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January, 2005

INFONAVIT: The leading mortgage institution in Mexico. January, 2005. www.infonavit.org.mx. Disclaimer.

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January, 2005

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  1. INFONAVIT: The leading mortgage institution in Mexico January, 2005 www.infonavit.org.mx

  2. Disclaimer 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.

  3. Contents • Introduction to INFONAVIT • INFONAVIT’s strategy • Results 2000 – 2004 • Credit program for 2005 • Outlook 2005 - 2009

  4. Introduction to INFONAVIT INFONAVIT’s dual nature Mortgage Bank • Mortgage loan originator with a social purpose • Created in 1972; up-to date has originated more than 3 million mortgages • Tripartite governance system with equal representation of labor sector, employers’ sector and the Federal Government Pension Fund Manager • Since the 1992 reform, it is part of the Pension Fund System • Workers´ funds are held in separate individual accounts with minimum guaranteed returns • Added to pension fund savings at retirement

  5. Introduction to INFONAVIT Businessmodel Goal: “Collect funds for the National Housing Fund” “Fulfill the mandate of originating loans” “Collect invested funds” Core Processes: FISCAL COLLECTIONS ORIGINATION SERVICING Functions: • Loan Administration • Collections • Special collections (Work Out) • File custody • Fund Management • Service to workers and employers • Fiscal Collections • Processing • Underwriting • Closing • Loan marketing and promotion • Product Design

  6. Introduction to INFONAVIT Institutional relationships As of December 2004 11,914,401 active workers in the National Housing Fund 820,897 employers paying contributions INFONAVIT 2,284,149 outstanding mortgages

  7. Introduction to INFONAVIT INFONAVIT as Pension Fund Manager: Assets under management November 2004 Million Pesos Source: Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR)

  8. Introduction to INFONAVIT INFONAVIT as a mortgage institution: Origination 2000-2004 535,000 500,003 394,763 43% 42% 336,271 326,300 32% 27% 38% 57% 58% 73% 68% 62% Source: Conmisión Nacional de Fomento a la Vivienda (CONAFOVI)

  9. Introduction to INFONAVIT INFONAVIT as mortgage institution: 2003 Origination Loans Source:Inside Mortgage Finance Top 15 Retail Producers in 2003. Estimation assuming US$ 140,000 average loan

  10. Introduction to INFONAVIT INFONAVIT as a mortgage institution: Mortgage loan portfolio September 2004 Million Pesos Source: Comisión Nacional Bancaria y de Valores (CNBV)

  11. Introduction to INFONAVIT INFONAVIT as mortgage institution: 2003 Servicing Thousand loans Source:Inside Mortgage Finance Top 30 Mortgage Servicers in 2003. Estimation assuming US$ 140,000 average loan balance

  12. INFONAVIT’s Strategy Vision Mission Goals Strategic Plans Innovation, Quality and Efficiency Renewed social focus, sound financial practices NOTARIES BANKS APPRAISALS INFONAVIT • Economic Housing • Origination Rules • Reserve Policies • Accounting and supervision • Risk management • Technology • Remote channels • De-regulation • ISO 9000 COLLECTION AGENCIES BUILDERS BUILDER INSPECTOR • OUTSOURCING • Based on: • Capabilities • Regulatory framework • Cultural change: • Intranet • Workers Union • Intensive computer use • Board administration

  13. Results 2000 - 2004 Total cash inflows CAGR = 16.1% CAGR = Compounded Annual Growth Rate

  14. Results 2000 - 2004 Loan origination CAGR = 14.1% 305,975 300,000 275,000 205,346 CAGR = Compounded Annual Growth Rate

  15. Results 2000 - 2004 Past-due loans and coverage

  16. Results 2000 - 2004 Cash inflows from fiscal collections 396.3%

  17. Results 2000 - 2004 Real return to National Housing Fund

  18. Results 2000 - 2004 Standard & Poor’s rating: stable outlook • Key role to attend Mexico’s large housing deficit • Expected future cash flows will remain in excess of mandatory payments • Profitability levels and internal capital generation will strengthen as a result of improvement in collections and asset quality • Expected to maintain its robust base of reserves • Sound risk management procedures will enable Infonavit to manage credit and operational risks to protect generation of adequate returns

  19. Results 2000 - 2004 2004 Securitization Program Public offers in Mexico, targeting Mexican institutional investors • First transaction issued in March 2004 (CEDEVIS 04) • 750.5 million pesos • Denominated in nominal pesos • Fixed Nominal rate. Benchmark M7. Spread 0.88% • Rated mxAAA by Standard and Poor’s, AAA(mex) by Fitch and AAAmx by Moody’s • Second transaction issued in November 2004 (CEDEVIS 04U) • 1,208.8 million pesos • Denominated in UDIs • Fixed Real rate. Benchmark UDI Bono 10. Spread 0.78% • Rated mxAAA by Standard & Poor’s, AAA(mex) by Fitch

  20. Credit program for 2005 Definition of mortgage products

  21. Credit program for 2005 Market strategy Goal 2005 “Apoyo INFONAVIT” 5% More than 11 SM 20,000 5.3% 14.7% 5% 55,000 7 - 10.9 SM Co-funding 24.0% 90,000 Traditional Program 12% 4 - 6.9 SM Traditional Program Low Income Economic Program 90,000 24.0% 0 -3.9 SM 78% 120,000 32.0% 375,000 100% 9.8 million beneficiaries WITHOUT credit to October 2004

  22. Credit program for 2005 Comparison between 2005 vs 2004 credit goals, by property type

  23. Outlook 2005 - 2009 Expected cash inflows CAGR = 12.69% CAGR = Compounded Annual Growth Rate

  24. Outlook 2005 - 2009 Projected credit program 2005-2009 CAGR = 10.3% 60.4% 60% 59.8% 58.6% 56% CAGR = Compounded Annual Growth Rate

  25. Outlook 2005 - 2009 Projected credit program 2005-2009 5.3% 7.2% 62.7% 61.3% 32% 31.5%

  26. Outlook 2005 - 2009 Past-due loan ratio and coverage

  27. Outlook 2005 - 2009 Capitalization

  28. Outlook 2005 - 2009 Projected real return to National Housing Fund

  29. INFONAVIT: The leading mortgage institution in Mexico January 2005 www.infonavit.org.mx

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