1

GFNORTE3Q03

2

HIGHLIGHTS

GFNORTE1,227*

15.8%

23.0

2.5 *

1.1

12.8%

78%

3.3%

118.6%

1,625

17.7%

33.2

3.2

1.3

13.8%

33%

2.3%

127.6%NET INCOME IN MILLION PESOS AS OF 3Q03.EPS & BOOK VALUE ARE PESOS PER SHARE. BOOK VALUE EXCLUDES MINORITY HOLDINGS.* EXCLUDES GENERALI EXTRAORDINARY INCOME OF Ps 403 millions.

9M039M02

BANKING SEGMENT

Net Income

Annualized ROE

Stock Price

EPS

P/BV

Capitalization Ratio

Traditional loan CAGR

Past due loan ratio

Reserve Coverage

32%

44%

3

1,6251,6571,6231,659

1,3981,282

936

774

'96 '97 '98 '99 '00 '01 '02 9M03

EXTRAORDINARY INCOME NOT INCLUDED IN GRAPH: 1997: PS 783, 1998 : PS 476, 2000: PS 241 AND 2002: PS 403. MILLIONS AS OF SEPTEMBER 2003.

GFNorte’s Recurrent Income

1996 1997 1998 1999 2000 2001 2002 9M03ROE 21.0% 29.1% 21.5% 15.1% 20.7% 17.2% 15.6% 17.7%CETE 31.4% 19.9% 24.4% 21.6% 15.3% 11.4% 7.1% 6.6%DIFERENCE 5.4 5.8 8.5 11.1

4

Net Interest Margin

CeteTIIE

5.0%4.7% 4.9%

4.3%3.9%

3Q02 4Q02 1Q03 2Q03 3Q03

8.1%

5.1%

7.1%

4.6%

8.4%

7.4%

9.6%

8.8%

6.8%

6.3%

TYPE OF ASSET 2Q03 3Q03

Fobaproa / Ipab Notes 86,125 2.7% 84,107 2.2%Loan Portfolio 63,592 7.8% 67,087 7.6%

VOL NIM VOL NIM

Other (1) 34,209 1.9% 38,272 1.3%Total 183,927 4.3% 189,466 3.9%

(1): 3Q03 Includes: Deposits in Central Bank Ps 17,079 millions, Fixed Income Securities Ps 14,585 millions and in other banks Ps 6,609 millions.

1.0

0.8

0.5

5

Non Interest Income

Recovery 484

Service 1,478

Trading 811

TOTAL 2,774

704

1,472

170

2,346

MILLION PESOS AS OF 3Q03

41% 18%

803

595

264

1,661

1,661

2,3462,774

9M01 9M02 9M03

460 470495 513

4Q02 1Q03 2Q03 3Q03

Service Fees

6

Non Interest Expense

MILLION PESOS. (*) FOURTH QUARTER 2001 INCLUDES PROFORMA FOR BANCRECERVAT = VALUE ADDED TAX. AT 3Q02 VAT=PS 421 MILLIONS AND IPAB=PS 493 MILLIONS. AT 3Q03 VAT=PS 449 MILLIONS AND IPAB=PS 537 MILLIONS O&AE = OPERATION AND ADMINISTRATIVE EXPENSES INCLUDING IT.OTHER EXPENSES = RENT, DEPRECIATION & AMORTIZATION.

2,703

2,354

4Q01 * 3Q03

9%

925 998

914 986

1.715 1.675

3.221 3.150

9M02 9M03

6,775 6,810

PERSONNEL

O&AE

VAT & IPAB

OTHER

7

EFFICIENCY RATIO INCLUDES TRADING.* AVERAGE FOR THE PERIOD.

Banorte has successfully integrated three institutions over the last 6 years.

The Efficiency ratio has suffered after each acquisition, being Banorte able to return to

adecuate efficiency levels in the following years.

The efficiency ratio should continue to improve in the coming quarters as we leverage

the Bancrecer branch network and penetrate its client base.

Efficiency Ratio

1992

EfficiencyRatio

1996 1997 2001 Dec 2002

55% 66% 93% 78% 105% 78%87%

3Q’03 *

77%

8

Traditional Loan Portfolio

TRADITIONAL LOAN PORTFOLIO 3Q02 2Q03 3Q03QUARTER

Commercial 16,986 18,580 19,776 6% 16%

Corporate 11,836 13,654 12,459 (9)% 5%

Mortgage 10,139 11,791 12,469 6% 23%

Automobile 2,671 4,046 4,573 13% 71%

Credit Card 1,579 2,169 2,499 15% 58%

Electronic Payroll Loans 471 816 1,001 23% 112%

Government Entities 3,995 7,608 8,805 16% 120%

Financial Entities 1,557 3,333 3,644 9% 134%

TOTAL 49,234 61,997 65,229 5% 33%

FIGURES = MILLION PESOS. TRADITIONAL LOAN PORTFOLIO DOES NOT INCLUDE NEITHER FOBAPROA / IPAB NOTES NOR RECOVERY BANK BUSINESSGOVERNMENT ENTITIES INCLUDES FEDERAL, STATE & MUNICIPALITIESFINANCIAL ENTITIES = INCLUDES GOVERNMENT AND PRIVATE FINANCIAL ENTITIES LIKE LEASING,FACTORING COMAPNIES AND OTHERS.

VARIATION

ANNUAL

49.234

61.99765.229

3Q02 2Q03 3Q03

9

Past Due Loans

Grupo Pulsar non performing loan of USD 50 million was fully paid with a 46% discount.

MORTGAGE

CORPORATE

COMMERCIAL

2Q03

1,227

1,141

389

AUTOMOBILE 141

CREDIT CARD 119

ELECTRONIC PAYROLL 74

3Q03

1,159

652

398

158

132

87

TOTAL 3,911 3,414

3,9113,414

2Q03 3Q03

RECOVERY LOANS 819 827

TYPE OF LOAN PDLRatio

0.8%

0.8%

0.3%

0.1%

0.1%

0.1%

2.6%

0.5%

PDLRatio

0.8%

0.4%

0.3%

0.1%

0.1%

0.1%

2.3%

0.5%

MILLION PESOS

10

Loans & Insurance allocation by quarter

3Q02 1Q03 3Q03

BANCRECERBANORTENUMBER OF LOANS AND INSURANCE POLICIES.

AUTOMOBILE ELECTRONIC PAYROLL LOANS MORTGAGE

10% 21%

90% 79%

1,677

1,397

LIFE INSURANCE

3Q02 1Q03

42%100%

58%

13,626

29,872

CAR INSURANCE

3Q02 1Q03

74%

63%

16,678

20,753

26%37%

3Q02 1Q03 3Q03

38%

62%

9,929

21%

79%

6,946

41%

59%

10,729

3Q02 1Q03 3Q03

20% 33%

80%

67%

20,40322,793

35%

65%

34,988

39%

61%

2,085

3Q03

45%

55%

36,470

3Q03

61%

19,317

39%

11

Loan Allocation by quarter

3Q02 4Q02 1Q03 2Q03 3Q03

MORTGAGE $ 788 838 713 952 1,125

# 1,677 1,737 1,397 1,867 2,085

Average amount per loan 470 483 511 510 539

AUTOMOBILE $ 739 887 1,060 1,110 1,215

# 6,946 8,287 9,929 9,894 10,729

Average amount per loan 106 107 107 112 113

$= MILLION OF PESOS; #= NUMBER OF LOANS; AVERAGE AMOUNT PER LOAN=THOUSAND PESOS.NUMBER OF LOANS AND AMOUNTS ARE ACCUMULATED IN THE QUARTER.

49,000 dlls

10,000 dlls

12

PDL by date of origination

LOAN ALLOCATION AS OF SEPTEMBER 2003...

MILLION PESOS.*INCLUDES RECOVERY LOANS AND IPAB/FOBAPROA.

COMMERCIAL

CONSUMER- Mortgage

- Automobile- Credit Card- Other

CORPORATE

GOVERNMENT

TRADITIONAL LOANS

TOTAL LOANS*

FINANCIAL ENTITIES

Total Past Due Ratio

Granted Before Dec’01 Granted After Jan’02 TOTAL

Total Past Due Ratio Total Past Due Ratio

2,769 208 7.5% 17,008 190 0.9% 19,777 398 2.0%

9,162 575 6.3% 11,380 312 2.7% 20,542 887 4.3%7,251 450 6.2% 5,218 85 1.6% 12,469 535 4.3%

322 48 14.8% 4,251 110 2.6% 4,573 157 3.4%1,567 61 3.9% 933 71 7.6% 2,499 132 5.3%

22 17 75.4% 978 46 4.7% 1,000 63 6.3%

1,484 274 18.5% 10,976 379 3.4% 12,459 652 5.2%

2,660 - 0.0% 6,146 - 0.0% 8,805 - 0.0%

72 - 0.0% 3,572 - 0.0% 3,644 - 0.0%

16,147 1,057 49,081 881 65,228 1,938

102,105 2,493 49,205 921 151,310 3,4142.4% 1.9% 2.3%

6.5% 1.8% 3.0%

13

Recovery Bank

AUM Composition

AUM = ASSETS UNDER MANAGEMENT(*): FIGURES IN BILLION PESOS.

2001 2002 3Q03

6560 59Proprietary

Loans Acquired

SERFIN

IPAB

11%11% 7%

17%17% 25%

30%29% 25%

42% 43% 43%

14

Loan AuctionsDate Loans Auctioned Amount Winner Amount Price Type of

($MM) ($MM) Loans

23-Nov-99 UNION 7,639 Goldman Sach’s – GE 7,639 Commercial

28-Feb-00 SERFIN 20,931 GFNorte 20,931 11.8551% Com & Mor

8-Mar-00 SANTANDER 6,943 First City 6,943 Commercial

23-Aug-00 SERFIN II (Grises) 7,797 Operadora AURITEC 7,797 Com & Mor

24-Oct-00 CREMI 2,492 FirstCity 2,492 Commercial

1-Dec-00 INVERLAT 1,200 Goldman Sach’s 1,200 Commercial

6-Dec-00 Bancos Intervenidos: 4,947 GFNorte 2,691 23.1032% MortgageCremi, Obrero, Op. AURITEC 805Unión, Serfín Meseta LONE-STAR 508

SECORSE 943GFNorte 2,061 27.1458% Mortgage

6-Mar-01 BANCRECER 1 2,839 FirstCity 572LONE-STAR 206

20-Jun-01 SANTANDER 3,075 FirstCity 3,075 Commercial

29-Jun-01 SERFÍN SANTANDER 2,753 GFNorte 2,753 29.0593% Com & Mor

1-Jul-01 Bancomer 2,230 Goldman Sach’s 2,230 Commercial

GFNorte 211 18.0000% Mortgage24-Jul-01 BANCRECER 2 1,600 LONE-STAR 1,013

GE CAPITAL 37620-Sep-01 BANCRECER Comercial 1,239 Lend Lease 1,239 Commercial1-Oct-01 Goldman Sach’s 3,941 GFNorte 3,191 20.3236% Mortgage

LONE-STAR 7507-Dec-01 Banco Obrero 250 Gramercy Advisors 250 Commercial13-Dec-01 BANCRECER Comercial 1,278 GMAC Commercial M 1,278 Commercial26-Feb-02 Bancos en Liquidación 1,005 FirstCity 1,005 Commercial1-May-02 Scotia Bank INVERLAT 2,002 ? 2,002 Commercial6-Sep-02 Bancomer 1,254 SECORSE 1,254 Commercial1-Nov-02 Bancos en Liquidación 1,068 Lend Lease 1,068 Commercial5-Nov-02 CREMI (C. Hip VivMed) 1,012 GFNorte 364 25.4223% Mortgage

GE CAPITAL 648

11-Dec-02 QUADRUM 344 GFNorte 344 82.0000% Commercial

10-Jun-03 Bancos en Liquidación 3,187 First City 935Asesores Profesionales 517 CommercialIndustrias CH 1,734

16-Jul-03 Bancrecer 980 GFNorte 980 3.8600% Commercial18-Jul-03 Banco Industrial 934 GFNorte 934 7.1600% Commercial12-Sep-03 BBVA Bancomer 1,189 GFNorte 1,189 17.3251% Mortgage23-Sep-03 QUADRUM 362 Basilik 362 Commercial

84,491

September

Financial GroupAmount

$MM %

GFNorte 35,649 42.2%

First City 15,022 17.8%

Goldman Sach's 11,069 13.1%

GMAC / AURITEC 9,880 11.7%

Otros 12,871 15.2%

TOTAL 84,491 100.0%

Ps 27.2 billion to be sold by IPAB and private financial institutions from 4Q03 to 3Q04.

15

Long Term Savings Sector

3,641

6,489

9,831

15,091

19,480

23,653

1998 1999 2000 2001 2002 3Q03

AFORE(Assets under Management)

350

730

912971

1,318 1,324

1998 1999 2000 2001 2002 3Q03

INSURANCE(Gross Written Premiums)

304

843

1,239

1,457

837

221

1998 1999 2000 2001 2002 3Q03

ANNUITIES(Gross Written Premiums)

MARKETSHARE

GFNORTE’S PROFIT CONTRIB.

RANK

3Q02 3Q03 3Q02 3Q03 3Q02 3Q03

INSURANCE’S MARKET SHARE AND PLACE ARE AS OF JUNE 2003

9.8%10.1% 6.3% 6.0% 6° 5°

1.1% 1.6% 1.7% 4.0% 15° 14°

9.8% 9.6% - 2.7% 5° 6°

MILLION PESOS

MILLION PESOS

MILLION PESOS

16

Dividends

$353

$500

3Q02 3Q03

Payout ratio (1) 33%

(1) Ps 500 millions / Net Income as of 2001 Ps 1,587.9 millions; Ps 353 millions / Net Income as of 2002 Ps 2,016.0 millions(2) $ 1 / Share Price as of Sep’ 2002 $ 22.99; $ 0.70 / Share Price as of Sep’ 2003 $ 33.16

Dividend / Share Ps 1.0

18%

Ps 0.7

Yield (2) 4.4% 2.1%

17

Stock Performance

3Q’ 3Q’ 3Q’

2001 2002 2003Nov 6th

2003

STOCK PRICE 13.8

GROWTH VS 3Q01

PS -

USD -

P / BV

GFNORTE

BBVA BANCOMER

GFBanorte's P/BV Discount to GFBB's

DAILY VOLUME (USD Million)

0.8

1.5

1.5

23.0

66.8%

55.6%

1.1

1.4

1.8

33.2

140.6%

108.3%

1.3

1.6

1.8

(20)%

39.5

186.6%

148.8%

1.5

1.5

4.5

0%(47)% (21)%

18

Dec ’01 – Nov 5th‘ 03

-18.9%-8.2%

-0.5%

2.6%7.1%

28.6%28.9%

46.6%

68.4%

1st

GFNorte Bancode Brasil

Bancode Chile

SantanderChile

Itaú Unibanco Bancomer Bradesco

Source: Bear StearnsGrowths were calculated on USD share prices

Stock Price Performance among Mexican, Brazilian and Chilean Banks

Inbursa

19

Management

AGECEO Othón Ruiz Montemayor 60

BANKING Manuel Sescosse Varela 51

LONG TERM SAVINGS Enrique Castillón Vega 63

RECOVERY Miguel A. García Padilla Fdz. 49

PREVIOUS EXPERIENCE

GRUPO VISA

Bancen MULTIVA, Probursa’sBrokerage House, Sesvar, Sesscose Hnos. Constructores

Inverméxico, Seguros Monterrey Aetna, Finanzas Monterrey y Seguros Monterrey.GRUMA

AGE

PREVIOUS EXPERIENCEBUSINESS UNITS

CORPORATE Antonio Emilio Ortíz Cobos 52 Bancomext y Citibank

PYMES Enrique Catalán Guzmán: 55 Fitchibca, Productos Químicos yVegetales and Nacional Financiera

PLANNING Sergio García Robles Gil 43

RISK MANAGEMENT Gerardo Coindreau Farías 50TECHNOLOGY Alejandro Ramos Larios 49

FINA Value, Banamex and Bank of America

Serfín and Citibank.Banca Quadrum, Hidelbrando,BBVA Probursa, Probursa’sBrokerage House and Culliet Mexicana.

AGE

PREVIOUS EXPERIENCESUPPORT & CONTROL

FINANCE Federico A. Valenzuela Ochoa 55 Afin Casa de Bolsa, Grupo TécnicoAsesor and Inverméxico.

HUMAN RESOURCES Gerardo Soto Pérez 47 Productora e Imp. De Papel, S.A., Presidencia de la República and Instituto Mexicano de Comercio Exterior.

MARKETING Gloria Cecilia Miller Suárez 40 Duraligth de México, Industrias Cannon.LEGAL Aurora Cervantes Martínez 39 Procuraduría General de la República.COMPTROLLING Jorge Eduardo Vega Camargo 43 Banco Internacional, S.N.C.

EXPERIENCE

39

27

42

231734

20

2631

28

22

181823

EXPERIENCE

EXPERIENCE

20

Outlook

Traditional Loan Portfolio growth:

Low Cost Deposit growth:

Asset Quality:

NIM:

Non Interest Income:- Service fees:- Recovery fees:

Capital Management:

improving steadily

improving slowly

stable

improving slowly

improving slowly stable

cash dividend

21

GFNORTE3Q03