DESARROLLADORA HOMEX CONSOLIDATED BALANCE SHEET DATA COMPARISON OF SEPTEMBER 30, 2005 WITH SEPTEMBER 30, 2004 (Figures in thousands of constant September 30, 2005 pesos) Sep-05 Sep-04 Change 05/04 ASSETS CURRENT ASSETS Cash and cash equivalents $1,706,866 13.1% 947,764 15.2% 80.1% Accounts receivable, net 5,858,741 45.1% 2,659,655 42.7% 120.3% Inventories 3,798,497 29.2% 2,268,519 36.4% 67.4% Other current assets 120,605 0.9% 92,759 1.5% 30.0% Total current assets 11,484,709 88.4% 5,968,697 95.7% 92.4% Property and equipment, net 395,746 3.0% 152,734 2.4% 159.1% Goodwill 956,919 7.4% - 0.0% - Other assets 155,190 1.2% 112,819 1.8% 37.6% TOTAL $12,992,564 100.0% $6,234,250 100.0% 108.4% LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Notes payable to financial institutions 780,835 6.0% 554,536 8.9% 40.8% Accounts payable 1,826,218 14.1% 1,461,358 23.4% 25.0% Advances from customers 131,013 1.0% 61,545 1.0% 112.9% Other current liabilities and taxes payable 44,686 0.3% 26,212 0.4% 70.5% Accrued income taxes 75,040 0.6% 2,536 0.0% 2859.0% Accrued employee statutory profit sharing 2,799 0.0% 2,158 0.0% 29.7% Total current liabilities 2,860,591 2,108,345 Long-term notes payable to financial institutions 3,279,513 25.2% DEFERRED INCOME TAXES 1,257,429 9.7% 519,898 8.3% 141.9% Total liabilities 7,397,533 56.9% 2,628,243 42.2% 181.5% STOCKHOLDERS' EQUITY Common stock 481,696 3.7% 221,000 3.5% 118.0% Additional paid-in capita l2,992,492 23.0% 2,290,266 36.7% 30.7% Retained earnings 1,831,612 14.1% 871,980 14.0% 110.1% Excess in restated stockholders' equity 316,240 2.4% 316,240 5.1% 0.0% Cumulative initial effect of deferred income taxes(143,983) -1.1% (143,983) -2.3% - Majority Stockholders' Equity 5,478,057 42.2% 3,555,503 57.0% 54.1% Minority interest 116,974 0.9% 50,504 0.8% 131.6% TOTAL STOCKHOLDERS' EQUITY 5,595,031 43.1% 3,606,007 57.8% 55.2% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 12,992,564 100.0% 6,234,250 100.0% 108.4% DESARROLLADORA HOMEX CONSOLIDATED INCOME STATEMENT DATA COMPARISON OF THIRD QUARTER 2005 WITH THIRD QUARTER 2004 (Figures in thousands of constant September 30, 2005 pesos) 3Q05 3Q04 Change 3Q05 /3Q04 REVENUES Affordable entry- level revenue $1,994,943 80.8% 1,000,779 77.4% 99.3% Middle-income housing revenue 376,919 15.3% 280,204 21.7% 34.5% Other revenues 98,404 4.0% 12,080 0.9% 714.6% TOTAL REVENUES 2,470,266 100.0% 1,293,063 100.0% 91.0% COSTS 1,680,832 68.0% 903,488 69.9% 86.0% GROSS PROFIT 789,434 32.0% 389,575 30.1% 102.6% SELLING AND ADMINISTRATIVE EXPENSES 220,108 8.9% 117,829 9.1% 86.8% OPERATING INCOME 569,326 23.0% 271,746 21.0% 109.5% OTHER INCOME 3,552 0.1% (3,488) -0.3% -201.8% NET COMPREHENSIVE FINANCING COST Interest expense and commissions 144,801 5.9% 30,093 2.3% 381.2% Interest income (18,562) (22,103) -1.7% -16.0% Foreign exchange (gain) loss (339) 0.0% (3,985) -0.3% -91.5% Monetary position loss 9,924 0.4% 16,492 1.3% -39.8% 135,824 5.5% 20,497 1.6% 562.7% INCOME BEFORE INCOME TAX AND EMPLOYEE STATUTORY PROFIT SHARING EXPENSE 437,054 17.7% 247,761 19.2% 76.4% INCOME TAX EXPENSE 139,256 5.6% 77,172 6.0% 80.4% NET INCOME 297,798 12.1% 170,589 13.2% 74.6% MAJORITY INTEREST -0.2% 10,916 0.0% MINORITY INTEREST (4,393) - NET INCOME 302,191 12.2% 159,673 12.3% 89.3% Earnings per share 0.90 0.51 - - EBITDA 579,226 23.4% 273,215 21.1% 112.0% DESARROLLADORA HOMEX CONSOLIDATED INCOME STATEMENT DATA COMPARISON OF NINE MONTHS 2005 WITH NINE MONTHS 2004 (Figures in thousands of constant September 30, 2005 pesos) 2005 YTD 2004 YTD Change 2005 REVENUES /2004 Affordable entry- level revenue $4,194,304 78.3% 2,686,844 81.5% 56.1% Middle-income housing revenue $958,971 17.9% 590,323 17.9% 62.4% Other revenues $201,217 3.8% 21,232 0.6% 847.7% TOTAL REVENUES 5,354,492 100.0% 3,298,399 100.0% 62.3% COSTS 3,668,066 68.5% 2,276,705 69.0% 61.1% GROSS PROFIT 1,686,426 31.5% 1,021,694 31.0% 65.1% SELLING AND ADMINISTRATIVE EXPENSES 496,100 9.3% 305,777 9.3% 62.2% OPERATING INCOME 1,190,326 22.2% 715,917 21.7% 66.3% OTHER INCOME 20,296 0.4% 43,070 1.3% -52.9% NET COMPREHENSIVE FINANCING COST Interest expense and commissions 241,318 4.5% 92,384 2.8% 161.2% Interest income (41,534) -0.8% (32,389) -1.0% 28.2% Foreign exchange (gain) loss (6,246) -0.1% (3,992) -0.1% 56.5% Monetary position loss 11,331 0.2% 22,278 0.7% -49.1% 204,869 3.8% 78,281 2.4% 161.7% INCOME BEFORE INCOME TAX AND EMPLOYEE STATUTORY PROFIT SHARING EXPENSE 1,005,753 18.8% 680,706 20.6% 47.8% INCOME TAX EXPENSE 314,306 5.9% 212,848 6.5% 47.7% NET INCOME 691,447 12.9% 467,858 14.2% 47.8% MAJORITY INTEREST 699,922 13.1% 457,708 13.9% MINORITY INTEREST -0.2% 10,150 0.3% - (8,475) NET INCOME 699,922 13.1% 457,708 13.9% 52.9% Earnings per share 2.21 1.69 - - EBITDA 1,249,503 23.3% 763,480 23.1% 63.7% (1) Unless otherwise noted, all monetary figures are in Mexican pesos and restated as of September 30, 2005 in accordance with Mexican GAAP. The symbols "Ps." and "$"refer to Mexican pesos and "US$" refer to U.S. dollars.