1. 1 GFNorte’s 2Q08 Results Conference Call July 25, 2008.

2. 2 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%)

3. 3 Quarterly Net Income MILLION PESOS Non-recurring Recurring 1,722 2Q072Q08 1,806 1,746 60 1Q08 1,691 1,928 237

4. 4 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%) Recurrent Net Income3%1,6911,7221,7461%1%

5. 5 Non Interest Expense BILLION PESOS EFFICIENCY RATIO Non Interest Expense 2Q07 3.5 1Q08 3.8 57% 2Q06 57% 2Q07 54% 2Q08 56% 1H06 57% 1H07 54% 1H08 2Q08 3.9 QoQYoY 3%11%

6. 6 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

7. 7 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%

8. 8 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

9. 9 Performing 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

10. 10 Loan Portfolio Breakdown 2Q072Q081Q08 Mortgage Credit Card Payroll /Personal Car Commercial Corporate Government 19 4 7 3 38 18 10 19 4 8 3 38 19 9 3 7 3 36 20 11 PERCENTAGE

11. 11 Mortgages LOANS 2Q071Q082Q08 2.9 2Q07 2.9 1Q08 3.3 2Q08 BILLION PESOS NEW LOANS Market Share 14.3% 4,452 4,342 5,153

12. 12 Credit Cards NEW CARDS (Thousand) 172 2Q07 185 1Q08 191 2Q08 6,907 2Q07 9,145 1Q08 11,244 2Q08 NEW RECEIVABLES (Million Pesos)

13. 13 Payroll and Personal Loans 1.9 2Q07 1.6 1Q08 2.1 2Q08 Market Share 11.5% NEW LOANS IN BILLION PESOS

14. 14 Government Portfolio Federal 16.8 2Q07 17.6 1Q08 24.3 2Q08 19.5 2Q07 23.1 1Q08 24.1 2Q08 PERFORMING LOANS CORE DEPOSITS BILLION PESOS * Includes states, municipalities and federal entities.

15. 15 Government Payrolls MILLIONS 0.9 2Q07 1.2 1Q08 1.4 2Q08 * Includes states, municipalities and federal entities.

16. 16 Capitalization Ratio Tier 1 Tier 2 TOTAL Percentage Tier 1 PERCENTAGE 4Q071Q08 10.2% 3.6% 13.8% 74% 10.3% 4.3% 14.6% 70% 2Q08 10.7% 5.0% 15.7% 68%

17. 17 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

18. 18 Consumer Portfolio 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

19. 19 Subsidiaries

20. 20 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

21. 21 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%)

22. 22 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

23. 23 Brokerage and Microlending NET INCOME IN MILLION PESOS BROKERAGE HOUSEMICROLENDING 63 2Q07 143 2Q08 71 1Q08 (8) 2Q07 (7) 2Q08 (9) 1Q08

24. 24 Banorte USA MILLION DOLLARS 2Q08 2Q07 INB Performing Loans Efficiency ROE Net Income (100%) Net Interest Margin 1,035 931 4.5%4.2% 6.65.9 23.7% 20.3% 41.3%42.1% 1Q08 1,025 4.2% 6.8 22.1% 40.3%

25. 25 Challenges Complex scenario. US Financial Crisis. Restrictive monetary policy. Economic slowdown and inflationary pressures. Competitive pressures new market players. Regulatory changes provisions. regulatory deposits.

26. 26 Challenges Balancing growth and risk adjusted profitability. Proactive balance sheet management. Funding costs. Capitalization. Focus on net interest income. Higher emphasis on risk analysis. Asset quality. New origination models. Increased risk-based pricing differentiation. Early collection.

27. 27