Corporate Presentation INVESTOR RELATIONS Ignacio Gutierrez / CFO - PowerPoint PPT Presentation

Investment that Transforms Corporate Presentation INVESTOR RELATIONS Ignacio Gutierrez / CFO db@fhipo.com Xavier Martínez / IRO xm@fhipo.com inverstorrelations@fhipo.com Ph: +52 (55) 4744-1100 [THE FOLLOWING TRANSLATION IS FOR CONVENIENCE PURPOSES ONLY] www.fhipo.com

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

1. About FHipo

FHipo is the first Mortgage REIT in Latin America… 1 Market development Opportunity overview Commercial,  Mexican REIT market is created in office and 2011 industrial 2011 REITs  First lodging REIT in Mexico is created in 2012 Lodging REITs 2012  In 2014, FHipo is created: − First mover advantage Mortgage REITs − Mexico’s largest IPO in 2014 (~US. $479m (1) ) 2013 US MREITs 2014  Market cap: US$67 bn (1)  AuM (2) : US$477 bn (3) 2015  First infrastructure and education REITs in Mexico Infrastructure 2016 REITs 2017  In 2016, Follow-on Equity Offering: 2018 − Mexico’s largest Follow -on Offering in 2016 (~US. $173m (2) ) Source: FTSETM, NAREIT, Bloomberg. (1) As of December 31, 2017. Assumes a FX of MXN $18.05/US$ (2) Assets under management. (2) As of June 30, 2017. 4

FHipo and its key milestones since its IPO 1 Partnership with Infonavit and Fovissste , the largest 1 st & ONLY MREIT in Mexico mortgage lenders with collection through payroll deduction mechanisms in LatAm (residential mortgage origination) Ps. $8.6 bn IPO in November 2014 and Ps. $3.1 bn Follow-On in April 2016 (Sponsor Trust holder of 9.1% (3) ) Managed by CH , an entity formed and controlled by individuals with experience in the financial and mortgage markets Created to acquire, originate and manage mortgages in Mexico Strategic Alliance with , technological platform through which, FHipo will increase its mortgage origination Resources / Funding Warehousing Warehousing Facilities Facilities Ps$4.2 bn Ps$877.0 mm FHIPOCB 17U Follow-On Initial Public Warehousing Long-Term Ps$3.4 bn Offering Facility Offering Debt Ps$1.4 bn Ps$5.0 bn Ps$5.0 bn Acquisition Ps$2.0 bn Ps$2.0 bn Ps$3.1 bn Ps$7.0 bn Subordinated Ps$8.6 bn Co-participation Ps.$3.9 bn Securitization Equity Residuals November December June 2016 June 2017 April 2016 July 2016 September 2015 February 2018 November 2014 Aug 2016, Apr 2017 2017 2017 July 2017 December 2017 2018 2014 2015 2016 2017 Financial Innovation Mortgage origination Award by CFI Ps. $28.0 bn Ps. $6.0 bn (1) Ps. $4.0 bn Ps. $3.0 bn Ps. $6.0 bn (1) Ps. $1.5 bn (2) Programas de Originación: Objetivo de originación bajo Contrato de Cesión. Financial innovation that attracts private capital, developing the Mexican mortgage sector (1) Total amount to originate through the IMC Program equivalent to Ps $6.0 bn in the first auction of 2015, and Ps.$6.0 bn in the second auction of 2017). 5 Expected origination with the strategic alliance between Smart Lending and FHipo. (3) As of June 30 th , 2018. (2)

Organizational Structure 1 Public Float Sponsor Trust  First mortgage REIT in Mexico CBFIs 90.7% 9.3% (1) Issuer Holders Assembly  Professionals with experience Technical Committee (TC) Manager & in the financial, real estate Advisor and mortgage sectors (Manager) Management and TC Appointed by CBFI Advisory Agreement . holders Systems &  National leader in mortgage Technology portfolio servicing Audit, Best Practices and Reporting and Nomination Subcommittees Analytics Group of prominent investors  Sponsor Trust participating in ~9.3% (1) of FHipo’ s CBFIs and as CH’s Participation in Mortgage Portfolios board members Infonavit, Fovissste, Smart  Commercial Banks Loan Lending, Commercial Banks, and other mortgage Originators mortgage originators, among originators others Short- to medium-term Medium- to long-term (1) Considering over-allotment options, as of August 15 h , 2018. 6

2. Solid macroeconomic backdrop and favorable country demographics

Occupation, Employment and Mortgage Rates in Mexico 2 The population contributing to the Mexican Social Security Institute (IMSS) has increased steadily in recent years, while unemployment rate has remained low and continues its positive trend. Progressive increase in the formal economy and downward unemployment tendency (Insured workers in 000s and unemployment as % of Economically Active Population) 21,000 9.0% 19,500 7.0% 18,000 5.0% 16,500 3.0% 15,000 1.0% Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Insured Workers Unemployment Source: IMSS and INEGI. Behavior of the Mortgage Interest Rates (Private Sector) Interest Rate charged by Infonavit and Fovissste (Average TAC of loans in fixed interest rate of Banks and Sofoles) (Interest rate charged depending on borrower’s income level) 15.00% 15.00% 14.00% 14.00% 13.00% 13.00% 12.00% 12.00% 11.00% 10.00% 11.00% 9.00% 10.00% 8.00% 9.00% 7.00% 8.00% 6.00% 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 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 (1) Infonavit VSM Infonavit Pesos (1) Fovissste VSM Infonavit Más Crédito Nominal Interest Rate Real Interest Rate Source: Bank of Mexico. 8 (1) Most loans denominated in Pesos have a fixed nominal interest rate of 12.0%

3. Attractive Mexican mortgage market fundamentals

Infonavit’s Mortgage Loan Origination 3 Infonavit expects to originate ~372 thousand loans per year for the next five years (2018 to 2022), which translates in a CAGR (’18 – ’22) of 7.2% Infonavit’s mortgage loan origination 2017 - 2022 Infonavit’s projected mortgage portfolio registered within its balance (number of loans, granted for the acquisition of a new or used home) (billions of pesos in mortgage loan portfolios, nominal values) 375,770 372,665 373,011 371,982 368,377 366,150 $1,831.9 $1,725.0 56,823 $1,620.5 56,176 58,437 59,215 57,672 56,919 $1,518.7 $1,408.9 $1,292.4 $1,172.5 FHipo’s 74,416 74,083 target 77,963 72,646 79,304 75,352 sector 28,171 28,667 29,243 29,536 28,954 29,831 2016 2017 2018E 2019E 2020E 2021E 2022E Infonavit ´ s total mortgage loan portfolio 91,730 90,384 83,480 88,585 87,700 86,823 Source: Infonavit (Financial Plan 2018 – 2022) Evolution of beneficiaries who qualify for a mortgage loan (2008 - 2017) and % of those who request a loan (in 000s of beneficiaries) 124,630 5,777 122,672 121,445 120,231 119,029 117,838 5,242 5,246 5,500 25.00% 5,031 4,882 4,746 4,700 5,000 4,668 20.00% 4,442 4,440 4,500 13.7% 13.3% 12.7% 12.7% 13.0% 15.00% 11.0% 10.6% 10.7% 4,000 10.1% 10.0% 2017 2018 2019 2020 2021 2022 10.00% 3,500 > than 10 VSM 5 - 10 VSM 4 - 5 VSM 2.6 - 4 VSM < than 2.6 VSM 3,000 5.00% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Income Range in VSM Beneficiaries who qualify Qualified beneficiaries who request a loan Source: Infonavit (Financial Plan 2016-2020 and 2018 – 2022) Source: Infonavit (Financial Plan 2018 – 2022) 10

Fovissste’s Mortgage Loan Origination 3 External Financing (TFOVI issuances) (amounts in billions of pesos) Annual Average = 12.7 2015 = 16.0 2014 = 17.0 2013 = 17.0 2016 = 7.0 2017 = 6.8 10.2 7.0 6.9 6.8 6.4 5.8 5.5 5.4 5.2 4.6 TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI 13U 13 2U 13 3U 14U 14 2U 14 3U 15U 15 2U 16 U 17 U Issued Amount Annual Average (2013-2017) Source: BMV. Historic mortgage loan origination Fovissste expects to originate ~44 bn worth of mortgages annually (amounts in billions of pesos) (amounts in billions of pesos) Fovissste Loans: Projected Origination 100.2 99.1 91.1 90.1 87.3 81.0 $46.0 75.2 $44.0 69.4 $41.0 $39.8 64.3 62.5 $35.3 47.5 40.6 41.0 39.8 38.5 35.3 34.4 34.2 32.5 30.8 2015 2016 2017 2018E 2019E 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Originated loans in thousand Originated loans in billion pesos Source: FOVISSSTE (Annual Activity Report 2017). Source: FOVISSSTE (Annual Activity Report 2017). FOVISSSTE aims to continue granting loans and satisfying the demand for credit for more than 100,000 (1) workers at the service of the State 11 (1) Source: ISSSTE Statistical Yearbook 2017.