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INFONAVIT, tu derecho a vivir mejor

I N F O N A V I T. October, 2007. INFONAVIT, tu derecho a vivir mejor.

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INFONAVIT, tu derecho a vivir mejor

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  1. I N F O N A V I T October,2007 INFONAVIT, tu derecho a vivir mejor

  2. This presentation may contain forward-looking statements. These statements may include the plans and objectives of management for future operations and financial goals, loan portfolio growth, and availability of funds. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors that could cause actual results to differ materially include the uncertainties of economic conditions, and future strategic decisions, all of which are difficult or impossible to predict accurately, and may of which are beyond the control INFONAVIT. Although INFONAVIT believes that the assumptions underlying the forward-looking statements included herein are reasonable, any of the assumptions could be inaccurate and therefore there can be no assurance that the forward-looking statements included herein will prove to be accurate. Therefore, the inclusion of such information should not be regarded as a representation by INFONAVIT or any other person that the objectives and plans of INFONAVIT will be achieved. These materials are not an offer for sale of the Securities of Instituto del Fondo Nacional de la Vivienda para los Trabajadores in the United States. The Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1993, as amended. Instituto del Fondo Nacional de la Vivienda para los Trabajadores does not intend to register any portion of the offering in the United States or to conduct a public offering of the Securities on the United States.

  3. Agenda • Introducing INFONAVIT • Transformation 2001-2006 • Outlook 2007-2011

  4. INFONAVIT is an autonomous institution; its corporate governance contains equal representation from the labor sector, the employer sector and the Federal Government INFONAVIT has a dual nature: Pension Fund Manager: since 1992 it is part of the National Pension System (SAR); workers’ funds are held in separate individual accounts with minimum guaranteed annual returns Mortgage Bank: mortgage lender with a social mandate; to date, it has originated more than 4 million mortgages INFONAVIT is a fiscal authority in Mexico Introducing INFONAVIT

  5. INFONAVIT is a principal player in the Mexican mortgage market: It is the largest mortgage lender It is the main issuer of Residential Mortgage-Backed Securities (RMBS) Introducing INFONAVIT Source: INFONAVIT and Sociedad Hipotecaria Federal (SHF), 2006. CEDEVIS: Certificados de Vivienda Source: Comisión Nacional de Vivienda (CONAVI), 2006.

  6. 2000 2006 Var.% • Number of employees 4,941 3,823 -29% • Productivity in origination (loans/person) 41 110 168% • Productivity in servicing (loans/person) 314 754 140% • Employee turnover 0.80% 1.80% 100bp • Organization Structure (levels) 120 16% -100% • Renovation top management 87% Transformation 2001-2006: Strategy • People INFONAVIT´s Professionalization and Development System

  7. Financial Institutions Appraisers Notaries “ “ Collect Collect funds funds fot fot the the “ “ Fullfill Fullfill the the mandate mandate of of “ “ Collect Collect invested invested funds funds ” ” Goal Goal : : Goal Goal : : National National Housing Housing Fund Fund ” ” originating originating loans loans ” ” Core Core Core Core FISCAL COLLECTIONS FISCAL COLLECTIONS ORIGINATION ORIGINATION SERVICING SERVICING ORIGINATION ORIGINATION SERVICING SERVICING Processes Processes : : Processes Processes : : Systems Systems : : Systems Systems : : PSCD PSCD ALS ALS PSCD PSCD ALS ALS OCI OCI OCI OCI SAP SAP Channels : Website , INFONATEL Channels : Website , INFONATEL Collection Agencies Housing Developers Constructor Auditor Transformation 2001-2006: Strategy • Technology, processes and outsourcing

  8. BANXICO 8th Month 1rst Month 2nd Month 3rd Month 4th Month 5th Month 6th Month 7th Month VIV ACV COMPANY (ROA) ROA: REA: Transformation 2001-2006: Strategy • Collection Process Rating Moody´s SQ1(-) Ordinary Collection Process A worker without employment, or who is not affiliated with INFONAVIT, makes payments at the bank (REA) For a formal sector employee, payments are made through Company Contribution and Payroll Discount (Aportaciones Patronales y Descuento en Nómina, ROA) VIV: Contributions to Housing Fund ACV: Principal and Interest payments of Mortgage Portfolio Day 12th Day 19th Day 17th Day 19th BANKS Social Collection Process (Work Out) Specialized Recovery Conciliatory Party Recovery Collections

  9. 2000 2006 Var.% • NPL Ratio 21.7% 4.8% -17pb • Fiscal Collections (millions of Pesos) $1,268 $6,684 427% • Cash inflows (millions of Pesos) $38,237 $91,248 138% • Expenses (% Loan Program) 6.61% 5.45% -116pb • Loan Loss Provisions 80.6% 297% 124.5pb • Securitization (millions of Pesos) $0 $6,000 100% Transformation 2001-2006: Strategy • Financials Rating S&P mxAAA

  10. 2000 2006 Var.% • Loans originated 250,110 421,745 69% • % loans < MX$6,150 (4 xMW ) 50% 57% 700bp • Real return paid to the housing fund 2.0% 4.0% 200bp Transformation 2001-2006: Strategy • Institutional and Service Reforms to the INFONAVIT law have strengthened corporate government, financial supervision, transparency and accountability

  11. Outlook 2007-2011: Strategy • Business Model PrimaryMarket LendingStrategy SecondaryMarket FundingStrategy MARKET CAPITAL MARKETS FISCAL COLLECTIONS ORIGINATION SERVICING • SUBSIDIES • DONORS • MULTILATERALS

  12. Outlook 2007-2011: Funding Strategy • CEDEVIS

  13. 70,000 60,000 50,000 40,000 44,000 MXN$ million 30,000 34,000 21,000 20,000 10,500 6,000 10,000 14,000 12,500 11,000 9,500 8,000 - 2007 2008 2009 2010 2011 Base Scenario Potential Scenario Outlook 2007-2011: Funding Strategy • CEDEVIS 10.0% Assets 1.5% Assets

  14. Outlook 2007-2011: Lending Strategy • Demand Monthly Income Times MinimunWage > 11 5.1% 4.9% 7 – 10.9 12.4% 4 – 6.9 2 – 3.9 35.0% < 2 42.6% 10.1 millionworkers

  15. Outlook 2007-2011: Lending Strategy • Market characteristics

  16. 1,200,000 1,000,000 1,000,000 1,000,000 800,000 800,000 800,000 800,000 700,000 650,000 600,000 600,000 540,000 Loans 500,000 400,000 200,000 - 2007 2008 2009 2010 2011 Base Scenario Potential Scenario Outlook 2007-2011: Lending Strategy • Lending objectives “One million loans in 2010”

  17. I N F O N A V I T October, 2007 INFONAVIT, tu derecho a vivir mejor

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