1. 1 GFNORTE 4Q08 Results Conference Call January 30, 2008.

2. 2 Yearly Recap Net Income Net Interest Margin ROA ROE Book Value Past Due Loan Ratio BILLION PESOS Efficiency Ratio Reserve Coverage 20082007 6.81 11% 130.9% 16.42 7.6% 18.77 6.8% 7.01 135.2% 2.6%1.9% 22.7%19.7% 1.5%2.0% 3% 56.3%51.0%

3. 3 Income Statement MILLION PESOS Net Interest Income Service Fees Recovery Non Interest Income Total Income Non Interest Expense Net Operating Income Income Tax Net Income Provisions Subs & Minority Interest FX & Trading QoQYoY3Q08 5,756 1,682 223 2,028 7,784 3,736 4,048 (982) 2,007 (1,653) 1 123 4Q07 5,065 1,666 164 83 1,914 6,979 3,841 3,138 (694) 1,685 (921) (36) 4Q08 6,460 1,625 205 559 2,389 8,849 4,369 4,480 (592) 1,272 (2,983) (7) 28% (2%) 25% 573% 25% 27% 14% 43% (15%) (24%) 224% (81%) Non Operating Income, Net59319837589% 12% (3%) (8%) 354% 18% 14% 17% 11% (40%) (37%) 81% (800%) (37%)

4. 4 7,662 2008 GFNorte’s Recurring Net Income 6,185 2006 MILLION PESOS 6,512 2007

5. 5 Non Recurring Items 2008 MILLION PESOS 20,924 21,908 21,376 7,662 7,014 286 60 (240) (665) Recurring Net Income Reported Net Income SECURITIES VISA/LEHMAN 346 INDEVAL COMERCIAL MEXICANA BROKER DEALER PROVISIONS (994) CORPORATE LOANS (42) BRANCH MERGERS (47)

6. 6 Non Interest Expense BILLION PESOS EFFICIENCY RATIO Total Income 4Q07 6.9 4Q08 8.8 Non Interest Expense3.84.4 55% 4Q07 48% 3Q08 27% 14% YoYQoQ3Q08 7.7 3.7 14% 17% 49% 4Q08

7. 7 PERCENTAGE 1Q072Q073Q074Q071Q082Q083Q08 Net Interest Margin vs CETES 4Q08 * Includes repos reclassified as assets in the balance sheet. 7.1 7.0 7.1 7.2 7.4 7.5 7.7 8.2 7.4 7.9 7.5 8.1 7.7 6.1 7.9 * NIM 101 % Cetes 79% Cetes NIM

8. 8 Deposits Demand Time Total 4Q08 128 75 260 Core Deposits203 Money Market57 BILLION PESOS QoQ Change YoY 16% 18% 32% 16% 100% 19% 13% 9% 17% (15%) 3Q08 108 67 241 174 67 4Q07 111 64 204 175 29

9. 9 BILLION PESOS Performing Loan Portfolio QoQ Change YoY Commercial Corporate Government Total Consumer 4Q073Q084Q08 193 230 240 4Q08 93 45 27 240 75 4Q07 75 37 18 193 63 3Q08 85 45 25 230 74 8%8%24% -%-%23% 6%6%50% 4%4%24% 1%1%18%

10. 10 Performing Consumer Loan Portfolio BILLION PESOS Car Loans Credit Card Loans Payroll Loans Consumer Mortgage Loans YoY Change QoQ 4Q073Q084Q08 63 74 75 8(3%)5% 15(8%)9% 7(6%)10% 751%18% 456%26% 78 1416 67 6374 3643 4Q084Q073Q08

11. 11 Loan Portfolio Breakdown 4Q074Q083Q08 Mortgage Credit Card Payroll /Personal Car Commercial Corporate Government 19 4 7 3 39 19 9 3 7 3 37 20 11 19 3 6 3 39 19 11 PERCENTAGE

12. Loans to Deposits Ratio TOTAL LOANS /TOTAL DEPOSITS 97% 4Q07 98% 3Q07 103% 1Q08 99% 2Q08 95% 2Q07 90% 1Q07 97% 3Q08 12 93% 4Q08

13. 13 Asset Quality Past Due Loans Loan Loss Reserves RESERVE COVERAGE PAST DUE LOAN RATIO Total Loan Portfolio BILLION PESOS 4Q073Q084Q08 4.9 6.7 242 2.94.0 3.84.9 196233 135% 131% 123% 4Q073Q084Q08 2.0% 1.5% 1.7% 4Q073Q084Q08

14. 14 Provisions 1.8% 2007 1.1% 2006 3.2% 2008 As a % of Average Gross Loans 2.6% Comerci

15. 15 Past Due Loans Payroll Car Mortgage Credit Cards Commercial Corporate Government 15 4Q07 2.1% 1.8% 2.3% 5.6% 3Q08 2.2% 2.0% 1.6% 9.0% 4Q08 12.4% 2.8% 2.2% 1.4%1.7% 0% 1.6% 2.0% 0%

16. Banorte 2.0% 1.5% 1.7% 4Q073Q084Q08 Past Due Loans BBVA - Bancomer 3.2% 2.3% 2.9% 4Q073Q084Q08 Banamex - Citi 4.1% 2.8% 3.9% 4Q073Q084Q08 HSBC 6.2% 4.0% 5.2% 4Q073Q084Q08 Santander 3.1% 1.8% 2.6% 4Q073Q084Q08 Scotia 3.5% 2.9% 3.0% 4Q073Q084Q08 Source: CNBV 16

17. 17 Capitalization Tier 1 Tier 2 TOTAL % Tier 1 17 9.4% 4.9% 14.3% 200620072008 65% 12.2%10.2% 5.1%3.6% 17.4%13.8% 70%74%

18. Capitalization Strategy for 2009 Objectives. Maintain robust regulatory capitalzation ratios.  Reinforce our future growth capacity. Main uses of capital. Increase in risk weighted assets. Payment of old subordinated debt.  February 17: US 300 million.  Reinforce Banorte’s credibility as an issuer in global markets.  Main sources of capital. Reinvestment of profits. Issuance of new subordinated debt in local markets. 18

19. Subsidiaries 19

20. Recovery Bank Net Income 2007 766 2008 701 MILLION PESOS AUM BILLION PESOS 20082007 41 16 34 23Banorte’s Assets Acquired Assets % (17%) 44% 23Investment Projects 50% 6162Total 2% 22IPAB 0% 20

21. Long Term Savings MILLION PESOS AFORE 82 2007 INSURANCE 170 2007 ANNUITIES 136 2008 94 2008 17 2008 243 Total 2007 388 2008 354 178 136 Non Recurring Recurring (42) 2007 15% 43% 21

22. Subsidiaries BROKERAGE HOUSE OTHER FINANCE COMPANIES NET INCOME IN MILLION PESOS 288 2007 183 2008 271 2007 336 2008 (30) 2007 (120) 2008 MICROLENDING (36%) 24% 22

23. 23 Inter National Bank Net Income (100%) Loan Loss Reserves MILLION DOLLARS IN US GAAP Change 23 2007 23.7 4.9 2008 27.3 5.3 15% 8% Net Interest Income58.865.9 12% Non Interest Income11.315.6 37% Total Income70.281.4 16% Non Interest Expense29.234.6 19% Demand Deposits712617 (13%) Performing Loans9661,108 15% Past Due Loans1623 39% Time Deposits694762 10%

24. 24 Inter National Bank Reserve Coverage PDL Ratio FINANCIAL RATIOS % Change pp 24 2007 60.1 1.6 2008 62.4 2.0 2.3 0.3 NIM4.44.2 (0.2) ROE21.520.4 (1.0) ROA1.71.6 (0.1) Efficiency Ratio41.642.5 0.9 Leverage Ratio7.48.0 0.7 Capitalization Ratio11.312.5 1.2

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