Instituto del Fondo Nacional de la Vivienda para los Trabajadores INFONAVIT

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Instituto del Fondo Nacional

Instituto del Fondo Nacional

de la Vivienda para los

de la Vivienda para los

Trabajadores

Trabajadores

INFONAVIT

INFONAVIT

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Agenda

1.

1.

Who are we?

Who are we?

2.

2.

How are we organized?

How are we organized?

3.

3.

2007 Results

2007 Results

4.

4.

Where are we going?

Where are we going?

5.

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INFONAVIT: Autonomous Fiscal Authority

Mortgage Bank

‰ Mortgage lender with a social mandate

‰ Founded in 1972; up-to date, it has originated more than 4.5 million mortgages

‰ Autonomous Institution in which the corporate government comprises equal

representation of the labor sector, the employer sector, and the Federal Government.

Pension Fund Manager

Pension Fund Manager

‰

‰ Since the 1992, it is part of the National Pension Fund System (Since the 1992, it is part of the National Pension Fund System (SAR)SAR)

‰

‰ WorkersWorkers´´ funds are held in separate individual accounts with minimum funds are held in separate individual accounts with minimum guaranteed returns

guaranteed returns

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Who is INFONAVIT?

14,823,539

Active employees in the

National Housing Fund

841,869

employers paying

contributions

3,249,826

mortgage portfolio

Institutional Figures

Institutional Figures

as of

as of

December, 2007

December, 2007

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How are we organized?

How are we organized?

INFONAVIT

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INFONAVIT (Operating Model)

Appraisers Notaries Housing Developers Builders Auditor Collection Agencies Financial Institutions ORIGINATION

ORIGINATION SERVICINGSERVICING

Core

Core

PSCD

PSCD OCIOCI ALSALS

FISCAL FISCAL COLLECTIONS COLLECTIONS Processes Processes PSCD

PSCD OCIOCI ALSALS

Systems

Systems

Channels: Website, INFONATEL

Channels: Website, INFONATEL

SAP

SAP

MBS

MBS

INFONAVIT = 3,920 employees Within INFONAVIT Ecosystem= + 20,000 persons

ACFIN

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Fiscal collection

ƒ Employer contributions(+9.8%):

─ New collection system SAP-PSCD. ─ On-time Collection: 93.7%.

─ Fiscal Collections USD$571.5 millions (goal 2007: USD$556 millions). ─ Fiscal Collections Compound Annual Growth Rate (CAGR)

2000 to 2007: 25.3%. $553.46 $1,081.00 $1,771.53 $2,207.53 $2,676.17 $3,145.98 $3,607.58 $4,187.50 $4,699.21 $5,306.52 $5,726.61 $6,177.83 $530.61 $1,010.69 $1,541.30 $1,945.57 $2,476.18 $3,006.79 $3,531.79 $4,080.64 $4,557.91 $5,106.77 $5,584.04 $6,013.58 $-$1,000 $2,000 $3,000 $4,000 $5,000 $6,000

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic

Ingresos Fiscalización Meta

93.70% 93.15% 92.95% 92.78% 91.97% 92.30% 85% 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 2006 - 6 2007 - 1 2007 - 2 2007 - 3 2007 - 4 2007 - 5 On

On--time Collectiontime Collection

National Progress in Fiscal Collection

National Progress in Fiscal Collection

Accumulated from January to December 2007 vs. Cumulative monthly

Accumulated from January to December 2007 vs. Cumulative monthlygoalgoal

Goal

Goal

Fiscal Collection

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Loans originated INFONAVIT

*Source:Home Acquisition, Comisión Nacional de Vivienda (CONAVI).

2,152,814 205,346 275,000 300,000 305,975 376,444 421,745 458,701 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 1972-2000 2001 2002 2003 2004 2005 2006 2007 2001-2007 2,343,211

INFONAVIT has more than doubled the number of loans originated

INFONAVIT has more than doubled the number of loans originated

since 2001 and currently provides 63% of the mortgage loans in

since 2001 and currently provides 63% of the mortgage loans in

Mexico.

Mexico.

Compound Annual Growth Rate of Origination 01

Compound Annual Growth Rate of Origination 01

-

-

07:14.3%

07:14.3%

Loans originated Loans originated

Mortgage

Mortgage originationorigination

OTROS 37% INFONAVIT 63% Others 37%

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Mortgage Portfolio

ƒ Portfolio Loan Collections (+9.9%):

─ Consolidation of “Cobranza Social” (social collection). ─ NPL Ratio*: 3.98%.

─ At the end of 2007, INFONAVIT has originated 4,496,025 loans. 221,139 476,824 533,178 2000 2006 2007 116% 116% 27,878 25,292 2000 2006 2007 -41% 41% 11.8% 11.8% --9.3%9.3% Mortgage

Mortgage portfolioportfolio((DollarsDollarsin in millionsmillions)) Non Non performingperformingloansloans

$20,456 $44,109 $49,322 $4,346 $2,578 $2,339

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Mortgage Backed Securities

Domestic market

Issuer of mortgage-backed securities USD$1.73 Billions At the end of 2007, securitized portfolio

represents 5.3% of total assets.

Source: INFONAVIT and Sociedad Hipotecaria Federal (SHF), 2007.

INFONAVIT is the largest issuer of mortgage

INFONAVIT is the largest issuer of mortgage--backed securities in Mexico, with the backed securities in Mexico, with the 25% of the market

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Operating capabilities: US$ 200 million invested since

2001

ƒ Operating Volumes

ƒ Mortgages Originated (2007): 117 by employee

ƒ Loans Managed (2007): 748 by employee

ƒ Average Internet Monthly Transactions: 3 millions

ƒ Average Infonatel (Call Center) Monthly Calls: 1 million

ƒ Process certification ISO 9001 for loan administration, origination and fiscal collections.

ƒ Remote channels:

ƒ Infonatel, Web Site, 72 branches (Cesis) nationwide, Kiosks, Aclara-net, Micasa.gob, SIG

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ƒ

Financial Highlights

INFONAVIT Overview

2000 2007 Var.

ƒ NPL Ratio (in #) 21.7% 3.9% -17.8pp

ƒ Total Assets US$ 18,0111 US$ 44,6551 147%

ƒ Cash inflows US$ 3,5371 US$ 9,4461 167%

ƒ LLP Loan Loss Provisions 78.8% 350% 271.2pp

ƒ Securitization $0 US$ 9061

1 US$ million. Close price SPOT Feb/01/2008: MXN$/US$ 10.81.

Source: INFOSEL

Coverage of credit risk exposure (CNVB) 100%.

Capitalization index 8.7%.

ƒ Real return paid to the housing found 2.0% 4.0% 100%

Standard & Poor’s Rating: mxAAA

Moody’s Servicer Rating:

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SQ1-2007 Results

2007 Results

INFONAVIT

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Total income

ƒ

Total cash inflows USD$9.45 Billions, (+11.8%):

2000 2006 2007 Aportaciones Recuperaciones Otros

$91,248 $102,116 $38,237 39.8% 60.9% 34.2% 4.9% 49.6% 10.6% 39.1% 48.8% 12.1% 138% 138% 11.8% 11.8% $3,537 $8,451

Collections Servicing Other incomes

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In 2007, 6/10 of

In 2007, 6/10 of INFONAVITINFONAVIT´´ss origination went to lower income origination went to lower income workers with salary below USD$554 a month.

workers with salary below USD$554 a month.

Dual Nature: Loan origination

Potential Demand and loan origination

Potential Demand and loan origination -- Segment WageSegment Wage

39% 8% 13% 19% 37% 47% 44% 42% 13% 23% 22% 20% 5% 9% 8% 8% 5% 13% 13% 11% 0% 20% 40% 60% 80% 100% Dem_Pot 2o Bim 2007 2005 2006 2007 Hasta 1.99 SM de 2.0 a 3.99 SM de 4.0 a 6.99 SM de 7.0 a 10.99 SM 11 SM y más

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Dual Nature : Pension Fund Manager

INFONAVIT is also the largest manager of retirement savings in M

INFONAVIT is also the largest manager of retirement savings in Mexico, exico, with 31% of all assets under management; real return paid to the

with 31% of all assets under management; real return paid to these funds se funds has increased significantly since 2001

has increased significantly since 2001

Source: CONSAR, December 2007

Real return housing account Real return housing account

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Where are we going

Where are we going

?

?

INFONAVIT

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Market Overview

> 11 7 – 10.9 4 – 6.9 < 2 2 – 3.9 5.3% 5.3% 13.23% 39.6% 36.7% Co-financing with Sofol & Bank Optimized resources USD$* TMW (monthly) > 1,563 995 – 1,549 568 – 980 < 284 284 – 554

*Close price SPOT Feb/01/2008: MXN$/US$ 10.81.

Source: INFOSEL

Total potential demand was 9.5 million workers as of 2007.

•Federal Government Subsidies •Cross subsidy

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Financial Plan 2008-2012

CAGR:Compound Annual Growth Rate

The difference between the Base Scenario and the Best Scenario is the availability of funds in the market.

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INFONAVIT Business Cases

The transformation of INFONAVIT since 2001 has been a case study for prestigious schools of business and public policy in Mexico and US.

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Final Remarks (Q&A)

Final Remarks (Q&A)

INFONAVIT

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Instituto del Fondo Nacional

Instituto del Fondo Nacional

de la Vivienda para los

de la Vivienda para los

Trabajadores

Trabajadores

INFONAVIT

INFONAVIT

Figure

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