GFNORTE

4Q12 Results

Conference Call January 18th, 2013.

2

Material Events

Grupo Financiero Banorte acquires Afore Bancomer through Afore XXI Banorte

GFNORTE reached an agreement on November 27th with Grupo BBVA to acquire Afore

Bancomer through Afore XXI Banorte. On January 9th, the acquisition of Afore Bancomer

totaling US 1.73 billion was finalized, of which US 1.6 billion corresponds to the price paid by

Afore XXI Banorte and US 135 million to excess capital of Afore Bancomer.

Banorte contributed with 50% of the price paid by Afore XXI Banorte and the Mexican Social

Security Institute (“IMSS”) with the remaining 50%. The amount contributed by Banorte

through Afore XXI Banorte to pay Grupo BBVA was Ps. $10.25 billion (which does not include

the excess capital of Afore Bancomer), and Banorte used its available liquid resources to

make this payment. GFNORTE will implement various mechanisms in 2013 to regenerate

capital in order to neutralize the short term impact of this acquisition on Banorte's

Capitalization ratio.

When integrated to Afore XXI Banorte’s operations, the managed funds will amount to Ps.

$522.2 billion and accounts will total 11.75 million, thus becoming the largest retirement

savings manager in Mexico.

3

Banco Mercantil del Norte's Credit Ratings

After announcing the acquisition of Afore Bancomer by Afore XXI Banorte, the rating

agencies published the following ratings actions of Banco Mercantil del Norte (“Banorte”):

HR Ratings placed the ratings under special review.

Standard and Poor’s placed the ratings in CreditWatch with negative implications.

Moody's affirmed the ratings, changing the outlook to Negative from Stable.

In all the cases, their main concern is the impact that the acquisition may have on the

capitalization ratios if the transaction is funded with Banorte's existing capital.

In the case of Fitch, the rating agency ratified GFNORTE's and Banorte's ratings with a Stable

outlook, given the strategic benefits of this acquisition, as well as its gradual positive impact

on the Group’s revenue diversification and overall risk profile.

Material Events

Million Pesos

Yearly Recap GFNorte

2011 2012

Performing Loan Growth

P/BV

Net Interest Margin

Net Income

Stock price (pesos)

ROA

ROE

Book Value per Share

Past Due Loan Ratio

Efficiency

4

33.0%

1.39

4.1%

8,517

42.32

1.1%

14.1%

30.45

1.9%

55.7%

W/out

Ixe: 20% 15%

2.37

4.1%

10,888

83.45

1.3%

14.3%

35.20

2.1%

54.0%

16%

28%

97%

Million Pesos

Income Statement

Net Interest Income

Service Fees

Recoveries

FX & Trading

Other Income (expenses)

Non Interest Income

Total Income

Non Interest Expense

Net Operating Income

Income Tax

Net Income

Provisions

Subs & Minority Interest

5

YoY QoQ Change

2012 3Q12 4Q12

8,054 8,588 28,242 32,810 7% 16%

3,437 3,858 13,767 14,510 12% 5%

1,530 1,876 7,058 6,752 23% (4%)

322 290 1,117 1,307 (10%) 17%

1,024 1,050 2,778 4,152 3% 49%

562 642 2,814 2,300 14% (18%)

11,491 12,445 42,009 47,320 8% 13%

(6,232) (6,288) (23,409) (25,535) 1% 9%

5,259 6,158 18,600 21,785 17% 17%

(1,524) (1,996) (5,438) (6,172) 31% 13%

(806) (1,030) (3,552) (4,128) 28% 16%

(150) (121) (1,093) (597) (19%) (45%)

2,780 3,010 8,517 10,888 8% 28%

2011

Quarterly Net Income

6

Million Pesos

20%

3,010 8%

4Q12 4Q11 1Q12

2,513 2,463 2,635

3Q12 2Q12

2,780

Adjusted Earnings and ROTE

7

Net Income without Extraordinaries

(Million Pesos)

Return on Tangible Common Equity

4Q11 3Q12 4Q12

Reported ROE 14.4% 14.5% 15.0%

Goodwill / Intangibles $20,589 $18,446 $20,724

Average Tangible Equity $49,183 $54,307 $57,031

ROTE 17.3% 19.1% 19.1%

4Q12

Var. vs. 2012

Change vs.

3Q12 4Q11 2011

Reported Net Income $3,010 8% 20% $10,888 28%

+ Integration Costs $0

$42

+ Impact of Ixe's Assets $211

$337

+ Others $0 $97

Recurring Net Income $3,221 16% 28% $11,364 33%

Total Expense 25.5

Non Interest Expense

24%

2011 2012

23.4 9%

8

Efficiency Ratio

6.3 24%

4Q11 4Q12

7.0 (10%)

Billion Pesos

2012

58.4%

4Q11 2010

54.0%

2011

50.5%

4Q12

55.7%

51.4%

Billion Pesos

Deposits

9

Mix

Demand

Time

Deposits 4Q12

Core Deposits

Demand

Time

4Q10 4Q11

212

124

336 7%

5%

8%

63%

37%

100%

63%

37%

100%

239

150

89

62%

38%

100%

306

190

116

27%

30%

28% 10%

7%

11%

Billion Pesos

Performing Loan Portfolio

10

QoQ

Change

YoY

Total

4Q11

Commercial

Corporate

Government

Consumer

4Q12

3Q12 4Q12

401

4Q11

350

3Q12

389

3%

0%

1%

7%

4%

123

57

71

350

99

401

131

64

88

118

15%

6%

11%

24%

20%

389

130

63

82

114

Billion Pesos

Performing Consumer Loan Portfolio

*Includes the credit card SOFOM Ixe Tarjeta’s portfolio since 1Q12

11

Consumer

Car

Payroll

Mortgage

3Q12 4Q12

118

4Q11

99

114

QoQ

Change

YoY 4Q11 4Q12 3Q12

Credit Cards*

118

10

18

18

72

9

11

13

99

64

4%

1%

7%

4%

4%

20%

10%

53%

35%

13%

114

10

16

17

70

Funding and Loan Portfolio Structure

FUNDING LOAN PORTFOLIO

$460 Billion Pesos $ 410 Billion Pesos

Commercial

Consumer

Mortgage Government

Corporate Vista Mesa de

Dinero

Interbank

Loans

12

Demand

Time

Money

Market 33%

22%

18%

16%

11%

46%

27%

19%

8%

13

Asset Quality

COVERAGE RATIO PAST-DUE LOAN

RATIO

4Q12 4Q11

1.9%

3Q12

1.9% 138%

143% 147%

4Q12 4Q11 3Q12

2.1%

Past Due Loan Ratios

Credit Cards

Payroll

Car Loans

Mortgage

Commercial

Corporate

Government

4Q11 1Q12 2Q12 4Q12 3Q12

Total NPL Ratio

7.3% 6.3%

1.7% 1.6%

1.6% 1.4%

1.5% 1.3%

2.7% 2.5%

2.2% 2.2%

0.0% 0.0%

1.9% 1.8%

5.3%

1.9%

1.4%

1.2%

3.0%

2.0%

0.1%

1.9%

6.8%

1.8%

1.5%

1.1%

2.7%

2.1%

0.0%

1.8%

5.0%

2.2%

1.3%

1.1%

3.5%

2.2%

0.1%

2.1%

14

15

Banorte (%)

Ixe (%)

4Q12 4Q11

15.3%

9.5%

15.5%

10.8%

3Q12

14.0%

9.4%

2Q12

15.6%

10.6%

1Q12

16.0%

10.4%

+20% +1%

128% 102%

+8% +6%

121% 119%

4Q11 2Q12

12.9%

10.8%

4Q12

14.7%

11.7%

3Q12

14.8%

11.9%

14.7%

11.6%

1Q12

13.8%

11.6%

+13%

103%

T1

Liquidity

Ratio

RWA*

*RWA= Risk Weighted Assets

Capitalization and Liquidity

Billion Pesos

Assets under Management

16

3Q12

494

548

95

58

237

1,432

Banking Sector

Broker Dealer

Afore XXI Banorte

Insurance and Annuities

Mutual Funds

107%

499

569

99

60

245

1,471

4Q12 4Q10

413

137

37 39

86

712

464

498

81

50

203

1,296

4Q11

Branches

2011 2012

ATM’s

2011

5%

2012 2011

27%

2012

POS’s

2%

Ixe

Distribution Network

17

1,316 174 Ixe

1,142

6,707

203

6,504

115,213

19,122 Ixe

96,091

1,285 167

1,118

6,367

205

6,162

90,649

14,765

75,884

18

2012 Million Pesos

Subsidiaries

Change vs

Company Net Income YoY

Banking Sector

Broker Dealer

Long Term Savings

Other Finance Companies

Banco Mercantil del Norte

Ixe Banco

Annuities

Retirement Savings

Insurance

Banorte –Ixe Tarjetas

Leasing and Factoring

Warehousing

Other *

* Includes Ixe Automotriz, Fincasa Hipotecaria, Ixe Soluciones, Ixe Servicios and the Holding Company

ROE

39.4%

32.1%

8.1%

22.4%

17.1%

16.9%

27.7%

7,505

754

49

161%

532

471

155%

39%

93%

20%

662 -

604

43

(2%)

8%

(413)

8,920

681

36%

63%

Net Income in Million Pesos

AUM* Billion Pesos

Recovery Bank

19

4Q11 Change

YoY 4Q12

Propietary Assets

Acquired Assets

Total

Managed Assets "Su Casita"

Ixe Assets

Investment Projects

*Since May 2011, the business related to investment projects is managed by Wholesale Banking.

Total

2012

571

2011

451

4%

-

28.8

40.3

2% 90.3

(1%) 6.4

21% 6.5 7.8

(3%) 7.0

27.6

40.4

7.2

88.1

6.4

20

Million Dollars

Inter National Bank

Pre-Tax Net Income

Provisions

Net Income

NIM

ROE

ROA

Efficiency

Total Deposits

Performing Loans

PDL Ratio USGAAP

Coverage Ratio USGAAP

Classified Assets to Capital

2011 2012

(7%)

3%

28.0

17.7

7.1

3.2%

1.8%

0.3%

64.1%

1,646

753

3.8%

71.2%

22.1

5.2

11.4

3.0%

2.7%

0.5%

69.7%

1,700

697

1.1%

174.1

46% 23%

21