1

GFNORTE:1H07 Results

September, 2007

2

1. 1H07 Overview.

2. Stock Metrics.

3. Final Considerations.

Contents

3

1. 1H07 Overview

4

HighlightsCONSTANT MILLION PESOS

Performing Loan Growth

Past Due Loan Ratio

Reserve Coverage

Net Income

ROE

Stock Price

EPS

P/BV

Net Interest Margin

Tax Rate

1H071H06

25% 28%

0.75 0.83

1.6%

174%

1.5%

141%

12%

36% 35%

2,938 12% 3,292

26% 24%

26.25 89% 49.58

7.6% 7.3%

2.21 55% 3.42

5

Income StatementCONSTANT MILLION PESOS

Net Interest Income

Service Fees

Recovery

FX & Trading

Non Interest Income

Total Income

Non Interest Expense

Net Operating Income

Non Operating Income (Expense) Net

Income Tax

Net Income

Provisions

Subsidiaries and Minority Interest

1H06 Change1H07

11%7,8437,069

10%

(51%)

(7%)

(3%)

2,760

288

883

3,932

2,519

587

947

4,054

6%

8%

11,775

(6,792)

11,123

(6,288)

3%

1,462%

18%

12%

18%

(70%)

4,983

931

(1,742)

3,292

(987)

108

4,835

60

(1,472)

2,938

(839)

354

6

Recurring Net Income

635

2Q04

1,345

2Q05

1,521

2Q06

CONSTANT MILLION PESOS

1,325

1Q07

1,675

2Q07

1,617

2,196

851

292

Recurring

Non Recurring

7

Non Interest ExpenseCONSTANT BILLION PESOS

EFFICIENCY RATIO

Non Interest Expense

1H06

6.3

1H07

6.88%

57%

1H05

56%

1H06

57%

1H07

54%

NewAccounting Standards

+ Expansion Program

300bp

8

Net Interest Margin vs CETESPERCENTAGE

106%

CETES

NIM

8.1

9.0

9.7 9.5

8.6

7.6

7.0

6.2

7.3

8.5 8.3 8.5

7.5

7.1

7.1 7.0 7.0

7.7 8.0 7.9

77%

7.5

7.1

1Q074Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 2Q07

Average CETE :

1H05: 9.34%

1H06: 7.36%

1H07: 7.09%

9

Core DepositsCONSTANT BILLION PESOS

Mix

Demand

Time

Demand

Time

Total

Deposits 2Q05 2Q072Q06

98

58

156

83

46

128

71

40

111 22%16%

9%

12%

10%

YoY Changew/o INB

18%

28%

17%

14%

63%

37%

100%

64%

36%

100%

64%

36%

100%

10

CONSTANT BILLION PESOS

Performing Loan Portfolio

2Q06 1Q07 2Q07 QoQChange

YoY

Commercial

Corporate

Government

Total

Consumer

2Q06 1Q07 2Q07

128150 163

5% 35%

19% 36%

13% 25%

9% 28%

8% 17%

63

30

17

163

54

60

25

15

150

50

46

22

13

128

46

YoYw/o Extras

26%

19%

28%

11

Performing Consumer Loan PortfolioCONSTANT BILLION PESOS

QoQChange

YoY

2Q06 1Q07 2Q07

4650 54

3% 5%

10% 45%

10% 26%

8% 17%

8% 11%

12

26%

YoY Changew/o Extras

25%

Consumer

Car Loans

Credit Card

Payroll Loans

Mortgage

2Q06 1Q07 2Q07

7

6

54

30

6

10

5

50

28

6

8

4

46

27

12

Asset Quality

Past Due Loans

Loan Loss Reserves

2Q06 1Q07 2Q07

RESERVECOVERAGE

PAST DUE LOANRATIO

2Q06 1Q07 2Q072Q06 1Q07 2Q07

Total Loan Portfolio

CONSTANT BILLION PESOS

2.0

3.6

141%

174%

149%1.5%1.6%

1.4%

132

2.2

3.3

154

2.5

3.5

168

13

Capitalization Ratio

Tier 1

Tier 2

TOTAL

2Q05 2Q06 2Q07

Percentage Tier 1

10.9%

4.3%

15.2%

72%

14.0%

3.3%

17.3%

81%

12.7%

2.6%

15.2%

83%

PERCENTAGE

14

Net Income

1H05

362

1H06

406

1H07

313

CONSTANT MILLION PESOS

46 39 30

19 2532

2Q03 2Q04 2Q05

Banorte

IPAB

65 63 62

4

55

2Q06

59

2

55

2Q07

57

ASSETS UNDER MANAGEMENTCONSTANT BILLION PESOS

Assets6.2

Portfolio

49.0

Total: 56.5

Investment Projects

1.3

ASSET BREAKDOWN 2Q07CONSTANT BILLION PESOS

Recovery Bank

15

AFORE INSURANCEANNUITIES

LONG TERM SAVINGS

248

408

1H05 1H06

250

1H07

82

45

1H05 1H06

33

1H07

26

256

1H05 1H06

143

1H07

140

108

1H05 1H06

74

1H07

ROE: 13%

ROE: 84%

ROE: 19%

Long Term SavingsNET INCOME IN CONSTANT MILLION PESOS

16

BROKERAGE HOUSE

OTHER FINANCE COMPANIES

46

77

1H05 1H06

122

1H07

102130

1H05 1H06

144

1H07

NET INCOME IN CONSTANT MILLION PESOS

ROE: 32%

ROE: 25%

Subsidiaries

17

CONSTANT MILLION DOLLARS

INB Results

Net Interest Margin 4.7%

1H07

4.5%

Performing Loan Portfolio 721 92228%

Deposits 977 1,28031%

Efficiency 43.5% 41.3%

1H06

ROE 20.8% 23.7%

ROA 1.8% 1.8%

Net Income (Banorte’s 70%) 7.0 8.825%

18

Commissions and fees: +11%.

International services, remittances and letters of credit.

Banorte Securities.

Operating Income: +32%; Net Income: +70%.

Branch referrals.

US $40 million.

2,672 accounts.

Cross border mortgages.

Origination: US $39 million in 1H07; US $80 million expected in ’07.

Banorte USA Developments

19

2. Stock Metrics

20

60

100

140

180

220

260

300

340

380

420

460

500

540

Dic

-03

Ab

r-0

4

Ag

o-0

4

Dic

-04

Ab

r-0

5

Ag

o-0

5

Dic

-05

Ab

r-0

6

Ag

o-0

6

Dic

-06

Ab

r-0

7

Ag

o-0

7

2004 - 2007

Stock Performance

Bolsa: 334

Banorte: 478

21

MILLION DOLLARS

1,7921,420

2Q03 2Q04

3,365

2Q05

CAGR 60%

4,660

2Q06

9,209

2Q07

Market Capitalization

8,478

Aug-07

22

1H03 1H04

2.0

5.4

1H05

7.2

1H06

14.9

CAGR 78%

1H07

20.2

MILLION DOLLARS

Daily Turnover

23

3. Final Considerations

24

Final Considerations

Profitability.

Average NIM of 7.5% during the year.

Consensus Net Income for ’07e: Ps $6.7 – $6.8 billion.

Branch Expansion Program.

Total: 70 in 2007.

52 new branches in ’07 (29 originally planned) and 50 in ‘08.

18 refurbishments and relocations in ’07 and 18 in ‘08.

Planned investment of US $30 million remains unaltered.

Asset Quality.

Seasoning of the credit card portfolio.

Provisions: 1.5% of the average loan portfolio during the year.

25