1. 1 New York, NY Salomon Smith Barney 10th. Annual Latin American Conference March 7 and 8, 2002

2. 2 I. BANCRECER’S INTEGRATION

3. 3 Bancrecer’s acquisition contract was signed with IPAB. First payment by Ps 412.5 million pesos was made. Oct 05 ‘01 Banorte received the authorization to acquire Bancrecer from SHCP. Nov 30 ‘01 The remaining Ps 1,237.5 million pesos payment was made for a total of Ps 1,650 millions paid for Bancrecer. Additional Ps 15.9 millions out of interests. Dec 04 ‘ 0 1 Banorte received 100% of Bancrecer’s shares ending IPAB’s administration period. Jan 02 ‘02 Bancrecer’s stockholders’ meeting took place defining the new Board of Directors (same Banorte’s and Bancen’s Board members). Mr. Federico Valenzuela Ochoa was appointed as the new Bancrecer CEO. Jan 04 ‘ 0 2 Banorte took over the administrative control of Bancrecer and began the integration of the different areas into GFNorte’s organizational structure. Jan 08 ‘ 0 2 Bancrecer’s Acquisition... Acquisition Process of Bancrecer performed as expected.....

4. 4 Bancrecer will contribute to profits since the first year REVENUE GENERATION WILL COME FROM: Cost savings stemming from the use of Banorte’s infrastructure and organization Definition of the optimal operative & technological platform Increase in client base and cross-selling of Banorte’s products

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

6. 6 Transitory Administration Banorte Administration Administrative Integration Operative Integration 4SHCP Authorization 4End of IPAB’s administration 4Asset Spin off STAGE I (4Q01) STAGE II (Jan 02) STAGE IV (Apr-Dec 02) STAGE III (1Q02) Bancrecer’s Integration October 5th

7. 7 4Bancrecer’s areas integration 4Begin Corporate Structure Rationalization 4Acquisition Due Diligence 4Technological alternatives evaluation 4Optimum branch network definition Start: Bancrecer’s Integration October 5th Transitory Administration Banorte Administration Administrative Integration Operative Integration STAGE I (4Q01) STAGE II (Jan 02) STAGE IV (Apr-Dec 02) STAGE III (1Q02) On February, 15th a personnel reduction of 413 employees took place with a monthly pay roll of Ps 7.8 millions, which represented a 12% reduction. Additional reduction is expected by the end of march 2002. Banorte takes control of Bancrecer’s Administration. Estimate time: 60 calendar days beginning January 2th. 4In-depth study of profitability and marketing. u Close 96 branches from Bancrecer. u Close 9 branches from Banorte. 4External consultants to define the technological platform during 1Q’02. (Accenture & DMR from Spain). 4Since December, the main corporate buildings of Banorte and Bancrecer were connected with voice, data and e-mail networks. 4Computer centers of both institutions are to be integrated into Bancrecer’s Site located in Tlalpan, D.F. 4Central processors will be replaced for new ones with more capacity.

8. 8 4Technological Platform definition 4Link the two main frames 4Close branches 4End the structure rationalization 4Begin the image change Bancrecer’s Integration October 5th An inter-operational project in branches is scheduled to begin by March 4th. Bancrecer’s branches in the main cities will be rebranded in April. Transitory Administration Banorte Administration Administrative Integration Operative Integration STAGE I (4Q01) STAGE II (Jan 02) STAGE IV (Apr-Dec 02) STAGE III (1Q02)

9. 9 4Technological and operative integration 4Finish the image change 4Asset divestment program Bancrecer’s Integration October 5thMarch 31th LEGAL MERGE OF BANCRECER Transitory Administration Banorte Administration Administrative Integration Operative Integration STAGE I (4Q01) STAGE II (Jan 02) STAGE IV (Apr-Dec 02) STAGE III (1Q02)

10. 10 II. 2001 GFNORTE RESULTS

11. 11Highlights GFNorte’s Net Income (PS million) 1,504 ROE 17.2% EPS (Ps/per share) 3.01 Book Value 18.12 Capitalization Ratio 11.5% Traditional Banking annual loan growth 11.0% Consumer & Mortgage annual loan growth 69.0% Total Deposits annual growth 12.4% 2001

12. 12 CLIENTS : INCLUDE THE BANKING SECTOR AND THE BROKERAGE HOUSE. The client base and the distribution channels have experienced an important growth No. OF CLIENTS 627 889 1,900 2,324 ‘96‘97‘98‘99 2,818 ‘00 ‘01 POS PC Banking ATM’s 1,611 212 12,721 990 10,210 2,458 ‘96‘97‘98‘99‘00 ‘01 TRANSACTIONS PER DISTRIBUTION CHANNEL IN BANORTE DISTRIBUTION CHANNELS 8.2% 5.7% 21.2% 57.9% ATM BRANCHES PC BANKING E INTERNET POS 7.0% TELEPHONE BANKING Dic ‘01 2,962 1,716 4,678 4,123 4,209 967

13. 13 New Loans Non Interest Income Deposit Volume and Mix Non Interest Expense Recovery Bank Interest Rates Risk Control Profitability Criteria GFNorte has followed a clear and successful strategy for increasing its profitability

14. 14 Total Deposits increased by 12.4%, driven by a 23.8% increase in Third Party Deposits 109,021 115,835 121,448 121,716 4Q001Q012Q013Q01 122,489 4Q01 MILLIONS OF PESOS DATA AS OF DECEMBER 12.4%

15. 15 During the last two years, the commercial and the consumer loan portfolios have grown considerably... BALANCES IN MILLIONS OF PESOS. IT DOES NOT INCLUDE LOANS TO FINANCIAL AND GOVERNMENT ENTITIES (PS 4,421 IN DEC’01).... the corporate loans have practically remained the same and those of the Recovery Banking decreased 80% CORPORATE8,668 COMMERCIAL Mortgage Other Automobile CONSUMER RECOVERY BANKING6,049 12,205 2,558 204 823 1,292 4,876 46% TOTAL31,798 (32%) Credit Card 7% 8,119 8,880 8,342 1,408 535 555 211 2,709 28,050 13% CONCEPTO DIC ‘01 DIC ‘99

16. 16 Traditional loan portfolio showed an increase of 11.0%, driven by Consumer and Mortgage DATA AS OF DECEMBER ‘01. (40%) 0% 40% 80% 4Q001Q012Q013Q014Q01 Traditional loan Portfolio Corporate Commercial Consumer and Mortgage

17. 17 Bancentro, Banpais and Bancrecer´s acquisitions played a fundamental role in GFNorte growth strategy... Feb ‘97 Banorte Feb ‘97 Banorte+Bancen Dec ‘97 Banorte+Bancen + Banpaís Commercial Loans FOBAPROA/IPAB Loans 4,453 20% 18,591 80% 20,256 49% 21,494 51% 45,145 71% 18,492 29%... a big portion of the loan portfolio was substituted by FOBAPROA/IPAB loans and notes. Dec ‘01 Banking Sector Banorte + Bancrecer 97,560 60% 45,782 40% 51,290 35,764 MILLIONS OF PESOS OF DEC’2001. * INCLUDES USD184 MILILON AT LIBOR (6 M) + 1% MATURING IN JUNE, 2006. AMOUNT (Balance as of 31/Dec/01) TERMINTEREST RATE BANORTE (Loss Sharing) * 91 Days Cete - 1.35%11,137 Loan Portfolio (Bancen y Banpaís) 35,382TIIE + 0.85% USD Fobaproa Note. (Banpaís) 4,771USD Cost of Funding. + 2% IPAB Note (Bancrecer) 46,270TIIE + 0.40% TOTAL$97,560 2005 2010 2007 2009

18. 18 GFNorte increased its national market share with the acquisition of Bancrecer DEPOSITSLOANS SOURCE A B.M. MKT. % FOR DEPOSITS EXCLUDES FINANCIAL INTERMEDIARIES AND REFERS TO BANKING SECTOR EXCLUSIVELY. LOANS INCLUDES FOBAPROA SOURCE CNBV Bancen & Banpais Bancrecer Bancen & Banpais Bancrecer

19. 19 Eventhough assets under management of the Recovery Banking represent an important figure, the risk involved is low MILLIONS OF PESOS OF DECEMBER 2001. TOTALBANORTE SHARED W/ IPAB IPAB 7,186 8,899 $61,025 100% 52,126 6,049 1,191 $18,703 30% 17,512 1,137 2,321 $15,030 25% 12,709 45% 5,387 $27,292 21,905 14,597 11,463 11,5723,025 26,06011,46311,5723,025 2,718 16,162 2,718 16,162 Banorte REPOSESSED ASSETS TOTAL ASSETS TOTAL LOAN PORTFOLIOS Serfin New Portfolios Loans purchased or managed-IPAB Bancen Banpais Banks acquired18,880 19% $10,115 19% $10,115 2,606 1,153 27% 100%

20. 20 Banorte has maintained its Net Interest Margin level despite the market interest rate drop in 2001 7.5% 8.6% 12.4% 17.0% 16.8% 5.2% 5.7% 6.3% 5.9% 4.7% 4Q001Q012Q013Q014Q01 Cete 28 days NIM %

21. 21 Fees on services and trading have increased their contribution to Non Interest Income 20002001 SERVICES FOBAPROA FIDUCIARY TRADING 37% 63% 57% 43% 1,922.41,925.2 NOTE: 2001 FIDUCIARY INCOME IS INCLUDED AS A NET AMOUNT FOR COMPARISON PURPOSES. SINCE 3Q01 THE SERFIN LOAN TRUST WAS CONSOLIDATED. MILLIONS OF PESOS

22. 22 The operative expense control has been fundamental... OPERATIVE EXPENSE 19992000 MILLIONS OF PESOS OF DECEMBER 2001... resulting in a 16% expense decrease from 1999 to 2001. 2001 7,488 6,175 6,293 16%

23. 23 GFNorte generated profits for PS 1,504 million in 2001 ACCUMULATED NET INCOME IN 2001 MILLIONS OF PESOS BANKINGPS 1,27285% $42HOLDING3% $31BROKERAGE2% $90LONG TERM SAVINGS6% $69AUXILIARY ORGANIZATIONS4% PS 1,504GFNORTE100%

24. 24 17.2% 2001 20.7% 2000 15.1% 1999 ROE GFNorte has obtained high ROE´s

25. 25 After Bancrecer´s acquisition, Banorte´s capitalization ratio remained similar as of 4Q’00 IN 2Q01 THE CAPITALIZATION RATIO WAS STRENGTHENED BY A NON CONVERTIBLE SUBORDINATE-BONDS ISSUE FOR Ps 1,300 MILLION. BANORTE USES 2003 RULES SINCE 3Q00. 12.0% 11.4% 15.6% 15.4% 4Q001Q012Q013Q01 11.5% 4Q01

26. 26 MILLIONS AS OF DECEMBER 2001. MAJORITY PARTICIPATION 1) INCLUDES PS13.2 MILLIONS TRANSFERED TO BANORTE DUE FISCAL STRATEGY. 2) NOV ‘01, 3) SEP ‘01. MARKET SHARE: AFORE & ANNUITIES: NUMBER OF AFFILIATED; BANCASSURANCE: PREMIUMS; BROKERAGE HOUSE: VARIABLE EQUITY; FACTORING & LEASING: TOTAL LOANS, BONDING: SURETIES SOLD. Afore 28.56.6%31.3 8.5% 44.529.8% 26.5% 2) 24.34.7%26.2 6.2% 2) 14.38.7 6.56.9 71.78.9%88.3 9.1% 4.81.0%7.1 1.1% (34.5)9.8%(5.6) 9.7% 2.2% 2.5% 1.7% 3) Other divisions are profitable and have gained market share Net Income Market Share Net Income Market Share 20002001 Long Term Savings: Brokerage House Leasing Factoring Warehousing Bonding Bancassurance Annuities Brokerage: Auxiliary Organizations: 40.8 1)

27. 27 III. COMPARATIVES TO THE INDUSTRY

28. 28 ROE DECEMBER 2001 GFNorte´s ROE ranks among the highest in Mexico 36.9% 8.3% * 17.2% BANACCI GFNORTE 5.9% GFBITALGFSANTANDER SOURCE: PRESS RELEASE EACH BANK. * AS OF SEPTEMBER 2001 GFBVA- BANCOMER 16.2% 2°

29. 29 0% 20% 40% 199920002001 GFNorte BBVA Bancomer Santander Serfín 10% 30% GFNorte13.7%20.7%17.2% BBVA Bancomer11.2%5.6%16.2% Santander Serfín15.2%12.1%36.9% Data as of Dec 01 After integration, banks improves their ROE

30. 30 PAST DUE LOAN RATIO DECEMBER 2001 BANAMEXBITALBBVA - BANCOMER BANORTE SANTANDER- SERFIN 0.9% 4.5% 5.5% 5.0% 7.0% 4° Banorte has maintained a low level of past due loans

31. 31 The capitalization ratio stood at 11.5% with rules of 2003 12.1% 13.1% 11.0% BANAMEXBBVA - BANCOMER BITAL BANORTE SANTANDER - SERFÍN 11.5% 14.7%14.5%23.2%18.6% (*) 13.4% W/O MARKET RISK 200320012003 2001 RULES OF: 16.6% CAPITALIZATION RATIO Data as of December ‘01 from the Press Release of each bank.

32. 32 IV. GFNORTE, 10 YEARS AFTER THE PRIVATIZATION

33. 33 GFNorte, 10 years after the privatization...... it has EVOLVED successfully in the Mexican Banking System obtaining profits and ROE’s that have positioned it as the 4th bank in Mexico in terms of deposits and the 3rd. in credit loans.... it has followed a SUCCESSFUL STRATEGY that has allowed its “Traditional Banking Business” to become more important every day.... it EXPANDED in the Pension Fund Management, Bank Assurance and Annuities businesses becoming an important player in the System.

34. 34