BANORTE, transforming capital into value

Verification letter,
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Galaz, Yamazaki, Ruiz Urquiza, S.C.
Paseo de la Reforma 489, piso 6
Colonia Cuauhtémoc
06500 México, D.F.
México

Tel: + 52 (55) 5080 6000
Fax: + 52 (55) 5080 6001
www.deloitte.com/mx

Independent assurance report to Grupo Financiero Banorte, S.A.B. de C.V. (GFNorte) on the Annual Report 2014.

Responsibilities of GFNorte and Independent Reviewer

The elaboration of the Annual Report 2014 (AR), as well as its content is responsibility of GFNorte, who is also responsible for defining, adapting and maintaining the management systems and internal control from which information is obtained. Our responsibility is to issue an independent report based on the procedures applied during our review.

This report has been prepared exclusively for the management of GFNorte in accordance with the terms of our agreement letter dated December 10^th, 2014 and is not intended to be nor should it be used by someone other than this.

Scope of our work

The scope of our assurance was limited, and is substantially lower than a reasonable assurance work. Therefore, the security provided is also lower. This report in no case can be understood as an audit report.

We conducted our review of the AR under the following conditions and / or criteria:

The adaptation of the contents of the AR to the Global Reporting Initiative (GRI) Guidelines version 4 (G4) and according to the materiality study provided by GFNorte.
The review of the sustainability performance indicators reported according to the option Comprehensive and specified in the GRI Index of the AR.
The consistency of information contained in the AR with supporting evidence provided by the management.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/mx/aboutus for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Assurance standards and procedures

We have performed our work in accordance with the International Auditing Standard ISAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB) of IFAC.

Our review work included the formulation of questions to the management as well as various areas of GFNorte that have participated in the elaboration of the AR and the application of certain analytical and sample screening tests that are described below:

Meetings with staff of GFNorte to learn the principles, systems and applied management approaches.
Analysis of the process to collect, validate and consolidate the data presented in the AR.
Analysis of scope, relevance and integrity of the information included in the AR in terms of the understanding of GFNorte and of the requirements that stakeholders have identified as material aspects.
Selected sample review from the evidence that supports the information included on the AR.

The following table details the performance indicators on sustainability reviewed according to the GRI Guidelines version 4:

G4-1	G4-15	G4-29	G4-43	G4-57	G4-EN15	G4-LA3	G4-HR10	FS1
G4-2	G4-16	G4-30	G4-44	G4-58	G4-EN16	G4-LA5	G4-HR12	FS2
G4-3	G4-17	G4-31	G4-45	G4-EC1	G4-EN17	G4-LA6	G4-SO1	FS3
G4-4	G4-18	G4-32	G4-46	G4-EC3	G4-EN18	G4-LA9	G4-SO3	FS4
G4-5	G4-19	G4-33	G4-47	G4-EC5	G4-EN19	G4-LA10	G4-SO4	FS5
G4-6	G4-20	G4-34	G4-48	G4-EC7	G4-EN23	G4-LA11	G4-SO5	FS8
G4-7	G4-21	G4-35	G4-49	DMA-EN	G4-EN27	G4-LA12	G4-SO7	FS10
G4-8	G4-22	G4-36	G4-50	G4-EN1	G4-EN29	G4-LA13	G4-SO8	FS11
G4-9	G4-23	G4-37	G4-51	G4-EN3	G4-EN30	G4-LA14	G4-SO9	FS13
G4-10	G4-24	G4-38	G4-52	G4-EN5	G4-EN31	G4-LA16	G4-SO11	FS14
G4-11	G4-25	G4-39	G4-53	G4-EN6	G4-EN32	G4-HR1	G4-PR5	FS15
G4-12	G4-26	G4-40	G4-54	G4-EN8	G4-EN34	G4-HR2	G4-PR7	FS16
G4-13	G4-27	G4-41	G4-55	G4-EN11	G4-LA1	G4-HR3	G4-PR8
G4-14	G4-28	G4-42	G4-56	G4-EN14	G4-LA2	G4-HR7	G4-PR9

Conclusion

Based on the work performed and described in this report, nothing comes to our attention that could make us believe that the AR contains significant errors or has not been prepared in accordance with the Core Option established in the Sustainability Reporting Guidelines G4.

Recommendations

Additionally we present our recommendations for strengthening future Annual Reports, which do not modify the conclusions expressed in this report:

Continue to strengthen communication and training to the people responsible of the elaboration of the AR in order to enhance a better understanding of the processes involved as well as strengthening the information that allows the generation of indicators.
Conduct a direct dialogue with the stakeholders in order to update the materiality analysis of 2013.
Develop a review and reporting framework of environmental material aspects of GFNorte that translates into clear initiatives that generate a positive impact to the organization.
Expand the scope of the platform currently used to manage the environmental indicators including other material aspects of GFNorte.
Strengthen the management of the Ethics System in order to be supported by policies, procedures and reports.

We have submitted a detailed report of recommendations to the Executive Social Responsibility Officer of GFNorte concerning areas of improvement in the sustainability strategy (specifically for the verified indicators) and the reporting process.

Galaz, Yamazaki, Ruiz Urquiza, S.C.

Member of Deloitte Touche Tohmatsu Limited