Investor Presentaiton

О 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

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