1. 1 3Q02 RESULTS

2. 2 Highlights 9M02 9M01 3Q02 GFNORTE RESULTS 1,299.4 19.4% 2.61 18.76 1,116.5 15.4% (4.3%) 15.5% 5.6% 100.0% 1,562.8 1,174.8 20.4% 15.4% 3.13 21.06 1,342.5 954.5 12.8% 59.7% 58.0% 3.3% 118.6% 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

3. 3 GFNorte generated profits for PS 1,563 million in the first nine months of the year ACCUMULATED NET INCOME SEPTEMBER 2002 MILLIONS OF PESOS BANKINGPS 1,34386% ($10)HOLDING0% $60BROKERAGE4% $117LONG TERM SAVINGS7% $53AUXILIARY ORGANIZATIONS3% PS 1,563GFNORTE100%

4. 4 DATA AS OF SEPTEMBER ‘02. 3Q01 3Q02 % GROWTH QTR YR LOAN PORTFOLIO (Millions of Pesos) Traditional loan portfolio showed an important growth specially in Mortgage and Consumer loans 2Q02 11,223 Commercial Mortgage and Consumer Mortgage 3,945 2,206 Credit Card 591 Auto 943 14,279 9,742 1,518 2,567 261.9% 341.5% 156.8% 172.2% Other 205 Corporate 7,203 Recovery Banking 6,581 453 11,370 5,580 120.8% 57.9% (15.2)% 14,398 13,186 9,323 1,219 2,268 376 9,787 5,758 13.3% 8.3% 4.5% 24.5% 13.2% 20.5% 16.2% (3.1)% 16,31945.4%

5. 5 Bancrecer’s Integration vA year after winning the bid for Bancrecer, it’s interesting to see: u The progress we’ve made. u The challenges we still face. u The adjustments made along the way to reduce client perception risk and include additional operating improvements that will enhance efficiency in the mid term.

6. 6 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL ACHIEVEMENTSCOMMITMENT 4Reductions of Ps 406 million this year, and Ps 807 in 2003. 4Ps 594 million from 2,055-employee downsize. 4Ps 111 million from consolidating the cash concentration and distribution centers. 4Ps 72 million in rents. 4Ps 37 million by consolidating credit and debit card, ATM and sales point terminal operations. 4Ps 30 million from the telecommunication network integration, with unified computer centers and equipment and equalizing contracts with technology and maintenance service suppliers. 4Ps 23 million in office supplies, photocopies, internal communication and correspondence. 4Add up to a total annual saving of Ps 867 million.

7. 7 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL ACHIEVEMENTSCOMMITMENTS 4Reach the goal by March 31. 4Accomplished as planned. 4Report conslidated figure since the first quarter 2002. 4Take advantage of Bancrecer’s fiscal loss of approximately Ps 4,600 million in a shorter term.

8. 8 LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL ACHIEVEMENTS 4USD 45 million cash premium in the second quarter of the year. Bancrecer’s Integration

9. 9 LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding. ACHIEVEMENTSCOMMITMENTS 4Close branches: 96 Bancrecer 9 Banorte. 4So far, 109 Bancreser and 10 Banorte branches have been closed down.

10. 10 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding ACHIEVEMENTS 4Introducing Imanorte attracted an inflow of Ps 1,651 million. 42,160 car “Autoestrene” loans for Ps 209 million; 192 mortgage loans for Ps 96 million; and 8,043 “Credinóminas” [payroll loans] for Ps 101 million. 4Around 14,000 car insurance policies [“Fórmula Auto”] have been placed, whereas 337 policies of our recently incorporated life insurance [“Fórmula Vida”] were sold in the first two weeks of October alone.

11. 11 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding ACHIEVEMENTSCOMMITMENTS 4Show Banorte to the client as an integrated bank by the second quarter of 2002. 4At present, we offer the same products and services throughout the entire integrated network.

12. 12 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding ACHIEVEMENTSCOMMITMENTS 4Scheduled to begin in the second quarter of the year. 4We started in September in the northwest and southeast regions where Banorte’s presence is less significant. The rest of the country will be covered as of November and should be finished before the year is out.

13. 13 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding vStandardize a single structure. vMaintain an intensive personnel training and continual information program. ACHIEVEMENTSCOMMITMENTS 4To integrate the organizational structures of both banks in the shortest possible time. 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.

14. 14 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding vStandardize a single structure. vMaintain an intensive personnel training and continual information program. ACHIEVEMENTS 4The personnel have participated in training programs covering Banorte’s sales philosophy, and product features and how to operate them.

15. 15 Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding vStandardize a single structure. vMaintain an intensive personnel training and continual information program. vProvide technological support for Commercial Integration. vUse a single operating platform for both banks. ACHIEVEMENTS COMMITMENTS 4A year ago, we promised to finish by the second quarter of 2002. 4It will be fully completed at the end of this year.

16. 16 vProvide technological support for Commercial Integration. vUse a single operating platform for both banks. Bancrecer’s Integration LEGAL & FINANCIAL vImplement a strict and ambitious cost reduction program. vMerge legal and accountancy. vReach a profitable settlement with Generali. COMMERCIALORGANIZATIONAL TECHNOLOGICAL & OPERATIONAL vReorganize the branch network. vEnhance the sales volume of the acquired network. vIntegrate both banks commercially. vExterior rebranding vStandardize a single structure. vMaintain an intensive personnel training and continual information program. ACHIEVEMENTSCOMMITMENTS 4We set a 12 month deadline as of April this year. 4We have decided to include additional elements in this project.  April 2003, start trial tests to standardize operations in all the service channels and prepare to transfer all the 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.

17. 17 Bancrecer’s Integration TOTAL COST OF THE INTEGRATION vOverall Budget of Integration Costs: Ps 1,076 million. vExpenditure to date: 44%, equivalent to Ps 473 million. Severance and CompensationsPs 284 Technological Integration87 Medical Service Fund for Retirees51 Operative Integration, Rebranding & Others51 Ps 473

18. 18 Bancrecer’s Integration vThe terms initially estimated were too ambitious for a project this size. vBy the year’s end, we will have completed the most import part of the process : u A single image (brand name) with the same supply of products and services. u Legally, we are a single institution. u Organizationally, we have a single structure and labor platform. vIn addition to our own integration efforts, we have been exposed to extraordinary events: u The new mode for paying taxes on-line was implemented and added to the traditional means still in use. u Adjustments to the information processes due to the change in the IT Law, compelled us to simultaneously information to both our clients and the SAT [Tax Administration].

19. 19 Bancrecer’s Integration vChallenges we have yet to face: u Finish consolidating the technological platform, and u Implement the new operative model in all the branches.

20. 20 Eventhough assets under management of the Recovery Banking represent an important figure, the risk involved is low MILLIONS OF PESOS OF SEPTEMBER 2002 REPOSESSED ASSETS12,879 TOTAL ASSETS$61,916 100% Bancen Banpaís 2,392 15,986 Serfín13,466 10,722 Loans purchased or managed-IPAB 24,189 49,037 5,440 0 10,722 1,254 $17,416 28% 16,162 10,722 1,031 10,510 0 3,044 $14,585 24% 11,541 10,510 48% 28% 24% 0 2,392 15,986 2,956 0 8,581 $29,915 21,334 2,956 48% SHARED W/IPAB IPAB BANORTE Banorte TOTAL 6,538 New Portfolios TOTAL LOAN PORTFOLIOS 27% 932.2 2,395

21. 21 The Non Interest Expense control has been fundamental... NON INTEREST EXPENSE 19992000 MILLIONS OF PESOS OF SEPTEMBER 2002... resulting in a 14% expense decrease from 1999 to 3Q02. 2001 7,556 6,401 6,454 3Q013Q02 10.3 6.1 NON INTEREST EXPENSE PER BRANCH 3Q02 6,538 14%

22. 22 ASSETS 26.1% 10.6% BANACCI GFNORTE 7.9% GFBITALGF SANTANDER SOURCE: CNBV AT 2Q02. GFBVA- BANCOMER 15.6% 2° 21.2% 4° 4.5% SCOTIABANK COMPARATIVES TO THE INDUSTRY

23. 23 DEPOSITS 27.3% 11.8% BANACCI GFNORTE 8.7% GFBITALGF SANTANDER SOURCE: CNBV AT 2Q02. GFBVA- BANCOMER 15.9% 2° 20.4% 4° 4.8% SCOTIABANK COMPARATIVES TO THE INDUSTRY

24. 24 LOAN PORTFOLIO (Including Fobaproa/IPAB) 26.2% 14.6% BANACCI GFNORTE 6.9% GFBITAL GF SANTANDER SOURCE: CNBV AT 2Q02. GFBVA- BANCOMER 13.1% 2° 20.2% 3° 5.4% SCOTIABANK COMPARATIVES TO THE INDUSTRY

25. 25 NUMBER OF BRANCHES 23.9% 15.4% BANACCI GFNORTE 19.5% GFBITAL GF SANTANDER SOURCE: CNBV AT 2Q02. GFBVA- BANCOMER 13.1% 2° 20.3% 4° 5.2% SCOTIABANK COMPARATIVES TO THE INDUSTRY

26. 26 ROE SEPTEMBER 2002 COMPARATIVES TO THE INDUSTRY GFNorte´s ROE ranks among the highest in Mexico 35.0% GFNORTE 4.2% BITALGFSANT-SF SOURCE: PRESS RELEASE EACH BANK AT 3Q02. BANACCI 6.1% 20.0% 20.4% 2° SCOTIABANK INVERLAT BBVA-BMR 14.4%

27. 27 The capitalization ratio increased to 12.8% with rules of 2003 12.6% 9.9% 15.4% BANAMEX BBVA - BANCOMER BITAL BANORTE SANTANDER SERFÍN 20012003 2001 RULES OF: 18.5% CAPITALIZATION RATIO 12.8% 3° SOURCE: PRESS RELEASE EACH BANK AT 3Q02.

28. 28 RECENT EVENTS Payment from Generali Assicurazioni Generali made a USD 45 million payment to Banorte in June’02 for the expansion of it’s branch network after Bancrecer acquisition, and for the technological infrastructure developments for the Afore, Bankassurance and Annuities businesses. This payment was accounted as an Extraordinary Income in the 2Q02. Dividend Payment Thanks to its good results, and solid financial position, last October 14, GFNorte paid Ps 500 million in dividends, declared in the General Ordinary Shareholders’ Meeting held on September 30, 2002. The payment was equivalent to distributing $1 Mexican peso per outstanding share. This dividend is a sample of GFNorte’s current strength.

29. 29 Risk Factors Operating RisksBancomerBanorte Fierce competition of international institutions Consolidation in the sectorSame Subsidiaries´ co-obligations Minimum capital requirementsSame InsolvencySame Non income generating activities of the Holding Co. All income comes from subsidiaries Same Government regulations could be adverse Loan loss provisionsSame Capital requirementsSame Debtors support programsSame Inadequate loan loss provisions estimate Tighter requirementsSame Fobapora-IPAB exposureUSD 7.7 Billion (32%) USD 8.9 Billion (63%) Short term funding Short term depositsSame Foreign exchange asset-liability mismatchSome mismatchNo mismatch Dollar exchange rate and interest rate volatility Risks associated Lower USD exposure Majority shareholder official investigation BBVA and some Board membersNo investigations Integration of another bank in process BBV-Probursa and PromexBancrecer

30. 30 Risk Factors Country Risks A recesion and/or inflation and interest rates increase Example: 1994 economic crisisSame Peso-dolar exchange rate depreciation or devaluation Impact on financialsSame International adverse events Close tights with the USASame Terrorist attacks to the U.S. New attacks against USASame BancomerBanorte

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