1. 1 GFNORTE 4Q03 Results

2. 2 Banorte continues gaining market share now as a national coverage bank Dec ‘96 Dec ‘01 Total Deposit Traditional Loans 156 2.3 7 14° Dec ‘96 455 32 6.4 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 SEP ‘03 A.B.M. BTE + BCR BTE 1,182 32 16.6 6°4° BTE + BCR Banorte BANORTE BANCENTRO BANPAÍS BANCRECER Bank Emp 4,840 1,024 15.1 32 Dec ‘03 13,336 4° Dec ‘03 8,51615,099 3.0 3.3 14° 10° 7.8 7.0 5° 6°6° 11.7 8.6 4° 4°4° 11.8 12.2 5°5° 4°4° Total Loans 3.3 10° 9.4 3° 15.6 3° 16.6 3° Non Interest Deposits 6.8 5° 5° 11.4 5° 15.4 5°5° 16.5 4°4°

3. 3 The client base and the distribution channels have experienced an important growth DISTRIBUTION CHANNELS CLIENTS : INCLUDES THE BANKING SECTOR AND THE BROKERAGE HOUSE. * INTERNET. **MILLIONS OF PHONE CALLS FOR THE PERIOD. CLIENTS (Thousands) 627 889 1,900 2,324 ‘96‘97‘98‘99 2,818 ‘00‘01 4,678 4,634 02 3,865 Dec’03 Call Center** 20.6 POS 10,400 PC Banking 22,709 ATM 2,524 Branches 1,029 2,458 990 212 157 8.3 ‘96‘97‘98‘99‘00 ‘01 ‘02Dec’03 TRANSACTIONS PER DISTRIBUTION CHANNEL ATM BRANCHES POS TELEPHONE BANKING 3% 23% 6% PC BANKING & INTERNET 14% 54% 2003 2002 28% 9% 6% 3%

4. 4 EXTRAORDINARY INCOME NOT INCLUDED IN GRAPH: 1997: PS 796, 1998 : PS 484, 2000: PS 245 AND 2002: PS 410. MILLIONS AS OF DECEMBER 2003. GFNorte’s Recurrent Income

5. 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:  Improving our funding mix  Increasing Non Interest Income  Reducing Non Interest Expense, improving our efficiency ratio  Aggressively growing our credit portfolio, with strict credit risk policies  Further developing our asset recovery business  Multi-channel approach with a cross-sell focus

6. 6 HIGHLIGHTS GFNORTE 1,685* 15.6% 25.5 3.4 * 1.1 14.8% 76.0% 3.1% 118.0% 2,219 17.5% 39.0 4.4 1.5 12.7% 20.4% 2.4% 121.7% NET INCOME IN MILLION PESOS AS OF 4Q03. EPS & BOOK VALUE ARE PESOS PER SHARE. BOOK VALUE EXCLUDES MINORITY HOLDINGS. EXCLUDES GENERALI EXTRAORDINARY INCOME OF Ps 410 millions. (1)EXCLUDES THE SHORT-TERM LOAN FOR Ps 6,761 MILLION GRANTED TO A FINANCIAL ENTITY OF THE FEDERAL GOVERNMENT IN DECEMBER 2002. 2003 2002 BANKING SEGMENT Net Income Annualized ROE Stock Price EPS P/BV Capitalization Ratio Traditional loan growth (1) Past due loan ratio Reserve Coverage 31%53%

7. 7 Profit composition NET INCOME BANKINGPs 1,79881% 8HOLDING0% 102BROKERAGE5% 217LONG TERM SAVINGS10% 93AUXILIARY ORGANIZATIONS4% Ps 2,219GFNORTE100% 200220032001 84% 0% 4% 8% 4% 100% 85% 3% 2% 6% 4% 100% MILLION PESOS

8. 8 Net Interest Margin Cete TIIE TYPE OF ASSET 3Q03 4Q03 Fobaproa / Ipab Notes85,5372.2%79,901 2.5% Loan Portfolio64,5018.0%68,072 8.4% VOL NIM VOL NIM Other (1) 42,6471.1%46,882 0.9% Total192,6843.9%194,856 4.2% (1): 4Q03 Includes: Deposits in Central Bank Ps 17,128 millions, Fixed Income Securities Ps 16,764 millions and in other banks Ps 12,990 millions. 5.1% 4.6% 8.4% 7.4% 9.6% 8.8% 6.8% 6.3% 1.0 0.5 0.4 5.4% 5.8%

9. 9 Non Interest Income Recovery 875 Service 2,086 Trading 837 TOTAL 3,798 739 1,965 288 2,991 MILLION PESOS AS OF 4Q03 39%27% 1,020 865 342 2,228 Service Fees

10. 10 Service Fees  The Service Fee Income accumulated through the year rose by 6% vs. 2002 as a result of the new clients that were attracted and which show the following rise in fee collecting: Credit Cards, 11%; Account Management fees, 7%; and Electronic Banking Services, 2%. Account Management Fees Fund Transfers 2003 vs 2002 Fiduciary NET FEES - SERVICES Credit Card Other Fees Net Electronic Banking 20022003 194178(8%) 6667107% 183178(3%) 59165511% 2542602% 7610639% 1,9652,0866% MILLION PESOS

11. 11  The accumulated Non Interest Income from Recovery Banking increase an 18% due to the higher Serfin portfolio income and that of the Fobaproa portfolio. Recovery Fees II.- FOBAPROA FEES NET FEES – RECOVERY a. Serfin Loans (1) b. Other Portfolios Income - Expense 640543 397180 243363 411165 296130 11535 381477 73987518% Income - Expense (1) COLLECTION RIGHTS. MILLION PESOS I.- LOAN PORTFOLIOS ACQUIRED 358398 2003 vs 2002 20022003

12. 12 Recovery Bank AUM Composition AUM = ASSETS UNDER MANAGEMENT (*): FIGURES IN BILLION PESOS. 65 60 59 Proprietary Loans Acquired SERFIN IPAB 11% 7% 17% 29% 30% 29% 24% 42% 43% 40%

13. 13 Non Interest Expense MILLION PESOS. (*) FOURTH QUARTER 2001 INCLUDES PROFORMA FOR BANCRECER VAT = VALUE ADDED TAX. AT 2002 VAT=PS 621 MILLIONS AND IPAB=PS 678 MILLIONS. AT 2003 VAT=PS 645 MILLIONS AND IPAB=PS 732 MILLIONS O&AE = OPERATION AND ADMINISTRATIVE EXPENSES INCLUDING IT. RENT, DEP. & AMORT. = RENT, DEPRECIATION & AMORTIZATION. 16% 9,195 9,362 PERSONNEL O&AE VAT & IPAB RENT,DEP & AMORT. =

14. 14 EFFICIENCY RATIO INCLUDES TRADING. * AVERAGE FOR THE PERIOD.  Efficiency ratio has suffered after each acquisition, being Banorte able to return to adecuate efficiency levels in the following years.  After the acquisition of Bancrecer the efficiency ratio went up to 87%, coming down to an average for the year of 78% by 2003. Efficiency Ratio 1992 Efficiency Ratio 199619972001Dec 2002 55%66%93%78%105%78%87% 2003* 78%

15. 15 Traditional Loan Portfolio TRADITIONAL LOAN PORTFOLIO 4Q023Q034Q03 QUARTER Commercial17,74320,11223,03614.5%29.8% Corporate14,57312,67111,859(6.4)%(18.6)% Mortgage10,83812,68113,5516.9%25.0% Automobile3,0894,6515,0228.0%62.6% Credit Card1,7292,5412,82911.3%63.6% Electronic Payroll Loans5831,0181,21419.3%108.2% Government Entities6,0548,9559,1472.1%51.1% Financial Entities3,545(*)3,7063,350(9.6)%(5.5)% TOTAL58,155(*)66,33870,0075.5%20.4% 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. (*) IT EXCLUDES THE SHORT-TERM LOAN FOR Ps 6,761 MILLION GRANTED TO A FINANCIAL ENTITY F THE FEDERAL GOVERNMENT IN DECEMBER 2002. VARIATION ANNUAL

16. 16 Past Due Loans MORTGAGE CORPORATE COMMERCIAL AUTOMOBILE CREDIT CARD ELECTRONIC PAYROLL 4Q03 1,183 663 419 192 169 87 TOTAL 3,517 RECOVERY LOANS 804 TYPE OF LOAN PDL Ratio 0.8% 0.4% 0.3% 0.1% 2.4% 0.5% MILLION PESOS 3Q03 1,179 663 405 161 134 89 3,472 841 PDL Ratio 0.8% 0.4% 0.3% 0.1% 2.3% 0.5%

17. 17 Loans & Insurance allocation by quarter BANCRECERBANORTE NUMBER OF LOANS AND INSURANCE POLICIES. AUTOMOBILE ELECTRONIC PAYROLL LOANS MORTGAGE LIFE INSURANCE CAR INSURANCE 4Q021Q032Q033Q034Q03 32% 38% 68% 62% 8,287 9,929 43% 57% 9,894 41% 59% 10,729 42% 58% 10,486 4Q021Q032Q033Q034Q03 4Q021Q032Q033Q034Q03 19% 21% 81% 79% 1,737 1,397 35% 65% 1,867 28% 33% 72%67% 22,751 22,793 36% 64% 32,978 35% 65% 34,988 39% 61% 2,085 38% 62% 37,813 38% 62% 2,454 4Q021Q032Q033Q034Q03 4Q021Q032Q033Q03 4Q03 37% 42% 63% 58% 17,158 29,872 44% 56% 34,930 75% 63% 15,977 20,753 25% 37% 60% 19,446 40% 45% 55% 36,470 61% 19,317 39% 43% 57% 27,732 60% 21,812 40%

18. 18 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 2003. NET OF FOBAPROA CHECKING ACCOUNT AND LOSS SHARING PROVISIONS. (1)SHORT TERM LOANS TO SOCIEDAD HIPOTECARIA FEDERAL. (2)SALE OF LOANS TO SOLIDA ADMINISTRADORA DE PORTAFOLIOS. Fobaproa / IPAB Notes Ps 6.7 (1) Ps 1.9 (2) 19961997 42 103 2001 149 2002 159 2003 149 21% 71% 66% 59% 51%

19. 19 Industry Growth Twelve month Traditional Loan Portfolio growth (*) (Excludes Fobaproa / IPAB) BANORTE BITAL SANTANDER SERFIN BANCOMER SCOTIA INVERLAT BANAMEX 17% - 2% -10% 1%1% 16% 20% (1) (*) FROM 4Q’02 TO 4Q’03. SOURCE: 4Q’03 QUARTERLY REPORTS, EXCEPT BANAMEX. (1)Excludes loans managed by the Recovery Banking unit and excludes the short-term loan for Ps 6,761 million granted to a financial entity of the Federal Government in December 2002.

20. 20 Banorte’s Loan mix is shifting away from the Monterrey region Dec01 Dec03 Loans 27% 31% Branches 22% 23% Dec01 Dec03 Loans 12% 11% Branches 14% 13% Dec01 Dec03 Loans 6% 10% Branches 16% 16% Dec01 Dec03 Loans 39% 29% Branches 16% 17% Dec01 Dec03 Loans 4% 8% Branches 16% 16% MONTERREY NORTHEAST SOUTHEAST NORTHWEST Dec01 Dec03 Loans 11% 11% Branches 15% 16% WEST MEXICO CITY Dec01 Dec03 100% 100% NATIONAL SOURCE: ABM. 2001 DOES NOT INCLUDES BANCRECER LOANS EXCLUDES IPAB AND FOBAPROA AND CENTRALIZED OPERATIONS. ……and concentrating more in Mexico City

21. 21 Comparatives to the Industry 4Q’03 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 2003. (1) CALCULATED FOR BANKING SECTOR (*) INFORMATION AS OF 3Q03. 25.1% 12.8% BanamexBanorte 10.2% Bital*Santander 15.1% 4° 5.5% Scotiabank*BanamexBanorteBitalSantanderBBVA- Bancomer Scotiabank 24.4% 15.1% 19.5% 13.6% 20.7% 5.6% BBVA- Bancomer 30.3% 4° 15.7% (1) 17.5% 29.9% SantanderBanamexGFNorte 15.5% (1) Bital* 24.4% Scotiabank* 3° ROE Group CAPITALIZATION RATIO 16.4% BBVA - Bancomer 12.4% Banamex 12.4% Scotiabank* BBVA- Bancomer 13.3% Banorte 12.7% 3°3° 14.7% Bital*Santander 11.6% ASSETSNUMBER OF BRANCHES

22. 22 Tot. M.S. Branches 136 24.1 Total Deposits $28,710 27.9 Total Loans $7,884 29.0 Market Share by Region TOTAL M.S. Branches 1,024 15.1% Total Deposits $211,486 11.8% Total Loans $148,627 16.6% Tot. M.S. Branches 16017.7 Total Deposits $19,385 14.2 Total Loans $7,08113.9 Tot. M.S. Branches 170 24.2 Total Deposits $55,819 39.0 Total Loans$20,340 21.8 Tot. M.S. Branches 162 14.9 Total Deposits $18,226 9.6 Total Loans $5,675 12.0 MONTERREY NORTHEAST SOUTHEAST NORTHWEST Tot. M.S. Branches 159 16.0 Total Deposits $28,678 14.8 Total Loans $8,024 16.4 WEST MILLION PESOS. SOURCE: ABM M.S. MARKET SHARE. BRANCHES: INCLUDES BANKING MODULES AND EXCLUDES REMOTE COUNTERS; TOTAL DEPOSITS: INCLUDES CENTRALIZED OPERATIONS. TOTAL LOANS: INCLUDES IPAB AND FOBAPROA NOTES. Tot. M.S. Branches 237 14.0 Total Deposits $59,680 7.0 Total Loans $21,620 6.9 MEXICO CITY 4° 3° 4° 3° 1° 2° 1° 5° 6° 5° 4° 5° 3° DECEMBER 2003

23. 23 TENDENCY OF IPC, GFNORTE, GFB (Monthly) JAN ’02 – FEBRUARY 13th’04 IPC GFB 44% 20% GFNORTE 104%

24. 24 Stock Performance 200120022003 Feb 13th 2004 STOCK PRICE19.1 GROWTH VS 2001 PS- USD- P / BV GFNORTE BBVA BANCOMER GFBanorte's P/BV Discount to GFBB's DAILY VOLUME (USD Million) 0.99 1.91 1.6 25.5 33.5% 17.5% 1.14 1.40 2.1 39.0 104.2% 66.4% 1.46 1.50 2.2 (3)% 41.8 118.8% 83.2% 1.57 1.78 7.7 (12)%(48)%(19)%

25. 25 Dividends Payout ratio (1) 33% (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 (2)$ 1 / Share Price as of Sep’ 2002 $ 22.99; $ 0.70 / Share Price as of Sep’ 2003 $ 33.16 Dividend / Share Ps 1.0 18% Ps 0.7 Yield (2) 4.4% 2.1%

26. 26 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 improving slowly stable cash dividend

27. 27 GFNORTE 4Q03 Results