1

GFNORTE 4Q08 Results

Conference CallJanuary 30, 2008.

2

Yearly Recap

Net Income

Net Interest Margin

ROA

ROE

Book Value

Past Due Loan Ratio

BILLION PESOS

Efficiency Ratio

Reserve Coverage

20082007

6.81 11%

130.9%

16.42

7.6%

18.77

6.8%

7.01

135.2%

2.6% 1.9%

22.7% 19.7%

1.5% 2.0%

3%

56.3% 51.0%

3

Income StatementMILLION PESOS

Net Interest Income

Service Fees

Recovery

Non Interest Income

Total Income

Non Interest Expense

Net Operating Income

Income Tax

Net Income

Provisions

Subs & Minority Interest

FX & Trading

QoQ YoY3Q08

5,756

1,682

223

2,028

7,784

3,736

4,048

(982)

2,007

(1,653)

1

123

4Q07

5,065

1,666

164

83

1,914

6,979

3,841

3,138

(694)

1,685

(921)

(36)

4Q08

6,460

1,625

205

559

2,389

8,849

4,369

4,480

(592)

1,272

(2,983)

(7)

28%

(2%)

25%

573%

25%

27%

14%

43%

(15%)

(24%)

224%

(81%)

Non Operating Income, Net 593198 375 89%

12%

(3%)

(8%)

354%

18%

14%

17%

11%

(40%)

(37%)

81%

(800%)

(37%)

4

7,662

2008

GFNorte’s Recurring Net Income

6,185

2006

MILLION PESOS

6,512

2007

5

Non Recurring Items 2008MILLION PESOS

20,924

21,908

21,376 21,376

7,662

7,014

286

60

(240)

(665)

Recurring Net

Income

ReportedNet

Income

SE

CU

RIT

IES

VIS

A/L

EH

MA

N

346

IND

EV

AL

CO

ME

RC

IAL

ME

XIC

AN

A

BR

OK

ER

D

EA

LE

RPROVISIONS

(994)

CO

RP

OR

AT

EL

OA

NS

(42)

BR

AN

CH

ME

RG

ER

S

(47)

6

Non Interest Expense

BILLION PESOS

EFFICIENCY RATIO

Total Income

4Q07

6.9

4Q08

8.8

Non Interest Expense 3.8 4.4

55%

4Q07

48%

3Q08

27%

14%

YoYQoQ3Q08

7.7

3.7

14%

17%

49%

4Q08

7

PERCENTAGE

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Net Interest Margin vs CETES

4Q08

* Includes repos reclassified as assets in the balance sheet.* Includes repos reclassified as assets in the balance sheet.

7.1

7.0 7.17.2 7.4

7.5 7.7

8.2

7.4

7.97.5

7.5

8.1

7.77.7

6.1

7.9 *NIM

101%

Cetes

79%

Cetes

NIM

8

Deposits

Demand

Time

Total

4Q08

128

75

260

Core Deposits 203

Money Market 57

BILLION PESOS

QoQChange

YoY

16%

18%

32%

16%

100%

19%

13%

9%

17%

(15%)

3Q08

108

67

241

174

67

4Q07

111

64

204

175

29

9

BILLION PESOS

Performing Loan Portfolio

QoQChange

YoY

Commercial

Corporate

Government

Total

Consumer

4Q07 3Q08 4Q08

193230

240

4Q08

93

45

27

240

75

4Q07

75

37

18

193

63

3Q08

85

45

25

230

74

8% 24%

-% 23%

6% 50%

4% 24%

1% 18%

10

Performing Consumer Loan PortfolioBILLION PESOS

Car Loans

Credit Card Loans

Payroll Loans

Consumer

Mortgage Loans

YoYChange

QoQ

4Q07 3Q08 4Q08

6374 75

8 (3%) 5%

15 (8%) 9%

7 (6%) 10%

75 1% 18%

45 6% 26%

7 8

14 16

6 7

63 74

36 43

4Q084Q07 3Q08

11

Loan Portfolio Breakdown

4Q07 4Q083Q08

Mortgage

Credit Card

Payroll /Personal

Car

Commercial

Corporate

Government

19

4

7

3

39

19

9

19

3

7

3

37

20

11

19

3

6

3

39

19

11

PERCENTAGE

Loans to Deposits Ratio

TOTAL LOANS /TOTAL DEPOSITS

97%

4Q07

98%

3Q07

103%

1Q08

99%

2Q08

95%

2Q07

90%

1Q07

97%

3Q08

12

93%

4Q08

13

Asset Quality

Past Due Loans

Loan Loss Reserves

RESERVECOVERAGE

PAST DUE LOANRATIO

Total Loan Portfolio

BILLION PESOS

4Q07 3Q08 4Q08

4.9

6.7

242

2.9 4.0

3.8 4.9

196 233

135%131% 123%

4Q07 3Q08 4Q08

2.0%

1.5% 1.7%

4Q07 3Q08 4Q08

14

Provisions

1.8%

2007

1.1%

2006

3.2%

2008

As a % of Average Gross Loans

2.6%

Comerci

15

Past Due Loans

Payroll

Car

Mortgage

Credit Cards

Commercial

Corporate

Government

15

4Q07

2.1%

1.8%

2.3%

5.6%

3Q08

2.2%

2.0%

1.6%

9.0%

4Q08

12.4%

2.8%

2.2%

1.4% 1.7%

0% 0%

0% 0%

1.6%

2.0%

0%

0%

Banorte

2.0%1.5% 1.7%

4Q07 3Q08 4Q08

Past Due Loans

BBVA - Bancomer

3.2%2.3%

2.9%

4Q07 3Q08 4Q08

Banamex - Citi

4.1%

2.8%3.9%

4Q07 3Q08 4Q08

HSBC

6.2%4.0%

5.2%

4Q07 3Q08 4Q08

Santander

3.1%

1.8%2.6%

4Q07 3Q08 4Q08

Scotia

3.5%2.9% 3.0%

4Q07 3Q08 4Q08

Source: CNBV 16

17

Capitalization

Tier 1

Tier 2

TOTAL

% Tier 1

17

9.4%

4.9%

14.3%

2006 2007 2008

65%

12.2% 10.2%

5.1% 3.6%

17.4% 13.8%

70% 74%

Capitalization Strategy for 2009

Objectives.

Maintain robust regulatory capitalzation ratios.

Reinforce our future growth capacity.

Main uses of capital.

Increase in risk weighted assets.

Payment of old subordinated debt.

February 17: US 300 million.

Reinforce Banorte’s credibility as an issuer in global markets.

Main sources of capital.

Reinvestment of profits.

Issuance of new subordinated debt in local markets.

18

Subsidiaries

19

Recovery Bank

Net Income

2007

766

2008

701

MILLION PESOS

AUMBILLION PESOS

20082007

41

16

34

23Banorte’s Assets

Acquired Assets

%

(17%)

44%

2 3Investment Projects 50%

61 62Total 2%

2 2IPAB 0%

20

Long Term Savings

MILLION PESOS

AFORE

82

2007

INSURANCE

170

2007

ANNUITIES

136

2008

94

2008

17

2008

243

Total

2007

388

2008

354

178

136

Non RecurringRecurring

(42)

2007

15%43%

21

Subsidiaries

BROKERAGE HOUSE

OTHER FINANCE COMPANIES

NET INCOME IN MILLION PESOS

288

2007

183

2008

271

2007

336

2008(30)

2007

(120)

2008

MICROLENDING

(36%)

24%

22

23

Inter National Bank

Net Income (100%)

Loan Loss Reserves

MILLION DOLLARS IN US GAAP

Change

23

2007

23.7

4.9

2008

27.3

5.3

15%

8%

Net Interest Income 58.8 65.9 12%

Non Interest Income 11.3 15.6 37%

Total Income 70.2 81.4 16%

Non Interest Expense 29.2 34.6 19%

Demand Deposits 712 617 (13%)

Performing Loans 966 1,108 15%

Past Due Loans 16 23 39%

Time Deposits 694 762 10%

24

Inter National Bank

Reserve Coverage

PDL Ratio

FINANCIAL RATIOS

%

Changepp

24

2007

60.1

1.6

2008

62.4

2.0

2.3

0.3

NIM 4.4 4.2 (0.2)

ROE 21.5 20.4 (1.0)

ROA 1.7 1.6 (0.1)

Efficiency Ratio 41.6 42.5 0.9

Leverage Ratio 7.4 8.0 0.7

Capitalization Ratio 11.3 12.5 1.2

25