1November 16, 2007

Banorte Investor Day

Closing Remarks

2

Index

1. Treasury and Capital Markets.

2. Commitment to Shareholders.

3. Bancarization Opportunities.

4. Medium Term Strategies.

3

1. Treasury and Capital Markets

4

Hedging Strategy

5

Strategy continues evolving.

Shield against Mexican elections is no longer needed.

Actual coverage is adequate for this complex environment.

Risk in fixed rate loan portfolio is contained.

A growing proportion of the loan portfolio has fixed rates.

Hedging necessary for long term maturities.

Credit cards and payroll loans are not hedged.

High returns on these loans.

Possibility of resetting interest rates.

Hedging

6

Funding Strategy

7

Reduction in funding costs through growth in core deposits.

Banorte’s growth rates are higher than the industry.

Branch expansion supports future growth in core deposits.

New banks entering the market.

Possibility of an increase in funding costs.

Banorte is very competitive – funding cost at 43% of Cetes.

60% of core deposits are demand deposits.

Funding

8

Short term & long term market funding.

Access according to market conditions.

Mexican Inter-bank market.

Conditions are normal.

Recent increase in costs due to tightening by the Central Bank.

Dollar denominated funding.

INB’s funding comes mostly through clients.

Wholesale funding is accessible.

Funding

9

Capitalization Strategy

10

Capital strengthening.

Subordinated debt issuance in ’06.

Retained earnings.

Capital consumption.

Growth in risk assets.

Investment in INB.

Dividends.

Prepayments of expensive obligations.

Capitalization

11

Capitalization Ratio

Tier 1

Tier 2

TOTAL

% Tier 1

PERCENTAGE

3Q06 3Q07

12.6%

2.3%

14.9%

84%

10.9%

3.9%

14.8%

74%

4Q06

12.2%

5.1%

17.4%

70%

1Q07

11.0%

4.9%

15.9%

69%

2Q07

10.9%

4.3%

15.2%

72%

12

Non Convertible Subordinated Debt Outstanding

Tier 1 - 10 NC 5

Tier 2 - 10 NC 5

Tier 1 - 15 NC 10

Tier 2 - 10 NC 5

Issue Date

Maturity

Nov-02 Nov-12

Type

Feb-04 Feb-14

Oct-06 Oct-21

Oct-06 Oct-16

Balance(Ps millions)

1,208

3,238

4,376

2,188

8.0%

Rate

5.87%

6.14%

6.86%

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2. Commitment to Shareholders

14

20 / 20 Vision

ROE

25%

2006

26%

2005

23%

9M07

15

Year

Dividend

per share

% of

Income

2003

2004

2005

2006

2007

18%

23%

24%

15%

15%

$0.18

$0.26

$0.32

$0.37

$0.45

Current dividend payment policy: 15% of recurring net income.

Million Ps

382

528

655

757

908

Dividend Policy

16

Investmentgrade

BBB-BBB

Baa1

Standard & Poors Fitch Moody’s

+1

+2

=

Scale over IG

Baa1

BBB

BBB-

Rating

Fitch

Moody’s

Standard & Poors

Agency

Positive

Positive

Stable

Credit Ratings

BBB+ Baa1

Banorte

México

Investment grade from the 3 most important agencies.

The outlook is “positive”.

Perspective Date

Sep ‘07

Jul ‘07

May ‘07

BBB+

17

3. Bancarization Opportunities

18

Financial Penetration

Sep-07

34%

24%

22%

28%

Corporate

Consumer

Mortgage

Total

%

20062005

21%

36%

46%

28%

7%

48%

80%

28%

Bank lending has become an engine of growth.

19

Financial Penetration

Financial penetration is low compared to the mid 90’s.

0

5

10

15

20

25

30

35

40

1994 1996 1998 2000 2002 2004 2006 2007

Loans

Deposits

%

Bank Loans and Deposits as a % of GDP

20

Financial Penetration

32% 31%

12%

22%

69%

Chile Brazil Average ArgentinaMexico

Credit to Private Sector as a % of GDP

Banks

Others

13%

9%

29%

Colombia

20%

Peru

The level of penetration is low compared to Latam peers.

21

Financial Penetration

Branches per thousand habitants

(Units)

0.62

0.53

0.08

UK Canada USA Mexico

0.10

Chile

0.34

Spain

0.46

2.4

2000 2002 2004

3.2

5.1

2006

6.0

25% of families

Families with debt payments in the formal economy

(Millions)

Low levels of branch penetration and household leverage.

22

Financial Penetration

Thousands of new loans per year

708

1998 1999 2000 2001 2002 2003 2004 2005 2006

200

320340 330

400

500 530

678

2007 2008 2009 2010 2011 2012

790

850

1,350

1,2001,050

900

Estimate

The outlook for mortgage lending is positive.

23

4. Medium Term Strategies

24

Medium Term Strategies

Profitability Validate 20/20 vision.

Organic growth Improve efficiency.

Market share Difficult competitive environment.

Asset quality Portfolio maturing / New originations.

Growth drivers Loans / Recent initiatives / markets

Focus: Consumer / Commercial / Mortgage / Microlending /

USA / Investment projects.

Bancarization Lower income segments.

25

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.

26