1. 1 GFNORTE August, 2008.

2. 2 1.Financial Performance. 2.Asset Quality. 3.Balance Sheet Management. 4.Final Considerations.

3. 3 Banorte at a Glance Branches ATM’s Loans (US$bn) 14% 20.4 Deposits (US$bn) 21.5 Market Share 1,073 3,985 Total 15% 12% DepositsLoans Non interest bearing Money Market Time 48% 29% 23% Commercial 36% 19% 14% 20% 11% Government Corporate Consumer Mortgage

4. 4 Yearly Recap Net Income Stock Price P/BV Net Interest Margin ROA ROE Book Value Past Due Loan Ratio MILLION PESOS 2Q082Q07 1,722 5% 1,806 23.6%20.5% 2.7%2.3% Efficiency Ratio 57.0%54.1% 7.5% 1.5% Reserve Coverage 141%131% 49.58 3.322.68 48.47 14.9218.12 25% (2%) (22%)

5. 5 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 1Q08 QoQ 1%1% 9% (38%) (19%) 1%1% 1%1% 3%3% (1%) (22%) (30%) (6%) 25% 68% 5,179 1,573 190 198 1,961 7,140 (3,799) 3,341 702 (1,075) 1,928 (1,005) (34) YoY 2Q072Q08 4,247 1,424 180 339 1,943 6,190 (3,516) 2,674 612 (867) 1,722 (754) 57 1,712 117 160 1,989 7,221 (3,903) 3,318 551 (751) 1,806 (1,255) (57) 5,23223% 20% (35%) (53%) 2%2% 17% 11% 24% (10%) (13%) 5%5% 66% (200%) Recurring Net Income3%1,6911,7221,7461%1%

6. 6 Quarterly Net Income MILLION PESOS Non-recurring Recurring 1,722 2Q072Q08 1,806 1,746 60 1Q08 1,691 1,928 237

7. 7 Core Earnings MILLION PESOS 1,578 2Q072Q08 1,904 1Q08 2,137

8. 8 Profitability 23.6% 2Q07 23.2% 1Q08 20.5% 2Q08 2.7% 2Q07 2.6% 1Q08 2.3% 2Q08 ROEROA

9. 9 Cost to Income Ratio BILLION PESOS EFFICIENCY RATIO Non Interest Expense 2Q07 3.5 1Q08 3.8 57% 2Q06 57% 2Q07 54% 2Q08 3.9 QoQYoY 3%11%

10. 10 Net Interest Margin vs CETES PERCENTAGE Cetes NIM 99% 100% 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 7.4 7.9 7.5 1Q062Q063Q064Q061Q072Q073Q074Q071Q082Q08

11. 11 Core Deposits BILLION PESOS Mix Demand Time Demand Time Total Deposits 2Q072Q081Q08 107 64 171 62% 38% 100% 101 60 161 62% 38% 100% 63% 37% 100% 103 63 166 YoYQoQ 6% 7% 6% 3% 2% 3%

12. 12 BILLION PESOS Performing Loan Portfolio 2Q071Q082Q08 QoQ Change YoY Commercial Corporate Government Total Consumer 22%4% 38%10% 41%39% 29%9%9% 27%6%6% 79 43 24 217 71 76 39 18 199 67 64 31 17 168 56 2Q071Q082Q08 168 199 217

13. 13 Consumer Loan Portfolio BILLION PESOS Car Loans Credit Card Loans Payroll Loans Consumer Mortgage Loans 2Q071Q082Q08 2Q071Q082Q08 56 67 71 9%2%2% 36%8% 16%7%7% 27%6%6% 29%6%6% 8 16 7 71 40 7 15 6 67 38 7 12 6 56 31 QoQ Change YoY

14. Subsidiaries

15. 15 Recovery Bank Total 2Q071Q08 NET INCOME IN MILLION PESOS AUM IN BILLION PESOS 2Q08 2Q07 % 167191 44.9 10.4 38.7 19.2Banorte’s Assets Acquired Assets (14%) 85% 1.32.6Investment Projects 100% 58.262.0Total 7% 1.61.4IPAB Portfolio (13%) 2Q08 151 QoQ (10%) YoY (21%)

16. 16 Long Term Savings NET INCOME IN MILLION PESOS AFOREINSURANCEANNUITIES 7 2Q07 6 2Q08 Total 2Q07 125 1Q08 79 2Q08 63 33 1Q08 88 2Q07 0 2Q08 8 1Q08 30 2Q07 58 2Q08 39 1Q08 QoQ (20%) YoY (50%)

17. 17 Other Finance Companies NET INCOME IN MILLION PESOS Total 2Q07 76 1Q08 71 LEASING AND FACTORING WAREHOUSING 2Q08 85 QoQ 19% YoY 11% 73 2Q07 78 2Q08 66 1Q08 3 2Q07 7 2Q08 5 1Q08

18. 18 Brokerage and Microlending NET INCOME IN MILLION PESOS BROKER DEALERMICROLENDING 63 2Q07 143 2Q08 71 1Q08 (8) 2Q07 (7) 2Q08 (9) 1Q08

19. 19 Banorte USA MILLION DOLLARS 2Q08 2Q07 INB Performing Loans Efficiency ROE Net Income (100%) Net Interest Margin 1,035 931 4.5% 4.2% 6.6 5.9 23.7% 20.3% 41.3%42.1% 1Q08 1,025 4.2% 6.8 22.1% 40.3% QoQ YoY 1% --- (13%) (1.8 pp) 1.8 pp 11% (0.3 pp) (11%) (3.4 pp) 0.8 pp

20. 3. Asset Quality

21. 21 Asset Quality Past Due Loans Loan Loss Reserves RESERVE COVERAGE PAST DUE LOAN RATIO Total Loan Portfolio BILLION PESOS 2Q071Q082Q08 2.6 3.6 173 3.2 4.2 220 3.2 4.0 203 131% 141% 127% 2Q071Q082Q08 1.5% 1.6% 2Q071Q082Q08

22. 22 Consumer Loans CREDIT CARD 6.7% 3.6% 5.9% 2Q071Q082Q08 MORTGAGE 1.5% 2.6% 2.3% 2Q071Q082Q08 PDL RATIO PAYROLL 2.0% 1.8% 1.7% 2Q071Q082Q08

23. 23 Industry Trends TOTAL LOANS 1.5% BanorteBanks 2.8% 1.5% Banorte 3.0% Jun ‘07 Jun ‘08 Banks Source: Banxico

24. 24 3.6% Banorte Banks 6.1% 6.7% Banorte 8.0% Industry Trends CREDIT CARDS Jun ‘07 Jun ‘08 Banks 2.6% BanorteBanks 2.4% 1.5% Banorte 2.8% MORTGAGES Banks Source: Banxico

25. 4. Balance Sheet Management

26. 26 Loans to Deposits 97% 4Q07 98% 3Q07 103% 1Q08 100% 2Q08 95% 2Q07 90% 1Q07 85% 4Q06

27. 27 Wholesale Funding Time Deposits Money Market Interbank Loans 63% 24% 14% 62% 25% 13% 59% 21% 20% 61% 23% 16% 60% 27% 13% 52% 25% 23% 48% 38% 14%

28. 28 Capitalization Tier 1 Tier 2 TOTAL 4Q071Q08 Percentage Tier 1 10.2% 3.6% 13.8% 74% 10.3% 4.3% 14.6% 70% 2Q08 10.7% 5.0% 15.7% 68%

29. 29 Reduction in Banorte’s cost of capital: Subordinated Debt Issuance October 2006 9.1% 10 3,275 Average term (years) Cost Pesos (millons) 13 9.3% February 2004 6,554 March 2008 15 8.7% 4,962 Spread over TIIE 326 bp 221 bp 79 bp June 2008 10 9.0% 2,750 77 bp

30. 5. Final Considerations

31. 31 GFNorte vs. US Financials GFNORTE S&P 500 Stock Financial Index

32. 32 Valuation vs. Peers P/BV 08e Itaú 3.0 1) Bradesco 3) 2.8 3)3) 6) Santander Chile 2.9 2)2) 2.3Bancolombia 5)5) 2.2Unibanco P/E 08e 12.6 12.7 12.8 10.2 9.8 4)GFNorte2.311.3 2.2 Banco do Brasil9.1 7) Average 2.511.2 July 2008 (times)

33. 33 Challenges Uncertain scenario. US Financial Crisis. Restrictive monetary policy. Economic slowdown and inflationary pressures. Competitive pressures new market players. Regulatory changes provisions. regulatory deposits.

34. 34 Challenges Proactive balance sheet management. Funding costs. Capitalization. Focus on financial and fee income. Higher emphasis on risk analysis. Asset quality. New origination models. Increased risk-based pricing differentiation. Early collection.

35. 35