Investor Presentaiton

Public 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

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