1 GFNORTE 1Q03 Results

2 Banorte went from a regional to a national bank improving its market share Dec ‘96 Dec ‘01 MARKET SHARE (%) Total Deposit Traditional Loans ° Dec ‘ Dec ‘01 BRANCHES AND EMPLOYEES States Branches MS% DEPOSITS: EXCLUDES FINANCIAL INTERMEDIARIES AND INCLUDES MUTUAL FUNDS AND SOURCE: ABM LOANS: INCLUDES FOBAPROA, IPAB CREDIT AND SOURCE: DEC ‘96 CNBV; DEC ‘01 AND FEB ‘03 A.B.M. BTE + BCR BTE 1, °4° BTE + BCR Banorte BANORTE BANCENTRO BANPAÍS BANCRECER Bank Emp 4,840 1, Mar ‘03 12,861 4° Mar ‘03 8,51615, ° 10° ° 6°6° ° 4°4° °4° 4°4° Total Loans ° 9.4 3° ° ° Non Interest Deposits 6.8 5° 5° ° °5° °4°

3 The client base and the distribution channels have experienced an important growth TRANSACTIONS PER DISTRIBUTION CHANNEL March 2003 DISTRIBUTION CHANNELS CLIENTS : INCLUDES THE BANKING SECTOR AND THE BROKERAGE HOUSE. * TRADITIONAL AND INTERNET. **MILLIONS OF PHONE CALLS FOR THE PERIOD. CLIENTS (Thousands) ATM BRANCHES POS TELEPHONE BANKING 4% 54% 26% 6% ,900 2,324 ‘96‘97‘98‘99 2,818 ‘00‘01 4,678 4, ,646 Mar’03 PC BANKING & INTERNET 10% Call Center** 5.3 POS 10,250 PC Banking* 22,606 ATM 2,513 Branches 1,075 2, ‘96‘97‘98‘99‘00 ‘01 ‘02Mar’03

, ROE % EXTRAORDINARY INCOME: 1997: PS 775, 1998 : PS 477 AND 2002: PS 416. MILLIONS AS OF MARCH DURING 2000 WE HAD A EXTRAORDINARY INCOME OF PS 238 MILLION FROM THE RECOVERY BANKING UNIT Extraordinary Income SHARE PRICE GFNorte has achieved both profit growth and excellent perfomance through time 1, DAYS CETE RATE % NET INCOME

5 GFNorte’s Objectives & Strategy Objectives Provide excellence in financial services Maximize shareholder value Strategy We have succeeded in building a national franchise through selective acquisitions. We will now focus on exploiting our leading market position by:  Providing an integrated multi-channel approach with a cross-sell focus.  Continuing to aggressively grow our credit portfolio, following strict credit risk policies.  Improving our efficiency levels by continuing to realize cost synergies from Bancrecer and shifting our transaction mix towards lower cost channels.  Maintaining our leadership in the asset recovery sector, a business that should continue to be very profitable for the foreseeable future. Meanwhile developing our traditional banking business.

6 GFNorte Results GFNORTE Net Income Annualized ROE EPS Book Value BANKING SECTOR Net Income w/o Afore Recovery Banking Business Contribution Capitalization Ratio Traditional loan portfolio annual growth (12 M) Past due loan ratio Past due loan ratio (excluding loans sold to Sólida) Reserve Coverage % % 12.9% 33.1% 3.4% % % % 13.4% 27.3% 2.3% 3.5% 127.2% EPS & BOOK VALUE ARE PESOS PER SHARE. BOOK VALUE EXCLUDES MINORITY HOLDINGS. HIGHLIGHTS 1Q’03 1Q’02 (MILLIONS OF PESOS)

7 GFNorte’s Net Income breakdown NET INCOME BANKINGPs 39979% 7HOLDING1% 7BROKERAGE1% 75LONG TERM SAVINGS15% 20AUXILIARY ORGANIZATIONS4% Ps 507GFNORTE100% 20021Q’ % 0% 4% 8% 4% 100% 85% 3% 2% 6% 4% 100% MILLION PESOS

8 Net Interest Margin 4.2% 4.7% 7.4% 1Q’021Q’03 Net Interest MarginAverage 28 days Cete Rate  NIM increased due to:  Commercial and Consumer loan growth of 38% in one year, improving the traditional loan portfolio mix.  Loan fees related to new loans granted.  Interest rates increase in 1Q’03.  Exchange rate moved from $10.44 to $10.79 pesos per dollar during 1Q % 4Q’02 8.8%

9 Cete vs. NIM 27-dec31-jan28-feb27-mar25-apr30-may27-jun25-jul29-aug26-sep31-oct28-nov26-dec30-jan24-feb25-mar28-apr06-may 6.8% 7.9% 7.3% 7.5% 5.3% 6.9% 8.1% 6.8% 6.7% 8.6% 7.5% 6.8% 7.0% 9.1% 9.3% 9.0% 6.7% 5.82% SOURCE: BANCO DE MÉXICO. CETE= 28 DAYS CETE RATES 5.2% 4.2% 4.9% 4.7% 4.4% 4.7% 28 days Cetes Rate Net Interest Margin (NIM)

10 1, Q’021Q’ Q’02 Non Interest Income Recovery Service % 335% Trading % TOTAL 1, % 1Q’03 vs 4Q’ MILLION PESOS

11 Service Fees  Service charges’ increase in 1Q’02 has affected customer habits being now more selective in the use of financial services.  Banorte has adjusted down service charges to special clients to remain competitive. Account Management Fees Fund Transfers 1Q’02 1Q’03 vs 4Q’02 Fiduciary NET FEES - SERVICES Credit Card Other Fees Net Electronic Banking 4Q’021Q’ (7%) (1%) % % % % % MILLION PESOS

12 Recovery Fees 1Q’024Q’021Q’03 II.- FOBAPROA FEES NET FEES – RECOVERY a. Serfin Loans (1) b. Other Portfolios (2) Income - Expense (24) (70) % Income - Expense + Extraordinary Transfer to Sólida-(100)- (1) COLLECTION RIGHTS (2) 8 PACKAGES. MILLION PESOS - Extraordinary amortization I.- LOAN PORTFOLIOS ACQUIRED 1Q’03 vs 4Q’02 126(94)53

13 Recovery Banking Business Recovery Bank 144 Traditional Bank 288 BANKING SECTOR 432 NET INCOME Recovery Bank Contribution 33% MANAGED ASSETS * 58, Fobaproa - IPAB 41, Proprietary loans 3, Acquired loan portfolios 12,548 1Q’024Q’021Q’03 60,745 43,371 5,598 10,390 66,834 47,532 6,085 11,932 1Q’021Q’ MILLION PESOS * ASSETS MANAGED BY SOLIDA ADMINISTRADORA DE PORTAFOLIOS (1) INCLUDES LOANS SOLD TO SOLIDA FOR PS 1.9 BILLION. (1) Banorte Risk 12% 2. Repossesed assets 25% 1,3331,3871,285

14 Non Interest Expense u 18% drop in total expenses since Bancrecer’s acquisition. 11% drop in Operation & Administrative Expenses during 1Q’03 and 58% vs 4Q01. u Personnel expenses increase of 7% in 1Q’03 due to provisions created for severance expenses, medical care and personnel incentives. 2,676 2,271 2,243 2,205 Other VAT & IPAB O&AE Personnel MILLION PESOS. FOURTH QUARTER 2001 PROFORMA FOR BANCRECER VAT = VALUE ADDED TAX O&AE = OPERATION AND ADMINISTRATIVE EXPENSES INCLUDING IT. 4Q'011Q'024Q'021Q'03 49% 14% 23% 14% 44% 27 % 17% 12% - 18% 48% 13% 26% 13% 46% 12 % 26% 16%

15 EFFICIENCY RATIO INCLUDES TRADING u Efficiency ratio has suffered after each acquisition, being able Banorte to return to adecuate efficiency levels in the following years. u After the acquisition of Bancrecer the efficiency ratio went up to 87%, returning it down to an average of 74% by 1Q’03. u Expected average efficiency ratio for 4Q’03 is 69% being highly dependent on income trend, although cost reduction efforts will continue during the year. Efficiency Ratio 1992 Efficiency Ratio Dec %66%93%78%105%78%87% 1Q‘03 74%

16 BTEBCRBTEBCRBTEBCR Direct Expense x Branch Total Income x Branch Direct Contribution %83% 2003 Annualized2002Acum Mar. '03 MILLION PESOS. BANORTE INCLUDES SÓLIDA AND IS BANKING SECTOR. Expense Income # of Branches Expense per Branch Income per Branch Banorte BBVA- Bancomer Average G6 Banorte BBVA- Bancomer Average G6 Banorte BBVA- Bancomer Average G6 10,438 18,545 67,109 9,197 16,931 71,068 1,442 2,740 11,254 12,005 28, ,789 11,401 28, , ,674 17,448 1,1821,7527,0741,0631,6636,7681,0651,6596, Acum Feb '03 Expense and Income Annual Growth

17 Traditional Loan Portfolio 41,677 57,314 1Q’021Q’03 TRADITIONAL LOAN PORTFOLIO 1Q024Q021Q03 BASE 100 ANNUAL GROWTH Commercial14,41817,29617,10430%19% Corporate9,10214,18613,09023%44% Mortgage9,08410,55010,94919%21% Automobile1,9393,0073,5096%81% Credit Card1,0981,6841,8313%67% Electronic Payroll Loans %95% Government Entities5,0565,8946,63612%31% Financial Entities63610,0093,5566%459% TOTAL41,65963,19457,314100%38% FIGURES = MILLION PESOS. PS = THOUSAND MILLION PESOS TRADITIONAL LOAN PORTFOLIO DOES NOT INCLUDE NEITHER FOBAPROA / IPAB NOTES NOR RECOVERY BANK BUSINESS GOVERNMENT ENTITIES INCLUDE FEDERAL, STATE & MUNICIPALITIES 63,194 4Q’02 Finan. Entity Sale to Sólida 54,794 Ps 6.5 Ps 1.9

18 Quarterly Loan & Insurance placement NUMBER OF LOANS & POLICIES ARE ACCUMULATED DURING THE QUARTER 1Q022Q023Q024Q021Q03 8% 11% 21% 32% 38% 92% 89% 79% 68% 62% 7,809 7,423 6,946 8,287 9,930 AUTOMOBILE ELECTRONIC PAYROLL LOANS 1Q022Q023Q024Q021Q03 24% 18% 20% 28% 33% 76% 82% 80% 72% 67% 10,443 17,792 20,403 22,751 22,792 MORTGAGE LOANS 1Q022Q023Q024Q02 1Q03 4% 10% 19% 21% 100% 96% 90% 81% 79% 1,004 1,489 1,677 1,737 1,404 LIFE INSURANCE POLICIES 1Q022Q023Q024Q02 1Q03 37% 42% 100% 63% 58% 18,518 16,530 13,626 17,158 29,872 CAR INSURANCE POLICIES 1Q022Q023Q024Q02 1Q03 77%75%74%75% 63% 17,565 17,127 16,678 15,977 20,753 23% 25% 26% 25% 37% BANCRECERBANORTE

19 Fobaproa - IPAB After Banorte’s expansion strategy, the proportion of Fobaproa / IPAB notes has been reducing since Traditional Loan portfolio started to rise Traditional Loans BILLION PESOS AS OF DECEMBER NET OF FOBAPROA CHECKING ACCOUNT AND LOSS SHARING PROVISIONS. Fobaproa / IPAB Notes Ps 6.5 Ps Q ’ % 71% 66% 59% 58%

20 Industry Growth (*) FROM 1Q’02 TO 1Q’03. SOURCE: 1Q’03 QUARTERLY REPORTS, EXCEPT BANAMEX. (1) Excludes loans managed by the Recovery Banking unit. Twelve months’ Traditional Loan Portfolio growth (*) (Excludes Fobaproa / IPAB) BANORTE BITAL SANTANDER SERFIN BANCOMER SCOTIA INVERLAT BANAMEX 17% - 3% - 41% 1% 7% 38% (1)

21 Traditional PDL ratio breakdown TOTAL LOANS PDL INCLUDES FOBAPROA / IPAB AND RECOVERY BANK BUSINESS Before 31/Dec/01 PDL ratio of loans granted After 1/Jan/02 COMMERCIAL6.0%1.1%2.1% CONSUMER6.3%2.5%4.6% - Mortgage5.7%1.7%4.4% - Automobile11.4%2.4%3.7% - Credit Card6.3%7.4%6.6% - Electronic Payroll65.2%4.1%7.7% CORPORATE22.0%0.2%7.1% GOVERNMENT0.0% TRADITIONAL LOANS8.6% SUBSIDIARIES0.0% TOTAL LOANS PDL2.8% 1.0%2.3% 1.0%3.7% Interest Rate TOTAL 1Q’03 TIIE % Fix 16.9% Fix 25.0% Fix TIIE + 23 TIIE +1.4 TIIE +0.7

22 Loan Loss Provisions u Loans transferred to Sólida Administradora de Portafolios for Ps 1.9 billion carried a loan loss provision of Ps 1.6 billion. u Excluding the sale to Sólida, Reserve Coverage would have been 112% and Past Due Loan Ratio would have moved from 3.1% to 3.5% vs 4Q02. 5,617 4,338 1Q’021Q’03 5,652 4Q’02 118% 116% 127% MILLION PESOS

23 Banorte’s Loan mix is shifting away from the Monterrey region Dec01 Feb03 Loans 27% 29% Branches 22% 23% Dec01 Feb03 Loans 13% 11% Branches 14% 13% Dec01 Feb03 Loans 6% 9% Branches 16% 16% Dec01 Feb03 Loans 39% 33% Branches 16% 16% Dec01 Feb03 Loans 4% 8% Branches 16% 16% MONTERREY NORTHEAST SOUTHEAST NORTHWEST Dec01 Feb03 Loans 11% 10% Branches 15% 16% WEST MEXICO CITY Dec01 Feb03 100% 100% NATIONAL SOURCE: ABM DOES NOT INCLUDES BANCRECER LOANS EXCLUDES IPAB AND FOBAPROA AND CENTRALIZED OPERATIONS. ……and concentrating more in Mexico City

24 Comparatives to the Industry 1Q’03 ASSETS 28.0% 12.5% BanamexBanorte 10.2% BitalSantander 14.0% 4° 5.3% Scotiabank NUMBER OF BRANCHES BanamexBanorteBitalSantanderBBVA- Bancomer Scotiabank 24.5% 15.8% 19.7% 13.6% 2° 20.9% 5.5% SOURCE OF ASSETS AND NUMBER OF BRANCHES: ABM SOURCE OF ROE AND CAPITALIZATION RATIO: PRESS RELEASE OF EACH BANK. INCLUDES MARKET AND CREDIT RISKS. RULES (1) CALCULATED FOR BANKING SECTOR 17.4% (1) 17.5% 41.7% SantanderBanamexGFNorte 16.5% (1) Bital 25.0% Scotiabank 3° ROE Group CAPITALIZATION RATIO 12.0% 14.1% BBVA - Bancomer BitalSantander 14.1% 12.2% Banamex BBVA- Bancomer 29.9% 4° Banorte 13.4% 3° 13.2% Scotiabank BBVA- Bancomer 13.0%

25 GF BBVA Bancomer's P/BV premium over

26 Dividend Policy  In the Stockholders Ordinary General Assembly held on April 29 th, 2003 it was approved a dividend policy of a minimum of 15% payout ratio on the recurrent net income of GFNorte, as long as there is no legal hinder and market conditions and the Group financial situation allow it.

27 Macroeconomic Environment Budget 2003 GDP(0.3%)0.9%3.0% Inflation4.4%5.7%4.3% 28 days Cetes rate (end of the year)6.8%6.9%7.8% 28 days Cetes rate (average)11.3%7.1%8.0% Peso exchange rate (end of the year) BUDGET GOALS FOR 2003 v year Planning Process by 2H’03 v ROE = 18% v Loan growth between 15% and 18% v Deposit growth of 6% v Net income per share = pesos/share v Estimated Dividend Payment by October 2003 Revised % 3.9% 7.4% 7.9% SOURCE: BANORTE’S BROKERAGE HOUSE

28 GFNORTE 1Q03 Results