Draft as of November 30, 2012

GBOOY

XNOR

Grupo Financiero Banorte

Conference Call December 3rd, 2012.

Transaction Highlights On November 27, 2012, GFNORTE reached an agreement with Banco Bilbao Vizcaya Argentaria and BBVA Bancomer to acquire Afore Bancomer through Afore XXI Banorte, a subsidiary of Banco Mercantil del Norte (“Banorte”). The agreed purchase price equals to US$1,600 million in cash, of which Banorte will contribute 50% and the Mexican Social Security Institute (“IMSS”) the remaining 50%. –

As part of the agreement, the sellers will extract from Afore Bancomer any excess capital above the minimum regulatory capital at the closing date.

GFNORTE has sufficient resources to cover its corresponding payment, either by using its capital or through other liquidity sources, such as loan commitments already negotiated with other financial institutions, among others. The acquisition is subject to the approval of the Federal Commission for Economic Competition (Comisión Federal de Competencia Económica - COFECO) and other customary closing conditions. −

The National Commission for Retirement Savings System (Comisión Nacional del Sistema de Ahorro para el Retiro - CONSAR) already granted approval of the transaction on November 29, 2012.

The closing of this transaction is expected to take place in the first quarter of 2013 and both Afores are expected to start reporting on a combined basis in the second quarter of the same year. −

2

GFNORTE will continue to account for its part of the combined business using the equity participation method.

Transaction Structure The operations of Afore Bancomer will be integrated into Afore XXI Banorte, a subsidiary of Banorte, once the transaction is finalized. The corporate identity and operations of Afore XXI Banorte will subsist, becoming the largest retirement savings manager in Mexico.

Grupo Financiero Banorte

Banking Sector

Banco Mercantil del Norte(1)

Ixe Banco(3)

Banorte USA(2)

Banorte Ixe Tarjetas(2)

1) 2) 3) 4) 5) 6) 7) 8)

3

92.72% GFNorte. 100% Banco Mercantil del Norte. 99.99% GFNorte. 51% GFNorte, 49% Generali. 50% Banco Mercantil del Norte, 50% IMSS. 100% Ixe Automotriz. 99.99% Fincasa Hipotecaria. 100% Casa de Bolsa Banorte Ixe.

Long Term Savings

Other Finance Companies

Brokerage

Seguros Banorte Generali(4)

Arrendadora y Factor Banorte(3)

Ixe Servicios(3)

Casa de Bolsa Banorte Ixe(3)

Pensiones Banorte Generali(4)

Almacenadora Banorte(3)

Ixe Soluciones(3)

Ixe Fondos(3)

Ixe Automotriz(3)

Banorte Securities(8)

Afore XXI Banorte(5)

Ixe Fleet(6) Fincasa Hipotecaria(3)

Afore Bancomer(5)

Casa Servicios Administrativos(7)

Transaction Rationale Increases portion of GFNORTE’s earnings from a stable, high cash flow generation business with an attractive growth profile.

Afores by AuM Billion Pesos | As of October 2012 28%

15%

13%

600

Further diversification of income generation to a business with no credit risk or market risk.

517 500

400

319

279

300

–

Limited capital consumption.

251

237

215 123

200

Creates the #1 pensions administrator in Mexico with close to Ps$517Bn (~US$40Bn) in AUM and 12 million affiliates. Potential to capture synergies from optimization of sales forces and administrative expense savings. −

Cross-adoption of best practices.

−

Afore XXI Banorte’s management team has hands-on experience in the integration of pensions platforms.

100

98

94

100

61

67

0

XXI Banorte Bancomer XXI Banorte Principal Inbursa Coppel + Pension Bancomer Banamex SURA Profuturo GNP Invercap Others(1) ISSSTE pro forma

Afores by Affiliates Millions | As of October 2012, Excludes Assigned with Resources at BANXICO 27%

17%

10%

14

11.8 12

10

7.9 8

6

4

Opportunity to further develop Afore XXI Banorte’s voluntary savings business for individuals and corporate plans. 1. 2.

4

Includes Metlife, Azteca and Afirme Bajio Includes PensionISSSTE, Azteca and Afirme Bajío

2

7.3

6.2 4.5

3.9

3.8

3.1

2.9 1.1

1.1

1.3

0

XXI Banorte XXI Banorte Bancomer Coppel Invercap Metlife + Bancomer SURA Principal Profuturo GNP Inbursa Others(2) pro forma Banamex

Market Share (%)

Transaction Rationale (Continued) GFNORTE’s combined assets under management base will grow to over Ps$1,700Bn (~US$131Bn).

GFNORTE | Assets Under Management Billion Pesos

1,711

Expansion into a high return-on-equity and high net income growth business.

279(1) 1,432

Transformational Transaction in a High-Growth Business

237(1)

58 95

58 95

Insurance & Annuities

2009

: AGR ) D(1 C T Y 2 1 – 20

.5 t e 19 anor B I XX

548

548

Broker-Dealer

464

494

494

Banking Sector

2011

3Q12

% 15.2

712 86 39 37 137

1,258

498

413

983

978

1000

925

Mutual Funds

50 81

1,380

1,349

Afore XXI Banorte

1,296 203

mer anco %/ B

516

237(1)

Net Income | Million Pesos 1500

Afore Bancomer

896

2010

3Q12 Pro-Forma

ROAE 50% 41%

593

33% 24% 15%

500

2009

2010 XXI Banorte(3)

1. 2. 3.

5

2011

October 2012YTD 1

Afore Bancomer

42% 37%

36% 31%

26%

20%

2009 XXI Banorte(3)

2010 Afore Bancomer

As of October 2012 Peers Include: Afirme Bajío, Azteca, Banamex, Coppel, Inbursa, Invercap, Metlife, PensionISSSTE, Principal, Profuturo GNP, SURA Historicals are pro-forma for the combination of Afore XXI and Afore Banorte Generali

2011

October 2012YTD 2012YTD

Peer Average (2)

Highlights of Afore Bancomer AUM

# 2 Player

(Billion Pesos)

History of Sustainable Growth

279

300

211

180

200

237

100

2009

2010

2011

Revenues 3.5 3.48 3.46 3.44 3.42 3.4 3.38 3.36 3.34 3.32 3.3 3.28 3.26 3.24 3.22 3.2 3.18 3.16 3.14 3.12 3.1 3.08 3.06 3.04 3.02 3 2.98 2.96 2.94 2.92 2.9 2.88 2.86 2.84 2.82 2.8 2.78 2.76 2.74 2.72 2.7 2.68 2.66 2.64 2.62 2.6 2.58 2.56 2.54 2.52 2.5 2.48 2.46 2.44 2.42 2.4 2.38 2.36 2.34 2.32 2.3 2.28 2.26 2.24 2.22 2.2 2.18 2.16 2.14 2.12 2.1 2.08 2.06 2.04 2.02 2

(Billion Pesos)

3.2

3.0

2010

2011

October 12012YTD

2.6

October 1 2012

Operating Margin

3.1

2009

Operating Expenses as % of AUM 1.6

(%)

80%

Strong Profitability and Efficient Cost Base

1.3

1.4

66% 51% 46%

60%

50% 40% 37% 29%

1.2

1.0

1

0.7

1.1 0.8 0.6

0.8

0.7 0.5

0.8

0.6

0.6 0.4

0.7

0.4

0.2

20%

0

2009 XXI

Banorte(2)

2010

2012YTD 2011 October 2012YTD

Afore Bancomer

Peer

2009

Average(1)

XXI

2010

Banorte(2)

2011

October 12012YTD Peer Average(1)

Afore Bancomer

Average AUM per Affiliate (Thousand Pesos) 78.00

47

58.00

40

48.00

38.00

28.00

21

32

26

34

29

37

33

44

51

18.00

8.00

-2.00

2009 XXI Banorte(2)

High-Potential Non-Mandatory (Voluntary) Business

2010 Afore Bancomer

2011 Peer Average(1)

October 2012YTD2012YTD XXI Banorte(2) + Afore Bancomer

First Afore to offer corporate sponsored savings Siefore. First Afore to offer public sector Siefore. 1. 2.

6

62

54

68.00

Higher Account Balance per Affiliate

Peers Include: Afirme Bajío, Azteca, Banamex, Coppel, Inbursa, Invercap, Metlife, PensionISSSTE, Principal, Profuturo GNP, SURA Historicals are pro-forma for the combination of Afore XXI and Afore Banorte Generali

Synergies Potential

Sources of Synergies

Targeted Level

Commercial expense efficiency from optimization of sales force and crossadoption of commercial best practices.

10% to 20% savings in combined sales force expenses.

Optimization of fixed cost and base.

20% to 30% of fixed administrative expense base of Afore Bancomer.

Estimated pre-tax synergies of between Ps. 300MM to Ps. 500MM per year to be phased-in over the first two years of operations of the combined business.

7

Transaction Multiples Key Transaction Metrics Ps. MM

US$MM (2)

20,778

1,600

279,290

21,507

Net Income – October 2012 LTM

1,610

124

Net Income – 2012 Annualized(1)

1,657

128

Statistics Purchase Price AuM – October 2012

Affiliates (MM) – October 2012

4.49

Multiples Price / AuM – October 2012

7.4%

Price / Net Income – October 2012 LTM

12.9x

Net Income – 2012 Annualized(1)

12.5x

Price / Affiliates – October 2012

Ps. 4,625

1. 2.

8

2012 full-year net income calculated by annualizing the year-to-date accumulated net income to October 2012 Amounts converted from Pesos to US Dollars for convenience purposes only using the FIX exchange rate of MXN 12.986 per US Dollar published by Banco de Mexico on the transaction announcement date (November 27, 2012)

GBOOY

XNOR

Grupo Financiero Banorte

Conference Call December 3rd, 2012.