1 GFNorte’s 4Q07 Results Conference Call February 1, 2008.

2 Yearly Recap Performing Loan Growth19%32% 2007 Net Income Stock Price P/BV ,185 Net Interest Margin 11% % 7% % 6, ROA2.8%2.6% ROE24.9%22.6% Book Value Past Due Loan Ratio1.4%1.5% 22%10% CONSTANT MILLION PESOS

3 Quarterly Net Income CONSTANT MILLION PESOS 1,685 1,018 4Q044Q05 1,560 4Q06 1,263 4Q07

% 12% (36%) (28%) (2%) 9%9% 12% 6%6% 798% 1%1% 10% 67% (95%) ,384 6, ,292 7,899 25,283 14,432 10,851 1,867 (3,293) 6,810 (2,645) 31 Change 15,069 5, ,782 8,072 23,141 12,931 10, (3,255) 6,185 (1,588) 610 QoQ YoY 24% 17% 21% (82%) (5%) 14% 13% 16% 3,283% (8%) 8%8% 170% (130%) 4T064T07 4,881 1, ,914 6,795 3,841 2, (694) 1,685 (921) (36) 3,931 1, ,010 5,941 3,395 2,546 (12) (756) 1,560 (341) 122 Income Statement CONSTANT MILLION PESOS Net Interest Income Service Fees Recovery FX and Trading Non Interest Income Total Income Non Interest Expense Net Operating Income Non Operating Income, Net Income Tax Net Income Provisions Subs & Minority Interest

5 Comparable Results Net Interest Income14, ,384 20% MILLION PESOS Non Interest Income7,1857,899 10% Total Income21,70025,283 17% Non Interest Expense13,15714,432 10% 2006 Accounting Standards ‘07 Operating Profit8,53410,851 27%

6 Non Interest Expense CONSTANT BILLION PESOS EFFICIENCY RATIO Non Interest Expense % 56.8% % % 2007 Accounting Changes 52.9% 3.4 pp

7 Net Interest Margin vs CETES PERCENTAGE CETES Margin 4Q051Q062Q063Q064Q061Q072Q073Q07 99% 111% 4Q

8 Core Deposits CONSTANT BILLION PESOS Mix Demand Time Demand Time Total Deposits4Q054Q074Q %23% 13% 14% 21% 30% 63% 37% 100% 64% 36% 100% 66% 34% 100%

9 CONSTANT BILLION PESOS Performing Loan Portfolio 4Q063Q074Q07 QoQ Change YoY Commercial Corporate Government Total Consumer 23%10% 47%19% 60%0%0% 32%10% 29%7%7% T063T074T

10 Performing Consumer Loan Portfolio CONSTANT BILLION PESOS 4T053T074T Q063Q074Q07 QoQ Change YoY Car Loans Credit Card Loans Payroll Loans Consumer 10%3% 41%9% 20%1%1% 29%7%7% Mortgage Loans 31%9%363328

11 NEW LOANS IN CONSTANT BILLION PESOS AUTO MORTGAGE PAYROLL & PERSONAL % 49% 11% 9% 11% 13% 11% 19% 11% 30% 11% 20% Consumer Loans

12 Credit Cards THOUSANDS OF NEW CARDS % 38% 11% 97% 11% 37%

13 Banking Sector Capitalization Ratio Tier 1 Tier 2 TOTAL Percentage Tier 1 PERCENTAGE 10.2% 3.6% 13.8% % 13.3%12.2% 2.8%5.1% 16.1%17.4% 83%70%

14 Credit Ratings = Notches over Investment Grade Baa1 BBB BBB- Rating Fitch Moody’s Standard & Poor’s Institution Positive Stable Outlook Date Sep-07 Dec-07

15 Asset Quality Past Due Loans Loan Loss Reserves RESERVE COVERAGE PAST DUE LOAN RATIO Total Loan Portfolio CONSTANT BILLION PESOS 4Q063Q074Q % 172% 132% 4Q063Q074Q07 1.5% 1.4% 4Q063Q074Q07 1.5%

16 Reserve Creation from Loan Book Mortgage Corporate / Commercial Government Credit Card , Other Consumer Total Loan Portfolio2,818 % of Total % of total CONSTANT MILLION PESOS

17 Loan Book Performance Mortgage Corporate / Commercial Government Credit Card 14% 60% 41% 31% Other Consumer 30% Total32% ROE 38% 19% 31% 16% 21% 3.6% 0% 6.5% 0.8% (0.2%) Loan Growth Net Credit Losses 23%0.9%

18 Subsidiaries

19 Long Term Savings NET INCOME IN MILLION PESOS AFORE INSURANCE ANNUITIES Total ROE: 16% ROE: 24% ROE: 20%

20 Other Finance Companies FACTORING WHAREHOUSING 1511 LEASING Total ROE: 23% ROE: 30% ROE: 13% NET INCOME IN MILLION PESOS

21 Brokerage and Microlending BROKERAGEMICROLENDING (20) (30) 2007 ROE: 33% NET INCOME IN MILLION PESOS

22 Banorte USA Million dollars INB Performing Loans Efficiency ROE Net Income (70%) Net Interest Margin % % 21.5% % 46.4% 4.6% 11% 25% 11% 26%

Challenges 2008 Infrastructure 80 new branches + 20 refurbishments. 600 new ATM’s substituions. 12,000 POS’s. SME’s Low bancarization levels. New secular growth story. Specialized products & sales force. Asset Quality Improve origination & follow up process. Efforts to reduce reserve requirements.

Challenges 2008 Banorte USA Microlending Alternate channels Greater revenue synergies. New products. Calibration of business model. Emphasis on profitability & asset quality. Seek new alliances. Middle & lower income segments. Government banking Increased loan demand. Emphasis on payrolls.

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