GFNORTE

4Q10 Results

Conference CallJanuary 26, 2011.

Material Events

Gruma announced its intention to sell part or all of its stake in GFNorte. On January

21, 2011, Gruma and GFNorte have made public through the websites of the Bolsa

Mexicana de Valores, S.A.B de C.V. (BMV) and the National Banking and Securities

Commission (CNBV), that GRUMA intends to sell its common shares of GFNORTE,

which as of today represent 8.8% of GFNORTE’s capital, through a global offering.

Grupo Financiero Banorte and Ixe Grupo Financiero reach a merger agreement. On

November 17th, Grupo Financiero Banorte S.A.B de C.V. ("GFNORTE") (BMV:

GFNORTEO) informed that after having carried out the corresponding due dilligence,

GFNORTE and IXE Grupo Financiero S.A.B. de C.V. ("IXE") (BMV: IXEGFO) had reached

a binding merger agreement subject to corporate and authorities’ approvals. It is estimated

that the merger will be completed by the end of 1Q11.

Mexicana de Aviación Exposure. Following the material event published on August 4th,

2010 to inform the investment community of Banorte’s exposure to Mexicana de

Aviación’s holding company, GFNORTE reports that as of December 31st, 2010 the loan’s

outstanding balance of Ps. 1.25 billion has been 100% reserved.

Marcos Ramírez Miguel is named Chief Corporate Officer. On December 2010,

Marcos Ramírez was named GFNorte’s Chief Corporate Officer. Mr. Martinez has a

successful professional trajectory of more than 27 years in the financial arena, and over

the last three years served as President of the Mexican Stock Brokers’ Association

“Asociación Mexicana de Intermediarios Bursátiles”.

2

3

Results 2010

2009

Million Pesos

Yearly Recap GFNorte

(1%) 10%

2010

4.3% 4.2%

5,854 6,705

47.84 58.86

1.0% 1.2%

14.9% 15.5%

20.49 22.85

2.5% 2.5%

53% 52%

11%

23%

15%

4

Performing Loan Growth

Net Interest Margin

Net Income

Stock Price (pesos)

ROA

ROE

Book Value Per Share

Past Due Loan Ratio

Efficiency

5,854 7,04520%Net Income ex-Comerci / Mexicana

Income Statement

5

Million Pesos

Net Interest Income

Service Fees

Recoveries

FX & Trading

Other Income (expenses)

Non Interest Income

Total Income

Non Interest Expense

Net Operating Income

Non Operating Income

Income Tax

Net Income

Provisions

Subs & Minority Interest

5,661

2,554

8,215

(4,296)

(1,905)

395

(628)

(70)

1,711

3,919

1,717

260

331

246

6%

24%

11%

12%

(2%)

22%

(63%)

15%

82%

3%

6%

(13%)

(42%)

277%

8%

4%

(21%)

(54%)

272%

17%

11%

5%

11%

(3%)

45%

17%

5%

211%

1,824

227

193

930

3,174

9,150

(4,815)

4,335

147

(720)

1,758

(1,876)

(128)

5,976

1,761

287

421

250

2,719

8,273

(4,604)

3,669

152

(496)

1,502

(1,782)

(41)

5,554

ChangeYoY

4Q104Q09QoQ

3Q10

Million Pesos

Quarterly Net Income

1,502

3%

1,5801,656

17%

1,711

1,758

6

4Q104Q09 1Q10 2Q10 3Q10

2009

6.9%

2010

6.4%

Average

MIN

Average

TIIE

4.2%

With

Repos 0.1 pp

2009

5.9%

2010

4.9%

(1.0 pp)

4.3 %

0.5 pp

Net Interest Margin

7

Billion Pesos

EFFICIENCY RATIO

Total Expense

2009

17.0

2010

17.7

52.6%

2009

52.3%

2010

Non Interest Expense

4%

54.1%

2008

51.2%Excluding

Employee Profit

Sharing

50.5% 49.8%

8

Billion Pesos

4Q08 4Q104Q09

62%

38%

100%

63%

37%

100%

Deposits

63%

37%

100%

222203 239

138128 150

8575 89

9% 7%

7% 9%

13% 5%

9

Mix

Demand

Time

Deposits

Core Deposits

Demand

Time

Billion Pesos

3Q104Q09

4Q09 3Q10 4Q10

238

254263

4% 4%

2% 10%

7% 22%

Total 4% 10%

3% 11%

84

40

39

238

75

85

44

44

254

81

Performing Loan Portfolio

4Q10

88

44

48

263

84

10

QoQ

Change

YoY

Commercial

Corporate

Government

Consumer

7581

84

3% 11%

0% (5%)

6% 30%

3% 11%

4% 13%

Billion Pesos

7

12

7

75

49

8

11

8

81

54

3Q104Q09

Performing Consumer Loan Portfolio

8

11

9

84

56

4Q10

11

4Q09 3Q10 4Q10

QoQ

Change

YoY

Consumer

Car

Credit Card

Payroll

Mortgage

Funding and Loan Portfolio Structure

FUNDING LOAN PORTFOLIO

33%

21%

17%

11%

18%

$319 Billion Pesos $270 Billion Pesos

47%

28%

17%

8%

12

DemandMoney

Market

Time

Inter-bank

Loans

Commercial

Government

Corporate

Consumer

Mortgage

Branches

Distribution Network

1,0881,098

1,102

4%

1,1081,134

13

4Q104Q09 1Q10 2Q10 3Q10

Automated Teller Machines (ATM´s)

Distribution Network

4,4784,539

12%

4,6854,846 3%

5,004

14

Banorte’s ATM expansion outgrew the 7% growth in the banking

system, and Banorte ATM’s transactions grew by 15% annually.

4Q104Q09 1Q10 2Q10 3Q10

Point of Sale Terminals (POS´s)

Distribution Network

47,544

7%

49,791

23%

52,11754,369

58,336

15

POS billing grew by 26% annually, outgrowing the banking

system’s 11% expansion.

4Q104Q09 1Q10 2Q10 3Q10

16

Asset Quality and Capitalization

RESERVE

COVERAGE RATIO

PAST DUE LOAN

RATIO

124%122%

136%

4Q09 3Q10 4Q10

2.5%2.5%2.2%

4Q09 3Q10 4Q10

Asset Quality

17

W/out INB 4Q10: 2.3% W/out INB 4Q10: 134%

Past Due Loan Ratios

1Q10

10.5%

2.1%

1.4%

1.7%

5.0%

0.1%

0%

2.5%

4Q09

2.8%

2.0%

2.1%

12.0%

4.0%

0.1%

0%

2.5%

2Q10

10.6%

1.9%

1.3%

1.7%

4.1%

0.2%

0%

2.3%

3Q10

9.3%

1.9%

1.4%

1.9%

4.1%

0.1%

0%

2.2%

4Q10

8.5%

1.8%

1.0%

1.7%

3.9%

2.5%

0%

2.5%

18

Payroll

Car

Mortgage

Credit Cards

Commercial

Corporate

Government

12.0%

4.8%

16.8%

71%

12.1%

4.7%

16.8%

72%

Capitalization

12.0%

4.7%

16.7%

72%

12.1%

4.5%

16.6%

73%

12.1%

4.0%

16.1%

75%

19

1Q104Q09 2Q10 3Q10 4Q10

Tier 1

Tier 2

TOTAL

% Tier 1

20

Subsidiaries

Total

2009

640

2010

692

Net Income in Million Pesos

AUM

BILLION PESOS

4Q09

29

32

(4%)

16%

4 18%

66Total 7%

0.4 (100%)

Recovery Bank

4Q10

28

37

5

71

0.0

8%

21

Change

YoY

Proprietary Assets

Acquired Assets

Investment Projects

IPAB

Net Income in Million Pesos

AFORE

141

2009

INSURANCE

224

2009

ANNUITIES

16

20092010

208

2010

6

2010

230

Total

2009

380

2010

444

Long Term Savings

ROE

28%

ROE

24%

ROE

19%

ROE

18%

17%

48%

(62%)

3%

22

Net Income in Million Pesos

Subsidiaries

LEASING AND

FACTORING

403

443

2009 2010

ROE

30%

ROE

26%

WAREHOUSING

22

57

2009 2010

ROE17%

ROE34%

152%

23

BROKER DEALER

2009 2010

203

ROE

16%

403

ROE

25%

98%

10%

Million Dollars

Inter National Bank

24* Earnings before taxes, loan loss reserves and losses on asset sales.

**Including losses on asset sales.

2009 2010

13%

9%

37.0

24.0

8.9

3.6%

3.0%

0.4%

51.3%

1,715

1,042

9.3%

22.2%

19.3

23.2

(2.1)

3.2%

(0.5%)

(0.1%)

78.4%

1,861

903

8.8%

30.7%

Earnings before taxes *

Loan Loss Reserves **

Net Income

NIM

ROE

ROA

Efficiency

Total Deposits

Performing Loans

PDL Ratio

Coverage Ratio