#1GRUPO FINANCIERO B BANORTE BANORTE 212 Corporate Presentation VISA 2#221 About Banorte DB Div Rev NIM NI Hist C/I ROE TI Dep BAP LD ICAP Guid ESG Eco Loan Mkt App B GRUPO FINANCIERO BANORTE#3O GFNORTE- A Leading and Profitable Financial Franchise in Mexico 1 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. 2 Sound Fundamentals Solid asset quality, high liquidity, and strong capitalization ratios. 3 4 Solid corporate governance Independent Board Members represent 64% of total board composition and best practices in minority shareholder right protection. Digital Strategy Prepared for the Future 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 24.2 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. DB Div 3 Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#4+ О From Regional Bank to Second Largest National Financial Group Regional Bank 1899 1982-1992 Establishment Nationalization Business Diversification * Loan book Market Share Inorganic Growth 2.3% Privatization 20120 Plan Client Segmentation IT: central DB, multichannel 14.9%* 1,2,3 Plan ⚫ Banorte's Digital Transformation ⚫ JV Rappi ⚫ bineo - Digital Bank 2022 Profitability 1995 2000 2005 2010 2015 2020 Afin ✓ Bancentro Banpaís Bancrecer Banorte Generali 50% INB Afore XXI IXE IMSS 50% Afore Bancomer Banorte-General i100% G.F. Interacciones Rappi J.V. DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#5○ Strategy - Client centric & Digital Evolution PRODUCTS & SOLUTIONS Deposits & Loans Insurances Pensions Annuities Wealth Mngt. Client Segmentation 12.0 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 1M Rappi clients Rappi JV Consumer focus New customer behavior Digital Bank DB Div Rev 5 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App VIS Google Hyper-personalization Cost GRUPO FINANCIERO BANORTE#6О Diversified Business Mix 6 In progress. GRUPO FINANCIERO BANORTE JV with RAPPI bineo Digital Bank Banco Mercantil Casa de Operadora del Norte Bolsa Banorte de Fondos Banorte 50% 99.9999% 98.2618% 99.9999% 99.9987% Looking for fully licensed bank * Ixe servicios is now bineo bank Banorte Ahorro y Previsión 100% Arrendadora y Factor Banorte** 99.9009% Almacenadora Banorte 99.9999% Banorte Financial Services (Uniteller) 100.0% Banorte Securities Holdings International 99.9999% (Fondos de Inversión) Seguros Banorte Pensiones Banorte 100% 99.9999% 99.9999% Banorte Futuro 98.22% Afore XXI Banorte 50.0% DB Div Rev NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#7○ Business Mix - Diversified Net Income and Balance Net Income Mix Net Income by Subsidiary 9M23 Other Finance Companies Afore 1.5% 2.0% Holding 2.9% Annuities 4.4% ROE Million pesos 3Q23 Bank 10,828 6% 24% 31,143 q/q y/y 9M23 yly 22% 9M23 27.6% Broker Dealer & Mutual F. Insurance 155 (35%) (41%) 824 (32%) (7%) 483 (67%) 11.0% 3,434 16% 51.1% Insurance Annuities 652 33% (26%) Pension Funds (Afore) BAP (Holding) 207 (30%) 16% 2 (93%) 320% 795 1,726 (10%) 84% 21.3% 8.7% 9.1% Broker Dealer & Mutual Funds 1.2% 49 1410% Other Finance Comp. 331 112% 408% 597 36% Holding 270 (44%) (48%) 1,148 2% GFNorte 13,268 1% 15% 39,375 16% 21.5% * ROTE 9M23: Bank 32.2%, Afore 31.3% DB Div Rev 7 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App Bank 79.1% GRUPO FINANCIERO BANORTE#8О ○ Net Interest Margin Moving in the Right Direction NIM 7.0% 6.3% 6.5% 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 6.7% 5.8% 6.4% 67 3Q22 4Q22 1Q23 2Q23 3Q23 6.5% 6.0% 6.0% 5.7% 5.5% 4.8% 5.0% 4.3% 4.4% 4.5% 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 80 5.5% 4.9% 3Q22 4Q22 1Q23 2Q23 3Q23 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#9О Net Interest Income sensitivity evolution 9 Dynamic risk management hedges Focus on stable low-cost liabilities Active ALCO Organic growth of fixed rate portfolio A well-prepared asset & liability management strategy to benefit from the current rate cycle and anticipate the imminent easing cycle . • Expected sensitivity reduction to ~$500M, amounting to only ~0.4% in the groups' NII In Foreign currency, a reduction to $700M, implies ~0.6% in NII NII Sensitivity / NII % 0.4% 0.6% 0.5% 0.7% Group's NII 979 Bank's NII Sensitivity per 100bps change in rate - Local Currency Balance Sheet Million pesos 1,127 1,156 1,167 1,205 1,222 13% 11.5% 1,064 11% 842 865 638 650 9% 554 566 428 7% 4.3% 4Q18 4Q19 2Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Sensitivity -TIIE Foreign Currency Balance Sheet Million pesos 1,076 977 1,018 898 896 880 802 758 593 569 603 643 Bank's NII 319 362 Local currency sensitivity Foreign currency sensitivity DB Div Rev NIM NI TI ROE Hist C/I 4Q18 4Q19 2Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 LD Dep BAP ICAP Guid ESG Eco Loan Mkt App 5% 3% GRUPO FINANCIERO BANORTE#10Core Banking Fees keep growing Net fees (2%) q/q on derivatives' collateral interest reclassification into the NII for around $160M; +8% Net Fees 9M23 y/y Group: 9M23 +8% y/y; Million ■Previous criteria IFRS Bank: 9M23 +17% y/y pesos 4,1874,094 3,864 4,000 Core banking fees (0%) q/q on seasonality; 9M23 +5% y/y, with electronic banking services +7% y/y 3,500 POS transactions +4% y/y; +45% y/y in mobile monetary transactions 3,000 3,214 3,289 3,457 4,003 2,500 1Q | 2Q | 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2021 2022 2023 +4% POS Transactions Million yly Mobile Monetary Transaction +45% yly 400 Million 350 Digital Million ■ Physical 120 pesos 300 178 173 5,500 250 190 100 120 111 80 200 150 100 155 50 1 3 0 THE 83 60 4,500 1 01 9 40 52 20 0 3Q21 4Q21 3Q2° 4Q21 1Q22 2Q22 3Q22 4Q22 Core Banking Fees DB Div Rev 10 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App 5,290 5,410 5,399 +5% 9M23 y/y 3,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2021 2022 2023 GRUPO FINANCIERO#11О Efficiency already recovered from the pandemic Cost to Income 57.0% 54.0% Previous Criteria -IFRS 52.0% 52.0% 48.5% 47.9% Recurring 44.9% 45.4% 47.0% 40.0% 39.7% 42.8% 41.4% 42.0% 39.0% 39.1% 42.7% 35.6% 37.0% 34.1% 34.1% 37.4% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 Revenues & Expenses Million Pesos 35,000 Recurring Rev. 30,000 Revenues IFRS Revenues Expenses 33,802 29,205 25,000 Expenses IFRS 20,000 15,000 L 10,400 -11,538 10,000 I I I 5,000 I 0 + 2011 4022 expenses +23% q/qion_1_6bn extraordinary expenses (personnel and amortizations). Strengthening commercial and SME teams as we anticipate increased demand in these sectors. 2019 2020 2021 2022 2023 11 Hist DB 2012 2013 2014 2017 2018 Rev Div NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco Loan C/I Mkt App GRUPO FINANCIERO BBANORTE#12О Net Income growing Net Income Million Pesos 47,000 42,000 CAGR 2012-2022 +30% +15% YOY 45,408 13,500 36,528 37,000 12,500 31,958 35,583 11,544 11,592 35,345 35,048 32,000 11,500 30,508 30,311 27,000 23,908 Recurring 10,500 22,000 19,308 17,108 9,500 15,228 17,000 13,508 [10,888 8,500 12,000 7,000 2012 2013 2014 2015 2016 2017 2018* 2019* 2020 2021 2022 +15% YoY 13,268 13,018 13,088 +1% QoQ 7,500 3Q22 4Q22 1Q23 2Q23 3Q23 DB Div Rev 12 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#13О Positive Growth in Profitability ROA 2.5% 2.30% 2.18% 2.26% 2.37% 1.86% 2.05% 1.94% 2.43% 2.0% -2.22% 1.60% 2.07% -2.27% 1.40% 1.46% 1.47% 1.30% 1.5% 1.76% 1.85% 1.0% 0.5% --Previous Criteria Recurring IFRS 0.0% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 ROA of the Bank 2.64% 2.5% 2.27% 2.36% 1.79% 2.0% 1.60% 1.40% 1.40% 1.47% 1.56% 1.5% 1.1% 2.12% 2.57% 2.35% 2.02% 2.24% 1.61% 1.74% 1.0% 0.5% 0.0% 2011 2012 2013 2014 2015 2016 Previous Criteria -Recurring 2017 2018* 2019* 2020* 2021 2022 IFRS 3Q22 4Q22 1Q23 2Q23 3Q23 DB Div Rev 13 NIM NI Hist C/I ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt App GRUPO FINANCIERO BBANORTE#14○ Positive Growth in Profitability О ROE 21% 18% 17.0% 21.4% 21.7% 20.3% 20.1% 19.6% 19.2% 14.3% 14.2% 14.1% 15% 13.2% 13.3% 15.3% 14.8% 12% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 ROE of the Bank 25% 20% 16.9% 16.4% 14.8% 14.2% 13.7% 13.7% 15% 20.3% 25.7% 24.2% 16.6% 18.7% 27.0% 24.6% 10% 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020* 2021 2022 DB Div Rev 14 NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt Hist C/I App 28.27% 26.6% 3Q22 4Q22 1Q23 2Q23 3Q23 GRUPO FINANCIERO BBANORTE#15Positive Growth in Profitability ROTE of the Group 30% 27% 24% 21% 19.1% 17.3% 17.6% 17.3% 18% 16.6% 16.2% 27.5% 27.4% 27.0% 25.9% 25.9% 25.1% 26.9% 24.7% Recurring 20.9% 19.3% 18.8% 15% 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 DB Div Rev 15 NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#16Transformation 1. Digital Transformation at Core Bank 16 2. Rappi JV 3. bineo Digital Bank DB Div Rev NIM NI Hist C/I ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt App B GRUPO FINANCIERO BANORTE#1717 O Digital Transformation Gaining Share Transactions (Tx) 3Q23 Mobile as a Point of Sale Correspondents Transactions BanorteMovil (millions) Branches 2.3% WEB 12% 900.0 800.0 700.0 POS 25% 600.0 500.0 400.0 0% 50% 300.0 Mobile 10% 200.0 ATM 100.0 0.0 Call Center 1% Checks from other banks cashing Digital Deposit Account Credit Card 9 Payroll loans Time Deposits Mutual Funds Insurance 876543 1Q 2018 1Q 2019 4Q 1Q 2020 2Q 3Q 40 Customers Using Digital (million) 1Q 2021 751.9 +9% yly 8.4 8.1 -7.1- 5.7 4.5 4.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 19 20 21 22 23 DB Div Rev NIM NI TI LD Dep BAP ICAP Guid ESG Eco ROE Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#18○ Customer'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 TRANSFORMS 83.2 +0.9 pts yly 84.6 +0.9 pts y/y Branches ATM 79.1 +3.2 pts yly 73.6 +1.9 pts y/y DB Div Rev 18 NIM NI ROE TI Dep LD ICAP BAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#19○ Leaders in the Business & Infrastructure for the Payments Market 8 - Rappi JV Credit Cards and Credits to affiliates Amor a primera vista VISA POS Transactions +4% yly Million The best DIGITAL PLATFORM for aggregators 350 Digital Physical 300 250 190 178 173 clip 200 155 150 100 168 190199 50 1 3 recargable recargable an es aged amazon able amazonrecargable an → Indract aubr nrecargable amazoniecz roofrin ageresante cargable amazonrecaro PayPal mercado libre masterco 0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 19 Hist DB 3Q23 B CoDi Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt C/I App CODI GRUPO FINANCIERO BANORTE#20O Ongoing RappiCard evolution 960k Issued cards RappiCard: keeps growing in cards and billing 923k Cards with at least one purchase 62% Of cardholders with a credit line above Ps 5,000 2,162M1 Average monthly billing Source: JV Banorte Rappi, as of September 30, 2023 1. Average 3Q23 20 20 DB Div Rev NIM NI ROE Hist C/I 75% Monthly active users 76% Of users under 36 years old F| TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt App GRUPO FINANCIERO BANORTE#21Loans & Deposits 2 21 24 Hist DB Rev Div NIM NI C/I ROE TI Dep LD ICAP BAP Guid Loan Mkt ESG App Eco B GRUPO FINANCIERO BANORTE#22О Healthy Funding & Loan Portfolio Structure Bank Deposits Loan Portfolio 222 22 2018 $759 bn Senior Unsec. Debt 2% Money Market 15% 3Q23 $1,043 bn US 59.9 bn Senior Unsec. Debt Money Market 3% 6% Time 54% Demand 25% 29% Time Demand 66% $777 bn $1,010 bn US 58.0 bn Consumer Consumer Government 16% 17% 15% Government 25% Mortgage 20% Mortgage 25% 25% Commercial 22% Commercial 18% 17% Corporate Corporate DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#23O Loyal Deposits' Base Deposits Billion Pesos CAGR 2011-2022 +10% YOY 947 1,000 895 +16% 900 Time Demand Core Deposits 840 840 818 833 751 750 800 667 637 700 590 623 +11% 652 685 YoY 623 600 614 +14% 551 600 -509 533. 538 436 500 438 384 384 397 414 336 351 400 306 300 255 300 190 211 223 229 194 -21-7 -211- -217- -218 -217- 243 219 200 116 124 129. 136 158 168 +6% 262 YOY +20% O о 100 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 MIX 23 Time 38% Demand 62% 2011 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App Time 28% Demand 72% 3Q23 GRUPO FINANCIERO BBANORTE#24О Continued Growth in Performing Loan Book, Special Focus on Consumer Loan Portfolio Billion Pesos YOY 1,100 1,010 +15% 950 966 1,000 920 920 876 900 802 821 777 763 800 700 616 567 CAGR: +9% 600 518 472 500 401 425 400 300 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 24 24 Hist 3Q22 2Q23 3Q23 QoQ YOY Mortgage 218 241 249 3% 14% Auto 30 38 41 6% 35% Credit Card 43 49 51 5% 19% Payroll 65 73 76 3% 16% Consumer 356 402 416 4% 17% Commercial Corporate Government 212 242 254 5% 20% 144 157 168 7% 17% 164 165 172 4% 5% TOTAL 876 966 1,010 5% 15% DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt C/I App GRUPO FINANCIERO BANORTE#2514% 12% 10% 8% 6% 4% Rate comparison Reference Rate vs Loan Portfolio's Yield 13.8% 30% 12.6% 11.7% 11.25% 25% mjjasondefmamjjasondefmamjjas 2% 2021 Tasa Implicita Total Gobiernos 2022 - 2023 Empresas y Corporativos Tasa Banxico 25 20% 15% 10% Reference Rate vs Consumer Yield 29.5% 20% 28.4% 15% 11.25% 10% 9.3% 14.4% 5% 0% mjjasondefmamjjasondefmamjjas 2021 2022 2023 -Tarjeta de Crédito Hipotecario -Nómina Auto Tasa Banxico DB Div Rev NIM NI TI ROE LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#26○ Sound 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% 1.5% 1.1% 1.0% 1.0% 1.1% 0.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 0.9% 2021 2022 1.00% 1.02% 1.04% 1.07% 1.04% 1.05% 1.01% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Previous Criteria IFRS 2018 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Credit Card 5.5% 5.4% 7.8% 3.3% 2.2% 2.2% 2.2% 2.4% 2.4% 2.7% 2.7% Payroll 3.7% 3.3% 2.7% 2.6% 2.4% 2.7% 2.8% 3.2% 2.8% 3.2% 3.2% Auto 1.1% 1.0% 0.6% 0.8% 0.7% 0.6% 0.7% 0.6% 0.5% 0.5% 0.6% Mortgage 0.9% 1.1% 0.9% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8% 0.8% Commercial 1.9% 2.4% 1.2% 1.6% 1.7% 1.6% 1.7% 1.8% 1.8% 1.6% 1.5% SME 5.5% 6.6% 2.0% 1.8% 1.7% 1.6% 1.4% 1.1% 1.0% 1.0% 1.0% Commercial ex-SME 0.9% 1.3% 1.0% 1.5% 1.7% 1.6% 1.8% 1.9% 1.9% 1.7% 1.6% Corporate 2.9% 1.8% 0.1% 0.0% 0.3% 0.5% 0.4% 0.3% 0.3% 0.3% 0.1% Government 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Total GFNorte 1.7% 1.7% 1.1% 1.0% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0% DB Div Rev 26 NIM NI TI ROE LD Dep BAP ICAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#27○ Sound Asset Quality Coverage Ratio 250% 200% 138% 150% 139% 129% 142% 138% 105% 107% 116% 100% 50% 224% 207% 179% 188% 179% 182% 182.2% 187.9% 191% --Previous Criteria -IFRS 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 Cost of Risk 2.8% 3.0% 2.5% 2.5% 2.0% 2.0% 2.3% 2.2% 1.39% 1.5% 1.8% 1.81% 1.59% 1.59% 1.66% 1.0% Pre-2022 Criteria -Recurring -Pre-2018 Criteria -IFRS 1.39% 1.36% 1.43% 0.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 27 * Cost of Risk: Provisions / Average Total loans (Performing + Past Due). Since 2018 all the recoveries are registered on Provisions (net). DB Div Rev NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#28O Strong Capital Position Capital Adequacy Ratio Basel III 20.2% 18.6% 17.2% 17.2% 15.3% 15.3% 14.6% 24.7% 22.8% 23.0% 22.8% 22.1% 21.7% 22.2% Tier 2 Total Tier 1 21.8% 13.025% +1.625% TLAC 4022 11.40% 9.40% 15.3% 15.3% 14.7% 15.1% 15.4% 15.4% 15.7% CET1 7.90% 13.9% 12.7% 12.4% 12.1% 11.9% 12.7% 12.7% 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 4Q22 1Q23 2Q23 3Q23 RWA annual growth +11% +8% +16% (2%) +19% +7% +17% (8%) (1%) (3%) (1%) 10% 10% 10% DB Div Rev 28 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App TLAC to 2025 17.90% Minimum Regulatory Ratios GRUPO FINANCIERO BANORTE#29О Insurance & Annuities Technical Results 1,800 Insurance 1,670 1,600 1,568 1,400 1,200 1,001 1,000 995 943 800 819 29 29 Annuities When valorization on UDIS securities go up or down, the same effect occurs in Technical Reserves with null effect in Net Income 8,000 6,987- 5,868 5,602 6,150 5,616 6,000 4,000 2,000 0 2,153 (1,357) 5,662 878 800 767 -2,000 600 576 400 543 -4,000 (5,019) (4,761) (4,497) л (4,617) (5,408) (5,184 468 V 319 393 200 -6,000 0 1Q22 2Q22 NII Hist 3Q22 4Q22 1Q23 2Q23 3Q23 Technical Results -8,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 NII Technical Results DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt C/I App GRUPO FINANCIERO#30О BAP: Long Term Savings Business Million Pesos 3Q23 9M23 YOY 3Q23 9M23 YOY Insurance Considering Banorte Futuro Net Income 797 3,348 16% 1,031 4,229 24% Equity 7,777 7,777 1% 23,358 23,358 2% Assets 60,442 60,442 14% 75,723 75,723 12% Premiums 6,665 28,722 24% 6,665 28,722 24% ROE 35.3% 51.1% (3.2) pp 17.0% 23.5% 3.9 pp AFORE Net Income 421 1,618 84% Equity 24,021 24,021 3% Assets 25,877 25,877 2% AUM 1,085,801 1,085,801 9% ROE 7.1% 9.1% 4.2 pp ROTE 23.9% 31.3% Annuities Net Income Equity 652 11,312 1,726 (10%) 11,312 10% Assets 251,771 251,771 9% Premiums 4,657 12,750 (16%) ROE 23.7% 21.3% (6.2) pp DB Div Rev 30 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#31Insurance business steadily improving Aggregated 9M23 results provide a better view on business behavior: Premiums +27% Claims +7% Acquisition cost increased +68% driven by bancassurance fees adjustment (offset by more fees at the bank, and no impact in the group) Net Income +24% y/y Million pesos Retained Insurance Technical Reserves Premiums 6,000 12,000 10,000 8,000 Change Change 3Q23 9M23 (Million Pesos) q/q y/y yly 6,000 Net Interest Income (NII) 878 10% 62% 2,444 74% Premium Income 6,077 (30%) 50% 24,672 27% Net Increase in Tech. Reserves Cost of Aq. from Insur. Oper. Claims Securities-Realized Gains Other Operating Income Non-Interest Expense Operating Income 813 (68%) 794 (6%) 4,150 (4%) 20% 252 (9%) 122% 157 58% 906% 449 7% 1,157 (34%) 198% 6,681 137% 4,000 33% 3,211 68% 11,893 7% 654 1232% 2,000 371 (15%) 88% 1,430 23% (5%) 4,928 20% Net Income 1,031 (32%) (3%) 4,229 24% 31 4,051 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App 6,077 8,708 4,000 2,000 0 (2,000) 2021 2022 2023 6,000 Damages & Claims 4,000 བླླ8ą༤༢g 2,000 2021 2022 2023 3,469 2021 2022 2023 GRUPO FINANCIERO BANORTE 4,316 4,150#3232 32 О 2023 Guidance Previous at the beginning of year 6% - 8% Actual 10% -12% Loan Growth NIM NIM of Bank Recurring Expense Growth Total Expense Growth* Efficiency Cost of Risk 6.5% -6.8% 6.2% -6.4% 6.7% - 7.0% 6.5% -6.7% * Includes 7.0% - 8.0% 7.0% - 8.0% BINEO 2% 13.0% 11.0% 13.0% 11.0% 35.0% 37.0% Tax Rate Net Income* ** ROE 2023 36.0% 38.0% 1.6% -1.8% 24% -26% 50.5 52.5 bn 19.5% 21.0% 1.6 - 1.8% 24% -26% 51.5 53.0 bn** 20.5% 21.5% ROE of the Bank 28.5% 30.0% 26.5% 28.5% ROA 2023 2.4% -2.6% 2.3% -2.5% Macro Estimates for 2023 GDP 0.5% -1.5% 2.3% -2.9% Inflation Rate 4.5% -5.5% Banxico's Reference Rate (Avg.) ~10.75% ** 4.0% - 5.0% ~11.25% Includes foregone interest due to extraordinary dividend payment DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#33Market Presence 2 DB Div 33 Rev NIM NI Hist C/I ROE TI Dep LD ICAP BAP Guid Loan Mkt ESG App Eco B GRUPO FINANCIERO BANORTE#34О Deposit & Loan Market Share Deposits BBVA Others 21% 22% Loans Others 19% BBVA 25% Inbursa 5% Inbursa 4% Scotiabank HSBC 2nd 7% 2nd 7% HSBC 7% Santander 12% Citibanamex 13% Banorte 14% Banorte 15% Scotiabank 7% Citibanamex 9% Santander 13% Source: CNBV Sept 2023 DB Div Rev 34 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#35О Market Share by Segment Auto Payroll C. Card Mortgage Comm+ Corp Government Deposits Sep-22 Sep-23 Sep-22 Sep-23 Sep-22 Banorte 19.9% 22.3% 20.8% 20.6% 10.3% 10.0% Sep-23 Sep-22 Sep-23 18.9% 19.6% 11.4% 12.3% 26.5% Sep-22 Sep-23 Sep-22 Sep-23 26.0% Sep-22 Sep-23 13.1% 13.9% BBVA 30.4% 27.0% 38.0% 37.2% 31.6% 31.7% 25.8% 25.4% 21.0% 21.2% 28.9% 29.4% 22.9% 22.0% CitiBanamex 0.0% 0.0% 15.3% 14.9% 24.0% 22.8% 5.8% 5.3% 9.0% 8.9% 7.5% 7.7% 14.6% 12.9% Santander 15.5% 17.0% 13.2% 13.7% 13.9% 14.3% 17.4% 16.7% 12.1% 11.1% 14.0% 13.0% 11.7% 12.1% HSBC 5.8% 7.5% 9.6% 9.0% 6.7% 7.3% 9.9% 10.9% 6.4% 5.6% 4.0% 3.0% 7.5% 6.9% ScotiaBank 11.7% 9.6% 0.4% 0.5% 2.2% 1.9% 15.8% 16.2% 7.4% 6.9% 2.2% 2.4% 6.5% 7.2% Inbursa 6.1% 5.8% 0.9% 2.4% 2.9% 2.7% 0.4% 0.4% 7.0% 7.9% 5.2% 4.7% 3.4% 3.9% Others 10.6% 10.8% 1.7% 1.7% 8.4% 9.3% 6.0% 5.5% 25.8% 26.1% 11.8% 13.8% 20.5% 21.1% Market Position Source: CNBV 2° 2° 4° 2° DB Div Rev 35 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Loan Mkt Hist C/I App 2° 2° 2° Eco GRUPO FINANCIERO BANORTE#36O Market Share by Segment Total Loan Book 14.6% 15.1% 14.5% 15.1% 13.7% Commercial & Corporate +58bp 9.8% Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Credit Card Mortgage 19.6% 12.3% 19.5% 19.3% 19.2% 12.0% 11.4% 11.1% +99bp IIIH +72bp 18.9% Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Auto Loans 10.6% 10.2% 10.3% 9.9% 10.0% 18.7% 17.8% (28bp) Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Source: CNBV 36 22.3% Payroll Loans 19.9% 19.5% IIIH Sep-19 19.4% +243bp Sep-20 Sep-21 Sep-22 Sep-23 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App 20.8% 20.6% 20.4% 20.3% (20bp) Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 GRUPO FINANCIERO BBANORTE#37○ Afore Market Share (Retirement Savings) Assets Under Management 37 Source: CONSAR AUM Market Share Billion Pesos Sep-22 Sep-23 Sep-22 Sep-23 XXI Banorte 995 1086 20.3% 19.9% Profuturo GNP 837 957 17.1% 17.5% CitiBanamex 757 852 15.5% 15.6% SURA 751 846 15.4% 15.5% Coppel 358 406 7.3% 7.4% PensionISSSTE 326 365 6.7% 6.7% Principal (Metlife, May18) 292 312 6.0% 5.7% Invercap 220 238 4.5% 4.4% Other 357 400 7.3% 7.3% DB Div Rev NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#38О Insurance Market Share 38 Million Pesos Premiums Market Share G.N.P. Metlife México BBVA AXA Seguros 54,215 58,644 11.3% 44,607 53,768 9.3% 36,803 42,376 7.6% Qualitas Seguros Banorte Monterrey New York 26,956 34,931 5.6% 23,159 27,267 6.3% 28,722 4.8% 5.1% 28,072 5.7% 5.0% Market Share Sep-22 Sep-23 Sep-22 Sep-23 Sep-22 Sep-23 Sep-22 Sep-23 64,174 73,374 13.3% 13.1% 2,149 2,854 6.2% 7.4% 10.5% 5,733 6,027 16.6% 15.7% 9.6% 4,763 7.138 13.8% 18.5% 7.6% 1,248 694 3.6% 1.8% 2,022 2,513 5.9% 6.5% 3,348 8.4% 8.7% 6.9% Net Income 2,898 3,105 Citibanamex 12,807 24,660 2.7% 4.4% 892 2,658 9.0% 1,262 2.6% 3.3% Mapfre Crédito 17,631 22,377 3.7% 4.0% 137 Inbursa Other TOTAL Source: AMIS. 18,889 21,406 3.9% 155,325 169,716 32.2% 30.4% 3.8% 2,530 9,009 361 3,474 7.3% 9.0% 8,164 26.1% 21.2% 0.4% 0.9% 481,833 558,046 100.0% 100.0% 34,486 38,491 100.0% 100.0% DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#39○ Annuities Market Share 39 Resolutions * Market Share Sep-22 Sep-23 Sep-22 Sep-23 Banorte 14,975 12,428 47.2% 43.7% 1° Bancomer 9,090 9,717 28.7% 34.2% Profuturo GNP 7,660 6,262 24.1% 22.0% Total Industry 31,724 28,406 100.0% 100.0% Annuitants Market Share Sep-22 Sep-23 Sep-22 Sep-23 Banorte 11,957 11,423 45.8% 45.0% 1° Bancomer 8,829 9,123 33.8% 36.0% Profuturo GNP 5,297 4,830 20.3% 19.0% Total Industry 26,083 25,376 100.0% 100.0% *\ Legal document for any pensioners entitled to receive a pension. Source: AMIS as of September 2023. DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#4040 GFNorte in the World Total Shares Outstanding: Float: Total ADRs (1) Outstanding: Market Capitalization Million Pesos 500,000 3Q23 2,883.5 m 450,000 - 86% 7.81 m 400,000 350,000 US 24.2 bn 421,187 Ticket Indexes 300,000 IPC (BMV) GFNORTE O (BMV) Sustainable IPC (BMV) MSCI Mexico 250,000 Oil and COVD-19 STOXX crisis DJSI MILA Climate Disclosure Leadership 200,000 GBOOY (OTCQX) OTCQX30 Euronext Vigeo EM70 150,000 XNOR (Latibex) FTSE Latibex All Shares FTSE Latibex TOP 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 (1) Level 1 DB Rev Div NIM NI Hist C/I ROE TI LD Dep ICAP BAP Guid Loan Mkt ESG App Eco 3Q23 GRUPO FINANCIERO#41О Analysts' Opinion & Investment Grade by All Major Rating Agencies Analysts' Estimates (as of Oct 27, 2023) Ratings Agencies Rating Outlook Date Agency Net Income 2023 $52,559 Target Price $188.0 Standard & Poor's BBB Stable Aug-23 Maximum $207.0 Number of Analysts # BUY 19 Fitch 17 BBB- Stable Dec-22 # HOLD # SELL 41 2 Moody's Baa2 Stable Aug-23 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#42ESG 2 DB Rev 42 NIM Hist C/I NI Div ROE TI LD Dep Loan BAP ICAP Guid ESG Eco Mkt App B GRUPO FINANCIERO BANORTE#43○ Sustainability Strategy ENVIRONMENTAL • Climate Change • Biodiversity •Waste Management Water Management SUSTAINABLE FINANCE •Socio-environmental Risk Management in Lending Portfolios • Responsible Investment • Sustainable Insurance •Sustainable Financial Products SOCIAL Human Rights • Financial inclusion and Education Diversity and Inclusion • Human Capital Community Engagement GOVERNANCE • Corporate Governance •Strategy and Materiality • Ethics and Accountability • Risk Management ⚫ Security of the Information MSCI ESG Latest Ratings Action: Three AA consecutive years WORLD FINANCE CORPORATE GOVERNANCE AWARDS WORLD'S MOST SOCIALLY RESPONSIBLE BANKS 2022 Newsweek statista 2 023 DB Div Rev 43 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App BANK SME B BEST AWARD 2023 GLORANCE GRUPO FINANCIERO#44О Continuous evolution in ESG on the back of constant feedback from investors 44 Environmental Social Governance Sustainable Business Banorte obtained validation from Science Based Targets Initiative (SBTi) over our 2030 decarbonization targets. Active participation in the National Financial Education Week in Mexico and Monterrey. Promoting savings, responsible use of credit, and insurance with particular focus on young individuals and women. Sustainable Fitch assigned a 3 Score for Banorte's ESG performance, which is in line with most assessed companies by the agency in Europe and North America. Banorte submitted the annual CSA Questionnaire by S&P Sustainable 1. Scoring 66pts, +2pts vs. 2022. Banorte was included in the S&P Sustainability Yearbook for the 2nd consecutive year, for its positive ESG performance within the banking industry. DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#45О Sustainable Business Social and Environmental Risk Management System ■Wholesale Banking Portfolio Analyzed 12.26% Wholesale Banking portfolio Corporate Banking Portfolio Analyzed 15.04% 10.37% Non-sustainable analyzed portfolio 1.69% Sustainable 0.20% Climate-related During 9M23: 951 Analyzed loans 100 loans with IFC recommendations 7 Due diligences 2 Monitoring visits 28 Credit Committees Corporate Banking portfolio ■Commercial Banking portfolio analyzed 24.19% Commercial Banking portfolio 14.95% Non-sustainable analyzed portfolio 0.51% Sustainable 0% Climate-related 18.90% Non-sustainable analyzed portfolio 4.68% Sustainable 0.60% Climate-related Risk level of the analyzed portfolio: In 3Q23: • 7 projects were evaluated: 3 under EP frameworks, (2 Medium, 1 High Risk) 4 projects with IFC Performance Standards (ND), with a medium risk level 51.5% Low 48.2% Medium Responsible Investment *FN-AC-410a.1 150,000 140,000 130,000 AFORE XXI Banorte 120,000 110,000 100,000 Assets with ESG criteria 14% 90,000 80,000 19% of the structured 70,000 60,000 instruments' portfolio has impact 50,000 investments with direct 40,000 30,000 contribution to SDGs 20,000 10,000 0 +15% YOY 3Q22 2Q23 3Q23 3Q22 2Q23 3Q23 *FN-AC-410a.1 Operadora de Fondos Banorte 20,000 18,000 Equities' ESG Analysis 16,000 81% national issuers' coverage 14,000 +6 issuers vs. 2022 12,000 10,000 8,000 Assets with ESG criteria 8.79% 6,000 4,000 2,000 Publication of the internal ESG Analysis methodology for Equities 0 Impact Investment 3Q22 2Q23 3Q23 ESG Integration Thematic Investment Thematic Investment +/- Selection 0.3% High More than half of the analyzed loans were classified as low risk, which means minimal or mitigatable impacts. * The SASB indicator FN-AC-410a.1 evaluates the amount of AUMS (in million pesos) by asset class, that employ (1) integration of environmental, social, and governance (ESG) matters; (2) thematic investment in sustainability; and (3) screening. 45 DB Div Rev NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#46• • ○ Integrated Annual Report 2022 Main financial & ESG highlights and addresses valuable feedback from our investors including best practices established by GRI, SASB and CDP questionnaire on climate change aspects. Environmental: CO2 emissions quantification & decarbonization targets for the most relevant loan portfolios Social: Greater disclosure regarding talent attraction & retention Governance: Updated skills matrix for board members & greater disclosure on management's compensation structure 2nd TCFD Report includes among other topics, loss quantification from climate-related risks to our branch network & real estate portfolios 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 BUILDING THE FUTURE WE ENVISION 2022 ANNUAL REPORT • 2000: First report that integrated ESG information • 2009: First ESG report aligned with GRI 2011: First ESG report aligned with the UN Global Compact 2016: First ESG report aligned with IIRC 2020: First ESG report aligned with SASB 2021: First report on Climate-related risks and opportunities (TCFD) 40 46 77777 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App 7 74 B Note: All GFNorte reports are independently verified. GRUPO FINANCIERO BANORTE#47Appendix 2 DB Div Rev 47 NIM NI Hist C/I ROE TI Dep BAP LD ICAP Guid Loan Mkt ESG App Eco B GRUPO FINANCIERO BANORTE#48Quarterly Summary GFNorte-Consolidated Statement of Change Comprehensive Income Highlights 3Q22 2Q23 3Q23 Change 9M22 9M23 (Million Pesos) Interest Income (1) Interest Expense Net Interest Income 2Q23 3Q22 9M22 72,244 91,542 99,529 9% 38% 187,856 278,294 48% 41,550 63,019 66,340 5% 60% 102,921 184,851 80% 30,694 28,523 33,189 16% 8% 84,934 93,443 10% Net Service Fees (3) 3,864 4,187 4,094 (2%) 6% 11,586 12,489 8% Premium Income Ins. & Annu. (Net) 9,361 12,409 10,587 (15%) 13% 34,084 36,991 9% Technical Reserves Ins. & Annu. 6,983 4,407 6,749 53% (3%) 24,367 20,757 (15%) Cost of Acquisition from Insurance Operations 300 180 174 (3%) (42%) 1,076 1,295 20% Net Cost of Claims and Other Obligations 6,516 7,649 7,489 (2%) 15% 19,905 21,713 9% Trading (1)(4) 774 1,172 1,061 (10%) 37% 2,999 2,644 (12%) Other Operating Income (Expenses) (2)(4) (1,690) (993) (717) 28% 58% (3,450) (2,606) 24% Non Interest Income (1,490) 4,540 613 (87%) 141% (129) 5,754 N.A. Total Income 29,205 33,063 33,802 2% 16% 84,806 99,197 17% Non Interest Expense (2)(3) 10,400 11,281 11,538 2% 11% 30,617 33,967 11% Provisions 3,148 4,038 4,541 12% 44% 8,249 12,351 50% Operating Income 15,657 17,744 17,723 (0%) 13% 45,939 52,879 15% Taxes 4,187 4,828 4,518 (6%) 8% 12,221 13,888 14% Subsidiaries' Net Income 233 358 259 (28%) 11% 558 950 70% Minority Interest Net Income 159 11,544 187 195 13,088 13,268 5% 1% 23% 460 567 23% 15% 33,816 39,375 16% 3. As of 1Q23, card operating expenses are recorded in "Interchange Fees" within Fees Paid (formerly in Administrative Expenses). For comparison purposes, figures for 2022 were reclassified. 4. As of 1Q23, the Expected Credit Loss of the Insurance and Annuities financial instruments portfolio are recorded in Trading Income (formerly in Other Income). For comparison purposes, figures for 2022 were reclassified 48 DB Div Rev NIM NI Hist C/I ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt App GRUPO FINANCIERO BANORTE#49Quarterly Summary Financial Ratios GFNorte 3Q22 2Q23 3Q23 9M22 9M23 NIM (1) 6.7% 5.8% 6.4% 6.2% 6.2% ROE (2) 19.6% 21.4% 21.7% 19.0% 21.5% ROA (3) 2.3% 2.4% 2.4% 2.3% 2.4% Efficiency Ratio - Cost to Income (4) 35.6% 34.1% 34.1% 36.1% 34.2% Operating Efficiency Ratio - Cost to Assets (5) 2.0% 2.1% 2.1% 2.0% 2.1% LCR Banorte and SOFOM - Basel III (6) 160.4% 169.8% 175.3% 160.4% 175.3% Non-Performing Loan Ratio Coverage Ratio Cost of Risk (7) Banxico Reference Rate 1.0% 1.0% 1.0% 1.0% 1.0% 188.5% 182.2% 187.9% 188.5% 187.9% 1.4% 1.7% 1.8% 1.3% 1.7% 9.25% 11.25% 11.25% 9.25% 11.25% TIIE 28 days (Average) 8.46% 11.52% 11.50% 7.17% 11.36% Exchange Rate Peso/Dollar (8) 20.09 17.14 17.41 20.05 17.78 Tax Rate 26.7% 27.2% 25.5% 26.6% 26.3% GFNorte-Consolidated Statement of Financial Position Change Highlights 3Q22 2Q23 3Q23 (Million Pesos) 2Q23 3Q22 Asset Under Management 3,409,931 3,764,002 3,833,532 2% 12% Stage 1 Loans Stage 2 Loans 866,330 9,710 959,179 999,902 4% 15% 7,281 10,121 39% 4% Stage 1 & 2 Loans (a) 876,040 966,459 1,010,023 4.5% 15% Stage 3 Loans (b) 9,259 10,299 10,342 0% 12% Deferred Items (c) 1,560 2,240 2,273 1% 46% Loan Portfolio from Insur. Subs. (d) 3,123 3,322 3,433 3% 10% Total Loans (a+b+c+d) 889,982 982,320 1,026,072 4% 15% Preventive Loan Loss Reserves Total Loans Net 49 49 Total Assets Total Deposits Total Liabilities Equity 17,451 872,530 2,033,008 872,912 1,789,097 18,759 963,561 2,191,378 19,431 4% 11% 1,006,641 4% 15% 2,298,368 5% 13% 976,796 1,036,961 6% 19% 243,911 1,948,764 242,614 2,045,100 5% 14% 253,267 4% 4% DB Div Rev NIM NI Hist C/I ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt App GRUPO FINANCIERO BANORTE#50Quarterly Summary Change Change Share Data 3Q22 2Q23 3Q23 9M22 9M23 2Q23 3Q22 9M22 Earnings per share (Pesos) 4.004 4.539 4.602 1% 15% 11.728 13.655 16% Earnings per share Basic (Pesos) 4.048 4.574 4.637 1% 15% 11.850 13.761 16% Dividend per Share for the period (Pesos) 0.00 7.87 0.00 (100%) N.A. 6.08 7.87 30% Payout for the period 0.0% 50.0% 0.0% (100%) N.A. 50.0% 50.0% 0% Book Value per Share (Pesos) 83.61 83.03 86.73 4% 4% 83.61 86.73 4% 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) 129.01 140.82 146.07 4% 13% 129.01 146.07 13% P/BV (Times) 1.54 1.70 1.68 (1%) Market Capitalization (Million Dollars) 18,514 23,696 24,188 2% Market Capitalization (Million Pesos) 371,995 406,048 421,187 4% 9% 1.54 31% 18,514 13% 371,995 1.68 9% 24,188 421,187 31% 13% INFRASTRUCTURE Employees Branches Correspondents ATM's POS'S 3Q22 2Q23 3Q23 31,051 31,614 32,142 1,156 1,159 1,160 19,335 19,820 19,714 9,842 10,144 10,262 163,212 179,989 187,534 50 DB Div Rev 50 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#51O Healthy Liquidity 110% Loans to Deposits (%) 108% 106% 104% 102% 100% 98% 230% 210% 104% 190% 170% 99% 150% 97% 99% 130% 96% 110% 94% 90% 92% 90% L 70% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2016 2017 2018 2019 2020 2021 2022 2023 Liquidity Coverage Ratio LCR (%) 177% 175% 155% T 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2016 2019 2022 2017 2018 2020 2021 2023 DB Div Rev 51 NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BANORTE#52Selected industry exposures Oil Industry* Vs. Total Loans 3Q23 4.0% Electricity Companies* 2.7% Construction & Real Estate Housing 1.3% Commercial 1.4% SMEs • 74% Nafin / Bancomext guaranteed 4.8% Others 1.9% loans, 47% of SME book Malls 1.5% Dollar denominated 12.0% Tourism 4.5% Restaurants 0.2% Airports 0.0% Including traditional, clean energy and suppliers 52 DB Div Rev 52 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco GRUPO FINANCIERO Loan Mkt Hist C/I App#53Insurance and Annuities P&L Premium Revenue Insurance P&L Technical Result A Non-Interest Income Claims Technical Reserves Acq. Cost Premium Revenue Claims Annuities P&L A || Premium Revenue Insurance & Annuities P&L Technical Result Non-Interest Income Claims Acquisition Technical Reserves costs UDIS (Inflation) valorization Interest Income A NII Interest Income Interest Income A NII Interest Income Technical Reserves Annuities UDIS- valorization Insurance + Annuities Interest Income 35 DB Div Rev 53 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App Technical Result Δ Non-Interest Income Interest Income A NII GRUPO FINANCIERO BANORTE#54GRUPO FINANCIERO BANORTE Cartera Total Loan Book Stages 1 +2 Fondeo Margen Financiero y Otros Ingresos Utilidad Indicadores Notas Loan Book $million pesos 1,700,000 15.0% Growth (YoY) 15.1% 25.0% Market Share 1,500,000 10.0% 20.0% 1,300,000 5.0% 1,100,000 15.1% 0.0% 15.0% 900,000 -5.0% 700,000 10.0% -10.0% 500,000 300,000 5.0% -15.0% sondefmamjjasondefmamjjas sondefmamjjasondefmamjja sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banorte BBVA CitiBanamex 2021 Santander Banorte Sistema 2022 2023 BBVA Scotiabank CitiBanamex HSBC 2021 Santander Banorte 2022 2023 BBVA CitiBanamex Scotiabank HSBC Scotiabank HSBC NPL 4.3% 3.8% 3.3% 2.8% 2.3% 1.8% 1.3% 0.8% 16.0% 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% -0.95% 9.0% 8.0% sondefmamjjasondefmamjjas 2021 Santander 2022 2023 Banorte BBVA Scotiabank CitiBanamex HSBC ----Sistema Yield 20,000 18,000 16,000 13.9% 14,000 12,000 10,000 8,000 6,000 4,000 2,000 sondefmamjjasondefmamjjas 2021 2022 2023 Santander BBVA CitiBanamex Banorte Scotiabank HSBC Revenues $million pesos sondefma 2021 Santander Banorte 2022 asondefmamjjas BBVA Scotiabank 2023 CitiBanamex HSBC 54#55GRUPO FINANCIERO BANORTE Cartera Fondeo Government Margen Financiero y Otros Ingresos Growth (YoY) Government Loan Book $million pesos 30.0% 170,000 130,000 90,000 50,000 10,000 son 20.0% 10.0% 0.0% -10.0% -20.0% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Utilidad 30.0% 25.0% 20.0% 3.8% 15.0% 10.0% 5.0% 0.0% sondefmamjjasond 2021 Santander Banorte fmamjjas 2022 2023 BBVA Scotiabank CitiBanamex HSBC 2021 Santander -Banorte lefmamjjasondefmamjjas 2022 BBVA Scotiabank 2023 CitiBanamex HSBC - Sistema NPL 13.0% 8.0% Q.00% 3.0% sondefmamjjasondefmamj as 2021 Santander Banorte 2022 BBVA Scotiabank 2023 CitiBanamex HSBC Yield 1,750 1,500 12.0% 1,250 1,000 750 500 250 0 sondefmamjjasondefmamjjas 2021 Santander 2022 2023 Banorte BBVA Scotiabank CitiBanamex HSBC Sistema Indicadores Market Share Notas 55 26.0% sondefmamjjasondefmamjjas 2021 Santander Banorte 2022 BBVA Scotiabank 2023 CitiBanamex HSBC Revenues $million pesos sondefmamjjasondefmamjjas 2021 Santander 2022 2023 BBVA CitiBanamex Banorte Scotiabank ⚫HSBC#56Corporate GRUPO FINANCIERO BANORTE Cartera Fondeo Margen Financiero y Otros Ingresos Corporate Loan Book $million pesos 750,000 25.0% 650,000 550,000 450,000 15.0% 5.0% 350,000 250,000 -5.0% 150,000 50,000 -50,000 son efmamjjasondefmamjjas 2021 2022 Santander -Banorte BBVA HSBC 2023 CitiBanamex Scotiabank 6.0% 4.0% 2.0% 0.0% NPL -15.0% -25.0% 13.0% 11.0% 9.0% 7.0% 0.79% 5.0% sondefmamjjasondefmamj fmamjjas 2021 2022 Santander Banorte Sistema BBVA Scotiabank 2023 CitiBanamex HSBC Utilidad Growth (YoY) 21.0% 17.5% 19.0% 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% sondefmamjjasondefmamjjas 202 21 Santander 2022 2023 Sistema BBVA Banorte Citi Banamex HSBC Scotiabank Yield 7,500 12.4% 6,000 4,500 3,000 1,500 0 sondefmamjjasondefmamjjas BBVA Scotiabank 2021 Santander 2022 Banorte Sistema Indicadores Market Share Notas 56 12.3% sondefmamjjasondefmamjjas 2021 Santander 2022 Banorte BBVA HSBC Revenues $million pesos 2023 CitiBanamex Scotiabank sondefmamjjasondefmamjjas 2023 CitiBanamex 2021 Santander 2022 BBVA 2023 CitiBanamex HSBC Banorte Scotiabank HSBC#57Mortgages GRUPO FINANCIERO BANORTE Cartera Fondeo Margen Financiero y Otros Ingresos Growth (YoY) Mortgages Loan Book $million pesos 25.0% 300,000 20.0% 250,000 15.0% 10.0% 200,000 5.0% 150,000 100,000 50,000 0.0% -5.0% -10.0% 4.5% 3.5% 2.5% 1.5% 0.5% sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banorte BBVA Scotiabank CitiBanamex HSBC NPL 11.0% 10.5% 10.0% 9.5% 9.0% 0.83% 8.5% sondefmamjjasondefmamjjas 2021 Santander Banorte Sistema Citi Banamex 2022 2023 BBVA Scotiabank HSBC Utilidad 25.0% 14.1% 20.0% sondefmamjjasondefmamj. njjas 2021 Santander 2022 2023 Banorte BBVA Scotiabank CitiBanamex HSBC Sistema Yield asondefmamjjas 2022 BBVA Scotiabank 2023 ⚫ CitiBanamex HSBC sondefmamj 2021 Santander Banorte Sistema 15.0% 10.0% 5.0% 2,500 2,000 1,500 1,000 500 Indicadores Market Share Notas 57 19.6% sondefmamjjasondefmamjjas 2021 Santander Banorte 2022 BBVA Scotiabank Revenues $million pesos 2023 CitiBanamex HSBC sondefmamjjasondefmamjjas 2021 Santander 2022 2023 BBVA CitiBanamex Banorte Scotiabank HSBC#58Consumer 390,000 350,000 310,000 270,000 230,000 190,000 150,000 110,000 70,000 30,000 5.0% 4.0% 3.0% 2.0% GRUPO FINANCIERO BANORTE Cartera Fondeo Consumer Loan Book $million pesos sondefmamjjasondefmamjjas 2021 Santander Banorte 2022 BBVA 2023 CitiBanamex Scotiabank HSBC NPL Margen Financiero y Otros Ingresos 20% 10% 0% -10% -20% 30% 25% 20% 15% 2.42% sondefmamjjasondefmamjjas 2021 2022 Santander Banorte BBVA Scotiabank Growth (YoY) Utilidad sondefmamjjasondefmam amjjas 2021 Santander Banorte - Sistema 2022 BBVA Scotiabank 2023 CitiBanamex HSBC Yield Indicadores Market Share Notas 58 30.0% 25.0% 20.0% 15.0% 10.0% 12.4% 5.0% 0.0% sondefmamjjasondefmamjja 2021 Santander 2022 -Banorte BBVA Scotiabank s 2023 CitiBanamex ⚫HSBC 8,100 6,100 6.0% 4,100 sondefmamjjasondefmamjjas 2021 2022 2023 Santander CitiBanamex Banorte BBVA Scotiabank HSBC Sistema 2023 CitiBanamex HSBC 2,100 100 Revenues $million pesos sondefmamjjasondefmamjjas 2021 Santander 2022 2023 BBVA CitiBanamex Banorte Scotiabank HSBC#59GRUPO FINANCIERO BANORTE Fondeo Cartera Margen Financiero y Otros Ingresos Utilidad Consumer: Credit Card Credit Card Loan Book $million pesos Growth (YoY) 35.0% 165,000 145,000 25.0% 125,000 15.0% 105,000 85,000 5.0% 65,000 45,000 -5.0% 25,000 -15.0% 5,000 ondefmamjjasondefmamjjas son 2022 2023 Santander BBVA CitiBanamex Banorte Scotiabank HSBC 31.0% 19.2% 26.0% 21.0% 16.0% 11.0% 6.0% amjjasondefmamjjas 1.0% 2022 2023 Santander BBVA CitiBanamex Banorte Scotiabank HSBC Sistema 6.5% 5.5% 4.5% 3.5% 2.5% 1.5% NPL 30% 25% 2.71% 20% sondefmamjjasondefmamjjas 2021 2022 Santander BBVA Banorte Scotiabank 15% Yield 4,100 30.0% 3,600 3,100 2,600 2,100 1,600 1,100 600 100 sondefmamjjasondefmamjjas 2021 2022 2023 CitiBanamex Santander Banorte HSBC BBVA Scotiabank ---Sistema 2023 CitiBanamex HSBC Indicadores Market Share Notas 59 10.0% sondefmamjjasondefmamjjas 2022 2023 Santander Banorte BBVA Scotiabank CitiBanamex HSBC Revenues $million pesos sondefmami asondefmamj 2021 Santander Banorte 2022 BBVA Scotiabank 2023 CitiBanamex HSBC#60GRUPO FINANCIERO BANORTE Cartera Fondeo Margen Financiero y Otros Ingresos Consumer: Auto Auto Loan Book $million pesos 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 4.0% 3.0% 2.0% 1.0% 0.0% sondefmamjjasondefmam. mamjja 2021 Santander Inbursa 2022 BBVA Scotiabank 2023 Banorte HSBC NPL 35.0% 25.0% 15.0% 5.0% -5.0% -15.0% 16% 14% 12% 10% 0.61% 8% sondefmamjjasondefmamjjas Utilidad Growth (YoY) 35.4% 34.0% 31.0% 28.0% 25.0% 23.0% 20.0% 17.0% 14.0% 11.0% 8.0% sondefmamjjasonde defmam mamjjas 5.0% 2021 Santander Scotiabank 2022 BBVA HSBC Yield 2023 Banorte Sistema 600 14.4% 500 400 300 200 sondefmamjjasondefmamjjas 2021 2021 2022 2023 Santander Santander BBVA Banorte Banorte Scotiabank HSBC Sistema Sistema 2022 BBVA Scotiabank 2023 CitiBanamex HSBC 100 0 Indicadores Market Share Notas 60 22.3% sondefmamjjasondefmamjjas 2021 Santander Scotiabank 2022 BBVA HSBC Revenues $million pesos 2023 Banorte sondefmamjjasondefmamjjas 2021 Santander Banorte 2022 2023 BBVA Scotiabank CitiBanamex HSBC#61GRUPO FINANCIERO BANORTE Cartera Consumer: Payroll Fondeo 140,000 120,000 100,000 80,000 60,000 40,000 20,000 3.5% 3.0% 2.5% 2.0% Margen Financiero y Otros Ingresos Utilidad Payroll Loan Book $million pesos Growth (YoY) 25.0% 38.0% 20.0% 33.0% 16.1% 15.0% 28.0% 10.0% 23.0% 5.0% 18.0% 0.0% 13.0% 2022 BBVA HSBC sondefmamjjason ndefmamjja 2021 ⚫Santander Banorte -5.0% 8.0% as SO |n d e fmamjjasondef jjaso ami jjas 2023 CitiBanamex 2021 Santander 2022 2023 BBVA Banorte HSBC CitiBanamex Sistema NPL 37% 3.14% 32% 27% 22% Yield 3,000 2,500 2,000 29.5% 1,500 1,000 500 sondefmamjjasondefmamjjas sondefmamjjasondefmamjjas 2021 2022 2021 2022 2023 Santander Santander BBVA CitiBanamex Banorte BBVA Scotiabank Banorte HSBC Sistema Sistema Indicadores Market Share Notas 20.6% sondefmamjjasondefmamj as 2021 Santander Banorte 2022 2023 BBVA CitiBanamex HSBC Revenues $million pesos sondefmam jasondefmamjjas 2023 CitiBanamex HSBC 2021 Santander Banorte 2022 2023 BBVA Scotiabank CitiBanamex HSBC 61#62GRUPO FINANCIERO BANDRTE Cartera Fondeo Margen Financiero y Otros Ingresos Consumer: Personal Personal Loan Book $million pesos Growth (YoY) 50.0% 50,000 40,000 30,000 20,000 10,000 10.0% 8.0% 6.0% 4.0% 2.0% sondefmamjjasondefmamjj 2021 2022 Santander Banorte BBVA Scotiabank NPL 2023 CitiBanamex HSBC 30.0% 10.0% -10.0% -30.0% on 35% 30% 25% 3:86% 20% sondefmamjjasondefmamjjas 15% Utilidad 30.0% 1% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ndefmamjjasondefmamjjas 2021 Santander Sistema HSBC 2022 BBVA Banorte 2023 CitiBanamex Scotiabank Yield 1,200 1,000 800 600 22.0% 400 200 0 sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banorte BBVA Scotiabank CitiBanamex HSBC 2021 Santander Banorte - Sistema 2022 2023 BBVA Scotiabank CitiBanamex HSBC Indicadores Market Share sondefmamjjason 2021 Santander Banorte 2022 BBVA Scotiabank Revenues $million pesos Notas 62 0.5% f ami as 2023 CitiBanamex HSBC کر sondefmamjjasondefmamjjas 2021 Santander Banorte 2022 BBVA Scotiabank 2023 CitiBanamex HSBC#63Fondeo Margen Financiero y Otros Ingresos GRUPO FINANCIERO BANORTE Cartera Stage1 + Stage 2 BanRegio y BanBajío Loan Book $million pesos Growth (YoY) Utilidad Indicadores 1,020,000 19.0% 920,000 820,000 14.0% 12.0% 720,000 9.0% 620,000 520,000 4.0% 7.0% 420,000 320,000 -1.0% 220,000 120,000 -6.0% sond f amjjasondefmamjja as sondefmamjjasondefmamjja 2.0% S 2021 2022 2023 2021 2022 2023 Santander Banregio Banorte Santander Banregio Banorte Ban Bajío Ban Bajío ----Sistema 2.8% 2.3% 1.8% 1.3% 0.8% NPL 16.0% 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% 0.95% 9.0% 8.0% sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banregio Banorte Ban Bajío ----Sistema Yield sondefmamjjasondefmamjjas 2022 2023 2021 Santander Ban Bajío Banregio Sistema Banorte 12,000 10,000 8,000 6,000 4,000 2,000 0 Notas 63 Market Share 15.1% sondefmamjjasondefmam jja 2021 2022 2023 Santander Banregio Banorte Ban Bajío Revenues $million pesos sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banregio Banorte Ban Bajío#64GRUPO FINANCIERO BANORTE Cartera Fondeo Corporate and Consumer BanRegio y BanBajío 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 160,000 120,000 80,000 Margen Financiero y Otros Ingresos Corporate Loan Book $million pesos 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% sondefmamjjasondefmamjjas 2021 2022 Santander Banregio 40,000 Growth (YoY) Utilidad sondefmamjjasondefmamjjas 2022 2021 2023 Santander Banorte Ban Bajío Banorte Consumer Loan Book $million pesos sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banregio Banorte 50% 40% 30% 20% 10% 0% 2023 Banregio ---- Sistema Ban Bajío Growth (YoY) sondefmamjjasondefmamjjas 2021 Santander Ban Bajío Ban Bajio 2022 2023 Ban Regio Banorte Sistema 12.0% 10.0% 8.0% 6.0% Indicadores Market Share Notas 64 4.0% 2.0% sondefmamjjasondefmamjjas 2021 2022 2023 Santander Banregio Banorte Ban Bajío 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Market Share sondefmamjjasondefmamj 12.40% as 2021 2022 2023 Santander Ban Regio Banorte Ban Bajio#65B SME's GRUPO FINANCIERO BANORTE Cartera Fondeo Margen Financiero y Otros Ingresos Utilidad 145,000 125,000 105,000 SME Loan Book $million pesos Growth (YoY) 30.0% 25.0% 14% 20.0% 85,000 -6% 15.0% 65,000 10.0% 45,000 25,000 sondefmamjjasondefma lefmamjjas 2021 2022 BBVA México Ban Bajío Santander Banorte 2023 CitiBanamex Banregio -26% sondefmam 2021 Santander Banorte sondefmamjj mjjas 5.0% 2022 BBVA México Ban Bajío 2023 CitiBanamex Banregio 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% NPL sondefmamjjasondefmamjjas 2021 Santander Banorte. 2022 2023 BBVA México Ban Bajío Citi Banamex Banregio Yield 18.0 17.0 16.0 15.0 14.0 13.0 12.0 11.0 10.0 9.0 8.0 Indicadores Market Share Notas 65 14.3% sondefmamjjasondefmamjjas 2021 Santander Banorte 2022 BBVA México Ban Bajío 2023 CitiBanamex Banregio Top 8 Loan Book Market Share BBVA 128,518 30.4% Banorte 60,405 14.3% 15.9 Santander 59,487 14.1% BanBajío 37,088 8.8% Banregio 33,834 8.0% CitiBanamex 31,061 7.3% HSBC 16,676 3.9% S Scotiabank 6,342 1.5% Sistema 422,926 sondefmamjjasondefmamjj 2021 Santander Banorte 2022 BBVA México Ban Bajío 2023 Citi Banamex Banregio#66GRUPO FINANCIERO BANORTE Utilidad Indicadores Cartera Fondeo Margen Financiero y Otros Ingresos Corporate by Currency Dollar Loan Book $million pesos 45% 11,000 9,000 7,000 35% 25% 15% 5% 5,000 -5% -15% 3,000 1,000 -25% -35% osndefmamjjasondefmamjjas 2021 - Santander 2022 BBVA 2023 CitiBanamex HSBC Scotiabank Banorte Pesos Loan Book $million pesos Growth (YoY) osndefmamjjasondefmamjjas 2021 Santander HSBC 2022 BBVA Scotiabank Growth (YoY) efma 2023 CitiBanamex Banorte 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 osndefmamjjasondefmamjjas 2021 Santander HSBC 2022 - Scotiabank 2023 CitiBanamex Banorte BBVA 15% -5% -15% -25% -35% ཚོ ཤློོཀླི osndefmamjjasondefmamjjas fmam 2021 efma 2023 Santander - HSBC 2022 BBVA Scotiabank CitiBanamex Banorte 23% 13% 3% Market Share Notas 66 13.5% osndefmamjjasondefmamjjas 2021 Santander HSBC 2022 BBVA Scotiabank 2023 CitiBanamex Banorte 21% 19% 17% 15% 13% 11% 9% 7% 5% Market Share 12.5% osndefmamjjasondefmamjjas 2021 Santander - HSBC 2022 BBVA Scotiabank 2023 CitiBanamex Banorte#67O Financial Targets GFNorte 5 years Net Income ROE Double digit growth 19.5% -21.5% ROA 2.2% -2.6% NIM 6.0% - 6.3% Cost-to-Income ratio 34% - 36% CET1 12.0% 13.0% Cross-sell ratio 2.3-2.6 2.8* * Note: All forecasts were generated under the new accounting rules, approaching convergence to IFRS international standards, adopted in January 2022 * Internal update, november 2023 67 DB Div NIM Rev NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#68Corporate 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 MEXICO 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 UNEP financial institutions. Dow Jones Sustainability Index MILA FINANCE INITIATIVE In 2017 was included in the Dow Jones Sustainability Index MILA Pacific Dow Jones 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 Sustainability Indexes ABM ASOCIACION DE BANCOS DE MEXICO STOXX EURONEXT video NOCES FTSE4Good 2016 Bloomberg Gender-Equality Index FINANCIAL SERVICES signatories to integrate environmental, social and governmental (ESG) Investment criteria into their investment and ownership decisions. Principles for Responsible DB Div Rev 68 NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO#69Contact 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 3Q23 report. During 2023 we have released: 1. Annual Report 2022 to the Banking and Securities Commission (CNBV) 2. 2345 Annual Report 2022 to the Stock Exchange (Informe Anual Circular Única de Emisoras) Audited Financial Statements 2022 Annual Financial and CSR Report 2022 under the GRI and SASB methodology (PDF & Interactive) Report on Climate - Related Risk and Opportunities TCFD You can access our quarterly and annual reports (in Spanish and English) and other informative materials at : investors.banorte.com 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. 59 69 DB Div Rev NIM NI ROE TI LD Dep BAP ICAP Guid ESG Eco Loan Mkt Hist C/I App GRUPO FINANCIERO BBANORTE#70Economic and 2 Financial Perspectives Main macro view Resilience in Mexican economic activity in 2023... ...but with lingering risks amid increased global uncertainty Nearshoring and long-term opportunities and challenges A solid banking sector DB Div Rev 70 NIM NI Hist C/I ROE TI Dep BAP LD ICAP Guid ESG Eco Loan Mkt App B GRUPO FINANCIERO BANORTE#71Forecasts 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 2024F -8.1 4.8 3.1 3.3 2.4 (% y/y) 3.2 7.4 7.8 5.0 4.3 Exchange rate 19.91 20.53 19.50 17.90 19.20 USD/MXN Banxico's reference rate 4.25 5.50 10.50 11.25 9.25 (%) 28-day TIIE 4.48 5.72 10.77 11.45 9.50 (%) Mexbol (points) Note: F: Forecast. Underline figure: forecast Source: Banorte 71 44,066 53,272 48,464 53,000 60,200 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#72Higher growth in 2023 and 2024, with domestic factors among the main drivers 2023 GDP: Demand Employment: INEGI (general) and IMSS (formal sector) % y/y nsa, % q/q sa Millions % y/y GDP 2023 2024 3.3 2.4 Consumption 4.3 3.1 Investment 19.8 6.2 5655 4 2 23 -INEGI (left axis) IMSS (right axis) 60 21 19 50 17 45 40 15 Government spending 1.3 1.8 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Exports -4.4 -2.7 Investment Index 100 = July 2018 Imports 6.6 1.1 114 106 98 2023 2024 90 +14.3%| +32.4% 82 3.3 2.4 74 66 58 Jul-17 Jan-19 Jul-20 Jan-22 Jul-23 Note: Underlined figures indicate forecasts Source: INEGI, Banorte 22 72 Div DB Rev Dep Guid ESG GRUPO FINANCIERO TI LD Loan BAP Eco NIM NI ROE ICAP Mkt BANORTE App Hist C/I#73О However, Mexico will continue growing at different speeds Economic growth by state % y/y, 2015-2019 average Source: INEGI 73 3.80 2.20 3.40 2015-2019 Average GDP ■1.5+ 0 to 1.5 <0 1.10 1.60 3.40 -0.60 3.10 2.10 3.20 2.50 3.30 2.40 2.70 160 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 Dep DB Rev TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#74Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa 30 20 10 -10 -20 IGAE Nowcast 3.23 2.3 1.7 4.3 ■IGAE Nowcast 4.3 4.3 4.1 4.1 3.6 3.2 3.2 -30 Sep-18 Jul-19 May-20 Mar-21 Jan-22 Nov-22 Sep-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Source: Banorte 74 Div Dep Guid ESG DB Rev ΤΙ LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#75○ Performance of households' expenditures Households' Expenditures Resilient Sectors Debit & Credit Purchases in real terms; September 30, 2022 = 100 140 Healthcare Retail Sales Supermarkets Households' Expenditures - Vulnerable Sectors Debit & Credit Purchases in real terms; September 30, 2022 = 100 160 Accommodation and Food Services Transportation Recreation, Sports and Cultural Events 130 ཧྥི་ཟི 120 110 100 140 16.2% ww 10.0% 120 6.1% 100 26.2% 20.7% 9.5% 80 80 Sep-22 Jan-23 May-23 Sep-23 Sep-22 Jan-23 May-23 Sep-23 90 90 Source: Banorte 75 DB Rev NIM NI Hist C/I Div Dep ΤΙ LD Loan BAP Guid ESG Eco ROE ICAP Mkt App GRUPO FINANCIERO BANORTE#76Performance of businesses' revenues SMEs' Revenues - Resilient Sectors POS Billing in real terms; % y/y Healthcare Retail Sales ■Manufacturing 5.1 5.2 4.9 2.9 2.4 9.6 14.3 13.4 14.1 14.9 SMES' Revenues - Vulnerable Sectors POS Billing in real terms; % y/y I Professional Services ■Recreation, Sports and Cultural Events Accommodation and Food Services Transportation and Storage 10.6 9.8 8.5 105.2 6.1 6.2 5.9 4.5 3.1 157.3 141.8 82.6 59.4 65.3 16.8 8.5 13.9 10.7 5.8 7.2 8.1 9.8 5.3 5.9 1.6 4.5 -2.8 -2.5 -14.0 -9.5 -14.8 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Apr-23 May-23 -16.2 Jun-23 Jul-23 Aug-23 Sep-23 Source: Banorte 76 Div DB Rev Dep Guid ESG TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#77О Additional risks for inflation will limit Banxico's actions in 2024 Inflation forecast % y/y fortnightly frequency Reference rate forecast % 14 13 12 12 11.25 11 10 10 2022: 7.8 10 80 $9.25 2024: 9 2023: 4.6 6 5.0 8 7 4 Headline Core 6 2 Non-core 5 0 4 -2 3 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Source: INEGI, Banxico, Banorte 77 Div DB Rev Dep Guid ESG TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#78О All members have adopted a more cautious stance Bias Member Relevant comments Hawkish Dovish Irene Espinosa Jonathan Heath Omar Mejía Galia Borja Victoria Rodríguez "...the fiscal package could generate pressures on aggregate demand. [...] the consequences for inflationary dynamics could be even greater for that year." "...reiterated that it is convenient to maintain the monetary stance in restrictive territory during the entire forecast horizon." "... it will be necessary to maintain the level of monetary restriction for an even longer period than that foreseen in the previous meeting and, going forward, expanding this policy stance could be required, either actively or passively." "...the disinflationary process faces domestic pressures from a tightening labor market and the dynamism of aggregate demand, in addition to the still uncertain effects of fiscal expansion..." "... the period in which the nominal interest rate remains fixed should last at least for the rest of the year, with the possibility of extending beyond the first quarter of 2024..." "...the monetary policy statement should maintain the categorization of such period as "extended" and even "not yet defined"." "...current uncertainty is more associated with the speed at which inflation will converge to its target..." "... inflation's behavior over the forecast horizon still faces significant challenges..." "...services prices are showing a larger pass-through of accumulated cost-related shocks, due to the greater demand they face..." "...the main challenge continues to be the persistence of core inflation, especially that of services." "...the relevance of having communicated a prolonged pause and of continuing to be cautious with the stance that has been achieved, given the prevalence of the challenges in the inflationary front." "I that communication has contributed to avoid a premature easing of monetary conditions." "...is required to avoid reference rate cuts that are premature or implemented faster than necessary and, consequently, that could jeopardize the downward trajectory of inflation." the more gradual decline in inflation [...] could imply that, looking ahead, the reference rate may need to be lowered more gradually, once the disinflationary process allows for such decreases." "...the reference rate should remain at its current level for an extended period." 78 Source: Banxico Div DB Rev Dep TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt App BANORTE Hist C/I#79Banxico's hawk-o-meter Tone of Banxico's Board comments Index*; Jan-Oct'23 Irene Espinosa Galia Borja Jonathan Heath Omar Mejía Victoria Rodríguez Note: * From -1 to 0 implies a dovish tone; from 0 to 1 implies a hawkish tone Source: Banorte 79 0.42 0.48 0.53 0.65 0.69 Div DB Rev Dep TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt App BANORTE Hist C/I#80О 22222 26 24 20 18 16 14 12 Dec-14 USD strength has impacted global currencies, but the MXN remains underpinned by high rates and other positive factors USD/MXN forecast Pesos per dollar 28 Performance of main currencies in the last 12 months % HUF PLN MXN CHF EUR 2024 GBP DKK 19.20 CZK 2023: COP KRW 17.90 NZD SGD BRL Dec-16 FX performance in 2022 Dec-18 Dec-20 Dec-22 Dec-24 PEN SEK CAD AUD % HKD CLP Carry Return (annualized) דוד 97531135 COP MYR HUF TWD CLP INR ZAR • INR BRL MXN JPY PEN CNY JPY AUD IDR IDR NOK ARB GBP NOK ZAR CHF I ILS T T T T TRY -12-10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18 20 RUB 19.1 14.1 11.8 10.5 7.7 7.5 7.4 7.3 7.3 6.0 4.8 4.6 4.3 3.7 2.5 0.6 0.4 0.3 -0.1 -0.7 -1.0 -1.1 -1.7 -1.8 -2.0 -3.2 -3.4 -10.6 -33.3 -34.7 Spot return YTD ARS -56.8 -80 -60 -40 -20 0 20 40 Source: Banorte with data from Bloomberg 80 Div DB Rev Dep Guid ESG GRUPO FINANCIERO TI LD Loan BAP Eco NIM NI ROE ICAP Mkt BANORTE App Hist C/I#812024 public finances - Optimistic assumptions and higher spending MoF: Macroeconomic assumptions and fiscal variables* Possible effects on some key assumptions in the 2024 Budget $ billions 2023 2024 GDP (% y/y) 2.5 to 3.5 (3.0) Inflation (% y/y, end of period) 4.5 (4.8) 2.5 to 3.5 (3.0) 3.8 (4.0) ◉ A 0.5% increase in GDP • Higher revenues by $24.4 billion Exchange rate (USD/MXN, 17.5 (17.6) 17.1 (19.2) average of period) An additional USD in the oil price Higher revenues by $13.4 billion Interest rate (28-day CETES 28 11.3 (11.3) 9.5 (8.5) %, end of period) • An appreciation of 20 cents in the USD/MXN Lower revenues by $10.3 billion Oil price (US$/bbl, average of • 67.0 (67.0) 56.7 (56.3) period) Oil production (kbpd, average of period) 1,955 (1,955) 1,983 (1,914) ◉ • Reduction of the financial cost by $2.8 billion Net effect: -$7.5 billion A 50kbpd increase in oil crude extraction Higher revenues by $17.9 billion PSBR (% of GDP) -3.9 (-4.7) HBPSBR (% of GDP) 46.5 (49.1) -5.4 (-3.2) 48.8 (49.9) A 100bps increase in the interest rate Higher financial cost by $30.5 billion Primary balance (% of GDP) 0.1 (-0.6) -1.2 (0.7) Notes: Figures in parenthesis indicate previous forecasts Source: MoF, Rating agencies 81 Div Dep Guid ESG DB Rev ΤΙ LD Loan BAP Eco Mkt NIM NI ROE ICAP App Hist C/I GRUPO FINANCIERO BANORTE#82Reasonable revenues, albeit with an increase in spending Revenues vs GEPC estimated figures 2024 2023 2022 2021 $ billons 8,000 Spending ($ billion) 9,022.0 8,257.6 7,048.2 6,257.1 Estimated Observed Social programs 8.2 7.3 6.4 5.4 6,000 Pensions for the elderly 5.2 4.1 3.4 2.2 4,000 2,000 0 2019 Scholarships program 1.0 1.0 1.2 1.2 Sowing life (reforestation) 0.4 0.4 0.4 0.5 Others 1.7 1.7 1.4 1.6 2020 2021 2022 2023 Priority projects 2.5 2.9 1.8 1.6 2024 Financial cost 14.0 13.1 11.2 11.6 Revenues composition % of total revenues, 12 month moving average Transfers to states 28.4 29.5 29.9 29.8 100% 80% 60% 40% 20% Others Additional items 0% PEMEX (DUC) 35.0 40.0 40.0 54.0 1990 1994 1998 2002 2006 2010 2014 2018 2022 Oil ■Tax collection Non-tax revenues PEMEX (capital contributions) 145.0 70.0* 188.3 316.4 Participations 14.1 14.8 14.5 14.7 Contributions 11.8 12.1 12.6 13.4 2.5 2.6 2.8 1.8 Notes: Up to 2Q23 Source: Banorte with data from MoF 82 Div DB Rev Dep TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt BANORTE App Hist C/I#83The debt/GDP ratio would increase, while PEMEX still faces a challenging outlook Primary Balance % of GDP PEMEX maturities* US$ billion 2.0 25 40 (47%) 1.0 Observed GEPC 0.9 20 1.0 0.5 0.3 0.3 0.3 13.4 0.1 0.1 15 0.0 -1.0 -2.0 T 10 -0.3 -0.5 5 0.6 تتا 7.9 7.2 7.1 0 -1.2 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 4.6 6.2 4.6 3.5 2.3 2.0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 HBPSBR % of GDP Rating agencies Fitch Ratings S&P Global 55.0 Observed GEPC Pre-CGPE A- A- MOODY'S A3 50.2 49.2 50.0 47.7 48.8 48.8 48.8 48.8 48.8 48.8 BBB+ BBB+ Baal 46.5 BBB BBB Sovereing PEMEX Baa2 Sovereing 45.0 43.2 BBB- Sovereing BBB- Baa3 40.0 BB+ BB+ Ba1 BB BB Ba2 35.0 T T 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 BB- BB- Ba3 B+ PEMEX B+ B1 PEMEX Notes: Does not include revolving loans with banking institutions Source: Banorte with data from MoF, PEMEX, Bloomberg and Rating agencies 33 83 Div Dep Guid ESG DB Rev ΤΙ LD Loan BAP Eco Mkt NIM NI ROE ICAP App Hist C/I 3.3 0.5 2035 2038 2040+ Investment grade threshold GRUPO FINANCIERO BANORTE 23.0#84○ Attention on the 2024 elections Electoral Map: Governorship Morena PAN Movimiento Ciudadano PRI PVEM *Note: Brighter colors indicate states with governorship election in 2024 Source: INE, state governments 84 2024 electoral process begins in September 2023, with candidate elections June 2nd, 2024: election of 8 governorships and Mexico City's head of government Chiapas (Morena), Guanajuato (PAN), Jalisco (Movimiento Ciudadano), Morelos (Morena), Puebla (Morena), Tabasco (Morena), Veracruz (Morena), Yucatán (PAN) 29 states will vote for mayors (1,787) and municipal posts (14,160) • All states -except Coahuila- will vote for local congresses Current preferences on possible candidates Gross preferences 1 Claudia Sheinbaum Xochitl Gálvez Marcelo Ebrard None 5 Con tecnología de Bing GeoNames, Microsoft, TomTom Doesn't know/ Didn't answer 3 15 30 47 Claudia Sheinbaum Xochitl Gálvez Samuel García None 5 Doesn't know/ Didn't answer 2 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I 18 26 26 49 GRUPO FINANCIERO BANORTE#85O Challenging global outlook 85 China - US 2024 Elections Regionalization War in Ukraine Geopolitical risks Economic Activity Recession A Slowdown Leveraged economies Aftermath of the pandemic Inflation and high interest rates Persistence of price pressures Monetary policy divergence Div Dep DB Rev TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#86О Economic activity remains tied to performance in the US GDP growth in US and Mexico % y/y, 1990 to 2021 8 6 y= 1.2566x-0.6753 Mexico GDP growth estimates* % y/y 2023 R² = 0.4697 1990 2010 4 1091 2811 2012 2006 2 20080 2006 1996 წ 1994 • 2004 2015 208 1993 1992 902814 02005 2007 2010 2018 2024 1996 1997 Banorte 3.3 2.4 2000 1998 2021 Consensus 3.2 2.0 01999 Minimum 2.8 1.0 Maximum 3.7 3.8 Mexico 0 2 2013 2003 2002 2019 2001 US GDP growth estimates** % y/y -4 2023 2024 2009 -6 Banorte 2.2 1.9 1995 -8 Consensus 2.1 1.0 2020 Minimum 0.9 -0.3 -10 -3 -2 -10 1 2 3 4 5 6 Maximum 2.4 3.1 US Notes: *Citibanamex survey. **Bloomberg median Source: Banxico, US Census Bureau, Banorte, Bloomberg and INEGI 86 Div Dep Guid ESG DB Rev TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#87О US economic influence by sectors US Economic Influence in the Mexican Economy % of GDP Manufacturing Wholesale 87 Real estate services Retail sales Source: Banorte Financial services Government Education Transportation, mail, and storage 56% Media Primary Activities Health Construction Mining Hotels and restaurants Other Services Business support services Professional services Utilities 56% of Mexico's GDP depends on the US economy. US Dependent Non-US Dependent Div DB Rev Dep NIM TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco Hist NI ROE ICAP Mkt App BANORTE C/I#88О US economic influence by states US Economic Influence 88 Influence Intense Strong Moderate Weak None Source: Banorte 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 GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt App BANORTE Hist C/I#89О ○ Mexico's geographical location, benign demographics and natural resources (among other factors) remain as key drivers for the economy Real GDP growth % yly 10 5 0 5.3 4.3.6 4.4 6.7.7.25.0 -5 -10 -5.9 2.8 -0.2 -0.5 FDI US$ billion in nominal terms Avg 2.25.8 5.0 Profit reinvestment and accounts between companies New investments 4.8 3.6 2.1 2.1 09 3.3.6 2.3.7 3.9 50 L10.9. 1.8.92.0 40 30 -0.3 20 10 -6.3 0 T 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2020% 2018 2022 Population pyramid in 2020 Million people by age bracket Mexico US Male 85+ 80-84 Female 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 -5 -4 -3 -2 -1 0 1 2 3 4 5 Labor productivity in manufacturing Index 100 = 2013 Annual GDP growth expectation for the next 10 years % y/y 4.5 8 Average hourly wages US$ in nominal terms Mexico (LHS) 40 105 China (LHS) 6 30 100 US (RHS) 95 4 20 90 2 10 85 0 0 80 2006 2009 2012 2015 2018 2021 Source: Banorte with data from Banxico, INEGI, FRED, Chinese Statistics Bureau 89 3Q05 1Q09 3Q12 1Q16 3Q19 1Q23 3.5 2.5 2.0 1.5 Sep-13 Sep-15 Sep-17 Sep-19 Sep-21 Sep-23 Div DB Rev Dep ΤΙ LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt App BANORTE Hist C/I#90Nearshoring impact in Mexico Average yearly impact in Mexico's non-oil exports* on a five-year span Main destinations for Mexican exports: = Inertial growth: +US$35.2 billion Nearshoring: +US$33.6 billion US$473bn US$16bn US$11bn (82%) (3%) Mexico's main exports: US$8bn US$6bn (2%) (1%) (1%) Net effect: +US$68.8 billion Total impact from nearshoring in the next 5 years: US$168bn Autos & Passenger vehicles (9%) Computers (7%) Vehicles for the transportation of goods (7%) *Using 2022's total of US$539 billion as a baseline, Source: Banorte with data from INEGI, Banxico and BEA; Images: freepik.es Con tecnología de Bing © GeoNames, Microsoft, TomTom 90 Auto parts (7%) Displays & Projectors (3%) Sectors with the largest potential: Agro industry Auto Warehousing and industry logistics Appliances Pharma Transportation Computers Knowledge economy Div DB Rev Dep ΤΙ LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#91О Top 5 investments in the auto sector in 2022 and so far in 2023 91 SOLAREVER NISSAN КИ MICHELIN 2022 1 2 3 Puebla Jalisco US$1,000.0 million Batteries US$763.5 million OEM Aguascalientes US$700.0 million OEM r 1 Nuevo León US$5,000.0 million EVs M W AW ASIAWAY 4 Nuevo León US$408.0 million OEM 5 Guanajuato US$400.0 million Tires BESTUNE 2023 2 5 Nuevo León US$3,200.0 million Aluminium & metals San Luis Potosí US$868.0 million OEM San Luis Potosí US$373.0 million Automotive Hidalgo US$358.0 million Automotive Note: Tesla's investment is based on different media reports, including Reuters Source: Press releases Div DB Rev Dep Guid ESG TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#92○ Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the world* US$ billion, 2015 constant prices (monthly figures, sa) US: Top five goods imported from Mexico US$ billion, nominal terms (yearly figures) 120 US: Vehicle imports by country % of total vehicle imports (yearly figures) 60 Mexico Canada China 45 40 35 30 25 20 15 10 5 1980 1988 1996 2005 2013 2022 *Lines indicate a statistically significant structural change in the time series Source: Banorte with data from INEGI, Banxico, BEA and US Census Bureau 92 Vehicles 50 Engines, motors, boilers, etc. Appliances, electric 40 80 40 equipment, etc. 40 40 ⚫Oil Projectors, surgical instrments, etc. 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 Div DB Rev Dep ΤΙ LD Loan BAP NIM NI ROE ICAP Hist C/I 30 20 20 10 0 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 Guid Mkt ESG App Eco GRUPO FINANCIERO BANORTE#93The main destination of Mexican exports is Texas, followed by Michigan and California US: Imports from Mexico US$ billion, 2022 Source: US Census 333 93 60.5 141.3 Imports 141.3 59.2 0.0 Con tecnología de Bing © GeoNames, Microsoft, TomTom Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#94О Export centers are concentrated in the north and center of Mexico Mexico: Exports to US US$ billion, 2022 Source: Ministry of Economy 94 52.2 73.1 20.6 53.2 29.2 27.8 75.8 Con tecnología de Bing © GeoNames, Microsoft, Tom Tom Div Dep DB Rev TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I Exports 75.8 0.0 GRUPO FINANCIERO BANORTE#95Geolocalization of industrial zones and parks and Banorte's branches Manufacturing industry and Banorte's branches US$ millions Source: Banorte with figures from S&P and AMIA 95 Div DB Rev Dep TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#96Good's journey - Autos and other vehicles The road to U.S. - January 2021 to April 2023 US$ millions VW Puebla Audi BMW Port of Veracruz (VER) San Luis Potosi Honda Jalisco Maritime Port of Altamira (TAMPS) Mazda Motors Guanajuato General Motors Port of Lazaro C. (MICH) Other Ports Aguascalientes Nuevo Leon Coahuila Mercedes Benz Kia Motors Rail USA Laredo (TAMPS) Morelos Several Mexican Entities State of Mexico Sonora Chihuahua Nissan North Pole Star Another Type of Transport Double Stack Rail Chrysler Other Companies Ford Truck Bombardier RP Nogales (SON) P. Negras (COAH) Juarez (CHIH) Additional Land Crossings Other Border Points Source: Banorte with figures from S&P Global-Panjiva and AMIA 96 Div Dep Guid ESG DB Rev TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#97O Good's journey - Autos and other vehicles Key border crossings % of total export value: January 2021 to April 2023 Laredo (TAMPS) 40.1 Port of Veracruz (VER) Port of Altamira (TAMPS) 9.1 Nogales (SON) 9.0 Juarez (CHIH) 8.8 P. Negras (COAH) 8.6 Port of Lazaro C. (MICH) 6.1 Other Ports 0.1 Source: Banorte with data from S&P Global-Panjiva 97 18.2 Shipping method % of total export value: January 2021 to April 2023 Div Dep DB Rev TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I Double Stack Rail Truck Maritime Rail GRUPO FINANCIERO BANORTE#98Nearshoring score - Top 10 states Nearshoring score - Top 10 states with the largest potential Score: Maximum value = 10 Nuevo León Chihuahua Baja California Tamaulipas Coahuila Sonora Querétaro Jalisco San Luis Potosí Guanajuato Source: Banorte 98 9.3 9.1 8.9 8.5 8.2 8.1 7.8 7.7 7.6 7.6 Div Dep DB Rev TI LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#99Banking credit forecast using lagged GDP Banking credit $ billons 5,200 4,700 4,200 3,700 3,200 2,700 2,200 1,700 1,200 700 2003 ...... Forecast Fitted Observed 2006 2009 2012 2015 Note: *Observed GDP growth in 2022. ** For 2023, we assume our 3.3% forecast in 2023 Source: Banorte with INEGI and Banxico data 99 2018 2021 2024 Backtest and forecast* % y/y in real terms Year Observed Original model 2020 1.1 2.1 2021 -8.6 -7.8 2022 2.1 1.1 2023* 5.4 (up to August) 5.4 2024** 6.1 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 TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt App BANORTE Hist C/I#100Credit has grown significantly in the last year, while NPLs had remained quite low Banking credit % y/y, in real terms Non-performing loans ratio % of total loan portfolio 18 14 10 6 2 -2 6 -10 10 -Total Consumer Mortgage Firms 9 8 6 5 4 3 2 -14 -18 -22 0 2019 2020 2021 2022 2023 Source: Banxico 100 Hist -Total Consumer Mortgage Firms 2007 2009 2011 2013 2015 لس 2017 2019 2021 2023 Div DB Rev Dep Guid ESG TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#101O Banking sector KPI's Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital 24 22 21 20 19 18 17 15 16 12 8 00 4 0 Santander Banorte BBVA México Banamex Scotiabank HSBC Source: Banxico, CNBV, Banorte with data as of July 23 101 Hist DB Additional Tier 1 Additional Capital --Regulatory Minimum 27 26 23 22 22 21 20 19 18 18 17 17 17 16 16 16 15 15 15 15 14 14 14 13 13 13 10.5 Bank of America Barclays Intercam Banco Inbursa Bansí BIAfirme Monex Banco Base Autofin Actinver BanCoppel Inmobiliario Mex Invex Banco Covalto Banco del Bajío Multiva Afirme Banregio Banca Mifel Ve por Más CIBanco Banco Azteca Bancrea Sabadell Bankaool Consubanco Rev NIM C/I IN Div Dep ΤΙ LD Loan BAP Guid ROE ICAP Mkt ESG App Eco GRUPO FINANCIERO BANORTE#102Financial access in Mexico Key FAS Indicators 2016 2017 2018 2019 2020 2021 Outstanding deposits with commercial banks % GDP 30 27 22 24 Number of ATMs per 100,000 adults 54.59 55.62 58.82 61.54 62.13 62.26 21 18 Number of commercial bank branches per 100,000 adults 14.02 14.03 13.86 13.73 12.79 11.98 15 2012 2013 2014 2015 2016 2017 2018 2019 Outstanding loans from commercial banks % GDP 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 23.97 24.04 24.32 24.65 28.56 26.56 21.56 21.64 22.04 22.11 22.70 21.17 24 22 20 2.14 1.98 1.87 1.77 1.74 1.53 18 16 147.24 166.90 273.61 437.74 520.78 658.68 Source: IMF 102 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 DB Rev Div Dep TI NIM LDO Loan BAP Guid ESG GRUPO FINANCIERO Eco NI ROE ICAP Mkt App BANORTE Hist C/I#103О Financial access in Mexico Accounts 2014 % of population aged 15+, in a financial institution or mobile money account 49.0 50 39.1 36.9 40 27.4 30 20 10 0 2011 Made or received a digital payment* % of population aged 15+ 50 45 40 34.5 35 31.7 30 2017 2022 2014 2017 43.9 2022 Owns a credit or debit card % of population aged 15+ % of population aged 15+ 50 Debit card Methods of receiving wages Financial institution 34.6 18 40 Credit card 13.6 26.8 15 24.6 30 22.3 12 9.9 Mobile phone Cash 14.0 10.0 10.3 10.8 17.8 20 13.0 9.5 11.2 9 6 3.9 10 3 1.1 0.5 0 2011 2014 2017 2022 2014 2017 2022 Note: *Using mobile money, a debit or credit card, or a mobile phone to make a payment Source: World Bank's Findex 2022 103 Div Dep Guid ESG DB Rev TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#104Formal and informal savings Current savings instrument % of population between 18 and 70 years old 100 80 33.2 32.2 39.8 Without savings Both Reasons for not having a savings account* % of population that does not have an account Doesn't have enough money 31.9 60 13.6 15.4 5.4 4.6 15.3 She/he doesn't need it 31.5 40 6.2 Only formal 20 47.7 47.9 38.8 Only informal Doesn't fullfil the requirements 8.7 0 Doesn't trust financial... 6.8 2015 2018 2021 Have or had have a saving instrument % of population between 18 and 70 years old Doesn't know how to use it 6.1 Prefers other methods of savings 5.3 100 80 44.1 47.5 49.1 Low interests or high fees 3.5 60 Yes, she/he has 14.5 11.8 40 15.7 Yes, she/he had Branch is far away 3.1 20 41.5 41.1 35.2 No, never Doesn't want to be taxed 2.1 2015 2018 2021 0 5 10 15 20 25 30 35 Note: *Population that has never had savings accounts in regulated non-banking and banking institutions Source: INEGI'S ENIF 2021 104 Div DB Rev ΤΙ LD04 Dep Guid ESG Loan BAP Eco Mkt NIM NI ROE ICAP App Hist C/I GRUPO FINANCIERO BANORTE#105Formal and informal credit Current loan instruments % of population between 18 and 70 years old 100 80 45.6 42.9 47.9 Without a loan 60 12.6 12.7 ■Both 11.0 40 16.4 18.4 21.6 Only formal 20 25.4 25.9 19.5 0 Only informal 2015 2018 2021 Reasons for not having a loan* % of population that does not have a loan Doesn't like to borrow Doesn't fullfil the requirements 34.4 25.9 She/he doesn't need it 24.5 High interests or fees 7.8 Have or had have a formal credit % of population between 18 and 70 years old Doesn't trust financial... 3.1 Branch is far away 1.4 100 29.1 31.1 32.7 80 Other reason 1.2 60 14.0 13.0 14.4 40 Yes, she/he has Yes, she/he had Institution will reject him/her 1 57.0 55.8 52.9 20 No, never Doesn't want to be taxed 0.7 0 2015 2018 2021 0 10 20 30 40 Note: *Population that has never had a credit in regulated non-banking and banking institutions Source: INEGI's ENIF 2021 105 Div DB Rev ΤΙ LD05 Dep Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#106О Access to financial instruments and digitalization in urban and rural populations Financial instrument access by type of area % of population between 18 and 70 years old 80 74.2 Channels used to do transactions or check account's balance % of population between 18 and 70 years old 70 0 60 60 56.1 50 50 40 40 30 20 10 10 0 10 70 Urban Rural 60 60 17.7 13.0 8.1 50 40 40 31.0 30 20 10 5.4 3.0 58.3 Urban Rural 41.2 39.2 36.5 23.7 14.5 0 Yes, she/he had No, never Website Smartphone app ATM Branch Yes, she/he has Note: *Other includes banking correspondent and telephone calls Source: INEGI'S ENIF 2021 106 Div DB Rev Dep ΤΙ LD Loan BAP Guid ESG Eco NIM NI ROE ICAP Mkt App Hist C/I 4.7 2.7 Other*/Does not know GRUPO FINANCIERO BANORTE#107○ Job informatlity People working in informality population aged 15+, million 60 58 56 54 52 50 48 Informality rate % of population aged 15+ 62 62 60 60 55.98 58 ливый 56 54 52 52 55.53 42 46 50 44 48 888 42 40 46 T Jul-05 Jan-10 Jul-14 Jan-19 Jul-23 Jul-05 Jan-10 Jul-14 Jan-19 Jul-23 Source: INEGI 107 Hist Div DB Rev Dep Guid ESG TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App C/I GRUPO FINANCIERO BANORTE#108О 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: Banorte 108 Branch Network per Federal Entity # of branches #Branches per State Average Net Income per Federal Entity 180 90 0 Average Net Income 33,000 22,000 11,000 Div DB Rev Dep Guid ESG TI LD Loan BAP Eco NIM NI ROE ICAP Mkt App Hist C/I GRUPO FINANCIERO BANORTE#109○ Although the US remains resilient, there are headwinds for growth that could materialize in 2024 Banking credit in the US % y/y (bi-weekly frequency) 12.5 Households interest payments US$ billion (monthly flows) 600 11.0 9.5 8.0 6.5 5.0 3.5 2.0 0.5 -1.0 Sep-19 500 400 300 200 100 0 -0.41 Sep-20 Sep-21 Sep-22 Sep-23 Source: Banorte with FRED data 109 US$505.1 billion Aug-59 Apr-70 Dec-80 Aug-91 Apr-02 Dec-12 Aug-23 Div DB Rev Dep TI LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt BANORTE App Hist C/I#110The rising cost of mortgages are making the outlook even more challenging US 30-year mortgage rate % 12 Mortgage applications* Index (weekly frequency) 540 11 500 10 460 420 9 Highest point 380 8 since November 7.53 340 2000 7 300 6 260 220 4 180 140 2 100 Sep-90 Mar-96 Sep-01 Mar-07 Sep-12 Mar-18 Sep-23 *Note: With figures until September 29, 2023 Source: Banorte with data from BEA and Mortgage Banking Association 110 T 136.6 2000 2002 2005 2007 2010 2012 2015 2018 2020 2023 DB Rev Div Dep ΤΙ LD Loan BAP Guid ESG GRUPO FINANCIERO Eco NIM NI ROE ICAP Mkt App BANORTE Hist C/I#111Launching our new website www.banorte.com/analisiseconomico Ооо Interactive dashboards Special Podcast reports @Analisis Fundam 108 1888I GRUPO FINANCIERO BANORTE 10 8#112О Our Annual Report & Corporate Presentation GRUPOS FRAN BANORTE ANORTE 114 BUILDING THE FUTURE WE ENVISION 2022 ANNUAL REPORT B GRUPO FINANCIERO BANORTE Corporate Presentation DB Div Rev 112 NIM NI ROE TI LD Dep ICAP BAP Guid ESG Eco Loan Mkt Hist C/I App 2 GRUPO FINANCIERO BBANORTE