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					BANORTE USA




              September 2007
Grupo Financiero Banorte’s Vision

•   To be a bi-national financial group offering integrated financial
    products and services to a diverse group of customer segments.


•   To be a bi-currency financial group which offers a wide range of
    products and services in U.S. Dollars and Mexican Pesos.




                                                                        2
Bi-currency: Statistics

    The Mexican banking system has
    approximately $14 billion in U.S.
    dollar deposits within the country.


    It is estimated that Mexican Nationals
    have approximately $35 billion
    dollars in deposits in bank accounts
    and investments abroad.

    Banorte wants to have a bigger share
    of its customers’ wallets on both sides
    of the border.



                                              3
Banorte’s U.S. Expansion Strategy

Banorte has a Three-Pronged Strategy for U.S. Expansion:

     Private Banking / Wealth Management
     (Brokerage Services)
        Provide Mexican Nationals and U.S. Citizens dollar-denominated
         financial investment products (Banorte Securities International, Ltd.).


     Commercial/Retail Banking
        Provide financial products and services to facilitate cross-border
         transactions for businesses and individuals.


     Remittance Market
        Provide an integrated approach to remittances to the non/under-banked
         immigrant population living in the U.S.




                                                                                   4
                    Banorte USA


                            Brokerage/   International
Remittances   U.S. Bank
                           Investments     Business




                                                         5
Strategic Reasons for Entering the U.S. Market

 Attractive local banking market
    High growth rates
                                                       WA
                                                       6.1%                                                                  0.6%
 Cross border business                              OR
                                                                       MT
                                                                       2.2%
                                                    5.7%
    Foreign trade products and services                        ID
                                                               7.4%
                                                                                                                            CT
                                                                                                                            8.5%
                                                                                                 2.5%
    Bi-national products to individuals      Family Remittances
                                                                        WY
                                                                        7.1%
                                                                                 US Banking IA
                                                                                                          Private Banking inNJ
                                                                                                                        PA
                                                                                                                        2.7%
                                                                                                                              US
                                                                                                                           MD
                                                       NV
                                                                                   Market 1.8%                              US
                                                                                                          -High net worth4.0% Residents
                                                  CA 13.9%      UT
                                                 31.4%          6.2%                                   IL            WV VA
                                                                                                          -Mexicans Nationals
                                                                                                      10.2%
 Family remittances                                                       CO
                                                                         13.8%                 MO
                                                                                               1.6%
                                                                                                              KY
                                                                                                              0.8%
                                                                                                                    0.6% 3.8%
                                                                                                                       NC
    Improve our position in the industry                      AZ
                                                              20.9%     NM             OK
                                                                       40.5%           3.6%
                                            Cross Border
 Private banking market                       Business
                                                                                    TX          2.7%
                                                                                   28.2%
 (México-US)

 Synergies
    Across all market segments                                                               Binational products for individuals
    (Banorte México, Banorte US Bank,                                                         -Credit Cards
     Banorte Securities, and Remittance                                                       -Mortgages
     Money Transmitter)                                                                       -US based deposit accounts


 Geographical diversification of
 income for Grupo Financiero
 Banorte
                                                                                                                                   6
Synergies


  Banorte and INB clients are already benefiting from
  expanded services from both banks:

    Free fund transfers between Banorte and INB savings and checking accounts

    Free withdrawal and account balance inquiries in ATM’s of both Banks

    Acceptance of each others checks for deposit with next day availability in
     both currencies.

    Banorte Securities Int’l, Ltd. (BSI) offices in McAllen & El Paso

    Account opening process of accounts referred by Banorte to INB has
     resulted in the opening of over 3,000 accounts with $45 million in balances.




                                                                                    7
New Products and Services

   New Products Introduced Since Merger:

     Mortgages to Americans purchasing Mexican Resort Properties:
         $38 million funded to date with $24 million at closing.
         Potential: 2008-$150 million, 2009-$250 million, 2010-$350 million

     Loans secured by investment portfolios held by customers at BSI in
         dollars or at Banorte in pesos: $5 million funded to date with
         $20 million at closing.
         Potential: 2008-$60 million, 2009-$100 million, 2010-$150 million.

     Banorte Securities offices have been introduced in INB offices:
         $72 million funded to date in new investment accounts.
         Potential: 2008-$125 million, 2009-$185million, 2010-$250 million

     Competitive Foreign Exchange Platform




                                                                              8
New Products and Services

   New Products Currently in Development:

     New INB issued credit card program to be launched in 1Q, 2008.
        Potential: 2008-$15 million, 2009-$25 million, 2010-$50 million.

     New trade financing loans programs to be offered in late 2007.
        Potential: 2008-$50million, 2009-$125 million, 2010-$200 million.

     Enhanced treasury management services including lockbox,
      remote deposit capture and ACH services which should increase
      our non-interest income.

     New Markets: Laredo and Brownsville, Texas to open 1Q, 2008.




                                                                            9
New Markets: Proposed New Branches



   LAREDO, TEXAS

   BROWNSVILLE, TEXAS

   Potential New Markets:
    SAN ANTONIO, TEXAS
    HOUSTON, TEXAS
    DALLAS, TEXAS
    SAN DIEGO,
        CALIFORNIA


    Details:
   Approximately 4,100 sf facility
   3 drive-thru lanes & drive-up ATM
   Completion is estimated for 1st Qtr 2008


                                               10
Private Banking/Wealth Management

 Banorte Securities International, Ltd (BSI) markets its
 services to:
   High net worth individuals in Mexico
   Hispanics/US citizens and residents


 Growth Strategy:
   Grow organically by creating a dedicated sales force which focuses on the
    Hispanic population, including high net-worth Mexican nationals and Mexican-
    Americans residing in the U.S.
   Currently has approximately $1.2 Billion in assets.




                                                                                   11
Synergies

  INB and Banorte Securities clients will benefit from expanded
  services from both Institutions:
    Banorte Securities will refer clients to Inter National Bank, seeking bank
     accounts not available at BSI.

    Inter National Bank will refer clients to Banorte Securities that seek brokerage
     accounts not available at Inter National Bank.

    Inter National Bank can provide loans to BSI customers wishing to use their
     brokerage accounts as collateral.




                                                                                        12
Remittances Market


  Banorte has been a strong payer of remittances to customers in Mexico
    Payment agreements with more than 30 U.S. licensed remittance companies
     (including UniTeller) and 3 major U.S. banks (BoA, Chase, and Wells Fargo)
    Over to 4 million remittances paid in 2006 totaling $1.6 Billion (7% Mkt Share)
    Banorte has been promoting banking the beneficiaries of remittances
         Over 62,000 Enlace Express Accounts (without fees)

  Strategy: Vertical Integration
    Acquisition of UniTeller will streamline GFNorte’s remittance service
    Access to a large number of under-banked clients on both sides of the border –
     additional business opportunities
    Promote remittances to Banorte, and banking of beneficiaries
        complements Banorte’s bancarization effort

  UniTeller will benefit from additional financial resources, and correspondent
  banking relationships in the US as well as in other parts of the world



                                                                                       13
Banorte’s Agreements w/ Major Corporations & Financial Institutions




                                                                      14
UniTeller

  Acquisition of 100% of UniTeller
  Transaction Closed on Jan. 18, 2007
  High Growth Industry:
    Estimated $50 billion in remittances from the U.S. to Latin America in 2006
     billion (close to $25 billion to Mexico alone)
  Background:
    Based in New Jersey
    $1.12 Million transfers per year
    Agent Network in the US: 1,000 collection agents in 41 States
    Strong payment network: Over 4,000 payment points in 19 countries including
     top remittance destination countries
        Strong payment network in Mexico’s rural areas, complementing
          Banorte’s banking network
        Guatemala, Philippines, El Salvador
    Strong compliance culture
    Attractive technological infrastructure with enough capacity to support
     immediate growth




                                                                                   15
UniTeller (cont’d)

 Projects in Progress
  Account Link (deposits to an account)


  Product Improvements
   Discounts on remittances from U.S. from Uniteller
      and Banorte
   Payment options to Banorte accountholders
   Marketing campaigns in conjunction with other
      U.S. transmitters to promote remittances




                                                        16
Opportunity to integrate the non-banked:

   Enlace Express is Banorte’s
   equivalent to free checking
   in the U.S.:                                # of Customers
                                                     (In Thousands)
     debit-card based
                                                                       62,467
     no minimum balances
      or monthly fees                                      52,200


 Since its inception, the Enlace
  Express product has achieved              33,130
  significant progress.




                                    5,600




                                    2004    2005             2006     Jun-2007

                                                                                 17
BANORTE USA
Results from Operations




                          September 2007

                                           18
  Dollar Denominated Assets
                                                 IN MILLONS OF DOLLARS

                                  2006                     2007            Variance (%)


                          JUNE            DEC               JUNE         YTD     Y on Y


Demand                     699            745               748          0%        7%
Time Deposits              676            716               793          11%      17%
Banorte Dollar Deposits   1,375          1,461             1,541         5%       12%

BSI Mexico Accts           958           1,025             1,033          0%       8%

Total Mexico              2,333          2,486             2,574         3.5%     10%
INB                        977           1,363             1,280         (6%)     31%

BSI –INB Accts               2             42                72          71%     3,316%

Total USA                  979           1,405             1,352         (4%)     38%

Total GFB                 3,311          3,891             3,926         2%       18%


                                                                                          19
  Earnings - Banorte USA

                                          IN MILLIONS OF DOLLARS

                                   2006               2007         Variance (%)


                           JUNE           DEC        JUNE           Y on Y


International business-
                           21.5           58.2        25.0            16%
(México) Pre-Tax
INB Financial Corp.
                            9.4           17.9        11.9            27%

Banorte Securities, Ltd.    0.8                       1.3             70%
                                          1.4

Uniteller Holdings, Inc.   (0.1)          (0.1)       (0.4)         (353%)

Total Earnings             31.6           77.3        37.9            20%




                                                                             20
INB June 30, 2007 Highlights
                      IN MILLIONS OF DOLLARS
                                        1S06           1S07

Net Interest Margin                     4.7%           4.5%


Loans                                   721     28%     922


Deposits                                977     31%   1,277

Net Earnings                            10.0    24%    12.5

Efficiency Ratio                        43.5%         41.3%

ROE                                     20.8%         23.7%


ROA                                     1.8%          1.8%

                                                              21
Inter National Bank: Earning Assets vs. Cost of Funds




                    9.00
                    8.00
                    7.00
                    6.00
                    5.00
                    4.00
                    3.00
                    2.00
                    1.00
                    0.00
                              2003   2004   2005   2006   Jun-2007
    Yield on Earning Assets   6.36   6.43   7.04   8.15     8.39
    Cost of Funds             2.29   2.05   3.03   4.28     4.73
    Spread                    4.07   4.38   4.01   3.87     3.66



                                                                     22
Inter National Bank: Net Interest Margin




               5.00

               4.50

               4.00

               3.50

               3.00

               2.50

               2.00
                         2003   2004   2005   2006   Jun-2007
   Net Interest Margin   4.32   4.67   4.47   4.58     4.49




                                                                23
    Banorte Securities International, Ltd.

                                                                        IN MILLONS OF DOLLARS
                                                        2006                      2007          Variance (%)


                                              JUNE               DEC             JUNE            Y on Y

  Revenues                                      3.8               7.5             5.0              32%

  Expenses                                     (2.9)             (5.7)            (3.3)            12%


  Earnings from Operations                      0.9               1.8             1.7             102%


  Investment Earnings                           0.2               0.4             0.2              (4%)

  Taxes                                        (0.2)             (0.8)            (0.6)            132%

  Net Earnings                                  0.8               1.4             1.3               70%




Note: Banorte Securities consolidates into Casa de Bolsa and not Banorte USA.

                                                                                                               24
Family Remittance Indicators - Mexico

                                  IN MILLONS OF DOLLARS

                                 2006              2007   Variance (%)

                                                   JUN    YTD
                         JUNE           DEC                      Y on Y
                                                    E

Transactions (000’S)     1,931          3,969     2,064   4%        7%

Paid in Cash             $744           $1467     $755     -        -

Paid into Accounts        $50           $119       $77     -        -

Total Paid               $794           $1586     $832    5%        5%
                           6%             8%        9%     -         -
Direct Deposit %
Revenues                  $4.2            $9      $4.4    5%        4%

No.of Accounts-EE       43,907      52,207       62,467   39%      42%

Avg. Deposit Balances     $17            $20       $22    20%      30%




                                                                         25
Family Remittances Paid in Mexico
 While the growth in the remittance market has slowed, Banorte continues to grow
 well above the rate of growth of other Mexican banks.


                                  Market Growth
                                  (1H06 vs. 1H07)




                                                        9%

                            7%




                0.6%

               Market      Non      (3%)      (4%)     Banorte
               Growth     Banks
                                   Banks
                                              Banks
                                               w/o
                                             Banorte                               26
BANORTE USA
Supplemental Information




                       September 2007

                                        27
Inter National Bank: Loan Growth


  $1,100,000
   In Thousands

                                                              $930,822

                                                   $787,588
    $800,000
                                        $687,505


                             $514,161
    $500,000
                  $366,005


    $200,000
                  2003       2004       2005       2006       Jun-2007
     % Growth                 40%        34%        15%       36% Ann
                                                                         28
Inter National Bank: Net Loan Losses



  $400,000



             $297,951
  $300,000                                               $274,384
                        $241,878

                                              $194,714
  $200,000                         $184,713




  $100,000
             2003       2004       2005       2006       Jun-2007

                                                                    29
Inter National Bank: Deposit Growth


 $1,600,000
  In Thousands


                                                  1,363,135
                                                                         1,277,247

 $1,200,000


                                                               976,569
                                       $938,699

                            $796,897
   $800,000
                 $618,346




   $400,000
                 2003         2004     2005        2006       Jun-2006   Jun-2007

    % Growth      18 %        29%       18%          45%                 YoY 31 %
                                                                                     30
Inter National Bank: Account Growth


 40,000
                                                  33,310
                                        29,481
 30,000                        25,825

                      19,182
 20,000      17,947



 10,000



     0
             2003     2004     2005     2006     Jun-2007
  % Growth   10%      7%       35%      14%      26% Ann
                                                            31
Inter National Bank: Net Earnings


  $28,000                                                       $26,400


  $24,000
                                $20,018
                                          $19,177
  $20,000

                      $15,203
  $16,000
            $12,405                                  12,486
  $12,000

   $8,000

   $4,000

      $0
            2003      2004      2005      2006      2007-YTD   2007-Proj
                                                                  38%
                                                                           32
Inter National Bank: Return on Average Assets




   2.00%             1.81%   1.83%              1.80%
            1.75%
                                     1.65%


   1.50%



   1.00%



   0.50%



   0.00%
           2003     2004     2005    2006    Jun-2007
                                                        33
Inter National Bank: Return on Equity




   30.00%

   27.00%   25.29%
                                                   23.74%
   24.00%            22.25%
                              21.63%
                                        19.42%
   21.00%

   18.00%

   15.00%

   12.00%

    9.00%
    6.00%

    3.00%

    0.00%
            2003     2004     2005      2006     Jun-2007

                                                            34

				
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