GFNorte´s 1Q07 Results

GFNorte´s 1Q07 Results Conference call April 27, 2007

New accounting standards Careful consideration should be taken when comparing 1Q07 results with respect to previous quarters as new regulations and accounting standards issued by the National Banking and Securities Commission (CNBV) in 2006 went into effect in January of this year. As a result, reported 1Q07 figures are not fully comparable with previous quarters. Where applicable, GFNorte has provided pro-forma comparisons.

New accounting standards Change Impact 89% in Commissions Charged. 20 bp NIM. 123 bp in efficiency ratio. Deferral of fees charged on new loans. Non financial companies consolidated. 25 bp in efficiency ratio. Financial derivatives marked to market. 54 bp in efficiency ratio. Income of Portfolios Acquired: from Non Interest Income to Non Operating Income. 140 bp in efficiency ratio. 4Q06 excess loan loss reserves credited vs. income statement in 1Q07. 23 pp in reserve coverage.

GFNorte Highlights 14% 102% 70% MILLION PESOS 1Q06 1Q07 Net Income 1,423 1,623 14% 24.0% ROE 25.4% Stock Price 25.89 52.30 Net Interest Margin 7.5% 7.1% 0.80 EPS 0.70 P/BV 2.25 3.83 Tax Rate 37% 35% 23% 24% Performing loans growth 1.6% 1.4% Past due loan ratio Reserve Coverage 171% 149%

9% (5%) 10% (71%) 47% 5,580 5,781 4% (3,123) (3,387) 8% 2,457 2,394 (3%) (386) (255) (34%) 5 339 6,605% (734) (903) 23% 81 50 (38%) 1,423 1,623 14% GFNorte´s Income Statement MILLION PESOS 1Q06 1Q07 Change Net Interest Income 3,430 3,729 2,150 2,052 Non Interest Income Services 1,254 1,383 Recovery 388 113 Foreign Exchange (26%) 122 91 Trading 386 465 Total Income Non Interest Expense Net Operating Income Loan loss and loss sharing provisions Non Operating Income (Expense) Net Income Tax Subsidiaries and minority interest Net Income

ROE and ROA 27% 26% 24% 2.8% 2.7% 2.5% 1Q05 1Q06 1Q07 1Q07 1Q05 1Q06 ROE ROA

9.7 9.5 9.0 8.6 8.1 8.0 7.9 7.7 7.6 8.5 8.5 7.1 8.3 77% 101% 7.5 7.3 7.1 7.0 7.0 7.0 6.2 Net Interest Margin vs CETES PERCENTAGE CETES NIM 1Q07 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

NIM Variation PERCENTAGE 7.9% (0.2%) (0.2%) (0.2%) (0.2%) 7.1% Loan commissions INB Government loans Calendar Effects 4Q06 1Q07

1Q06 1Q07 Non Interest Expense 3.1 3.4 8% 61% 58% 55% 55% 1Q07 1Q05 1Q06 Non Interest Expense BILLION PESOS EFFICIENCY RATIO Changes to Accounting Standards 340 bp

21% 13% 16% 27% 18% 15% 10% 8% 9% Core Deposits BILLION PESOS YoY Change w/o INB Deposits 1Q05 1Q06 1Q07 Demand 68 79 93 Time 39 44 56 Total 107 123 148 Mix Demand 63% 64% 63% Time 37% 36% 37% 100% 100% 100%

151 142 121 1Q06 4Q06 1Q07 Performing Loan Portfolio BILLION PESOS Variation 1Q06 4Q06 1Q07 QoQ YoY Consumer 42 48 50 5% 18% 42 59 60 1% 45% Commercial 22 24 26 4% 16% Corporate 15 11 15 36% (1%) Government Total 121 142 151 6% 24%

50 48 42 1Q06 4Q06 1Q07 28% 28% Performing Consumer Loan Portfolio BILLION PESOS YoY Change w/o Extras Variation 1Q06 4Q06 1Q07 QoQ YoY 25 27 28 5% 12% Mortgage 6 6 7 2% 5% Car loans 7 10 11 10% 50% Credit Card 4 5 5 2% 27% Payroll loans 42 48 50 5% 18% Consumer

125 146 155 2.0 2.1 2.2 3.4 3.6 3.3 172% 171% 149% 1.6% 1.4% 1.4% Asset Quality BILLION PESOS 1Q06 4Q06 1Q07 Total Loan Portfolio Past Due Loans Loan Loss Reserves RESERVE COVERAGE PAST DUE LOAN RATIO 1Q06 4Q06 1Q07 1Q06 4Q06 1Q07

Evolution of Loan Reserves MILLION PESOS 3,576 3,321 708 210 Performing loans 498 PDL’s Reserve Reversal Charge offs Balance 1Q07 Balance 4Q06 New Reserves (464) (499)

12.5% 13.0% 11.0% 3.6% 2.6% 4.9% 16.2% 15.6% 15.9% 77% 83% 69% Banking Sector Capitalization Ratio PERCENTAGE 1Q05 1Q06 1Q07 Tier 1 Tier 2 TOTAL Percentage Tier 1

GFNorte´s 1Q07 Results