1. GFNORTE
3Q03

2. HIGHLIGHTS GFNORTE 1,227* 1,625 15.8% 17.7% 23.0 33.2 2.5 * 3.2 1.1
9M02
9M03
Net Income
Annualized ROE
Stock Price
EPS
P/BV
1,227*
15.8%
23.0
2.5 *
1.1
12.8%
78%
3.3%
118.6%
1,625
17.7%
33.2
3.2
1.3
13.8%
33%
2.3%
127.6%
32%
44%
BANKING SEGMENT
Capitalization Ratio
Traditional loan CAGR
Past due loan ratio
Reserve Coverage
NET INCOME IN MILLION PESOS AS OF 3Q03.
EPS & BOOK VALUE ARE PESOS PER SHARE. BOOK VALUE EXCLUDES MINORITY HOLDINGS.
* EXCLUDES GENERALI EXTRAORDINARY INCOME OF Ps 403 millions.

3. GFNorte’s Recurrent Income
EXTRAORDINARY INCOME NOT INCLUDED IN GRAPH: 1997: PS 783, 1998 : PS 476, 2000: PS 241 AND 2002: PS 403. MILLIONS AS OF SEPTEMBER 2003.

4. Net Interest Margin Fobaproa / Ipab Notes 86,125 2.7% 84,107 2.2%
0.8
9.6%
1.0
8.8%
8.4%
TIIE
8.1%
Cete
7.1%
7.4%
6.8%
6.3%
0.5
5.1%
4.6%
3Q03
TYPE OF ASSET
2Q03
VOL
NIM
VOL
NIM
Fobaproa / Ipab Notes
86,125
2.7%
84,107
2.2%
Loan Portfolio
63,592
7.8%
67,087
7.6%
Other (1)
34,209
1.9%
38,272
1.3%
Total
183,927
4.3%
189,466
3.9%
(1): 3Q03 Includes: Deposits in Central Bank Ps 17,079 millions, Fixed Income Securities Ps 14,585 millions and
in other banks Ps 6,609 millions.

5. Non Interest Income Service 595 1,472 1,478 Recovery 803 704 484
Service Fees
41%
18%
Service
595
1,472
1,478
Recovery
803
704
484
Trading
264
170
811
TOTAL
1,661
2,346
2,774
MILLION PESOS AS OF 3Q03

6. Non Interest Expense 6,775 6,810 PERSONNEL O&AE VAT & IPAB OTHER 9%
MILLION PESOS. (*) FOURTH QUARTER 2001 INCLUDES PROFORMA FOR BANCRECER
VAT = VALUE ADDED TAX. AT 3Q02 VAT=PS 421 MILLIONS AND IPAB=PS 493 MILLIONS. AT 3Q03 VAT=PS 449 MILLIONS AND IPAB=PS 537 MILLIONS
O&AE = OPERATION AND ADMINISTRATIVE EXPENSES INCLUDING IT.
OTHER EXPENSES = RENT, DEPRECIATION & AMORTIZATION.

7. Efficiency Ratio 1992 1996 1997 2001 Dec 2002 3Q’03 * Efficiency Ratio
55%
66%
93%
78%
105%
87%
78%
77%
Banorte has successfully integrated three institutions over the last 6 years.
The Efficiency ratio has suffered after each acquisition, being Banorte able to return to adecuate efficiency levels in the following years.
The efficiency ratio should continue to improve in the coming quarters as we leverage the Bancrecer branch network and penetrate its client base.
EFFICIENCY RATIO INCLUDES TRADING.
* AVERAGE FOR THE PERIOD.

8. Traditional Loan Portfolio
VARIATION
TRADITIONAL LOAN PORTFOLIO
3Q02
2Q03
3Q03
QUARTER
ANNUAL
Commercial
16,986
18,580
19,776 6%
16%
Corporate
11,836
13,654
12,459
(9)% 5%
Mortgage
10,139
11,791
12,469 6%
23%
Automobile
2,671
4,046
4,573
13%
71%
Credit Card
1,579
2,169
2,499
15%
58%
Electronic Payroll Loans
471
816
1,001
23%
112%
Government Entities
3,995
7,608
8,805
16%
120%
Financial Entities
1,557
3,333
3,644 9%
134%
TOTAL
49,234
61,997
65,229 5%
33%
FIGURES = MILLION PESOS.
TRADITIONAL LOAN PORTFOLIO DOES NOT INCLUDE NEITHER FOBAPROA / IPAB NOTES NOR RECOVERY BANK BUSINESS
GOVERNMENT ENTITIES INCLUDES FEDERAL, STATE & MUNICIPALITIES
FINANCIAL ENTITIES = INCLUDES GOVERNMENT AND PRIVATE FINANCIAL ENTITIES LIKE LEASING,FACTORING COMAPNIES AND OTHERS.

9. Past Due Loans 2.6% 2.3% PDL Ratio TYPE OF LOAN 2Q03 3Q03 PDL Ratio
CORPORATE
1,141
0.8%
652
0.4%
COMMERCIAL
389
0.3%
398
0.3%
MORTGAGE
1,227
0.8%
1,159
0.8%
AUTOMOBILE
141
0.1%
158
0.1%
CREDIT CARD
119
0.1%
132
0.1%
ELECTRONIC PAYROLL 74
0.1% 87
0.1%
RECOVERY LOANS
819
0.5%
827
0.5%
TOTAL
3,911
2.6%
3,414
2.3%
Grupo Pulsar non performing loan of USD 50 million was fully paid with a 46% discount.
MILLION PESOS

10. Loans & Insurance allocation by quarter
AUTOMOBILE
ELECTRONIC PAYROLL LOANS
MORTGAGE
2,085
10,729
34,988
9,929
1,677
1,397
6,946
22,793
61%
62%
59%
20,403
65%
90%
79%
79%
67%
80%
38%
41%
35%
39%
21%
33%
20%
10%
21%
3Q02
1Q03
3Q03
3Q02
1Q03
3Q03
3Q02
1Q03
3Q03
LIFE INSURANCE
CAR INSURANCE
36,470
20,753
19,317
29,872
16,678
55%
63%
61%
58%
74%
13,626
100%
45%
42%
37%
39%
26%
3Q02
1Q03
3Q03
3Q02
1Q03
3Q03
BANCRECER
BANORTE
NUMBER OF LOANS AND INSURANCE POLICIES.

11. Loan Allocation by quarter
MORTGAGE $
788
838
713
952
1,125 #
1,677
1,737
1,397
1,867
2,085
Average amount per loan
470
483
511
510
539
49,000 dlls
AUTOMOBILE $
739
887
1,060
1,110
1,215 #
6,946
8,287
9,929
9,894
10,729
Average amount per loan
106
107
107
112
113
10,000 dlls
$= MILLION OF PESOS; #= NUMBER OF LOANS; AVERAGE AMOUNT PER LOAN=THOUSAND PESOS.
NUMBER OF LOANS AND AMOUNTS ARE ACCUMULATED IN THE QUARTER.

12. PDL by date of origination LOAN ALLOCATION AS OF SEPTEMBER 2003...
Granted Before Dec’01
Granted After Jan’02
TOTAL
Total
Past Due
Ratio
Total
Past Due
Ratio
Total
Past Due
Ratio
COMMERCIAL
2,769
208
7.5%
17,008
190
0.9%
19,777
398
2.0%
CONSUMER
9,162
575
6.3%
11,380
312
2.7%
20,542
887
4.3%
- Mortgage
7,251
450
6.2%
5,218 85
1.6%
12,469
535
4.3%
- Automobile
322 48
14.8%
4,251
110
2.6%
4,573
157
3.4%
- Credit Card
1,567 61
3.9%
933 71
7.6%
2,499
132
5.3%
- Other 22 17
75.4%
978 46
4.7%
1,000 63
6.3%
CORPORATE
1,484
274
18.5%
10,976
379
3.4%
12,459
652
5.2%
GOVERNMENT
2,660 -
0.0%
6,146 -
0.0%
8,805 -
0.0%
FINANCIAL ENTITIES 72 -
0.0%
3,572 -
0.0%
3,644 -
0.0%
TRADITIONAL LOANS
16,147
1,057
6.5%
49,081
881
1.8%
65,228
1,938
3.0%
TOTAL LOANS*
102,105
2,493
2.4%
49,205
921
1.9%
151,310
3,414
2.3%
MILLION PESOS.*INCLUDES RECOVERY LOANS AND IPAB/FOBAPROA.

13. Recovery Bank AUM Composition 65 60 59 Proprietary Loans Acquired
11%
11% 7%
Loans Acquired
17%
17%
25%
SERFIN
30%
29%
25%
IPAB
42%
43%
43%
AUM = ASSETS UNDER MANAGEMENT
(*): FIGURES IN BILLION PESOS.

14. Loan Auctions
Ps 27.2 billion to be sold by IPAB and private financial institutions from 4Q03 to 3Q04.

15. Long Term Savings Sector
AFORE
(Assets under Management)
MARKET
SHARE
GFNORTE’S
PROFIT CONTRIB.
RANK
3Q02
3Q03
3Q02
3Q03
3Q02
3Q03
9.8%
10.1%
6.3%
6.0% 6° 5°
MILLION PESOS
INSURANCE
(Gross Written Premiums)
1.1%
1.6%
1.7%
4.0%
15°
14°
MILLION PESOS
ANNUITIES
(Gross Written Premiums)
9.8%
9.6% -
2.7% 5° 6°
MILLION PESOS
INSURANCE’S MARKET SHARE AND PLACE ARE AS OF JUNE 2003

16. Dividends Dividend / Share Ps 1.0 Ps 0.7 Payout ratio (1) 33% 18%
Yield (2)
4.4%
2.1%
Ps 500 millions / Net Income as of 2001 Ps 1,587.9 millions; Ps 353 millions / Net Income as of 2002 Ps 2,016.0 millions
$ 1 / Share Price as of Sep’ 2002 $ 22.99; $ 0.70 / Share Price as of Sep’ 2003 $ 33.16

17. Stock Performance 2001 2002 2003 2003 3Q’ 3Q’ 3Q’ Nov 6th STOCK PRICE
13.8
23.0
33.2
39.5
GROWTH VS 3Q01 PS -
66.8%
140.6%
186.6%
USD -
55.6%
108.3%
148.8%
P / BV
GFNORTE
0.8
1.1
1.3
1.5
BBVA BANCOMER
1.5
1.4
1.6
1.5
GFBanorte's P/BV Discount to GFBB's
(47)%
(21)%
(20)% 0%
DAILY VOLUME (USD Million)
1.5
1.8
1.8
4.5

18. Stock Price Performance among Mexican, Brazilian and Chilean Banks
Dec ’01 – Nov 5th‘ 03
1st
GFNorte
Banco
de Brasil
Banco
Santander
Itaú
Unibanco
Bancomer
Inbursa
Bradesco
de Chile
Chile
Source: Bear Stearns
Growths were calculated on USD share prices

19. Management AGE EXPERIENCE PREVIOUS EXPERIENCE CEO
Othón Ruiz Montemayor 60 39
GRUPO VISA
BUSINESS UNITS
AGE
EXPERIENCE
PREVIOUS EXPERIENCE
BANKING
Manuel Sescosse Varela 51 27
Bancen MULTIVA, Probursa’s
Brokerage House, Sesvar,
Sesscose Hnos. Constructores
LONG TERM SAVINGS
Enrique Castillón Vega 63 42
Inverméxico, Seguros Monterrey
Aetna, Finanzas Monterrey y
Seguros Monterrey.
RECOVERY
Miguel A. García Padilla Fdz. 49 23
GRUMA
CORPORATE
Antonio Emilio Ortíz Cobos 52 17
Bancomext y Citibank
PYMES
Enrique Catalán Guzmán: 55 34
Fitchibca, Productos Químicos y
Vegetales and Nacional Financiera
SUPPORT & CONTROL
AGE
EXPERIENCE
PREVIOUS EXPERIENCE
PLANNING
Sergio García Robles Gil 43 20
FINA Value, Banamex and Bank of America
RISK MANAGEMENT
Gerardo Coindreau Farías 50 26
Serfín and Citibank.
TECHNOLOGY
Alejandro Ramos Larios 49 31
Banca Quadrum, Hidelbrando,
BBVA Probursa, Probursa’s
Brokerage House and Culliet Mexicana.
FINANCE
Federico A. Valenzuela Ochoa 55 28
Afin Casa de Bolsa, Grupo Técnico
Asesor and Inverméxico.
HUMAN RESOURCES
Gerardo Soto Pérez 47 22
Productora e Imp. De Papel, S.A.,
Presidencia de la República and
Instituto Mexicano de Comercio
Exterior.
MARKETING
Gloria Cecilia Miller Suárez 40 18
Duraligth de México, Industrias Cannon.
LEGAL
Aurora Cervantes Martínez 39 18
Procuraduría General de la República.
COMPTROLLING
Jorge Eduardo Vega Camargo 43 23
Banco Internacional, S.N.C.

20. Outlook Traditional Loan Portfolio growth: Low Cost Deposit growth:
Asset Quality:
NIM:
Non Interest Income:
- Service fees:
- Recovery fees:
Capital Management:
improving steadily
improving slowly
stable
cash dividend

21. GFNORTE
3Q03