GFNORTE: 20 06 Results

1. GFNORTE: 2006 Results January2007

2. Contents • 2006 Overview. • Stock Metrics.

3. 2006 Overview

4. Highlights 55% Million constant pesos 2005 2006 Net Income 5,957 5,959 5,111 5,959 Recurrent Net Income 17% 30.8% 24.9% ROE Recurrent ROE 26.4% 24.9% Stock Price 22.28 42.25 90% Net Interest Margin 8.1% 7.7% 29% 37% Tax Rate 2.11 3.27 P/BV Performing loans growth 24% 20%

5. GFNORTE’s Income Statement Millions of pesos GFNorte’s Income Statement Change 2005 4Q05 4Q06 2006 QoQ YoY Net Interest Income 3,671 13,799 3% 3,788 14,517 5% Non Interest Income 1,345 6,425 44% 1,936 7,777 21% Service 1,175 4,690 17% 1,372 5,194 11% 65 655 103% Recovery 131 867 32% 106 1,081 300% 434 1,716 59% FX, Trading and Valuation Total Income 5,016 20,224 14% 5,724 22,294 10% Non Interest Expense 2,908 11,578 12% 3,270 12,458 8% Operating Results 2,108 8,646 16% 2,454 9,836 14% Provisions (346) (1,506) (5%) (329) (1,530) 2% Other products and expenses, net (3) 1,084 229% (11) 200 (82%) Taxes (577) (2,358) 26% (728) (3,136) 33% 34 91 248% Subsidiaries and minority interest 117 589 670% 1,216 5,957 24% 1,503 5,959 0% Net income 1,216 5,111 24% 1,503 5,959 17% Recurrent net income

6. Profit Evolution Million constant pesos 1,503 1,216 981 CAGR: 24% 2006 2004 2005

7. Percentages Net Interest Margin vs CETES Average CETE: 2005: 9.20% 2006: 7.20% 9.7 9.5 9.0 8.6 8.1 8.0 7.9 7.7 7.6 8.5 8.5 8.3 7.1 113% CETES 7.5 7.3 7.1 7.0 7.0 72% 6.2 Margin 5.1 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

8. 70.6% 56.8% 55.0% 2004 2005 2006 Non Interest Expense Billion constant pesos 2005 2006 Non-interest expense 11.6 12.5 8% EFFICIENCY RATIO

9. 24% Core Deposits Billion constant pesos Change without INB Deposits 2004 2005 2006 11% Demand 70 78 95 13% 21% 12% Time 38 42 54 30% 9% Total 108 120 149 11% 11% Mix Demand 65% 65% 64% Time 35% 35% 36% 100% 100% 100%

10. Billion constant pesos Performing Loan Portfolio Extraordinaries 141 131 118 Prepayments Nuevo León / Veracruz (4.7) Prepayment Fovissste (2.7) MBS (2.0) INB Portfolio 8.4 Net effect (1.0) 4Q05 3Q06 4Q06 Change 4Q05 3Q06 4Q06 QoQ YoY Consumer 39 49 47 (3%) 20% Commercial 41 47 59 24% 43% Corporate 21 22 24 7% 14% 16 13 11 (17%) (32%) Government Total 118 131 141 7% 20%

11. Performing Consumer Loan Portfolio Billion of constant pesos Extraordinaries 49 47 39 Prepayment Fovissste (2.7) MBS (2.0) INB’s Mortgage Portfolio 0.9 Net effect (3.8) 4Q05 3Q06 4Q06 YoY w/out Extras Change 4Q05 3Q06 4Q06 QoQ YoY Mortgage 23 29 27 (9%) 14% 31% Auto 6 6 6 0% 3% 3% 46% Credit Cards 6 9 10 11% 46% Payroll 36% 4 5 5 4% 39% 29% Consumer 39 49 47 (3%) 20%

12. Consumer Loans’ Dynamics Loan origination in billion constant pesos AUTO PAYROLL AND PERSONAL MORTGAGE 11.0 7.7 5.6 5.4 4.9 4.5 43% 10% 24% 2005 2006 2005 2006 2005 2006

13. Consumer Loans’ Dynamics THOUSANDS OF NEW CREDIT CARDS 519 241 172 2006 2004 2005

14. Billion constant pesos Asset Quality 4Q05 3Q06 4Q06 Total Loan Portfolio 121 135 144 Past Due Loans 1.9 2.1 2.1 Loan Loss Reserves 3.2 3.6 3.5 PAST DUE LOAN RATIO RESERVE COVERAGE 172% 172% 1.6% 1.6% 1.4% 166% 4Q05 3Q06 4Q06 4Q05 3Q06 4Q06

15. Capitalization Ratio 2004 2005 2006 Tier 1 12.2% 13.3% 12.2% Tier 2 4.0% 2.8% 5.1% TOTAL 16.2% 16.1% 17.4% Percentage Tier 1 75% 83% 70%

16. Long Term Savings Net Income in millions of pesos TOTAL 525 407 253 2004 2005 2006 AFORE ANNUITIES INSURANCE ROE: 13% ROE: 87% ROE: 22% 143 311 216 124 162 115 51 48 16 2004 2005 2006 2004 2005 2006 2004 2005 2006

17. Other Business Units Net Income in millions of pesos BROKERAGE FACTORING ROE: 29% ROE: 23% 184 89 70 82 44 77 2004 2005 2006 2004 2005 2006 LEASING WAREHOUSING ROE: 34% BONDING ROE: 9% ROE: 24% 18 118 29 14 24 83 11 17 44 2004 2005 2006 2004 2005 2006 2004 2005 2006

18. Main Indicators

19. Clients Millions 11.8 2.4 9.2 3.6 6.9 2.4 Insurance 0.9 3.3 2.9 Retirement 2.6 4 4.9 3.9 Bank 3.4 2002 2004 2006

20. Assets under Management Billions of constant pesos 526 50 424 381 Long Term Savings 23 163 33 147 Brokerage House 115 312 Bank 254 233 2004 2006 2002

21. Investment Funds ASSETS Billions of constant pesos MARKET SHARE December 2006 26 21% 19% 16 17% 12 CAGR: 44% 6% 4% 4% BBVA Banamex Santander Scotia Banorte HSBC 2004 2005 2006 Bancomer

22. Recent Events

23. “The Banker” Award • “Bank of the Year” in Mexico 2006. • Winners in previous years: • 2005: Banorte. • 2004: Banamex. • 2003: Banamex. • 2002: Santander Mexicano. • 2001: BBVA Bancomer.

24. Mortgage Backed Securitization • December 2006: • Amount placed: Ps $2,047 million. • Rating: mxAAA. • Weighted Interest Rate: 8.31%. • Average rate of underlying mortgages: 15.17%. • Term: 15 years. • First bank to issue MBS in Mexico. • Rationale behind the transaction: • Efficient use of capital. • Mitigate financial risk.

25. Banorte USA • UniTeller. • Closing: January 18, 2007. • Amount: US $19 million (100% share ownership). • Activities 2006: • 1.2 million remmittances. • Amount: US $365 million (45% to México). • Motran (remmittance company in California). • January 2007: Purchase agreement signed. • Price: US $3 million.

26. 2. Stock Metrics

27. 460 420 380 340 300 260 220 180 140 100 60 Oct-06 Oct-04 Oct-05 Jun-04 Jun-05 Jun-06 Feb-04 Feb-05 Feb-06 Dec-06 Dec-04 Dec-05 Dec-03 Apr-05 Apr-04 Apr-06 Aug-06 Aug-05 Aug-04 Stock Performance 2004-2006 Banorte: 433 IPC: 301 Inbursa: 181

28. Stock’s Daily Turnover Millions of dolars 13.9 10.3 4.9 CAGR: 82% 2.3 2003 2004 2005 2006