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GFNORTE

This report highlights GFNorte's financial performance including net income, return on equity, stock price, earnings per share, price to book value, and the banking segment.

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GFNORTE

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  1. GFNORTE 3Q03

  2. 32% 44% HIGHLIGHTS GFNORTE 9M03 9M02 1,625 17.7% 33.2 3.2 1.3 13.8% 33% 2.3% 127.6% 1,227* 15.8% 23.0 2.5 * 1.1 12.8% 78% 3.3% 118.6% Net Income Annualized ROE Stock Price EPS P/BV BANKING SEGMENT Capitalization Ratio Traditional loan CAGR Past due loan ratio Reserve Coverage NET INCOME IN MILLION PESOS AS OF 3Q03. EPS & BOOK VALUE ARE PESOS PER SHARE. BOOK VALUE EXCLUDES MINORITY HOLDINGS. * EXCLUDES GENERALI EXTRAORDINARY INCOME OF Ps 403 millions.

  3. GFNorte’s Recurrent Income EXTRAORDINARY INCOME NOT INCLUDED IN GRAPH: 1997: PS 783, 1998 : PS 476, 2000: PS 241 AND 2002: PS 403. MILLIONS AS OF SEPTEMBER 2003.

  4. Net Interest Margin 0.8 9.6% 1.0 8.8% 8.4% 8.1% TIIE Cete 7.1% 6.8% 7.4% 6.3% 0.5 5.1% 4.6% 3Q03 2Q03 TYPE OF ASSET VOL VOL NIM NIM Fobaproa / Ipab Notes 86,125 2.7% 84,107 2.2% Loan Portfolio 63,592 7.8% 67,087 7.6% Other (1) 34,209 1.9% 38,272 1.3% Total 183,927 4.3% 189,466 3.9% (1): 3Q03 Includes: Deposits in Central Bank Ps 17,079 millions, Fixed Income Securities Ps 14,585 millions and in other banks Ps 6,609 millions.

  5. 18% 41% Non Interest Income Service Fees Service 595 1,472 1,478 Recovery 803 704 484 Trading 264 170 811 TOTAL 1,661 2,346 2,774 MILLION PESOS AS OF 3Q03

  6. Non Interest Expense 9% 6,810 6,775 PERSONNEL O&AE VAT & IPAB OTHER MILLION PESOS. (*) FOURTH QUARTER 2001 INCLUDES PROFORMA FOR BANCRECER VAT = VALUE ADDED TAX. AT 3Q02 VAT=PS 421 MILLIONS AND IPAB=PS 493 MILLIONS. AT 3Q03 VAT=PS 449 MILLIONS AND IPAB=PS 537 MILLIONS O&AE = OPERATION AND ADMINISTRATIVE EXPENSES INCLUDING IT. OTHER EXPENSES = RENT,DEPRECIATION & AMORTIZATION.

  7. Efficiency Ratio 1992 1996 1997 2001 Dec 2002 3Q’03 * Efficiency Ratio 55% 66% 93% 78% 105% 87% 78% 77% • Banorte has successfully integrated three institutions over the last 6 years. • The Efficiency ratio has suffered after each acquisition, being Banorte able to return to adecuate efficiency levels in the following years. • The efficiency ratio should continue to improve in the coming quarters as we leverage the Bancrecer branch network and penetrate its client base. EFFICIENCY RATIO INCLUDES TRADING. * AVERAGE FOR THE PERIOD.

  8. Traditional Loan Portfolio VARIATION 3Q02 2Q03 3Q03 TRADITIONAL LOAN PORTFOLIO QUARTER ANNUAL Commercial 16,986 18,580 19,776 6% 16% Corporate 11,836 13,654 12,459 (9)% 5% Mortgage 10,139 11,791 12,469 6% 23% Automobile 2,671 4,046 4,573 13% 71% Credit Card 1,579 2,169 2,499 15% 58% Electronic Payroll Loans 471 816 1,001 23% 112% Government Entities 3,995 7,608 8,805 16% 120% Financial Entities 1,557 3,333 3,644 9% 134% TOTAL 49,234 61,997 65,229 5% 33% FIGURES = MILLION PESOS. TRADITIONAL LOAN PORTFOLIO DOES NOT INCLUDE NEITHER FOBAPROA / IPAB NOTES NOR RECOVERY BANK BUSINESS GOVERNMENT ENTITIES INCLUDES FEDERAL, STATE & MUNICIPALITIES FINANCIAL ENTITIES = INCLUDES GOVERNMENT AND PRIVATE FINANCIAL ENTITIES LIKE LEASING,FACTORING COMAPNIES AND OTHERS.

  9. Past Due Loans PDL Ratio PDL Ratio 2Q03 TYPE OF LOAN 3Q03 0.8% CORPORATE 1,141 652 0.4% 0.3% COMMERCIAL 389 398 0.3% 0.8% MORTGAGE 1,227 1,159 0.8% 0.1% AUTOMOBILE 141 158 0.1% 0.1% CREDIT CARD 119 132 0.1% 0.1% ELECTRONIC PAYROLL 74 87 0.1% 0.5% RECOVERY LOANS 819 827 0.5% TOTAL 3,911 3,414 2.6% 2.3% Grupo Pulsar non performing loan of USD 50 million was fully paid with a 46% discount. MILLION PESOS

  10. BANORTE BANCRECER Loans & Insurance allocation by quarter AUTOMOBILE MORTGAGE ELECTRONIC PAYROLL LOANS 2,085 10,729 34,988 9,929 1,677 1,397 61% 22,793 6,946 59% 62% 65% 20,403 90% 79% 67% 79% 80% 41% 38% 35% 39% 33% 21% 20% 10% 21% 3Q02 1Q03 3Q03 3Q02 1Q03 3Q03 3Q02 1Q03 3Q03 CAR INSURANCE LIFE INSURANCE 20,753 36,470 19,317 29,872 16,678 63% 61% 55% 58% 74% 13,626 45% 100% 37% 39% 42% 26% 3Q02 3Q02 1Q03 1Q03 3Q03 3Q03 NUMBER OF LOANS AND INSURANCE POLICIES.

  11. Loan Allocation by quarter 3Q02 4Q02 1Q03 2Q03 3Q03 MORTGAGE $ 788 838 713 952 1,125 # 1,677 1,737 1,397 1,867 2,085 Average amount per loan 470 483 511 510 539 49,000 dlls AUTOMOBILE $ 739 887 1,060 1,110 1,215 # 6,946 8,287 9,929 9,894 10,729 Average amount per loan 106 107 107 112 113 10,000 dlls $= MILLION OF PESOS; #= NUMBER OF LOANS; AVERAGE AMOUNT PER LOAN=THOUSAND PESOS. NUMBER OF LOANS AND AMOUNTS ARE ACCUMULATED IN THE QUARTER.

  12. PDL by date of origination LOAN ALLOCATION AS OF SEPTEMBER 2003... Granted Before Dec’01 Granted After Jan’02 TOTAL Total Past Due Ratio Total Past Due Ratio Total Past Due Ratio 2,769 208 7.5% 17,008 190 0.9% 19,777 398 2.0% COMMERCIAL CONSUMER 9,162 575 6.3% 11,380 312 2.7% 20,542 887 4.3% - Mortgage 7,251 450 6.2% 5,218 85 1.6% 12,469 535 4.3% - Automobile 322 48 14.8% 4,251 110 2.6% 4,573 157 3.4% - Credit Card 1,567 61 3.9% 933 71 7.6% 2,499 132 5.3% - Other 22 17 75.4% 978 46 4.7% 1,000 63 6.3% CORPORATE 1,484 274 18.5% 10,976 379 3.4% 12,459 652 5.2% GOVERNMENT 2,660 - 0.0% 6,146 - 0.0% 8,805 - 0.0% FINANCIAL ENTITIES 72 - 0.0% 3,572 - 0.0% 3,644 - 0.0% TRADITIONAL LOANS 16,147 1,057 6.5% 49,081 881 1.8% 65,228 1,938 3.0% 1.9% TOTAL LOANS* 102,105 2,493 2.4% 49,205 921 151,310 3,414 2.3% MILLION PESOS.*INCLUDES RECOVERY LOANS AND IPAB/FOBAPROA.

  13. Recovery Bank AUM Composition 65 60 59 Proprietary 11% 11% 7% Loans Acquired 17% 17% 25% 30% SERFIN 29% 25% IPAB 42% 43% 43% AUM = ASSETS UNDER MANAGEMENT (*): FIGURES IN BILLION PESOS.

  14. Loan Auctions Ps 27.2 billion to be sold by IPAB and private financial institutions from 4Q03 to 3Q04.

  15. Long Term Savings Sector AFORE (Assets under Management) MARKET SHARE RANK GFNORTE’S PROFIT CONTRIB. 3Q02 3Q03 3Q02 3Q03 3Q02 3Q03 9.8% 10.1% 6.3% 6.0% 6° 5° MILLION PESOS INSURANCE (Gross Written Premiums) 1.1% 1.6% 1.7% 4.0% 15° 14° MILLION PESOS ANNUITIES (Gross Written Premiums) 9.8% 9.6% - 2.7% 5° 6° MILLION PESOS INSURANCE’S MARKET SHARE AND PLACE ARE AS OF JUNE 2003

  16. Dividends Ps 0.7 Ps 1.0 Dividend / Share 18% 33% Payout ratio (1) 2.1% 4.4% Yield (2) • Ps 500 millions / Net Income as of 2001 Ps 1,587.9 millions; Ps 353 millions / Net Income as of 2002 Ps 2,016.0 millions • $ 1 / Share Price as of Sep’ 2002 $ 22.99; $ 0.70 / Share Price as of Sep’ 2003 $ 33.16

  17. Stock Performance 2003 2001 2002 2003 Nov 6th 3Q’ 3Q’ 3Q’ 33.2 39.5 23.0 STOCK PRICE 13.8 GROWTH VS 3Q01 140.6% 186.6% 66.8% PS - 108.3% 148.8% 55.6% USD - P / BV GFNORTE 1.3 1.5 1.1 0.8 1.6 BBVA BANCOMER 1.5 1.4 1.5 GFBanorte's P/BV Discount to GFBB's (47)% (21)% (20)% 0% 1.8 4.5 1.8 1.5 DAILY VOLUME (USD Million)

  18. Stock Price Performance among Mexican, Brazilian and Chilean Banks Dec ’01 – Nov 5th‘ 03 1st Inbursa GFNorte Banco de Brasil Banco Santander Itaú Unibanco Bradesco Bancomer de Chile Chile Source: Bear Stearns Growths were calculated on USD share prices

  19. Management PREVIOUS EXPERIENCE AGE EXPERIENCE 39 GRUPO VISA CEO Othón Ruiz Montemayor 60 PREVIOUS EXPERIENCE AGE EXPERIENCE BUSINESS UNITS 27 Bancen MULTIVA, Probursa’s Brokerage House, Sesvar, Sesscose Hnos. Constructores BANKING Manuel Sescosse Varela 51 42 Inverméxico, Seguros Monterrey Aetna, Finanzas Monterrey y Seguros Monterrey. LONG TERM SAVINGS Enrique Castillón Vega 63 23 GRUMA Miguel A. García Padilla Fdz. 49 RECOVERY 17 Bancomext y Citibank Antonio Emilio Ortíz Cobos 52 CORPORATE 34 Fitchibca, Productos Químicos y Vegetales and Nacional Financiera Enrique Catalán Guzmán: 55 PYMES PREVIOUS EXPERIENCE SUPPORT & CONTROL EXPERIENCE AGE 20 FINA Value, Banamex and Bank of America PLANNING Sergio García Robles Gil 43 26 Serfín and Citibank. RISK MANAGEMENT Gerardo Coindreau Farías 50 31 Banca Quadrum, Hidelbrando, BBVA Probursa, Probursa’s Brokerage House and Culliet Mexicana. Alejandro Ramos Larios 49 TECHNOLOGY 28 Afin Casa de Bolsa, Grupo Técnico Asesor and Inverméxico. Federico A. Valenzuela Ochoa 55 FINANCE 22 Productora e Imp. De Papel, S.A., Presidencia de la República and Instituto Mexicano de Comercio Exterior. Gerardo Soto Pérez 47 HUMAN RESOURCES 18 Duraligth de México, Industrias Cannon. Gloria Cecilia Miller Suárez 40 MARKETING 18 Procuraduría General de la República. Aurora Cervantes Martínez 39 LEGAL 23 Banco Internacional, S.N.C. Jorge Eduardo Vega Camargo 43 COMPTROLLING

  20. Outlook • Traditional Loan Portfolio growth: • Low Cost Deposit growth: • Asset Quality: • NIM: • Non Interest Income: - Service fees: - Recovery fees: • Capital Management: improving steadily improving slowly stable improving slowly improving slowly stable cash dividend

  21. GFNORTE 3Q03

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