2nd Quarter 2017 ResultsINVESTOR RELATIONS

Ignacio Gutiérrez / CFO ig@fhipo.com

Xavier Martínez / IRO xm@fhipo.com

inverstorrelations@fhipo.com

Ph: +52 (55) 4744-1100

www.fhipo.com

[ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT OF ANY CONFLICT, THE SPANISH TEXT SHALL PREVAIL]

Investment that Transforms

Index

2

Mexican mortgage market

Mortgage origination programs

Portfolio composition - 2Q17

Performance of our CBFIs - 2Q17

Financial results & key metrics

Risk assessment

Our outlook

Financial statements - 2Q17

Performance and achievements during the quarter

Leverage strategy

1. Performance and achievements during the quarter

Long Term Financing

June 2017

4

These were FHipo’s achievements during the 2nd quarter of 2017…

Short-Term Bond Issuance, achieving significant margin compression

Successful auction of the “Infonavit Más Crédito” (“IMC”) Program

Performance and Achievements during the 2Q17…

(figures in millions of pesos)

FHipo signed a revolving credit facility with the Inter-American Development Bank (IDB), through the Inter-American Investment Corporation (IIC)

(figures in millions of pesos)

Interest Rate

Amount

TIIE + 165 bps

Ps. $1,397 m

Term 6 years

(1) Total amount to be originated during the next 12 - 18 months.(2) Average interest rate on the first two short-term debt issuances (1st ST Bond: TIIE + 79 bps, 2nd ST Bond: TIIE + 70 bps).

Favorable development of our ROE in a challenging economic environment

4.8%

8.6% 9.0%

8.3%

11.3% 11.2%

8.7% 8.8% 8.6%

10.1%

8.3%

3.31%

7.21%

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Transitional Quarters TIIE

Follow-on Equity Offering

Source: FHipo Reports.

FHipo was assigned 37.5% of the Infonavit Más Crédito auction

IMC Program Interest Rate

10.90%

Amount Assigned to FHipo (1)

Ps. $6,000 m

Key figures of the Loan

With this credit facility, FHipo reaffirms its business plan, generating additional liquidity to the Mexican mortgage market and offering

more people the ability to own a home

Ps. $300 y $350 m

(TIIE + 75 bps )

1st y 2nd Short Term Issuance

April - May 2016

Ps. $500 m

(TIIE + 55 bps)

3rd Short Term Issuance

May 2017

Interest Rate

Term (days)

TIIE + 75 bps (2)

361 days

TIIE + 55 bps

364 days

75 bps (2) 55 bps

TIIE +

1st & 2nd Issuance 3rd Issuance

(20) bps

The margin over TIIE compressed significantly, between the first two issuances and the 3rd one

2. Mexican mortgage market

6

The population contributing to the Mexican Social Security Institute (IMSS) has increased steadily in recent years, while unemployment rate has remained low and continues its positive trend.

(1) Most loans denominated in Pesos have a fixed nominal interest rate of 12.0% (2) Assumes a VSM increase, equivalent to increase in UMA (Inflation).

Occupation, Employment and Mortgage Rates in Mexico

1.0%

3.0%

5.0%

7.0%

9.0%

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

Dec

-13

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

15,000

16,500

18,000

19,500

Insured Workers Unemployment

Progressive increase in the formal economy and downward unemployment tendency

(Insured workers in 000s and unemployment as % of Economically Active Population)

Source: IMSS and INEGI.

Behavior of the Mortgage Interest Rates (Private Sector)

(Average TAC of loans in fixed interest rate of Banks and Sofoles)

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

Jan

-17

May

-17

Nominal Interest Rate Real Interest RateSource: Bank of Mexico.

Interest Rate charged by Infonavit and Fovissste

(Interest rate charged depending on borrower’s income level)

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

1-1

.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

4.3

4.5

4.7

4.9

6.1

6.3

6.5

-10

Infonavit VSM Infonavit Pesos Fovissste VSM(1)(2) (2)

122,236 110,000 110,000 110,000 110,000 110,000

86,03685,000 85,000 88,000 90,000 90,000

24,72026,000 27,000 27,500 28,000 28,000

75,110 84,500 86,500 89,000 91,000 92,500

56,046 59,500 61,000 62,500 64,000 65,000

364,148 365,000 369,500 377,000 383,000 385,500

2016 2017 2018 2019 2020 2021

> than 10 VSM 5 to 10 VSM 4 to 5 VSM 2.6 to 4 VSM < than 2.6 VSM

7

Infonavit’s Mortgage Loan Origination

Infonavit’s mortgage loan origination 2016 - 2021

(number of loans, granted for the acquisition of a new or used home)

FHipo’s target sector

Number of mortgage loans originated from 2010 to 2015

Income Range in VSM

Evolution of beneficiaries who qualify for a mortgage loan (2008 - 2015)and % of those who request a loan

4,6684,442

4,746 4,7004,440

4,8825,031

5,242

10.6% 10.1% 10.0% 10.7%13.0%

13.7%

11.0%12.7%

5.00%

10.00%

15.00%

20.00%

25.00%

2008 2009 2010 2011 2012 2013 2014 2015

3,000

3,500

4,000

4,500

5,000

5,500

Beneficiaries who qualify Qualified beneficiaries who request a loan

(in 000s of beneficiaries)

Source: Infonavit (Financial Plan 2016 – 2020)

Number of Mortgage Loans originated 2010-2015

Origination Date

Type of HousingSubtotal Mejoravit Total

Annual

New Used Change %

2010 353 122 475 - 475 6.2%

2011 329 119 448 53 501 5.5%

2012 281 145 426 153 578 15.4%

2013 255 129 384 284 668 15.4%

2014 255 132 387 166 553 -17.1%

2015 238 122 360 260 620 12.1%

Source: Infonavit (Financial Plan 2016 – 2020)

Infonavit’s projected mortgage portfolio registered within its balance

(billions of pesos in mortgage loan portfolios, nominal values)

$1,172.5$1,259.3

$1,348.0

$1,441.8

$1,542.9

$1,649.7

2016 2017 2018 2019 2020 2021

Infonavit's total mortgage loan portfolio

Source: Infonavit (Financial Plan 2017 – 2021)

Source: Infonavit (Financial Plan 2017 – 2021)

(in 000s of loans)

Infonavit expects to originate ~376 thousand loans per year for the next five years (2017 to 2021), which translates in a CAGR (’16 – ’21) of 7.0%

58.6%

12.1%2.0%

1.7%5.6%

0.5%19.6%

Traditional Subsidy Pensioner 2Fovissste -Infonavit conjugal Alia 2 plus Support 2Support 2M

37

38

40

42

2016E 2017E 2018E 2019E

8

Fovissste expects to originate ~40 billion pesos worth of mortgages annually Distribution of Fovissste’s originated portfolio

During 2015, 58.6% of the loans originated by Fovissste were granted

through the traditional program

(amounts in billions of pesos)

Fovissste Loans: Projected Total Origination

Historic mortgage loan origination

FOVISSSTE aims to continue granting loans and satisfying the demand for credit for more than 100,000 (1) workers at the service of the State

Source: FOVISSSTE (Annual Activity Report 2015)

Source: FOVISSSTE (Annual Activity Report 2015)

Source: FOVISSSTE (Annual Activity Report 2015)

90.1

100.291.1

75.2

64.369.4

87.381.0

30.8

47.540.6

34.4 32.5 34.238.5 39.8

2008 2009 2010 2011 2012 2013 2014 2015

Originated loans in thousands Originated amount in billions of pesos

External Financing (TFOVI Issuances)

6.9

4.65.5

6.45.4 5.2

10.2

5.87.0

TFOVI13U

TFOVI13 2U

TFOVI13 3U

TFOVI14U

TFOVI14 2U

TFOVI14 3U

TFOVI15U

TFOVI15 2U

TFOVI16 U

Issued Amount Annual Average (2013-2015)

(amounts in billions of pesos)

Annual Average = 16.6

Source: BMV.

Fovissste’s Mortgage Loan Origination

2013 = 17.0 2014 = 17.0

2015 = 16.0

(1) Source: ISSSTE Statistical Yearbook 2015.

(amounts in billions of pesos)

2016 = 7.0

3. Mortgage origination programs

10

FHipo currently participates in the following mortgage origination programs:

Program Characteristics

Income Level 4.5 VSM onwards 3.5 VSM to 5.0 VSM 1.0 VSM onwards

Target Destination Home acquisition (guaranteed by a valid mortgage)

Borrower’s Age 18 - 64 years

Maximum Loan Amount

~ USD $101,740 (1) ~ USD $19,889 (1) ~ USD $101,995 (1) N/A

Interest Rate 8.50% - 10.00% (VSM) | 12.00% (Ps) 12.00% (Ps) 10.9% (interest rate is auctioned) 5.0% – 6.0% (VSM)

Term Up to 30 years

Maximum LTV at Origination

95% 90% 95% 95%

Maximum PTI at Origination

30% - 32% (2) 28% - 30% (2) N/A

Eligibility Criteria

Collection Collection through payroll deduction

Additional Program’s Criteria

The borrowers must have aminimum income of 4.5x VSM

The borrowers must have beenemployed for at least 2 years attheir current job

Loans originated by Infonavitbefore July 2014 are denominatedin VSM and the loans originatedsubsequent to that date aredenominated in Pesos

The borrowers must have a minimum income of 3.5x VSM and maximum of 5.0 VSM

The loans feature a first loss / credit insurance if they have an LTV greater than 50%

Borrowers must have settled its original loan 6 months beforehand, with a solid history of payment.

The borrowers must have been employed for at least 2 years at their current job

No more than 10% of the portfolio can have borrowers with an income level below 4 VSM.

Borrowers must have sustained an employment for al least 6 months

Mortgage loans have to be current, without non-payments, carryovers or in risk of extension

FOVISSSTE, sole and legitimate owner of the assigned loan portfolio

Source: Infonavit.

Note: VSM means times minimum wage, which is the index calculated by multiplying the current daily minimum wage (2017 - Ps$75.49) by the average number of days in a month, each year (30.4 days).(1) Assumes a FX MXN $18.0 per USD$.(2) 30%/28% if house does not have eco-technology, and 32%/30% for houses with eco-technology.

4. Portfolio composition - 2Q17As of June 30th, 2017

12

Summary of FHipo’s consolidated portfolio characteristics (Infonavit and Fovissste(1))

(loan balance as of June 30th, 2017)

Consolidated Portfolio Composition as of 2Q17

Note: Consolidated figures consider Infonavit’s on and off balance portfolio and the collection rights on Fovissste’s portfolio. 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 31st 2017, FHipo co-participates 68.1%

(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 UMA.

FHipo - Consolidated Portafolio (Infonavit and Fovissste (1) )

Total Balance (FHipo's Participation) Ps. $24,481 million (2)

Total Number of Loans: Infonavit and Fovissste (1) 79,796

Average Co-participated Loan Balance by Mortgage Loan Ps. $306,793 (2)

Loan-to-Value at Origination (LTV) (3) 76.10%

Payment-to-Income (PTI) (3) 24.72%

Current Portfolio 99.19% (682 non-performing loans)

By Mortgage Origination Program

Infonavit Total

Portfolio Balance (VSM (4) and Pesos) Ps. $12,677 million

Number of Loans (VSM (4) and Pesos) 54,373

Portfolio Balance denominated in VSM (4) Ps. $5,487 mill ion

Number of Loans denominated in VSM (4) 23,188

Average Interest Rate of loans denominated in VSM (3) (4) 9.57% in VSM

Portfolio Balance denominated in Pesos Ps. $7,190 mill ion

Number of Loans denominated in Pesos 31,185

Average Interest Rate of Loans denominated in Pesos 12.00% (Nominal)

Infonavit Más Crédito

Portfolio Balance Ps. $8,927 million

Number of Loans 18,065

Average Loan Interest Rate 10.80% (Nominal)

Fovissste (1)

Portfolio Balance denominated in VSM (4) Ps. $2,877 million

Number of Loans 7,358

Average Interest Rate of loans denominated in VSM (3) (4) 5.38% in VSM

13

Infonavit’s and Fovissste’s mortgage portfolio characteristics

(as % of total loans within Infonavit’s VSM portfolio)(as % of total loans within Infonavit’s portfolio)

Infonavit’s mortgage portfolio characteristics (Infonavit Total and Más Crédito)

Distribution by borrower’s salary in VSM at loan origination date Distribution by interest rate in VSM (1)

(as % of total loans within Fovissste’s VSM portfolio)(as % of total loans within Fovissste’s portfolio)

Fovissste’s(2) mortgage portfolio characteristics

Distribution by borrower’s salary in VSM at loan origination date Distribution by interest rate in VSM (1)

(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.

Infonavit Total Pesos – 12.0% nominalInfonavit Más Crédito – 10.8% nominal

26.1%

17.9%

5.4%5.4%5.3%

4.6%

35.3%< 4.5

4.5 - 6.0

6.0 - 7.0

7.0 - 7.9

8.0 - 8.9

9.0 - 9.9

> 10.0

2.1%

23.4%

46.5%

28.0%

8.50% 8.6% - 9.0% 9.1% - 9.5% 9.6% - 10.0%

54.6%

17.2%

28.2%

5.00% 5.50% 6.00%

0.3%

57.9%

41.8%< 3.5

3.51 - 4.5

> 4.51

Distribution by Loan-to-Value (LTV) at loan origination date

14

Consolidated mortgage portfolio characteristics

Distribution by origination programDistribution by borrower’s salary in VSM at loan origination date

Note: Consolidated figures consider Infonavit’s on and off balance portfolio and the collection rights on Fovissste’s portfolio. Consolidated figures solely for informative purposes.(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.

10.1%

89.9%

RMBS (CDVITOT 15U and 15-2U)

On-Balance Mortgage Portfolio and Collection Rights

(as % of total loans within consolidated portfolio)

Geographic distribution of the portfolio Distribution by loan balance(1) on and off balance Distribution by Interest Rate (Real vs. Nominal)

12.3%11.0%

6.7%6.0%

5.0%4.8%

4.6%4.0%

4.0%3.6%

3.6%3.3%

3.1%3.1%

2.9%

22.0%

Stat

e o

f M

exic

o

Nu

evo

Leó

n

Jalis

co

Ver

acru

z

Gu

anaj

uat

o

Co

ahu

ila

Qu

eré

taro

Ch

ihu

ahu

a

Baj

a C

alif

orn

ia

Tam

aulip

as

Dis

trit

o F

ed

eral

Hid

algo

Qu

inta

na

Ro

o

Son

ora

Pu

ebla

Oth

ers

Concentration Level+ -

Total Loan Balance Ps.

$24,481 million34.1%

65.9%

Loans denominated inReal Terms

Loans denominated inNominal Terms

(2)

21.0%

15.9%

25.8%

37.3%

≤ 65 %

65 - 74.9 %

75 - 84.9 %

85 - 95%

29.0%

19.0%

5.3%5.2%4.9%

4.2%

32.4%< 4.5

4.5 - 6.0

6.0 - 7.0

7.0 - 7.9

8.0 - 8.9

9.0 - 9.9

> 10.022.4%

29.4%

36.5%

11.7%

Infonavit Total VSM

Infonavit Total Pesos

Infonavit Más Crédito

Fovissste

5. Performance of our CBFIs - 2Q17

21

21.5

22

22.5

23

23.5

24

0

4,000,000

8,000,000

12,000,000

16,000,000

20,000,000

31-Mar-17 15-Apr-17 30-Apr-17 15-May-17 30-May-17 14-Jun-17 29-Jun-17

Volume per CBFI Price

16

Performance of FHipo’s CBFIs during the 2Q17 and Analysts Coverage

FHipo´s Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs) performance during the 2Q17

# of CBFIs

Equity Research Analysts Coverage and Main Indices in which FHipo participates

(1) Target Price, 12 months forward-looking from recommendation date.

MXN $

Source: Bloomberg, as of June 30, 2017.

FHipo announces two withdrawals from the first credit facility signed with Banorte amounting in Ps. $1,600 million

Average Price 22.81$

Average Volume 1,737,876

FHipo announces a public offering of short-term CBFs for a total amount of Ps. $500 million FHipo informs the distribution of

Ps. $0.51, corresponding to the 1Q17

FHipo announces the allocation of Ps. $6,000 million though the “Infonavit Más Crédito” Program’s auction

FHipo announced the closing of a credit facility with the IBD amounting to Ps. $1,397 million

InstitutionEquity Research

AnalystCurrent

RecommendationCurrent Target Price (1)

Credit Suisse Vanessa Quiroga Out-perform Ps. $30.00 per CBFI

Morgan Stanley Nikolaj Lippmann Equal-weight Ps. $25.00 per CBFI

Nau-Securities Iñigo Vega Fairly Valued Ps. $26.70 per CBFI

Santander Cecilia Jimenez Buy Ps. $27.00 por CBFI

Source: Bloomberg.

Main Indices | FHipo

MSCI Emerging Markets IMI ex Tobacco AUD STDR

MSCI Emerging Markets Latin America Excluding Brazil Small Cap Price USD

S&P Global Small Cap Index

S&P Emerging Small Cap Index

Russell Emerging Markets Index

Solactive Latin America Real Estate Index

The main indices in which FHipo participates, as of the 2Q17, are detailed below.FHipo forms part of 42 Indices within the Capital Markets:

Source: Bloomberg.

6. Leverage strategy

$2.6 $4.4

$5.3

$8.2

$9.9

$11.6

$13.4 $14.8

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Securitizations (RMBS)

Long-Term Bonds

Credit Facilities

Short-Term Bonds

18

Diversified Sources of Funding

Vencimiento de la Deuda al 2T16

Competitive Funding rates

(1) SWAP: Notional principal of Ps. $3,000 mm (as of 2Q17 FHipo has withdrawn Ps. $6,324 mm through its Banorte’s warehousing facilities). (2) 1.3x (Debt/Equity) considering off balance leverage.

Development of our on-balance leverage

Source: FHipo, Bloomberg and Bank of Mexico.

FHipo has achieved financing through different types of leverage structures, through private institutions and the local debt market. Below we display the main factors of these financial structures.

(consolidated debt, figures in billions of pesos)

Debt maturity schedule as of 2Q17

Maturity Date (amortization)Short-Term Bond (FHipo 00117) Bullet (May 2018)

Long-Term Bond (FHIPO 16)Bullet 2021 | Amortization according to

portfolio collection

Long-Term Bond (FHIPO 17)Bullet 2022 | Amortization according to

portfolio collection

Santander Credit Facility Legal term: 2046

Banorte Credit Facilities Legal term: 2025, 2026 (revolving)

IDB Credit FacilityBullet 2023| Amortization according to

portfolio collection

CDVITOT 15U and 15-2UAmortization in accordance with securitized

portfolio collection

Our long-term financing with scheduled amortizations can be 100% settled on a certain date, or in its case, amortized in accordance with the collection of the

guaranteed assets (mortgage portfolio).

Diversified Funding

Securitizations

Issuance of securities/certificates backed by a trust which guarantees the issuance,

whose equity structure consists of mortgage loans

Long-Term Covered Bonds

Issuance of securities/certificates backed by (i) FHipo’s balance sheet, and (ii) a

collateral trust consisting o mortgage loans, which guarantees the issuance.

Short-Term Unsecured bonds

Issuance of securities/certificates backed by FHipo’s Balance Sheet

Warehousing Facilities

Credit facility conceded by a private entity, backed by a mortgage portfolio

Long-Term Funding Short-Term

7.04% 7.04% 7.04%UDI

2.91%2.05% 1.90%

0.55%

(0.70%)

7.00%8.78%

7.00%

8.78% 8.47%8.39% 8.94%

7.59%

LT Bond 1 LT Bond 2 CDVITOT15U/15-2U

BanorteC.Facilities

SantanderC.Facility

ST Bond 2017

Fixed Rate SWAP (1) Spread/Margin UDI Average TIIE 2Q17

Debt to Equity Ratio (on balance) = 0.21x 0.31x 0.48x 0.63x0.0x 0.81x 1.0x 1.1x (2)

19

Funding Structure as of 2Q17

Funding Structure

(figures in million of pesos)

(1) Outstanding Balance. (2) Banorte Facilities: 25 bps Step-Up once completion of 12 month period, subsequent to initial withdrawal. Santander Facility: 25 bps Step-Up once completion of 24 month period, subsequent to initial withdrawal.(3) Limit approved by the Holders Assembly on June 29th 2016.(4) Considering off balance leverage 1.3x (Debt/Equity).

Market Risk

i. During the 2Q17, FHipo closed its first credit facility with a development bank,signing a warehousing line with the IDB for Ps. $1,397 million over a 6-yearterm that will pay an annual interest rate equivalent to TIIE28 + 165 basispoints, for the first 24 months.

ii. On our long-term funding, other than securitizations or fixed coupon bonds,we have secured fixed interest rates through SWAP operations, avoiding for aportion of our portfolio a mismatch between floating vs. fixed rates.

iii. Our securitization is comprised of times minimum wage (VSM) denominatedmortgage loans, which are indexed to inflation (UMA). The coupon rate, ofboth the senior and subordinate tranche, are indexed to UDI, therefore, boththe asset and borrowing rates are indexed to inflation (matching currency),securing a financial margin during the term of the structure.

Leverage Ratio

We seek to continue developing, in a gradual manner, our leveragestrategy during the upcoming quarters.

While it is true that the regulatory leverage limit is: Assets / EquitySecurities ≤ 5, the holders assembly approved financing in thefollowing terms.

Debt / Equity ≤ 2.5

LEVERAGE TARGET (3)

1.1x (4) 2.5xgradual increase

2Q17

100% of our long-term debt is structured to match the duration of our mortgage loans.

Sources of Funding Type of Funding Benchmark Rate MarginMaximum

amountAmount Withdrawn 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 TIIE28 +205 bps (2) $5,000 $4,700 Legal Term: 2025 (Revolving)

Credit Facility – Banorte No. 2 Warehousing Line TIIE28 +205 bps (2) $2,000 $1,624 Legal Term: 2026 (Revolving)

Credit Facility – Santander Warehousing Line TIIE28 +190 bps (2) $2,000 $2,000 Legal Term: 2046

Long-Term Bond “FHIPO 16” Covered Bond Fixed Rate = 7.00% - - $3,000 2021 / Legal Term: 2051

Long-Term Bond “FHIPO 17” Covered Bond Fixed Rate = 8.78% - - $900 2022 / Legal Term: 2052

Short-Term Bond “FHIPO 00117” Unsecured Bond TIIE28 +55 bps - $500 May 2018

Credit Facility – IDB Warehousing Line TIIE28 +165 bps $1,397 $0 2023 (Revolving)

𝑰𝑪𝑫𝒕 Coverage of debt servicing ratio at the end of quarter t.𝑨𝑳𝟎 Liquid assets at the end of the quarter 0 (this is at the end of the quarter being reported), including cash and investments in securities, but not restricted cash.𝑼𝑶𝒕 Estimated operating income after payment of scheduled distributions and any other distribution of the quarter t.𝑳𝑹𝟎 Current revolving credit lines, irrevocable and unwithdrawn lines as of quarter 0.𝑰𝒕 Estimated interest amortizations derived from debt for the quarter t.𝑷𝒕 Scheduled debt principal amortizations for the quarter t.𝑲𝒕 Recurring Capex estimated for the quarter t.

20

Methodology and calculation of leverage and liquidity ratios (CNBV) for mortgage REITs

Leverage limit methodology and calculation (CNBV) for Mortgage REITs in Mexico

(1) It is understood as preponderance if at least 70% of the assets of the trust are intended to provide credit or financing.(2) Calculated with financial information as of 2Q17.

Source: CNBV, Annex AA from the Consolidated Letter of Securities Issuers.

Regulation applicable for Development or Real Estate Trust Certificates (CBFIs) in which the trust assets are mainly intended to grant credits, loans or financing, and additionally intend to contract loans or credits (1) :

Methodology used to calculate the debt service coverage ratio (ICD, by its Spanish acronym) for Mortgage REITs in Mexico (CNBV)

Regulation applicable for Real Estate Trust Certificates (CBFIs) :

Source: CNBV, Annex AA from the Consolidated Letter of Securities Issuers.

L𝑒𝑣𝑒𝑟𝑎𝑔𝑒 =𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

𝐸𝑞𝑢𝑖𝑡𝑦 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑖𝑒𝑠≤ 5

Total Assets Sum of all accounts within the company’s balance sheet statement.

Equity Securities

Book value of all of a company's outstanding shares, calculated at quarters end.

Where:

𝐼𝐶𝐷𝑡 =𝐴𝐿0 + 𝑡=1

6 𝑈𝑂𝑡 + 𝐿𝑅0 𝑡=16 𝐼𝑡+ 𝑡=1

6 𝑃𝑡+ 𝑡=16 𝐾𝑡

≥ 1

Where:

Result as of the 2Q17 2.12 x (2)

Result as of the 2Q172.95 x (2)

21

In this slide we illustrate the development of our non-performing loans, along with the allowance for loan losses ratio compared to our portfolio’s expected loss.

Exceptional Asset Quality

(1) FHipo did not generate allowance for loan losses in 4Q14, FHipo started creating allowance for loan losses in accordance with IFRS in 2015.(2) Historical information Infonavit and Fovissste (CEDEVIs and TFOVIs).

Source: FHipo’s Quarterly Financial Reports.

Stable levels of Non-Performing Loans (NPLs) with conservative allowance for loan losses

Loss Given

Default

of 51.2% (2)

Expected Loss: ~47 bps

1.15%

2.5x

Coverage

(0.91% * 51.2%)

Non-Performing Loans: 91 bps

1.15%

1.3x

Coverage

0.91%

0.00% 0.04%0.09% 0.36%

0.49%0.68% 0.60%

0.86% 0.91%0.45%

0.52%

0.75%

0.93% 0.91%0.99%

1.07%1.01%

1.14% 1.15%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Allowance for Loan Losses / Total Portfolio NPL's / Total Portfolio

Allowance for loan losses Allowance for loan losses

Expected Loss Non-performing loans

22

Attractive risk-return profile

Having considered the recent increases of the Mexican benchmark interest rate and our liabilities at fixed rates, we continue to have an attractive margin.

Our assets continue to have competent yields, and this coupled with competitive long term debt cost… continue to establish FHipo as a very attractiveinvestment for its investors. Below a detailed analysis of our financial margin as of 2Q17:

FHipo’s Estimated Financial Margin (Asset Yield vs. Debt Cost) as of the 2Q17

Source: Infonavit, Fovissste and FHipo’s quarterly reports.

Attractive Asset Yield of our origination programs

Attractive financial margin between Asset Yield and Debt Cost

Competitive Long-Term funding rates

Long-Term FundingShort-Term

Funding

Attractive Asset Yield Competitive Debt Cost

Inf Total 6.6%

Inf MC 3.9%

Financial Margin 3.8%

Fovissste 1.3%

C. Facilities 4.8%

LT Bonds 1.8%

ST Bonds 0.3%RMBS 1.3%

11.91%

8.15%

Weighted Asset Yield Financial Spread/Margin Weighted Debt Cost

(1) SWAP with notional amount of Ps. $3.0 bn, at 5.56% (FHipo pays fixed and receives variable rate). (2) VSM = UMA (estimated inflation for 2017).

10.80% 10.90% 12.00%9.50%

5.40%

6.02%

6.02%

10.80% 10.90% 12.00%

15.52%

11.42%

IMC 2015(Pesos)

IMC 2017(Pesos)

Infonavit Total(Pesos)

Infonavit Total(VSM)

Fovissste(VSM)

VSM Increase (2) Interest Rate

7.04% 7.04% 7.04%UDI

2.91%2.05% 1.90% 0.55%

(0.70%)

7.00%8.78%

7.00%8.78% 8.47%

8.39% 8.94%7.59%

LT Bond 1 LT Bond 2 CDVITOT15U/15-2U

BanorteC.Facilities

SantanderC.Facility

ST Bond 2017

Fixed Rate SWAP (1) Spread/Margin UDI Average TIIE 2Q17

7. Financial results & key metrics

24

Solid financial results in 2Q17

P&L Summary 2Q17

Balance Sheetfigures in Ps. 000s 2Q17

Cash and investments in securities $978,100

Mortgage loans, net (4) 19,433,021

Collection rights, net 2,965,056

Receivable benefits in securitization transactions 565,900

Derivative financial instruments 81,717

Accounts receivables and other assets 73,892

Total Assets $24,097,686

Accounts payables and accrued expenses $235,805

Notes Payable 4,314,894

Financing 8,238,878

Total Liabilities $12,789,577

Total Equity $11,308,109

Total Liabilities + Equity $24,097,686

Balance Sheet SummaryEPS in Ps. of $0.530 (3)

(1) (Net Income / Total Assets average of the period), annualized considering 91 effective days of operation in the 2Q17.

(2) (Net Income / Total Equity average of the period), annualized considering 91 effective days of operation in the 2Q17.

(3) Considering the outstanding CBFIs at each quarters end.(4) Includes principal, accrued interests, indexation on loans in VSM, and

allowance for loan losses.

ROE (2): 8.6%

ROA (1): 4.5%

We achieved a Net Income in the 2Q17 of Ps. $240.6 million, according to our distribution policy (95% of Net Income), the Net Income to be distributed is of Ps. $228.6 million.

...with a Net Income per CBFI (EPS) in the 2Q17 of Ps. $0.530(3) and an expected distribution per CBFI of Ps. $0.504 in accordance with our distribution policy.

P&L

figures in Ps. 000s, except the Net Income per CBFI 2Q17 2Q16

(+) Interests on mortgage loans $612,682 $388,163

(+) Investment income 16,639 4,392

(-) Financing interest expenses (258,779) (39,611)

(-) Allowance for loan losses (47,948) (43,460)

(+) Valuation of receivable benefits in securitization transactions

29,657 42,105

(-) Operating expenses (111,661) (86,748)

Net Income $240,590 $264,841

Net Income per CBFI (3) $0.530 $0.564

Income from assets on balance… which include the collection rights on Fovissste’s portfolio, reached Ps. $612.7 million, an increase of 57.8% in comparison with the same period of the previous year.

25

Yield of our CBFIs and Invested Capital

Period: 2Q17

Accumulated Distributions (4) Ps. $693.2 million

Effective Days 273 days

Invested Capital as of 2Q17 (5) Ps. $11,572.6 million

FHipo’s Distribution and Yield Return on Invested Capital

The following charts illustrate the yield per CBFI for the 2Q17 and the yield of the invested capital since November 2016.

Distribution and yield on the issuance price of the CBFI at 2Q17

EPS @ 95%, Estimated Distribution

2Q17

EPS (Ps./CBFI) (1) $0.530

Issuance Price - IPO (Ps.) $25.00

Number of Outstanding CBFIs as of 2Q17 453,894,236

(1) Net Income / # CBFIs (outstanding at the end of 2Q17).(2) Should be divided by the outstanding CBFIs at ex-dividend date.(3) Annualized (compounded) considering 91 effective days in operation in the 2Q17 and the

outstanding CBFIs at the end of 2Q17 (453,894,236).(4) Accumulated distributions since 4Q16.(5) Invested capital results from deducting the expected distribution of the 2Q17 results and

adding the IPO expenses from FHipo’s total equity at the end of the 2Q17.(6) Annualized considering 273 effective days since the 4Q16 and calculated in accordance

with the administration’s trust agreement.

8.42% (3)

Yield on price of CBFI (IPO) at 2Q17

(calculation of accumulated yield since November 2016)

Annualized distribution on Equity as of 2Q17 (%): 8.01% (6)

Ps. $228.6 million (2)

Figures are presented according to each metric (%, $) 2Q17 2Q16 2Q17 2Q16

Financial Margin and Interest Revenues

Financial Margin - "interest revenue - interest expense / total interest revenue" 58.9% 89.9% 61.2% 89.5%

Net Interest Margin (NIM)(1) - "total revenues, net / average net mortgage loans" 6.2% 11.8% 6.3% 11.5%

Efficiency Metrics

Efficiency Ratio - "total expenses / total revenue" 31.7% 24.7% 31.1% 24.2%

Total Expenses / Gross Income 16.9% 20.0% 17.3% 20.4%

Allowance for loan Losses / Total Mortgage Loans (2)1.15% 0.99% 1.15% 0.99%

Returns and Profits

Earnings per CBFI (EPS)(3) - "net income / number of CBFIs" $0.530 $0.564 $1.066 $1.049

Return on Assets (ROA)(1)(4) - "net income / total assets" 4.5% 8.8% 4.5% 8.7%

Return on Equity (ROE)(1)(5) - "net income / total equity" 8.6% 10.1% 8.6% 10.4%

Other Metrics

Non-performing Loans / Net Portfolio 0.91% 0.49% 0.91% 0.49%

Note (1): Annual ized cons idering effective days of operation in the period and net mortgage loans average during the period

(2): Total mortgage loans excludes a l lowance for loan losses .

(3): Amount in Mexican Pesos , cons idering outstanding CBFIs as of publ ication date of each report.

(4): Cons iders the average total assets during the quarter.

(5): Cons iders the average total equity during the quarter.

Year to date Quarter to Quarter

…and with a Non-Current Portfolio (on-balance) of 0.91%.

26

Our Key Metrics and Relevant Financial Information in 2Q17

Main Financial Metrics

...a Net Interest Margin (NIM, year to date) as of 2Q17 of 6.2%...

...with a Total Expense / Gross Income ratio as of 2Q17 of 16.9%...

… a ROE as of 2Q17 of 8.6%…

We closed the 2Q17 with a Financial Margin of 58.9%…

8. Risk assessment

As of 2015, FHipo determines the allowance for loan losses based on the expected loss methodology in accordance with the International FinancialReporting Standards (IFRS).

In accordance with the internal methodology for the calculation of probability of default, considering a loss given default of 49.6%(1) forInfonavit Total and Infonavit Más Crédito, 36.9%(2) for Infonavit 3.5 VSM and 84.0%(3) for Fovissste, and a loan exposure (outstanding balanceon date of analysis), the expected loss was calculated by using the following formula:

It is worth to mention that for those loans in “extension”, an additional Probability of Default is applied depending on the number of periodseach of these loans has been in this regime.

As of 2Q17 (June 30st, 2017), FHipo’s allowance for loan losses was Ps. $250.4 million.

28

Risk Assessment

1. Credit Risk

ELTotal Ps. $250.4 million

Where:ELi: Expected Loss loan iPDi: Probability of Default loan iLGD: Loss Given Default (49.6% / 84.0%)EXPi: Loan i Exposure (Outstanding balance on date of analysis)

ELi PDi LGD=

=

* * EXPi

(1) Based on statistic historic information from Infonavit.(2) Based on FHipo’s statistical analysis (considers loans first loss insurance).(3) Based on public information of TFOVIS Securitizations.

Market Risk

2Q17 Ps. Million

VaR (Value At Risk) 0.00

Established Limit1 113.08

Consumption Limit 0.00%

0.00%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Limit Consumption

Limit $113.08Ps. Million

29

Risk Assessment (Cont.)

2. Market Risk

3. Liquidity Risk

As of the 2Q17 we had repurchase agreements, with maximum maturity of less than a year which amounted in Ps. $978.0 mm, additionally we have Ps. $2,073.0 mmavailable though the Warehousing Lines, so we do not have any liquidity risk in the short term.

By the end of 2Q17, FHipo had liabilities which amounted in Ps. $12,789.6 mm, however, this amount only represents 53.1% of the assets on FHipo’s Balance, and78.6% of those liabilities does not have any payment due for the next 24 months.

As of June 30st, 2017, the VaR is of Ps. $0.00 pesos (since there were no investments in securities). We determined the VaR considering:

1. The use of historical method.

2. We considered a 99% confidence level for 10 days.

3. Our Market VaR limit is established at 1.00% of FHipo’s equity.

4. The consumption limit is calculated as the VaR divided by the established limit.Confidence level

99%

1.0%

FHipo established the confidence limit of its investments in securities as 1% of FHipo’s equity as of the date of valuation.

1 Our Market VaR limit is established at 1.00% of FHipo’s equity

9. Our outlook

FHipo will continue growing its portfolio through Infonavit’s mortgage origination (mortgage loans from other institutions will be originated only if the asset yield generates financial margin to fulfill FHipo’s current business plan).

FHipo has been delivering on all goals and objectives established since its IPO: Equity deployment, mortgage diversification, profitability, credit quality and efficient leverage strategy… we plan to continue with such positive trend during 2017.

As we continue to work on our debt financing programs, and under current market conditions, we expect to reduce our origination pace and focus primarily in achieving attractive financial spreads… even if this means growing at a more conservative pace.

We expect to continue distributing a steady dividend yield during 2017, despite a challenging macroeconomic and interest rate environment.

31

Guidance - Outlook

1

2

3

4

FHIPO’S PORTFOLIO

LEVERAGE STRATEGY

DISTRIBUTIONS

FHipo

10. Financial Statements - 2Q17

33

Balance Sheet 2Q17

(figures in 000s of MXN pesos)

Financial Statements – Balance Sheet

2Q17 2Q16 Variation % Var

ASSETS

Cash and cash equivalents $977,985 $1,241,148 ($263,163) (21.2%)

Debt securities 115 0 115 N/A

Current mortgage loans 18,969,219 12,258,720 6,710,499 54.7%

Past due mortgage loans 169,343 59,103 110,240 186.5%

Accrued interest 443,764 241,715 202,049 83.6%

Indexation on mortgage loans 75,962 48,036 27,926 58.1%

Allowance for loan losses (225,267) (124,954) (100,313) 80.3%

Mortgage loans, net 19,433,021 12,482,620 6,950,401 55.7%

Collection rights, net 2,965,056 3,032,680 (67,624) (2.2%)

Receivable benefits in securitization transactions 565,900 443,290 122,610 27.7%

Derivative financial instruments 81,717 0 81,717 N/A

Accounts receivables and other assets 73,892 60,723 13,169 21.7%

TOTAL ASSETS $24,097,686 $17,260,461 $6,837,225 39.6%

LIABILITIES

Accounts payables and accrued expenses $235,805 $198,617 $37,188 18.7%

Notes/securities payable 4,314,894 644,603 3,670,291 569.4%

Borrowings 8,238,878 4,863,913 3,374,965 69.4%

TOTAL LIABILITIES $12,789,577 $5,707,133 $7,082,444 124.1%

EQUITY

Common stock, net $10,892,714 $11,244,823 ($352,109) (3.1%)

Other comprehensive income $81,720 $0 $81,720 N/A

Retained earnings 333,675 308,505 25,170 8.2%

TOTAL EQUITY $11,308,109 $11,553,328 ($245,219) (2.1%)

TOTAL LIABILITIES AND EQUITY $24,097,686 $17,260,461 $6,837,225 39.6%

34

Financial Statements – P&L

Income Statement

(figures in 000s of MXN pesos, except Net Income per CBFI)

2Q17 2Q16 Variation % Var 2Q17 2Q16

REVENUES

Interests on mortgage loans $612,682 $388,163 $224,519 57.8% $1,169,661 $687,508

Investment income 16,639 4,392 12,247 278.8% 30,578 6,890

Total net interest income 629,321 392,555 236,766 60.3% 1,200,239 694,398

Financing interest expenses (258,779) (39,611) (219,168) 553.3% (465,351) (73,088)

Financial margin 370,542 352,944 17,598 5.0% 734,888 621,310

(-) Allowance for loan losses (47,948) (43,460) (4,488) 10.3% (94,639) (45,322)

Financial margin adjusted for credit risks 322,594 309,484 13,110 4.2% 640,249 575,988

Valuation of receivable benefits in securitization transactions 29,657 42,105 (12,448) (29.6%) 61,881 73,379

TOTAL REVENUES, NET $352,251 $351,589 $662 0.2% $702,130 $649,367

EXPENSES

Management and collection fees (90,727) (75,081) (15,646) 20.8% (177,939) (134,658)

Other administrative expenses (20,934) (11,667) (9,267) 79.4% (40,146) (22,254)

TOTAL EXPENSES (111,661) (86,748) (24,913) 28.7% (218,085) (156,912)

NET INCOME $240,590 $264,841 ($24,251) (9.2%) $484,045 $492,455

NET INCOME PER CBFI $0.530 $0.564 ($0.034) (6.0%) $1.066 $1.049

COMPREHENSIVE INCOME

Net income $240,590 $264,841 ($24,251) (9.2%) $484,045 $492,455

Other comprehensive income (25,919) 0 (25,919) N/A (48,934) 0

TOTAL COMPREHENSIVE INCOME $214,671 $264,841 ($50,170) (18.9%) $435,111 $492,455

Year to date Quarter to Quarter

35

Disclaimer

This document was produced for information purposes only, for the exclusive use of the recipient. It should be understand as informative and should not beconsidered as a basis for any investment or financial transaction, therefore FIDEICOMISO HIPOTECARIO F/2061 (“FHipo”, the “Company” or the “Issuer”)its stockholders, members or employees does not assume any direct or indirect responsibility whatsoever of any financial transaction and/or any legalaction that any person that consult it might eventually implement on the basis of such information.

The information contained herein is indicative and subject to change at any time. Client should be aware that prices may fall as well as rise. For this reason,positive performance in the past can be no guarantee of positive performance in the future.

All information in this document is subject to verification, correction, completion and change without notice. No representation or warranty, express orimplied, is given or will be given as to the accuracy, completeness or fairness of the information or opinions contained in this document and any relianceyou place on them will be at your sole risk.

It may not be reproduced to any other person, and it may not be published, in whole or in part, for any purpose.

This document does not constitute an offer, a recommendation, or an invitation to purchase or sell investment instruments, perform financial services or toexecute transactions of any kind. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will beaccepted by the Company.

It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. If the Company should,at any time in the future, commence a new offering of securities, any decision to invest in such offer to subscribe for or acquire securities of the Companymust be based wholly on the information contained in the offering circular to be issued by the Company in connection with any such offer and not on thecontents hereof.