1. 1 2Q06 Results August, 2006

2. 2 1.2Q06 Results. 2.Stock Performance. 3.Perspectives of the Banking Sector. Contents

3. 3 Highlights MILLION PESOS 19%25% 1H061H05 3,242 28% 13% 17.72 1.93 7.8% 48%19% 2.29 7.6% 26% 2,813 26.25 28%36% 2,4222,813 16% 37%26% Performing Loan Growth Net Income ROE w/o one offs Stock Price P/BV Net Interest Margin Tax Rate Net Income w/o one offs ROE

4. 4 Evolution of Profits 612 2Q04 2,114 2Q05 1,368 1Q06 1,445 2Q06 Millions of pesos VAT 704 AHMSA 222 IPAB (106) 1,294 One Offs 820

5. 5 ROE and ROA ROE ROA 1H05 3%3%3% 1H06 26% 1H06 28% 1H05

6. 6 Net Interest Margin vs CETES CETES Margen 6.3 7.1 8.1 9.7 9.5 8.6 9.0 7.6 5.6 4.4 5.1 6.2 8.5 8.3 8.5 7.3 7.5 4.2 75% Percentages 1Q042Q043Q044Q041Q052Q053Q054Q051Q062Q06 7.7 7.1 109% Average CETES: 1H05: 9.34% 1H06:7.36%

7. 7 Non Interest Expense BILLION PESOS EFFICIENCY RATIO Non Interest Expense 1H05 5.5 1H06 6.1 57% 1H05 56% 1H06 10% Inertial 55% Business volume0.25 Solida employees0.19 Investment program0.12 0.56

8. 8 Core Deposits BILLION PESOS Demand Time Total Mix Demand Time Deposits2Q042Q062Q05 80 44 124 64% 36% 100% 68 38 106 64% 36% 100% 64 37 101 64% 36% 100% 17%5% 18% 16% 6% 3%

9. 9 BILLION PESOS Performing Loan Portfolio Commercial Corporate Government Total Consumer 2Q051Q062Q06 Variation 2Q051Q062Q06 99 116 123 23%12% 34%1% (3%)(11%) 25%6%6% 34%9%9% 45 21 13 123 44 40 21 14 116 41 36 16 13 99 33 QoQYoY

10. 10 Performing Consumer Loan Portfolio Consumer Car loans Credit Card Payroll loans Mortgage BILLION PESOS 2Q051Q062Q06 2Q051Q062Q06 33 41 44 2%3%3% 52%14% 70%12% 34%9%9% 9%9% 6 8 4 44 26 6 7 4 41 24 6 5 3 33 20 Variation QoQ YoY

11. 11 MORTGAGE LOAN ORIGINATION Billion Pesos CAR PAYROLL AND PERSONAL Consumer Loans 3.0 5.3 1H051H06 2.4 2.6 1H051H06 1.8 2.8 1H051H06 79% 7% 54%

12. 12 Asset Quality Past Due Loans Loan Loss Reserves RESERVE COVERAGE PAST DUE LOAN RATIO Total Loan Portfolio BILLION PESOS 2Q051Q062Q06 1.8 2.9 102 1.9 3.2 119 2.0 3.4 126 174% 161% 171% 2Q051Q062Q06 1.6% 1.8% 1.6% 2Q051Q062Q06

13. 13 Capitalization Ratio Tier 1 Tier 2 TOTAL Percentage Tier 1 2Q042Q052Q06 14.0% 3.3% 17.3% 81% 10.7% 3.8% 14.5% 74% 12.6% 2.5% 15.2% 83%

14. 14 Net Income Million Pesos Recovery Bank 1H04 287 1H05 348 1H06 391 46 39 30 19 25 32 2Q032Q04 2Q05 Banorte IPAB 65 63 62 4 55 2Q06 59 ASSETS UNDER MANAGEMENT

15. 15 Face Value (Billions of Pesos) 6.40 2.74 9.17 Total Price Paid (cents) 11.7 25.5 15.9 Type of Asset Portfolio Real Estate Total Investment: Ps$ 1.46 billion Assets Purchased in 1H06

16. 16 Million Pesos AforeInsuranceAnnuities Total Net Income of Long Term Savings 79 43 1H051H06 135 87 1H051H06 36% 25 247 1H051H06 871% 45% 239 377 1H051H06 57%

17. 17 BROKERAGEFACTORING 81 106 1H051H06 41 48 1H051H06 31% 18% LEASINGWHAREHOUSING 42 59 1H051H06 8 6 1H051H06 41% 27% BONDING 9 12 1H051H06 36% Net Income of Other Companies Million Pesos

18. 18 New Products

19. 19 Ya Bájale 78,222 1H05 1H06 CLIENTS Number BALANCE Billions of pesos 18,778 317% 1,532 1H05 1H06 440 248%

20. 20 Banorte Fácil 546,857 1H05 1H06 1,538 1H05 1H06 214,437 155% 666 131% CLIENTS Number BALANCE Billions of pesos

21. 21 Enlace Express Daily transactions in branches: 14,400 Amount paid daily: US $6 million Amount per transaction: US $417 43,461 1H05 1H06 176 1H05 1H06 21,591 101% 67 163% CLIENTS Number BALANCE Millions of pesos

22. 22 100,839 1H05 1H06 CLIENTS Number BALANCE Billions of Pesos 3.08 1H05 1H06 23,940 321% 1.37 124% New Initiatives

23. 23 Créditos ProNegocio 27,320 1H05 1H06 479 1H05 1H06 5,968 358% 150 219% CLIENTS Number BALANCE Millions of pesos

24. 24 Developments in Banorte USA

25. 25 Current joint services. Account transfers between Banorte and INB with no costs. Free cash withdrawals and inquiries in ATM’s of both banks. Check deposits in both banks without commission with availability of funds in 24 hours. Banorte USA Developments Authorization process for INB and Uniteller. 4Q06 Process according to plans.

26. 26 2. Stock Performance

27. 27 Stock Performance in 1H06 1H062004-2005 IPC 8%8% Banorte 18% IPC 102% Banorte 128%

28. 28 80 85 90 95 100 105 110 115 120 125 130 Dec-05 Jan-06 Feb-06Mar-06 Apr-06 May-06 Jun-06 Jul-06 Stock Performance YTD IPC: 110 GFNorte: 130 Jan-Jul 2006 GFInbur: 97

29. 29 Stock’s Daily Turnover Millions of dollars 1H031H04 2.0 5.4 1H05 7.2 1H06 14.9 CAGR: 95%

30. 30 Market’s Most Active Stocks Average daily volume in millions of dollars 1H06 Stock Volume 1)America Móvil55.5 2)Cemex33.6 3)Wal-Mart30.9 4)Grupo México27.6 5)Telmex26.7 6)Televisa16.116.1 7)Banorte14.914.9 8)Geo9.4 9)ICA8.1 10)Femsa7.37.3

31. 31 Market Capitalization 1,792 1,420 2Q032Q04 3,365 2Q05 CAGR: 49% 4,660 2Q06 Billions of dollars

32. 32 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 10152025 30 Comparison with Emerging Markets Market cap in billions of dollars July 2006 ROE P/BV Unibanco 9.2 Santander Chile 7.4 Banco de Chile 4.3 Itaú 31.6 Bradesco 30.4 Polonia 11.1 Inbursa 4.7 2003: 1.8 Premium Discount Turquía 6.7 2006: 5.5

33. 33 3. Perspectives of the Banking Sector

34. 34 Evolution of Bank Loans % 1Q04 al 1Q06 33% 115% 61% 57% Commercial Consumer Mortgages Total

35. 35 Comparison with Latin America 34%34% 32% 11%11% 23% 69% ChileBrasilPromedioArgentinaMéxico TOTAL LOANS TO THE PRIVATE SECTOR % OF GDP Banks Other 11%11% 12%12%

36. 36 Challenges for 2H06 Strengthen the capital base. Execution of branch development program. Aqcuisitions in Banorte USA. Fuel growth with control of operating expenses.

37. 37