an increase of Ps. $49.4 million compared to the Ps. $391.0 million registered in 1Q16. Other receivables registered as of the end of the 1Q17 are mainly composed of the collection effectively realized from Infonavit, which has not yet been transferred to the trust and pending reimbursement of mortgage loans. Total Liabilities as of 1Q17 were Ps. $11,394.5 million, and show an increase of Ps. $8,646.7 million compared to the Ps. $2,747.7 million registered as of 1Q16. The increase is due to the execution of our leverage strategy through the long term bond issuances of FHIPO 16 and FHIPO 17 for Ps. $3,000.0 million and Ps. $900.0 million, respectivley, in addition to the withdrawn amount from the credit facilities signed with Banorte and Santander amounting to Ps. $6,724.0 million, and the short term bond issuances, which amount to Ps. $650.0 million. Total Equity increased 33.1% mainly derived from our Follow-on Equity Offering and the gain (loss) on derivatives valuation, reaching Ps. $11,324.7 million, from Ps. $8,509.0 million reported in 1Q16. Total Equity consists of the amount obtained from our Global Equity Offerings, net of issuance costs and accumulated earnings, other comprehensive income, minus acquisitions realized by our share buyback program and distributions paid to investors. 3 Consolidated figure consider Infonavit s on and off balance portfolio and the collection rights on Fovissste s portfolio. Refers to FHipo s outstanding portfolio balance, excluding accrued interest and indexation on loans denominated in times minimum wage (VSM). The consolidated figures are shown for informative purposes only. 9 PAGE

11 The following graphs display the development of our on-balance leverage strategy during the past 12 months and the behavior of our non-performing portfolio since our Initial Public Offering. Development of our on-balance Leverage Strategy (consolidated debt, figures in billions of pesos) Securitizations (RMBS) $11.6 $13.4 Long-Term Bonds Credit Facilities Short-Term Bonds $8.2 $9.9 $4.4 $5.3 $2.6 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Stable levels of NPLs with conservative allowance for loan losses 1.20% 1.00% 0.93% 0.91% 0.99% 1.07% 1.01% 1.14% 0.80% 0.75% 0.60% 0.40% 0.20% 0.00% 0.52% 0.45% 0.86% 0.68% 0.60% 0.49% 0.36% 0.09% 0.00% 0.04% 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Allowance for Loan Losses / Portfolio NPL's / Portfolio Performance of our Key Financial Ratios 10.7% 10.7% 11.2% 11.2% 8.4% 8.4% 8.8% 8.8% 6.7% 6.7% 4.6% 4.6% Net Interest Margin (NIM) Return on Assets (ROA) Return on Equity (ROE) 1Q16 1Q YTD 2017 YTD 10 PAGE

12 Consolidated Portfolio Composition The following table details FHipo s Consolidated Portfolio as of March 31 st, FHipo - Consolidated Portafolio (Infonavit and Fovissste (1) ) Total Balance (FHipo's Participation) Ps. $23,063 million (2) Total Loans: Infonavit and Fovissste (1) 77,041 Average Co-participated Loan Balance by Mortgage Loan Ps. $299,357 (2) Loan-to-Value at Origination (LTV) (3) 76.13% Payment-to-Income (PTI) (3) 24.84% Current Portfolio 99.25% (576 non-performing loans) By Mortgage Origination Program Infonavit Total Portfolio Balance (VSM (4) and Pesos) Loans (VSM (4) and Pesos) 54,661 Portfolio Balance denominated in VSM (4) Loans denominated in VSM (4) 23,431 (3) (4) Average Interest Rate of loans denominated in VSM 9.57% Portfolio Balance denominated in Pesos Ps. $12,823 million Ps. $5,628 million in VSM Loans denominated in Pesos 31,230 Average Interest Rate of Loans denominated in Pesos Infonavit Más Crédito Portfolio Balance Loans 15,012 Average Loan Interest Rate Fovissste (1) Portfolio Balance denominated in VSM (4) Loans 7,368 (3) (4) Average Interest Rate of loans denominated in VSM 5.38% Ps. $7,195 million 12.00% (Nominal) Ps. $7,316 million 10.80% (Nominal) Ps. $2,924 million in VSM Note: Consolidated figures consider Infonavit s on and off balance portfolio and the collection rights on Fovissste s portfolio. The consolidated figures are solely for informative purposes. (1) Fovissste s portfolio represents, through trust certificates, the collection rights on the listed mortgage loan portfolio. (2) Refers to FHipo s outstanding portfolio balance, excluding accrued interest and indexation on loans denominated in times minimum wage (VSM). As of March 31 st 2017, FHipo co-participants 70.1% (weighted average) of each mortgage loan. (3) Weighted average by Total Balance. (4) The interest rate on loans denominated in VSM is indexed to the increase in the Unit of Measure and Update (UMA). 11 PAGE

13 Infonavit s mortgage portfolio characteristics (Infonavit Total and Más Crédito) Distribution by borrower s salary in VSM at loan origination date (as % of total loans within Infonavit s portfolio) Distribution by interest rate in VSM (1) (as % of total loans within Infonavit s VSM portfolio) 46.4% < % 25.2% 23.3% 28.2% % 8.50% 8.6% - 9.0% 9.1% - 9.5% 9.6% % 4.4% > % Infonavit Total Pesos 12.0% nominal 5.4% 6.3% Infonavit Más Crédito 10.8% nominal 2.1% Fovissste s (2) mortgage portfolio characteristics Distribution by borrower s salary in VSM at loan origination date (as % of total loans within Fovissste s portfolio) 0.3% Distribution by interest rate in VSM (1) (as % of total loans within Fovissste s portfolio) 54.6% < % % 28.2% > % 5.00% 5.50% 6.00% (1) The interest rate on loans denominated in VSM is indexed to the increase in VSM. (2) Fovissste s portfolio represents, through trust certificates, the collection rights on the listed mortgage loan portfolio. 12 PAGE

14 State of Mexico Nuevo León Jalisco Veracruz Guanajuato Coahuila Querétaro Chihuahua Baja California Tamaulipas Distrito Federal Hidalgo Quintana Roo Sonora Puebla Others Consolidated mortgage portfolio characteristics Earnings Report 1Q17 Distribution by Loan-to-Value (LTV) at loan origination date (as % of total loans within consolidated portfolio) Distribution by borrower s salary in VSM at loan origination date (as % of total loans within consolidated portfolio) 37.2% 20.9% 25.9% 16.0% 65 % % % 85-95% 31.7% 4.0% 4.7% 5.2% 6.1% 28.3% 20.0% < > 10.0 Distribution by Total Balance (1) on and off balance (as % of total loans within consolidated portfolio) Distribution by origination program (as % of total loans within consolidated portfolio) Total Loan Balance Ps. $23,063 million 89.1% 10.9% 31.2% 31.7% Infonavit Total VSM Infonavit Total Pesos Infonavit Más Crédito Fovissste (2) 12.7% Securitized Portfolio (CDVITOT 15U and 15-2U) On-Balance Mortgage Portfolio and Collection Rights 24.4% Geographic distribution of the portfolio (as % of total loans within consolidated portfolio) 22.1% Distribution by Interest Rate (Real vs. Nominal) (as % of total loans within consolidated portfolio) 12.5% 11.0%6.7% 6.1% 4.9% 4.7% 4.5% 4.1% 4.0% 3.6% 3.5% 3.3% 3.1% 3.0% 2.9% 62.9% Loans denominated in Real Terms + - Concentration Level 37.1% Loans denominated in Nominal Terms (1) The interest rate on loans denominated in VSM is indexed to the increase in UMA. (2) Fovissste s portfolio represents, through trust certificates, the collection rights on the listed mortgage loan portfolio. 13 PAGE

15 Distribution to Holders On March 23 rd 2017, FHipo made the distribution of 95% of the net income obtained during the 4Q16 amounting to Ps. $0.507 per CBFI. In accordance with our distribution policy, FHipo plans to distribute to its holders, for the period composed from January 1 st, 2017 to March 31 st, 2017, Ps. $231.3 million, which represents 95% of the Net Income of 1Q17, which divided by the outstanding CBFIs as of 1Q17 results in a distribution per CBFI of Ps. $ FHipo s Distribution and Yield Distribution and yield on the issuance price of the CBFI at 1Q17 1Q17 EPS (Ps./CBFI) (1) $0.536 Issuance Price - IPO (Ps.) $25.00 Outstanding CBFIs as of 1Q17 453,894,236 Return on Invested Capital (calculation of accumulated yield since November 2016) Accumulated Distributions (4) Effective Days Invested Capital as of 1Q17 (5) Ps. $464.6 million 182 days Ps. $11,586.5 million Period: 1Q17 Annualized distribution on Equity as of 1Q17 (%): 8.04% (6) 95%, Estimated Distribution Ps. $ million (2) Yield on price of CBFI (IPO) at 1Q % (3) (1) Net Income / # CBFIs (outstanding at the end of 1Q17). (2) Should be divided by the outstanding CBFIs at ex-dividend date. (3) Annualized (compounded) considering 90 effective days in operation in the 1Q17 and outstanding CBFIs at the end of 1Q17 (453,894,236). (4) Accumulated distributions since 4Q16. (5) Invested capital results from deducting the expected distribution of the 1Q17 results and adding the IPO expenses from FHipo s total equity at the end of the 1Q17. (6) Annualized considering 182 effective days since the 4Q16 and calculated in accordance with the administration s trust agreement. 14 PAGE

16 Performance of our EPS and Distribution per CBFI $0.660 $0.536 $0.660 $0.536 $0.627 $0.510 $0.627 $0.510 Note: The distribution per CBFI considers the number of outstanding CBFIs at the end of each period. Leverage Earnings per CBFI (EPS) CEDEVI Program (RMBS) CDVITOT 15U and CDVITOT 15-2U During the 3Q15, FHipo managed to execute its first and only CDVITOT issuance together with Infonavit, in which FHipo, as a participant in the Infonavit Total Program, contributed ~59.4% of the securitized portfolio (Ps. $2,816.5 million). The total issuance amounted to Ps. $4,232.3 million, with an interest rate of 2.80% in UDIs (real rate) for the senior tranche and 4.12% in UDIs (real rate) for the subordinated tranche. The blended interest rate that FHipo pays resulted in 2.91% in UDIs (real rate). The net proceeds from the CDVITOT issuance, received by FHipo, amounted to Ps. $2,585.3 million. As of quarters end, such certificates maintain an outstanding balance of Ps. $2,123.6 million corresponding to FHipo s participation. Warehousing Line Facilities FHipo maintains three credit facilities through warehousing mortgage structures, two with Banorte for up to Ps. $7,000.0 million and a third with Santander for up to Ps. $2,000.0 million. As of the 1Q17, FHipo has withdrawn Ps. $6,724.0 million from these credit facilities, resources which have been used for the acquisition and origination of mortgage portfolios. Dual Debt Program of Trust Certificates 1Q16 1Q YTD 2017 YTD Distribution per CBFI FHipo celebrated a Dual Debt Program of Short and Long Term Trust Certificates with revolving character, for up to Ps. $15,000.0 million. As of March 31 st 2017, FHipo maintains through such program, two Long-Term Bonds amounting to Ps. $3,900.0 million and two Short-Term Bonds for Ps. $650.0 million. 15 PAGE

17 Funding Structures (figures in million of pesos) Source of Funding Type of Funding Benchmark Rate Margin Leverage Ratio and Debt Service Coverage Ratio (1) Maximum amount Amount Withdrawn FHipo s leverage and debt to equity ratio as of March 31 st 2017 was the following (in millions of pesos): Maturity Date / Duration CDVITOT 15U Securitization UDIBONO 2019 (1.80%) +100 bps - $1,892 (1) Financial Duration: 2019 CDVITOT 15-2U Securitization UDIBONO 2020 (2.22%) +190 bps - $231 (1) Financial Duration: 2020 Credit Facility Banorte No. 1 Warehousing Line TIIE bps (2) $5,000 $3,100 Legal Term: 2025 (Revolving) Credit Facility Banorte No. 2 Warehousing Line TIIE bps (2) $2,000 $1,624 Legal Term: 2026 (Revolving) Credit Facility Santander Warehousing Line TIIE pbs (2) $2,000 $2,000 Legal Term: 2046 Short-Term Bond FHIPO Unsecured Bond TIIE bps - $ Short-Term Bond FHIPO Unsecured Bond TIIE bps - $ 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: Result as of the 1Q x (2) 1 Result as of the 1Q x (2) 2.5 Result as of the 1Q x (2) (1) Calculation methodology based on the CNBV, Annex AA from the Consolidated Letter of Securities Issuers (CUE). For further detail refer to Leverage Report. (2) Calculated with financial information as of 1Q17. Our leverage ratio (Total Assets/Equity Securities) was of 2.00x. We seek to continue developing our leverage strategy in the upcoming quarters, demonstrating the potential of FHipo s business plan in the capital markets while at the same time generating attractive returns to our investors. This, as FHipo s business plan evolves, will lead to a gradual increase in our leverage ratio seeking to reach our targeted ~2.5x Debt/Equity ratio. Furthermore, as of the end of the 1Q17, our debt service coverage ratio was of 3.13x, within the regulatory limit. Our risk team constantly assesses the limits and guidelines with which we must comply in accordance with the CNBV. 16 PAGE

18 Relevant Events during the 1Q17 FHipo announces an additional withdrawal to the first credit facility signed with Banorte for Ps. $950 million (January 9 th, 2017) - FHipo announces today an additional withdrawal to the first revolving credit facility signed with Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte, amounting to Ps. $950 million, which will be used for the acquisition and origination of mortgage portfolios. To date, the outstanding amount of such credit facility is Ps. $3,100 million. FHipo announces the closing of a hedge agreement (January 17 th, 2017) - FHipo announces the closing of a forward bond hedge agreement on MBONO 12/05/24 (10%, SA, ACT/360, ISIN: MX0MGO000078), cash settled with a strike rate of 7.59%, for a notional value of Ps. $1,500 million with settlement date March 10, This transaction was formalized with Banco Santander S.A. Institución de Banca Múltiple, Grupo Financiero Santander México. FHipo announces the closing of two hedging agreement (January 18 th, 2017) - FHipo announces the closing of a forward bond hedge agreement on MBONO 12/05/24 (10%, SA, ACT/360, ISIN: MX0MGO000078), cash settled with a strike rate of 7.60%, for a notional value of Ps. $1,500 million with settlement date March 10, This transaction was formalized with Banco Monex, S.A. Institución de Banca Múltiple, Monex Grupo Financiero. FHipo announces movements to the management team of its Advisor and Manager (February 17 th, 2017) - FHipo announces that as of this date, Alfredo Vara Alonso will excuse himself in his role as CEO of Concentradora Hipotecaria, S.A.P.I. de C.V., derived from his recent appointment as CEO of the National Bank of Public Works and Services (Banco Nacional de Obras y Servicios Públicos, S.N.C.). As of this date, the duties of the CEO of the Advisor and Manager will be performed by Daniel Michael Braatz Zamudio, who has been acting as CFO since FHipo initiated operations. FHipo announces movements in its Technical Committee (February 27 th, 2017) - FHipo announces informs that the Technical Committee during its Twelfth Session, took notice that Keri Findley (Third Point) and Diego Dayenoff (Fir Tree) left, due to personal issues, the committee in which they collaborated, and therefore their title as members of this governing entity. In such case, Third Point and Fir Tree, as shareholders who represent 10% of the outstanding CBFIs, have the right to name the candidates to the Holders Meeting and appoint new members to the Technical Committee. FHipo announces closing of a public offering of CBFs for a total amount of Ps. $900 million (March 8 th, 2017) - FHipo announces announces the closing of a public offering of CBFs for a total amount of Ps. $900 million with ticker symbol FHIPO 17. The certificates pay a fixed nominal interest rate of 8.78% and were placed with a scheduled amortization in the 10 th semi-annual coupon, equivalent to the fifth year subsequent to issuance date. FHipo announces that it will not renew the market maker agreement (March 10 th, 2017) - FHipo announces that it will not renew the Market Maker Agreement held with Casa de Bolsa Credit Suisse (Mexico), S.A. de C.V., which provides market maker services to FHipo s outstanding Real Estate Trust Certificates FHIPO 14. The decision responds to the fact that FHipo s CBFIs have considerably improved their liquidity and, given its daily trading volume, the company considers that it no longer requires the services of a market maker. FHipo informs that on March 23 rd 2017, the distribution corresponding to the 4Q16 will take place (March 14 th, 2017) - FHipo informs that on March 23 rd, 2017 the distribution of $ pesos per CBFI will take place. FHipo certificates will commence trading ex-dividend on March 17 th, This distribution corresponds to the fourth quarter of 2016 and it is 100% (hundred percent) interest distribution. Share buyback - FHipo announces to the general public, that in terms with its share buyback program approved by the Ordinary Holders' Meeting on January 30 th 2017, as of the 1Q17 FHipo has acquired 15,620,764 CBFIs FHIPO PAGE

19 Assemblies and Committees held during the 1Q17 Assemblies and Committees held during the 1Q17 Ordinary Holders Assembly January 30 th, 2017 Ninth Ordinary Session of the Audit Committee February 22 th, 2017 Twelfth Ordinary Session of the Technical Committee February 23 th, 2017 Tenth Ordinary Session of the Audit Committee April 27 th, 2017 Thirteenth Ordinary Session of the Technical Committee April 27 th, 2017 Ordinary Holders Assembly April 28 th, 2017 Analysts Coverage Credit Suisse Casa de Bolsa México, S.A. de C.V. Morgan Stanley Casa de Bolsa México, S.A. De C.V. Nau-Securities Limited Santander Casa de Bolsa México, S.A. de C.V. Institution Equity Research Analyst Recommendation Current Target Price Credit Suisse Vanessa Quiroga Outperform Ps. $30.0 Morgan Stanley Nikolaj Lippman Equal-weight Ps. $25.0 Nau-Securities Iñigo Vega Fairly Valued Ps. $26.7 About FHipo Santander Cecilia Jimenez Buy Ps. $27.0 FHipo is the first real estate investment trust established to acquire, originate, co-participate, and manage mainly mortgage portfolios, providing capital gains linked to the mortgage returns and contributing to the financing and development of the housing sector in Mexico. Our portfolio is composed by residential mortgages in Mexico with an attractive risk-reward ratio. The current portfolio uses Infonavit s origination and servicing platform, allowing access for collection through payroll deduction, serving as a primary servicer of mortgage portfolios, in addition Concentradora Hipotecaria has developed together with Concord Servicing a proprietary technological platform. Through FHipo, investors can access the residential mortgage market in Mexico and benefit from the liquidity of an instrument listed on the BMV. 18 PAGE

20 Our Committees as of 1Q17 Technical Committee Non-independent members Alfredo Vara Alonso Daniel M. Braatz Zamudio J. Jesús Gómez Dorantes Independent Members Daniel Reséndiz James Edward Walker José Vicente Corta Fernández Margarita de la Cabada Sebastián Fernández Cortina Audit Committee Daniel Reséndiz Carillo Margarita de la Cabada Sebastián Fernández Cortina Practice Committee Daniel Reséndiz Carillo José Vicente Corta Fernández Margarita de la Cabada Nominations Committee Daniel Reséndiz Carillo José Vicente Corta Fernández Margarita de la Cabada DISCLAIMER This press release may contain forward-looking statements based on the current expectations of FHipo. Actual future events or results could differ materially from these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 19 PAGE

21 Conference Call with Investors FHipo will hold its conference call with investors on May 2 nd, 2017 at 8:00 a.m. Mexico City Time (9:00 a.m. EST), to discuss the financial results of the 1Q17. To participate in the conference, please call (USA & Canada) or (International & Mexico) with the conference code approximately 10 minutes before the call starts. The call will be recorded and filed on the web page of in the Investor Relations section. Investor Relations Ignacio Gutiérrez / CFO / ig@fhipo.com Xavier Martínez / IRO / xm@fhipo.com Ph: +52 (55) investorrelations@fhipo.com Address: Juan Salvador Agraz 65, Piso 9B, Lomas de Santa Fe,Del. Cuajimalpa, C.P , Mexico, D.F. 20 PAGE

22 Appendix Balance Sheet FIDEICOMISO F/2061 FHipo Statements of Financial Position (In Thousands of Mexican Pesos) 1Q17 1Q16 Variation % Var ASSETS Cash and cash equivalents $939,715 $468,451 $471, % Debt securities N/A Current mortgage loans 17,471,456 9,884,856 7,586, % Past due mortgage loans 146,049 34, , % Accrued interest 271, , , % Indexation on mortgage loans 32,561 28,324 4, % Allowance for loan losses (203,435) (91,658) (111,777) 122.0% Mortgage loans, net 17,718,411 9,996,135 7,722, % Collection rights, net 2,976, ,976,710 N/A Receivable benefits in securitization transactions 536, , , % Derivative financial instruments 107, ,639 N/A Accounts receivables and other assets 440, ,972 49, % TOTAL ASSETS $22,719,174 $11,256,743 $11,462, % LIABILITIES Accounts payables and accrued expenses $240,474 $136,739 $103, % Notes/securities payable 4,522, ,522,643 N/A Borrowings 6,631,338 2,610,980 4,020, % TOTAL LIABILITIES $11,394,455 $2,747,719 $8,646, % EQUITY Common stock, net $10,892,714 $8,249,130 $2,643, % Other comprehensive income $107,639 $0 $107,639 N/A Retained earnings 324, ,894 64, % TOTAL EQUITY $11,324,719 $8,509,024 $2,815, % TOTAL LIABILITIES AND EQUITY $22,719,174 $11,256,743 $11,462, % 21 PAGE

23 Appendix Income Statement FIDEICOMISO F/2061 FHipo Income Statements (In Thousands of Mexican Pesos, except Net Income per CBFI) REVENUES Quarter to Quarter Year to date 1Q17 1Q16 Variation % Var 1Q17 1Q16 Interests on mortgage loans $556,979 $299,345 $257, % $556,979 $299,345 Investment income 13,939 2,498 11, % 13,939 2,498 Total net interest income 570, , , % 570, ,843 Financing interest expenses (206,572) (33,477) (173,095) 517.1% (206,572) (33,477) Financial margin 364, ,366 95, % 364, ,366 (-) Allowance for loan losses (46,691) (1,862) (44,829) 2,407.6% (46,691) (1,862) Financial margin adjusted for credit risks 317, ,504 51, % 317, ,504 Valuation of receivable benefits in securitization transactions 32,224 31, % 32,224 31,274 TOTAL REVENUES, NET $349,879 $297,778 $52, % $349,879 $297,778 EXPENSES Management and collection fees (87,212) (59,577) (27,635) 46.4% (87,212) (59,577) Other administrative expenses (19,212) (10,587) (8,625) 81.5% (19,212) (10,587) TOTAL EXPENSES (106,424) (70,164) (36,260) 51.7% (106,424) (70,164) NET INCOME $243,455 $227,614 $15, % $243,455 $227,614 NET INCOME PER CBFI $0.536 $0.660 ($0.123) (18.7%) $0.536 $0.660 COMPREHENSIVE INCOME Net income $243,455 $227,614 $15, % $243,455 $227,614 Other comprehensive income (23,015) 0 (23,015) N/A (23,015) 0 TOTAL COMPREHENSIVE INCOME $220,440 $227,614 ($7,174) (3.2%) $220,440 $227, PAGE

24 Appendix Stratification Analysis of Infonavit s Portfolio Earnings Report 1Q17 Below we present a stratification analysis of Infonavit s on and off balance portfolio as of March 31 st (Infonavit s on and off balance portfolio) Loan Denomination Average Interest Rate Stratification Analysis Infonavit Portfolio By Loan Denomination Infonavi Total VSM (real rate) 9.57% 23, % $ 5,628,456, % 2,452, % Infonavit Total Pesos 12.00% 31, % $ 7,194,175, % 3,134, % Infonavit Mas Credito Pesos 10.80% 15, % $ 7,316,072, % 3,187, % Total 69, % $ 20,138,704, % 8,775, % Worker's Salary By Worker's Salary < 4.5 VSM 17, % $ 3,332,790, % 1,452, % VSM 13, % $ 2,577,479, % 1,123, % VSM 4, % $ 947,018, % 412, % VSM 3, % $ 906,303, % 394, % VSM 3, % $ 913,697, % 398, % VSM 3, % $ 872,470, % 380, % > VSM 24, % $ 10,588,944, % 4,614, % Total 69, % $ 20,138,704, % 8,775, % Interest Rate By Interest Rate in VSM 8.50% % $ 82,723, % 36, % 8.6% - 9.0% 5, % $ 996,823, % 434, % 9.1% % 10, % $ 2,417,361, % 1,053, % 9.6% % 6, % $ 2,131,547, % 928, % Total 23, % $ 5,628,456, % 2,452, % Months Past Due By Months Past Due 0 months 65, % $ 19,009,095, % 8,283, % < 91 days 3, % $ 965,214, % 420, % 91 days % $ 164,393, % 71, % Total 69, % $ 20,138,704, % 8,775, % Loan to Value (LTV) By Loan to Value (LTV) < 60 % 10, % $ 2,397,353, % 1,044, % , % $ 2,164,605, % 943, % , % $ 3,878,767, % 1,690, % , % $ 6,292,777, % 2,742, % , % $ 5,405,200, % 2,355, % Total 69, % $ 20,138,704, % 8,775, % Loan Regime By Loan Regime Ordinary Amortization Regime (ROA) 65, % $ 18,951,387, % 8,258, % Special Amortization Regime (REA) 2, % $ 558,527, % 243, % Extension 2, % $ 628,789, % 273, % Total 69, % $ 20,138,704, % 8,775, % 23 PAGE

25 (Infonavit s on and off balance portfolio) Total Current Balance Stratification Analysis Infonavit Portfolio (Cont.) Earnings Report 1Q17 By Total Current Blanace Co-participated - VSM Less than or equal to 100 VSM 14, % $ 2,510,018, % 1,093, % VSM 7, % $ 2,397,237, % 1,044, % VSM % $ 521,543, % 227, % VSM % $ 157,799, % 68, % > 400 VSM % $ 41,857, % 18, % Total 23, % $ 5,628,456, % 2,452, % Total Current Balance By Total Current Blanace Co-participated - Pesos < 200 thousand Ps. 22, % $ 3,815,197, % 1,662, % thousand Ps thousand Ps. 12, % $ 3,331,430, % 1,451, % thousand Ps thousand Ps. 4, % $ 2,455,769, % 1,070, % > thousand Ps. 5, % $ 4,907,851, % 2,138, % Total 46, % $ 14,510,247, % 6,322, % Worker's Age By Worker's Age (years) Less than or equal to 25 years 7, % $ 1,485,488, % 647, % years 16, % $ 3,927,406, % 1,711, % years 13, % $ 3,553,776, % 1,548, % years 9, % $ 3,217,509, % 1,402, % years 8, % $ 3,089,787, % 1,346, % years 7, % $ 2,584,057, % 1,126, % years 4, % $ 1,628,751, % 709, % years 2, % $ 604,082, % 263, % years % $ 47,844, % 20, % Total 69, % $ 20,138,704, % 8,775, % Appendix Stratification Analysis of Fovissste s 4 Portfolio Below we present a stratification analysis of the collection rights on Fovissste s portfolio as of March 31 st (collection rights on Fovissste s portfolio) Loan Denomination Average Interest Rate Stratification Analysis Fovissste Portfolio By Loan Denomination Fovissste VSM (real rate) 5.38% 7, % $ 2,924,088, % 1,274, % Total 7, % $ 2,924,088, % 1,274, % Worker's Salary By Worker's Salary < 3.5 VSM % $ 3,750, % 1, % VSM 4, % $ 1,784,746, % 777, % > 4.51 VSM 3, % $ 1,135,592, % 494, % Total 7, % $ 2,924,088, % 1,274, % Interest Rate By Interest Rate in VSM 5% VSM 4, % $ 1,525,409, % 664, % 5.5% VSM 1, % $ 556,762, % 242, % 6% VSM 2, % $ 841,917, % 366, % Total 7, % $ 2,924,088, % 1,274, % 4 Fovissste s portfolio represents, through trust certificates, the collection rights on the listed mortgage loan portfolio. 24 PAGE