1. 1 GFNORTE 3Q03

2. 2 HIGHLIGHTS GFNORTE 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% 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. 9M03 9M02 BANKING SEGMENT Net Income Annualized ROE Stock Price EPS P/BV Capitalization Ratio Traditional loan CAGR Past due loan ratio Reserve Coverage 32%44%

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

4. 4 Net Interest Margin Cete TIIE 8.1% 5.1% 7.1% 4.6% 8.4% 7.4% 9.6% 8.8% 6.8% 6.3% TYPE OF ASSET 2Q03 3Q03 Fobaproa / Ipab Notes86,1252.7%84,107 2.2% Loan Portfolio63,5927.8%67,087 7.6% VOL NIM VOL NIM Other (1) 34,2091.9%38,272 1.3% Total183,9274.3%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. 1.0 0.8 0.5

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

6. 6 Non Interest Expense 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. 9% 6,775 6,810 PERSONNEL O&AE VAT & IPAB OTHER

7. 7 EFFICIENCY RATIO INCLUDES TRADING. * AVERAGE FOR THE PERIOD.  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 1992 Efficiency Ratio 199619972001Dec 2002 55%66%93%78%105%78%87% 3Q’03 * 77%

8. 8 Traditional Loan Portfolio TRADITIONAL LOAN PORTFOLIO 3Q022Q033Q03 QUARTER Commercial16,98618,58019,7766%6%16% Corporate11,83613,65412,459(9)%5%5% Mortgage10,13911,79112,4696%6%23% Automobile2,6714,0464,57313%71% Credit Card1,5792,1692,49915%58% Electronic Payroll Loans4718161,00123%112% Government Entities3,9957,6088,80516%120% Financial Entities1,5573,3333,6449%9%134% TOTAL49,23461,99765,2295%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. VARIATION ANNUAL

9. 9 Past Due Loans Grupo Pulsar non performing loan of USD 50 million was fully paid with a 46% discount. MORTGAGE CORPORATE COMMERCIAL 2Q03 1,227 1,141 389 AUTOMOBILE141 CREDIT CARD119 ELECTRONIC PAYROLL74 3Q03 1,159 652 398 158 132 87 TOTAL3,911 3,414 RECOVERY LOANS819 827 TYPE OF LOAN PDL Ratio 0.8% 0.3% 0.1% 2.6% 0.5% PDL Ratio 0.8% 0.4% 0.3% 0.1% 2.3% 0.5% MILLION PESOS

10. 10 Loans & Insurance allocation by quarter 3Q021Q033Q03 BANCRECERBANORTE NUMBER OF LOANS AND INSURANCE POLICIES. AUTOMOBILE ELECTRONIC PAYROLL LOANS MORTGAGE 10%21% 90% 79% 1,677 1,397 LIFE INSURANCE 3Q02 1Q03 42% 100% 58% 13,626 29,872 CAR INSURANCE 3Q02 1Q03 74% 63% 16,678 20,753 26% 37% 3Q021Q033Q03 38% 62% 9,929 21% 79% 6,946 41% 59% 10,729 3Q021Q033Q03 20% 33% 80% 67% 20,403 22,793 35% 65% 34,988 39% 61% 2,085 3Q03 45% 55% 36,470 3Q03 61% 19,317 39%

11. 11 Loan Allocation by quarter 3Q024Q021Q032Q033Q03 MORTGAGE$7888387139521,125 #1,6771,7371,3971,8672,085 Average amount per loan470483511510539 AUTOMOBILE$7398871,0601,1101,215 #6,9468,2879,9299,89410,729 Average amount per loan106107 112113 $= MILLION OF PESOS; #= NUMBER OF LOANS; AVERAGE AMOUNT PER LOAN=THOUSAND PESOS. NUMBER OF LOANS AND AMOUNTS ARE ACCUMULATED IN THE QUARTER. 49,000 dlls 10,000 dlls

12. 12 PDL by date of origination LOAN ALLOCATION AS OF SEPTEMBER 2003... MILLION PESOS.*INCLUDES RECOVERY LOANS AND IPAB/FOBAPROA. COMMERCIAL CONSUMER - Mortgage - Automobile - Credit Card - Other CORPORATE GOVERNMENT TRADITIONAL LOANS TOTAL LOANS* FINANCIAL ENTITIES TotalPast DueRatio Granted Before Dec’01Granted After Jan’02TOTAL TotalPast DueRatioTotalPast DueRatio 2,7692087.5%17,008190 0.9%19,7773982.0% 9,1625756.3%11,380312 2.7%20,5428874.3% 7,2514506.2%5,21885 1.6%12,4695354.3% 322 48 14.8%4,251110 2.6%4,5731573.4% 1,56761 3.9%933 71 7.6%2,4991325.3% 22 17 75.4%978 46 4.7%1,00063 6.3% 1,48427418.5%10,976379 3.4%12,4596525.2% 2,660- 0.0%6,146- 0.0%8,805- 0.0% 72 - 0.0%3,572- 0.0%3,644- 0.0% 16,1471,05749,081881 65,2281,938 102,1052,49349,205921 151,3103,4142.4% 1.9% 2.3% 6.5%1.8%3.0%

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

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

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

16. 16 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%

17. 17 Stock Performance 3Q’ 200120022003 Nov 6th 2003 STOCK PRICE13.8 GROWTH VS 3Q01 PS- USD- P / BV GFNORTE BBVA BANCOMER GFBanorte's P/BV Discount to GFBB's DAILY VOLUME (USD Million) 0.8 1.5 23.0 66.8% 55.6% 1.1 1.4 1.8 33.2 140.6% 108.3% 1.3 1.6 1.8 (20)% 39.5 186.6% 148.8% 1.5 4.5 0%(47)%(21)%

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

19. 19 Management AGE CEOOthón Ruiz Montemayor60 BANKINGManuel Sescosse Varela51 LONG TERM SAVINGSEnrique Castillón Vega63 RECOVERY Miguel A. García Padilla Fdz.49 PREVIOUS EXPERIENCE GRUPO VISA Bancen MULTIVA, Probursa’s Brokerage House, Sesvar, Sesscose Hnos. Constructores Inverméxico, Seguros Monterrey Aetna, Finanzas Monterrey y Seguros Monterrey. GRUMA AGE PREVIOUS EXPERIENCE BUSINESS UNITS CORPORATE Antonio Emilio Ortíz Cobos52 Bancomext y Citibank PYMES Enrique Catalán Guzmán:55 Fitchibca, Productos Químicos y Vegetales and Nacional Financiera PLANNINGSergio García Robles Gil43 RISK MANAGEMENTGerardo Coindreau Farías50 TECHNOLOGY Alejandro Ramos Larios49 FINA Value, Banamex and Bank of America Serfín and Citibank. Banca Quadrum, Hidelbrando, BBVA Probursa, Probursa’s Brokerage House and Culliet Mexicana. AGE PREVIOUS EXPERIENCE SUPPORT & CONTROL FINANCE Federico A. Valenzuela Ochoa55 Afin Casa de Bolsa, Grupo Técnico Asesor and Inverméxico. HUMAN RESOURCES Gerardo Soto Pérez47 Productora e Imp. De Papel, S.A., Presidencia de la República and Instituto Mexicano de Comercio Exterior. MARKETING Gloria Cecilia Miller Suárez40 Duraligth de México, Industrias Cannon. LEGAL Aurora Cervantes Martínez39 Procuraduría General de la República. COMPTROLLING Jorge Eduardo Vega Camargo43 Banco Internacional, S.N.C. EXPERIENCE 39 27 42 23 17 34 20 26 31 28 22 18 23 EXPERIENCE

20. 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 improving slowly stable cash dividend

21. 21 GFNORTE 3Q03

22. 22 Bancrecer Integration Schedule Jul - Sept 3Q Jan - Mar 1Q Apr - Jun 2Q Commercial Integration Oct - Dec 4Q Jul - Sept 3Q Apr - Jun 2Q Jan - Mar 1Q 20022004 Accounting Customers NTF Branch System Deployment DONEDONE PLANNEDPLANNED Core System Enhancements Oct - Dec 4Q 2003 NTF Branch System Development

23. 23 STRATEGIC POSITION INDUSTRY ANALYSIS COMPETITIVE POSITION ANALYSIS VISION, MISSION, STRATEGIC IMPULSE SPECIFIC STRATEGIES 3-5 YEAR PROYECTIONS 3-5 Year Business Plan JUN 2003 SEP 2003DEC 2003JAN 2004APR 2004 MAR 2004

24. 24 Tot. M.S. Branches 135 23.9 Total Deposits $27,659 28.5 Total Loans $7,159 28.2 Market Share TOTAL M.S. Branches 1,050 15.5% Total Deposits $202,869 12.4% Total Loans $150,891 17.1% Tot. M.S. Branches 16918.6 Total Deposits $18,219 14.1 Total Loans $6,26712.7 Tot. M.S. Branches 172 24.4 Total Deposits $55,056 39.2 Total Loans$19,920 21.7 Tot. M.S. Branches 167 15.3 Total Deposits $20,800 11.2 Total Loans $5,202 12.0 MONTERREY NORTHEAST SOUTHEAST NORTHWEST Tot. M.S. Branches 165 16.5 Total Deposits $28,121 15.5 Total Loans $7,640 16.2 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 242 14.2 Total Deposits $49,732 7.0 Total Loans $19,680 6.7 MEXICO CITY 4° 3° 1° 2° 1° 5° 6° 5° 4° 5° 3° SEPTEMBER 2003