1 November 16, 2007 Banorte Investor Day Closing Remarks

2 Index 1.Treasury and Capital Markets. 2.Commitment to Shareholders. 3.Bancarization Opportunities. 4.Medium Term Strategies.

3 1. Treasury and Capital Markets

4 Hedging Strategy

5 Strategy continues evolving. Shield against Mexican elections is no longer needed. Actual coverage is adequate for this complex environment. Risk in fixed rate loan portfolio is contained. A growing proportion of the loan portfolio has fixed rates. Hedging necessary for long term maturities. Credit cards and payroll loans are not hedged.  High returns on these loans.  Possibility of resetting interest rates. Hedging

6 Funding Strategy

7 Reduction in funding costs through growth in core deposits. Banorte’s growth rates are higher than the industry. Branch expansion supports future growth in core deposits. New banks entering the market. Possibility of an increase in funding costs. Banorte is very competitive – funding cost at 43% of Cetes. 60% of core deposits are demand deposits. Funding

8 Short term & long term market funding. Access according to market conditions. Mexican Inter-bank market. Conditions are normal. Recent increase in costs due to tightening by the Central Bank. Dollar denominated funding. INB’s funding comes mostly through clients. Wholesale funding is accessible. Funding

9 Capitalization Strategy

10 Capital strengthening. Subordinated debt issuance in ’06. Retained earnings. Capital consumption. Growth in risk assets. Investment in INB. Dividends. Prepayments of expensive obligations. Capitalization

11 Capitalization Ratio Tier 1 Tier 2 TOTAL % Tier 1 PERCENTAGE 3Q063Q % 2.3% 14.9% 84% 10.9% 3.9% 14.8% 74% 4Q % 5.1% 17.4% 70% 1Q % 4.9% 15.9% 69% 2Q % 4.3% 15.2% 72%

12 Non Convertible Subordinated Debt Outstanding Tier NC 5 Tier NC 5 Tier NC 10 Tier NC 5 Issue Date Maturity Nov-02 Nov-12 Type Feb-04Feb-14 Oct-06 Oct-21 Oct-06 Oct-16 Balance (Ps millions) 1,208 3,238 4,376 2, % Rate 5.87% 6.14% 6.86%

13 2. Commitment to Shareholders

14 20 / 20 Vision ROE 25% % % 9M07

15 Year Dividend per share % of Income % 23% 24% 15% $0.18 $0.26 $0.32 $0.37 $0.45 Current dividend payment policy: 15% of recurring net income. Million Ps Dividend Policy

16 Investment grade BBB- BBB Baa1 Standard & Poors Fitch Moody’s = Scale over IG Baa1 BBB BBB- Rating Fitch Moody’s Standard & Poors Agency Positive Stable Credit Ratings BBB+ Baa1 Banorte México Investment grade from the 3 most important agencies. The outlook is “positive”. Perspective Date Sep ‘07 Jul ‘07 May ‘07 BBB+

17 3. Bancarization Opportunities

18 Financial Penetration Sep-07 34% 24% 22% 28% Corporate Consumer Mortgage Total % % 36% 46% 28% 7% 48% 80% 28% Bank lending has become an engine of growth.

19 Financial Penetration Financial penetration is low compared to the mid 90’s. Loans Deposits % Bank Loans and Deposits as a % of GDP

20 Financial Penetration 32%32% 31% 12%12% 22% 69% ChileBrazilAverageArgentina Mexico Credit to Private Sector as a % of GDP Banks Others 13%13% 9% 29% Colombia 20% Peru The level of penetration is low compared to Latam peers.

21 Financial Penetration Branches per thousand habitants (Units) UKCanadaUSAMexico 0.10 Chile 0.34 Spain % of families Families with debt payments in the formal economy (Millions) Low levels of branch penetration and household leverage.

22 Financial Penetration Thousands of new loans per year ,350 1,200 1, Estimate The outlook for mortgage lending is positive.

23 4. Medium Term Strategies

24 Medium Term Strategies Profitability Validate 20/20 vision. Organic growth Improve efficiency. Market share Difficult competitive environment. Asset quality Portfolio maturing / New originations. Growth drivers Loans / Recent initiatives / markets Focus: Consumer / Commercial / Mortgage / Microlending / USA / Investment projects. Bancarization Lower income segments.

25 Certain statements in this document are “forward-looking statements”. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors.

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