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Banorte Investor Day

Banorte USA

November 16, 2007

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Index

1. Introduction

2. US Denominated Deposits

3. Inter National Bank

4. International Business

5. Banorte Securities

6. Remmittances

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To be a cross-border financial group offering integrated

financial products and services to a diverse group of

customer segments.

To be a dual-currency financial group which offers a wide

range of products and services in U.S. Dollars and

Mexican Pesos.

Grupo Financiero Banorte’s Vision

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Mexican banking system USD denominated deposits: US$14 billion.

Mexican Nationals deposits in abroad: US$35 billion.

Banorte’s strategy:

Follow our Mexican customer and support their investments and

business operations in the U.S.

Dual-Currency Opportunity

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Private Banking / Wealth Management / Brokerage Services

Provide USD denominated financial investment products.

Banorte Securities International.

Commercial / Retail Banking

Provide financial products and services.

Facilitate cross-border transactions for businesses and individuals.

Remittances

Provide remittance services to the non/under-banked immigrant population living in the U.S.

Banorte’s Expansion Strategy in USA

Three-pronged strategy for US Expansion :

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Structure

Banorte USA

RemittancesU.S. Bank Brokerage/Investments

International Business

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2. Dollar Denominated Deposits

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Dollar Denominated Deposits

Banorte Dollar Deposits

Demand

Time Deposits

Total Mexico

INB

Total USA

Total

USD MILLIONS

YoYSep ‘06 Sep ‘07

BSI – Onshore

BSI - Mexico Accounts

Dec ‘06

Enlace Express

736 745 721 (2%)

18 19 25 38%

767 716 822 7%

1,521 1,480 1,568 3%

1,060 1,025 1,036 (2%)

2,582 2,505 2,603 1%

1,034 1,363 1,269 23%

18 42 75 324%

1,052 1,405 1,344 28%

3,634 3,911 3,947 9%

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3. Inter National Bank

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Benefits of INB Acquisition

INB is a well-managed institution.

Serving the high-growth border region of Texas with Mexico.

Growth drivers in the region:

• Construction and real-estate.

• Bilateral trade.

• Other commercial activities.

Serving a market with a large middle to high income Hispanic population.

INB management has been retained.

Continue to operate the bank for the coming years.

Previous Board and shareholders are still involved in the operations.

Revenue synergies with Banorte and customer referrals for INB.

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Free fund transfers between savings and checking accounts.

Free ATM withdrawals and account balance inquiries at both banks’

ATMs.

Referrals by Banorte to INB = 3,200+ new accounts with US$45

million in balances

Acceptance of checks for deposit with next day availability in both

currencies at both institutions.

Banorte Securities (BSI) offices have been opened at INB banking

centers in McAllen & El Paso.

Benefits to Customers

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New Products & Services

Mortgages to Americans purchasing Mexican Resort Properties

US$40 million funded to date with US$38 million at closing.

Potential: 2008-US$150, 2009 US$250, 2010 US$350 million

Loans secured by investment portfolios held by customers at BSI in dollars

or at Banorte in pesos

US$5 million funded to date with US$20 million at closing.

Potential: 2008 US$60, 2009 US$100, 2010 US$150 million.

Banorte Securities offices have been introduced in INB offices

$75 million funded to date in new investment accounts.

Potential: 2008 US$125, 2009 US$185, 2010 US$250 million

Competitive Foreign Exchange Platform

2007 Revenues = 3x 2006 Revenues.

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New Products & ServicesIn Development:

INB issued credit card program to be launched in 1Q, 2008.

2008E US$15 million.

2009E US$25 million.

2010E US$50 million.

Trade financing loans programs to be offered in late 2007.

2008E US$50million.

2009E US$125 million.

2010E US$200 million.

Enhanced treasury management services

Lockbox, remote deposit capture and ACH services.

Potential: Increase in non-interest income.

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Potential New Markets

New branches to be opened in 1Q08:

Laredo

Brownsville

Potential New Markets

Texas: San Antonio / Houston / Dallas.

San Diego, California.

Details of model branch:

Approximately 4,100 sqf facility.

3 drive-thru lanes & drive-up ATM.

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INB Growth

1,085

1,205

1,473

935

1,075

1,267

678

761

945

1/26/06 11/16/06 9/30/07

Total Assets Deposits Loans

MergerAnnouncement

Date of Merger

36%

36%

40%

11%

15%

12%

Current

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9M07 Financial Highlights

9M07

Loans

Efficiency Ratio

ROE

Net Earnings (70%) 22%

Deposits

$935

4.5%

$12.4

41.6%

22.8%

$737

$10.2

20.9%

42.9%

4.7%

MILLION DOLLARS

9M06 YoY

Net Interest Margin

$1,034 $1,267

27%

23%

ROA 1.76%1.79%

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Profitability

ROA

1.83%

2005

1.81%

2004

ROE

21.6%

2006

22.2%

2004

1.65%

2006

19.4%

2007

1.73%

Sep ‘07

22.7%

Sep ‘07

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4. International Business

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International Business

Net Interest Margin

Non Interest Income

Total income

Direct Expenses

Earnings from Operations

Corporate expenses

Net Earnings (Pre tax)

Mexico

MILLION DOLLARS

YoYSep ‘06 Sep ‘07Dec ‘06

36 49 39 9%

17 23 19 7%

53 72 57 8%

4 5 4 11%

50 67 54 8%

4 5 4 (1%)

46 62 50 9%

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5. Banorte Securities International, Ltd.

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Private Banking/ Wealth Management

Growth Strategy:

Organically.

Focused on Hispanic Population:

Mexican nationals.

Mexican-Americans residing in the US.

BSI markets its services to:

High net worth individuals in Mexico.

Hispanics/US citizens and residents.

Currently, BSI has approximately US$1.1 billion in AUM.

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Synergies

INB and Banorte Securities clients will benefit from expanded

services from both Institutions:

Banorte Securities will refer clients to INB, seeking bank accounts

not available at BSI.

INB will refer clients to Banorte Securities that seek brokerage

accounts not available at Inter National Bank.

INB can provide loans to BSI customers wishing to use their

brokerage accounts as collateral.

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MILLION DOLLARS

Revenues

Expenses

Earnings from Operations

Investment Earnings

Taxes

Net Earnings

Banorte Securities Results

Sep ‘06 Dec ‘06 YoYSep ‘07

5.7 7.5 7.9 40%

4.3 5.7 5.1 19%

1.4 1.8 2.9 102%

0.3 0.4 0.2 (21%)

(0.5)

(0.8) (1.0) 95%

1.2

1.4 2.1 78%

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Highlights

Sep ‘07

Earnings from Operations 78%

ROE

AUM 3%

Efficiency Ratio

$1,078

$1.2

$1,111

$2.1

11.3% 19.1%

76.4% 66.5%

MILLIONS DOLLARS

Sep ‘06 YoY

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6. Remittances:

Banorte’s Distribution System

& UniTeller

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(1.7%)

Banks

(2.8%)

5 %

Sep-06 vs. Sep-07

6.7%

NonBanks

Banksw/o

Banorte

1.4%

MarketGrowth

Banorte

Growth in Family Remittances

Banorte continues to grow well above the market and

other Mexican banks.

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Remittances Market

Banorte: strong payer of remittances to customers in Mexico

Payment agreements:

30+ U.S. licensed remittance companies

3 major U.S. banks (BofA, Chase, and Wells Fargo).

4 million remittances paid in 2006 = US$1.6 Billion (7% Mkt Share).

2007E transactions = 4.3 million.

Banking the beneficiaries of remittances.

Over 69,000 Enlace Express Accounts (without fees).

UniTeller will benefit from:

Additional financial resources

Correspondent banking relationships in U.S. and other parts of the world.

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Integrating the Unbanked

5,600

33,130

2004 2005

52,200

2006

Number of Customers

Sep-2007

69,600

Enlace Express:

Quasi-equivalent to free checking in the U.S.

Debit card-based.

No minimum balances or monthly fees.

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Acquisition of 100% of UniTeller: January 18th, 2007.

Background:

Based in New Jersey.

US$1.1 billion in transfers per year.

Agent Network in the US: 1,000 collection agents in 41 States.

Strong payment network:

Over 4,000 payment points in 19 countries.

Presence in Mexico’s rural areas - complement to Banorte’s network.

Attractive technological infrastructure:

Enough capacity to support immediate growth.

Acquisition

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Opportunities & Strategy

STRATEGY: Vertical Integration

Acquisition of UniTeller will streamline Banorte’s remittance

services.

Access to a large number of under-banked clients on both

sides of the border – additional business opportunities.

Promote remittances to Banorte, and banking of beneficiaries.

Complements Banorte’s bancarization efforts.

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Account Link - deposits to an account.

Product Improvements:

Discounts on remittances from U.S. from

Uniteller and Banorte.

Payment options to Banorte accountholders.

Marketing campaigns in conjunction with

other U.S. transmitters to promote

remittances.

New Products & Services

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Certain statements in this document are

“forward-looking statements”. These

statements are based on management’s

current expectations and are subject to

uncertainty and changes in

circumstances. Actual results may differ

materially from those included in these

statements due to a variety of factors.

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