Corporate

Presentation
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 Table of Content

About Banorte 3 Markets Awards

Results
NIM 9
Revenue composition 12
Fees 14 GFNORTEO
Cost to Income 15
Net Income 17
EPS 18
Dividend 19
ROE / ROA 20 GBOOY
Digital Bank 23
Deposit & Loans 28
Loans / Deposits 29
Deposits growth 30
Loan growth 31 XNOR
Government Loan Book 33
Asset Quality - NPL 35
CAR 38
BAP (Insurance, Pension & Afore) 39
Insurance graphs & segments 42
Guidance 45
Market Presence 46 Indexes
GFNorte 53
ESG 55
Appendix 60
Economic and Financial Perspectives 78

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 About
Banorte

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 GFNORTE – A Leading and Profitable Financial Franchise in Mexico

2
1 Sound Fundamentals 4
Adequate
business mix Solid asset quality, high 3
Strong retail, wholesale and liquidity, and strong
Solid corporate governance
premium banking platforms, capitalization ratios.
Independent Board Members Digital Strategy
as well as leading represent 64% of total board Prepared for the
insurance and pension fund composition and best practices Future
management units, serving in minority shareholder right …
more than 19 million protection.
clients.

GFNorte is among the top 3 most traded companies in the Mexican

One of the Stock Exchange, and has the highest Relative Weighting on S&P/BMV
IPC Index, rated OTCQX Best 50 Global
most public
Market capitalization of US 23.8 billion, float around 86%
companies
in Mexico and more than 6,000 investors, including large global institutional funds.
Investment grade ratings by S&P, Fitch, Moody's and HR Ratings.

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 From Regional Bank to Second Largest National Financial Group

14.9%*

1,2,3 Plan
20|20 Plan
Client • Banorte’s
Segmentation Digital
Business Diversification Transformation
* Loan book IT : central DB,
Market Share
Inorganic Growth multichannel • JV Rappi
2.3%
Profitability • bineo –
Regional Bank Digital Bank
1899 … 1982-1992 1995 2000 2005 2010 2015 2020 2022
 Banorte  INB  IXE 
Nationalization

Privatization
Establishment

Generali  Afore XXI G.F. Interacciones

Afin  Bancentro 50% IMSS 50%  Afore Bancomer 
Banpaís
Bancrecer  Banorte-General Rappi
i100% J.V.

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 Strategy – Client centric & Digital Evolution

PRODUCTS & DISTRIBUTION

SOLUTIONS CHANNELS 1M New customer
Rappi clients behavior
Deposits & Loans Mobile
Client Segmentation
Insurances ▪ 11.5 million ex-Afore clients Web Rappi JV Digital
8.6 million Afore clients
Pensions ATM
Consumer focus Bank
▪ Structured Info & Learning
(Central DB & Watson)
Annuities Contact Center
▪ Behavior understanding Cost
Wealth Mngt. Analytics Branches

… …

PROCESSES
Account opening - Credit Analysis Google
Hyper-personalization
Next Best Offer – Next Best Action

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 Diversified Business Mix

In progress…

bineo Banco Casa de Operadora Banorte Arrendadora

JV with Almacenadora
Digital Mercantil Bolsa de Fondos Ahorro y y Factor
RAPPI Banorte
Bank del Norte Banorte Banorte Previsión Banorte**
50% 99.9999% 98.2618% 99.9999% 99.9987% 100% 99.9009% 99.9999%

Looking for fully

licensed bank Banorte Banorte
Financial Securities (Fondos de Seguros Pensiones
Services Holdings Inversión) Banorte Banorte
(Uniteller) International 100% 99.9999% 99.9999%
100.0% 99.9999%

Banorte Futuro
98.22%

Afore XXI
Banorte
50.0%

* Ixe servicios is now bineo bank

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 Business Mix - Diversified Net Income and Balance

Net Income Mix Net Income by Subsidiary

1H23

Million pesos 2Q23 q/q y/y 1H23 y/y ROE 1H23 Other Finance
Companies
Bank 10,184 1% 11% 20,314 22% Afore
27.2% 1%
2% Holding
Broker Dealer & Mutual F. 239 170% (22%) 328 (73%) 3%
11.2%
Annuities
Insurance 1,221 (12%) 43% 2,610 25% 5%
56.4%
Bank
Annuities 489 (17%) (6%) 1,075 4% Insurance 78%
20.2%
11%
Pension Funds (Afore) 295 1% 198% 588 131%
10.2% Broker Dealer &
BAP (Holding) 20 (26%) 1477% 47 1655% Mutual Funds
1%
Other Finance Comp. 156 42% (36%) 266 (28%)

Holding 484 23% 67% 878 44%

GFNorte 13,088 1% 14% 26,106 17%

21.6%

* ROTE 1H23: Bank 31.8%, Afore 35.3%

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 Net Interest Margin Moving in the Right Direction

NIM
7.0% 6.6%
6.3%
6.5%
5.9% 5.8%
6.0% 5.6%
5.5% 5.6% 5.4%
5.5% 5.3%
4.9% 67
5.0% 4.7%
4.4% 4.5%
4.5% 4.1% 4.8%
4.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

Previous criteria IFRS

NIM (Post-Provision)
6.5%
5.7% 5.8%
6.0%
5.4%
5.5%
4.9%
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 2Q22 3Q22 4Q22 1Q23 2Q23

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 Margin Sensitivity Evolution
▄ Dynamic risk management hedges NII Sensitivity per 100 bps in rate change
Local Currency Balance Sheet
▄ Focus on stable low-cost liabilities Million pesos

▄ Active ALCO
1,205 1,222
1,127 1,156 1,167
▄ Organic growth of floating rate portfolio 979
1,064
842 865
▄ A well-prepared asset & liability management
638
strategy to take advantage of the rate cycle and 554 566
anticipate the imminent easing cycle 428

NII Sensitivity / NII %

0.6% 4Q18 4Q19 2Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23
• Expected reduced 0.7%
0.7%
sensitivity to ~$700M, 0.9% Foreign Currency Balance Sheet
an effect of only ~0.6% Million pesos
in NII of the group
(currently 0.7%). 1,076
977 1,018
898 896
• In Foreign currency 802 758
reduced to ~$850, 593 569 603 643
implying ~0.7% in NII. 319 362
Group’s Bank’s
NII NII||
Foreign currency sensitivity 4Q18 4Q19 2Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23
Local currency sensitivity
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  Core Banking Fees keep growing

▄ Net fees flat q/q; 1H23 +9% y/y, Bank +19% y/y +9%
Net Fees
1H23 y/y
▄ Core banking fees +4% q/q; 1H23 +7% y/y, with Million
4,500 Previous criteria IFRS
pesos 4,208 4,187
electronic banking services +9% y/y 4,035
4,000
▄ POS transactions +7% y/y; +48% y/y in mobile
monetary transactions 3,500

3,000

3,214 3,289 3,457 4,003

2,500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2021 2022 2023
POS Transactions +7% Mobile Monetary +48%
y/y Transaction y/y Core Banking Fees
400
Million Million
120 Million
350 Digital pesos
Physical 100 5,410
300 111 5,500 5,201 5,214
178
250 189 176 80
95
200
168 60 75 +7%
150 4,500 1H23 q/q
40
100
155 174 190
20 47
50 104
3,500
0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2Q21

3Q21

4Q21

1Q22

3Q22

4Q22

1Q23

2Q23
2Q22
2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

2021 2022 2023

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 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% 40.0% 39.7% 45.4%
47.0%
42.8%
41.4%
42.0% 39.0% 39.1%
42.7% 36.5%
37.0% 34.5% 34.1%
37.4%
32.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

Revenues & Expenses

Million Pesos

• 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.

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 Net Income growing

Net Income
Million Pesos

CAGR +30%
+15% YoY
2012-2022 +14%
YoY
47,000 45,408

13,500 13,088
42,000 13,018

36,528
37,000 12,500
+1%
31,958 35,583 11,524 11,544 11,592 QoQ
35,345 35,048
32,000 11,500

30,311 30,508
27,000
23,908 Recurring
10,500

22,000 19,308
17,108 9,500
17,000 15,228
13,508
10,888 8,500
12,000

7,000 7,500
2012 2013 2014 2015 2016 2017 2018* 2019* 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

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 Positive Growth in Profitability

ROA
2.30% 2.43%
2.5% 2.18% 2.26%
1.86% 2.05% 1.94% 2.48%
2.0% 2.07% 2.22% 2.27%
1.60%
1.40% 1.46% 1.47%
1.5% 1.30% 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 2Q22 3Q22 4Q22 1Q23 2Q23

ROA of the Bank

2.57%
2.5% 2.27% 2.36%
2.12%
2.62%
2.0%
1.79% 2.40%
1.60% 1.56% 2.02% 2.24%
1.40% 1.40% 1.47%
1.5% 1.1% 1.61% 1.74%
1.0%

0.5% Previous Criteria Recurring IFRS

0.0%
2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

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➢Positive Growth in Profitability
ROE
21.5% 21.4%
21%
20.3% 20.1%
19.2% 19.6%

18% 17.0%

15%
14.3% 14.2% 14.1%
13.2% 13.3% 15.3%
14.8%
12%
2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

ROE of the Bank 27.5%

27.2% 26.6%
25.7% 24.6%
24.2%
25%
20.3%
18.7%
20%
16.9% 16.4%
14.2% 14.8%
13.7% 13.7%
15% 16.6%

10%
2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

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➢Positive Growth in Profitability

ROTE of the Group

30%

27.5% 27.4% 27.0%

27% 25.9% 25.6%
25.1%

24%

20.9%
21%
19.1%

17.3% 17.6% 17.3% 19.3%

18% 18.8%
16.6%
16.2%

15%
2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

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Transformation
1. Digital Transformation
at Core Bank

2. Rappi JV

3. bineo Digital Bank

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 Digital Transformation Gaining Share

Transactions (Tx)
Transactions
2Q23 (millions)
Branches 900.0 802.9
2.1% WEB 800.0
12% 700.0
POS 24% 600.0
500.0 +31%
Correspondents 0% 400.0
300.0 y/y
Call Center 1% 10% 51% Mobile
200.0
ATM 100.0
0.0

Checks from other banks cashing

Digital Deposit Account Customers Using Digital
(million)
Mobile Credit Card 9
7.7 8.1
as a 8
6.7
Payroll loans 7
Point 6 5.5
of Time Deposits 5 3.9
4.3
Mutual Funds 4
Sale 3
Insurance 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
19 20 21 22 23

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*
 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: Banorte Móvil WEB
App
o processes / services / systems
o products
o branch-administration, contingency, others

+1.7 pts
82.3 +2.1 pts 83.7 vs 2Q22
vs 2Q22
YOUR
VOICE Branches ATM
TRASFORMS

+0.6 pts +0.3 pts

75.9 vs 2Q22 71.7 vs 2Q22

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 Leaders in the Business & Infrastructure for the Payments Market

Rappi JV – Credit Cards

and Credits to affiliates

POS Transactions +7%

Millions
2Q y/y The best DIGITAL PLATFORM for aggregators
400
350 Digital
Physical
300
178
250 189 176

200
168
150
100
155 174 190
50 104 CoDi
0
3Q21

2Q22

1Q23
2Q21

4Q21

1Q22

3Q22

4Q22

2Q23

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 Ongoing RappiCard evolution

RappiCard: keeps growing in cards and billing

942k 905k 60%

Issued Cards with at Of cardholders
cards least one with a credit line
purchase above Ps 5,000

2,306M1 76% 76%

Average Monthly active Of users under
monthly billing users 36 years old

Source: JV Banorte Rappi, as of Juno 30, 2023

1. Average 2Q23

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 Loans &
Deposits

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 Healthy Funding & Loan Portfolio Structure

Bank Deposits
2018 $759 bn 2Q23 $982 bn US 57.3 bn

Senior Unsec. Debt Senior Unsec. Debt

Money Market
Money Market

Demand Time
Time Demand

Loan Portfolio $777 bn $966 bn US 56.4 bn

Consumer Consumer
Government
Government

Mortgage Mortgage
Commercial
Commercial

Corporate Corporate

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 Loyal Deposits’ Base

Deposits
CAGR 2011-2022
Billion Pesos +10%
YoY
1,000 895 +7%
900
Time Demand Core Deposits 840 834 818 840 833
751 750
800
637 667 652 YoY
700 590 623 +11% 616 600 623 614 +6%
551 533 538
600 509
500 436 414 438
384 384 397
400 336 351
306 300 YoY
255 223 229 243
300 211 194 217 211 217 218 218 217 219 +11%
190 158 168 +6%
200 116 124 129 136
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

MIX

Time
38%

Demand
62%

2011 2Q23
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 Continued Growth in Performing Loan Book, Special Focus on Consumer
Loan Portfolio
Billion Pesos
966 YoY
920 920 950
1,000 +12%
861 876
900 802 821
777 763
800
700 616 CAGR:
567 +9%
600 518
472
500 401 425
400
300
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

2Q22 1Q23 2Q23 QoQ YoY

Mortgage 208 234 241 3% 16%
Auto 29 35 38 9% 33%
Credit Card 41 46 49 6% 19%
Payroll 62 70 73 5% 19%
Consumer 339 385 402 5% 19%
Commercial 207 234 242 3% 17%
Corporate 148 151 157 4% 6%
Government 166 180 165 (9%) (1%)
TOTAL 861 950 966 2% 12%

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 Rate comparison

Reference Rate vs Loan Portfolio’s Yield Reference Rate vs Consumer Yield

13.7%
14.0% 30.0% 29.4% 20.0%
12.8%

12.0% 11.5% 25.8% 27.9%

11.0%
27.2%
25.0% 23.5% 15.0%
9.5% 11.25%
10.0% 9.0% 24.9%
11.25%

8.0% 7.5% 9.0% 9.0% 9.2% 10.0%

7.0% 20.0%
7.00%
5.9%
6.0% 7.00%
4.25%
15.0% 5.0%
4.0% 14.2%
4.00% 13.3%
12.8%
2.0% 10.0% 0.0%
a m j j a s o n d e f m a m j j a s o n d e f m a m j a m j j a s o n d e f m a m j j a s o n d e f m a m j
2021 2022 2023 2021 2022 2023
Tasa Implicita Total Empresas y Corporativos Tarjeta de Crédito Nómina Auto
Gobiernos Tasa Banxico Hipotecario Tasa Banxico

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 Sound Asset Quality

NPL Ratio
3.1%
2.9%
3.0%
Previous Criteria IFRS
2.5% 2.2%
2.1% 2.0%
2.0% 1.8%
1.7% 1.7%
1.5%
1.1% 1.0%
1.0%
0.9% 1.1% 1.00% 1.02% 1.04% 1.07% 1.04% 1.05%
0.5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23

Previous Criteria IFRS

| 2018 2019 2020 2021 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23
Credit Card 5.5% 5.4% 7.8% 3.3% 2.3% 2.2% 2.2% 2.2% 2.4% 2.4% 2.7%
Payroll 3.7% 3.3% 2.7% 2.6% 2.5% 2.4% 2.7% 2.8% 3.2% 2.8% 3.2%
Auto 1.1% 1.0% 0.6% 0.8% 0.8% 0.7% 0.6% 0.7% 0.6% 0.5% 0.5%
Mortgage 0.9% 1.1% 0.9% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8%
Commercial 1.9% 2.4% 1.2% 1.6% 1.6% 1.7% 1.6% 1.7% 1.8% 1.8% 1.6%
SME 5.5% 6.6% 2.0% 1.8% 1.8% 1.7% 1.6% 1.4% 1.1% 1.0% 1.0%
Commercial ex-SME 0.9% 1.3% 1.0% 1.5% 1.5% 1.7% 1.6% 1.8% 1.9% 1.9% 1.7%
Corporate 2.9% 1.8% 0.1% 0.0% 0.0% 0.3% 0.5% 0.4% 0.3% 0.3% 0.3%
Government 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0%
Total GFNorte 1.7% 1.7% 1.1% 1.0% 0.9% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0%

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 Sound Asset Quality

Coverage Ratio
250% 224%
207% 193% 188%
200% 179% 179% 182% 182.2%
138% 191%
150% 139% 129% 142% 138%
105% 107% 116%

100%

50%
Previous Criteria IFRS

0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

Cost of Risk

3.0% 2.8%
2.5%
2.5%
2.0%
2.0% 2.3%
2.2%
1.39%
1.5% 1.8%
1.59% 1.59% 1.66%
1.0% Pre-2022 Criteria Pre-2018 Criteria 1.39% 1.36% 1.43%
Recurring IFRS 1.13%
0.5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23

* Cost of Risk: Provisions / Average Total loans (Performing + Past Due), On current criteria all the recoveries are register on Provisions (net)

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 Strong Capital Position

Capital Adequacy Ratio

Basel III

24.7%
22.8% 22.9% 23.0% 22.8%
22.1% 21.7%
20.2% Tier 2 TLAC
18.6% to 2025
17.2% 17.2% 17.90%
15.3% 15.3% Total
14.6%
Tier 1
21.4% 13.025%
+1.625%
TLAC 4Q22
11.40%
9.40%
15.3% 15.3% 15.1% 15.4% 15.4% CET1 7.90%
12.7% 12.4% 12.1% 11.9% 12.7% 12.7%
13.9% 13.7% 14.7%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 3Q22 4Q22 1Q23 2Q23
Minimum
Regulatory
RWA annual growth Ratios
+11% +8% +16% (2%) +19% +7% +17% (8%) (1%) (3%) (3%) (1%) 10% 10%

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➢Insurance & Annuities Technical Results

When valorization on UDIS

securities go up or down,
the same effect occurs in
Insurance Annuities Technical Reserves with
null effect in Net Income
1,800 8,000 6,987
5,868 6,150
1,670 5,602 5,616
1,600
1,568 6,000

1,400
4,000
2,153
1,200
2,000
1,000 995 1,001
943 0
800 819 (1,357)

767 800 -2,000

600
(4,761) (4,497)
543 576 -4,000 (5,019) (5,408) (5,184)
400
468
393 -6,000
200

0 -8,000
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23

NII Technical Results NII Technical Results

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 BAP: Long Term Savings Business

Million Pesos 2Q23 1H23 YoY 2Q23 1H23 YoY

Insurance Considering Banorte Futuro
Net Income 1,185 2,551 25% 1,516 3,198 37%
Equity 10,298 10,298 31% 25,705 25,705 4%
Assets 62,625 62,625 14% 77,673 77,673 9%
Premiums 10,416 22,056 19% 10,416 22,056 19%
ROE 48.9% 56.4% (2.4) pp 24.3% 26.3% 6.3 pp

AFORE
Net Income 601 1,197 131%
Equity 23,602 23,602 3%
Assets 25,528 25,528 2%
AUM 1,121,027 1,121,027 10%
ROE 10.3% 10.2% 5.8 pp
ROTE 36.8% 35.3%

Annuities
Net Income 489 1,075 4%
Equity 10,668 10,668 13%
Assets 245,270 245,270 10%
Premiums 3,838 8,092 (16%)
ROE 18.8% 20.2% (3.0) pp

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 Insurance
➢Insurance business
Business
steadily
Steadily
improving
Improving
▄ Atypical second quarter on announced delay of a Retained Insurance
Premiums Technical Reserves
multiannual premium renewal (registered in 2Q instead of 1Q)
Million
12,000 6,000
▄ Aggregated 1H23 results provide a better view on

3,324
pesos

2,543
business behavior: 4,000

▄ Premiums +22% 10,000

9,887
2,000

(868)
▄ Claims only +1% 8,708 0
▄ Acquisition cost increased +83% on bancassurance fees
adjustment (offset by more fees in the bank, and no impact in 8,000 (2,000)

1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
the group)
2021 2022 2023
▄ Net Income +37%
6,000
Change Change
2Q23 1H23 Damages & Claims
(Million Pesos) q/q y/y y/y 4,361
6,000
Net Interest Income (NII) 800 4% 71% 1,567 82%
4,000

4,316
Premium Income 8,708 (12%) 100% 18,595 22%

3,646
Net Increase in Tech. Reserves 2,543 (23%) 393% 5,867 61%

3,427
Cost of Aq. from Insur. Oper. 848 (46%) 44% 2,417 83% 4,000
2,000
Claims 4,316 26% 18% 7,743 1%
Securities-Realized Gains 277 120% 403% 402 335%
Other Operating Income 99 (13%) (56%) 214 (53%) 2,000

1Q

3Q
4Q
1Q
2Q

4Q
1Q
2Q
2Q

3Q
-
Non-Interest Expense 420 (25%) (4%) 981 6%

1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
2021 2022 2023
Operating Income 1,757 (13%) 52% 3,771 31% 2021 2022 2023

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➢2023 Guidance
Previous Actual
Loan Growth 6% – 8% 10% – 12%
NIM 6.5% – 6.8% 6.2% – 6.4%
NIM of Bank 6.7% – 7.0% 6.5% – 6.7%
Recurring Expense Growth 7.0% - 8.0% 7.0% - 8.0% * Includes
Total Expense Growth* 11.0% – 13.0% 11.0% – 13.0% BINEO 2%
Efficiency 36.0% – 38.0% 35.0% – 37.0%
Cost of Risk 1.6% – 1.8% 1.6 – 1.8%
Tax Rate 24% – 26% 24% – 26%
Net Income** 50.5 – 52.5 bn 51.5 – 53.0 bn**
ROE 2023 19.5% – 21.0% 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% 4.0% – 5.0%
Banxico's Reference Rate (Avg.) ~10.75% ~11.25%
** Includes foregone interest due to
extraordinary dividend payment
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 Market Presence

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 Deposit & Loan Market Share

Deposits Loans

2nd 2nd

Source: CNBV Jul 2023

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 Market Share by Segment

Auto Payroll C. Card Mortgage Comm + Corp Government Deposits

Jul-22 Jul-23 Jul-22 Jul-23 Jul-22 Jul-23 Jul-22 Jul-23 Jul-22 Jul-23 Jul-22 Jul-23 Jul-22 Jul-23

Banorte 19.6% 22.2% 20.7% 20.9% 10.2% 9.9% 18.6% 19.5% 11.6% 12.2% 26.6% 25.7% 13.4% 13.8%

BBVA 30.6% 27.3% 37.9% 37.4% 31.4% 31.6% 25.9% 25.5% 20.9% 21.5% 29.0% 28.8% 23.1% 21.9%

CitiBanamex 0.0% 0.0% 15.4% 14.9% 24.5% 23.1% 5.9% 5.5% 9.3% 8.7% 7.5% 7.5% 14.5% 12.9%

Santander 14.8% 16.8% 13.3% 13.7% 13.9% 14.2% 17.4% 16.8% 12.2% 11.1% 13.9% 13.1% 11.7% 12.3%

HSBC 5.8% 7.3% 9.8% 8.9% 6.6% 7.2% 9.9% 10.8% 5.9% 5.9% 3.7% 3.5% 7.3% 7.0%

ScotiaBank 12.3% 9.8% 0.4% 0.5% 2.3% 2.0% 15.8% 16.1% 7.5% 6.7% 2.2% 2.7% 6.4% 7.2%

Inbursa 6.2% 5.8% 0.8% 2.0% 2.9% 2.7% 0.4% 0.4% 7.0% 7.8% 5.2% 4.7% 3.3% 3.9%

Others 10.6% 10.8% 1.7% 1.7% 8.1% 9.3% 6.0% 5.5% 25.5% 26.0% 12.0% 13.9% 20.3% 21.1%

Market
2° 2° 4° 2° 2° 2° 2°
Position

Source: CNBV

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 Market Share by Segment

Total Loan Book Commercial & Corporate Mortgage

+38bp +59bp
+88bp

Credit Card Auto Loans Payroll Loans

(28bp) +19bp
+258bp

Source: CNBV

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➢Monitor Banco
Government
Crecimiento
Growth (YoY(YoY)
) Participación de Mercado
Market Share ICVGovernment
NPL Gobiernos
30.0% 30.0% 1.00%

20.0% 25.0% 0.80%

25.7%
10.0% 20.0%
0.60%
0.2%
0.0% 15.0%
0.40%
10.0%
-10.0% 0.20%
5.0% 0.0%
-20.0%
j a s o n d e f mam j j a s o n d e f mam j j 0.00%
0.0% j a s o n d e f mam j j a s o n d e f mam j j
2021 2022 2023 j a s o n d e f mam j j a s o n d e f mam j j
2021 2022 2023
Santander BBVA CitiBanamex
Banorte Scotiabank HSBC 2021 2022 2023 Santander BBVA CitiBanamex
Santander BBVA CitiBanamex Banorte Scotiabank HSBC
Sistema
Banorte Scotiabank HSBC

Corporate

Growth (YoY) ICV (CarteraNPL

Vencida / Cartera Total)
Crecimiento (YoY) Participación de Mercado
Market Share Corporate
25.0%
17.1% 21.0%
15.0% 19.0% 6.0%
17.0%
5.0% 15.0% 4.0%
12.23%
13.0%
-5.0%
11.0% 2.0%
9.0%
-15.0%
7.0% 0.96%
0.0%
5.0% j a s o n d e f mam j j a s o n d e f mam j j
-25.0%
j a s o n d e f mam j j a s o n d e f mam j j j a s o n d e f mam j j a s o n d e f mam j j 2021 2022 2023
2021 2022 2023 2021 2022 2023 Santander BBVA CitiBanamex
Santander BBVA CitiBanamex Santander BBVA CitiBanamex
Sistema Banorte HSBC Banorte Scotiabank HSBC
Scotiabank Banorte HSBC Scotiabank Sistema

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➢Monitor Banco
Mortgages
Participación de Mercado
Market Share ICVMortgages
NPL Hipotecario
Growth (YoY)(YoY)
Crecimiento
25.0%
20.0% 25.0% 4.5%
16.0%
15.0% 19.5%
20.0% 3.5%
10.0%
5.0% 15.0% 2.5%
0.0%
10.0% 1.5%
-5.0% 0.81%
-10.0% 0.5%
j a s o n d e f mam j j a s o n d e f mam j j 5.0% j a s o n d e f mam j j a s o n d e f mam j j
j a s o n d e f mam j j a s o n d e f mam j j
2021 2022 2023 2021 2022 2023
Santander BBVA CitiBanamex 2021 2022 2023 Santander BBVA CitiBanamex
Banorte Scotiabank HSBC Santander BBVA CitiBanamex Banor te Scotiabank HSBC
Sistema Banorte Scotiabank HSBC Sistema
Auto

Crecimiento
Growth (YoY(YoY)
)
Participación de Mercado
Market Share ICV Auto
NPL Automotriz
39.0%
33.8% 36.0%
35.0% 33.0% 4.0%
30.0%
27.0%
25.0% 3.0%
23.0% 22.2%
15.0% 20.0%
2.0%
17.0%
5.0%
14.0%
1.0%
-5.0% 11.0%
8.0% 0.56%
-15.0% 0.0%
j a s o n d e f mam j j a s o n d e f mam j j 5.0% j a s o n d e f mam j j a s o n d e f mam j j
j a s o n d e f mam j j a s o n d e f mam j j
2021 2022 2023 2021 2022 2023 2021 2022 2023
Santander BBVA Banorte Santander BBVA Banorte
Santander BBVA Banorte
Scotiabank HSBC Sistema Scotiabank HSBC Scotiabank HSBC Sistema

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➢Monitor Banco
Credit Card
Participación de Mercado ICV Tarjeta
NPL de Card
Credit Crédito
Crecimiento (YoY) Market Share
Growth (YoY ) 6.5%
35.0%
31.0%
5.5%
25.0%
19.4% 26.0%
15.0% 4.5%
21.0%

5.0% 16.0% 3.5% 2.71%

11.0% 9.9%
-5.0% 2.5%
6.0%
-15.0% 1.5%
j a s o n d e f mam j j a s o n d e f mam j j 1.0%
j a s o n d e f mam j j a s o n d e f mam j j j a s o n d e f mam j j a s o n d e f mam j j
2022 2023 2021 2022 2023
2022 2023
Santander BBVA CitiBanamex Santander BBVA CitiBanamex
Santander BBVA CitiBanamex
Banorte Scotiabank HSBC Banorte Scotiabank HSBC
Banorte Scotiabank HSBC
Sistema

Payroll
Crecimiento
Growth (YoY(YoY)
) Market Share
Participación de Mercado ICV Nómina
NPL Payroll
25.0% 38.0%
18.4%
3.5%
20.0% 33.0%
15.0% 28.0%
3.0% 3.2%
10.0% 23.0% 20.9%

5.0% 18.0% 2.5%

0.0% 13.0%

-5.0% 8.0% 2.0%

j a s o n d e f mam j j a s o n d e f mam j j j a s o n d e f mam j j a s o n d e f mam j j j a s o n d e f mam j j a s o n d e f mam j j
2021 2022 2023 2021 2022 2023 2021 2022 2023
Santander BBVA CitiBanamex Santander BBVA CitiBanamex Santander BBVA CitiBanamex
Banorte HSBC Sistema Banorte HSBC Banorte HSBC Sistema
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 Afore Market Share (Retirement Savings)

Assets Under Management

AUM Market Share

Billion Pesos Jun-22 Jun-23 Jun-22 Jun-23

XXI Banorte 1,017 1,121 20.5% 20.1%

Profuturo GNP 840 955 16.9% 17.2%

CitiBanamex 769 875 15.5% 15.7%

SURA 767 861 15.4% 15.5%

Coppel 363 415 7.3% 7.4%

PensionISSSTE 325 370 6.5% 6.6%

Principal (Metlife, May18) 299 323 6.0% 5.8%

Invercap 226 246 4.6% 4.4%

Other 360 403 7.3% 7.2%

Source: CONSAR

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 Insurance Market Share

Premiums Market Share Net Income Market Share

Million Pesos
Mar-22 Mar-23 Mar-22 Mar-23 Mar-22 Mar-23 Mar-22 Mar-23

G.N.P. 21,971 26,677 12.2% 12.7% 956 1,598 9.0% 11.5%

Metlife México 24,082 26,122 13.3% 12.5% 1,551 1,661 14.7% 11.9%

BBVA Bancomer 14,814 17,604 8.2% 8.4% 1,061 2,027 10.0% 14.5%

AXA Seguros 14,454 15,886 8.0% 7.6% 258 455 2.4% 3.3%
13,532 11,640 7.5% 5.6% 5° 1,222 1,366 11.5% 9.8% 4°
Seguros Banorte
Qualitas 8,869 11,419 4.9% 5.4% 698 737 6.6% 5.3%

Monterrey New York Life 9,516 10,223 5.3% 4.9% 421 799 4.0% 5.7%

Citibanamex 5,327 8,056 3.0% 3.8% 250 682 2.4% 4.9%

Agroasemex 7,439 0.0% 3.5% 548 0.0% 3.9%

Inbursa 6,139 7,292 3.4% 3.5% 1,065 1,186 10.1% 8.5%

Other 61,776 67,187 34.2% 32.1% 3,101 2,876 29.3% 20.6%

TOTAL 180,480 209,545 100.0% 100.0% 10,584 13,936 100.0% 100.0%

Source: AMIS.

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 Annuities Market Share

Resolutions * Market Share

Million Pesos Jun-22 Jun-23 Jun-22 Jun-23
Banorte 10,164 7,995 45.6% 41.0% 1°
Bancomer 6,737 7,390 30.2% 37.9%
Profuturo GNP 5,383 4,102 24.2% 21.0%

Total Industry 22,284 19,487 100.0% 100.0%

Annuitants Market Share

Jun-22 Jun-23 Jun-22 Jun-23
Banorte 8,053 7,083 44.8% 42.2% 1°
Bancomer 6,336 6,690 35.3% 39.8%
Profuturo GNP 3,581 3,022 19.9% 18.0%

Total Industry 17,970 16,795 100.0% 100.0%

*\ Legal document for any pensioners entitled to receive a pension.

Source: SAOR to June 2023, AMIS to May 2023.

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 GFNorte in the World

Market Capitalization
Million Pesos US 23.8 bn
500,000
2Q23

Total Shares Outstanding: 2,883.5 m 437,997

450,000
Float: ~ 86%

Total ADRs(1) Outstanding: 7.66 m 400,000

407,173

350,000

Ticket Indexes
300,000
323,437
IPC (BMV)
Sustainable IPC (BMV)
GFNORTE O (BMV) Oil and
MSCI Mexico 250,000
STOXX COVID-19
crisis
DJSI MILA
Climate Disclosure Leadership 200,000
GBOOY (OTCQX)
OTCQX30
Euronext Vigeo EM70
150,000
FTSE Latibex All Shares

4Q15
2Q16
4Q16
2Q17
4Q17
2Q18
4Q18
2Q19
4Q19
2Q20
4Q20
2Q21
4Q21
2Q22
4Q22
2Q23
XNOR (Latibex)
FTSE Latibex TOP
(1) Level 1

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 Analysts’ Opinion & Investment Grade by All Major Rating Agencies

Analysts’ Estimates Ratings Agencies

(as of July 20, 2023)

Agency Rating Outlook Date

Net Income 2023 $52,548

Target Price $178.0 Standard & Poor’s BBB Stable Jul-22

Maximum $207.0

Number of Analysts 21 Fitch BBB- Stable Dec-22

# BUY 18

# HOLD 3
Moody’s Baa2 Stable Jul-22

# SELL 0

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 ESG

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 Sustainability Strategy

MSCI ESG
Latest Ratings
Action:

Three AA
consecutive
years

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 Continuous evolution in ESG on the back of constant feedback from investors

Adherence to the CLIMATE UN GLOBAL COMPACT FTSE rating of 3.7/5. Adherence to: GOLD AWARD in the
DATA WORKING GROUP Communication on Progress FTSE4Good Emerging Index, STRATEGIC INNOVATION
(CDWG) by PCAF (COP) 2023 REPORT FTSE4FGood Emerging Latin category for positively impacting
American Index and FTSE4Good BIVA the community at the 8th edition
Participation in the GEI of the Financial Innovators in
MEXICO PROGRAM, level “AA” Rating by MSCI for the 3rd the Americas Award of
GEI1 consecutive year FINTECH AMERICAS

Updated SUSTAINABILITY
Publication of EQUATOR
STRATEGY for 2023 - 2025
PRINCIPLES ANNUAL
BEST RETAIL BANK (Banorte) for REPORT 2022
the 4th year, BEST CORPORATE
GOVERNANCE (Banorte) for the 4th Submission of the 2023
year and BEST PENSION FUND AMAFORE ESG questionnaire
(Afore XXI Banorte) for the 7th year, in
Mexico, by WORLD FINANCE

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 Sustainable Finance
Loan book evaluation Responsible Investments – Mutual Funds
% of wholesale banking loan book % of total analyzed AUMs by instrument

Asset Class

Loan book evaluation under Equator Principles Responsible Investments – Pension Funds
Number of analyzed projects % of total analyzed AUMs by instrument

Analyzed Sustainable Analyzed Sustainable

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 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

• 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 Note: All GFNorte
• 2021: First report on Climate-related risks and opportunities (TCFD) reports are
independently verified.

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 Appendix

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 Quarterly Summary
GFNorte-Consolidated Statement of
Change Change
Comprehensive Income Highlights 2Q22 1Q23 2Q23 1H22 1H23
(Million Pesos) 1Q23 2Q22 1H22
Interest Income 60,289 87,223 91,542 5% 52% 115,611 178,765 55%
Interest Expense 33,061 55,492 63,019 14% 91% 61,371 118,511 93%
Net Interest Income 27,229 31,730 28,523 (10%) 5% 54,240 60,254 11%
Net Service Fees (3) 4,035 4,208 4,187 (1%) 4% 7,722 8,395 9%
Premium Income Ins. & Annu. (Net) 8,967 13,994 12,409 (11%) 38% 24,723 26,403 7%
Technical Reserves Ins. & Annu. 5,685 9,601 4,407 (54%) (22%) 17,384 14,007 (19%)
Cost of Acquisition from Insurance Operations 308 941 180 (81%) (42%) 775 1,121 45%
Net Cost of Claims and Other Obligations 6,594 6,576 7,649 16% 16% 13,389 14,225 6%
Trading (4) 852 412 1,172 185% 38% 2,225 1,583 (29%)
Other Operating Income (Expenses) (4) (630) (895) (993) (11%) (58%) (1,760) (1,888) (7%)
Non Interest Income 637 601 4,540 655% 613% 1,361 5,141 278%
Total Income 27,865 32,331 33,063 2% 19% 55,601 65,395 18%
Non Interest Expense (3) 10,167 11,148 11,281 1% 11% 20,217 22,429 11%
Provisions 2,434 3,771 4,038 7% 66% 5,102 7,810 53%
Operating Income 15,264 17,412 17,744 2% 16% 30,282 35,156 16%
Taxes 3,703 4,542 4,828 6% 30% 8,034 9,369 17%
Subsidiaries' Net Income 128 333 358 7% 180% 325 691 113%
Minority Interest 166 185 187 1% 13% 301 372 23%
Net Income 11,524 13,018 13,088 1% 14% 22,272 26,106 17%

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

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 Quarterly Summary

Financial Ratios GFNorte 2Q22 1Q23 2Q23 1H22 1H23

NIM (1) 5.9% 6.6% 5.8% 6.0% 6.2%
ROE (2) 19.6% 21.5% 21.4% 18.9% 21.6%
ROA (3) 2.3% 2.5% 2.4% 2.2% 2.5%
Efficiency Ratio (4) 36.5% 34.5% 34.1% 36.4% 34.3%
Operating Efficiency Ratio (5) 2.0% 2.1% 2.1% 2.0% 2.1%
CCL Banorte and SOFOM - Basel III (6) 176.6% 154.8% 169.8% 176.6% 169.8%
Non-Performing Loan Ratio 1.0% 1.0% 1.0% 1.0% 1.0%
Coverage Ratio 193.4% 182.4% 182.2% 193.4% 182.2%
Cost of Risk (7) 1.1% 1.6% 1.7% 1.2% 1.6%
Banxico Reference Rate 7.75% 11.25% 11.25% 7.75% 11.25%
TIIE 28 days (Average) 7.04% 11.06% 11.52% 6.53% 11.29%
Exchange Rate Peso/Dollar (8) 20.13 18.79 17.14 20.02 17.96
Tax Rate 24.3% 26.1% 27.2% 26.5% 26.7%
Statement of Financial Position Highlights Change
2Q22 1Q23 2Q23
(Million Pesos) 1Q23 2Q22
Asset Under Management 3,376,860 3,611,021 3,764,002 4% 11%
Stage 1 Loans 853,365 943,047 959,179 2% 12%
Stage 2 Loans 7,401 7,111 7,281 2% (2%)
Stage 1 & 2 Loans (a) 860,766 950,157 966,459 2% 12%
Stage 3 Loans (b) 8,898 10,013 10,299 3% 16%
Deferred Items ( c) 1,590 2,172 2,240 3% 41%
Loan Portfolio from Insur. Subs.(d) 3,025 3,249 3,322 2% 10%
Total Loans (a+b+c+d) 874,278 965,592 982,320 2% 12%
Preventive Loan Loss Reserves 17,208 18,261 18,759 3% 9%
Total Loans Net 857,070 947,330 963,561 2% 12%
Total Assets 2,033,316 2,130,031 2,191,378 3% 8%
Total Deposits 865,191 916,968 976,796 7% 13%
Total Liabilities 1,800,068 1,877,460 1,948,764 4% 8%
Equity 233,248 252,570 242,614 (4%) 4%

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 Quarterly Summary
Change Change
Share Data 2Q22 1Q23 2Q23 1H22 1H23
1Q23 2Q22 1H22
Earnings per share (Pesos) 3.996 4.515 4.539 1% 14% 7.724 9.054 17%
Earnings per share Basic (Pesos) 4.028 4.551 4.574 1% 14% 7.784 9.124 17%
Dividend per Share for the period (Pesos) 6.08 0.00 7.87 N.A. 30% 6.08 7.87 30%
Payout for the period 50.0% 0.0% 50.0% N.A. 0% 50.0% 50.0% 0%
Book Value per Share (Pesos) 79.95 86.49 83.03 (4%) 4% 79.95 83.03 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) 112.17 151.90 141.21 (7%) 26% 112.17 141.21 26%
P/BV (Times) 1.40 1.76 1.70 (3%) 21% 1.40 1.70 21%
Market Capitalization (Million Dollars) 16,065 23,306 23,762 2% 48% 16,065 23,762 48%
Market Capitalization (Million Pesos) 323,437 437,997 407,173 (7%) 26% 323,437 407,173 26%
Exchange Rate Peso/Dolar 20.13350 18.79370 17.13580 -9% -15% 20.02235 17.96475 -10%

INFRASTRUCTURE 2Q22 1Q23 2Q23

Employees* 30,368 31,183 31,614

Branches 1,154 1,156 1,159
Correspondents 18,885 19,728 19,820
ATM’s 9,755 10,016 10,144
POS’s 156,065 171,111 179,989

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➢NIM
NIM of the Group
• NIM of the Group at 5.8%, (83bps) lower q/q 7.0%
6.6%
• Fully explained by annuities valorization of Previous criteria IFRS
inflation-indexed securities 6.0%
5.9%
5.8%
• This reduction is offset by lower technical
reserves, with no impact in net income. 5.0%
(83bps)
4.9% 4.8% 4.9% 4.9%
4.0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2021 2022 2023

Annuities volatility - NII vs. Tech. Reserves

Million
10,000
pesos
NII Reserves

8,000 (4bn)
6,150
6,000 5,602

4,000
2,153 (4bn)
2,000

-
2Q22 3Q22 4Q22 1Q23 2Q23

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  Healthy Liquidity

Loans to Deposits Liquidity Coverage Ratio

(%) LCR (%)
110% 230%

108%
210%
106%
104% 190% 177%
104% 170%
170%
102% 155%
99%
100% 150%

98% 99% 130%

96%
110%
94%
90%
92%

90% 70%
1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 2Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 2Q
2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023

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 Selected industry exposures

Vs. Total
Loans 2Q23

Oil Industry* 4.4%

Electricity Companies* 2.6%

Construction & Real Estate

Housing 1.4%

Commercial 1.4% SMEs

• 70% Nafin / Bancomext guaranteed 4.8%
Others 1.6% loans, 45% of SME book
Malls 1.7% Dollar denominated 11.3%
Tourism 4.3%

Restaurants 0.2%

Airports 0.0%
• Including traditional, clean energy and suppliers

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  Insurance and Annuities P&L

Insurance P&L
+ Annuities P&L = Insurance & Annuities P&L

Premium
Revenue
Premium Premium
Revenue Revenue

Claims
∆
∆
= Technical Non-Interest = ∆
Technical Non-Interest Non-Interest
Result Income Income = Technical Result
Result Claims Income
Claims
Acquisition
Technical costs
Reserves

Technical Technical
Reserves Reserves

Acq. Cost

UDIs (Inflation) = Annuities UDIs-

valorization valorization
= Interest = Interest Income ∆ NII
∆ NII
= Interest Income Income Insurance +
Interest Income ∆ NII Interest Annuities
Income Interest Income

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 Corporate Responsibility and Sustainability
Global Initiative Report (GRI Standards) UNEP Finance Initiative
International standards on sustainability reporting and disclosure of Initiative that aims to identify, promote and carry out the adoption of best
economic, environmental and social topics. environmental and sustainability practices at all levels of operations of
financial institutions.
UN Global Compact
International initiative promoting 10 universally accepted Principles to
Dow Jones Sustainability Index MILA
promote Corporate Social Responsibility (CSR).
In 2017 was included in the Dow Jones Sustainability Index MILA Pacific
Alliance.
Carbon Disclosure Project (CDP)
Organization that promotes awareness on climate change through a
Asociación de Bancos de México (ABM) Participation in the
better quality and transparency of the information reported on the
Sustainability Committee and the Corporate Social Responsibility
company's emissions performance.
Committee, and signatories as the ABM Banking Sustainabilityprotocol.
IPC Sustentable
STOXX ESG Leaders Index
Mexican index of 30 listed companies ,which are best positioned in
Index that represents the main global companies in terms of
relation to the pillars of Environment, Social and Corporate Governance.
environmental, social and governance criteria, based on ESG indicators
provided by Sustainalytics.
Empresa Socialmente Responsable (ESR) Recognition granted
by the Mexican Center for Philanthropy (Cemefi) and AliaRSE,
Euronext Vigeo Emerging Markets 70 Recognizes the 70 companies from
as a company committed with corporate social Responsibility.
emerging countries with the most advanced practices in terms of
Natural Capital Declaration sustainability.
Voluntary financial sector initiative created at the Rio + 20 Earth
Summit, which recognizes the role of natural resources in the FTSE4Good Emerging Index
economy through its integration into financial products and services. Index that evaluates actions in the themes of climate change, labor
standards and risk management, among others.
Equator Principles
Standard within the financial sector to determine, assess and manage Bloomberg Gender Equity Index
the environmental and social risks of financed projects. Index that provides analysis of the commitment of 52 companies with
the gender equity in the workplaceto investors and organizations.
GEI2 Programme Mexico Principles for Responsible Investment Initiative that promotes its
Voluntary reporting of greenhouse gas emissions signatories to integrate environmental, social and governmental (ESG)
criteria into their investment and ownership decisions.
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 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: investor@banorte.com

We recently published the 1Q23 report.

During 2023 we have released:

1. Annual Report 2022 to the Banking and Securities Commission (CNBV)
2. Annual Report 2022 to the Stock Exchange (Informe Anual Circular Única de Emisoras)
3. Audited Financial Statements 2022
4. Annual Financial and CSR Report 2022 under the GRI and SASB methodology (PDF & Interactive)
5. 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.

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 Main macro view

Resilience in Mexican economic activity in 2023…

Economic and …but with lingering risks amid increased global

uncertainty
Financial Perspectives
Nearshoring and long-term opportunities and
challenges

A solid banking sector

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 Forecasts of main economic and financial variables

Forecasts of main macroeconomic and financial variables in Mexico

End of period

2020 2021 2022 2023F 2024F

GDP
(% y/y)
-8.1 4.8 3.1 3.0 1.8

Inflation
(% y/y)
3.2 7.4 7.8 4.5 4.1

Exchange rate
USD/MXN
19.91 20.53 19.50 17.90 19.20

Banxico’s reference rate

(%)
4.25 5.50 10.50 11.25 8.25

28-day TIIE
(%)
4.48 5.72 10.77 11.45 9.50

Mexbol
(points)
44,066 53,272 48,464 59,000 67,000

Note: F: Forecast. Underline figure: forecast

Source: Banorte

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 We revised our 2023 GDP higher, expecting the global deceleration to materialize later

2023 GDP: Demand Employment: INEGI (general) and IMSS (formal sector)
% y/y nsa, % q/q sa Millions
62 25
% y/y 1Q23 2Q23 3Q23 4Q23 2023
58 INEGI (left axis) IMSS (right axis)
GDP 3.8 3.6 2.8 1.8 3.0
54
Consumption 4.8 4.0 3.9 2.8 3.9 20
50
Investment 15.2 14.5 14.1 5.6 12.2
Goverment 46
1.3 0.7 0.4 0.5 0.7
spending 42 15
Exports 0.0 0.6 -0.1 -0.6 0.0 Jan-17 Aug-18 Apr-20 Nov-21 Jul-23
Imports 8.6 7.9 5.3 5.7 6.8 Investment
% q/q Index 100 = July 2018
114
GDP 0.8 0.8 0.4 0.0 -- 106
+14.0%
98
2023 2024 90
82
+32.0%

74
2.0 2.3 66
58
3.0 1.8 Jun-17 Dec-18 Jun-20 Dec-21 Jun-23
Note: Underlined figures indicate forecasts
Source: INEGI, Banorte

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 While economic activity is now at all time highs, some sectors and states have lagged behind

Economic activity level in 2Q23 vs. the most recent peak State activity level in 1Q23 vs. the most recent peak
(3Q18) (3Q18)
%, using seasonally adjusted figures %, seasonally adjusted figures
Tabasco 143.1
Mass media 139.9 Oaxaca 114.0
Corporate services 137.0 Baja California 109.1
Chihuahua 107.0
Entertainment 121.6 Chiapas 104.6
Professional services 121.6 Jalisco 104.4
Michocán 104.1
Agriculture 109.1 Sonora 104.1
Healthcare 108.8 Quintana Roo 104.0
Nuevo León 103.1
Retail sales 108.3 San Luis Potosí 102.4
Real-estate services 107.7 Nayarit 102.2
Guanajuato 102.2
Transport 106.3 Hidalgo 102.1
Mining 105.8 Yucatán 101.8
Tamaulipas 101.5
Manufacturing 105.8 Zacatecas 101.4
Wholesales 103.6 Sinaloa 101.4
Baja California… 101.2
Education 102.6 Veracruz 100.0
Financial services 101.4 Tlaxcala 99.6
Querétaro 99.4
Construction 101.1 Ciudad de… 99.0
Hotels and restaurants 100.3 Guerrero 98.6
Colima 98.3
Government activities 97.6 Morelos 98.1
Others 92.6 México 97.5
Puebla 96.6
Utilities 74.9 Coahuila 96.2
Business support 32.3 Durango 95.9
Aguascalientes 94.8
Campeche 84.6
0 50 100 150
0 50 100 150
Source: Banorte with data from INEGI

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 However, Mexico will continue growing at different speeds

Economic growth by state

% y/y, 2015-2019 average

2015-2019 Average GDP

1.5+
0 to 1.5
<0

Source: INEGI

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 Nowcasting Economic Activity – IGAE (GDP proxy)

Nowcasting of Monthly Economic Activity - IGAE

% y/y; nsa
30 IGAE Nowcast IGAE Nowcast

20 4.4
3.9 3.8
3.6
10
3.2
2.87 3.0
2.9
2.7
0 2.5

-10 1.7

-20

-30
Jun-18 Apr-19 Feb-20 Dec-20 Oct-21 Aug-22 Jun-23
Source: Banorte

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 Performance of households’ expenditures

Households’ Expenditures – Resilient Sectors Households’ Expenditures – Vulnerable Sectors

Debit & Credit Purchases; June 30, 2022 = 100 Debit & Credit Purchases; June 30, 2022 = 100
140 Healthcare 180 Accommodation and Food Services
Retail Sales Transportation
Supermarkets Recreation, Sports and Cultural Events
130
160

120
13.3% 140

110 9.0% 31.2%

8.9% 22.7%
120
100 10.9%

100
90

-15.8%
80 80
Jul-22 Oct-22 Mar-23 Jun-23 Jul-22 Oct-22 Mar-23 Jun-23
Source: Banorte

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 Performance of businesses’ revenues

SMEs’ Revenues – Resilient Sectors SMEs’ Revenues – Vulnerable Sectors

POS Billing; June 30, 2020 = 100 Debit & Credit Purchases; June 30, 2020 = 100
200 Healthcare Professional Services
350
Retail Sales Recreation, Sports and Cultural Events
180 Manufacturing
Accommodation and Food Services
300
Transportation and Storage
160
250
140
17.7% 109.0%
200
120
16.0%
6.7% 150
100 12.4%
10.9%
80 100
-7.6%
-29.9%
60 50
Jul-22 Oct-22 Mar-23 Jun-23 Jul-22 Oct-22 Mar-23 Jun-23
Source: Banorte

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 Inflation will come down, but persistence to the upside in the core will limit cuts from Banxico this year

Inflation forecast Reference rate’s trajectory

% y/y fortnightly frequency %
14 13

12
12 11.25
11
10 2022:
10
7.8
8 9
2023: 8.25
6 2024: 8
4.5
4.1
7
4
Headline
6
Core
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

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 Banxico: What does an ‘extended period’ mean?
Bias Member Relevant comments
Hawkish “…maintaining the level of monetary restriction longer than expected or even that a further tightening is required, cannot be ruled out…”
Irene Espinosa
“…there are two risk factors with significant implications for monetary policy conduction […] that urge caution against rushing with the withdrawal of monetary restriction…”

“…these two factors reinforce the convenience of maintaining the monetary policy stance in restrictive territory during the entire planning horizon…”

“…currently it is not prudent to discuss the possibility of cuts in the reference rate and that it must stay at its current level for an extended period…”

Omar Mejía “…timely and decisive actions have allowed it to implement a more gradual tightening cycle than in other emerging economies, but in a more timely manner than in advanced
economies.”
“…since there is a stance consistent with inflation’s convergence and monetary policy operates with lags, the effects of this monetary tightening should be allowed to continue
having an incidence on the economy, which appears to be operating at its potential.”
“…warned that expectations implicit […] anticipate a cycle of cuts […] for 2024 similar to that of an economic crisis scenario, which is not consistent with the expected behavior of
economic activity.”
Galia Borja “…monetary restriction will still require an extended period to be adequately transmitted…”

“…the greater resilience of the economy may suggest a more gradual transmission of monetary policy onto domestic demand…”

“…it is still premature to consider a possible cut, even in the case of a fine-tuning to avoid an overly restrictive stance.”
Jonathan
Heath
“…the forward guidance, the period during which the policy rate will remain in place must still be characterized as extended, as such period may cover the rest of the year.”
“…normalization towards a neutral stance is foreseen beyond the forecast horizon.”

“…considered that the reference rate must still remain at its current level for an extended period.”

Victoria
“…it is essential to continue with a very cautious approach, carefully assessing the outlook for inflation and its determinants…”
Rodríguez
“…there is currently a certain heterogeneity in the decisions made by the monetary authorities...in Mexico […] will continue making its monetary policy decisions based on the […]
Dovish inflation outlook.”
Source: Banxico

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 The MXN continues to benefit from high carry, relevant inflows –noting some related to nearshoring – and low
volatility relative to peers
USD/MXN forecast Performance of main currencies in the last 12 months
Pesos per dollar %
MXN 15.0
PLN 13.6
HUF 12.7
CHF 10.1
CZK 9.9
COP 9.5
GBP 9.1
EUR 8.0
DKK 7.8
PEN 4.9
BRL 3.6
SGD 3.1
KRW 3.1
CLP 0.9
HKD 0.1
IDR -2.4
FX performance in 2022 SEK -2.6
NZD -3.5
% CAD -3.6
TWD -3.7
COP
9 MYR -3.7
7 HUF INR -3.8
CLP JPY -4.8
5
Carry Return

ZAR MXN CNY

(annualized)

INR BRL -5.1

3 PEN AUD -6.1
1 JPY AUD IDR NOK -6.9
-1 ILS -10.5
NOK CAD GBP ZAR -10.5
-3 HKD TRY -32.0
CHF
-5 RUB -37.0
ARS -59.9
-12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18 20
Spot return YTD -80 -60 -40 -20 0 20
Source: Banorte with data from Bloomberg

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 Public finances – Favorable estimates in 2023
MoF: Macroeconomic assumptions and fiscal variables* Historical Balance of Public Sector Borrowing
Requirements (HBPSBR)
2023 2024 % of GDP
55 Actual GEPC (Sep'22) Pre-GEPC (Apr'23)
GDP (% y/y) 3.0 (3.0) 3.0 (2.4) 51.6 50.8
49.5 49.9 49.9 49.9 49.9 49.9 49.9 49.9
50
Inflation (% y/y, end of period) 5.0 (3.2) 4.0 (3.0) 45.7 44.9
44.5
45
Exchange rate (USD/MXN,
18.9 (20.6) 19.2 (20.7)
average of period)
40
Interest rate (28-day CETES 28 2017 2019 2021 2023 2025 2027 2029
11.3 (8.5) 8.5 (7.5)
%, end of period)
Rating agencies
Oil price (US$/bbl, average of
66.6 (68.7) 56.3 (62.8)
period)

Oil production (kbpd, average of

1,877 (1,872) 1,914 (1,909)
period)

PSBR (% of GDP) -4.2 (-4.1) -3.2 (-2.7)

HBPSBR (% of GDP) 49.9 (49.4) 49,9 (49.4)

Primary balance (% of GDP) -0.1 (-0.2) 0.7 (1.0)

Notes: Figures in parenthesis indicate previous forecasts
Source: MoF, Rating agencies

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 The 2024 electoral process has already begun…

Leads in Morena’s polls Renewal of Congress US Presidential Elections

500
Representatives

128 Senators

Morena internal electoral process

Relevant dates Start of internal Survey period
campaigns

Jun 19 Aug. 28 – Sep. 3

Jun 12 - 17 Aug. 27 Sep. 6

Registration of End of internal Presidential candidate

candidates campaigns announcement
Note: F: Forecast. Underline figure: forecast
Source: Banorte

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 …but not forgetting state and municipal elections

Electoral Map: Governorship

• 2023: September 15th inauguration day

• Estado de México – Delfina Gómez / Morena
• Coahuila – Manolo Jiménez / PRI
• 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)
Morena • 29 states will vote for mayors (1,787) and municipal posts
PAN (14,160)
Movimiento Ciudadano
PRI • All states –except Coahuila– will vote for local congresses
PVEM
*Note: Brighter colors indicate states with governorship election in 2024
Source: INE, state governments

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 Challenging global outlook

• Slowdown
• Leveraged economies
• Aftermath of the
pandemic

• China – US
• 2024 Elections
• Regionalization
• War in Ukraine

• Persistence of price
pressures
• Monetary policy
divergence

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 Economic activity remains tied to performance in the US

GDP growth in US and Mexico Mexico GDP growth estimates*

% y/y, 1990 to 2021 % y/y
8 2023 2024
y = 1.2566x - 0.6753 1996 1997
6 R² = 0.4697 Banorte 3.0 1.8
1990 2010
1994 2021
2006 2000 1998 Consensus 2.9 1.6
4 1991 2011 2012
2015 2004
2022
2016 1993 1992
2014 1999 Minimum 2.3 0.8
2 2005
2007 2018
2017
2008 2013 2003
Maximum 3.5 3.6
0
Mexico

2002 2019
2001
-2 US GDP growth estimates**
% y/y
-4 2023 2024
2009
-6 Banorte 2.0 0.9
1995

-8 Consensus 2.0 0.9

2020
-10 Minimum 0.9 -0.3
-3 -2 -1 0 1 2 3 4 5 6 Maximum 3.1 3.0
US
Notes: *Citibanamex survey. **Bloomberg median
Source: Banxico, US Census Bureau, Banorte, Bloomberg and INEGI

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 US economic influence by sectors

US Economic Influence in the Mexican Economy

% of GDP

56%
Real estate services

56% of Mexico’s GDP

depends on the US
economy.

US Dependent

Non-US Dependent
Source: Banorte

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 US economic influence by states

US Economic Influence 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

Source: Banorte

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 Mexico's geographical location, benign demographics and natural resources (among other factors) remain as
key drivers for the economy

Real GDP growth FDI Population pyramid in 2020

% y/y US$ billion in nominal terms Million people by age bracket
10 6.8 Profit reinvestment and accounts between
5.2 6.8 Avg 2.3
5.1
4.0 4.9 5.2 4.9 3.9 4.5 3.7 3.3 4.7 companies
5 3.5
3.1
2.8 2.3 2.3 3.6 2.8 2.6
2.2
3.0 50 New investments
1.4 1.1 1.4 2.1
40
0 0.0
-0.4 -0.2 30
-5 20
-5.3 10
-6.3
-10 -8.0 0
2006

2019
1990
1992
1994
1996
1998
2000
2002
2004

2008
2010
2012
2014
2016
2018
2020
2022

1999
2001
2003
2005
2007
2009
2011
2013
2015
2017

2021
Average hourly wages Labor productivity in manufacturing Annual GDP growth expectation for
US$ in nominal terms Index 100 = 2013 the next 10 years
8 40 % y/y
Mexico (LHS) 105
China (LHS) 4.5
6 30 100
US (RHS)
95 3.5
4 20
90
2 10 2.5
85 2.0
0 0 80 1.5
2006 2009 2012 2015 2018 2021 3Q05 1Q09 3Q12 1Q16 3Q19 1Q23 Aug-13 Aug-15 Aug-17 Aug-19 Aug-21 Aug-23
Source: Banorte with data from Banxico, INEGI, FRED, Chinese Statistics Bureau

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 These include the demographic bonus and a capable labor force…

Population pyramids in Mexico and the US Annual engineering, manufacturing and

% of the total population construction graduates
Mexico US Thousands

Female Male

Source: Banorte with data from INEGI, US Census Bureau and WEF 2015

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 Nearshoring impact in Mexico

Total impact from

nearshoring in the next
5 years: US$168bn

*Using 2022’s total of US$539 billion as a baseline,

Source: Banorte with data from INEGI, Banxico and BEA; Images: freepik.es

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➢Top 5 investments in the auto sector in 2022 and so far in 2023

2022

2023

Note: Tesla’s investment is based on different media reports, including Reuters

Source: Press releases

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 Mexico has benefited previously from similar investments, driving structural changes across several industries

Mexico: Non-oil exports to the US: Top five goods imported from US: Vehicle imports by country
world* Mexico % of total vehicle imports (yearly figures)
US$ billion, 2015 constant prices (monthly US$ billion, nominal terms (yearly figures) 60
figures, sa) 120 Mexico Canada China
Vehicles
45
50
40 Engines, motors, boilers,
etc.
35 Appliances, electric 40
80
30 equipment, etc.
Oil
25 30
Projectors, surgical
20
instrments, etc. 20
40
15
10 10
5
0 0
0
1992
1995
1998
2001
2004
2007
2010
2013
2016
2019
2022

2019
1992
1995
1998
2001
2004
2007
2010
2013
2016

2022
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

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 The main destination of Mexican exports is Texas, followed by Michigan and California

US: Imports from Mexico

US$ billion, 2022

59.2

60.5

141.3
99.2

Source: US Census

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 Export centers are concentrated in the north and center of Mexico

Mexico: Exports to US
US$ billion, 2022

52.2

73.1
20.6

53.2

29.2

27.8 75.8

Source: Ministry of Economy

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 Geolocalization 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

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 Good’s journey – Autos and other vehicles

The road to U.S. – January 2021 to April 2023

US$ millions

Source: Banorte with figures from S&P Global-Panjiva and AMIA

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 Good’s journey – Autos and other vehicles

Key border crossings Shipping method

% of total export value: January 2021 to April 2023 % of total export value: January 2021 to April 2023

Laredo (TAMPS) 40.1

Port of Veracruz (VER) 18.2

Port of Altamira (TAMPS) 9.1

Nogales (SON) 9.0

Juarez (CHIH) 8.8

P. Negras (COAH) 8.6 Double Stack

Rail
Port of Lazaro C. (MICH) 6.1 Truck
Maritime
Other Ports 0.1
Rail

Source: Banorte with data from S&P Global-Panjiva

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 Nearshoring score – Top 10 states

Nearshoring score – Top 10 states with the largest potential

Score: Maximum value = 10

Nuevo León 9.3

Chihuahua 9.1

Baja California 8.9

Tamaulipas 8.5

Coahuila 8.2

Sonora 8.1

Querétaro 7.8

Jalisco 7.7

San Luis Potosí 7.6

Guanajuato 7.6

Source: Banorte

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 Banking credit forecast using lagged GDP

Banking credit Backtest and forecast*

$ billons % y/y in real terms

4,700
Forecast Year Observed Original model
4,200 Fitted 2020 1.1 2.1
Observed
2021 -8.6 -7.8
3,700
2022 2.1 1.1
3,200 2023* 5.7 (until July) 5.4
2024** 5.7
2,700
Banking Credit Forecast Model
2,200
⚫ Different adjustment variables were tested (e.g. GDP, interest
1,700
rate TIIE, industrial activity, remittances, etc.) and it was found
that the best adjustment is seen with the one-year-lag for
1,200 GDP.

700 ⚫ This implies that a relatively robust forecast can be made for
banking credit one year ahead, while internal estimates can be
2002 2005 2008 2011 2014 2017 2020 2023
used for two years.
Note: *Observed GDP growth in 2022. ** For 2024, we assume our 3.0% forecast in 2023
Source: Banorte with INEGI and Banxico data

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 Banking sector KPI’s

Capitalization ratio Non-performing loans ratio

% of net capital / credit risk assets % of total loan portfolio
40 10
Capitalization ratio
35
Banking sector's average 9
30 Total Consumer
25 21.56 8
Mortgage Firms
20 7
15 19.37
6
10
5 5
0 Banco Covalto (antes:… 4
Inmobiliario Mexicano

Bancrea
Banorte
Barclays

ABC Capital

Monex
Banamex

Banregio
Banco Azteca
Credit Suisse

Afirme

Sabadell
BanCoppel

Scotiabank

CIBanco
Bansí

0
2007 2009 2011 2013 2015 2017 2019 2021 2023
Source: Banxico, CNBV, Banorte with data as of May 23

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 Financial access in Mexico

Key FAS Indicators Outstanding deposits with commercial banks

% GDP
30
2016 2017 2018 2019 2020 2021
27
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 15
14.02 14.03 13.86 13.73 12.79 11.98
100,000 adults
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Outstanding deposits with commercial banks

23.97 24.04 24.32 24.65 28.56 26.56
Outstanding loans from commercial banks
(% of GDP) % GDP
24
Outstanding loans from commercial banks
21.56 21.64 22.04 22.11 22.70 21.17
(% of GDP) 22
Outstanding small and medium enterprise 20
(SME) loans from commercial banks 2.14 1.98 1.87 1.77 1.74 1.53
(% of GDP) 18

Number of registered mobile money accounts 16

147.24 166.90 273.61 437.74 520.78 658.68
per 1,000 adults 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: IMF

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 State economic activity and Banorte’s regional reach
Heat Map: Contribution to Economic Growth Branch Network per Federal Entity
% GDP, contribution points # of branches

Average Net Income per Federal Entity

Source: Análisis Económico Banorte

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➢Our Annual Report & Corporate Presentation

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