1 GFNORTE: 1Q07 Results May 2007

2 1.1Q07 Overview. 2.Stock Metrics. Contents

3 1. 1Q07 Overview

4 New accounting standards Change Impact Deferral of fees charged on new loans. 89% in fees. 20 bp NIM. 123 bp in efficiency ratio. Non financial companies consolidated. 25 bp in efficiency ratio. Financial derivatives marked to market. 54 bp in efficiency ratio. Income of Portfolios Acquired: from Non Interest Income to Non Operating Income. 140 bp in efficiency ratio. 4Q06 excess loan loss reserves credited vs. income statement in 1Q pp in reserve coverage.

5 Highlights Constant Million Pesos 1Q071Q06 1Q071Q06 Growth in Performing Loans Past Due Loan Ratio Reserve Coverage Net Income ROE Stock Price EPS P/BV Net Interest Margin Tax Rate 23%24% 1, % 14% % 102%70% % 1.6% 171% 1.4% 149% 14% 24.0% 1, % 37%

6 GFNORTE’s Income Statement Net Interest Income Services Recovery FX & Trading Non Interest Income Total Income Non Interest Expense Net Operating Income Non Operating Income (Expense) Net Taxes Net Income Loan loss and loss sharing provisions Subsidiaries and minority interest 1Q06Change1Q07 3,729 2,052 3,430 2, ,254 1, % 10% (71%) (5%) 9% 4% 8% 5,781 (3,387) 5,580 (3,123) (3%) 6,605% 23% 14% (34%) (38%) 2, (903) 1,623 (255) 50 2,457 5 (734) 1,423 (386) 81 Constant Million Pesos

7 Net Income 1,177 1Q051Q06 1,521 4Q06 1,623 1Q07 1,423 CAGR 17% Constant Million Pesos

8 ROE and ROA ROEROA Annualized 1Q05 2.5% 2.8% 1Q06 26% 1Q06 27% 1Q05 24% 1Q07 2.7% 1Q07

9 Non Interest Expense EFFICIENCY RATIO Non Interest Expense 1Q Q % 61% 1Q05 55% 1Q06 58% 1Q07 55% Increase due to New Accounting Standards 340 bp Constant Billion Pesos

10 Net Interest Margin vs CETES Percentage % 101% 1Q052Q053Q054Q052Q063Q064Q061Q06 1Q07 CETES NIM 4Q04

11 Core Deposits Constant Billion Pesos Mix Demand Time Demand Time Total Deposits 1Q051Q071Q %15% 8% 10% 9% YoY Change w/o INB 18% 27% 16% 13% 63% 37% 100% 64% 36% 100% 63% 37% 100%

12 Loan Portfolio Performance 1Q064Q061Q07 QoQ Variation YoY Commercial Corporate Government Total Consumer 1Q064Q061Q %45% 4%16% 36%(1%) 6%24% 5%18% Constant Billion Pesos

13 Constant Billion pesos Consumer Loan Portfolio Performance Consumer Car loans Credit Card Payroll loans Mortgage 1Q064Q061Q07 QoQ Variation YoY 1Q064Q061Q %5% 10%50% 2%27% 5%18% 5%12% % YoY Change w/o Extras 28%

14 Lending and Deposits’ Dynamics Loan Portfolio YoY 123 1Q Q05 Balance Constant Billion pesos 23% 1Q06 20% 1Q05 Core Deposits YoY 14% 1Q06 5% 1Q05 24% 1Q07 21% 1Q Q07 151

15 Thousands of New Credit Cards 1Q06 1Q07 1Q

16 Asset Quality Constant Billion pesos Past Due Loans Loan Loss Reserves RESERVE COVERAGE PAST DUE LOAN RATIO Total Loan Portfolio 1Q064Q061Q07 149% 166% 172% 1Q064Q061Q07 1.4% 1.6% 1Q064Q061Q

17 Evolution of Loan Loss Reserves Reserve Reversal Balance 1Q07 Balance 4Q06 (464) 3,321 3,576 Constant Million Pesos New Reserves Performing Loans PDL´s Charge Offs (499)

18 Tier 1 Tier 2 TOTAL 1Q051Q061Q07 Percentage Tier % 4.9% 15.9% 69% 12.5% 3.6% 16.2% 77% 13.0% 2.6% 15.6% 83% Banking Sector Capitalization Ratio PERCENTAGE

19 Recovery Bank Assets under Management Constant Billion pesos Asset Breakdown 1Q07 Constant Billion Pesos Assets 7 Portfolio 48 Total: 56 Investment Projects 1 1Q05 1Q06 1Q Q04 Banorte IPAB

20 Long Term Savings Net Income Constant Million Pesos AFOREINSURANCEANNUITIES TOTAL 1Q051Q061Q Q051Q061Q Q051Q061Q Q051Q061Q ROE: 20% ROE: 45% ROE: 22%

21 Evolution of AFORE EQUIVALENT FEE Charged to a yearly balance BANORTE GENERALIINDUSTRY 21% Dec-05Dec-06 BANORTE GENERALIINDUSTRY 27% Dec-05Dec-06 28% 3.30% 2.36% Dec-05Dec-06 ASSETS UNDER MANAGEMENT Constant Billion Pesos 18% 2.82% 2.31% Dec-05Dec-06

22 Recent Events

23 Sale of Bonding Company Date: March 30. Amount: Ps $168 million (1.3x BV). Profit: Ps $31 million. Rationale: Attractive sale opportunity. High exposure to contingent risks. Will not consolidate with the Group as of 2Q07.

24 Banorte USA

25 Banorte USA Bancarization in US. Bi-national US–México: Foreign Trade Remittances. Mortgages. Bi-national México – USA: Foreign Trade Manufacturing and SME’s. High Net Worth Clients.

26 Results Deposits 44% Loans 32% Net Income 17% ROE 23% Efficiency 43% Transactions: - Volume 12% - Dollars 19% Revenues 16% Number of Cards 48% YoY 1Q06 – 1Q07 Bank Remittances

27 Preliminary Results / Plans for 2007 Referencing: Banorte branches: US $32 million in 3 months. Binational Mortgages: US $60 million in 2007 estimated. Growth Drivers: Organic: Branches in ) Laredo 2) Brownsville 3) San Antonio

28 2. Stock Metrics

29 Stock Index vs. GFNorte 1Q IPC 9%9% Banorte 24% IPC 105% Banorte 141%

30 Stock Performance LEADERS IMPROVING WORSENING LAGGERS TELMEX TELEVISA CEMEX INBURSA ICA FEMSA GFNORTE WAL-MART IPC GMEXICO AMERICA MOVIL GEO Annual Return Quarterly Return Behind the IPC in 1Q07 Ahead of the IPC in 1Q07 Ahead of the IPC 1Q07 Behind the IPC 1Q07 -10% 10% 30% 50% 70% 90% 110% -5%0%5%10%15%20%25%30%35% One of the best performing stocks among the BMV’s most active.

31 Stock’s Daily Turnover Million Dollars 1Q041Q Q Q CAGR 43%

Q07 Market Capitalization Q041Q Q06 CAGR 69% Billion Dollars

33 Banorte vs. LatAm Banks Accumulated Return in USD Bancolombia (4%) Banorte 126% 12% Santander Chile 17% Inbursa 23% Banco Chile 38% Unibanco 39% Bradesco 45% Itau

34 Comparison vs. Latin America Market Value in Billion Dollars 1Q07 Banorte Unibanco Santander Chile Banco de Chile Itaú Bradesco P/E ‘06 P/BV ‘

35