1Q21

CORPORATE Presentation

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 1 NI ROE ICAP Mkt Hist C/I App  Table of Content

About Banorte 3 Results NIM 9 Revenue composition 11 Fees 12 GFNORTE GBOOY Cost to Income 14 Net Income 16 EPS 17 Dividend 18 ROE / ROA 19 Digital Bank 20 XNOR Deposit & Loans 26 Loans / Deposits 27 Deposits growth 28 Loan growth 29 Best Bank 2019 México Government Loan Book 32 Asset Quality - NPL 33 CAR 36 BAP (Insurance, Pension & Afore) 37 Insurance graphs & segments 39 Guidance 41 Market Presence 42 GFNorte 49 ESG 51 Appendix 56 Economic and Financial Perspectives 68

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 2 NI ROE ICAP Mkt Hist C/I App About Banorte

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 3 NI ROE ICAP Mkt Hist C/I App  GFNORTE – A Leading and Profitable Financial Franchise in Mexico

2 1 Sound 4 Adequate Fundamentals business mix 3 Digital Strong retail, wholesale Increasing profitability, Solid corporate Prepared for and premium banking solid asset quality, governance platforms, as well as the Future high liquidity and Independent Board … leading insurance and strong capitalization Members represent pension fund ratios. 64% of total board management units, composition and best serving more than 21 practices in minority million clients. shareholder right protection.

GFNorte is top 3 in trading at BMV, and has the highest Relative One of the Weighting on S&P/BMV IPC Index, rated OTCQX Best 50 Global most public Market capitalization of US 16 billion, float of almost 86% companies and more than 4,000 investors, including large global institutional funds. in Mexico Investment grade ratings by S&P, Fitch, Moody's and HR Ratings.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 4 NI ROE ICAP Mkt Hist C/I App  From Regional Bank to Second Largest National Financial Group

20|20 Plan

Client Business Diversification Segmentation IT : central DB, Inorganic Growth multichannel

Regional Bank Profitability 1899 … 1982-1992 1995 2000 2005 2010 2015 2020

 Banorte  INB  IXE   Afore XXI G.F. Interacciones Afin  Bancentro Generali 50%  Afore Bancomer Banpaís IMSS 50%  Bancrecer  Banorte-General Rappi

Privatization i100% J.V.

Establishment Nationalization

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 5 NI ROE ICAP Mkt Hist C/I App  Strategy – Client centric & Digital Evolution

PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS

Deposits & Loans Client Segmentation Mobile > 10M New customer Rappi clients behavior Insurances ▪ 12 million ex-Afore clients Internet 9 million Afore clients Pension ▪ Structured Info & Learning ATM Rappi JV Digital (Central DB & Watson) Annuities Contact Center Consumer focus Bank ▪ Behavior understanding Wealth Mngt. Analytics Branches Cost … …

PROCESSES Account opening - Credit Analysis Next Best Offer – Next Best Action

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 6 NI ROE ICAP Mkt Hist C/I App  Diversified Business Mix

In progress…

Banco Casa de Operadora Banorte Arrendadora JV with Digital Mercantil Bolsa de Fondos Ahorro y y Factor Other RAPPI Bank del Norte Banorte Banorte Previsión Banorte** Subsidiaries*

50% 100% 98.2618% 99.9999% 99.9999% 99.9999% 99.9058% Looking for fully licensed banks Banorte Financial (Fondos de Seguros Pensiones Services Inversión) Banorte Banorte

(Uniteller) 100% 99.9999% 99.9999% 100.0%

Banorte Futuro

98.22%

Afore XXI Banorte 50.0% * Includes: Almacenadora Banorte; Ixe Servicios; Fundación Banorte A.B.P. ** Solida merges Arrendadora y Factor Banorte on July 1st, 2020

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 7 NI ROE ICAP Mkt Hist C/I App  Business Mix - Diversified Net Income and Balance

Net Income Mix

1Q21 $30.5 b

Other Finance Companies Holding Million pesos 1Q21 q/q y/y ROE 1Q21 3% 3% Afore Bank 5,870 53% (3%) 17.6% 5% Broker Dealer & 420 18% 34% Bank Mutual Funds 26.4% Annuities 69% 6% Insurance 858 82% (50%) 30.9% Annuities 496 (1%) 75% 29.6% Insurance Afore 396 (17%) 22% 13.3% 10% BAP (Holding) 8 (10%) (41%) Other Finance Co. 250 185% 277% Broker Dealer & Holding 247 6% (27%) Mutual Funds 5% GFNorte 8,544 43% (6%) 15.2%

** Afore ROTE 43.2%

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 8 NI ROE ICAP Mkt Hist C/I App  Net Interest Margin Moving in the Right Direction NIM

6.0% 5.9% 5.5% 5.6% 5.6% 5.5% 5.3% 5.6% 5.3% 4.9% 5.0% 4.9% 5.0% 4.7% 5.1% 4.5% 4.4% 4.8% 4.5% 4.8% 4.1% 4.1% 4.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21

NIM NIM ex Insurance & Annuities

4.9bn on 2.4bn on NIM advanced advanced (Post-Provision) provisions provisions 4.8% 5.0% 4.5% *Recurring 4.3% 4.4% 4.4% 4.4% 4.5% 4.3% 4.1% 3.9% 4.0% 3.7% 4.3% 3.5% 3.5% 3.3% 3.4% 3.4% 3.9% 3.9% 3.5%

3.0% 3.1% 3.3%

2.5% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 9 NI ROE ICAP Mkt Hist C/I App  Fees on Services Affected But Recovering

Net Fees Net Fees quarterly down on seasonality, 4,500 and COVID-19 affected over 12 months. 4,000 3,455 Fees charged (19%) q/q, +4% y/y, 3,500 3,214 Core banking fees (5%) q/q, +17% y/y. 2,967 3,000

Remote digital transactions lead growth, 2,500

+65% q/q in POS, +78% in mobile monetary. 2,000

1,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2018 2019 2020 2021

Millions Millions Core Banking Fees +65% +78% 1Q - y/y 1Q - y/y 4,000

+17% 3,883 3,500

3,315 Million Pesos Million 3,000 3,099 2,861 2,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2018 2019 2020 2021

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 10 NI ROE ICAP Mkt Hist C/I App  Improving Efficiency

Cost to Income 56.0% 54.0% 55% 52.0% 48.5% 47.9% Recurring 50% 40.0% 39.7% 46.6% 44.9% 42.8% 43.5% 45% 41.4% 41.7% 39.0% 39.1% 38.9% 38.8% 40%

35% 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020 1Q20 2Q20 3Q20 4Q20 1Q21

-0% +9%* +19%*

+13% +10% +13% +5%

+11% +8% +7% +5% +4% +4% +7%

* Recurring

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 11 NI ROE ICAP Mkt Hist C/I App  Strong Net Income

Net Income Million Pesos

+1% CAGR +15% * Recurring YoY 2011-2020 Reported (16%) YoY Recurring 36,528 10,500 37,500 35,583 9,867 (6%) 10,000 31,958 YoY 9,500 9,118 32,500 35,345 8,906 9,000 8,544 30,508 27,500 30,311 8,500 23,908 8,000 7,692 22,500 19,308 7,500 43% q/q 17,108 7,000 17,500 15,228 13,508 6,500 6,518 12,500 10,888 6,000 8,517 5,500 5,966 7,500 5,000 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020 1Q20 2Q20 3Q20 4Q20 1Q21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 12 NI ROE ICAP Mkt Hist C/I App  Pre-pandemic - Constant Positive Growth in Profitability

4.9bn on 2.4bn on ROA advanced advanced provisions provisions 2.5% 2.30% 2.18% 2.21% 2.05% 1.99% 2.0% 1.86% 2.22% 1.90% *Recurring 1.60% 2.07% 1.40% 1.46% 1.47% *Recurring 1.76% 1.5% 1.30% 1.72% 1.10% 1.49% 1.33% 1.0% 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 1Q20 2Q20 3Q20 4Q20 4Q21

ROE

22% 20.3% 20.1% 18.8% 19% 17.0% 17.1% 19.3% 19.6% 19.6% 16.9% *Recurring 15.2% 16% 14.1% 14.3% 14.2% 14.1% *Recurring 13.2% 13.3% 13.9% 13% 14.8% 13.0% 10.9% 10% 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 1Q20 2Q20 3Q20 4Q20 1Q21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 13 NI ROE ICAP Mkt Hist C/I App 3. Digital Bank Digital 1. Mobile & other digital Transformation initiatives 2. Rappi JV

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 14 NI ROE ICAP Mkt Hist C/I App  Digital Transformation Gaining Share

Transactions (Tx) Transactions +53% 1Q20 1Q21 y/y 400 343.3 Branches 350 4.6% 3.2% WEB 300 20% 223.9 24% 250 19% POS 26% 200 1% 150 105.0 2% Correspondents 1% Mobile 100 28% Call Center 1% 34% 50 22% 15% 0 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q ATM 2017 2018 2019 2020 2021

Customers Using Digital Digital Deposit Account (millions) 5.2 Mobile Credit Card 4.7 as a Payroll loans 4.3 Point of Sale Time Deposits 3.5 Mutual Funds Insurance 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 15 NI ROE ICAP Mkt Hist C/I App *  The increase in digital adoption is reflected in higher origination in the mobile channel

% Digital origination

2020 Jan - Feb ‘21

Credit Card / Additional 6.0% / 18.2% 6.2% / 25.6%

Payroll loans / Renewals 3.8% / 24.1% 8.1% / 35.7%

Mutual Funds 47.8% 63.0%

Digital Deposits 21.5% 34.8%

* Mutual funds investment already outgrow branch contracts

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 16 NI ROE ICAP Mkt Hist C/I App  Leaders in the Business & Infrastructure for the New Payments Market

Beyond recovery on POS’s transactions pre Rappi JV – Credit Cards COVID-19 with emphasis on e-commerce and Credits to affiliates

Millions The best DIGITAL PLATFORM for aggregators +65% 1Q - y/y

CoDi

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 17 NI ROE ICAP Mkt Hist C/I App  Rappi JV evolution

Since the launch of the RappiCard on January 25th:

• +103,000 cards issued and 85,000 active.

In addition to this, +103,000 debit cards have also been issued, associated with Rappi user accounts, which have facilitated the entry and exit of resources to the accounts.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 18 NI ROE ICAP Mkt Hist C/I App Loans & Deposits

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 19 NI ROE ICAP Mkt Hist C/I App  Healthy Funding & Loan Portfolio Structure 2018 1Q21

Bank Deposits $759 bn $836 bn US 40.9 bn Senior Unsec. Debt Senior Unsec. Debt 4% Money Market 5% Money Market

Time 25% Demand Time 66% Demand

Loan Portfolio $777 bn $800 bn US 39.2 bn

Consumer Consumer 14% Government 20% Government

Mortgage Mortgage 24% 24% Commercial Commercial 18% Corporate Corporate

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 20 NI ROE ICAP Mkt Hist C/I App  Loyal Deposits Base

Billion Pesos CAGR: Deposits +10% 751 751 763 YoY 706 729 667 681 +12% 700 Time Demand Core Deposits 637 590 551 600 533 533 549 509 509 YoY +12% 482 500 436 438 454 +21% 414 384 384 397 400 336 351 306 300 300 255 223 229 217 227 224 220 217 YoY 211 194 214 190 168 (6%) 200 158 +7% 116 124 129 136 100 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21

MIX

Time Time 28% 38%

Demand Demand 62% 72%

2013 1Q21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 21 NI ROE ICAP Mkt Hist C/I App  Continued Growth in Performing Loan Book, Special Focus on Consumer

US 39.2 bn US 15.0 bn Total Loan Portfolio Consumer Portfolio 802 803 304 307 777 288 800 763 300 269 241 700 250 616 203 567 176 600 518 200 158 472 140 CAGR: CAGR: 150 118 500 401 425 99 +13% +10% 400 350 100

300 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Billion Pesos 1Q20 4Q20 1Q21 QoQ YoY Mortgage 173 188 191 2% 10% Car Loans 27 28 28 0% 4% Credit Cards 39 37 36 (3%) (8%) Payroll 52 52 52 1% 1% Consumer 291 304 307 1% 6% Commercial 182 193 193 (0%) 6% Corporate 145 143 140 (2%) (4%) Government 162 162 160 (1%) (1%) TOTAL 780 802 800 (0%) 3%

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 22 NI ROE ICAP Mkt Hist C/I App  Sound Asset Quality

NPL Ratio 3.5% 3.1% 2.9% Anticipated Write-offs reducing NPL

2.5% 2.2% 1.9% 2.1% 2.0% ↓4.6 bn ↓0.8 bn 1.8% 1.7% 1.7% 1.7% 1.3% 1.5% 1.2% 1.1% 0.8%

0.5% 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 4Q20 1Q21

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Credit Cards 5.9% 5.9% 6.0% 5.4% 5.8% 5.5% 3.1% 7.8% 7.2% Payroll 3.0% 3.8% 3.4% 3.3% 2.7% 3.3% 1.7% 2.7% 2.9% Car Loans 0.9% 1.0% 1.0% 1.0% 0.9% 1.2% 0.7% 0.6% 1.3% Mortgage 1.0% 1.0% 1.1% 1.1% 1.2% 1.3% 1.0% 0.9% 1.1% Commercial 2.1% 2.4% 2.5% 2.4% 2.3% 1.1% 0.9% 1.2% 1.7% SME 5.9% 6.4% 6.5% 6.6% 7.0% 3.7% 1.9% 2.0% 3.4% Commercial ex-SME 1.1% 1.3% 1.6% 1.3% 1.2% 0.6% 0.7% 1.0% 1.3% Corporate 2.9% 3.0% 2.8% 1.8% 1.8% 0.3% 0.3% 0.1% 0.2% Government 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.2% 0.0% 0.1% Total GFNorte 1.7% 1.9% 1.9% 1.7% 1.7% 1.2% 0.8% 1.1% 1.3%

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 23 NI ROE ICAP Mkt Hist C/I App  Sound Asset Quality

Coverage Ratio 265% 270%

240% 224% 224% 201% 210% 185% 180% 143% 138% 139% 142% 138% 140% 150% 129% 107% 116% 120% 105%

90% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21

Cost of Risk 4.2% 4.5% 4.0% Current Prev. Criteria Recurring 3.5% 3.0% 2.8% 3.0% 2.3% 2.2% 2.5% 2.0% 2.0% 1.6% 1.6% 1.5% 2.2% 1.8% 1.8% 1.8% 1.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21

* Cost of Risk: Provisions / Average Total loans (Performing + Past Due), On current criteria all the recoveries are register on Provisions (net) DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 24 NI ROE ICAP Mkt Hist C/I App  Strong Capital Position

Capital Adequacy Ratio Basel III 21.7% 21.1% Dividends already 19.7% 20.2% 18.6% 19.0% Tier 2 in GFNorte’s balance sheet 17.2% 17.2% 15.1% 15.3% 15.3% 14.6% Total Tier 1 20.8%

11.40% 9.40% 9.70% 15.0% CET1 13.7% 13.9% 12.7% 12.7% 12.7% 13.3% 7.90% 7.70% 11.5% 12.4% 12.1% 11.9% 12.2% 6.20% Temporary waiver

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 4Q20 1Q21 Minimum Regulatory RWA +17% +11% +8% +16% (2%) +19% +7% +9% +15% +17% +17% +6% Ratios

*RWA= Risk Weighted Assets annual growth DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 25 NI ROE ICAP Mkt Hist C/I App  BAP: Long Term Savings Business

Million Pesos

1Q21 YoY 1Q21 YoY Considering Banorte Futuro Insurance Net Income 837 (51%) 1,254 (38%) Equity 11,353 34% 29,677 20% Assets 53,637 24% 72,304 21% Premiums 13,597 31% 13,597 31% ROE 30.9% (59.1) pp 17.5% (17.2) pp

AFORE Net Income 806 22% Equity 22,911 (1%) Assets 25,300 (0%) AUM 1,021,105 18% ROE 13.3% 2.4 pp ROTE 43.2%

Annuities Net Income 496 75% Equity 6,933 35% Assets 174,042 23% Premiums 4,367 25% ROE 29.6% 7.0 pp

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 26 NI ROE ICAP Mkt Hist C/I App  2021 Guidance

Guidance Loan Growth 6% – 8% NIM Contraction (15) – (30bps) Expense Growth 3.5% – 4.2% Efficiency 39.5% – 41.0% Cost of Risk 2.1% – 2.3% Tax Rate 26% – 27% Net Income 33.5 – 35.0 ROE 15% – 16% Bank ROE 18% - 19%

Macro Estimates for 2021 GDP 3% - 4%  Inflation 4.0%  Reference Rate 4.00%

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 27 NI ROE ICAP Mkt Hist C/I App Market Presence

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 28 NI ROE ICAP Mkt Hist C/I App  Deposit & Loan Market Share

Mar 2021

Deposits Loans

2° 3°

Source: CNBV.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 29 NI ROE ICAP Mkt Hist C/I App  Market Share by Segment

Consumer C. Cards Mortgage Commercial Government Deposits Mar-20 Mar-21 Mar-20 Mar-21 Mar-20 Mar-21 Mar-20 Mar-21 Mar-20 Mar-21 Mar-20 Mar-21

Banorte 12.1% 13.6% 10.0% 10.4% 19.3% 19.6% 9.9% 11.8% 28.5% 25.5% 13.2% 13.5%

BBVA 29.6% 29.8% 27.6% 30.0% 25.8% 25.8% 19.9% 19.4% 27.0% 28.2% 22.6% 22.8%

CitiBanamex 13.0% 11.1% 26.3% 24.4% 9.3% 7.6% 12.7% 9.6% 6.6% 8.2% 15.5% 15.3%

Santander 8.8% 10.1% 14.3% 13.9% 16.5% 17.3% 13.4% 12.3% 13.6% 14.2% 13.6% 12.9%

HSBC 6.6% 6.7% 5.6% 5.7% 7.2% 8.3% 8.2% 6.7% 6.3% 6.3% 7.8% 7.3%

ScotiaBank 5.1% 4.7% 2.8% 2.4% 15.3% 14.9% 7.6% 8.0% 2.6% 2.1% 6.5% 6.3%

Inbursa 4.1% 2.9% 4.2% 3.8% 0.6% 0.5% 0.0% 0.0% 5.8% 3.7% 3.0% 3.1%

Others 20.7% 21.1% 9.2% 9.3% 6.0% 5.9% 28.2% 32.3% 9.7% 11.9% 17.7% 18.7%

Market Position 2° 4° 2° 3° 2° 3°

Source: CNBV.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 30 NI ROE ICAP Mkt Hist C/I App  Market Share by Segment

LoanLoan Book Book Market Market Share Share Corporate & Commercial Mortgage market share 15.1% market share 11.7% 19.6% 14.9% 15.0% 19.4% 19.3% 14.5% 18.9% 14.1% 10.6% 10.1% 9.9% 13.1% 13.5% 17.4% +32bp 13.2% 13.1%13.0% 9.4% +148bp +183bp

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-yy2016 Mar-yy2017 Mar-yy2018 Mar-yy2019 Mar-yy2020 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Credit Card market share Auto Loans market share Payroll Loans market share 21.6% 10.4% 10.0% 19.7% 9.6% 20.6% 18.1% 20.4% 9.3% 17.7% 20.2% 17.0% 8.8% +151bp +40bp 15.1% 19.2% +141bp

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 31 NI ROE ICAP Mkt Hist C/I App  Afore Market Share (Retirement Savings)

Assets Under Management Billion Pesos

AUM Market Share Mar-20 Mar-21 Mar-20 Mar-21 XXI Banorte 866 1021 22.1% 21.4% 1°

CitiBanamex 684 802 17.5% 16.8%

Profuturo GNP 597 752 15.2% 15.7%

SURA 565 708 14.4% 14.8%

Coppel 257 343 6.6% 7.2%

Principal 254 295 6.5% 6.2%

PensionISSSTE 257 317 6.6% 6.6%

Invercap 185 221 4.7% 4.6%

Other 250 322 6.4% 6.7%

Source: CONSAR

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 32 NI ROE ICAP Mkt Hist C/I App  Insurance Market Share

Million Pesos

Premiums Market Share Net Income Market Share Dec-19 Dec-20 Dec-19 Dec-20 Dec-19 Dec-20 Dec-19 Dec-20 G.N.P. 67,995 72,968 12.4% 13.2% 4,435 3,743 9.0% 8.9% Metlife México 55,186 56,915 10.0% 10.3% 6,695 5,043 13.6% 12.0% BBVA Bancomer 47,363 46,672 8.6% 8.5% 5,845 4,813 11.9% 11.5% AXA Seguros 39,940 40,205 7.3% 7.3% 1,501 2,269 3.1% 5.4% Qualitas 34,249 33,302 6.2% 6.0% 5,081 6,456 10.3% 15.4% Monterrey New York Life 30,259 32,811 5.5% 6.0% 3,147 1,799 6.4% 4.3% CitiBanamex 39,962 30,598 7.3% 5.6% 3,999 2,502 8.1% 6.0% 8° 4° Seguros Banorte 26,551 26,911 4.8% 4.9% 3,890 3,775 7.9% 9.0% Inbursa 19,335 19,526 3.5% 3.5% 3,957 3,198 8.1% 7.6% Mapfre Crédito 28,143 18,275 5.1% 3.3% 286 497 0.6% 1.2% Other 161,449 172,592 29.3% 31.3% 10,270 7,848 20.9% 18.7% TOTAL 550,433 550,775 100.0% 100.0% 49,106 41,945 100.0% 100.0%

Source: AMIS.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 33 NI ROE ICAP Mkt Hist C/I App  Annuities Market Share Million Pesos

Resolutions * Market Share Mar-20 Mar-21 Mar-20 Mar-21

Banorte 3,481 4,380 47.6% 42.3% 1° Profuturo GNP 1,927 2,760 26.4% 26.7% Bancomer 1,901 3,212 26.0% 31.0% Total Industry 7,310 10,351 100.0% 100.0%

Annuitants Market Share Mar-20 Mar-21 Mar-20 Mar-21 Banorte 2,826 3,208 45.1% 41.3% 1° Profuturo GNP 1,411 1,596 22.5% 20.5% Bancomer 2,024 2,972 32.3% 38.2% Total Industry 6,261 7,776 100.0% 100.0%

*\ Legal document for any pensioners entitled to receive a pension. Source: AMIS to March 2021. DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 34 NI ROE ICAP Mkt Hist C/I App  GFNorte in the World

Market Capitalization Million pesos

1Q21 US 20.4 bn Total Shares Outstanding: 2,883.5 m

Float: ~ 86% 400,000 Total ADRs(1) Outstanding: 8.98 m

350,000 331,972 316,978 Ticket Indexes 300,000 IPC (BMV) Sustainable IPC (BMV) GFNORTEO (BMV) MSCI Mexico 250,000 STOXX DJSI MILA Oil and Climate Disclosure Leadership 200,000 COVID-19 GBOOY (OTCQX) OTCQX30 crisis Euronext Vigeo EM70 187,425 150,000 FTSE Latibex All Shares XNOR (Latibex)

FTSE Latibex TOP

2Q16 4Q13 4Q15 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20 4Q20 (1) Level 1

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 35 NI ROE ICAP Mkt Hist C/I App  Analyst Opinion & Investment Grade by All Major Rating Agencies

Analysts‘ Estimates Ratings Agencies (as of April 22, 2021) Agency Rating Outlook Date

Net Income 2021 $34,408 Standard & Poor’s BBB Negative Mar-20 Target Price $125.2

Maximum $143.0

Number of Analysts 22 Fitch BBB- Negative Jul-20

# BUY 17

# HOLD 4 Moody’s Baa3 Negative Abr-20

# SELL 1

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 36 NI ROE ICAP Mkt Hist C/I App E S G

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 37 NI ROE ICAP Mkt Hist C/I App  Sustainability Strategy

MSCI ESG Ratings Action: Upgraded to AA

from 'A’

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 38 NI ROE ICAP Mkt Hist C/I App  Continuous evolution in ESG on the back of constant feedback from investors

Environmental Governance • Integrated Annual Report • Carpool Waze Mexico - Adherence of Afore XXI • Updated Materiality Matrix

• Smart mobility strategy (MOVIN) - Corporate offices in Mexico City • Code of Conduct training - 82.3% of employees as of 1Q21 • NPS (65 pts): +13% vs 1Q20 and +2% vs 4Q20 • Waste management program - Expansion to corporate headquarters • 30% Club Mexico – Pension fund (Afore XXI Banorte) and Mutual (Mexico City & Monterrey) Funds and AM company signed a request for issuers to promote a goal of at least 30% of women participation in the Boards of Directors by year 2025 • Earth Hour Initiative (WWF) – Promotion of energy efficiency • Newsletter “Our Journey”

Social Sustainable Finance

• “Cross-border Payment Companies” (FXCIntelligence) - Uniteller • TCFD (UNEP FI) – Participation in the 3rd pilot • Launch of the NTEESG Fund in partnership with Franklin Templeton • 30% Club Mexico - Inter-organization women mentoring program and a training program for 153 customers and 160 private banking advisors • Gender-Equality Index Bloomberg – 4 th year • Publication of the first report on the Principles for Responsible Banking • Corporate Social Responsibility (Mexican Center for Philanthropy) – • Training program on sustainability and responsible investment for 210 11th year investment executives • International Women´s Day Commemoration • Green building and Real-Estate certification training program

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 39 NI ROE ICAP Mkt Hist C/I App  Integrated Annual Report 2020

Updates • ESG data was present throughout the report and not just in one chapter, as we did in previous years. • First time using the SASB standards (Sustainability Accounting Standards Board). • We updated our Sustainability Model and our Materiality Matrix.

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 reports are independently verified.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 40 NI ROE ICAP Mkt Hist C/I App  Sustainable finance

Sustainable finance loan book evaluation* Responsible investments - Mutual funds % of wholesale banking loan book %, share of total analyzed AUM

15.0 13.2 100 1.0 12.0 12.5 1.5 0.3 10.5 80 90 91 94.4 92.8 10.0 0.3 0.003 60 7.5 4.6 40 5.0 0.003 2.5 20 0.66 0.6 0.25 0.24 0.0 0 4Q19 1Q20 4Q20 1Q21 4Q19 1Q20 4Q20 1Q21 Other Sustainable loan book Climate-related loan book Analyzed portfolio Sustainable portfolio

Loan book evaluation under Equator Principles Responsible investments – Pension funds (Afore) Number of analyzed projects %, share of total analyzed AUM by instrument

100 98 10 9 90 100% 28 90 8 80% 7 6 5 60% 49 4 5 4 1 3 40% 2 2 20% 0 0% 4Q19 1Q20 4Q20 1Q21 Mandates Equity Alternatives Real Estate Fixed Income Low impact Medium impact High impact Portafolio analizado Portafolio sustentable

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 41 NI ROE ICAP Mkt Hist C/I App Appendix

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 42 NI ROE ICAP Mkt Hist C/I App  Quarterly Summary

Income Statement Highlights - GFNorte Change 1Q20 4Q20 1Q21 (Million Pesos) 4Q20 1Q20 Interest Income 36,879 30,676 32,572 6% (12%) Interest Expense 14,528 9,638 9,797 2% (33%) Technical Results (Insurance & Annuities) (383) (1,458) (2,773) (90%) (623%) Net Interest Income 21,968 19,580 20,002 2% (9%) Net Service Fees 3,455 3,599 3,214 (11%) (7%) Trading 1,166 858 964 12% (17%) Other Operating Income (Expenses) 327 859 822 (4%) 151% Non Interest Income 4,949 5,315 5,000 (6%) 1% Total Income 26,916 24,896 25,003 0% (7%) Non Interest Expense 10,466 11,612 10,883 (6%) 4% Provisions 4,344 5,993 3,215 (46%) (26%) Operating Income 12,106 7,290 10,905 50% (10%) Taxes 3,228 1,757 2,678 52% (17%) Subsidiaries' Net Income 353 509 429 (16%) 21% Minority Interest (113) (77) (112) (46%) 1% Subsidiaries & Minority Interest 240 433 317 (27%) 32% Net Income 9,118 5,966 8,544 43% (6%)

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 43 NI ROE ICAP Mkt Hist C/I App  Quarterly Summary

Financial Ratios GFNorte 1Q20 4Q20 1Q21 NIM (1) 5.9% 4.8% 4.9% ROE (2) 18.8% 10.9% 15.2% ROA (3) 2.2% 1.3% 1.9% Efficiency Ratio (4) 38.9% 46.6% 43.5% Operating Efficiency Ratio (5) 2.5% 2.6% 2.4% CCL Banorte and SOFOM - Basel III (6) 120.1% 192.5% 207.6% Past Due Loan Ratio 1.7% 1.1% 1.3% Coverage Ratio 140.1% 224.0% 185.4% Cost of Risk (7) 2.2% 3.0% 1.6% Market References Banxico Reference Rate 6.50% 4.25% 4.00% TIIE 28 days (Average) 7.36% 4.51% 4.37% Exchange Rate Peso/Dolar 23.48 19.91 20.44 Tax Rate 25.9% 22.5% 23.6%

Balance Sheet Highlights - GFNorte Change 1Q20 4Q20 1Q21 (Million Pesos) 4Q20 1Q20 Asset Under Management 2,708,692 2,975,753 3,074,928 3% 14% Performing Loans (a) 779,818 802,138 800,328 (0%) 3% Past Due Loans (b) 13,212 8,931 10,607 19% (20%) Total Loans (a+b) 793,030 811,070 810,935 (0%) 2% Total Loans Net (d) 774,525 791,066 791,265 0% 2% Acquired Collection Rights ( e) 1,500 1,617 1,529 (5%) 2% Total Credit Portfolio (d+e) 776,025 792,682 792,794 0% 2% Total Assets 1,729,280 1,787,904 1,810,207 1% 5% Total Deposits 772,993 821,712 830,531 1% 7% Total Liabilities 1,531,790 1,562,801 1,580,066 1% 3% Equity 197,490 225,103 230,142 2% 17% Total Performing Loans ex-Government 618,269 640,576 640,286 (0%) 4%

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 44 NI ROE ICAP Mkt Hist C/I App  Quarterly Summary

Change Share Data 1Q20 4Q20 1Q21 4Q20 1Q20 Earnings per share (Pesos) 3.162 2.069 2.963 43% (6%) Earnings per share Basic (Pesos) 3.180 2.097 2.995 43% (6%) Dividend per Share for the period (Pesos) 0.00 0.00 0.00 - - Payout for the period 0.0% 0.0% 0.0% - - Book Value per Share (Pesos) 67.70 77.07 78.81 2% 16% Outstanding Shares - BMV (Million) 2,883.5 2,883.5 2,883.5 0% 0% Stock Price (Pesos) 65.00 109.93 115.13 5% 77% P/BV (Times) 0.96 1.43 1.46 2% 52% Market Capitalization (Million Dollars) 7,981 15,922 16,241 2% 104% Market Capitalization (Million Pesos) 187,425 316,978 331,972 5% 77% Exchange Rate Peso/Dolar 23.48470 19.90870 20.44000 3% (13%)

INFRASTRUCTURE 1Q20 4Q20 1Q21

Employees 29,796 29,916 29,626 Branches 1,178 1,193 1,178 Correspondents 13,694 16,984 17,297 ATM’s 9,090 9,387 9,449 POS’s 166,225 159,780 150,080

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 45 NI ROE ICAP Mkt Hist C/I App  Healthy Liquidity

Loans / Deposits Liquidity Coverage Ratio (%) CCL (%) 110% 230% 208% 108% 210% 106% 190% 104% 193% 170% 102% 101% 100% 150% 98% 98% 96% 130% 96% 110% 120% 94% 90% 92%

90% 70% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q4Q 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 46 NI ROE ICAP Mkt Hist C/I App  Improving Corporate Governance

GFNorte Mexbol Index (Average)*

Float 86% 45%

Listed overseas Yes 46% of the companies

Chairman of the Board-CEO separation Yes In 73% of the companies

Share of independent board members, % 64% 50% Share of total assets threshold to require shareholders Current Before Aug'16 19.7 approval in M&A operations, % Non-related 20 20 - - Related 5 20 - - Board members nominations committee Existence Yes 13.5% of the companies Final approval of nominated board members Shareholders Shareholders Current Before Aug'16 Share of independent board members in this committee, % 18.8 57.1 25

All members of the BOD are elected every year by the Shareholders’ Assembly. - Risk Policies Main Committees are chaired by independent members. - Nominations - Audit & Corporate Practices Assembly quorum has always been higher than 60% and consensus has always been reached on proposals.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 47 NI ROE ICAP Mkt Hist C/I App  Corporate Responsibility and Sustainability

Global Initiative Report (GRI Standards) UNEP Finance Initiative International standards on sustainability reporting and disclosure of economic, Initiative that aims to identify, promote and carry out the adoption of best environmental and socialtopics. environmental and sustainabilitypractices at all levels of operations of financialinstitutions. 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 better Asociación de Bancos de México (ABM) Participation in the quality and transparency of the information reported on the company's Sustainability Committee and the Corporate Social Responsibility emissionsperformance. 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 relation Index that represents the main global companies in terms of to the pillars of Environment, Socialand CorporateGovernance. 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, as Euronext Vigeo Emerging Markets 70 Recognizes the 70 companies a company committed with corporate social Responsibility. from 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 economy through FTSE4Good Emerging Index 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, assessand manage the Bloomberg Gender Equity Index 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. DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 48 NI ROE ICAP Mkt Hist C/I App  Contact Information and Reports

If you have any information request or comments, please contact Banorte's Investor Relations Department at: Tel: (52) 55 1670 2276 E-mail: [email protected]

We recently published the 1Q21 report.

During 2021 we have released: 1. Annual Report to the Banking and Securities Commission (CNBV) 2. Annual Report to the Stock Exchange (Informe Anual Circular Única de Emisoras) 3. Audited Financial Statements for 2020 4. Annual Financial and CSR Report for 2020 under the GRI and SASB methodology (PDF & Interactive)

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.

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 49 NI ROE ICAP Mkt Hist C/I App Economic and Financial Perspectives

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 50 NI ROE ICAP Mkt Hist C/I App  We recently revised our 2021 GDP forecast to 5.3% y/y from 4.1%

2021 GDP forecast revision Economic activity level in 4Q20 vs. the most % y/y, bps recent peak (4Q18)* 6.0 % +20 pb +130 pb 5.5 5.3 Health 106.5 -30 pb Business consulting 104.0 5.0 Agriculture 103.2 Real-estate services 101.2 4.5 Telecom 100.6 4.1 Retail trade 100.0 4.0 Retail sales 98.3 Manufacturing 98.2 3.5 Mining 98.0 Wholesale trade 96.4 3.0 Utilities 96.1 Education 95.3 2.5 Corporate services 94.3 Financial services 92.3 2.0 Professional services 91.2 Transport 84.9 Construction 84.6

Government activities 83.8 Actual

Hotels and restaurants 61.1

Previous US

Faster Entertainment 46.5

Red light Red

reactivation

Blackouts / Blackouts New fiscal New

Lack of gas / gas of Lack 20 40 60 80 100 120 stimulus in the in stimulus

Source: Banorte with data from INEGI

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 51 NI ROE ICAP Mkt Hist C/I App  Supply and demand forecasts for 2021

2021 GDP forecast: Supply 2021 GDP forecast: Demand % y/y, % q/q % y/y, % q/q

2021 2021 (whole year) (whole year) 1Q21 2Q21 3Q21 4Q21 1Q21 2Q21 3Q21 4Q21 Actual Previous Actual Previous

GDP (y/y) -5.0 18.1 6.5 3.9 5.3 4.1 GDP (y/y) -5.0 18.1 6.5 3.9 5.3 4.1

Primary 5.3 3.8 -2.5 -1.7 1.1 0.1 Consumption -6.4 19.9 10.8 7.3 7.2 6.2

Industry -4.8 27.6 7.2 4.3 7.4 5.1 Investment -11.4 24.9 9.0 3.0 4.7 3.9

Services -5.5 15.1 6.5 4.0 4.6 3.8 Govt. spending -3.2 -1.8 -2.2 1.0 -1.5 -1.8

Actual (t/t) -0.2 1.8 1.2 0.8 - - - - Exports -1.5 36.3 6.9 4.7 9.8 7.6

Previous -0.7 1.1 1.4 1.7 - - - - Imports -4.9 23.9 18.3 9.8 10.8 9.6

Source: Banorte

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 52 NI ROE ICAP Mkt Hist C/I App  The fall in 2020’s GDP would be the steepest since 1932, with a moderate recovery in 2021 Mexico GDP % y/y

10.0

6.8 5.1 5.3 - 5.6 5.0 3.5 2.1

0.0

-5.0 -3.7 -4.4 -5.3 -6.6 -6.3

-10.0 -8.2

-14.0

-15.0

1965 1969 1929 1933 1937 1941 1945 1949 1953 1957 1961 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021f

Source: 1895-1980 (Historical archive from Jonathan Heath); 1980-To date (INEGI).

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 53 NI ROE ICAP Mkt Hist C/I App  However, the great difference to those are inflation levels

Nominal governmental interest rate, inflation and annual exchange rate depreciation % 25

225 Interest rate 20 Inflation 15 Annual exchange rate depreciation 10 175 5 0 -5 125

-10

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 75 Mar-15

25

Mar-80 Aug-83 Jan-87 Jun-90 Nov-93 Apr-97 Sep-00 Feb-04 Jul-07 Dec-10 May-14 Oct-17 Mar-21 -25

Source: Banorte with data from INEGI and Banxico *Interest rate(1980-Sep 1982: CPP; 1982-…: Cetes; Exchange rate: 1980-Nov 1991: ‘para solventar obligaciones en moneda extranjera’; Nov 1991-…: Fix) DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 54 NI ROE ICAP Mkt Hist C/I App  Banking sector KPI’s

Capitalization ratio Non performing loans ratio % of net capital / credit risk assets % of total loan portfolio 40 10 Consumer 9.4 35 8 Mortgage Capitalization ratio Corporate 30 6 4 5.4 25 3.4 20.95 2 2.0 20 Banking sector's average 17.90 0 15 Jan.-07 May.-09 Sep.-11 Jan.-14 Jun.-16 Oct.-18 Feb.-21

10 Coverage ratio % of loan loss provisions/NPL 5 200 193.3

0 180

HSBC Bansí

Invex 160

Afirme

Monex

Inbursa

Autofin

Multiva

Finterra

Banorte

CIBanco

Bancrea

Actinver

Sabadell

BIAfirme

Banregio

Banamex

Bankaool

Santander

Bancoppel

Scotiabank

Banco Base Banco Ve por Más por Ve

ABC Capital ABC 140

Banca Mifel Banca

Consubanco

Banco Azteca Banco Compartamos

Accendo Banco Accendo 144.3

Banco del Bajío del Banco

Intercam Banco Intercam BBVA Bancomer BBVA Bank of America of Bank 120

Inmobiliario Mexicano Inmobiliario 100 Dec.-07 Feb.-10 Apr.-12 Jul.-14 Sep.-16 Dec.-18 Feb.-21 Source: CNBV, Banorte with data as of Jan.-21

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 55 NI ROE ICAP Mkt Hist C/I App  ‘Recovery plan’ to return back to ‘normal’ from COVID-19 ▪ Four-month advance to the senior citizen pension Programs from Development Banks ▪ Support for: MX$ billion, US$ million, % of GDP ⎯ Fishermen Institution Measure MXN USD* % of GDP** ⎯ Children with disabilities Total 61.1 2,535 0.25 ⎯ Benito Juárez Universities Liquidity support for companies in the BANOBRAS 6.0 249 0.02 ⎯ Savings for people without access to financial services infrastructure sector ⎯ Agriculture NAFIN / Liquidity support for "first-floor" financial 10.0 415 0.04 ⎯ Upkeep for schools BANCOMEXT institutions NAFIN / Liquidity support for "second-floor" financial ▪ Programs for: 20.0 830 0.08 ⎯ Apprenticeships BANCOMEXT institutions NAFIN / Guarantees program for companies and ⎯ Internet for everyone 6.3 261 0.03 ▪ Guarantee prices BANCOMEXT businesspeople Stabilization of syndicated loans provided to ▪ SHF 8.8 365 0.04 Toluca – Mexico City Train construction companies ▪ Construction of branches of El Banco del Bienestar ▪ Recruitment of 31 thousand new elements for the Army, Navy SHF Additional financing for "second-floor" bridge loans 6.0 249 0.02 and National Guard SHF Small loans for housing improvements 2.0 83 0.01 Attention scheme for the restructuring of debtors' ▪ FND TBD Rural concrete roads loans ▪ New credits and refinancing from INFONAVIT FND Measures to support the Rural Economy TBD ▪ ‘Sowing Life’ program will extend to 200 thousand farmers Banco del Clients' Program 2.0 83 0.01 ▪ Expedited returns of VAT to taxpayers Bienestar ▪ No increase to taxes or adoption of counter-cyclical measures or Banco del Outreach Program TBD corporate bailouts to businesses or banks Bienestar Banco del ▪ Elimination of 10 deputy ministries Reactivation of credit demand TBD ▪ Reduction of 25% in wages of high-ranking workers (Deputy Bienestar Extension of the period to divest affected Director and upwards) and end-of-year bonus elimination FOCIR TBD ▪ companies Savings of 75% in general spending and supplies categories Suspension of commission payments for the FOCIR TBD management of FICAS Source: Banorte and Presentation from Beatriz Leycegui (SAI, April 15, 2020) USD/MXN: 24.10 **Nominal GDP in 2019 FOCIR Emerging Program "COVID 2020 - FOCIR-SE" TBD

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 56 NI ROE ICAP Mkt Hist C/I App  …and strengthen credit channels Additional measures announced by Banxico to promote liquidity and strengthen credit channels MX$ billion, US$ billion, % of GDP Measure MXN USD % of GDP Total1 800.0 35.6 3.3 Provide liquidity and reestablish operational conditions in money markets (1) Reduction of the Monetary Regulation Deposit 50.0 2.2 0.2 (2) Adjustments to the Ordinary Additional Liquidity Facility interest rate ------(3) Increasing liquidity during trading hours to facilitate the optimal functioning of financial markets and payment systems ------(4) Extending the securities eligible for the Ordinary Additional Liquidity Facility ------(5) Extending the counterparts eligible for the Ordinary Additional Liquidity Facility ------(6) Temporary securities swap window 100.0 4.4 0.4 Promote the orderly behavior in governmental and corporate bond markets (7) Strengthening of the Government Debt Market Makers Program ------(8) Government securities term repurchase window 100.0 4.4 0.4 (9) Swap of government securities 100.0 4.4 0.4 (10) Securities Repurchase Facility 100.0 4.4 0.4 Strengthen credit channels (11) Provision of resources to banking institutions to channel credit to MSMEs and individuals affected by the COVID-19 pandemic 250.0 11.1 1.0 (12) Collateralized financing facility for commercial banks with corporate loans, to finance MSMEs 100.0 4.4 0.4 Promote the orderly behavior of the foreign exchange market (13) Non-deliverable FX forwards program expansion ------(14) USD credit auctions (financed with the swap line facility with the Federal Reserve) ------(15) Foreign exchange hedges settled by differences in USD ------

Note: 1. The total only adds up facilities for which we have information; 2. Using an exchange rate of USD/MXN 22.50 NA = Not available Source: Banxico, Banorte DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 57 NI ROE ICAP Mkt Hist C/I App  Initial impact of COVID-19 lockdowns in Mexico and the path towards recovery

IMEF’s PMIs Industrial production Auto production Diffusion index Index base 100= 2013 , sa % y/y 56 120 100

54 80 52.8 110 52 60 50.7 50 40 100 48 20 46 12.5 90 0 44 -20 42 80 -28.8 -40 40 Manufacturing Total Non-manufacturing -60 38 70 Manufacturing Mining 36 -80 Construction 34 60 -100 -98.8 Mar-16 Sep-18 Mar-21 Mar-13 Mar-17 Mar-21 Mar-07 Mar-14 Mar-21

Source: INEGI, IMEF, ANTAD

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 58 NI ROE ICAP Mkt Hist C/I App  Initial impact of COVID-19 lockdowns in Mexico and the path towards recovery

Formal job creation Auto sales ANTAD’s same-store sales Thousands, seasonally adjusted* % y/y % y/y in nominal terms 200 30 15 103 20 100 10 71 6.5 10 9.1 5 0 0 0 -49 -5 -100 NSA: -10 -8.2 April: -555 -10 -200 May: -345 -20 June: -83 -15 July: -4 -300 August: +92 -30 -20 September: +114 October: +201 -40 -25 -22.9 -400 November: +149 Mar-07 Nov-11 Jul-16 Mar-21 December: -278 -50 January: +48 -500 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar February: +115 -472 -60 March: +89 Supermarkets 8.7 7.0 2.4 3.1 2.1 0.7 4.8 2.6 2.8 3.4 -1.2 -13.2 -600 -70 -64.5 Departmental -72.7 -49.6 -44.6 -22.6 -1.8 3.5 -0.9 7.4 -9.8 -20.2 4.7 42.7 Jun-94 May-03 Apr-12 Mar-21 Mar-07 Nov-11 Jul-16 Mar-21 Specialized -17.5 -16.3 -14.5 -9.9 -8.0 -3.5 4.1 -2.5 -9.7 --9.2 -5.5 7.3 *Note: Seasonally adjusted by Banorte with the ARIMA X-12 method Source: IMSS, STPS, INEGI and ANTAD

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 59 NI ROE ICAP Mkt Hist C/I App  We believe Banxico has ended its easing cycle on higher inflation, expecting a 25bps hike at the end of the year

Inflation forecast Implicit movements in Reference rate forecast % y/y, bi-weekly frequency interest rate futures % forecast bps 9 6 Observed 63 8.25… Previous estimate 35 8 2019: New forecast 2021: 19 7.25 5 4.7 3 7 2Q21 3Q21 4Q21 1Q22 6 4 Inflation forecast % y/y, contributions in bps 5 5.0 4.7 2020: 2021: 3.7 +21bps+11bps 4.6 +27bps 4.25 4.25 +45bps 3 4.2 4 3.7 2019: 2020: 3.8 2.8 3.2 3.4 3.0 3 3.0000

2 New

Dec-19 Aug-20 Apr-21 Dec-21 forecast pressures…

Additional 2

to services to

Passthrough in 1Q21 in

supply shocks supply Dec-15 Dec-17 Dec-19 Dec-21

Source: Banxico, INEGI, Banorte and slack Lower

Previous estimate Previous Inflation surprises Inflation

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 60 NI ROE ICAP Mkt Hist C/I App  Concerns arround the possibility of the Fed hiking earlier has strenghened the USD

Year-to-date performance vs. USD USD/MXN forecast % USD/MXN ZAR 2.9 24.50 CLP 2.3 TWD 0.7 CNY 0.5 MXN 0.4 Banorte HKD -0.1 23.50 forecast HUF -1.0 PLN -1.2 PEN -1.5 MYR -2.3 22.50 RUB -3.1 IDR -3.1 COP -5.5 BRL -5.9 21.50 TRY -8.3 21.50 ARS -9.5 20.90 20.50 NOK 3.3 20.50 GBP 2.1 20.20 CAD 1.6 AUD 1.1 NZD 0.4 DKK -1.3 19.50 EUR -1.4 19.50 SEK -2.3 CHF -3.2 JPY -4.6 18.50 -12 -8 -4 0 4 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21

Source: Banorte with data from Bloomberg

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 61 NI ROE ICAP Mkt Hist C/I App  Public debt increased , resuming its downward trend in 2021

Public debt1 Government debt – 2019-2020 % of GDP increase 60 % of GDP 52.4 54 +2.5 52.4 51.4 +3.9 50 48.7 50 46.5 45.7 44.9 45.1 45.1 +0.9 42.6 46 40 42 40 37.2 37.2 34.8 36 36 2019 FX Fall in Higher 2020 33.2 32.3 32.9 weakness nominal debt 30.9 31.1 30.6 29.5 GDP 30 28.8 Credit ratings

20 BBB+ BBB+ Baa1

10 BBB BBB Baa2 BBB- BBB- Baa3

0 BB+ BB+ Ba1

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2000 BB BB Ba2 Source: MoF 1. HBPSBR – Historical Balance of the Public Sector Borrowing Requirements. BB- BB- Ba3

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 62 NI ROE ICAP Mkt Hist C/I App  Attention on mid-term elections

Morena’s advantage in governorship Possible composition of the Lower races* House % over the next closest competitor Seats Mexico will have the most important mid-term elections in Nay. (PAN) 22 history, with 15 governorships, a Zac. (PRI) 18 complete renewal of the Lower Gro. (PRI) 15 House and a large amount of Col. (PRI) 15 state legislatures and municipal Camp. (PRI) 13 positions B.C. (Morena) 13 Representatives may get Tlax. (PRI) 10 reelected for the first time Mich. (PRD) 6 Son. (PRI) 4 Morena´s coalition (PT and PVEM) This can make proposals from Sin. (PRI) 2 would get 326 seats many candidates –which are in S.L.P. (PRI) -1 office right now-, skew towards The confidence Interval for them is Chih. (PAN) -2 gaining more support, becoming between 304 and 346 seats N.L. (Ind.) -4 other law initiatives which may The qualified majority (2/3) is B.C.S. (PAN) -11 in turn generate additional noise obtained with 334 seats, which this Qro. (PAN) -21 coalition currently has -40 -20 0 20 40

Source: INE, El Financiero, Oraculus *Note Difference of effective preferences; Morena is either the first or second place in all races. Text in parenthesis signals incumbent party

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 63 NI ROE ICAP Mkt Hist C/I App  2021 mid-term elections in Mexico

% of # State Current Governor Party Approval rate % of GDP % of territory population 1 Baja California Jaime Bonilla Valdez Morena 58.4% 3.1 2.8 3.6 2 Baja California Sur Carlos Mendoza Davis PAN 60.0% 1.0 0.6 3.8 3 Campeche Carlos Miguel Aysa González PRI 44.1% 3.0 0.7 2.7 4 Chihuahua Javier Corral Jurado PAN 36.0% 3.2 3.0 12.9 5 Colima José Ignacio Peralta Sánchez PRI 37.1% 0.6 0.6 0.3 6 Guerrero Héctor Antonio Astudillo Flores PRI; PVEM 55.9% 1.4 3.0 3.3 7 Michoacán Silvano Aureoles Conejo PRD 44.2% 2.4 3.9 3.1 8 Nayarit Antonio Echevarría García PAN 36.7% 0.7 1.0 1.4 9 Nuevo León Jaime Heliodoro Rodríguez Calderón Independent 35.0% 7.5 4.1 3.4 10 Querétaro Francisco Domínguez Servién PAN 59.1% 2.3 1.6 0.6 11 San Luis Potosí Juan Manuel Carreras López PRI 40.0% 2.1 2.3 3.3 12 Sinaloa Quirino Ordaz Coppel PRI; PVEM 67.9% 2.2 2.5 3.0 13 Sonora Claudia Artemisa Pavlovich Arellano PRI 49.4% 3.3 2.4 9.6 14 Tlaxcala Marco Antonio Mena Rodríguez PRI 52.1% 0.6 1.0 0.2 15 Zacatecas Alejandro Tello Cristerna PRI 43.6% 0.9 1.3 3.9 Source: Banorte with data from local and state governments, Consulta Mitofsky (January 2021) and INEGI 1.Will renew local congresses: Aguascalientes, Durango and Hidalgo; Will renew county governments: Coahuila, Quintana Roo and Tamaulipas; Renew both: Mexico City, Chiapas, State of Mexico, Guanajuato, Jalisco, Morelos, Oaxaca, Puebla, Tabasco, Veracruz and Yucatán

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 64 NI ROE ICAP Mkt Hist C/I App # of daily Cases

DB Rev Div Dep ESG NIM TI L D Loan BAP Guid Eco 65 NI ROE ICAP Mkt Hist C/I App