#18631 Corporate Presentation 4022 AL GRUPO FINANCIERO BANORTE#2About Banorte DB Rev Div Dep 2 NIM ΤΙ LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt C/I App Eco E GRUPO FINANCIERO BANORTE#3○ GFNORTE - A Leading and Profitable Financial Franchise in Mexico 3 2 Adequate business mix Strong retail, wholesale and premium banking platforms, as well as leading insurance and pension fund management units, serving more than 19 million clients. 1 Sound Fundamentals Solid asset quality, high liquidity, and strong capitalization ratios. 3 Solid corporate governance Independent Board Members represent 64% of total board composition and best practices in minority shareholder right protection. 4 Digital Strategy Prepared for the Future Hist DB One of the most public companies in Mexico GFNorte is among the top 3 most traded companies in the Mexican Stock Exchange, and has the highest Relative Weighting on S&P/BMV IPC Index, rated OTCQX Best 50 Global Market capitalization of US 20.7 billion, float around 86% and more than 6,000 investors, including large global institutional funds. Investment grade ratings by S&P, Fitch, Moody's and HR Ratings. Div Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#44 О From Regional Bank to Second Largest National Financial Group Regional Bank 1899 1982-1992 Establishment Nationalization Hist Business Diversification * Loan book Market Share Inorganic Growth 2.3% Privatization 20120 Plan Client Segmentation IT: central DB, multichannel 15%* 1,2,3 Plan ⚫ Banorte's Digital Transformation ⚫ JV Rappi ⚫ BINEO - Digital Bank Profitability 1995 2000 2005 2010 2015 2020 2022 Afin Bancentro Banpaís Banorte Generali 50% INB Afore XXI IXE IMSS 50% Afore Bancomer Bancrecer Banorte-General ¡100% G.F. Interacciones Rappi J.V. Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#5○ Strategy - Client centric & Digital Evolution PRODUCTS & SOLUTIONS Deposits & Loans Insurances Pensions Annuities Wealth Mngt. LO Hist Client Segmentation ■ 11.5 million ex-Afore clients 8.6 million Afore clients ■ Structured Info & Learning (Central DB & Watson) ■ Behavior understanding Analytics PROCESSES Account opening - Credit Analysis Next Best Offer - Next Best Action DISTRIBUTION CHANNELS Mobile Web ATM Contact Center Branches > 10M Rappi clients Rappi JV Consumer focus New customer behavior Digital Bank Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App C/I VIS Cost Google Hyper-personalization GRUPO FINANCIERO BANORTE#6Diversified Business Mix In progress. GRUPO FINANCIERO BANORTE JV with RAPPI 50% BINEO Digital Bank 100% Banco Mercantil Casa de Operadora del Norte Bolsa Banorte de Fondos Banorte 98.2618% 99.9999% 99.9987% Looking for fully licensed bank Banorte Ahorro y Previsión 99.9999% Arrendadora y Factor Banorte** 99.9009% Other Subsidiaries* Banorte Financial Services (Uniteller) 100.0% Banorte Securities Holdings International 99.9999% (Fondos de Inversión) Seguros Banorte Pensiones Banorte 100% 99.9999% 99.9999% *Includes: Almacenadora Banorte; Ixe Servicios; Banorte Futuro 98.22% Afore XXI Banorte 50.0% Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco 6 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#7Business Mix - Diversified Net Income and Balance Net Income Mix Net Income by Subsidiary 2022 $45.4 bn Other Finance Companies Million pesos 4Q22 q/q yly 2022 yly ROE 2022 Afore 2% 1% Bank 8,480 (3%) 28% 33,949 32% 24.6% Annuities 6% Broker Dealer & Mutual F. 172 (34%) (45%) 1,649 2% 22.9% Insurance Insurance 1,020 15% 122% 3,993 90% 53.8% 9% Annuities 825 (6%) 51% 2,733 36% 28.4% Broker Dealer & Pension Funds (Afore) 355 99% (42%) 788 (59%) 6.7% Mutual Funds 4% Other Finance Comp. 226 246% 89% 663 (1%) Holding 514 (0%) 40% 1,638 53% GFNorte 11,592 0% 28% 45,408 30% 19.2% ROTE 2022: Bank 30.01%, Afore 22.7% Div DB Rev Dep 7 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I Holding 4% Bank 75% GRUPO FINANCIERO BANORTE#8О ○ Net Interest Margin Moving in the Right Direction NIM 7.0% 6.5% 6.3% 6.1% 6.0% 5.6% 5.5% 5.6% 5.4% 5.3% 5.5% 4.9% 5.0% 4.7% 4.4% 4.5% 4.8% 4.5% 4.1% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 NIM (Post-Provision) Previous criteria IFRS 4.9% 6.7% 6.6% 4Q21 1Q22 2Q22 3Q22 4Q22 4.2% 6.5% 6.0% 5.5% 5.7% 4.8% 5.0% 4.5% 4.3% 4.4% 4.5% 3.9% 4.0% 3.7% 3.4% 3.4% 3.5% 3.5% 4.2% 3.5% 3.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 DB Rev Div Dep 8 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I 6.0% 5.9% 5.4% 4Q21 1Q22 2Q22 3Q22 4Q22 GRUPO FINANCIERO BANORTE#9○ Margin Sensitivity Evolution Dynamic risk management hedges. Focus on stable low-cost liabilities. Active ALCO. Organic growth of floating rate portfolio. NII Sensitivity per 100 bps in rate change Foreign Currency Balance Sheet Local Currency Balance Sheet Million pesos Million pesos 979 1,076 898 896 802 758 593 569 603 643 319 362 4Q18 4Q19 2Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 554 428 lii 1,127 1,156 1,167 1,205 1,222 842 638 566 4Q18 4Q19 2Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco 9 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#10Core Banking Fees keep growing Net Fees +7% q/q, +10% full year, driven by: Core banking fees +8% q/q, and +19% full year; ■ Electronic banking services +26% full year. +10% Net Fees 2022 y/y 4,504 Million pesos Previous criteria IFRS 4,277 4,216 4,000 Digital transactions leading annual growth, +19% in POS, +55% in mobile monetary transactions. 3,000 2,000 1,000 3,455 3,069 3,096 3,599 3,214 1Q 2Q 3Q 4Q 2020 3,289 3,457 4,003 1Q 2Q 3Q 4Q 2021 1Q 2Q 3Q 4Q 2022 POS Transactions +19% Mobile Monetary 4Q yly Transaction +55% 4Q y/y Millions Millions 350 300 Digital Physical 80 187 190 250 176 200 155 150 100 1 8 1 1 50 87 0 2828542UO 90 70 60 Core Banking Fees 5,687 Million pesos 5,290 5,109 5,000 93 83 4,000 177 60 20 43 +11% yly 3,000 10 1Q201 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2,000 1Q 2Q 3Q 4Q 1Q 2020 2Q 3Q 2021 4Q Div Hist DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App C/I 1Q 2Q 3Q 4Q 2022 GRUPO FINANCIERO BANORTE#11O Efficiency Temporarily Affected by COVID-19 Cost to Income 57.0% 54.0% Previous Criteria -IFRS 52.0% 52.0% 49.6% 48.5% 47.9% Recurring 44.9% 45.4% 47.0% 40.0% 39.7% 42.8% 41.4% 46.9% 42.0% 39.0% 39.1% 42.7% 41.4% 36.4% 37.0% 38.0% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Revenues & Expenses Million Pesos 30,000 Recurring Rev. 25,000 Revenues IFRS Expenses IFRS Revenues Expenses 20,000 15,000 10,000 5,000 11 I 4Q22 expenses +23% q/q on 1.6bn extraordinary expenses (personnel and amortizations). Strengthening commercial and SME teams, as we anticipate increased demand in these sectors. 2012 2013 2014 2015 2016 2017 2018 2019 DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I 2020 2021 2022 GRUPO FINANCIERO#12Net Income growing Net Income Million Pesos 47,000 CAGR 2012-2022 +30% +15% YOY 45,408 +28% YOY 12,000 11,524 11,592 11,544 10,748 42,000 37,000 36,528 11,000 31,958 35,583 35,345 35,048 32,000 10,000 9,061 Recurring 30,508 27,000 9,000 23,908 22,000 19,308 8,000 17,108 17,000 15,228 7,000 13,508 10,888 12,000 6,000 7,000 2012 2013 2014 2015 2016 2017 2018* 2019* 2020 2021 2022 +0.4% QoQ 5,000 4Q21 1Q22 2Q22 3Q22 4Q22 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco 12 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#13O Pre-pandemic - Constant Positive Growth in Profitability ROA 2.5% 2.30% 2.27% 2.26% 2.18% 2.26% 2.05% 1.99% 1.94% 2.0% 1.86% 1.60% 1.90% 1.46% 1.47% 1.76% 1.85% 1.40% 1.5% 1.30% -Previous Criteria Recurring IFRS 1.0% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 ROE 21% 18% 14.3% 14.2% 15% 14.1% 13.2% 13.3% 20.3% 20.1% 17.0% 19.3% 19.6% 17.1% *Recurring- 15.3% 14.8% 19.2% 15.5% 19.6% 19.4% 12% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Div DB Rev Dep 13 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App GRUPO FINANCIERO BANORTE C/I#14pradmoola 14 14 Transformation 2. Rappi JV 1. Digital Transformation at Core Bank Digital Bank Hist DB Rev Div Dep NIM ΤΙ LD Loan BAP Guid ESG NI ROE ICAP Mkt App C/I Eco GRUPO FINANCIERO BANORTE#15O Digital Transformation Gaining Share Transactions (Tx) Transactions BanorteMovil (millions) 800.0 700.0 Branches 600.0 4Q22 WEB 2.2% 500.0 12% 400.0 POS 24% 300.0 200.0 Correspondents 0% 100.0 Call Center 1% 12% 49% Mobile 0.0 ATM 1Q 2018 2Q 3Q 4Q 1Q 2019 2Q σε 4Q 1Q 2020 2Q 3Q 4Q 1Q 2021 15 Mobile as a Point of Sale Digital Deposit Account Customers Using Digital (millions) Credit Card 8 7 Payroll loans Time Deposits Mutual Funds Insurance 654 3 +50% 4Q yly 7.6 7.1 6.0 4.7 4.2 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q 4Q 1Q22 2Q 3Q 4Q Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#16Customer's Voice, Key in Banorte's Evolution On the right track to reach a 90-point NPS score, based on improvements from internal customers: ○ processes/services/systems products o branch-administration, contingency, others Banorte Móvil App WEB YOUR VOICE TRASFORMS 83.0 +6.6 pts vs 4Q21 83.3 +2.1 pts vs 4Q21 74.3 Branches +3.1 pts vs 4Q21 DB Rev Div Dep 16 NIM TI LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt App C/I 70.9 ATM +1.0 pts vs 4Q21 Eco GRUPO FINANCIERO BANORTE#17О Leaders in the Business & Infrastructure for the New Payments Market 8 - Rappi JV Credit Cards and Credits to affiliates Millions POS Transactions +19% 4Q y/y 350 ■Digital 300 Physical 250 187 190 176 200 155 150 100 50 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 17 Hist DB Rev NIM NI C/I 4Q21 1Q22 Div 2Q22 168 1 3Q22 4Q22 Amor a primera vista. The best DIGITAL PLATFORM for aggregators PayPal clip B CoDi Dep TI LD Loan BAP Guid ESG Eco ROE ICAP Mkt App recargable recargable an es aged amazon able amazonrecargable an → Indract aubr nrecargable amazoniecz roofrin ageresante cargable amazonrecaro CODI masterco mercado libre GRUPO FINANCIERO BANORTE VISA#18O Ongoing RappiCard evolution 778k Issued cards RappiCard: keeps growing in cards and billing 740k Cards with at least one purchase 60% Of cardholders with a credit line above Ps 5,000 2,033M1 Source: JV Banorte Rappi, as of Dec. 31, 2022 1. Average 4Q22 Average monthly billing 70% Monthly active users 77% Of users under 36 years old Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco 18 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#19Loans & Deposits DB Rev Div Dep 19 NIM ΤΙ LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt App C/I Eco E GRUPO FINANCIERO BANORTE#20Healthy Funding & Loan Portfolio Structure Bank Deposits Loan Portfolio 200 2018 $759 bn Senior Unsec. Debt 2% Money Market 15% 54% Demand 29% Time $777 bn 4Q22 $919 bn Senior Unsec. Debt Money Market 2% 7% Time 23% Demand 68% $920 bn US 47.2 bn US 47.2 bn Consumer Consumer 16% Government 18% 15% Government 25% Mortgage 20% Mortgage 25% 25% Commercial 22% Commercial 18% 16% Corporate Corporate Div DB Rev Dep NIM TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NI ROE ICAP Mkt App BANORTE Hist C/I#21O Loyal Deposits' Base Deposits Billion Pesos CAGR 2011-2022: +10% 840 900 Time Demand Core Deposits 751 750 834 818 840 796 YOY +12% 750 800 667 700 637 623 616 590 551 +11% 584 600 -623 YoY 600 509 -533. -538- 538 -+16% 436 500 438-- 384 384 397 414 400 336 351 306 300 255 YOY 300 211 223 229 217 190 194 211 217 211 212 218 218 217 +3% 158 168 +6% 200 146 124 -129. 136 100 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 MIX Time 38% Demand 62% 2013 Div DB Rev Dep 21 NIM TI LD Loan BAP Guid ESG Eco 21 NI ROE ICAP Mkt App Hist C/I Time 26% Demand 74% 4Q22 GRUPO FINANCIERO BANORTE#22Continued Growth in Performing Loan Book, Special Focus on Consumer Loan Portfolio Billion Pesos 1,000 920 YOY 920 +12% 861 876 900 802 821 821 835 777 763 800 700 616 567 600 518 CAGR: +9% 472 500 425 401 400 300 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 222 4Q21 3Q22 4Q22 QoQ YOY Mortgage 201 218 227 4% 13% Auto 28 30 32 7% 16% Credit Card 40 43 45 5% 14% Payroll 55 65 67 3% 22% Consumer 323 356 371 4% 15% Commercial 203 212 229 8% 13% Corporate 141 144 148 3% 5% Government 154 164 172 5% 11% TOTAL 821 876 920 5% 12% DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App C/I Hist GRUPO FINANCIERO BANORTE#23O Rate comparison Reference Rate vs Consumer Yield Reference Rate vs Loan Portfolio's Yield 30.0% 20.0% 14.0% 28.4% 28.9% 34.0% 12.4% 12.0% 10.9% 32.0% 27.0% 25.0% 26.0% 9.7% 9.8% 15.0% 10.0% 9.5% 30.0% 8.0% 7.2% 7.4% 9.25% 28.0% 9.6% 9.1% 20.0% 9.1% 10.0% 5.7% 5.8% 6.0% 9.25% 26.0% 25.3% 24.0% 15.0% 4.25% 10.0% 4.75% 4.0% 5.0% 4.25% 13.6% 2.0% 4.75% 23.0% 22.0% 22.1% 0.0% 20.0% 0.0% ondef mam j j a sonde 2020 2021 f mam j ja S O 2022 Total Yield Banxico Ref. Rate Commercial Consumer Government ondefmamjjasondefmamj ja so 2020 -C.Card Mortgage 2021 Payroll Banxico Ref. Rate Source: CNBV, Banxico * Personal Loans + Auto loans 23 23 2022 Auto Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#24Sound Asset Quality NPL Ratio 3.1% 2.9% 3.0% Previous Criteria IFRS 2.5% 2.2% 2.1% 2.0% 1.8% 2.0% 1.7% 1.7% о 1.5% 1.1% 1.0% 1.0% 1.0% 1.1% 0.9% 0.9% 1.0% 1.0% 1.0% 1.1% 0.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Previous Criteria IFRS 2018 2019 2020 2021 2Q21 3Q21 4Q21 1Q22 Credit Card 5.5% 5.4% 7.8% 3.3% 3.6% 2.7% 2.3% 2.2% 2.2% 2Q22 3Q22 4Q22 2.2% 2.4% Payroll 3.7% 3.3% 2.7% 2.6% 2.4% 2.4% 2.5% 2.4% 2.7% 2.8% 3.2% Auto 1.1% 1.0% 0.6% 0.8% 1.1% 0.9% 0.8% 0.7% 0.6% 0.7% 0.6% Mortgage 0.9% 1.1% 0.9% 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8% Commercial 1.9% 2.4% 1.2% 1.6% 1.9% 1.9% 1.6% 1.7% 1.6% 1.7% 1.8% SME 5.5% 6.6% 2.0% 1.8% 3.4% 2.5% 1.8% 1.7% 1.6% 1.4% 1.1% Commercial ex-SME 0.9% 1.3% 1.0% 1.5% 1.6% 1.8% 1.5% 1.7% 1.6% 1.8% 1.9% Corporate 2.9% 1.8% 0.1% 0.0% 1.3% 0.4% 0.0% 0.3% 0.5% 0.4% 0.3% Government 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% Total GFNorte 1.7% 1.7% 1.1% 1.0% 1.3% 1.1% 0.9% 1.0% 1.0% 1.0% 1.1% DB Rev Div Dep 244 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt C/I App GRUPO FINANCIERO BANORTE#25○ Sound Asset Quality Coverage Ratio 250% 200% 138% 139% 129% 142% 138% 224% 207% 207% 202% 193% 188% 179% 179% 191% 191% 150% 105% 107% 116% 100% --Previous Criteria -IFRS 50% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Cost of Risk 2.8% 3.0% 2.5% 2.5% 2.0% 2.0% 2.3% 2.2% 39% 1.32% 1.5% 1.8% 1.0% Pre-2022 Criteria --Pre-2018 Criteria Recurring 1.59% 1.39% 1.36% 1.31% 1.43% IFRS 1.27% 1.13% 0.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 25 25 Cost of Risk: Provisions / Average Total loans (Performing + Past Due), On current criteria all the recoveries are register on Provisions (net) Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#26O Strong Capital Position Capital Adequacy Ratio Basel III 20.2% 18.6% 17.2% 17.2% 15.3% 15.3% 14.6% 25.8% 24.7% 22.9% 23.0% 22.9% 0.4% Tier 2 TLAC to 2025 17.90% Total Tier 1 22.5% 13.025% +1.625% TLAC 4022 11.40% 9.40% 16.3% 15.3% 14.7% 15.1% CET1 7.90% 13.9% 13.7% 12.7% 12.4% 12.1% 11.9% 12.7% 12.7% 2014 2015 2016 2017 2018 2019 2020 4Q21 1Q22 2Q22 3Q22 4Q22 RWA annual growth 26 26 +11% +8% +16% (2%) +19% +7% +17% (8%) (6%) (3%) (3%) (1%) Minimum Regulatory Ratios Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#27О BAP: Long Term Savings Business 27 Million Pesos 4Q22 2022 YOY 4Q22 2022 YOY Considering Banorte Futuro Insurance Net Income 1,000 3,899 93% 1,375 4,781 19% Equity 7,755 7,755 32% 23,280 23,280 4% Assets 51,366 51,366 10% 66,537 66,537 6% Premiums 5,755 28,914 4% 5,755 28,914 4% ROE 51.8% 53.8% 31.2 pp 24.2% 20.7% 5.3 pp AFORE Net Income 723 1,604 (59%) Equity 24,030 24,030 (8%) Assets 25,989 25,989 (9%) AUM 1,056,391 1,056,391 (3%) ROE 12.2% 6.7% (9.1) pp ROTE 41.8% 22.7% Annuities Net Income 825 2,733 36% Equity 11,101 11,101 32% Assets 237,428 237,428 14% Premiums ROE 3,593 18,733 (17%) 30.9% 28.4% 1.4 pp Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#28Insurance business steadily improving Operating Income increased +20% sequentially and +95% full year. Claims +5% q/q, normalization continues for COVID- related claims (health, life & auto). Retained Insurance Premiums Million pesos 12,000 10,000 8,000 Technical Reserves 6,000 4,000 2,000 (2,000) 0 (248) 1,062 ༄༄ 2020 2021 2022 (833) 103 6,000 5,270 5,300 Change 4Q22 2022 y/y Damages & Claims (Million Pesos) q/q yly 4,575 Interest Income (Net) 576 6% 103% Premium Income (Net) 5,300 31% 1% 1,980 70% 24,653 5% 4,051 6,000 4,000 Net Increase in Tech. Reserves Cost of Aq. from Insur. Oper. Claims Securities-Realized Gains Other Operating Income Non-Interest Expense Operating Income 103 112% 612 3% (90%) 2,924 (27%) 4,119 20% 2,528 16% 3,901 4,000 2,000 3,469 3,642 3,642 5% (7%) 14,774 (6%) 278 142% 38% 224 (40%) 22 203% (97%) 362 51% 1,457 20% 454 (66%) (15%) 1,524 (0%) 3 182% 5,557 95% 2020 2021 2,000 2022 2020 2021 2022 DB Rev Div Dep 288 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App GRUPO FINANCIERO BANORTE C/I#292022 Guidance achieved and surpassed 29 29 Loan Growth NIM expansion NIM of Bank expansion Expense Growth Efficiency Cost of Risk Tax Rate Guidance 7% -9% 85-100 bps 100-115 bps 7.9% - 8.4% 37.5% 38.5% 1.3% -1.5% Actual 12% 90 bps 110 bps 5.3% recurring ✓ 9.1% total X 38.0% 1.4% Hist DB 25% -26% 26.2% Net Income 44.0 45.4 bn 45.4 bn ROE 2022 ROA 2022 18.7% 19.2% 19.2% 2.2% -2.3% 2.3% Div Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#302023 Guidance Loan Growth NIM NIM of Bank Recurring Expense Growth Total Expense Growth* Efficiency Cost of Risk 2023 Guidance 6%-8% 6.5% -6.8% 6.7% -7.0% 7.0% - 8.0% *Includes BINEO 2% 11.0% 13.0% 36.0% 38.0% 1.6% -1.8% 24% -26% Tax Rate Net Income 50.5 52.5 bn ROE 2023 19.5% 21.0% ROE of the Bank 28.5% 30.0% ROA 2023 2.4% -2.6% Macro Estimates for 2023 GDP 0.5% -1.5% 4.5% -5.5% Inflation Rate Banxico's Reference Rate (Avg.) ~10.75% Div 30 30 DB Rev Dep NIM TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco Hist NI ROE ICAP Mkt App BANORTE C/I#31Market Presence DB Rev Div Dep 37 31 NIM ΤΙ LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt App C/I Eco E GRUPO FINANCIERO BANORTE#32Deposit & Loan Market Share Deposits Inbursa 3% Scotiabank 7% Others 20% BBVA 23% HSBC 3rd 8% Santander 12% Source: CNBV November 2022 Banorte 13% Loans Inbursa Otros 19% BBVA 24% 5% HSBC 7% Citibanamex 14% 2nd Banorte 15% Scotiabank 8% Citibanamex 9% Santander 13% Div DB Rev Dep 22 32 NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#33О Market Share by Segment Auto Payroll C. Card Nov-21 Nov-22 Nov-21 Nov-22 Nov-21 Mortgage Comm + Corp Government Deposits Nov-22 Nov-21 Nov-22 Nov-21 Nov-22 Nov-22 Nov-21 Nov-22 Nov-21 Banorte 19.3% 20.1% 20.2% 20.8% 10.4% 10.0% 19.0% 19.0% 11.8% 11.3% BBVA 31.6% 29.8% 38.3% 38.1% 31.8% 31.7% 25.7% 25.7% 19.7% CitiBanamex 0.0% 0.0% 17.0% 15.2% 25.2% 24.3% 6.7% 5.7% 9.5% 8.9% 8.1% 27.0% 26.4% 20.9% 28.4% 28.5% 7.4% 14.3% 14.1% 12.7% 12.9% 23.5% 23.1% Santander 11.7% 15.7% 12.9% 13.2% 13.8% 13.7% 17.4% 17.3% 12.1% 11.8% 13.7% 14.5% 12.5% 11.9% HSBC 5.7% 6.6% 9.3% 9.4% 6.1% 6.7% 9.3% 10.0% 6.5% 6.2% 4.8% 3.9% 7.8% 7.5% ScotiaBank 14.1% 11.2% 0.5% 0.4% 2.4% 2.1% 15.4% 15.9% 7.5% 7.6% 2.7% 2.1% 6.4% 6.7% Inbursa 7.0% 6.0% 0.3% 1.0% 3.3% 2.9% 0.5% 0.4% 7.0% 7.2% 3.9% 5.0% 3.1% 3.4% Others 10.6% 10.5% 1.6% 1.8% 7.1% 8.6% 6.0% 5.9% 25.9% 26.2% 11.6% 12.2% 19.7% 20.4% Market Position Source: CNBV 2° 2° 2° 3° Div DB Rev Dep 33 33 NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I 2° 3° GRUPO FINANCIERO BANORTE#34○ Market Share by Segment Total Loan Book Commercial & Corporate 15.0% 14.9% 14.8% 14.5% 10.9% 13.7% 9.8% 11.6% 11.8% 11.3% (54bp) hill in (45bp) Mortgage 19.5% 19.5% 19.2% 19.0% 19.0% +2bp Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Credit Card Auto Loans Payroll Loans 10.4% 21.2% 10.2% 20.1% 10.0% 20.8% 9.7% 19.1% 19.3% 20.6% 9.5% 17.7% 17.9% 20.2% (38bp) Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 +72bp Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Source: CNBV Div DB Rev Dep 34 34 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I 19.3% +59bp Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 GRUPO FINANCIERO BANORTE#3535 55 ○ Afore Market Share (Retirement Savings) Assets Under Management Source: CONSAR AUM Market Share Billion Pesos Dec-21 Dec-22 Dec-21 Dec-22 XXI Banorte 1,094 1,056 20.9% 20.2% Profuturo GNP 853 894 16.3% 17.1% CitiBanamex 848 816 16.2% 15.6% SURA 789 812 15.0% 15.5% Coppel 380 385 7.2% 7.4% PensionISSSTE 352 348 6.7% 6.7% Principal (Metlife, May18) 320 309 6.1% 5.9% Invercap 244 232 4.6% 4.4% Other 366 378 7.0% 7.2% Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#36O Insurance Market Share Premiums Market Share Net Income Market Share Million Pesos Sep-21 Sep-22 Sep-21 Sep-22 Sep-21 Sep-22 Sep-21 Sep-22 G.N.P. 56,953 64,174 12.9% 13.3% 2,106 2,149 9.6% 6.2% Metlife México 48,678 54,215 11.1% 11.3% 1,794 5,733 8.2% 16.6% BBVA 38,113 44,607 8.7% 9.3% 3,023 4,763 13.8% 13.8% AXA Seguros 33,845 36,803 7.7% 7.6% 1,180 1,248 5.4% 3.6% Monterrey New York Life 24,630 27,267 5.6% 5.7% 1,629 3,105 7.5% 9.0% Qualitas 25,228 26,956 5.7% 5.6% 2,739 2,022 12.5% 5.9% Seguros Banorte 21,887 23,159 5.0% 4.8% 1,573 2,898 7.2% 8.4% Inbursa 16,411 18,889 3.7% 3.9% 2,544 2,530 11.6% 7.3% Mapfre Crédito 26,408 17,631 6.0% 3.7% -181 137 -0.8% 0.4% Chubb de México 14,599 16,514 3.3% 3.4% 864 105 4.0% 0.3% Other 133,367 151,618 30.3% 31.5% 4,572 9,796 20.9% 28.4% TOTAL 440,119 481,833 100.0% 100.0% 21,843 34,486 100.0% 100.0% 36 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#37○ Annuities Market Share Resolutions * * Market Share Dic-21 Dic-22 Dic-21 Dic-22 Million Pesos Banorte 22,218 18,332 47.8% 46.2% Bancomer 9,477 11,520 20.4% 29.1% Profuturo GNP 14,791 9,791 31.8% 24.7% Total Industry 46,487 39,643 100.0% 100.0% Annuitants Market Share Dic-21 Dic-22 Dic-21 Dic-22 Banorte 17,533 14,999 49.2% 44.8% Bancomer 9,135 11,412 25.6% 34.1% Profuturo GNP 8,974 7,079 25.2% 21.1% Total Industry 35,642 33,490 100.0% 100.0% *\ Legal document for any pensioners entitled to receive a pension. Source: AMIS as of December 2022. Div DB Rev Dep 37 NIM TI LD Loan BAP Guid ESG Eco 37 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#3838 GFNorte in the World Total Shares Outstanding: Float: Total ADRs (1) Outstanding: Market Capitalization Million Pesos 450,000 4Q22 2,883.5 m 400,000 - ~ 86% 7.16 m 350,000 Ticket Indexes 300,000 IPC (BMV) GFNORTE O (BMV) Sustainable IPC (BMV) 250,000 MSCI Mexico Oil and COVID-19 STOXX crisis DJSI MILA 200,000 Climate Disclosure Leadership GBOOY (OTCQX) OTCQX30 Euronext Vigeo EM70 150,000 XNOR (Latibex) FTSE Latibex All Shares FTSE Latibex TOP 4Q15 2Q16 4Q16 2Q17 4Q17 (1) Level 1 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG NI ROE ICAP Mkt Hist C/I US 19.5 bn 403,424 371,995 383,529 2Q22 4Q22 App Eco GRUPO FINANCIERO BANORTE#39Analysts' Opinion & Investment Grade by All Major Rating Agencies Analysts' Estimates (as of January 25, 2023) Ratings Agencies Rating Outlook Date Agency Net Income 2023 $51,946 Target Price $173.14 Standard & Poor's BBB Stable Jul-22 Maximum $197.0 Number of Analysts 22 Fitch BBB- Stable Dec-22 # BUY # HOLD # SELL 99 39 18 Moody's Baa2 Stable Jul-22 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#40//// ESG DB Rev Div Dep 40 40 NIM ΤΙ LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt C/I App Eco E GRUPO FINANCIERO BANORTE#41○ Sustainability Strategy ENVIRONMENTAL • Climate Change • Biodiversity • Waste Management • Water Management SUSTAINABLE FINANCE • Socio-environmental Risk Management in Lendina Portfolios • Responsible Investment • Sustainable Insurance • Sustainable Financial Products SOCIAL ⚫Human Rights • Financial inclusion and Education • Diversity and Inclusion • Human Capital • Community Engagement MSCI ESG Latest Ratings Action: Upgraded to AA from "A" GOVERNANCE • Corporate Governance • Strategy and Materiality • Ethics and Accountability •Risk Management • Security of the Information WORLD FINANCE CORPORATE GOVERNANCE AWARDS ***** WORLD'S MOST SOCIALLY RESPONSIBLE BANKS 2022 Newsweek Best SME Bank statista 202 2 Award 2023 Global Finance Div DB Rev Dep 21 NIM TI LD Loan BAP Guid ESG Eco 41 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#42Continuous evolution in ESG on the back of constant feedback from investors ENVIRONMENTAL CDP Climate Change questionnaire, score B Measurement of financed emissions under the PCAF methodology with a 39.5% coverage of the credit portfolio (oil & gas, power generation, real estate, temporary accommodation, and mortgage) First financed emission reduction goals phase under SBTI methodologies (to be validated with the initiative), and NZBA for the aforementioned credit portfolio Update of the GHG emissions reduction goals scope 1 and 2 under the SBTI methodology with 100% coverage SOCIAL Participation at the 2022 National Financial Education Week organized by CONDUSEF Alliance with LazarilloApp to offer accessible attention to blind people UNESCO and Fundación Banorte signed an alliance to strengthen social inclusion in Mexico GOVERNANCE Banorte was recognized as Bank of the Year 2022 in Mexico by The Banker, due to its digital transformation strategy and its vision of having customers at the core of the design of products and services LatinFinance awarded Banorte with the Best Infrastructure Financing of the Year in Mexico award Banorte was recognized as Best Bank for SMEs 2023 by Global Finance Afore XXI Banorte obtained 2nd place in the Responsible Investment and Corporate Governance awards, and 1st place in the Sustainability Research award, granted by ALAS20 Part of the DJSI MILA Index for the 6th consecutive year 22 42 Div DB Hist Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#43Sustainable Finance Loan book evaluation % of wholesale banking loan book 15.0 12.5 10.0 7.5 5.0 2.5 5.0 0.0 3Q21 0.509 IFC International Finance Corporation WORLD BANK GROUP Responsible Investments - Mutual Funds % of total analyzed AUM by instrument Fund's Portfolio 7.0 6.483 0.650 0.001 0.... 4Q21 ■Non-sustainable analized 11.896 0.169 0.131 22 22 Asset Class Equity 72 Fixed Income 98 Money Market 94 78 Cash 92 Mandates 100 0 50 100 3Q22 4Q22 ■ Analyzed ■ Not Analyzed ■Sustainable loan book Loan book evaluation under Equator Principles Number of analyzed projects Responsible Investments - Pension Funds % of total analyzed AUM by instrument EQUATOR PRINCIPLES Analyzed Sustainable Analyzed Sustainable 10 8 8 Funds 100 Corporate debt 63 6O Equities 100 13 REITS 100 4 4 3 3 2 0 ETF's 100 35 Alternatives 100 22 Indexes 100 Sovereign debt 100 Mandates 100 Thematic bonds 100 3Q21 4Q21 ■Low impact 3Q22 ■Medium impact 4Q22 0 50 100 0 50 100 43 33 DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App GRUPO FINANCIERO BANORTE C/I#44○ Integrated Annual Report 2021 Updates To analyze ESG data performance, we follow best practices established by GRI, SASB and CDP questionnaire on climate change aspects. We release our first report on Climate-related risks and opportunities in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. We joined to a pilot effort headed by the Mexican Bankers' Association (ABM) to apply the open-code PACTA model, developed by the 2° Investing Initiative (2DII). We used the framework proposed by the International Integrated Reporting Council (IIRC) reporting the information in the following way: • Financial Capital Technology and Infrastructure Capital Human Capital Intellectual Capital Social Capital Natural Capital GFNorte Reports through the years 2000: First report that integrated ESG information • 2009: First ESG report aligned with GRI • 2011: First ESG report aligned with the UN Global Compact 44 44 2016: First ESG report aligned with IIRC 2020: First ESG report aligned with SASB 2021: First report on Climate-related risks and opportunities (TCFD) Climate changes Evolving for a stronger Mexico REPORT ON CLIMATE-RELATED RISKS AND OPPORTUNITIES 2021 BANORTE evolves BANORTE ANDR NORTE 2021 ANNUAL REPORT Note: All GFNorte reports are independently verified. GRUPO FINANCIERO BANORTE Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I#4545 45 Appendix DB Rev Div Dep NIM ΤΙ LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt C/I App Eco E GRUPO FINANCIERO BANORTE#46Quarterly Summary GFNorte-Consolidated Statement of Comprehensive Income Highlights (Million Pesos) Interest Income * Interest Expense Net Interest Income Change Change 4Q21 3Q22 4Q22 2021 2022 3Q22 4Q21 2021 53,743 72,244 80,773 12% 50% 195,788 268,628 37% 27,252 41,550 49,548 19% 82% 101,882 152,469 50% 26,492 30,694 31,225 2% 18% 93,906 116,160 24% Net Service Fees 4,277 4,216 4,504 7% 5% 15,458 17,043 10% Premium Income Ins. & Annu. (Net) 11,309 9,361 8,771 (6%) (22%) 45,570 42,855 (6%) Technical Reserves Ins. & Annu. 10,748 6,983 5,174 (26%) (52%) 33,818 29,541 (13%) Cost of Acquisition from Insurance Operations 260 300 312 4% 20% 1,120 1,387 24% Net Cost of Claims and Other Obligations 6,634 6,516 6,661 2% 0% 25,664 26,566 4% Trading * 1,305 777 651 (16%) (50%) 3,973 3,660 (8%) Other Operating Income (Expenses) (1) (474) (1,693) (1,088) 36% (129%) (2,086) (4,548) (118%) Non Interest Income (1,225) (1,137) 691 161% 156% 2,313 1,516 (34%) Total Income 25,267 29,557 31,917 8% 26% 96,220 117,675 22% Non Interest Expense (1) 11,843 10,752 13,201 23% 11% 41,040 44,772 9% Provisions 2,725 3,148 3,632 15% 33% 11,362 11,881 5% Operating Income 10,699 15,657 15,083 (4%) 41% 43,819 61,022 39% Taxes 2,148 4,187 3,742 (11%) 74% 10,557 15,963 51% Subsidiaries' Net Income 639 233 408 75% (36%) 2,277 967 (58%) Minority Interest Net Income 129 9,061 159 11,544 157 (1%) 22% 491 617 26% 11,592 0% 28% 35,048 45,408 30% * In 3Q22, the valuation of financial instruments of "Seguros y Pensiones" was reclassified from the "Interest Income" line, into the "Trading Income" line. For comparison purposes, 2021 figures, as well as 2022 figures of the first two quarters, were reclassified. 1. In accordance with CNBV's D-2 criteria, as of 4Q22, expenses incurred for loan portfolio recovery are reclassified from administrative expenses to other operating income (expenses). For comparison purposes, 2022 and 2021 figures shown in this report were reclassified.. Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANDRTE 40 46#4747 Quarterly Summary Financial Ratios GFNorte 4Q21 3Q22 4Q22 2021 2022 NIM (1) 6.1% 6.7% 6.6% 5.4% 6.3% ROE (2) 15.5% 19.6% 19.4% 15.3% 19.2% ROA (3) 1.9% 2.3% 2.3% 1.8% 2.3% Efficiency Ratio (4) 46.9% 36.4% 41.4% 42.7% 38.0% Operating Efficiency Ratio (5) 2.5% 2.1% 2.6% 2.2% 2.2% CCL Banorte and SOFOM - Basel III (6) 201.7% 160.4% 154.6% 201.7% 154.6% Past Due Loan Ratio 0.9% 1.0% 1.1% 0.9% 1.1% Coverage Ratio 207.4% 188.5% 179.5% 207.4% 179.5% Banxico Reference Rate 5.50% 9.25% 10.50% 5.50% 10.50% TIIE 28 days (Average) 5.17% 8.47% 10.00% 4.62% 7.88% Exchange Rate Peso/Dollar (8) 20.47 20.09 19.47 20.34 19.90 Tax Rate 20.1% 26.7% 24.8% 24.1% 26.2% Statement of Financial Position Highlights Change 4Q21 3Q22 4Q22 (Million Pesos) 3Q22 4Q21 Asset Under Management 3,144,794 3,161,180 Loans Stage 1 Loans Stage 2 814,502 6,917 Performing Loans, Stage 1 & 2 (a) 821,419 866,330 9,710 876,040 3,214,060 913,049 2% 2% 5% 12% 6,832 (30%) (1%) 919,881 5% 12% Past Due Loans, Stage 3 (b) 7,919 9,259 9,973 8% 26% Deferred Items (c) Total Loans (a+b+c+d) Preventive Loan Loss Reserves Total Loans Net Total Assets Total Deposits Total Liabilities Equity 1,704 1,560 2,042 31% 20% Loan Portfolio from Insur. Subs.(d) 2,827 3,123 3,188 2% 13% 833,870 889,982 935,084 5% 12% 16,424 817,446 1,909,088 799,025 1,671,848 17,451 872,530 2,033,008 17,899 3% 9% 917,185 5% 12% 2,070,072 2% 8% 872,912 897,192 3% 12% 1,789,097 1,831,040 2% 10% 237,239 243,911 239,033 (2%) 1% DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt C/I App GRUPO FINANCIERO BANORTE#48○ Quarterly Summary Change Change Share Data 4Q21 3Q22 4Q22 2021 2022 3Q22 4Q21 2021 Earnings per share (Pesos) 3.143 4.004 4.020 0% 28% 12.155 15.748 30% Earnings per share Basic (Pesos) 3.145 4.048 4.062 0% 29% 12.254 15.893 30% Dividend per Share for the period (Pesos) 2.65 0.00 5.81 N.A. 120% 5.81 11.89 105% Payout for the period 25.0% 0.0% 47.8% N.A. 91% 54.9% 97.8% 78% Book Value per Share (Pesos) 81.23 83.61 81.86 (2%) 1% 81.23 81.86 1% Outstanding Shares - BMV (Million) 2,883.5 2,883.5 2,883.5 0% 0% 2,883.5 2,883.5 0% Stock Price (Pesos) 133.02 129.01 139.91 8% P/BV (Times) 1.64 1.54 1.71 11% 4% Market Capitalization (Million Dollars) 18,740 18,514 20,719 12% Market Capitalization (Million Pesos) 383,557 371,995 403,424 8% 5% 133.02 1.64 11% 18,740 5% 383,557 139.91 5% 1.71 4% 20,719 403,424 11% 5% INFRASTRUCTURE 4Q21 3Q22 4Q22 Employees 31,173 31,051 30,941 Branches 1,151 1,156 1,154 Correspondents ATM's POS's 18,425 19,335 19,559 9,668 9,842 9,938 154,443 163,212 167,148 408 48 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#49○ Healthy Liquidity 110% 108% Loans to Deposits (%) 230% Liquidity Coverage Ratio CCL (%) 210% 106% 190% 104% 103% 103% 170% 102% 100% 100% 150% 98% 130% 96% 110% 94% 90% 92% 90% L T 70% 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 4Q 2016 2017 2018 2019 2020 2021 2022 3Q 1Q 3Q 1Q 3Q 1Q 2016 2017 2018 49 49 202% T 160% T 155% 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 4Q 2019 2020 2021 2022 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#50Selected industry exposures 50 50 Oil Industry* Vs. Total Loans 4Q22 3.8% Electricity Companies* 4.2% Construction & Real Estate Housing 1.3% Commercial 1.8% SMES • 78% Nafin / Bancomext guaranteed 4.4% Others 1.2% loans, 47% of SME book Malls 1.8% Dollar denominated 12.9% Tourism 4.9% Restaurants 0.2% Airports 0.0% • Including traditional, clean energy and suppliers Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#51Insurance and Annuities P&L 2022 Premium Revenue Insurance P&L + Annuities P&L Technical Reserves Technical Result Δ Non-Interest Income Technical Result A Non-Interest Income Claims Premium Revenue Technical Reserves Acq. Cost Claims Interest Income Interest Income A NII Interest Income Interest Income A NII Inflation Income || Premium Revenue Insurance & Annuities P&L Technical Result Technical Reserves A Non-Interest Income Acquisition costs Claims Insurance + Annuities interest income Annuities Inflation income Div DB Rev Dep 555 NIM TI LD Loan BAP Guid ESG Eco 51 NI ROE ICAP Mkt App Hist C/I Interest Income A NII GRUPO FINANCIERO BANORTE#52Corporate Responsibility and Sustainability Global Initiative Report (GRI Standards) International standards on sustainability reporting and disclosure of economic, environmental and social topics. UN Global Compact International initiative promoting 10 universally accepted Principles to promote Corporate Social Responsibility (CSR). Carbon Disclosure Project (CDP) Organization that promotes awareness on climate change through a better quality and transparency of the information reported on the company's emissions performance. IPC Sustentable Mexican index of 30 listed companies, which are best positioned in relation to the pillars of Environment, Social and Corporate Governance. Empresa Socialmente Responsable (ESR) Recognition granted by the Mexican Center for Philanthropy (Cemefi) and AliaRSE, as a company committed with corporate social Responsibility. Natural Capital Declaration Voluntary financial sector initiative created at the Rio+20 Earth Summit, which recognizes the role of natural resources in the economy through its integration into financial products and services. Equator Principles Standard within the financial sector to determine, assess and manage the environmental and social risks of financed projects. GE12 Programme Mexico Voluntary reporting of greenhouse gas emissions GRI THE GLOBAL COMPACT CDP DRIVING SUSTAINABLE ECONOMIES ESR IPC Sustentable EMPRESA SOCIALMENTE RESPONSABLE Natural Capital Declaration EQUATOR PRINCIPLES GE!2 UNEP Finance Initiative Initiative that aims to identify, promote and carry out the adoption of best environmental and sustainability practices at all levels of operations of financial institutions. Dow Jones Sustainability Index MILA In 2017 was included in the Dow Jones Sustainability Index MILA Pacific Alliance. Asociación de Bancos de México (ABM) Participation in the Sustainability Committee and the Corporate Social Responsibility Committee, and signatories as the ABM Banking Sustainability protocol. STOXX ESG Leaders Index Index that represents the main global companies in terms of environmental, social and governance criteria, based on ESG indicators provided by Sustainalytics. Euronext Vigeo Emerging Markets 70 Recognizes the 70 companies from emerging countries with the most advanced practices in terms of sustainability. FTSE4Good Emerging Index Index that evaluates actions in the themes of climate change, labor standards and risk management, among others. Bloomberg Gender Equity Index Index that provides analysis of the commitment of 52 companies with the gender equity in the workplace to investors and organizations. Principles for Responsible Investment Initiative that promotes its signatories to integrate environmental, social and governmental (ESG) criteria into their investment and ownership decisions. MEKIce Div DB Rev Dep 52 NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I 52 UNEP FINANCE INITIATIVE Dow Jones Sustainability Indexes ABM DE BANCOS DE MEXICO STOXX EURONEXT vigeo HOCES FTSE4Good 2016 Bloomberg Gender Equality Index FINANCIAL PRI SERVICES Principles for Responsible Investment GRUPO FINANCIERO BANDRTE#5353 53 Contact Information and Reports If you have any information request or comments, please contact Banorte's Investor Relations Department at: Tel: (52) 55 1670 2276 E-mail: [email protected] We recently published the 4Q22 report. During 2022 we have released: 1. 2345 Annual Report 2021 to the Banking and Securities Commission (CNBV) Annual Report 2021 to the Stock Exchange (Informe Anual Circular Única de Emisoras) Audited Financial Statements 2021 Annual Financial and CSR Report 2021 under the GRI and SASB methodology (PDF & Interactive) Report on Climate - Related Risk and Opportunities TCFD investors.banorte.com You can access our quarterly and annual reports (in Spanish and English) and other informative materials at : Disclaimer Grupo Financiero Banorte does not warrant that the document is accurate, complete, reliable, fit for any particular purpose and does not accept liability for any act (or decision not to act) resulting from the use of this document and related data. The information contained in this document is illustrative and informative so it should not be considered as an advice and/or recommendation of any kind. Grupo Financiero Banorte is not part of any party or political trend. Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#54Main macro view Economic and Financial Perspectives Good performance of the Mexican economy in 2022, with headwinds for 2023 Possible fallout of a recession in the US DB Rev Div Dep 54 54 NIM ΤΙ LD Loan BAP Guid ESG Hist NI ROE ICAP Mkt App C/I Eco Nearshoring and long-term opportunities and challenges A solid banking sector GRUPO FINANCIERO BANORTE#55Forecasts of main economic and financial variables Forecasts of main macroeconomic and financial variables in Mexico End of period GDP (% y/y) Inflation 2020 2021 2022 2023F -8.1 4.8 3.1 1.5 (% y/y) 3.2 7.4 7.8 4.8 Exchange rate 19.91 20.53 19.50 20.20 USD/MXN Banxico's reference rate 4.25 5.50 10.50 10.00 (%) 28-day TIIE (%) 4.48 5.72 10.77 10.20 Mexbol (points) Note: F: Forecast. Underline figure: forecast Source: Banorte 55 55 44,066 53,272 48,464 59,000 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#56О 10 global factors to consider in 2023 Ukraine war and other 1 geopolitical factors 2 Possible global recession 3 Inflation and monetary policy 4 Supply chain normalization 5 Pandemic aftermath 6 Commodities performance 7 Nearshoring and new trends in 8 Energy transition international trade 9 Digital transition Sustainability 10 policies DB Rev 56 56 NIM Hist NI C/I Div Trends in 2023 Dep TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco ROE ICAP Mkt App BANORTE#57О We revised our 2023 GDP higher, boosted by additional inertia in 2022 among other factors 2023 GDP: Supply 2023 GDP: Demand % y/y nsa; % q/q sa % y/y nsa; % q/q sa % y/y 1Q23 2Q23 3Q23 4Q23 2023 % y/y 1Q23 2Q23 3Q23 4Q23 2023 GDP 2.8 1.8 0.7 0.7 1.5 GDP 2.8 1.8 0.7 0.7 1.5 Private 2.5 1.5 1.4 1.3 1.6 consumption Agriculture 4.8 2.2 1.3 2.2 2.6 Investment 0.5 -0.5 -0.2 0.8 0.2 Industrial 1.3 0.3 -0.2 0.3 0.4 Government 0.7 0.9 -0.8 0.8 0.4 production spending Services 3.3 2.4 1.0 0.8 1.9 Exports 5.5 2.0 0.7 0.6 2.1 Imports 8.0 2.2 -2.2 0.6 1.9 % q/q % 9/9 GDP 0.3 0.1 -0.1 0.4 -- GDP 0.3 0.1 -0.1 0.4 Note: Underlined figures indicate forecasts Source: INEGI, Banorte Div DB Rev Dep 55 57 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#58The recovery has been heterogeneous, with room still to be made up in certain states and sectors Economic activity level in 3Q22 vs. the most recent peak (3Q18) %, using seasonally adjusted figures Corporate services Mass media Professional services Entertainment Agriculture State activity level in 2Q22 vs. the most recent peak (3Q18) %, seasonally adjusted figures Tabasco Baja California Nayarit Chihuahua Guerrero Chiapas 130.2 121.1 111.0 110.8 108.2 Wholesales 107.5 Healthcare 106.2 Retail sales 106.1 Real-estate services 105.5 Manufacturing 105.2 Transport 103.7 Education 101.3 Hotels and restaurants Government activities Financial services Mining 100.9 98.5 95.5 94.7 Others 91.9 Construction 83.7 Utilities 79.6 Business support Source: Banorte with data from INEGI 29.5 0 20 20 40 60 60 80 100 120 140 Jalisco Colima Sonora Michoacán Sinaloa Nuevo León Yucatán Оахаса State of Mexico Hidalgo Tlaxcala Querétaro Tamaulipas San Luis Potosí Guanajuato Morelos Durango Zacatecas Veracruz Aguascalientes Puebla Coahuila Quintana Roo Mexico City Campeché Baja California Sur 0 122.1 109.8 108.3 106.9 106.7 104.5 103.5 103.3 102.9 102.3 101.2 100.9 100.7 100.3 100.0 99.8 99.6 99.0 99.0 98.7 98.3 98.3 98.2 95.6 95.1 94.8 93.5 91.2 90.7 90.3 82.6 75.8 T 20 20 40 60 80 100 120 140 Div DB Rev Dep 58 NIM TI LD Loan BAP Guid ESG Eco 58 Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#59О However, Mexico will continue growing at different speeds Economic growth by state % y/y, 2015-2019 average Source: INEGI 59 59 3.80 2.20 3.40 2015-2019 Average GDP ■1.5+ 0 to 1.5 <0 1.10 1.60 3.40 160 -0.60 3.10 2.10 3.20 2.50 3.30 2.40 2.70 3.10 2.30 2.402.70 2.80 1.60 2.50 0.50 1.10 3.30 4.50 -5.40 -4.50 0.30 -2.30 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#60Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa 30 20 20 10 -10 -20 -30 Mar-18 Source: Banorte 60 60 IGAE Nowcast 3.92 2.6 1.8 IGAE Nowcast 5.7 5.1 5.1 4.7 4.4 4.1 3.9 3.8 Oct-19 May-21 Dec-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#61Performance of households' expenditures Households' Expenditures - Resilient Sectors Debit & Credit Purchases; January 1st, 2020 = 100 250 -Supermarkets Healthcare Retail Sales 200 Households' Expenditures - Vulnerable Sectors Debit & Credit Purchases; January 1st, 2020 = 100 200 Accomodation and Food Services - Transportation Recreation, Sports and Cultural Events 150 100 -1.5% -31.0% 50 -49.9% 0 Jan-20 Source: Banorte 19 61 Hist 150 45.2% 32.7% 100 9.0% 50 -74.7% -77.2% -76.7% 0 Dec-20 Dec-21 Dec-22 Jan-20 Dec-20 Dec-21 Dec-22 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App C/I 41.2% 24.8% 5.9% GRUPO FINANCIERO BANORTE#62O Performance of businesses revenues SMEs' Revenues - Resilient Sectors POS Billing; January 1st, 2020 = 100 300 250 Retail Sales Healthcare Manufacturing 200 150 SMES' Revenues - Vulnerable Sectors Debit & Credit Purchases; January 1st, 2020 = 100 300 Professional Services -Recreation, Sports and Cultural 250 Events 200 75.6% 68.2% 150 106.5% 57.5% -23.4% -35.9% 100 100 -72.7% -29.1% 50 50 -66.7% -66.3% -88.6% -74.7% -76.6% 92.3% 0 0 -93.8% Jan-20 Sep-20 Jun-21 Mar-22 Dec-22 Jan-20 Sep-20 Jun-21 Mar-22 Dec-22 Source: Banorte Div DB Rev Dep 62 NIM TI LD Loan BAP Guid ESG Eco 62 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#63О Inflation will come down slowly, but enough for Banxico to start an easing cycle late in the year Inflation forecast Reference rate's trajectory % y/y fortnightly frequency % 14 12 2023 Average: 5.9% 13 11 12 10 11 10 2022: 7.8% 11.00 2022: 10.50 2023: 10.00 9 8.25 9 8 8 7 6 2023: 6 5 4.8% 4 5 3 Headline 4 2 1 .Core Non-core 4.00 3 3.00 0 2 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Dec-08 Dec-11 Dec-14 Dec-17 Dec-20 Dec-23 Source: INEGI, Banxico, Banorte Div DB Rev Dep 63 63 NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#64О Market volatility, inflation concerns, and actions from central banks have impacted currencies, albeit with idiosyncratic factors still at play 2023 performance vs. USD %, YTD RUB USD/MXN forecast Pesos per dollar 7.7 24.25 CLP 4.4 MXN 4.3 23.00 BRL 3.5 21.75 IDR 2.7 COP 2.5 20.50 CNY 1.9 MYR 1.8 19.25 HUF 1.7 TWD 1.3 18.00 PLN 0.6 ZAR -0.1 HKD -0.2 TRY -0.3 PEN -1.0 ARS -2.9 AUD JPY GBP CAD NZD EUR DKK CHF SEK NOK -6 www Forecast 20.20 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 FX performance in 2022 % 24 2.5 2.2 16 1.6 1.3 1.2 0.9 0.9 0.2 Carry 2022 26% 6 0.2 -0.7 -3 0 3 6 Source: Banorte with data from Bloomberg CLP INR BRL MXN◆ GBP IDR ZAR ZAD PEN HUF ⚫ COP JPY AUD HKD NOK CAD EUR CHF -16 T T T -16 -14 -12 -10 -8 -6 -4 Spot return 2022 -2 0 2 4 6 Div DB Rev Dep 50 TI LD Loan BAP Guid ESG Eco NIM 64 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#65Public finances - Rosy estimates for 2023 MoF: Macroeconomic assumptions and fiscal variables Historical Balance of Public Sector Borrowing Requirements (HBPSBR) % of GDP 2022 2023 60 GDP (% y/y) Inflation (% y/y) 2.4 (Consensus: 3.0) 3.0 (Consensus: 1.4) Actual GEPC Pre-GEPC 51.7 50.0 48.9 49.4 49.4 49.4 49.4 49.4 49.4 50 44.9 44.5 7.7 (Actual: 7.8) 3.2 (Consensus: 0.9) 40 Exchange rate 20.40 20.60 | | | | | 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (USD/MXN) (Average 20.10) (Consensus: 20.80) Rating agencies Oil price (US$/bbl) 93.6 (Average: 90.13) 68.7 Fitch Ratings S&P Global MOODY'S A- A- A3 Oil production (kbpd) 1,835 1,872 BBB+ BBB+ Baal (To Nov: 1,607) Sovereign BBB BBB Baa2 Sovereign PEMEX PSBR (% of GDP) -3.8 (Consensus: -3.9) -4.1 (Consensus: -4.2) BBB- Sovereign BBB- Baa3 BB+ BB+ Ba1 Investment grade threshold HBPSBR 48.9 49.4 (% of GDP) BB BB Ba2 BB- PEMEX BB- Ba3 PEMEX Notes: PSBR stands for Public Sector Borrowing Requirements. Consensus comes from Banxico's survey Source: SHCP, Bloomberg, Banxico, National Hydrocarbon Commission, Rating agencies DB Rev Div Dep 559 65 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#6666 99 Increased resources for social programs and priority projects Priority programs and projects for the federal government $ billion; % of GDP; % y/y in real terms 2023 2022 Program or project Pension for the elderly Mayan Train % y/y $ billion % of GDP $ billion % of GDP 335.5 1.068 238.0 0.846 30.9 143.1 0.456 63.2 0.225 110.2 Scholarships program 83.6 0.266 82.6 0.294 -6.0 Hydraulic works by CONAGUA 44.7 0.142 15.4 0.055 169.5 Sowing life (reforestation) 37.1 0.118 29.4 0.105 17.2 Maintenance and construction projects by the MoT 28.7 0.091 24.4 0.087 9.2 The school is ours 27.1 0.086 14.0 0.050 79.7 Pension for people with disabilities 24.1 0.077 18.0 0.064 24.3 Apprenticeship program 23.1 0.074 21.2 0.075 1.2 16.7 0.053 2.5 0.009 520.2 Fertilizers Source: Ministry of Finance DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#67Political highlights in 2023 2023's relevant dates in the political agenda Election of the new Electoral Institute President and three electoral advisors by the Lower House 2024 electoral process begins Feb 1 Composition of the Lower House and Senate Lower House, Seats Absolute majority: 251 PVEM MC Qualified majority: 334 PT Morena + PT + PVEM = 277 representatives (57 41 33 25 PRD 15 PRI 69 missing for 2/3) Morena 203 PAN 114 Mar 28 Sep 1 Jun 4 Dec 1 Senate, Seats Discussion of secondary laws on electoral matters resumes Governorship elections in Coahuila and the State of Mexico Possible inauguration of the Mayan Train and the Mexico-Toluca Train Source: Banxico, INEGI, Lower House, Senate, INE Simple majority: 65 Qualified PES MC majority: 86 PVEM 4 11 PRD 6 Morena + PT + PVEM + PES = 76 senators (10 missing for 2/3) PT 5 3 PRI 13 Morena 61 Ind. PAN 5 20 Div DB Rev Dep 20 NIM TI LD Loan BAP Guid ESG Eco 67 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#68Implications of Lower House elections, in which the President's party (Morena) and allies have an absolute majority (>50%), but not a qualified one (>66%) With an absolute majority they can approve... ◆ Obtained with 50% + 1, equivalent to 251 legislators. This is enough for changes to secondary laws, rules and to determine the legislative agenda, among others Some examples of matters that only require an absolute majority include: (1) Approval of the Spending Budget and Revenue Law (2) Changes to Banco de México's law (3) Approval of legislative projects (4) Presidency of the Political Coordination Board (5) Distribution of Committee Heads ...while a qualified majority is required for ◆ Obtained with at least two thirds of the House (334 legislators) and Senate (86). It is necessary to make constitutional changes and implies the need to boost consensus, especially on legal reforms or transcendent matters ◆ Some examples that require a qualified majority include: (1) Reversing the energy reform (2) Eliminate autonomous offices (3) Elimination of proportional representation legislators (4) Define other crimes as severe, requiring preventive prison (5) Modify the civil profile of the National Guard . COMISIÓN DE HACIENDA Y CRÉDITO PÚBLICO JUNTA DE COORDINACIÓN POLÍTICA LXII LEGISLATURA CÁMARA DE DIPUTADOS B BANCO DE MÉXICO® Source: Lower House, EMPRA, Animal Político, El Economista, El Financiero. Images: Lower House, Banxico, Platform (masqueingenieria-com) Guard (eleconomista.com.mx). Div DB Rev Dep 80 68 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#69О Economic activity could be affected by a recession in US GDP growth in US and Mexico % y/y, 1990 to 2021 Mexico GDP growth estimates* % y/y 8 2022 2023 y = 1.2427x-0.6037 1996 1997 6 R² = 0.4895 1990 2010 2000 20061994 1998 Banorte 3.1 1.5 Consensus 3.0 4 1991 0.9 2011 2012 2021 2014 2016 2015 4.1993 1992 2004 Minimum 2.4 -0.5 2 2007 2008- 2017 2018 2005 1999 Maximum 3.2 1.8 2013 2003 MEXICO 2001 20022019 US GDP growth estimates** % y/y -4 2022 2023 2009 -6 Banorte 2.0 0.8 1995 Consensus 1.9 0.4 -8 2020 Minimum -0.1 -0.8 -10 -4 -3 -2 -1 0 1 US 2 3 4 5 6 Maximum 2.1 1.3 Notes: *Citibanamex survey. **Bloomberg median Source: Banxico, US Census Bureau, Banorte, Bloomberg and INEGI 69 69 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#70О US Economic Influence - Sectors of Mexico US Economic Influence in the Mexican Economy % of GDP Manufacturing Wholesale Real State services 70 0 Retail sales Transportation, mail, and storage Construction Financial services Government Education 56% Media Primary Activities Health Hotels and restaurants Other Services Business support services Mining Professional services Utilities 56% of Mexico's GDP depends on the US economy. US Dependent Non-US Dependent Source: Banorte DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#71О US Economic Influence – GDP by Mexican States US Economic Influence Influence Intense Strong Moderate Weak None Source: Banorte 74 71 Top 7 States with High US Economic Dependency 1.- Veracruz 2.- Zacatecas 3.- Guerrero 4.- Nuevo Leon 5.- Yucatan 6.- Sonora 7.- Estado de Mexico Top 7 States with None US Economic Dependency 1.- Baja California Sur 2.- Chihuahua 3.- Jalisco 4.- Michoacan 5.- Morelos 6.- Sinaloa 7.- Tamaulipas Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#72О ○ Mexico's geographical location, benign demographics and natural resources (among other factors) remain as key drivers for the economy Real GDP growth % y/y FDI US$ billion in nominal terms 10 6.8 5.2 4.0 6.8 4.9 15.2 4.9 5.1 Avg 2.3 5 3.5 3.9 4.5 3.7 4.8 3.3 2.8 2.3 2.3 3.6 2.8 2.6 Utility reinvestment and accounts between companies 48 1.4 11 1.4 2.12.2 50 ■New investments 40 TTT -0.4 30 36 0.0 -0.2 30 18 -5 18 24 252621 30 32 31 31 34 34 272622 34 2832 20 14 18 -6.3 -5.3 10 -10 -8.2 0 T TTTTTT 1990 1992 1994 1996 1998 2000 2002 2004 2006 2006 2008 2010 2010 2012 2014 2016 2018 Average hourly wages US$ in nominal terms 6 Mexico (LHS) US (RHS) China (LHS) 4 2 2020 Population pyramid in 2020 Million people by age bracket Men Women 4949494T4 00.00 ETIEN 2007 2009 2011 Labor productivity in manufacturing Index 100 = 2013 -6 -4 .2 0 2 4 6 Annual GDP growth expectation for the next 10 years 40 40 105 100 20 20 95 90 % y/y 4.5 3.5 2.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Banorte with data from Banxico, INEGI, FRED, Chinese Statistics Bureau 2020 0 85 80 1.5 1Q05 4Q10 3Q16 2Q22 Div DB Rev Dep 72 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I Jan-13 Jan-15 Dec-16 Dec-18 Dec-20 Dec-22 GRUPO FINANCIERO BANORTE T 2.0#73Gains related to US Nearshoring impact in Mexico vs. regional peers Nearshoring: Potential increase in exports US$ millions, goods trade Country Other gains Total • Mexico 29,679.4 5,598.8 35,278.2 • Mexico has 12 free trade agreements with 46 countries • United States, China, Germany, Canada and South Korea are the main destinations for Mexican exports Main Mexican exports are: • Autos • • Passenger vehicles Computers Brazil 4,153.0 3,691.1 7,844.1 . Freight vehicles • Argentina 890.7 3,015.8 3,906.5 Auto parts . Monitors Colombia 1,498.5 1,075.3 2,573.8 • Projectors Chile 665.8 1,157.1 1,822.9 • Dominican Rep. 1,362.9 217.8 1,580.7 • Sectors with more potential are: Agroindustry Pharmaceutical Automotive Costa Rica 918.1 626.7 1,544.8 • Transport Peru 792.0 626.4 1,418.5 • Storage and logistics • Computers and cables Honduras 745.1 497.7 1,242.8 • El Salvador Others 686.4 2,362.6 363.5 3,468.1 1,049.9 5,830.9 Note: *Others included: Ecuador, Panama, Guatemala, Nicaragua, Uruguay, Trinidad and Tobago, Guyana, Venezuela, Haití, Paraguay, Bahamas, Jamaica, Bolivia, Barbados, Surinam, Belice Source: BID Electronics and appliances Knowledge economy (e.g. software development, industrial design, etc.); among others Div DB Rev Dep 73 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#74Interest in industrial spaces has been increasing since last year, especially in the north of the country Nearshoring: industry participation in different markets %, 3Q22 Tijuana Mexicali 50% Farmacéutica 54% High-Tech San Luis Potosí 100% Maquinaria y Herramientas Durango 100% Fabricación de Autopartes Guanajuato 100% Fabricación de Autopartes Guadalajara 100% Maquinaria y Herramientas Juárez Chihuahua 61% Saltillo 82% Farmaceutica Fabricación de Autopartes 60% Fabricación de -Autopartes Monterrey 28% Ciudad de México 100% Fabricación de Autopartes Toluca 100% Fabricación de Autopartes Mexico's industrial spaces demand by country due to Nearshoring de Participación por industria %, 3Q22 China Estados Unidos 40% 20% Japón 11% Alemanial 9% Corea del Sur 8% 5% Suecia Canadá 3% 2% Taiwan Suiza ■1% Irlanda 1% 0% Malasia Francia 0% Fabricación de Muebles Aguascalientes 100% Fabricación de Autopartes Querétaro 100% Maquinaria y Herramientas Mérida 63% Fabricación de Autopartes Cifras de Enero a Septiembre de Fuente: CBRE Research: In terms of demand, in 3Q22 the Northwest was the most dominant region, with Monterrey (50% of the total) and Saltillo (11%) concentrating 61% of national demand ⚫ The auto parts industry (Durango, Guanajuato, Cd. Juarez, Aguascalientes, among others) dominate activity in terms of industrial transactions, most of it in the center-north, with a participation close to 40% • Other relevant industries include machinery and equipment, pharmaceuticals, and high-tech components Note: *Pre-pandemic developments and trade war due to other factors. The survey allows more than one response Source: CBRE, Banxico's Report on Regional Economies Dinamarca 0% 0% Italia From 1Q to 3Q22, CBRE identified gross absorption of 1.2 million m² in industrial spaces, almost double that in 2021 In 2021, 14% of the total demand was related to nearshoring, rising to 26% in 3Q22 Companies' reasons to relocate their operations in Mexico % Tensions between US and China 49.3 USMCA rules of origin 49 COVID-19 pandemic 33.3 Ukraine war 29.3 Pre-pandemic and trade war 28.1 Other 12.1 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco 74 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#75О Mexico has increased its trade with US, who is the second country from which it receives the most imports US: Imports from the main trading partners US$ billion 600 China Canada 500 -Japan 400 300 75 200 South Korea Ireland Mexico -Germany Vietnam Taiwan India Trump's presidency begins COVID-19 504.9 384.6 357.8 135.2 134.9 101.9 100 94.9 77.1 73.7 73.2 0+ 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Ministry of Economy 55 75 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#76The main destination of Mexican exports is Texas, followed by Michigan and California US: Imports from Mexico US$ billion, Average 2017-2021 76 Source: Ministry of Economy 76 76 48.3 8.9 কর 99.2 53.3 8.8 13.1 9.5 7.1 8.4 7.0 Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco NI ROE ICAP Mkt App Hist C/I Imports 99.2 Con tecnología de Bing GeoNames, Microsoft, TomTom 0.0 GRUPO FINANCIERO BANORTE#77О Export centers are concentrated in the north and center of Mexico Mexico: Exports to US US$ billion, Average 2017-2021 39.6 Source: Ministry of Economy 10.4 54.6 15.3 36.1 25.3 9.4 21.0 69.7 6.8 10.1 8.3 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM 77 Hist NI ROE ICAP Mkt App 77 C/I Con tecnología de Bing GeoNames, Microsoft, TomTom Exports 69.7 0.0 GRUPO FINANCIERO BANORTE#78О Favorable ruling for Mexico and Canada on rules of origin in the automotive sector in USMCA Vehicles exports to US Total exports% 30 Recent investment announcements in the auto sector 20 20 10 Tesla with an investment of US$1 billion for an auto parts plant in Nuevo León 24.3 T GM with the full electric vehicles production conversion of its plant in Ramos Arizpe, Coahuila in the medium- term Kia with a total of $408 million planned between 2022 K and 2024, of which $67 million has already been spent gm 0 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022* US: imports by countries % 60 40 40 20 20 0 1992 Mexico Canada China 1997 2002 2007 2012 2017 2022* Note: Until November 2022 Source: Banorte with data of US Census Bureau BMW with €800 million (US$862 million) in San Luis Potosí to produce electric vehicles • Nissan plans to spend more than US$700 million by 2025 on its operations in the country NISSAN Ternium (metals), with a planned spend of US$1 billion to expand its product portfolio at its Pesquería plant in Nuevo León Cuprum (metals) with US$100 million in aluminum products Ternium CUPRUM Faurecia (seats and interiors), spending US$147 million to Faurecia expand its plant in Nuevo León inspiring mobility Div DB Rev Dep 78 NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#79Banking credit forecast using lagged GDP Banking credit $ billons 4,700 4,200 3,700 3,200 2,700 2,200 1,700 1,200 700 2002 Forecast Fitted Observed 2005 2008 2011 2014 2017 2020 2023 Note: *We asumme a 3.1% GDP growth in 2022 Source: Banorte with INEGI and Banxico data 12 79 Backtest and forecast* % y/y in real terms Adjusted model Year Observed Original model (dummy 2020) 2019 4.6 5.5 2020 1.1 1.7 2021 -8.6 -8.8 -8.6 2022* 1.8 (YTD to Nov) 1.4 1.2 2023* 4.4 4.4 Banking Credit Forecast Model Different adjustment variables were tested (e.g. GDP, interest rate TIIE, industrial activity, remittances, etc.) and it was found that the best adjustment is seen with the one-year-lag for GDP. This implies that a relatively robust forecast can be made for banking credit one year ahead, while internal estimates can be used for two years. Div DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#80Banking sector KPI's Capitalization ratio % of net capital / credit risk assets 40 15 10 233222050 Capitalization ratio Banking sector's average 22.95 Non-performing loans ratio % of total loan portfolio 10 9 8 18.68 6 5 4 3 2 Banco Covalto (before: Finterra) Barclays Banorte Credit Suisse Inbursa Bank of America Monex Santander Bansí BIAfirme BBVA México Afirme Banamex Multiva Scotiabank Banregio Intercam Banco Actinver Banco del Bajío Inmobiliario Mexicano Invex HSBC Bancrea Banco Azteca Banca Mifel CIBanco Banco Base Bankaool Consubanco BanCoppel Ve por Más Autofin Sabadell ABC Capital Source: Banxico, CNBV, Banorte with data as of October 22 1 0 2006 2008 -Total Consumer Mortgage Firms السر 2010 2012 2014 2016 2018 2020 2022 Div 80 DB Rev Dep NIM TI LD Loan BAP Guid ESG Eco 80 NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#81Financial access in Mexico Key FAS Indicators 2016 2017 2018 2019 2020 Outstanding deposits with commercial banks % GDP 30 28.85 Number of ATMs per 100,000 adults Number of commercial bank branches per 100,000 adults Outstanding deposits with commercial banks (% of GDP) Outstanding loans from commercial banks (% of GDP) Outstanding small and medium enterprise (SME) loans from commercial banks (% of GDP) Number of registered mobile money accounts per 1,000 adults 54.59 55.62 58.82 61.54 62.13 14.02 14.03 13.86 13.73 12.79 23.97 24.04 24.33 24.66 28.85 21.56 21.64 22.04 22.12 22.93 25 25 20 T 2012 2013 2014 2015 2016 2017 2018 2019 2020 Outstanding loans from commercial banks % GDP 27 222 22 2.14 1.98 1.87 1.78 1.76 147.24 166.90 273.61 437.74 520.78 17 22.93 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: IMF DB Rev Div Dep NIM TI LD Loan BAP Guid ESG Eco 81 NI ROE CAP Mkt App 4 Hist C/I GRUPO FINANCIERO BANORTE#82О State economic activity and Banorte's regional reach Heat Map: Contribution to Economic Growth % GDP, contribution points Contribution to real variation in national economic activity 0.3 0.1 -0.1 Source: Análisis Económico Banorte Branch Network per Federal Entity # of branches #Branches per State 180 90 0 Div 288 DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM 82 Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#83О State economic activity and regional income Heat Map: Contribution to Economic Growth % GDP, contribution points Contribution to real variation in national economic activity 0.3 0.1 -0.1 Source: Análisis Económico Banorte Average Net Income per Federal Entity Average Net Income 33,000 22,000 11,000 Div DB Rev Dep 83 83 TI LD Loan BAP Guid ESG Eco NIM Hist NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE