1. 1 2Q02 RESULTS

2. 2 Highlights 1H02 1H01 2Q02 GFNORTE RESULTS GFNORTE GFNorte’s Net Income (PS million) 912.6 1,141.0 GFNorte’s Net Income (PS million) (Excluding Generali) 742.6 ROE 21.2% 23.2% ROE (Excluding Generali) 15.2% EPS (Ps/per share) 1.81 2.28 Book Value 18.03 20.78 BANKING SECTOR Banking Sector’s Net Income (PS million) 779.1 984.9 Banking Sector’s Net Income (PS million) (Excluding Generali) 618.4 Capitalization Ratio 15.6% 13.1% Loan Portfolio annual growth (Exc.FOBA/IPAB) (21.1)% 46.8% Total Deposits annual growth 9.3% 48.7% Past due loan ratio 5.4% 3.4% Reserve Coverage 100.0% 117.2%

3. 3 GFNorte generated profits for PS 1,141 million in 1H02 ACCUMULATED NET INCOME IN 1H02 MILLIONS OF PESOS BANKINGPS 984.886.3% ($6.2)HOLDING(0.5%) $53.9BROKERAGE4.7% $75.7LONG TERM SAVINGS6.6% $32.8AUXILIARY ORGANIZATIONS2.9% PS 1,141.0GFNORTE100%

4. 4 DATA AS OF JUNE ‘02. 2Q01 2Q02 % GROWTH QTR YR LOAN PORTFOLIO (Millions of Pesos) Traditional loan portfolio showed an important growth specially in Mortgage and Consumer loans 1Q02 10,028 Commercial Mortgage and Consumer Mortgage 3,419 1,970 Credit Card 530 Auto 730 14,542 13,028 9,211 1,204 2,241 45.0% 281.0% 367.5% 127.3% 207.0% Other 189 Corporate 7,193 Recovery Banking 6,587 372 9,353 5,689 96.3% 30.0% (13.6)% 13,825 11,936 8,711 1,053 1,859 313 8,728 6,008 5.2% 9.1% 5.7% 14.4% 20.5% 18.7% 7.2% (5.3)%

5. 5 Bancrecer’s Integration Commercial:  We started the third stage of the integration process – Commercial Integration – in May.  By the second quarter, 67 branches were closed down, for a total of 97 shutdowns.The network now consists of 1,091 branches.  13 additional offices are scheduled for shutdown in July. Personnel  Downsizing adjustments made, imply a 1,974-employee reduction, an a monthly saving of Ps 25 million, equivalent to 13.6% vs. the payroll on December 31, 2001. Annual savings in personnel are Ps 540 million.  Communication with personnel has been enhanced through the Banorte Corporative Intranet information system.  Salaries of Bancrecer’s personnel were equalized to those of Banorte.

6. 6 Bancrecer’s Integration Operations and Technology  The inter-operational project that started last April 22 has won the acceptance of clients of both banks. Bancrecer’s attrition rate is 5%.  Applications will gradually be released to enhance service.  By October, we will be fully integrated for the public. Marketing  Re-branding inside the branches is practically completed. We are currently starting with the external re-branding in branches, which should be completed by the end of third quarter.

7. 7 Eventhough assets under management of the Recovery Banking represent an important figure, the risk involved is low MILLIONS OF PESOS OF JUNE 2002 2,544 Banorte TOTAL 6,538 REPOSESSED ASSETS12,738 TOTAL ASSETS$62,911 100% Bancen Banpaís 2,463 16,228 Serfín New Portfolios 13,748 11,196 Loans purchased or managed-IPAB 24,944 TOTAL LOAN PORTFOLIOS 50,173 5,549 0 11,196 1,228 $17,973 29% 16,745 11,196 SHARED W/IPAB 989 10,718 0 3,038 $14,745 23% 11,707 10,718 48% 1,021 27% 29% 23% IPAB 0 2,463 16,228 3,030 0 8,472 $30,193 21,721 3,030 48% 19% BANORTE

8. 8 The Non Interest Expense control has been fundamental... NON INTEREST EXPENSE 19992000 MILLIONS OF PESOS OF JUNE 2002... resulting in a 15% expense decrease from 1999 to 2001. 2001 7,466 6,325 6,377 15% 1H011H02 6.7 4.0 NON INTEREST EXPENSE PER BRANCH

9. 9 ASSETS 25.5% 10.5% BANACCI GFNORTE 7.9% GFBITALGF SANTANDER SOURCE: CNBV AT 1Q02. GFBVA- BANCOMER 14.6% 2° 22.2% 4° 7.9% SCOTIABANK COMPARATIVES TO THE INDUSTRY

10. 10 DEPOSITS 26.7% 11.8% BANACCI GFNORTE 8.8% GFBITALGF SANTANDER SOURCE: CNBV AT 1Q02. GFBVA- BANCOMER 15.0% 2° 21.5% 4° 5.3% SCOTIABANK COMPARATIVES TO THE INDUSTRY

11. 11 LOAN PORTFOLIO (Including Fobaproa/IPAB) 26.1% 14.3% BANACCI GFNORTE 6.8% GFBITAL GF SANTANDER SOURCE: CNBV AT 1Q02. GFBVA- BANCOMER 13.8% 2° 20.3% 3° 5.4% SCOTIABANK COMPARATIVES TO THE INDUSTRY

12. 12 NUMBER OF BRANCHES 23.5% 16.2% BANACCI GFNORTE 19.2% GFBITAL GF SANTANDER SOURCE: CNBV AT 1Q02. GFBVA- BANCOMER 12.9% 2° 20.8% 4° 5.1% SCOTIABANK COMPARATIVES TO THE INDUSTRY

13. 13 ROE MARCH 2002 COMPARATIVES TO THE INDUSTRY GFNorte´s ROE ranks among the highest in Mexico 40.4% 8.3% * BANACCI GFNORTE 5.9% GFBITALGFSANTANDER (1) Excluding Ps 383 million of extraordinary income from Generali SOURCE: PRESS RELEASE EACH BANK AT 1Q02. * AS OF SEPTEMBER 2001 GFBVA- BANCOMER 14.8% 2° 15.5% 2° 15.2% (1) 2° 1Q02 2Q02

14. 14 The capitalization ratio increased to 13.1% with rules of 2003 12.1% 9.3% 12.3% BANAMEX BBVA - BANCOMER BITAL BANORTE SANTANDER SERFÍN 20012003 2001 RULES OF: 18.5% CAPITALIZATION RATIO 12.9% 13.1% 1Q02 2Q02 2° Data as of March ‘02 from the Press Release of each bank. * AS OF DECEMBER 2001.

15. 15 RECENT EVENTS Payment from Generali Assicurazioni Generali made a USD 45 million payment to Banorte in June’02 for the expansion of it’s branch network after Bancrecer acquisition, and for the technological infrastructure developments for the Afore, Bankassurance and Annuities businesses. This payment was accounted as an Extraordinary Income in the 2Q02. Afin Casa de Bolsa lawsuit GFNorte was granted a temporary Stay of proceedings in the lawsuit against it’s brokerage house. The lawsuit in question was filed in 1994 against Afin Casa de Bolsa (later Casa de Bolsa Banorte). In it, the widow and heirs of Mr. Lance de la Torre claim the AFIN 7.8% stake that belonged to the deceased, as well as payment of the dividends genereted from 1990 to 1994.

16. 16 RECENT EVENTS This lawsuit is unsubstantiated as these shares were given over, and later-sold-as per their own instructions-through the Mexican Stock Exchange, since June, 1990. There have been attempts to involve GFNorte in the process, therefore the Group submitted last July 5th an Indirect writ of Relief on the “habeas corpus” procedure as it is clear that it can not be condemmed in a trial of which it was never a part. Moreover, AFIN Casa de Bolsa also filed criminal charges against judges and magistrates of the court of equity, as well as the federal judges, who were aware of the issue in the first and second instances and the writ for relief.

17. 17 Risk Factors Operating RisksBancomerBanorte Fierce competition of international institutions Consolidation in the sectorSame Subsidiaries´ co-obligations Minimum capital requirementsSame InsolvencySame Non income generating activities of the Holding Co. All income comes from subsidiaries Same Government regulations could be adverse Loan loss provisionsSame Capital requirementsSame Debtors support programsSame Inadequate loan loss provisions estimate Tighter requirementsSame Fobapora-IPAB exposureUSD 8.6 Billion (35%) USD 9.1 Billion (67%) Short term funding Short term depositsSame Foreign exchange asset-liability mismatchSome mismatchNo mismatch Dollar exchange rate and interest rate volatility Risks associated Lower USD exposure Majority shareholder official investigation BBVA and some Board membersNo investigations Integration of another bank in process BBV-Probursa and PromexBancrecer

18. 18 Risk Factors Country Risks A recesion and/or inflation and interest rates increase Example: 1994 economic crisisSame Peso-dolar exchange rate depreciation or devaluation Impact on financialsSame International adverse events Close tights with the USASame Terrorist attacks to the U.S. New attacks against USASame BancomerBanorte

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