1 January, 2003 GFNORTE 4Q02 Results

2 GFNorte Results HIGHLIGHTS GFNORTE GFNorte’s Net Income (PS million) GFNorte’s Net Income (PS million) (Excluding Generali) ROE ROE (Excluding Generali) EPS (Ps/per share) Book Value BANKING SECTOR Banking Sector’s Net Income (PS million) Banking Sector’s Net Income (PS million) (Excluding Generali) Capitalization Ratio Loan Portfolio annual growth (Exc.FOBA/IPAB) Total Deposits annual growth Past due loan ratio Reserve Coverage 1, % , % 33.5% 12.4% 5.5% 100.0% 2, , % 15.6% , , % 77.3% 65.9% 3.1% 118.0%

3 GFNorte generated profits for PS 2,016 million in the year ACCUMULATED NET INCOME DECEMBER 2002 MILLIONS OF PESOS BANKINGPS 1,70084% ($12)HOLDING0% $80BROKERAGE4% $165LONG TERM SAVINGS8% $82AUXILIARY ORGANIZATIONS4% PS 2,016GFNORTE100%

4 Traditional loan portfolio showed an important growth specially in Mortgage and Consumer loans DATA AS OF DECEMBER ‘02. LOAN PORTFOLIO (Millions of Pesos) Commercial Mortgage and Consumer Mortgage Credit Card Auto Other Corporate Recovery Banking 4Q01 4Q02 % GROWTH QTR YR 3Q02 13,072 5,148 2, ,364 15,629 10,430 1,664 2, % 286.1% 91.6% 118.0% 215 9,152 6, ,025 5, % 53.2% (16.9)% 16,623 14,545 9,924 1,546 2, ,583 5, % 7.5% 5.1% 7.7% 13.7% 21.7% 21.1% (6.6)% 19, %

5 Bancrecer Integration LEGAL & FINANCIAL Ê Implement a strict and ambitious cost reduction program. Ë Legal and accounting merger. Ì Reach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL Ê Reorganize the branch network. Ë Enhance the sales volume of the acquired network. Ì Integrate both banks commercially. Í Exterior rebranding. Ê Standardize a single structure. Ë Maintain an intensive personnel training and continuous information program. Ê Provide technological support for Commercial Integration. Ë Use a single operating platform for both banks. COMMITMENTS

6 Bancrecer Integration LEGAL AND FINANCIAL Ê IMPLEMENT A STRICT AND AMBITIOUS COST REDUCTION PROGRAM ACHIEVEMENTSCOMMITMENT Reductions of Ps 406 million this year, and Ps 807 in ,055-employee downsize 111 Consolidation of cash concentration and distribution centers 72 Rents 37 Consolidation of credit and debit card, ATM and sales point terminal operations 30 Telecommunication network integration, with unified computer centers and equipment and homologous contracts with technology and maintenance service suppliers 23Office supplies, photocopy, internal communication and correspondence Ps 867 million total annual savings Reach the goal by March 31, Accomplished as planned 4Report conslidated figures since the first quarter Take advantage of Bancrecer’s fiscal loss of approximately Ps 4,600 million in a shorter term. Ë LEGAL AND ACCOUNTING MERGER Ì REACH A PROFITABLE SETTLEMENT WITH GENERALI 4USD 45 million cash premium in the second quarter of the year.

7 Bancrecer Integration COMMERCIAL Ê REORGANIZE THE BRANCH NETWORK Ë ENHANCE THE SALES VOLUME OF THE ACQUIRED NETWORK Ì INTEGRATE BOTH BANKS COMMERCIALLY 4So far, 110 Bancrecer and 11 Banorte branches have been closed down due to market considerations. 4Introducing Imanorte attracted an inflow of Ps 2,149 million. 45,580 car “Autoestrene” loans for Ps 556 million; 569 mortgage loans for Ps 272 million; and 16,187 “CrediNómina” [payroll loans] for Ps 206 million. 417,753 car insurance policies [“Fórmula Auto”] have been placed since January 21, 6,358 policies of our recently incorporated life insurance [“Fórmula Vida”] were sold since October. Show Banorte to the client as an integrated bank by the second quarter of At present, we offer the same products and services throughout the entire integrated network. Í EXTERIOR REBRANDING Scheduled to begin in the 2Q02. 4All former Bancrecer branches throughout the country now display Banorte’s brand. ACHIEVEMENTSCOMMITMENT Close branches: 96 Bancrecer, 9 Banorte.

8 Bancrecer Integration ORGANIZATIONAL Ê STANDARDIZE A SINGLE STRUCTURE Ë MAINTAIN AN INTENSIVE PERSONNEL TRAINING AND CONTINUAL INFORMATION PROGRAM To integrate the organizational structures of both banks in the shortest time possible. 4A single organizational structure for both banks was formed during the first quarter of the year. 4The Bancrecer Labor Union was dissolved, and those employees were transferred to Banorte’s payroll and fringe benefit system. 4A new salary tabulator was developed, with salaries 10% lower than those Banorte used to have. 4A new organizational diagram was created for the branches of both networks. 4Personnel have intensively participated in training programs covering Banorte’s sales philosophy, product features and operating procedures. ACHIEVEMENTSCOMMITMENT

9 Bancrecer Integration TECHNOLOGICAL AND OPERATIONAL Ê PROVIDE TECHNOLOGICAL SUPPORT FOR COMMERCIAL INTEGRATION Ë USE A SINGLE OPERATING PLATFORM FOR BOTH BANKS A year ago, we promised to finish by 2Q02. 4Commercial integration was accomplished by November 30. Currently, all branches have the same product supply. We set a 12 month deadline as of April this year. 4We decided to include additional elements in this project.  April 2003, start trial tests to standardize operations in all the delivery channels and prepare to transfer all Banorte clients to the Altamira Platform.  Around June, start setting up this new operating platform throughout the entire network.  By September 2003, over 80% of the deposit, loan and service volume should be handled in this new mode.  The remaining 20% should be incorporated by October-November. 4The project will stay within the initial budget. ACHIEVEMENTSCOMMITMENT

10 Bancrecer Integration TOTAL COST OF THE INTEGRATION vOverall Budget for Integration Costs: Ps 1,076 million. vExpenditure to date: 68%, equivalent to Ps 727 million. Severance and CompensationsPs 342 Technological Integration179 Medical Service Fund for Retirees51 Operative Integration and Branches Closes45 Ps 727 DECEMBER Image Change110

11 Bancrecer Integration vChallenges that we will have to face for 2003: u Finish successfully the Technological and Operative Transformation stage. u Substantially increase the volume of operations in the Bancrecer’s network.

12 Banking Sector Efficiency Ratio Grupo Financiero Banorte has supported its growth through the acquisition of other financial institutions, and has improved their performance to reach Banorte’s standards and has made them profitable Efficiency Ratio * 55%66%93%78% DEC’ % %87% (*) With Trading

13 Comparatives to the Industry ASSETS 25.3% 10.8% BANACCI BANORTE 9.6% BITALSANTANDER SOURCE: CNBV AT 3Q02. BVA- BANCOMER 15.0% 2° 19.9% 4° 4.6% SCOTIABANK

14 Comparatives to the Industry DEPOSITS SOURCE: CNBV AT 3Q % 12.1% BANACCI BANORTE 10.8% BITALSANTANDER BVA- BANCOMER 15.1% 2° 19.3% 4° 5.0% SCOTIABANK

15 Comparatives to the Industry LOAN PORTFOLIO (Including FOBAPROA/IPAB) SOURCE: CNBV AT 3Q % 14.9% BANACCI BANORTE 7.0% BITALSANTANDER BVA- BANCOMER 14.6% 2° 19.2% 3° 5.3% SCOTIABANK

16 Comparatives to the Industry NUMBER OF BRANCHES SOURCE: CNBV AT 3Q % 15.2% BANACCI BANORTE 19.6% BITALSANTANDER BVA- BANCOMER 13.1% 2° 20.3% 4° 5.3% SCOTIABANK

17 Comparatives to the Industry ROE DECEMBER 2002 GFNorte´s ROE ranks among the highest in Mexico SOURCE: PRESS RELEASE EACH BANK AT 4Q02. * FIGURES AS OF 3Q02 6.1% * 19.2% 34.6% SANTANDER - SERFIN BANACCI GFNORTE 4.2% * BITAL 20.0% * SCOTIABANK INVERLAT* BBVA-BMR 14.8% 3°

18 The capitalization ratio increased to 14.8% with rules of % * 9.9% * 13.1% SCOTIABANK INVERLAT BBVA - BANCOMER BITAL BANORTE SANTANDER SERFÍN RULES OF: 20.5% CAPITALIZATION RATIO 14.8% 2° SOURCE: PRESS RELEASE EACH BANK AT 3Q02. * FIGURES AS OF 3Q % * BANAMEX* 2003

19 Recent Events GFNorte and Banco Popular Español GFNorte and Banco Popular Español signed an agreement on November 27, 2002, to the effect that Banorte could serve the Spanish Bank’s clients in Mexico and they, in turn, would do the same for Banorte’s clients in Spain, as well as in France and Portugal were they also have branches. Banorte placed Non-Convertible Subordinate Notes On November 28, 2002, Banorte placed Non-Convertible Subordinate Notes, at a 10- year term for an amount equal to Ps 1,136 million. The funds from this placement serve for funding long-term operations and also helped improving Banorte’s capitalization ratio.

20 January, 2003 GFNORTE 4Q02 Results