1. 1Q02 RESULTS

2. improving Banorte´s ranking in Mexico
Bancrecer will contribute to profits since the first year
improving Banorte´s ranking in Mexico
BANORTE + BANCRECER
BANORTE
Ranking
Ranking
Branches 1)
459 6° 4°
1,186 4°
ATM’s 1)
1,611 5°
2,583
Total Deposits 2)
Ps 89,044 5° 4°
Ps 155,550 3°
Total Loans 2)
Ps 79,147 4°
Ps 135,435 4°
Total Assets 2)
Ps 99,107 5°
Ps 169,892
1) SOURCE A B.M. (DEC’01)
2) SOURCE CNBV (SEP.’01 IN MILLIONS OF PESOS), INCLUDES FOBAPROA-IPAB

3. Bancrecer’s Integration
October 5th
Operative
Integration
STAGE IV
(Apr-Dec 02)
Technological and operative integration
Finish the image change
Close 75 branches
Asset divestment program
March 31th
LEGAL MERGE
OF BANCRECER
STAGE I
(4Q01)
Banorte
Administration
STAGE II
(Jan 02)
Bancrecer’s areas integration
Begin Corporate Structure Rationalization
Acquisition Due Diligence
Technological alternatives evaluation
Optimum branch network definition
Administrative
Integration
STAGE III
(1Q02)
Technological Platform definition
Link the two main- frames
Close 30 branches
End the structure rationalization
Begin the image change
Transitory
Administration
SHCP Authorization
End of IPAB’s administration
Asset Spin off
CONCLUDED
CONCLUDED
CONCLUDED

4. Bancrecer’s Integration
Commercial:
105 branches will be closed in the first half of the year to optimize the network.
30 branches were already closed during the 1Q02.
Banorte’s Consumer loans are already being offered through Bancrecer branches.
Personnel
In 1Q02, 1519 employees of both Bancrecer and Banorte were laid off.
Estimated personnel expense savings for the rest of 2002 = Ps 342 million.
Additional downsizing of 520 employees is scheduled for 2Q02.
Total all-in recurrent cost reduction $ 50 million/month.
Technology
Banorte central systems were transferred to Bancrecer’s site in Mexico City.
It was decided to use Bancrecer’s Altamira platform for the core business systems (checks, deposits, loans) and Banorte developments for value added applications (delivery channels, business Intelligence, Risk Control)
The inter-operations project to link 80 % of main transactions of both banks mainframes was put in place in April,22.

5. Bancrecer’s Integration
Marketing
The rebranding of Bancrecer’s Branches started in April.
A national advertising campaign was launched in April emphasising the integration of Bancrecer to Banorte.
Infrastructure
Bancrecer’s head office building in Mexico city was sold.
A building that stands beside Banorte’s current corporate office building in Mexico city was acquired to relocate Bancrecer’s personnel.
The purchase-sell of both buildings has a net impact of releasing $ 110 million pesos.
Corporate events
The merge of Bancrecer and Banorte took place on March, 31, 2002.
Secretaría de Hacienda y Crédito Publico authorized the merge on April 24.

6. 1Q02 GFNORTE RESULTS Highlights
GFNorte’s Net Income (PS million)
ROE % 15.5%
EPS (Ps/per share)
Book Value
BANKING SECTOR
Capitalization Ratio % 12.9%
Traditional Banking annual loan growth % 45.7%
Consumer & Mortgage annual loan growth % %
Total Deposits annual growth % 65.6%
Past due loan ratio % %
Reserve Coverage % 116.1%
1Q02
4Q01

7. Traditional loan portfolio showed an important growth specially in Mortgage and Consumer loans
1Q02
% GROWTH
LOAN PORTFOLIO
(Millions of Pesos)
1Q01
Commercial
9,811
13,644
39%
Mortgage and Consumer
3,180
11,780
270%
Mortgage
1,863
8,597
361%
Credit Card
493
1,039
111%
Auto
666
1,835
176%
W e are conscious of the importance of growing
Other
158
309
96%
Corporate
8,778
8,614
(2)%
Recovery Banking
7,023
5,929
(16)%
DATA AS OF MARCH ‘02.

8. Bancentro, Banpais and Bancrecer´s acquisitions played a fundamental role in GFNorte growth strategy ...
... a big portion of the loan portfolio was substituted by FOBAPROA/IPAB loans and notes.
97,560
60%
AMOUNT
(Balance as of 31/Dec/01)
TERM
INTEREST RATE
BANORTE (Loss Sharing) *
91 Days Cete %
11,137
Loan Portfolio (Bancen y Banpaís)
35,382
TIIE %
USD Fobaproa Note. (Banpaís)
4,771
USD Cost of Funding. + 2%
IPAB Note (Bancrecer)
46,270
TIIE %
TOTAL
$97,560
2005
2010
2007
2009
FOBAPROA/IPAB Loans
45,782
40%
45,145
71%
Commercial Loans
51,290
20,256
49%
21,494
51%
18,591
80%
18,492
29%
35,764
4,453
20%
Feb ‘97
Banorte
Feb ‘97
Banorte+Bancen
Dec ‘97
Banorte+Bancen +
Banpaís
Dec ‘01
Banking Sector
Banorte + Bancrecer
MILLIONS OF PESOS OF DEC’2001.
* INCLUDES USD184 MILILON AT LIBOR (6 M) + 1% MATURING IN JUNE, 2006.

9. GFNorte increased its national market share with the acquisition of Bancrecer
DEPOSITS
LOANS
Bancrecer
Bancrecer
Bancen &
Banpais
Bancen &
Banpais
SOURCE A B.M. MKT. % FOR DEPOSITS EXCLUDES FINANCIAL INTERMEDIARIES AND REFERS TO BANKING SECTOR EXCLUSIVELY. LOANS INCLUDES FOBAPROA SOURCE CNBV

10. Eventhough assets under management of the Recovery Banking represent an important figure, the risk involved is low
2,603
Banorte
TOTAL
6,829
REPOSESSED ASSETS
12,671
TOTAL ASSETS
$63,247
100%
Bancen
Banpaís
2,510
15,866
Serfín
New Portfolios
14,079
11,292
Loans purchased
or managed-IPAB
25,371
TOTAL LOAN
PORTFOLIOS
50,576
BANORTE
5,758
1,216
$18,266
29%
17,050
SHARED
W/IPAB
1,071
11,116
2,945
$15,132
24%
12,187
47%
1,097
27%
IPAB
2,963
8,510
$29,849
21,339
19%
MILLIONS OF PESOS OF MARCH 2002

11. Fees on services and trading have increased their contribution to Non Interest Income
MILLIONS OF PESOS
SERVICES
37%
57%
74%
TRADING
FIDUCIARY
63%
43%
26%
FOBAPROA
2000
2001
1Q02
NOTE: 2001 AND 1Q02 FIDUCIARY INCOME IS INCLUDED AS A NET AMOUNT FOR COMPARISON PURPOSES. SINCE 3Q01 THE SERFIN LOAN TRUST WAS CONSOLIDATED.

12. The Non Interest Expense control has been fundamental ...
... resulting in a 16% expense decrease from 1999 to 2001.
Growth
1Q02 vs 4Q01
NON INTEREST EXPENSE
64%
30%
7,568
6,241
6,360
Non Interest
Expense
Net Operating
Income
16%
1999
2000
2001
MILLIONS OF PESOS OF MARCH 2002

13. GFNorte generated profits for PS 367 million in 1Q02
ACCUMULATED NET INCOME IN 1Q02
MILLIONS OF PESOS
BANKING
PS 258
70%
LONG TERM SAVINGS
$73
20%
AUXILIARY ORGANIZATIONS
$14 4%
BROKERAGE
$24 6%
Our Group has had a steady earnings growth in spite of the crisis started in Dec/94 and our accumulated results for the year are 31.4% higher than those of 1998.
HOLDING
($1.8)
(0.5%)
GFNORTE
PS 367
100%

14. COMPARATIVES TO THE INDUSTRY
GFNorte´s ROE ranks among the highest in Mexico
ROE
DECEMBER 2001
36.9%
17.2% 2°
15.5%
16.2%
8.3% *
5.9%
GFSANTANDER
4Q01
1Q02
GFBVA-
BANCOMER
BANACCI
GFBITAL
GFNORTE
SOURCE: PRESS RELEASE EACH BANK.
* AS OF SEPTEMBER 2001

15. The capitalization ratio increased to 12.9% with rules of 2003
2001
2001
2003
2003
2003
16.6%
13.1%
12.9%
12.1%
11.5%
11.0%
SANTANDER -
SERFÍN
BITAL
BANAMEX *
4Q01
1Q02
BBVA -
BANCOMER
BANORTE
W/O MARKET
RISK
23.2%
14.5%
14.7%
13.4%
18.6%
Data as of December ‘01 from the Press Release of each bank. * AS OF SEPTEMBER 2001