1. 1 GFNorte: 1Q06 Results May-2006

2. 2 1.1Q06 Results 2.Recent Developments. 3.Stock Performance 4.Economic and Political Outlook 5.Final Remarks Contents

3. 3 1. 1Q06 Results

4. 4 GFNorte Highlights MILLION PESOS Performing loans growth Past due loan ratio Reserve Coverage 19%23% 1Q06 Net Income ROE Stock Price EPS P/BV 1Q05 1,130 26.9% Net Interest Margin 21% 18.19 0.54 2.19 7.3% 42%7% 0.68 2.35 7.5% 1.9% 154% 1.6% 171% 26% 25.5% 1,370 25.89 Tax Rate28%35%

5. 5 GFNorte´s Income Statement MILLION PESOS Net Interest Income Services Recovery Foreign Exchange Trading Non Interest Income Total Income Non Interest Expense Net Operating Income Non Operating Income (Expense) Net Income Tax Net Income Loan loss and loss sharing provisions Subsidiaries and minority interest 1Q051Q05 Variation 11% 4%4% 135% 104% 188% 38% 20% 8% 39% (218%) 66% 21% 45% 134% 1Q061Q06 3,293 1,204 380 117 371 2,072 5,365 (2,950) 2,415 (45) (704) 1,370 (371) 75 2,961 1,154 162 57 129 1,503 4,464 (2,726) 1,738 38 (425) 1,130 (255) 32

6. 6 Non Interest Expense BILLION PESOS EFFICIENCY RATIO 61% 1Q05 54% 1Q06 Non Interest Expense 1Q05 2.7 1Q06 2.9 8%

7. 7 ROE & ROA ROEROA 1Q05 2.5% 2.8% 1Q06 26% 1Q06 27% 1Q05

8. 8 NIM vs CETES Percentages 1Q042Q043Q044Q042Q053Q054Q051Q05 1Q06 CETES NIM 6.3 7.1 8.1 9.7 9.5 8.6 9.0 7.6 5.6 4.4 5.1 6.2 8.5 8.3 8.5 7.3 7.5 4.2 75%99%

9. 9 Core Deposits BILLION PESOS Demand Time Total Mix Demand Time Deposits1Q041Q061Q05 76 42 118 64% 36% 100% 65 38 103 63% 37% 100% 63 36 99 64% 36% 100% 14%4%

10. 10 BILLION PESOS Performing Loan Portfolio 1Q054Q051Q06 QoQ Variation YoY 1Q054Q051Q06 94 114 116 Commercial 0%14% Corporate 3%35% Government (6%)10% Total2%2%23% Consumer6%6%33% 40 21 14 116 41 40 21 15 114 38 35 16 13 94 31

11. 11 Performing Consumer Loan Portfolio 1Q054Q051Q06 31 38 41 0%(1%) 7%62% 11%72% Consumer6%33% Car loans Credit Card Payroll loans 7%32%Mortgage BILLION PESOS 1Q054Q051Q06 QoQ Variation YoY 6 7 4 41 24 6 6 3 38 23 6 4 2 31 18

12. 12 Transformation of Loan Book Corporate 27% Commercial 36% Government 8% Consumer 29% Corporate 18% Commercial 34% Government 13% Consumer 35% 1Q03 1Q06 $62.4 billion pesos $116.1 billion pesos 86%

13. 13 MORTGAGE 1,260 2,459 1Q051Q06 LOAN ORIGINATION Billion pesos 95% AUTOMOTIVEPAYROLL 3,328 5,086 1Q051Q06 53% TOTAL 1,229 1,267 1Q051Q06 3% 838 1,360 1Q051Q06 62% Dynamics of Consumer Loans

14. 14 Asset Quality Past Due Loans Loan Loss Reserves 1Q054Q051Q06 RESERVE COVERAGE 1.8 2.8 PAST DUE LOAN RATIO 171% 154% 166% 1Q054Q051Q06 1.6% 1.9% 1.6% 1Q054Q051Q06 Total Loan Portfolio98 BILLION PESOS 1.9 3.1 118 1.9 3.2 120

15. 15 Banking Sector´s Capitalization Ratio Tier 1 Tier 2 TOTAL 1Q041Q051Q06 Percentage Tier 1 12.5% 3.6% 16.2% 77% 10.5% 5.0% 15.4% 68% 13.0% 2.6% 15.6% 83%

16. 16 Net Income 1Q031Q06 Proprietary 87% Managed 13% Proprietary 29% Managed 71% Million Pesos 1Q04 156 1Q05 213 1Q06 270 Recovery Bank

17. 17 Recovery Bank ASSETS UNDER MANAGEMENT 42 38 31 18 22 33 1Q031Q041Q05 Banorte IPAB 60 64 BILLION PESOS 8 53 1Q06 61

18. 18 NET INCOME Million Pesos Afore 58 43 1Q051Q06 Insurance 67 55 1Q051Q06 18% Annuities 11 41 1Q051Q06 273% Total 136 140 1Q051Q06 3% 26% Long Term Savings

19. 19 Monthly Sales per Branch MORTGAGES LIFE INSURANCE 1.0 1.4 4Q044Q05 13 15 4Q044Q05 0.8 4Q03 9

20. 20 Update on New Products

21. 21 New Products Clients: 58,000. Portfolio: $1.7 billion. Average loan per client: $28,000 pesos. Active accounts: 470,000. Balance: $1.3 billion. Average accounts openned daily: 1,600.

22. 22 New Products Active accounts: 83,000. Balance: $2.8 billion: Checking: $1.2 billion. Time Deposits: $0.9 billion. Other Investments: $0.7 billion. 40 branches in 20 cities. 50 more branches in 2006. Clients: 20,000. Loan Portfolio: $403 million. Average balance per loan: $20,000 pesos.

23. 23 2. Recent Developments

24. 24 Investment Grade by S&P

25. 25 March 24 March 24Upgrade by Standard and Poor’s to investment grade. Investment Grade by S&P = +2 = Notches above Inv. Grade Baa1 BBB- GFNorte Fitch Moody’s Standard & Poor’s Agency BBB Baa1 Sovereign

26. 26 Investment Grade by S&P Implications: Recognition of the Group’s strength. Reduction in funding costs. More liquidity to the stock. Wider investor horizon.

27. 27 Banorte USA

28. 28 Formal filing with authorities: SHCP: March 14. FED: March 16. Process advances in the time-frame established. Follow-up to FED’s feedback. Estimated conclusion: 4Q06. INB Acquisiton: Authorization Process

29. 29 Headquarters: New Jersey, USA. 11 years operating. Annual transactions: More than 1.1 million. US$370 million. 1,000 collection agents in 41 of the 50 states in the USA + D.C. More than 4,000 payment points in 19 countries. Main destinations of transfers: Mexico: 50%. Central America: 40%. Phillipines: 10%. Purchase of Uniteller

30. 30 Value / EBITDA Acquisition of 100% of Uniteller for US$19 million. Multiples within market references. Closing estimated: 4Q06. Description of Transaction Recent Transactions 21 17 34 17 UnitellerVigoDolexGlobal Payments Western Union (First Data) Moneygram Market Valuations 19 17

31. 31 Entry into an attractive industry. CAGR for the past 10 years: 19%. More participation in the value chain. 80% of the money transfer income is generated in the USA. Contact with users in both sides of the border. Transfer and payment – bancarization opportunities. Potential synergies: INB through Netspend Other business units in Banorte Benefits of the Transaction

32. 32 Launching of Banorte’s Loyalty Program

33. 33 Recompensa Total Banorte Objective: Retain clients and attract new ones. Promote cross selling. Increase deposit balances. Encourage timely payments of loans. Incentivate use of credit and debit cards. First loyalty program that rewards clients for all products and services within the Financial Group. Launch date: May 15.

34. 34 3. Stock Performance

35. 35 Performance of IPC vs. GFNorte 1Q062004-2005 IPC 8%8% Banorte 16% IPC 102% Banorte 128%

36. 36 GFNorte: Daily Turnover Million Dollars 1Q031Q04 1.8 6.7 1Q05 8.7 1Q06 15.3

37. 37 BMV: Most Active Stocks Daily turnover in million dollars 1Q06 Stock Volume 1)América Móvil49.3 2)Cemex29.8 3)Telmex28.7 4)Wal-Mart26.8 5)Grupo México23.9 6)Televisa17.8 7)Banorte15.3 8)Geo9.6 9)ICA8.9 10)Modelo8.5

38. 38 GFNorte: Market Capitalization Million Dollars 1,990 1,160 1Q031Q031Q04 3,284 1Q05 CAGR: 61% 4,794 1Q061Q06

39. 39 Comparison with Latin America MARKET VALUE IN BILLION DOLLARS 2005 Banorte Unibanco Santander Chile Banco de Chile Itaú Bradesco 4.8 4.9 40.9 37.4 8.7 P/E ‘05 P/BV ‘05 11.9

40. 40 4. Economic & Political Outlook

41. 41 Economic Outlook Fiscal and external accounts are almost in balance, with a positive outlook for 2006 due to higher oil prices. Remmitances surpassed US $20 billion last year, and showed and impressive growth of 28% in 1Q06. International reserves are at an all time high of US $70.5 billion. Inflation is in check and should close 2006 below 3.5%. GDP growth in 1Q06 was over 5% and the yearly forecasts have been raised to 4%.

42. 42 Political Environment The campaigns are in full gear. Calderon’s change of strategy is paying off. Negative campaigning is intensifying. First debate affected AMLO. Recent polls show that Calderon has become the fore-front runner. Most of the gains come from “switch” voters. AMLO is not accepting the changing trends. Eventhough lagging, Madrazo continues working the party’s base and is still alive. Expect a close election.

43. 43 5. Final Remarks

44. 44 Medium Term Challenges Consolidate 20/20 vision under a more competitive environment. Continue with innovation and bancarization. Develop Banorte USA. Intensify client attraction and retention. Cross selling of products and services. Increase efficiency and productivity.

45. 45