GFNorte´s 3Q07 Results Conference Call October 26, 2007.

CONSTANT MILLION PESOS Highlights CONSTANT MILLION PESOS 3Q06 3Q07 Net Income 1,573 1,712 8% ROE 25.1% 22.3% 24% Stock Price 34.66 42.92 Net Interest Margin 8.0% 7.7% 23% Book Value 12.78 15.71 1% P/BV 2.71 2.73 Tax Rate 38% 34% Performing Loan Growth 23% 29% Past Due Loan Ratio 1.6% 1.5%

CONSTANT MILLION PESOS Income Statement CONSTANT MILLION PESOS 3Q06 3Q07 Change Net Interest Income 3,793 4,363 15% Non Interest Income 1,856 1,907 3% Service Fees 1,350 1,495 11% Recovery 156 117 (25%) Foreign Exchange 89 92 3% Trading 261 204 (22%) Total Income 5,649 6,270 11% Non Interest Expense (3,009) (3,549) 18% Net Operating Income 2,640 2,721 3% Provisions (377) (697) 85% Non Operating Income (Expense) Net 155 518 234% Income Tax (967) (793) 18% Subsidiaries and Minority Interest 122 (37) (130%) Net Income 1,573 1,712 9%

CONSTANT MILLION PESOS Quarterly Net Income CONSTANT MILLION PESOS 1,712 1,695 1,573 1,480 880 3Q04 3Q05 3Q06 2Q07 3Q07

Comparable Results 9M06 9M07 Net Interest Income 10,547 12,301 MILLION PESOS 9M06 Accounting standards ‘07 9M07 Net Interest Income 10,547 12,301 17% Non Interest Income 5,198 5,887 13% Total Income 15,745 18,188 16% Non Interest Expense 9,521 10,422 9%

CONSTANT BILLION PESOS Non Interest Expense CONSTANT BILLION PESOS 9M06 9M07 Non Interest Expense 9,377 10,422 11% EFFICIENCY RATIO 57% 57% 55% Accounting Standards + Others 4 pp 53% 9M05 9M06 9M07

Net Interest Margin vs CETES PERCENTAGE Average CETE: 9M05: 9.39% 9M06: 7.25% 9M07: 7.13% CETES 9.5 87% 8.6 8.0 NIM 7.9 8.5 7.7 7.7 8.3 7.6 7.5 7.1 107% 7.5 7.1 7.2 7.0 7.0 7.0 7.1 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

CONSTANT BILLION PESOS Core Deposits CONSTANT BILLION PESOS YoY Change w/o INB Deposits 3Q05 3Q06 3Q07 Demand 70 18% 82 16% 95 11% Time 42 16% 48 28% 61 7% 112 17% 130 20% 156 10% Total Mix Demand 63% 63% 61% Time 37% 37% 39% 100% 100% 100%

Performing Loan Portfolio CONSTANT BILLION PESOS 173 165 134 3Q06 2Q07 3Q07 Variation YoY w/o Extras 3Q06 2Q07 3Q07 QoQ YoY 25% Consumer 50 55 58 6% 17% Commercial 48 63 67 5% 39% 23% Corporate 23 30 30 (1%) 32% Government 13 17 18 4% 32% Total 134 165 173 5% 29%

Performing Consumer Loan Portfolio CONSTANT BILLION PESOS 58 55 50 3Q06 2Q07 3Q07 Variation YoY Change w/o Extras 3Q06 2Q07 3Q07 QoQ YoY 23% Mortgage Loans 30 31 33 6% 10% Car Loans 6 7 7 1% 6% Credit Cards 9 12 13 7% 45% Payroll Loans 5 6 6 6% 24% Consumer 25% 50 55 58 6% 17%

Thousands of New Credit Cards 503 371 160 116 9M04 9M05 9M06 9M07

Banking Sector Capitalization Ratio PERCENTAGE 3Q05 3Q06 3Q07 Tier 1 15.0% 12.6% 10.9% Tier 2 3.2% 2.3% 3.9% TOTAL 18.3% 14.9% 14.8% Percentage Tier 1 82% 84% 74%

Banorte USA Results 9M06 9M07 MILLION DOLLARS Performing Loan Portfolio 737 27% 935 Net Interest Margin 4.7% 4.5% Deposits 1,034 23% 1,269 Net Income 10.2 12.4 22% Efficiency 42.9% 41.6% ROE 20.9% 22.8%

CONSTANT BILLION PESOS Asset Quality CONSTANT BILLION PESOS 3Q06 2Q07 3Q07 Total Loan Portfolio 137 169 176 Past Due Loans 2.2 2.5 2.7 Loan Loss Reserves 3.7 3.6 3.6 PAST DUE LOAN RATIO RESERVE COVERAGE 1.6% 1.5% 1.5% 172% 141% 132% 3Q06 2Q07 3Q07 3Q05 2Q07 3Q07

Past Due Loan Ratio comparison Credit Cards Past Due Loan Ratio comparison Jul’06 Jul’07 6.2% 5.0% 4.4% 3.6% Banorte Other Mexican Banks Banorte Other Mexican Banks

Past Due Loan Ratio comparison Mortgages Past Due Loan Ratio comparison Jul’06 Jul’07 3.5% 2.9% 2.7% 2.5% Banorte Other Mexican Banks Banorte Other Mexican Banks