GFNorte 4 Q 05 Results February-2006 Contents

GFNorte: 4 Q 05 Results February-2006

Contents 1. 2005 Results 2. Snapshot of New Products 3. Development of GFNorte’s share 4. Final Remarks

1. 2005 Results

GFNorte Highlights MILLION PESOS 2004 2005 Net Income 2, 697 112% 5, 719 Net Income w/o one offs 2, 907 69% 4, 907 ROE 17. 5% 30. 8% ROE w/o one offs 18. 9% 26. 4% Stock Price 17. 54 Net Interest Margin 5. 0% EPS 1. 34 112% 2. 83 P/BV 2. 22 0. 9% 2. 20 27% 22. 28 8. 1% Performing loans growth 33% 24% Past due loan ratio 2. 0% 1. 6% Reserve Coverage 153% 166% 4

GFNorte´s Income Statement Million pesos Variations Yo. Y Qo. Q 4 Q 04 4 Q 05 2004 2005 Net Interest Income after Repomo 2, 861 3, 524 10, 144 13, 248 23% 31% Non Interest Income 1, 469 1, 291 6, 021 6, 169 (12%) 2% 1, 132 117 221 1, 129 61 102 4, 532 574 914 4, 503 629 1, 037 (0%) (48%) (54%) (1%) 9% 13% Total Income 4, 330 4, 815 16, 165 19, 417 11% 20% Non Interest Expense 2, 622 2, 791 11, 509 11, 116 6% (3%) Net Operating Income 1, 708 2, 024 4, 656 8, 301 19% 73% Loan loss and loss sharing provis. (382) (332) (1, 227) (1, 446) (13%) 18% Non Operating Income (Expense) Net (59) (36) 1, 041 (94%) 2, 968% (319) (554) (735) (2, 264) 74% 208% (7) 32 40 87 1, 986% 172% 942 1, 168 2, 697 5, 719 24% 112% Services Recovery Forex & Trading Income tax and profit sharing Subsidiaries and minority interest Net Income 5

GFNorte’s Balance Sheet Million pesos 4 Q 04 Cash and due from banks 4 Q 05 60 15, 799 14, 117 63 20, 386 18, 204 Long Term Savings 510 764 Auxiliary Organizations 633 814 Brokerage 538 549 0 54 86 47 15, 946 20, 496 Income Tax & Profit Sharing 0 0 Total Liabilities 0 0 Stockholder’s Equity 15, 946 20, 496 Liabilities + Equity 15, 946 Investments in subsidiaries: Bank Pronegocio Others Total Assets 29% 20, 496 6

Net Income by Business Units Million Pesos Change Yo. Y Qo. Q 4 Q 04 4 Q 05 2004 2005 Banking 862 1, 097 2, 264 5, 090 27% 125% Long Term Savings 11 12 243 390 6% 60% Brokerage 25 19 79 74 (23%) (6%) Factoring and Leasing 35 43 117 182 22% 56% Pronegocio - (8) - (18) N. C. Holding 8 5 (6) - N. C. 942 1, 168 2, 697 5, 719 24% 112% GFNORTE 7

ROE and ROA ROE ROA 30. 8% 3. 1% 17. 5% 26. 4% Recurrent Profits 2004 2005 1. 2% 2004 2. 7% Recurrent Profits 2005

NIM vs. CETES Percentages 9. 7 9. 0 8. 1 8. 6 8. 3 8. 5 2 Q 05 3 Q 05 4 Q 05 7. 3 6. 3 CETES 5. 6 6. 2 80% NIM 99% 8. 5 7. 1 5. 4 9. 5 5. 1 4. 3 4. 2 4 Q 03 1 Q 04 4. 4 2 Q 04 3 Q 04 4 Q 04 1 Q 05 9

Non Interest Expense Billion Pesos 2004 Total Expense 12 2005 (3%) Efficiency Ratio 70. 6% 56. 8% 2004 2005 11

Deposits & Loans

Core Deposits Billion Pesos Deposits 4 Q 04 3 Q 05 4 Q 05 Demand Time 67 37 66 39 76 40 Total 104 105 115 Demand 65% 63% 65% Time 35% 37% 35% 100% Mix 12

Performing Loan Portfolio Billion Pesos 103 91 4 Q 04 113 3 Q 05 4 Q 05 Change 4 Q 04 3 Q 05 4 Q 05 Qo. Q Consumer 29 35 38 8% 30% Commercial 34 37 39 7% 15% Corporate 14 18 20 16% 49% Government 14 13 15 13% 12% Total 91 103 113 10% 24% Yo. Y 13

Performing Consumer Loan Portfolio Billion Pesos 35 3 Q 05 29 4 Q 04 38 4 Q 05 Change Qo. Q Yo. Y 4 Q 04 3 Q 05 Mortgage 17 21 22 9% 28% Car Loans 6 6 6 0% 1% Credit Cards 4 6 6 10% 61% Payroll Loans 2 3 3 16% 68% Consumer 29 35 38 8% 30% 14

Asset Quality Billion Pesos 4 Q 04 3 Q 05 4 Q 05 Total Loan Portfolio 94 106 116 Past Due Loans 1. 9 Loan Loss Reserves 2. 8 3. 1 Past Due Loan Ratio 2. 0% 4 Q 04 1. 8% 3 Q 05 1. 6% 4 Q 05 Reserve Coverage 153% 4 Q 04 165% 166% 3 Q 05 4 Q 05 15

Banorte´s Loan Portfolio Billion pesos 163 114 172 59% 161 51% 103 12% 66% 71% IPAB / FOBAPROA Loan Portfolio 88% 47 21% 79% 29% 1996 1997 34% 2001 41% 2002 113 100% 49% 2003 2004 2005

Banking Sector´s Capitalization Ratio 4 Q 03 4 Q 04 4 Q 05 Tier 1 10. 5% 12. 2% 13. 3% Tier 2 2. 2% 4. 0% 2. 8% TOTAL 12. 7% 16. 2% 16. 1% 83% 75% 83% Percentage Tier 1 17

Recovery Bank

Recovery Bank Million Pesos 2003 Net Income 2004 2005 761 627 848 Portfolio 2003 2005 Proprietary 36% Proprietary 73% Managed 27% Managed 64% 19

Recovery Bank ASSETS UNDER MANAGEMENT Billion Pesos 68 Banorte 19 64 23 66 64 33 47 IPAB 49 41 33 17 2002 2003 2004 2005 20

Long Term Savings

Long Term Savings Net Income Million Pesos Total 243 60% 2004 2005 Afore 207 46 137 119 Insurance Annuities 110 15 15% 2004 2005 2004 217% 89% 2005 2004 2005 22

Relevant Indicators

Clients Millions 11 9 3 2. 4 2 6 Insurance Afore Bank 1 3 83% 3 2001 4 5 4 2003 2005 24

Assets under Management Billion Pesos 401 39 284 Long Term Savings Brokerage Bank 119 22 114 13% Of the Country’s financial intermediation 45% 243 148 2001 2005 25

Transactions with Clients Millions of transactions per month 34 30 25 Electronic Banking Branches 36% 74% 67% 71% 33% 29% 26% 2001 2003 2005 26

Monthly placements per Branch MORTGAGE LIFE INSURANCE 1. 4 0. 8 4 Q 03 15 13 1. 0 9 4 Q 04 4 Q 05 4 Q 03 4 Q 04 4 Q 05 27

2. Snapshot of New Products

Snapshot of New Products Results up to December 31 Clients: 16, 300. Portfolio: $325 million. Average loan per client: $23, 000 pesos. Clients: 43, 000. Portfolio: $1, 200 million. Average balance per client: $28, 830 pesos. 29

Snapshot of New Products Results up to December 31 Opened accounts: 400, 440. Balance: $1, 200 million pesos. Average accounts opened daily: 1, 585. Average balance per account: $ 2, 330. Estimated new accounts in one year: 100, 000. 30

Snapshot of New Products Results up to December 31 Opened accounts: 65, 000. Deposits: $1. 5 billion pesos: ü Checking: $900 millions. ü Investment: $600 millions.

3. Performance of GFNorte’s Share

90 Jan-06 Dec-05 Nov-05 Oct-05 Sep-05 Aug-05 Jul-05 Jun-05 May-05 Apr-05 Mar-05 Feb-05 Jan-05 Dec-04 Recent Share Evolution 2005 -2006 140 IPC 135 GFNorte 130 125 120 115 110 105 100 95 33

Performance of IPC vs. GFNorte 2004 2005 83% 50% 38% 27% IPC Banorte Annual Change 2004 -2005 128% 102% IPC Banorte 34

GFNorte’s Performance $100 pesos invested on Dec’ 92, today would be in real terms. . . 306 GFNorte 228 IPC 119 Dollar 35

Market Capitalization Million Dollars 4, 229 3, 174 1, 751 55% AGR C 2003 2004 2005 36

Vs Latin America MARKET CAP IN BILLION DOLLARS P/E Santander Chile 7. 9 Banco de Chile 4. 6 Unibanco 9. 9 Bradesco 32. 3 Itaú 30. 4 Banorte 4. 2 P/BV 37

Daily Turnover Million Dollars 10. 3 4. 9 2. 3 4 Q 04 4 Q 05 38

4. Final Remarks

Consumer Strategies for 2006 Products Customers Cross Selling Consolidation of new initiatives Loyalty programs Development and Innovation Service Mutual Funds Hispanic Market in USA Channels Branches program: 3 years ü 211 openings, replacements and remodelings ü 106 new branches (68% in Mexico City) ü Investment: $1, 100 million pesos Alternate channels: ü Growth to 4, 000 ATM for 2008 ü Telecomm: 1, 554 branches 40

Challenges 2006 Recomposition of competitive map. Political environment: correct reading. Increase market share in deposits. Consolidation of new initiatives. Discipline in operating expenses. Strengthen position in mutual funds. Achievement of the USA project. 41

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