EARNINGS REPORT 3Q18. 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 3Q18 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 an Earnings per Share ( EPS ) of Ps. $0.549 per CBFI during the 3Q18, an increase of 1.4 cents compared to the 3Q17 Mexico City, Mexico, October 26 th, Banco Invex, S.A., Institución de Banca Múltiple, Grupo Financiero Invex or Fideicomiso Hipotecario ("FHipo") (BMV: FHIPO), announces the third quarter results concluding September 30 th, 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 3 rd quarter of 2018 FHipo s net income per CBFI ( EPS ) during the third quarter of 2018 ( 3Q18 ) reached Ps. $0.549, an increase of 2.7% compared to the Ps. $0.535 reported in the third quarter of 2017 ( 3Q17 ), result that we consider encouraging in a macroeconomic environment of rising interest rates. During the 3Q18, FHipo s management team proposed an update to FHipo s Distribution Policy, approved by the Technical Committee, in order to improve the performance of its CBFIs, according to the following: o The quarterly distribution ( Distribution ) will be calculated as follows: 95.0% of the net income corresponding to the last quarter reported, minus the amount used by FHipo to make share buybacks on Account of the Distribution, since the last Distribution paid and up to the date of calculation, that is, the date on which the press release of the Distribution to be carried out is published, in the understanding that at all times the Distribution to be paid must be greater than or equal to 30.0% of the net income corresponding to the last quarter reported. During the 3Q18, FHipo carried out a Short-term Bond for a total amount of Ps $300.0 million, with ticker symbol "FHIPO 00218", which was issued with solely a 50 basis points ( bps ) spread above TIIE. Moreover, we withdrew Ps. $450.0 millions through our warehousing facility with the IFC and Ps. $610.0 million through our warehousing facility with NAFIN, resources that were used for the acquisition and origination of mortgage loans. Our return on equity ( ROE ) reached 8.7% in the 3Q18, a 30 bps increase compared with the 8.4% reported during the 3Q17, as a result of the key strategies carried out during the past quarters by our management team, including the (i) execution of our share buyback program, (ii) the reduction of our debt cost, and (iii) the acquisition of accretive assets. As of the 3Q18 we account for an outstanding loan balance of Ps. $31,266.7 million, considering our securitized portfolio and collection rights ( Consolidated Portfolio ), an increase of 21.6% compared to the Ps. $25,702.2 million reported in the 3Q17. With the objective of preserving the stability of our shares and generating greater value to our CBFI holders, we have continued to make use of our share buyback program during the current year. As of quarters end we maintain 414,555,606 CBFIs outstanding, having repurchased 54,959,394 CBFIs through our buyback program. As of the end of the 3Q18, we maintained a consolidated debt to equity ratio of 2.2x, considering FHipo s on and off balance debt, which considers the equity residuals from our securitization transactions (CDVITOT 13U, CDVITOT 14U, CDVITOT 15U and FHIPOCB 17U). 1 PAGE

3 The distribution 1 per CBFI (at 95% of net income), subject to our current Distribution Policy, during 3Q18 resulted in Ps. $0.522, considering 414,555,606 shares outstanding as of September 30 th, 2018, an increase of 2.7% compared to the Ps. $0.508 reported in 3Q17. The increase, driven by our team s proactivity, is product of the efforts to manage a business plan focused on generating long term value. As of September 30 th, 2018, our non-performing loans ( NPLs ) portfolio represented 1.27% of the Consolidated Portfolio, remaining as one of the lowest in the sector. As of quarter s end, we maintain an accumulated allowance for loan losses coverage on non-performing loans of 1.24x (times) and on expected loss of 2.45x, coverages that we consider healthy. Summary of Key Financial Metrics Quarter to Quarter Year to date Figures are presented according to each metric (%, $) 3Q18 3Q17 3Q18 3Q17 Financial Margin and Interest Revenues Financial Margin - "interest revenue - interest expense / total interest revenue" 42.6% 37.6% 43.2% 55.6% Net Interest Margin (NIM) (1) - "total revenues, net / average net mortgage loans" 5.4% 6.4% 5.7% 6.3% Efficiency Metrics Efficiency Ratio - "total expenses / total revenue" 35.5% 33.5% 34.2% 31.9% Total Expenses / Gross Income 17.0% 18.2% 17.3% 17.6% Allowance for loan Losses / Total Mortgage Loans (2) 1.39% 1.56% 1.39% 1.56% Returns and Profits Earnings per CBFI (EPS) (3) - "net income / number of CBFIs" $0.549 $0.535 $1.710 $1.659 Return on Assets (ROA) (1)(4) - "net income / total assets" 3.5% 4.2% 3.7% 4.3% Return on Equity (ROE) (1)(5) - "net income / total equity" 8.7% 8.4% 8.9% 8.5% Other Metrics Non-performing Loans / Net Portfolio 1.04% 1.13% 1.04% 1.13% 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. 1 The distribution to be paid may be adjusted by buybacks of FHIPO CBFIs, and will be announced through the press release regarding FHipo s 3Q18 distribution. FHipo s Distribution Policy was updated on July 26 th, 2018 by FHipo s Technical Committee. 2 PAGE

4 Message from the Chief Executive Officer Dear Investors, I am pleased to inform you that even within a challenging macroeconomic context in Mexico, driven by the uncertainty generated by the recent NAFTA renegotiation, market volatility, and the upcoming government alternation, we have concluded the third quarter of the year in line with our estimates. During the third quarter, FHipo s Technical Committee approved the modification of the Trust s Distribution Policy, with which the Advisor and Manager will have the capability to instruct FHipo to buyback FHIPO 14 certificates with a portion of the net income generated by the trust, as long as the certificates are trading below 0.90x (times) book value and considering that the quarterly distributions may never be less than 30% of the net income reported. This update was proposed since we consider that the performance of FHipo s shares during the last quarters do not reflect the company s fundamentals, which continue to be attractive. Therefore, our management team opted for a strategy focused on FHipo s the long term growth. The updated Distribution Policy will continue generating greater value to FHipo s long term CBFI holders. In the 3Q18, FHipo achieved consistent results, in line with our objectives. We have continued to reduce our exposure toward operational and market risks, solely focusing on the growth and quality of our portfolio, which has performed better than expected. Our non-performing loan ratio closed the quarter at 1.27%; continuing to be one of the lowest ratios in the sector, showing certainty in our eligibility criteria and conviction in our execution abilities. Furthermore, our efforts to renegotiate the margin of our debt costs at variable rates continue, as of today we have been able to significantly reduce the spread of various financial structures, ensuring an efficient balance sheet structure for the medium and long term. Regarding our motgage portfolio, I would like to emphasize the 21.6% expansion of our Consolidated Portfolio year-overyear, increasing from Ps. $25,702.2 million to Ps. $31,266.7 million, thus reaching a consolidated leverage ratio of 2.2x debt to equity. With respect to the profitability, our EPS increased 1.4 cents compared to the 3Q17, achieving Ps. $0.549 per CBFI and a ROE of 8.7% during the 3Q18. The latter shows a consistent quarterly increase from the 3Q16 to date, from an EPS of Ps. $0.500 during the 3Q16 to Ps. $0.549 as of the 3Q18, representing a 4.9 cents increase during the past 24 months. I m convinced that FHipo, even in a challenging economic environment, will demonstrate its ability to generate attractive returns for its investors. We will continue to take advantage of the opportunities within the Mexican mortgage market, maintaining our attention on borrowers with an attractive risk-return profile. Daniel Braatz CEO 3 PAGE

5 Our participation with Infonavit On August 13, 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 currently there are 5 financial institutions participating. 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. 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% 2 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 mitigation. On September 3, 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. 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. Our participartion with Smart Lending Smart Lending Tech, S.A.P.I. de C.V. ("Smart Lending") is a newly created tecnological platform, whose only activity is to penetrate the mortgage market in Mexico through the origination of loans with a mortgage guarantee through a fully automated, dynamic and accurate experience. Smart Lending plans to grant mortgage loans to the formal highincome Mexican sector, which differs from the sector s targeted by Infonavit and Fovissste, this with the objective of participating in a new income segment and at the same time mitigating credit risk. As part of our growth strategy, on March 1 st, 2018, FHipo and Smart Lending initiated a strategic alliance, through which Smart Lending will transfer the collection rights on mortgage loans originated by Smart Lending to FHipo. FHipo, in exchange for the collection rights of the loans, will provide resources for the funding of the mortgages, provided that they comply with FHipo s Investment Guidelines, the funding will be allocated from time to time, for up to Ps. $1,500.0 million. Derived from this strategic alliance, FHipo will benefit from expanding its origination pipeline and diversifying its mortgage offer. This will allow FHipo to diversify risk, access new market opportunities and continue contributing to the growth of the Mexican mortgage market. 2 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) 3Q18 3Q17 Variation % Var 3Q18 3Q17 REVENUES Total net interest income $654,491 $373,040 $281, % $1,822,253 $1,573,279 Financing interest expenses ($375,420) ($232,771) ($142,649) 61.3% ($1,034,955) ($698,122) (-) Allowance for loan losses ($10,160) ($59,433) $49,273 (82.9%) ($22,306) ($154,072) Financial margin adjusted by credit risks $268,911 $80,836 $188, % $764,992 $721,085 Valuation of receivable benefits in secur. transactions 84, ,485 (181,482) (68.4%) 312, ,366 TOTAL REVENUES, NET 352, ,321 6, % 1,077,872 1,048,451 TOTAL EXPENSES (125,215) (116,125) (9,090) 7.8% (369,070) (334,210) NET INCOME $227,699 $230,196 ($2,497) (1.1%) $708,802 $714,241 NET INCOME PER CBFI $0.549 $0.535 $ % $1.710 $1.659 Interest Income amounted to Ps. $654.5 million in the 3Q18, while in the 3Q17 amounted to Ps. $373.0 million, an increase of 75.4%, the variation is mainly due to: i) the result of the growth in the mortgage portfolio during that period, and ii) the accounting effect by the securitization of certain assets during the 3T17, when registering such revenues as part of the account "Valuation of Benefits to be received in securitization operations. 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. Valuation of Receivable Benefits in Securitization Transactions is determined based on the fair value of the equity residuals of our securitizations, valued on the income approach, generating a profit of Ps. $84.0 million, a decrease of 68.4% in comparison with the Ps. $265.5 million reported in the 3Q17. The previous as a result in particular to the securitization FHIPOCB 17U and the acquisition of certain portion of the CDVITOT 13U and CDVITOT 14U equity residuals. Currently we maintain 4 fiduciary equity residuals (CDVITOT 13U, CDVITOT 14U, CDVITOT 15U and FHIPO 17U).As detailed in the following graph, total revenues increased 15.7%, from Ps. $638.5 million in the 3Q17 to Ps. $738.5 million in 3Q18. Total Revenue 3Q18 Ps. $738.5 million Total Revenue 3Q17 Ps. $638.5 million Revenue Breakdown 3Q17 $14.2 Interests on loans $265.4 Investment income $358.9 Valuation of Receivable Benefits in Securitization Transactions 6 PAGE

8 Interest Expense amounted to Ps. $375.4 million in the 3Q18, an increase of 61.3% in comparison with the Ps. $232.8 million registered in 3Q17. FHipo s financing interest expense has increased during the past quarters due to our leverage strategy, which results in a larger Consolidated Portfolio and a more robust balance sheet. Financial Margin reached Ps. $268.9 million in 3Q18, a increase of 232.7% when compared to the Ps. $80.8 million reached in 3Q17. The variation is mainly a result of the accounting effect originated by the securitization FHIPOCB 17U transaction (securitized during the 3Q17), since the interest and indexation income of the securitized portfolio are considered as part of the valuation of the equity residuals, which is presented after FHipo s financial margin. Allowance for Loan Losses recognized in the income statement reached Ps. $10.2 million in the 3Q18, a 82.9% decrease compared to Ps. $59.4 million reported in 3Q17. FHipo estimates its allowance for loan losses based on expected loss methodology. The allowance for loan losses registered in the Balance Sheet as of September 30 th, 2018 resulted in Ps. $312.6 million, representing 1.39% of our on-balance portfolio. Advisory, Administration, and Servicing Expenses amounted to Ps. $100.0 million during 3Q18, increasing 10.5% in comparison with the Ps. $90.5 million registered in the 3Q17. These fees are determined based on portfolio balance and invested resources in the portfolio, thus, the historic increase is directly proportional to the scale of our portfolio. These expenses represent the advisory, administration and collection services received from the Infonavit and CH Asset Management ( Advisor and Manager ) during the quarter. Net Income decreased 1.1% in comparison with the same quarter of the previous year, reaching Ps. $227.7 million in 3Q18 compared with Ps. $230.2 million in 3Q17. Therefore, our earnings per share of the 3Q18 reached Ps. $0.549 in comparison with Ps. $0.535 registered in 3Q17, a 2.7% increase due to the efficiency strategies implemented during the year. The following charts show the variation of our EPS quarter over quarter, as well as the development of the allowance for loan losses in comparison with our on-balance mortgage portfolio. 7 PAGE

9 Balance Sheet Earnings Report 3Q18 (In Thousands of Mexican Pesos) 3Q18 3Q17 Variation % Var ASSETS Cash equivalents and debt securities $1,622,749 $748,119 $874, % Loans, net 22,215,214 18,660,338 3,554, % Collection Rights, net 107, ,964 (366) (0.3%) Receivable benefits in securitization transactions 3,003,337 2,233, , % Derivative financial instruments 102,551 83,001 19, % Accounts receivables and other assets 733, , , % TOTAL ASSETS $27,785,349 $22,349,721 $5,435, % LIABILITIES AND EQUITY TOTAL LIABILITIES $17,039,715 $11,337,848 $5,701, % TOTAL EQUITY 10,745,634 11,011,873 (266,239) (2.4%) % TOTAL LIABILITIES AND EQUITY $27,785,349 $22,349,721 $5,435, % Total Assets as of September 30 th, 2018 amounted to Ps. $27,785.3 million, an increase of 24.3% over the Ps. $22,349.7 million registered in 3Q17. FHipo s assets have increased primarily through the development of our leverage structures. Our total assets are mainly comprised of: i) cash equivalents of Ps. $1,622.7 million, representing 5.8% of the total assets; ii) net loan portfolio amounting to Ps. $22,215.2 million, representing 80.0% of our total assets; and iii) the receivable benefits in securitization transactions, which amount to Ps. $3,003.3 million and represent 10.8% of FHipo s total assets. Loan Portfolio on-balance as of 3Q18 is composed by 62,084 loans, with an outstanding principal balance of Ps. $22,215.2 million, an increase of 19.1% in comparison with the Ps. $18,660.3 million reported in 3Q17. Such portfolio considers 9 loans originated through Smart Lending, accounting for Ps. $41.4millon. This origination platform will not represent a relevant percentage of our short term origination, but we estimate that it should begin to display higher volumes in the medium and long term. During 3Q18, FHipo acquired mortgage loans amounting to Ps. $1,670.0 million, received principal amortizations of Ps. $470.5 million, reaching a net outstanding balance of Ps. $22,064.3 million; furthermore, as of September 30 th, 2018 the accrued interest receivable amounted to Ps. $435.7 million, and by including the indexation of VSM denominated loans for the 3Q18 and reducing the allowance for loan losses, results in a net mortgage portfolio of Ps. $22,215.2 million. Collection Rights on Fovissste s portfolio resulted in Ps. $107.6 million as of 3Q18, net of allowance for loan losses, a decrease of 0.3% in comparison with Ps. $108.0 reported in 3Q17. This is mainly due to the natural amortization process of the assets. Receivable Benefits in Securitization Transactions of the equity residuals, as of 3Q18 have a value of Ps. $3, million, the same that increased 34.5% with respect to the Ps. $2,233.6 million registered in the 3Q17, mainly due to the acquisition of a certain portion of the equity residuals of CDVITOT 13U and CDVITOT 14U during the 4Q17. The equity residuals are valued in accordance with IFRS at fair value. 8 PAGE

10 In consolidated terms, considering the securitized portfolio and the collection rights on Fovissste s portfolio, FHipo s mortgage portfolio as of 3Q18 consists of 111,611 loans for a total value of Ps. $31,266.7 million, considering the outstanding portfolio balance, excluding accrued interest and indexation on loans denominated in times minimum wage ( VSM ), a 21.6% increase in comparison with Ps. $25,702.2 million registered as of 3Q17. 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. $31, , % (nominal) 9.51% (real) 10.84% (nominal) 5.37% (real) 1.27% Non-Current Portfolio in consolidated terms represents 1.27% of the Consolidated Portfolio. The consolidated noncurrent portfolio has remained below our long-term estimated loss, this is a result of our well designed diversification strategy and mortgage origination. At a balance sheet level, FHipo's non-performing loans, including over due interest, represent 1.04% or Ps. $232.0 million, compared to 1.13% in 3Q17. Allowance for Loan Losses reached Ps. $312.6 million as of 3Q18, determined by the estimated loss methodology in accordance with IFRS, an increase of Ps. $17.8 million in comparison with Ps. $294.8 million registered in 3Q17, 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 portfolio that has fallen into default; the allowance corresponds to the expected loss for 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. Other Receivables as of 3Q18 amounted to Ps. $733.9 million, an increase of Ps. $217.2 million compared to the Ps. $516.7 million registered in 3Q17. Other receivables registered at the end of the 3Q18 are mainly composed of the collection effectively realized from Infonavit, which has not yet been transferred to the trust, and pending reimbursement to FHipo. Total Liabilities as of 3Q18 were Ps. $17,039.7 million, and show an increase of Ps. $5,701.9 million compared to the Ps. $11,337.8 million registered as of 3Q17. The increase is due to the execution of our leverage strategy. Total Equity reached Ps. $10,745.6 million, a 2.4% decrease in comparison with the Ps. $11,011.9 million reported in 3Q17, the decrease is mainly due to the acquisition of FHIPO 14 CBFIs made during the last twelve months, through our share buy-back program. Total Equity consists of the amount obtained from our Global Equity Offerings, net of issuance costs and accumulated earnings, and other comprehensive income, minus acquisitions of CBFIs and distributions paid to investors. The following graphs display the development of our leverage strategy, the behavior of our non-performing portfolio and certain financial ratios. 3 Consolidated figure consider Infonavit s portfolio and the collection rights on Fovissste s portfolio on and off balance. 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 Development of our on-balance Leverage Strategy (1) Debt/Equityde 2.2x considering off-balance leverage. 10 PAGE

12 Stable levels of NPLs with conservative allowance for loan losses Credit Reserve Coverage on Consolidated Portfolio Expected Loss Coverage (1) = 2.45x NPLs Portfolio Coverage = 1.24x 1.58% 1.58% 0.64% 0.64% 1.27% 1.27% Expected Loss Expected Loss Coverage NPLs NPL Coverage (1) Considers weighed severity of FHipo s consolidated portfolio of 47.6%, consolidated NPL s of Ps. $396.1 million. Performance of our Key Financial Ratios 11 PAGE

13 Consolidated Portfolio Composition The following table details FHipo s Consolidated Portfolio as of September 30 th, FHipo - Consolidated Portfolio Total Balance (FHipo's Participation) Ps. $31,267 M (1) Total Loans 111,611 Average co-participated loan balance by Mortgage Loan Ps. $280,143 Loan-to-Value at Origination (LTV) (2) 77.16% Payment-to-Income (PTI) (2) 24.14% Current Portfolio 98.73% (Default = 1.27%) By Mortgage Origination Program Infonavit Total (IT) Portfolio Balance IT (VSM (3) and Pesos) Loans IT (VSM and Pesos) 76,535 Portfolio Balance - IT VSM (3) Average Interest Rate - IT VSM (2)(3) Portfolio Balance - IT Pesos Average Interest Rate - IT Pesos Infonavit Más Crédito (IMC) Portfolio Balance IMC Loans 27,915 Average Interest Rate (2) Fovissste Portfolio Balance Fovissste (3) Loans 7,152 (2) (3) Average Interest Rate 5.37% Smart Lending Portfolio Balance Smart Lending Loans 9 Ps. $14,144 M Ps. $7,350 M 9.51% in VSM Ps. $6,794 M 12.00% (Nominal) Ps. $14,258 M 10.84% (Nominal) Ps. $2,824 M in VSM Ps. $41 M Total Annual Cost (TAC) of the mortgage guarantee (2)(4) 13.12% Earnings Report 3Q18 Note: Consolidated figures consider Infonavit s portfolio and Fovissste s and Smart Lending s collection rights portfolio (on and off balance). (1) Refers to FHipo s outstanding portfolio balance, excluding accrued interest and indexation on loans denominated in times minimum wage (VSM). As of September 30 th, 2018, FHipo co-participants 62% (weighted average) of each mortgage loan. (2) Weighted average by Total Balance. (3) VSM denominated loans are indexed to the lower between the increase in the minimum wage and the increase in the UMA. (4) 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). 12 PAGE

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15 Estado de México Nuevo León Jalisco Coahuila Guanajuato Veracruz Baja California Querétaro Chihuahua Tamaulipas Distrito Federal Hidalgo Puebla Quintana Roo Sonora Otros Earnings Report 3Q18 Consolidated Portfolio characteristics 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) 38.0% 18.2% 27.2% 16.6% 65 % % % 85-95% 26.3% 5.2% 20.9% < % 6.5% % 11.3% > 10.0 Distribution by Total Balance (1) on and off balance (as % of total consolidated portfolio loan balance) Distribution by origination program (as % of total consolidated portfolio loan balance) 45.5% Total Loan Balance Ps. $31,267 M 70.9% 15.0% 14.1% CDVITOT (13U, 14U y 15U) FHIPOCB 17U On Balance Portfolio 21.7% 23.5% 0.3% 9.0% Infonavit Total VSM Infonavit Total Pesos Infonavit Más Crédito Fovissste Smart Lending Geographic distribution of the portfolio (as % of total loans within consolidated portfolio) 21.5% Distribution by Interest Rate (Real vs. Nominal) (as % of total consolidated portfolio loan balance) 13.6% 10.9% 6.6% 5.1% 5.1% 5.1% 4.6% 4.4% 4.2% 3.6% 3.4% 3.1% 3.0% 2.9% 2.9% 32.5% Loans denominated in Real Terms Loans denominated in Nominal Terms + - Concentration Level 67.5% (1) VSM denominated loans are indexed to the lower between the increase in the minimum wage and the increase in the UMA. 14 PAGE

16 Estimated Distribution to Holders During the 3Q18, FHipo s management team proposed the update of its Distribution Policy, approved by the Technical Committee, in order to improve the performance of our CBFIs, according to the following: o The quarterly distribution ( Distribution ) will be calculated as follows: 95.0% of the net income corresponding to the last quarter reported, minus the amount used by FHipo to make share buybacks on Account of the Distribution, since the last Distribution paid and up to the date of calculation, that is, the date on which the press release of the Distribution to be carried out is published, in the understanding that at all times the Distribution to be paid must be greater than or equal to 30.0% of the net income corresponding to the last quarter reported. As a result of the updated Distribution Policy, on August 27 th, 2018, FHipo made the distribution of 30.4% of the net income obtained during the 2Q18 amounting to Ps. $0.181 per CBFI. The 95% of the Net Income of the 3Q18 represents Ps. $216.3 million, divided by the outstanding CBFIs as of October 26 th, 2018 (this report s publication date) results in a distribution, subject to the current Distribution Policy, per CBFI of Ps. $ Estimated distribution (1) and yield on the issuance price of the CBFI at 3Q18 FHipo s estimated Distribution and Yield 3Q18 EPS (Ps./CBFI) (2) $0.549 Issuance Price - IPO (Ps.) $25.00 Outstanding CBFIs as of 3Q18 414,555,606 Period: 3Q18 Distribution, subject to the current Distribution Policy 95%) Ps. $216.3 million Distribution (1) per CBFI as of 3Q18, subject to the current Distribution Policy Ps. $0.522 Yield at 3Q18 on price of IPO Price 8.54% (3) 1) The distribution is based on the current Distribution Policy, modified by the Technical Committee on July 26th, The final distribution to be paid, adjusted, if so, by any share buyback, will be announced through FHipo s 3Q18 Distribution press release. 2) Net Income / CBFIs outstanding. 3) Annualized return, considering 92operation effective days during the 3Q PAGE

17 Performance of our Earnings per Share (EPS) Leverage Funding Structures Below the main characteristics of all our funding structures that we maintain as of September 30 th, 2018 (figures in millions 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 - $1,600 (1) Financial Duration: 2021 CDVITOT 14U Securitization UDIBONO 2018 (1.30%) +119 bps - $819 (1) Financial Duration: 2020 CDVITOT 13U Securitization UDIBONO 2017 (1.54%) +192 bps - $1,127 (1) Financial Duration: 2019 FHIPOCB 17U Securitization UDIBONO 2025 (3.11%) +102 bps - $3,251 (1) 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 Short-Term Bond FHIPO Unsecured Bond TIIE bps - $300 August 2018 Credit Facility Banorte Warehousing Line TIIE bps $7,000 $0 Legal Term: 2025 (Revolving) Credit Facility IDB Warehousing Line TIIE bps $1,397 $1, (Revolving) Credit Facility HSBC Warehousing Line TIIE bps $5,000 $5,000 Legal Term: 2050 (Revolving) Credit Facility NAFIN Warehousing Line TIIE bps $5,000 $3,130 Legal Term: 2050 (Revolving) Credit Facility IFC Warehousing Line TIIE bps $2,000 $2,000 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) Outstanding Balance. 16 PAGE

18 Leverage Ratio and Debt Service Coverage Ratio (1) Earnings Report 3Q18 FHipo s leverage and debt to equity ratio as of September 30 th, 2018 was the following (in millions of pesos): (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 3Q18. Our leverage ratio (Total Assets/Equity Securities) was of 2.68x. 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 (~3.5x Assets/Equity). Furthermore, as of the end of the 3Q18, our debt service coverage ratio was of 3.04x, within the regulatory limit. Our risk team constantly assesses the limits and guidelines with which we must comply in accordance with the CNBV. 17 PAGE

19 Relevant Events during the 3Q18 FHipo updates its Distribution Policy (July 26 th, de 2018) - FHipo announces, that its Technical Committee, in use of its faculties foreseen in the Trust agreement, approved modifications to FHipo s Distribution Policy. The quarterly distribution ( Distribution ) will be calculated as follows: 95.0% of the net income corresponding to the last quarter reported, minus the amount used by FHipo to make share buybacks on Account of the Distribution, since the last Distribution paid and up to the date of calculation, that is, the date on which the press release of the Distribution to be carried out is published, in the understanding that at all times the Distribution to be paid must be greater than or equal to 30.0% of the net income corresponding to the last quarter reported. FHipo announces the acquisition of Certificados Bursátiles Fiduciarios Inmobiliarios FHIPO 14 (August 2 nd, 2018) - FHipo announces to the general public, in terms with the share buyback program approved by the Ordinary Holders' Meeting on March 13 th 2018, the acquisition of 4,040,900 FHIPO 14 CBFIs at a weighted average price of Ps. $ FHipo announces the acquisition of Certificados Bursátiles Fiduciarios Inmobiliarios FHIPO 14 (August 3 rd, 2018) - FHipo announces to the general public, in terms with the share buyback program approved by the Ordinary Holders' Meeting on March 13 th 2018, the acquisition of 4,150,000 FHIPO 14 CBFIs at a weighted average price of Ps. $ FHipo announces the acquisition of Certificados Bursátiles Fiduciarios Inmobiliarios FHIPO 14 (August 6 th, 2018) - FHipo announces to the general public, in terms with the share buyback program approved by the Ordinary Holders' Meeting on March 13 th 2018, the acquisition of 850,000 FHIPO 14 CBFIs at a weighted average price of Ps. $ FHipo informs that on August 27 th, 2018, the distribution corresponding to the 2Q18 will take place (August 16 th, 2018) - FHipo informs that on August 27 th, 2018 the distribution of $ pesos per CBFI will take place. FHipo certificates will commence trading ex-dividend on August 23 nd, This distribution corresponds to the second quarter of 2018 and it is 100% (hundred percent) interest distribution. FHipo announces a public offering of short-term CBFs for a total amount of Ps. $300 million (August 23 th, 2018) - FHipo announces a public offering of Short-Term Certificados Bursátiles Fiduciarios (CBFs) for a total amount of Ps. $300 million (three hundred million pesos 00/100), with ticker symbol FHIPO This offering corresponds to the sixth issuance of Short-Term CBFs issued by FHipo under a dual program approved by the National Banking and Securities Commission (or CNBV) on March 31 st, The certificates were placed at a 364 day term and at an interest rate equivalent to the Interbank EquilibriumInterest Rate (or TIIE28) plus a 50 basis point spread. In the offering, Casa de Bolsa Banorte Ixe, S.A. de C.V., Grupo Financiero Banorte and HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC acted as bookrunners of the offering. 18 PAGE

20 Assemblies and Committees held during the 3Q18 Assemblies and Committees held during the 3Q18 Fifteenth Ordinary Session of the Audit Committee July 25 th, 2018 Eighteenth Ordinary Session of the Technical Committee July 26 th, 2018 Ordinary Holders Assembly August 10 th, 2018 Ordinary Holders Assembly August 24 th, 2018 Sixteenth Ordinary Session of the Audit Committee October 24 th, 2018 Nineteenth Ordinary Session of the Technical Committee October 25 th, 2018 Analysts Coverage 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 Morgan Stanley Nikolaj Lippman Equal-weight Ps. $25.0 Nau-Securities Iñigo Vega Fairly Valued Ps. $26.7 Santander Cecilia Jimenez Hold Ps. $20.0 About FHipo 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 CH Asset Management 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. 19 PAGE

21 Our Committees as of 3Q18 Technical Committee Non-independent members Daniel M. Braatz Zamudio J. Jesús Gómez Dorantes Alfredo Vara Alonso 4 Independent Members Daniel Reséndiz 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. 4 It is important to note that since February 17, 2017, Alfredo Vara Alonso has not participated in the Technical Committee derived from his appointment as Chief Executive Officer of the National Bank of Public Works and Services (Banco Nacional de Obras y Servicios Públicos, S.N.C.). As of this date, the functions and position of Chief Executive Officer have been performed by Daniel Michael Braatz Zamudio, in turn, the functions and position of Finance Director have been appointed and performed by Ignacio Gutiérrez Sainz. The foregoing was communicated in the relevant event dated February 17, PAGE

22 Conference Call with Investors FHipo will hold its conference call with investors on October 29 th, 2018 at 8:00 a.m. Mexico City Time (10:00 a.m. EST), to discuss the financial results of the 3Q18. 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. 21 PAGE

23 Appendix Balance Sheet FIDEICOMISO F/2061 FHipo Statements of Financial Position (In Thousands of Mexican Pesos) 3Q18 3Q17 Variation % Var ASSETS Cash and cash equivalents $1,622,656 $747,965 $874, % Debt securities (61) (39.6%) Current loans 21,841,612 18,389,353 3,452, % Past due loans 222, ,280 21, % Accrued interest 435, , , % Indexation on mortgage loans 27,806 43,695 (15,889) (36.4%) Allowance for loan losses (312,647) (294,839) (17,808) 6.0% Loans, net 22,215,214 18,660,338 3,554, % Collection rights, net 107, ,964 (366) (0.3%) Receivable benefits in securitization transactions 3,003,337 2,233, , % Derivative financial instruments 102,551 83,001 19, % Accounts receivables and other assets 733, , , % TOTAL ASSETS $27,785,349 $22,349,721 $5,435, % LIABILITIES Accounts payables and accrued expenses $209,214 $271,025 ($61,811) (22.8%) Notes/securities payable 5,212,267 4,396, , % Borrowings 11,618,234 6,670,300 4,947, % TOTAL LIABILITIES $17,039,715 $11,337,848 $5,701, % EQUITY Common stock, net $10,103,592 $10,593,560 ($489,968) (4.6%) Other comprehensive income $102,552 $83,005 $19, % Retained earnings 539, , , % TOTAL EQUITY $10,745,634 $11,011,873 ($266,239) (2.4%) TOTAL LIABILITIES AND EQUITY $27,785,349 $22,349,721 $5,435, % 22 PAGE

24 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 3Q18 3Q17 Variation % Var 3Q18 3Q17 Interests on mortgage loans $629,819 $358,889 $270, % $1,754,192 $1,528,550 Investment income 24,672 14,151 10, % 68,061 44,729 Total net interest income 654, , , % 1,822,253 1,573,279 Financing interest expenses (375,420) (232,771) (142,649) 61.3% (1,034,955) (698,122) Financial margin 279, , , % 787, ,157 (-) Allowance for loan losses (10,160) (59,433) 49,273 (82.9%) (22,306) (154,072) Financial margin adjusted for credit risks 268,911 80, , % 764, ,085 Valuation of receivable benefits in securitization transactions 84, ,485 (181,482) (68.4%) 312, ,366 TOTAL REVENUES, NET $352,914 $346,321 $6, % $1,077,872 $1,048,451 EXPENSES Management and collection fees (99,963) (90,494) (9,469) 10.5% (290,233) (268,433) Other administrative expenses (25,252) (25,631) 379 (1.5%) (78,837) (65,777) TOTAL EXPENSES (125,215) (116,125) (9,090) 7.8% (369,070) (334,210) NET INCOME $227,699 $230,196 ($2,497) (1.1%) $708,802 $714,241 NET INCOME PER CBFI $0.549 $0.535 $ % $1.710 $1.659 COMPREHENSIVE INCOME Net income $227,699 $230,196 ($2,497) (1.1%) $708,802 $714,241 Other comprehensive income 7,717 1,285 6, % (17,497) (47,649) TOTAL COMPREHENSIVE INCOME $235,416 $231,481 $3, % $691,305 $666, PAGE

25 Appendix Stratification Analysis of Infonavit s Portfolio Earnings Report 3Q18 Below we present a stratification analysis of Infonavit s on and off balance portfolio as of September 30 th, Loan Denomination Average Interest Rate By Loan Denomination Infonavi Total VSM (real rate) 9.51% 46, % $ 7,350,128, % 2,999, % Infonavit Total Pesos 12.00% 30, % $ 6,793,804, % 2,772, % Infonavit Mas Credito Pesos 10.84% 27, % $ 14,256,988, % 5,818, % Total 104, % $ 28,400,922, % 11,591, % Worker's Salary By Worker's Salary <= VSM 19, % $ 3,386,624, % 1,382, % VSM 18, % $ 3,364,909, % 1,373, % VSM 12, % $ 1,880,770, % 767, % VSM 12, % $ 2,044,825, % 834, % VSM 7, % $ 1,597,206, % 651, % VSM 5, % $ 1,459,636, % 595, % > VSM 29, % $ 14,666,949, % 5,985, % Total 104, % $ 28,400,922, % 11,591, % Interest Rate By Interest Rate in VSM 8.50% % $ 76,299, % 31, % 8.6% - 9.0% 8, % $ 1,230,612, % 502, % 9.1% % 28, % $ 4,112,023, % 1,678, % 9.6% % 8, % $ 1,931,193, % 788, % Total 46, % $ 7,350,128, % 2,999, % Months Past Due By Months Past Due 0 months 98, % $ 26,927,399, % 10,989, % < 91 days 4, % $ 1,111,182, % 453, % 91 days (W/out CDVITOT 13U y 14U) % $ 256,538, % 104, % 91 days (CDVITOT 13U y 14U) % $ 105,802, % 43, % Total 104, % $ 28,400,922, % 11,591, % Loan to Value (LTV) By Loan to Value (LTV) <= 65% 18, % $ 4,287,164, % 1,749, % 65% % 17, % $ 4,113,435, % 1,678, % 75% % 27, % $ 7,240,988, % 2,955, % 85% % 41, % $ 12,759,333, % 5,207, % Total 104, % $ 28,400,922, % 11,591, % Loan Regime By Loan Regime Ordinary Amortization Regime (ROA) 90, % $ 24,841,018, % 10,138, % Special Amortization Regime (REA) 10, % $ 2,730,334, % 1,114, % Extension 3, % $ 829,569, % 338, % Total 104, % $ 28,400,922, % 11,591, % Total Current Balance By Total Current Blanace Co-participated - VSM Less than or equal to 100 VSM 39, % $ 5,056,995, % 2,063, % VSM 5, % $ 1,816,184, % 741, % VSM % $ 340,618, % 139, % VSM % $ 115,947, % 47, % > 400 VSM % $ 20,382, % 8, % Total 46, % $ 7,350,128, % 2,999, % 24 PAGE

26 Total Current Balance By Total Current Balance Co-participated - Pesos < 200 thousand Ps. 24, % $ 3,958,818, % 1,615, % thousand Ps thousand Ps. 16, % $ 4,334,402, % 1,768, % thousand Ps thousand Ps. 7, % $ 3,863,177, % 1,576, % > thousand Ps. 10, % $ 8,894,394, % 3,630, % Total 58, % $ 21,050,793, % 8,591, % Worker's Age By Worker's Age (years) Less than or equal to 25 years 8, % $ 1,597,104, % 651, % years 22, % $ 4,317,069, % 1,761, % years 19, % $ 4,393,792, % 1,793, % years 16, % $ 4,720,097, % 1,926, % years 14, % $ 5,163,193, % 2,107, % years 12, % $ 4,439,947, % 1,812, % years 7, % $ 2,750,417, % 1,122, % years 3, % $ 962,168, % 392, % years % $ 57,130, % 23, % Total 104, % $ 28,400,922, % 11,591, % Appendix Stratification Analysis of Fovissste s Portfolio Below we present a stratification analysis of the collection rights on Fovissste s portfolio as of September 30 th, Loan Denomination Average Interest Rate By Loan Denomination Fovissste VSM (real rate) 5.37% 7, % $ 2,824,227, % 1,152, % Total 7, % $ 2,824,227, % 1,152, % Worker's Salary By Worker's Salary < 3.5 VSM % $ 3,163, % 1, % VSM 4, % $ 1,780,720, % 726, % > 4.51 VSM 2, % $ 1,040,343, % 424, % Total 7, % $ 2,824,227, % 1,152, % Interest Rate By Interest Rate in VSM 5% VSM 3, % $ 1,500,005, % 612, % 5.5% VSM 1, % $ 551,623, % 225, % 6% VSM 1, % $ 772,598, % 315, % Total 7, % $ 2,824,227, % 1,152, % Months Past Due By Months Past Due 0 months 6, % $ 2,738,417, % 1,117, % < 91 days % $ 52,074, % 21, % 91 days % $ 33,735, % 13, % Total 7, % $ 2,824,227, % 1,152, % Loan to Value (LTV) By Loan to Value (LTV) <= 65% 2, % $ 555,002, % 226, % 65% % 1, % $ 571,470, % 233, % 75% % 2, % $ 1,117,301, % 455, % 85% % 1, % $ 580,453, % 236, % Total 7, % $ 2,824,227, % 1,152, % 25 PAGE