Table of Contents. Letter to Shareholders. Board of Directors. Main Officers. Corporate Structure. At Ixe, We Are Committed to Quality

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1 Ixe Grupo Financiero ANNUAL REPORT 2007

2 Creating Value

3 Table of Contents Letter to Shareholders Board of Directors Main Officers Corporate Structure At Ixe, We Are Committed to Quality Ixe Grupo Financiero Ixe Banco Ixe Casa de Bolsa Ixe Automotriz Fincasa Hipotecaria Asset Management Ixe Apoya Stock Performance Financial Statements

4 Financial Highlights 1 Annual Nominal Growth Ixe Grupo Financiero Net Income N/A 3 Shareholders Equity 2 2, , % Total Assets 20, , % Ixe Banco Net Income N/A Shareholders Equity 1, , % Total Assets 15, , % Total Loan Portfolio 8, , % Deposits 10, , % Allowance for Loan Losses/Total Loan Portfolio 2.5% 1.8% -0.7 p.p. 4 Capitalization Ratio 12.2% 15.4% 3.2 p.p. Ixe Casa de Bolsa Net Income % Shareholders Equity % Total Assets % Customer Securities Held in Custody 93, , % Equity Trading (market share) 5 4.0% 4.6% 0.6 p.p. Floating Rate Securities Trading (market share) 6 7.2% 5.7% -1.5 p.p. Ixe Fondos Net Income N/A Shareholders Equity % Assets under Management 7 17, , % Ixe Afore Net Income N/A Shareholders Equity % Number of Registered Workers 184, , % Funds under Management 2, , % Ixe Automotriz 8 Net Income % Shareholders Equity % Total Loan Portfolio 9, , % Fincasa Hipotecaria 11 Net Income % Shareholders Equity % On and off Balance Sheet Total Loan Portfolio 5, , % Number of Employees by Company Ixe Banco 1,177 1, % Ixe Casa de Bolsa % Ixe Fondos % Ixe Afore % Ixe Automotriz % Fincasa Hipotecaria % Ixe Fleet 0 2 N/A Total, Group 2,161 3, % 1 Figures in millions of pesos as of December 31 of each year, except where indicated. 2 Excludes minority interest. 3 Not applicable. 4 Percentage points. 5 Source: Facts and Figures of the Mexican Stock Exchange (BMV). 6 Source: SIF ICAP and Remate Lince. 7 Investment portfolio; does not include customer resources invested in third-party funds distributed by Ixe. Source: Statistical Bulletin, National Banking and Securities Commission (CNBV). 8 Ixe owns 60% of this company s capital stock. 9 Includes operating leasing, financial leasing and loans. 10 In 2007, Ixe Automotriz purchased the loan portfolio of Ixe Equipamiento. For comparative purposes, the 2006 figure includes the Ixe Equipamiento portfolio, totaling $185.7 million at year-end. 11 Ixe owns 51% of this company s capital stock. 12 The 2006 figure includes 13 employees who at year-end were working for Ixe Equipamiento.

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6 From left to right: Mauricio Naranjo González Chief Financial Officer, Ixe Grupo Financiero Enrique Castillo Sánchez Mejorada Chief Executive Officer, Ixe Grupo Financiero Javier Nájera Muñoz Executive Vice President, Investment Banking, Corporate Banking and Derivatives Adrián Garza de la Garza Executive Vice President, Regional Business Patricio Rodríguez Chapa Executive Vice President, Private Banking Javier de la Calle Pardo Chief Executive Officer, New Bank Iñaki de Abiega Pons Chief Executive Officer, Ixe Casa de Bolsa Javier Molinar Horcasitas Chief Executive Officer, Ixe Banco Letter to Shareholders For Ixe Grupo Financiero, 2007 was a year of significant growth and good results. We were able to build an important platform to develop the Group's plans for the years to come. Likewise, we have maintained our commitment to service quality, as we are aware that quality is what distinguishes us from other financial institutions in the country. This conviction is present in each of the activities developed daily by all of us who participate in Ixe. In 2007, Mexico's economy was very stable, in spite of the volatility of the United States economy in the second semester of the year, as a result of the mortgage market crisis in this country. Our economy performed well in The Gross Domestic Product (GDP) grew 3.3%, thanks to a strong domestic market and sustained export growth, which significantly boosted the growth of the service sector. In contrast, the industrial sector did not perform well and resented the US deceleration. The peso/dollar exchange rate remained stable. The leading rating agencies have acknowledged Mexico s progress and, in October this year, Standard & Poor s improved the grade for our country s long-term foreign currency sovereign debt, raising it from BBB to BBB+.

7 Ixe Grupo Financiero ANNUAL REPORT Within this environment of economic stability, the Mexican financial system has been strengthened and loans have been dynamically reactivated. During the year, bank loans have grown considerably. According to figures reported by the National Banking and Securities Commission (CNBV) as of December 2007, the commercial loans of the banking system grew 23%, consumer loans 25.4% and mortgages 17.3%. Ixe Banco grew considerably in Thirty-three new branches were opened, totaling 92 branches. Deposits went from $10.3 billion at year-end 2006 to $16.7 billion in 2007, which accounts for an annual growth of 62.3%. The Financial Group's loan portfolio grew significantly during the year. The commercial portfolio balance 1 was $10.7 billion, 38.3% higher than at year-end The on balance sheet portfolio of Fincasa Hipotecaria had an annual increase of 16%, whereas the total portfolio (on and off balance sheet) grew 11.4%, totaling $6.3 billion. Ixe Automotriz had a portfolio of $1.2 billion at year-end, accounting for a growth rate of 96.6% 2 compared to The credit card portfolio went up 98.6%, from $484.8 million at year-end 2006, with 42,708 accounts, to $962.6 million at year-end 2007, with 89,456 accounts. Ixe Banco s mortgage loan portfolio grew 79.5% although its base is still small to $690.4 million. In Small and Mid-sized Companies (SMEs) loans, we placed our first credits with satisfactory results. The Corporate Finance Division had outstanding results in 2007, with a total income of $221 million, which accounts for a 68.3% increase year over year. We also had good results in financial markets, both in sales as well as in proprietary positions, totaling $628 million in income, 10.5% more than in Likewise, the Group's organic work force was strengthened, both in the business areas as well as in the administrative and operating areas. During the year, headcount grew 42.1% and, at year-end 2007, the institution had a total of 3,070 employees. As part of this growth strategy, during the fiscal year the Group strengthened its capital by carrying out two actions: (1) in late February, 2007, Ixe Banco issued perpetual subordinated bonds in dollars in the amount of $1.3 billion; and (2) in September of 2007, there was a $2.7 billion capital increase, as a result of a contribution made mostly by a new partner, Brysam Global Partners (BRYSAM), a specialized private equity firm. The accelerated expansion we have experienced in 2007 comes hand in hand with significant challenges, in view of the fact that the institution's profitability level has declined because of the investments we have made in order to grow particularly in our bank branch network and in the credit card business as well as investments in other projects such as the New Bank 3, 1 Includes commercial loans (with the exception of SME loans) as well as loans granted to financial and government entities. 2 Annual growth considers the Ixe Equipamiento portfolio balance at year-end The name of this new entity has not yet been defined.

8 4 ANNUAL REPORT 2007 Ixe Grupo Financiero which we are implementing. We have ratified the decision to maintain important growth in the Financial Group so as to take advantage of the moment the country's financial market is going through, while prioritizing a long-term business vision even though this implies sacrificing short-term profitability. We will maintain high growth rates vis-à-vis proper macroeconomic conditions since we are convinced that, with a long-term horizon in mind, this is the best value creation strategy for the Financial Group and for our shareholders. During 2008, we will further pursue the growth strategy of the Financial Group, by incorporating a new bank that will serve a different market segment (middle-income individuals), opening more bank branches, more actively participating in the retail sector, boosting the loan portfolio, creating new products, maintaining the growth of the financial markets and corporate finance businesses, and improving the services that we currently offer. In this way, we will maintain our key objective: to offer the best financial service in Mexico. This aspiration is becoming an even larger challenge, vis-à-vis increased local competition and closer integration with the international financial market. Although we are fortunate, because of our opportunity to grow and develop, we also understand that taking advantage of this opportunity depends on the daily performance of the human team that works at Ixe. The combination of our country's macroeconomic stability, the strength of the Mexican financial system and the greater demand for financial services confirm our decision to continue investing in order to take advantage of the expansion in the financial sector. This, in addition to the growth our country will offer in the years to come, will enable us to meet our objectives, reward our stockholders' investments and reaffirm the commitment Ixe has as an active participant in the development of Mexico. Enrique Castillo Sánchez Mejorada Chairman of the Board of Directors

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10 Board of Directors Enrique Castillo Sánchez Mejorada CHAIRMAN Fernando de Ovando Pacheco SecretARY Armando Rivero Laing SecretARY PROTERM DIRECTORS Members Carlos Aguilar Villalobos* Ángel Alverde Losada Ricardo Amtmann Aguilar Ernesto Canales Santos* Enrique Castillo Sánchez Mejorada Henry Davis Carstens Henry Davis Signoret Francisco Javier Fernández Carbajal* Juan Manuel Márquez Anaya* Alberto Martín Soberón Gerardo Martín Soberón Javier Molinar Horcasitas Isaac Saba Raffoul Robert Bruce Willumstad Marjorie Magner Alternate Members Rafael Olvera Escalona José Alverde Losada Ernesto Amtmann Aguilar Carlos del Río Santiso Iñaki de Abiega Pons Alec Davis Carstens Paul Davis Carstens Javier Martínez del Campo Lanz Alberto Jacques Blanca Armando Martín Soberón Othón Zermeño Wigand Salomón Presburger Slovik Manuel Saba Ades Michael Robert Dunn Madhukar Dayal * Independent Board Member

11 Ixe Grupo Financiero ANNUAL REPORT Main Officers Enrique Castillo Sánchez Mejorada Chief Executive Officer, Ixe Grupo FinancierO Javier Molinar Horcasitas Chief Executive Officer, Ixe Banco Iñaki de Abiega Pons Chief Executive Officer, Ixe Casa de Bolsa Adrián Garza de la Garza Executive Vice President, Regional Business Mauricio Naranjo González CHIEF FINANCIAL OFFICER, IXE GRUPO FINANCIERO Javier Nájera Muñoz Executive Vice President, Investment Banking, Corporate Banking and Derivatives Javier de la Calle Pardo Chief Executive Officer, New Bank Patricio Rodríguez Chapa Executive Vice President, Private Banking Corporate Structure Ixe Banco Banking Ixe Casa de Bolsa Brokerage Fincasa Hipotecaria 1 Bridge Loans for Construction and Mortgages Ixe Holdings Holding Company of the Ixe Securities Shares Casa Servicios Administrativos Miscellaneous Services Ixe Securities Trading and Investment Banking Ixe Automotriz 2 Auto Financing Ixe Fleet 3 Auto Fleet Management IXE GRUPO FINANCIERO Ixe Fondos Mutual Funds Management Ixe Afore Pension Funds Management Mutual Funds Ixe Siefore and Ixe Siefore I IPATI Investment Consultants Ixe Equipamiento Vehicle for Granting Loans Ixe Servicios Miscellaneous Services 1 Ixe Grupo owns 51% of this company's capital stock. 2 Ixe Grupo owns 60% of this company's capital stock. 3 Ixe Automotriz owns 60% of this company's capital stock.

12 8 ANNUAL REPORT 2007 Ixe Grupo Financiero

13 Ixe Grupo Financiero ANNUAL REPORT At Ixe, We Are Committed to Quality We have created a group with a different way of thinking, in order to break paradigms within the market and prove that it is possible for quality service to be both tangible and real. Service quality is an attitude; it is a way of being and a way of life that we foster each day within our Group in the activities we carry out. To this end, for the last four years we have worked with the Cara a Cara (Face to Face) Program aimed at promoting top customer service quality and provide introduction courses to all our employees so that they may have access to this philosophy from day one on the job. At Ixe, our processes are thoroughly revised to ensure top quality customer assistance. Our bank branches objective goes beyond simply performing transactions: making our customers feel at home and changing their concept of what a bank is. Also, our people are convinced that customer service is their main sales driver. Thanks to these priorities, during 2007 Expansión magazine ranked us as the bank whose clients believe that it offers the best quality in customer service and assistance within the financial system. This additional incentive invites us to forge ahead with our commitment. Every day we make inroads into new places. The acceptance of our value proposal has allowed us to open doors in Monterrey, Guadalajara, Cuernavaca, Metepec, León and soon Puebla, Querétaro and Ciudad Juárez, taking this philosophy on which we sustain our work to each new location. We are committed to service quality and we have this commitment with our customers. Service quality is an attitude; it is a way of being and a way of life that we foster each day WITHIN our Group.

14 10 ANNUAL REPORT 2007 Ixe Grupo Financiero Ixe Grupo Financiero During 2007, the performance of the Financial Group was reflected in the significant growth of bank deposits, loan portfolio, volume traded in different markets, as well as the number of clients of its subsidiaries. The net loss reported at year-end 2007 is the result of the accelerated growth process we are undergoing. We are aware, however, of the steps we have to follow and that the benefits will be harvested in the medium and long term. Our shareholders have firmly resolved to continue with this expansion; thus in September of 2007 there was a $2.7-billion capital increase, as a result of the subscription of 199,655,725 Series O shares. BRYSAM acquired 188,782,008 shares, equal to $2.5 billion and to 27.9% of the Financial Group's capital stock. On the other hand, minority shareholders subscribed a total of 10,873,717 shares, which represents an additional equity of $145.4 million for Ixe. The new resources will be used to finance Ixe's expansion plans and strengthen Ixe Banco's balance sheet. In October, 2007, Ixe Grupo Financiero requested from the authorities a new license to operate a commercial bank. This new commercial banking institution will target the midincome segment, offering top-quality banking services tailored to meet their specific savings and loan needs. It will also focus on small and mid-sized companies, using the same guidelines. The New Bank will be present throughout most of the country, and we expect to achieve this presence within the next five years. Operations will start up during the third quarter of 2008, once regulators have completed the certification process. Brysam Global Partners made a capital contribution of $2.5 billion, equal to 27.9% of the capital stock OF Ixe Grupo Financiero.

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17 Ixe Grupo Financiero ANNUAL REPORT Ixe Banco The year 2007 was full of new challenges for Ixe Banco. During the year we reiterated that our commercial banking's business proposal is successful, its core ingredient being to offer excellent customer service quality. Accordingly, the initiative was taken to continue with the branch network growth that began in 2004 and to make inroads into new marketplaces. As a result of this effort, during the year 33 branches were opened 29 under the innovative Ixe Café format totaling 92 at year-end. Likewise, Ixe Banco started operations in the cities of Cuernavaca, Metepec, Guadalajara and León. It also boosted its participation in the metropolitan area of Mexico City and in Monterrey. 100,000 75,000 50,000 25,000 0 Credit Card: Number of Accounts 17,103 21,843 Source: Ixe Analysis 42,708 Number of Branches 89, During the fiscal year, the bank maintained its aggressive strategy to penetrate the credit card market, expanding its affinity credit card business through strategic alliances with universities, companies, sports clubs and professional associations. Additionally, the institution has focused on placing credit cards by directly marketing the services and benefits offered by the Ixe cards, and which derive from agreements reached with Visa and MasterCard. As a result of this business strategy, at year-end 2007 Ixe Banco had a credit card loan portfolio of $962.6 million and 89,456 accounts, a 98.6% and 109.5% increase, respectively, compared to Deposit growth goes hand in hand with branch network growth. At year-end 2007, the bank reported core deposits equal to $16.7 billion, 62.3% more than the deposits at the end of This growth compares favorably with the 15.8% growth reported by the market, proof of the wide acceptance that Ixe Banco's offer has gained in the markets in which we are present Source: Ixe Analysis Ixe Banco's total loan portfolio grew 48.0%, compared to the balance at year-end 2006, and amounted to $12.8 billion. The past-due loan portfolio to total loan portfolio ratio was 0.9% and the allowance for loan losses to total loan portfolio ratio was 1.8%. Ixe Banco continued with its strategy of maintaining prudent risk management. The expansion has presented Ixe Banco with important challenges. The investments it has had to make in order to grow have affected its profitability. We have, however, prioritized the creation of future value above short-term results.

18 Ixe Banco was rated as the best bank in terms of quality in customer service and assistance, according to a survey conducted by Expansión magazine. In order to obtain the necessary resources to finance expansion projects, in February of 2007 Ixe Banco placed perpetual non-cumulative subordinated non-preferred callable notes in dollars, equal to $1.3 billion and at a rate of 9.75%, among institutional investors in the US, Asian and European markets. Part of this issuance is considered equity, for purposes of computing the capitalization ratio, and is callable as of its 5 th anniversary, should the bank decide to do so. Likewise, in September of 2007, Ixe Grupo contributed $880 million in equity to Ixe Banco. At year-end 2007, Ixe Banco's capitalization ratio was 15.4%. Ixe Banco was rated as the best bank in terms of quality in customer service and assistance out of eight banking institutions that were evaluated according to an online survey conducted by Expansión magazine among its subscribers. The commitment to quality with its customers and users has encouraged the Bank to implement operating rules, as well as communication tools and quality certifications, thus underlining how important it is for our institution to guarantee the highest standards in customer service. Deposits (Millions of pesos) Total Loan Portfolio (Millions of pesos) 18,000 16,683 18,000 15,000 15,000 12,789 12,000 10,279 12,000 9,000 6,000 6,434 7,243 9,000 6,000 5,284 6,951 8,639 3,000 3, Source: Ixe Analysis Source: Ixe Analysis

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21 Ixe Grupo Financiero ANNUAL REPORT Ixe Casa de Bolsa During 2007, great efforts were made to consolidate the presence of Ixe Casa de Bolsa and strengthen income generating areas. At year-end, net income amounted to $71.1 million, 25.2% higher than that of Additionally, customer securities held in custody totaled $129.9 billion, accounting for a 38.7% increase compared to last year. In 2007, the Private Banking Division was able to consolidate its position as one of the main players in the wealth management segment, as a result of its personalized focus and its having broadened its scope of products and services aimed at satisfying the financial needs of its customers. One of the most important advances of this division was the strengthening of the team of wealth management consultants, which grew 28.7% in the number of highly qualified, experienced and recognized professionals in the Mexican financial market. Thanks to better investment alternatives and attractive yields, the client base rose 21% by year-end 2007, which in turn accounted for a 33% increase in assets under management. Ixe Casa de Bolsa is one of the main operators of floating rate debt securities in the market. According to the leading brokers (SIF ICAP and Remate Lince), Ixe Casa de Bolsa ranked 5 th in amount traded, with a market share of 5.7%. In the equity market, Ixe ranked 9 th in amount traded, according to information provided by the Mexican Stock Exchange, with a market share of 4.6%. At year-end 2007, Ixe Casa de Bolsa held one of the first places as structuring agent and underwriter of debt securities and equity in the Mexican public market. The Corporate Finance Division had a record participation in this market, in view of its having included new structures and products, and of its lead position in placements and trading. 50,000 40,000 30,000 20,000 Debt Issuances: Amount Placed by Ixe (Millions of pesos) 23,348 39,724 During the fiscal year, Ixe was the lead-manager of 103 issuances of short-term debt, amounting to $26.8 billion; 15 issuances of long-term debt of Mexican companies, amounting to $12.9 billion; and 15 issuances of peso-denominated bonds, registered in other countries and listed in the global market of the Mexican Stock Exchange through the International System Quotations (europesos), amounting to $6.8 billion. Out of the total of short and long-term issuances, without considering europesos, Ixe placed $39.7 billion; this represents a 70.1% increase over 2006 and a compound annual growth of 90.1% in the last seven years. 10, ,606 8, Source: Ixe Analysis According to Underwriter League Tables statistics published by Bloomberg for 2007, Ixe ranked 4 th in amount placed in longterm debt issuances in pesos in Mexico, with an 8.3% market share, accounting for an increase of 2.5 percentage points compared to the market share of 2006.

22 18 ANNUAL REPORT 2007 Ixe Grupo Financiero Ixe was able to consolidate its position as one of the main players in the wealth management segment, as a result of its personalized focus and its having broadened its scope of products and services. 150, ,000 90,000 60,000 30,000 0 Customer Securities Held in Custody (Millions of pesos) 56,709 64,955 93, , Source: Ixe Analysis The main placements of structured long-term debt during the year were: the first securitization of fixed-rate lease agreements, with a maturity of 17.5 years in pesos for Acosta Verde, a developer of shopping centers in a financially innovative structure; as well as the first securitization of the payroll tax for the state of Chiapas, amounting to $5 billion, with a maturity of 30 years. According to information provided by the Private Debt Analysis Division of Ixe Casa de Bolsa, Ixe ranked 2 nd in the number of structured issuances and 1 st in construction loan securitizations. With regard to equity placements, we wish to underline that during 2007 Ixe participated as the sole domestic lead manager in the initial public offering of Maxcom Telecomunicaciones; as co-lead manager in the public stock offerings of Megacable and Financiera Independencia; as well as a syndicate member in the follow-on offering of Urbi. Ixe Securities, a New York-based company that is mostly dedicated to providing brokerage and investment banking services, underwent reorganization during the year. Ixe Securities (formerly Arka Securities) was acquired by Ixe Holdings in May of Ixe Casa de Bolsa held one of the first places as structuring intermediary and underwriter of DEBT securities and equity in the Mexican public market.

23 Ixe Grupo Financiero ANNUAL REPORT Ixe Automotriz Ixe Automotriz, our Multiple Objective Financial Entity that focuses on granting auto financing, continues to strengthen its market share, and recorded a net income of $34.7 million at yearend This amount accounts for a 57.3% increase compared to the net income reported at year-end In February of 2007, Ixe Automotriz purchased the loan portfolio of Ixe Equipamiento, which amounted to $204.1 million and was entirely made up of auto loans. As a result of this operation, auto loans are added to Ixe Automotriz s scope of products; prior to this date, the company only offered financial leasing and operating leasing. At year-end 2007, the company had a total financial leasing portfolio of $308.7 million, 33.8% of which corresponds to traditional financial leasing and 66.1% to Ixe Móvil 4. Likewise, it acquired a loan portfolio of $193.5 million and, at year-end, reported a total portfolio of $542.2 million. The operating leasing portfolio was $366.8 million, growing 73% year over year. The past-due loan portfolio totaled $44.9 million, which represents a past-due loan portfolio to total loan portfolio ratio of 3.7%. The total balance of loan portfolio, financial leasing and operating leasing amounted to $1.2 billion, a 96.6% increase compared to the balance reported at the end of the previous year (considering the balance of Ixe Equipamiento at year-end 2006). This significant growth is attributed to the agreements signed with other automobile distributors and to the successful purchase of loan portfolios. 4 Financial leasing scheme with a deferred down payment.

24 20 ANNUAL REPORT 2007 Ixe Grupo Financiero As a result of our having added Ixe Fleet, Ixe can offer its clients comprehensive services in the acquisition and MANAGEMENT of their fleets. In January of 2007, as a result of an association with Wheels Inc., Ixe Fleet was incorporated as a subsidiary of Ixe Automotriz. The purpose of this new company is to provide fleet management services to customers applying for automobile financing. As a result of our having added Ixe Fleet, Ixe can offer its clients comprehensive services in the acquisition and management of their fleets. Wheels Inc. is one of the leading companies in the United States in automotive fleet management, and operates in the US, Europe and Canada. Ixe Automotriz owns 60% of the capital stock of this new company. Total Portfolio 1 (Millions of pesos) 1,400 1,218 1,200 1, Financial leasing Operating leasing Loans 1 The loan portfolio was owned by Ixe Equipamiento up until February of Source: Ixe Analysis

25 Ixe Grupo Financiero ANNUAL REPORT Fincasa Hipotecaria Fincasa Hipotecaria, a subsidiary of Ixe Grupo Financiero whose core business is the origination and management of bridge loans for construction, as well as individual mortgage loans, mainly in low and middle-income sectors reported significant growth during the year. At year-end 2007, this company's net result amounted to $104 million, a figure that compares positively with the $45.8 million net income in This substantial increase in net income is basically due to the growth in the bridge loan portfolio with better trading margins, as well as the commissions related to these loans. Fincasa's growing operations are reflected in an 11.4% increase in total loan portfolio (on and off balance sheet) over 2006, totaling $6.3 billion. The past-due loan portfolio to total loan portfolio ratio was 15.8% and the allowance for loan losses to past-due loan portfolio ratio was 51.2%. Out of the total loan portfolio, bridge loans accounted for 75.5% and individual mortgage loans for 24.5%. Fincasa continues making efforts to improve its cost of funding, which will make it easier to originate loans in the short term. During the year, private short-term certificates amounting to $700 million were issued, and totaled an amount outstanding of $2.5 billion at year-end. The company's ownership remains the same, with Deutsche Bank holding 49% of the capital stock of Fincasa. Fincasa continues making efforts to improve its cost of funding, which will make it easier to ORIGINATE loans in the short term. Net Income (Millions of pesos) Total Loan Portfolio 1 (Millions of pesos) ,000 6, ,000 5,000 4,747 5, , ,000 2, , Bridge loans Source: Ixe Analysis Individual mortgage loans 1 Includes on and off balance sheet loan portfolio. Source: Ixe Analysis

26 22 ANNUAL REPORT 2007 Ixe Grupo Financiero

27 Ixe Grupo Financiero ANNUAL REPORT Asset Management As part of the Group's strategy to organize and operate all the investment portfolio management activities in a single business unit, these activities have been grouped under Ixe Fondos. In 2006, Ixe Banco sold Ixe Afore to Ixe Fondos. Additionally, that same year Ixe Fondos was authorized by the National Banking and Securities Commission (CNBV) to create an investment consultant, which as a subsidiary of the fund manager would render portfolio management and securities investment advisory services. IPATI, Asesores de Inversión was incorporated in Another important change that occurred during the fiscal year was the creation of the Chief Investments Office, which is formed by the Investment Divisions of Ixe Fondos, of Ixe Afore and of the Portfolio Management area. The asset management process of this division is based on four core principles: discipline, financial innovation, cutting-edge technology and yields that exceed the established parameters. The consistent application of these principles as well as the synergies that have resulted from the new structure, have produced significant growth in the assets managed by the Chief Investments Office, which totaled $38 billion at year-end Asset management is based on four core principles: discipline, financial innovation, cutting-edge technology and yields that exceed the established parameters. Assets under Management (Millions of pesos) 25,000 Ixe Fondos 20,000 15,000 17,476 20,553 During 2007, Ixe Fondos significantly consolidated its operations. Assets managed by Ixe s mutual funds totaled $20.6 billion at year-end, a 17.6% increase over ,000 5, ,637 11, According to statistics of the Mexican Association of Financial Intermediaries (AMIB), Ixe Fondos ranked 10 th in assets under management among the mutual funds managers in the Mexican financial system, with a 2.4% market share. Source: Ixe Analysis

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