1. 1 June, 2008 GFNORTE: 1Q08 Results

2. 2 1.Recent Performance. 2.Asset Quality & Capitalization. 3.Final Considerations. Contents

3. 3 Banorte at a Glance Branches ATM’s Loans (US bn) 14% $18.6 Core Deposits (US bn) $15.5 Market Share 1,062 3,812 Total 12% 13% Commercial 38% 9% 19% 15% 19% Mortgage Government Corporate Consumer Deposits 52% 16% 32% Time Demand Money Market Loans

4. 4 Recent Results Recap Performing Loan Growth Net Income Stock Price P/BV Net Interest Margin ROA ROE Book Value Past Due Loan Ratio MILLION PESOS 24%29% 1Q081Q07 1,663 11% 52.30 3.73 7.1% 12% 2.75 7.9% 1,928 46.14 2.7%2.6% 24.0%23.2% 14.0316.79 1.4%1.6% 20%16%

5. 5 Quarterly Net Income MILLION PESOS 1,685 4Q07 1,928 1Q08 1,663 1Q07 Non-recurring Recurring 237 1,691 286 1,377

6. 6 Change YoY 1Q07 1Q08 Income Statement MILLION PESOS Net Interest Income Service Fees Recovery Non Interest Income Total Income Non Interest Expense Net Operating Income Non Operating Income, Net Income Tax Net Income Provisions Subs & Minority Interest FX & Trading 11% 64% (65%) (7%) 21% 10% 36% 103% 16% 284% (170%) 1,573 190 198 1,961 7,140 (3,799) 3,341 702 (1,075) 1,928 (1,005) (34) 1,418 116 569 2,104 5,925 (3,469) 2,456 345 (926) 1,663 (261) 49 36%5,1793,821

7. 7 Non Interest Expense BILLION PESOS EFFICIENCY RATIO Non Interest Expense 1Q07 3.5 1Q08 3.8 10% 60% 1Q06 58% 1Q07 53% 1Q08

8. 8 Net Interest Margin vs CETES PERCENTAGE CETES NIM 1Q062Q063Q064Q061Q072Q073Q07 99% 107% 4Q07 7.6 7.1 7.5 7.0 7.1 7.2 7.4 7.9 8.0 7.7 7.5 7.7 8.2 1Q08 7.4 7.9

9. 9 Core Deposits BILLION PESOS Mix Demand Time Demand Time Total Deposits1Q06 1Q081Q07 100% 81 45 126 64% 36% 21%18%27% 95 57 152 63% 37% 9% 11% 103 63 166 62% 38%

10. 10 BILLION PESOS Performing Loan Portfolio 1Q074Q071Q08 QoQ Change YoY Commercial Corporate Government Total Consumer 1Q074Q071Q08 2%23% 5%48% (2%)15% 3%3%29% 5%29% 76 39 18 199 67 75 37 18 193 63 62 26 15 155 52 155 193 199

11. 11 Performing Consumer Loan Portfolio BILLION PESOS QoQ Change YoY Car Credit Card Payroll Consumer Mortgage 1Q074Q071Q08 1Q074Q071Q08 52 63 67 3%11% 8%39% 2%20% 5%29% 5%32% 7 15 6 67 38 7 14 6 63 36 7 11 5 52 29

12. 12 Infrastructure 1Q08 Branches ATM’s POS’s 1,062 3,812 29,596 Employees17,428 998 3,245 22,592 16,343 1Q07 6% 18% 31% 7%

13. 13 New Loan Activity

14. 14 NEW LOANS IN BILLION PESOS Consumer Loans CAR 1.27 1.60 1.59 PAYROLL & PERSONAL 1.36 1.41 1.61 1Q061Q07 1Q08 1Q061Q071Q081Q071Q081Q06 2.40 2.90 2.46 MORTGAGE

15. 15 Mortgage ORIGINATION BY CHANNEL IN MILLION PESOS Amount Total2,902 Apoyo Infonavit / Cofinavit875 Traditional1,354 % of Total 1Q08 100% 30% 47% Equity273 9% Pemex400 14% 1Q071Q08 2,402 620 1,308 295 179 Change % 21% 41% 3% (8%) 124%

16. 16 Credit Card THOUSANDS OF NEW CARDS 1Q07 1Q08 1Q06 147 185 77

17. 17 Subsidiaries

18. 18 Recovery Bank Total 1Q07 131 1Q08 167 NET INCOME IN MILLION PESOS AUM IN BILLION PESOS 1Q08 1Q07 7 49 8 51Acquired Loans Assets % 14% 4% 1.32.6Projects 100%

19. 19 Long Term Savings NET INCOME IN MILLION PESOS AFOREINSURANCEANNUITIES Total 1Q07 132 1Q08 79 26 1Q07 46 1Q07 59 1Q07 1Q08 33 1Q08 8 39 ROE: 27% ROE: 5% ROE: 16%

20. 20 Other Finance Companies FACTORING & LEASING WAREHOUSING Total NET INCOME IN MILLION PESOS 60 66 ROE: 26% 1Q071Q08 4 5 ROE: 18% 1Q071Q08 1Q07 74 1Q08 71

21. 21 Brokerage and Microlending BROKERAGEMICROLENDING NET INCOME IN MILLION PESOS 63 1Q071Q08 71 (1) 1Q07 1Q08 (9) ROE: 27%

22. 22 Banorte USA MILLION DOLLARS 1Q08 1Q07 INB Performing Loans Efficiency ROE Net Income (70%) Net Interest Margin 1,025 4.2% 4.6 40.3% 22.1% 891 3.9 22.9% 42.8% 4.2% 11% 15% 11% 18%

23. 23 2. Asset Quality & Capitalization

24. 24 Asset Quality RESERVE COVERAGE PAST DUE LOAN RATIO 127% 149% 131% 1Q074Q071Q08 1.6% 1.4% 1.5% 1Q074Q071Q08

25. 25 Asset Quality of Consumer Loans CREDIT CARDS 5.9% 4.3% 5.6% 1Q074Q071Q08 MORTGAGES 2.3% 1Q074Q071Q08 AUTO 1.9% 2.0% 1Q074Q071Q08 PAYROLLS 1.9% 1.6% 2.0% 1Q074Q071Q08 PAST DUE LOAN RATIO

26. 26 Capitalization Ratio Tier 1 Tier 2 TOTAL Percentage Tier 1 PERCENTAGE 10.3% 4.3% 14.6% 1Q08 70% 1Q06 13.0% 2.6% 15.6% 83% 1Q07 11.0% 4.9% 15.9% 69%

27. 27 Subordinated Debt Issuance Rationale: Strengthen Banorte’s growth capacity. No dilution to existing shareholders. Reduction in the bank’s cost of capital. Tap the liquid peso market.

28. 28 Local Subordinated Debt Issuance TypeAmountTermRateCallable Tier 1$3,00010 yearsTIIE + 0.60 bpYear 5+ Tier 2$1,96220 years Total$4,962 MILLION PESOS UDIS 4.95%Year 15+ TIIE + 0.79 bp Aaa.mx Rating Placed with non-Afore institutional investors and retail clients.

29. 29 Subordinated Debt Issuance Improving Banorte’s cost of capital: October 2006 9.1% 10 3,275 Average Term (years) Cost Amount (million pesos) 13 9.3% February 2004 6,554 March 2008 15 8.7% 4,962 Spread over TIIE 326 bp 221 bp 79 bp

30. 30 3. Final Considerations

31. 31 The SME Opportunity

32. 32 SME Focus Sector with high economic impact. Generates 60% of GDP and 12 million jobs. Includes 98% of the country’s companies. Low financial penetration. 6 out of 10 do not use bank lending. Main concern is high interest rates. Financing is through suppliers. Profitable product. High ROE’s. Low delinquencies. Guarantees: Assets + Government Programs (SE & Nafinsa).

33. 33 SME Focus New business model Comprehensive product offering. to amount of parametric loans originated at the branch level. 900 thousand to 4 million UDIS. Continuos innovation Specialized sales force at branch level. New product development: SME package (Paquete PYMES). New Asset Backed Loans (Crediactivo). Favorable regulation Initiatives and product / service transformation.

34. 34 Banorte - Comerci Alliance Update

35. 35 Banorte – Comerci Alliance SOFOM: Authorization process. Staffing and IT development. Risk models. Product development and testing. Operations will begin in 2H08.

36. 36 Challenges & Opportunities

37. 37 Challenges Adequate reading of uncertain environment: Reduced liquidity in international markets. Slower economic growth and rising inflation. Asset quality & profitability. Initiatives: Continue domestic footprint expansion. Alliance with Comercial Mexicana.

38. 38 Continued expansion of margins and fees. Capitalize on vigorous loan growth. Improve productive asset mix. Focus on volumes to offset lower commissions. Improve efficiency. Costs under control in spite of investment program. Accelerating revenue base. Increase in core earnings as a % of total profits. Continue delivering robust net income growth. Opportunities

39. 39