Circular 7/2022 — Rules for Syndicated Auctions of Government Securities Aligned with Environmental, Social and Corporate Governance Criteria

190 OFFICIAL GAZETTE Tuesday, April 12, 2022 BANK OF MEXICO CIRCULAR 7/2022 addressed to Credit Institutions and Brokerage Houses, regarding the Rules for holding syndicated auctions of government securities aligned with environmental, social, and corporate governance criteria.

A logo appears on the margin, stating: Bank of Mexico.- “2022: Year of Ricardo Flores Magón”.

CIRCULAR 7/2022 TO CREDIT INSTITUTIONS AND BROKERAGE HOUSES:

SUBJECT: RULES FOR THE HOLDING OF SYNDICATED AUCTIONS OF GOVERNMENT SECURITIES ALIGNED WITH ENVIRONMENTAL, SOCIAL, AND CORPORATE GOVERNANCE CRITERIA.

The Bank of Mexico, in its capacity as financial agent of the Federal Government, in order to follow up on the actions foreseen in the National Strategy for the Implementation of Agenda 2030, systematized and integrated by the Head of the Presidential Office, as well as what is contemplated in the National Development Plan 2019-2024, to comply with the Sustainable Development Goals included in Agenda 2030 approved by the United Nations General Assembly and to incentivize sustainable investments within national territory, has resolved to issue the Rules for the holding of syndicated auctions of government securities denominated in national currency and aligned with environmental, social, and corporate governance criteria.

In view of the foregoing, the Bank of Mexico, in said capacity as financial agent of the Federal Government, issues these Rules based on articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States; 1, 3, fraction III, 7, fraction I, 8, 10, 12 and 14 of the Bank of Mexico Law; 22 of the Law for Transparency and Orderly Regulation of Financial Services; 1, 4, first paragraph, 8, fourth and eighth paragraphs, 10, first paragraph, 14 Bis, first paragraph, in relation to 17, fraction I, and 19 Bis, fractions II and V, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the National Operations Directorate, respectively; as well as Second, fractions VI and X, of the Agreement on the Affiliation of Administrative Units of the Bank of Mexico.

RULES FOR THE HOLDING OF SYNDICATED AUCTIONS OF GOVERNMENT SECURITIES ALIGNED WITH ENVIRONMENTAL, SOCIAL, AND CORPORATE GOVERNANCE CRITERIA

1. DEFINITIONS For the purposes of these Rules, the terms used herein, in singular or plural, shall have the meanings indicated below, without prejudice to any different treatment given to similar terms in other regulations:

Applicant: a credit institution or brokerage house interested in participating as an ESG Distributor, that submits its application in accordance with what is provided in section 2.2 of these Rules and that, on the date of submission of said application, does not hold such status; Bank: the Bank of Mexico, acting in its capacity as financial agent of the Federal Government; BONDES G: Development Bonds issued by the Federal Government of the United Mexican States in the domestic market, audited by a Securities Rating Agency and an Institution Auditing ESG Criteria as bonds aligned with environmental, social, and corporate governance criteria, in accordance with the Reference Framework and these Rules, and which, in turn, comply with the Green Bond Principles, the Social Bond Principles, and the Sustainability Bond Guidelines, adhering to the Guide for External Reviews of Green, Social, and Sustainability Bonds, published by the association of the Swiss Confederation known as the “International Capital Market Association” (ICMA) or, where applicable, the instruments that replace them, denominated in national currency, at a variable interest rate known in the market as the “Interbank Equilibrium Funding Interest Rate for a One Business Day Term”, corresponding to the TIIE de Fondeo referred to in the “Provisions Applicable to Operations of Credit Institutions, Regulated Multiple-Object Financial Companies that Maintain Patrimonial Links with Credit Institutions, and the National Agricultural, Rural, Forestry, and Fisheries Development Financial Institution”, issued by the Bank of Mexico through Circular 3/2012, published in the Official Gazette of the Federation on March 2, 2012, as modified by subsequent resolutions; DALÍ: the payment system known as “System for Deposit, Administration and Settlement of Securities”, administered by INDEVAL; Business Days: days on which financial entities subject to the regulation of the National Banking and Securities Commission are not obliged to close their doors or suspend operations, in terms of general provisions issued for such effect by said Commission; ESG Distributor: the credit institution or brokerage house designated by the Ministry to act in such capacity; INDEVAL: S.D. Indeval, Securities Depository Institution, S.A. de C.V.; Securities Rating Agency: that anonymous society authorized by the National Banking and Securities Commission to organize and operate in such capacity, in the terms set forth by the Securities Market Law; Institution Auditing ESG Criteria: a legal entity with expertise in environmental, social, sustainability, and corporate governance matters, that is independent of the Federal Government and the Bank of Mexico, and that has experience in issuing opinions in adherence to the Guides for External Reviews of Green, Social, and Sustainability Bonds published by the association of the Swiss Confederation known as the “International Capital Market Association” (ICMA) or, where applicable, the instrument that replaces it; Reference Framework: the document issued by the Ministry under the title “SDG Sovereign Bond Framework”, or where applicable, the instrument that replaces it; Ministry: the Ministry of Finance and Public Credit; Syndicated Auctions: the process of selling ESG Government Securities in the primary market, in which ESG Distributors participate, in terms of these Rules, and ESG Government Securities: BONDES G or other Development Bonds issued by the Federal Government of the United Mexican States in the domestic market, audited by a Securities Rating Agency and by an Institution Auditing ESG Criteria aligned with environmental, social, and corporate governance criteria, in accordance with the Reference Framework and these Rules, and which, in turn, comply with the Green Bond Principles, the Social Bond Principles, and the Sustainability Bond Guidelines, adhering to the Guide for External Reviews of Green, Social, and Sustainability Bonds, published by the association of the Swiss Confederation known as the “International Capital Market Association” (ICMA) or, where applicable, the instruments that replace them, jointly or separately.

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2. BIDDERS 2.1. Only ESG Distributors determined by the Ministry for each Syndicated Auction may be bidders, who must submit their bids on their own account. For each Syndicated Auction, the Ministry will notify the Bank, through the placement letter, and the corresponding ESG Distributors, through the electronic, computing, or telecommunications medium determined by the Ministry itself, of the ESG Distributors that may be bidders. Such notifications must be made at least two Business Days in advance of the date on which the corresponding Syndicated Auction will take place. The Bank may reject or invalidate bids submitted, in the cases indicated in section 5.4.2 below.

2.2. The Ministry will determine the Applicants that may act as ESG Distributors for the purposes of these Rules. Credit institutions and brokerage houses intending to act as ESG Distributors must submit a written application to the Public Credit Unit of the Ministry, located at Insurgentes Sur 1971, Tower 3, floor 7, Guadalupe Inn neighborhood, postal code 01020, Benito Juárez territorial demarcation, Mexico City. The Ministry may invalidate the application referred to in the preceding paragraph if it is not clearly legible; has erasures or corrections; is incomplete or, in some way, incorrect. The Ministry will notify the Bank and the corresponding Applicants, via message sent by email from the account roberto_lazzeri@hacienda.gob.mx or, where applicable, the email address of the person holding the position of Head of the General Directorate of Collection of the Ministry or the General Directorate that replaces it, of the Applicants it has determined may act as ESG Distributors. Such notifications must be made at least seven Business Days in advance of the date on which the corresponding Syndicated Auction will take place. The foregoing shall be observed, without prejudice to the notifications referred to in the second paragraph of section 2.1 of these Rules. Applicants receiving the notification referred to in the immediate preceding paragraph must perform the necessary acts to celebrate the contract and grant the corresponding authorizations in accordance with sections 9.1 and 9.4 of these Rules. ESG Distributors that decide to cease operating in such capacity must send a written cancellation notice to the Public Credit Unit of the Ministry, as well as a copy thereof to the National Operations Directorate of the Bank of Mexico located at Avenida 5 de Mayo number 6, first floor, Centro neighborhood, postal code 06000, Cuauhtémoc territorial demarcation, Mexico City. Said cancellation notice shall take effect from the next Business Day following its receipt by the aforementioned authorities.

3. CALLS FOR BIDS FOR SYNDICATED AUCTIONS The Bank will make the calls for bids for Syndicated Auctions available to bidders up to one Business Day before the date of the respective auction, through the internet website identified with the domain name: w.banxico.org.mx, or through any other electronic, computing, or telecommunications medium authorized for this purpose by the Bank, unless the Bank announces another date or time for a particular call. Such calls will disclose the necessary characteristics for the holding of Syndicated Auctions, including, where applicable, incentives for bidder participation in Syndicated Auctions.

4. TYPES OF SYNDICATED AUCTIONS Syndicated Auctions may be: a) Single-price: those in which ESG Government Securities will be allocated starting from the most convenient bid in terms of price for the issuer, and all bids resulting in allocation will be served at the same price as the last bid receiving allocation, notwithstanding that it may have been partially served in its amount, or b) Multiple-price: those in which ESG Government Securities will be allocated starting from the most convenient bid in terms of price for the issuer and all bids resulting in allocation will be served at the requested price.

5. BIDS 5.1. Types of Bids For the case of Syndicated Auctions referred to in section 4 of these Rules, bids may only be competitive and must indicate the issuance key and the total nominal value amount in quantities expressed in thousands of pesos, rounded to five thousand pesos or multiples thereof, of the ESG Government Securities that the bidder is willing to acquire, as well as the class of issuance and the clean price, expressed up to five decimal places.

5.2. Bid Limits The sum of the amounts of bids for the acquisition of ESG Government Securities presented by each bidder for each call shall not exceed the maximum amount that the Federal Government is willing to offer in the Syndicated Auction in question.

5.3. Submission of Bids 5.3.1. Bidders must submit their bids on the date and within the timeframe indicated for this purpose in the corresponding calls through the electronic, computing, or telecommunications mediums determined by the Bank. Bids must be submitted in the form, terms, and conditions set forth in the respective calls. In the event that bids cannot be submitted through the electronic, computing, or telecommunications mediums determined by the Bank, or when the Bank so determines, bidders may submit them, exceptionally, through any other electronic, computing, or telecommunications medium authorized for this purpose by the Bank, during the hours determined by the Bank in the respective call, in which case they must confirm them via writing addressed to the National Operations Management presented in a closed envelope no later than 17:00:00 hours on the same Business Day of the Syndicated Auction, using the model contained in Appendix 1 of these Rules and accompanying it with a cover letter, as appropriate, for each of the ESG Government Securities in question. The documents mentioned in the preceding paragraph must be signed, with handwritten signature or Advanced Electronic Signature, by the same representatives duly authorized by the bidder. Additionally, the letter must show the knowledge of signatures granted by the Bank, therefore such signatures must be registered in the Bank itself. The data of the Advanced Electronic Signature referred to in this Rule must be verifiable through the corresponding digital certificate issued by the Tax Administration Service.

5.3.2. Each bidder may present one or more bids related to the same call. The bids presented in each request must refer exclusively to the same issuance.

5.4 Effects of Bids 5.4.1. Bids presented to the Bank in terms of section 5.3.1 of these Rules shall produce the broadest effects allowed by law and imply the bidder's acceptance of all and each of these Rules, as well as the terms and conditions established in the call in which the Bank communicates the particular characteristics of the Syndicated Auction in which it participates. Every bid shall be binding on the bidder presenting it and irrevocable. The access keys, identification keys, and, where applicable, operation keys, established for any electronic, computing, or telecommunications medium used for the purposes of these Rules shall replace the handwritten signature with an electronic one, therefore documentary or technical records in which they appear shall have full legal validity and produce the same effects that laws grant to documents signed by the parties and, consequently, shall have equal probative value.

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5.4.2. The Bank may invalidate the request or bids received if they do not comply with these Rules or what is stated in the corresponding call; are not clearly legible; have erasures or corrections; are incomplete or, in some way, incorrect. Likewise, the Bank may reject bids regarding one or more issuances if, in its judgment, the participation of same, due to their characteristics, could produce inconvenient effects for the sound development of the securities market in particular or the financial market in general. The Bank may limit the participation of one or more of the persons mentioned in the first paragraph of section 2.1 of these Rules, when the bids they present do not comply with sound market practices.

6. ALLOCATION Bids will receive allocation according to the descending order of their respective prices. In single-price Syndicated Auctions, the price at which ESG Government Securities will be allocated will be that corresponding to the last bid receiving allocation, even if this is partially served in its amount. In multiple-price Syndicated Auctions, bids will be served at the requested prices. In all cases, bids will be served and receive allocation without exceeding the maximum amount indicated in the call. In the event of tied bids and the amount to be allocated is insufficient to serve such bids, they will be served pro rata of their amount. The Federal Government, through the Ministry, may determine, in any Syndicated Auction, the minimum price at which it is willing to allocate ESG Government Securities. In these cases, bids with lower prices will not be served. The Ministry may declare any Syndicated Auction completely void, in which case no bid will receive allocation of ESG Government Securities. Likewise, the Ministry may partially allocate Syndicated Auctions.

7. RESULTS The Bank will make the general results of Syndicated Auctions available to bidders, through the aforementioned internet website of the Bank of Mexico or through any other electronic, computing, or telecommunications medium authorized for this purpose by the Bank, sixty minutes after the deadline for the submission of bids. Information corresponding to the general results of a Syndicated Auction will remain available to bidders through the aforementioned medium, until the results of a new Syndicated Auction are incorporated in the terms indicated above. The Bank will inform each bidder individually, through any electronic, computing, or telecommunications medium authorized for this purpose by the Bank of Mexico, sixty minutes after the deadline for the submission of bids of the Syndicated Auction in question, of the quantity of ESG Government Securities, if any, that will be allocated to them, indicating the clean price that must be covered for them.

8. SETTLEMENT OF SYNDICATED AUCTIONS 8.1. The Federal Government, through the Bank of Mexico acting as its financial agent, by virtue of what is provided by articles 2312 and 2331 of the Federal Civil Code, reserves ownership of the ESG Government Securities subject to Syndicated Auctions that must be delivered, until the moment the Bank receives payment of the corresponding price from the bidder.

8.2. Settlement of the operations subject to Syndicated Auctions referred to in these Rules shall be carried out through DALÍ via delivery against payment in the terms established in the internal regulations of INDEVAL, on the date fixed in the corresponding call.

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In order for the Bank to carry out the settlement of the Syndicated Auctions, credit institutions and brokerage houses must previously deliver to it a communication in terms of Appendix 2 of these Rules.

The communication referred to in the preceding paragraph must be sent to the Operations Management Department of the Bank of Mexico and must be signed by person(s) with authority to exercise acts of dominion, as well as present a certified and simple copy of the deed in which the aforementioned powers are recorded and a simple copy of their official identification(s).

8.3. In the event that a bidder does not pay the full price of the ESG Government Securities, the Bank will proceed in terms of what is provided in the contract that it has signed with this bidder in accordance with what is stated in section 9.1 of these Rules and may, without the need for a judicial declaration, rescind the sale of the ESG Government Securities for the missing amount, for which the corresponding credits and charges for the missing amount will not be made in the cash and securities accounts in DALÍ.

Without prejudice to the foregoing, the Bank may disqualify the bidder who has incurred the situation previously contemplated in this section 8.3 from participating in the Syndicated Auctions.

8.4. The settlement of the operations of the Syndicated Auctions with ESG Government Securities issued prior to the settlement date of the Syndicated Auctions must be carried out by adding to the respective clean price, the unpaid accrued interest, from and including the date of their issuance or last interest payment, as applicable, up to and excluding the settlement date, according to the following formula:

Where: Iacc = Accrued interest in national currency. VN = Nominal value of the ESG Government Security in national currency. N = Natural days elapsed between the date of issuance or last interest payment, as applicable, and the settlement date. R = Annual accrued interest rate of the corresponding ESG Government Security, expressed in annual percentage terms and rounded to hundredths, calculated according to the following formula:

Where: Each of the natural days between the date of issuance of the ESG Government Security or the last interest payment, and the settlement date, will take values from 1 to N. Operator that means performing the multiplication of the factors in parentheses. The annual interest rate, expressed in percentage terms rounded to hundredths, based on wholesale funding operations carried out by credit institutions and brokerage houses through repurchase operations with a One Banking Day term with titles issued by the Federal Government, the Bank Protection Institute (IPAB) or the Bank of Mexico, known in the market as "Interbank Equilibrium Funding Rate for One Day" calculated and made known on day i by the Bank of Mexico through its internet page located at w.banxico.org.mx, in terms of what is provided in the "Provisions Applicable to the Operations of Credit Institutions, Regulated Multiple-Object Financial Companies that Maintain Patrimonial Links with Credit Institutions and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution", issued by the Bank of Mexico through Circular 3/2012, published in the Official Gazette of the Federation on March 2, 2012, as they may be modified by subsequent resolutions, or through any other authorized electronic, computing or telecommunications medium for this purpose. In the latter case, the Bank will promptly inform the medium through which it will disseminate said rate.

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In the case of those days that are not Banking Business Days, for the calculation of the interest rate referred to above, the rate made known on the immediately preceding Banking Business Day that corresponds will be used.

9. GENERAL PROVISIONS

9.1. To participate in the Syndicated Auctions and celebrate the operations referred to in these Rules, ESG Distributors must sign the respective contract with the Bank, for which they must provide the name of the person(s) who intend(s) to sign it, attaching a simple copy of their official identification(s) and a certified and simple copy of the public deed in which the granting of powers to exercise acts of dominion is recorded.

The documentation referred to in the previous paragraph must be delivered to the Operations Instrumentation Department of the Bank of Mexico, located at Avenida 5 de Mayo number 18, second floor, Centro neighborhood, Cuauhtémoc territorial demarcation, postal code 06000, Mexico City, at least five Banking Business Days in advance of the date on which the aforementioned contract is intended to be signed.

9.2. For market information, the Bank will make known to the general public the characteristics of the Syndicated Auctions, through the internet electronic page identified with the domain name: w.banxico.org.mx or through any other authorized electronic, computing or telecommunications medium for this purpose by the Bank.

9.3. In the event that, due to force majeure or fortuitous event, the Bank of Mexico's internet electronic page cannot be used to announce the calls or inform the results of the Syndicated Auctions, the Bank will promptly communicate the applicable procedure to announce such calls or the results of the corresponding Syndicated Auctions.

9.4. Credit institutions and brokerage houses must authorize the Bank to instruct INDEVAL on the charges and credits that correspond, in the cash and securities settlement accounts that INDEVAL itself maintains for them, for the amount of ESG Government Securities that corresponds. Likewise, they must authorize the Bank to charge or credit the national currency account that the Bank maintains for them for any other amount that must be covered by virtue of what is provided in these Rules.

For this purpose, credit institutions and brokerage houses must grant an authorization in favor of the Bank, through a document prepared in terms of the format included in Appendix 2, a copy of which must be delivered to INDEVAL.

The authorization and the model of authorization that must be delivered to the Bank must be signed by whoever has the authority to exercise acts of dominion on behalf and representation of the credit institution or brokerage house, and must be accompanied by certified and simple copies of the public instrument in which the aforementioned powers are recorded, as well as a simple copy of the official identification of the attorney(s).

The documentation that must be sent to the Bank in accordance with what is provided in this article must be delivered to the Operations Management Department with an advance of at least five Banking Business Days to the date on which they intend to begin participating in the Syndicated Auctions.

9.5. The Bank may modify the dates, schedules and deadlines mentioned in these Rules in the event that circumstances occur that prevent the strict observance of the procedure and other acts related to the Syndicated Auction in question. In such an event, the Bank will inform of the modifications through its aforementioned internet electronic page or through any other authorized electronic, computing or telecommunications medium for this purpose by the Bank.

APPENDIX 1 MODEL FOR SUBMISSION OF BIDS FOR SYNDICATED AUCTIONS OF GOVERNMENT SECURITIES ALIGNED WITH ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE CRITERIA, FOR THE PURPOSES OF WHAT IS PROVIDED IN SECTION 5.3.1 OF THE RULES FOR THE CELEBRATION OF SYNDICATED AUCTIONS OF GOVERNMENT SECURITIES ALIGNED WITH ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE CRITERIA

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BANK OF MEXICO NATIONAL OPERATIONS DEPARTMENT Avenida 5 de Mayo number 6, Centro Neighborhood, C.P. 06000, Mexico City Present. REQUEST FOR OWN ACCOUNT Mexico City, on ____ of ____________ ____.Bidder's Name: _____________________________Bidder's Key at the Bank of Mexico: _____________________________ BIDS:

Issuance Key Clean Price Amount __________ __________ . __________ __________ . __________ __________ .

The AMOUNTS at nominal value in amounts rounded to five thousand pesos or UDIS or their multiples. The PRICES must be expressed up to FIVE decimals. Clean price is understood to be the one that does not include unpaid accrued interest. The cited bids are mandatory and irrevocable for the bidder; they will produce the broadest effects that correspond in law, and imply our acceptance to all and each of the "Rules for the celebration of syndicated auctions of government securities aligned with environmental, social and corporate governance criteria" in force, as well as to the terms and conditions of the call of date [ DAY ] of [ MONTH ] of [ YEAR ]. Sincerely, 1 (Bidder's Name) (Name, position and signature of authorized officials) NOTE: Unused spaces must be cancelled. 1 This document must show the signature knowledge granted by the Bank of Mexico, therefore these signatures must be registered in the Bank itself.

APPENDIX 2 MODEL OF AUTHORIZATION IN FAVOR OF THE BANK OF MEXICO TO MAKE CHARGES AND CREDITS IN THE ACCOUNTS OF CREDIT INSTITUTIONS OR BROKERAGE HOUSES THAT SUBMIT BIDS IN THE SYNDICATED AUCTIONS OF GOVERNMENT SECURITIES ALIGNED WITH ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE CRITERIA, IN ACCORDANCE WITH THE RULES FOR THE CELEBRATION OF SYNDICATED AUCTIONS OF GOVERNMENT SECURITIES ALIGNED WITH ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE CRITERIA

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(LETTERHEAD OF THE CREDIT INSTITUTION OR BROKERAGE HOUSE) Mexico City, on __ of _________. BANK OF MEXICO OPERATIONS MANAGEMENT DEPARTMENT Avenida 5 de Mayo number 6, Centro Neighborhood, C.P. 06000, Mexico City Present. (NAME OF THE CREDIT INSTITUTION OR BROKERAGE HOUSE) hereby authorizes and instructs irrevocably the Bank of Mexico to carry out the necessary charges and credits in the cash and securities settlement accounts that the S.D. INDEVAL, Securities Depository Institution, S.A. de C.V., maintains for this financial institution, derived from the settlement of the operations celebrated by this same financial institution under the "Rules for the celebration of syndicated auctions of government securities aligned with environmental, social and corporate governance criteria", issued by the Bank of Mexico, in its capacity as financial agent of the Federal Government, as they may be modified by subsequent resolutions. For these purposes, that Central Bank will send to said securities depository institution the corresponding instructions so that the respective records are made.

Additionally, this financial institution authorizes and instructs irrevocably the Bank of Mexico to carry out charges and credits in the national currency account that the Bank of Mexico itself maintains for it, for any other amount that this same financial institution must cover by virtue of what is provided in the aforementioned Rules.

Finally, we make known to you that the authorizations and instructions referred to in this document can only be modified or revoked through written communication addressed to that Central Bank and presented with, at least, one banking business day in advance of the date on which the respective modification or revocation is intended to take effect. This will be observed, understanding that the aforementioned modification or revocation will not be applicable with respect to the charges and credits resulting from the bids submitted by this financial institution prior to such communication taking effect. Sincerely, (NAME OF THE CREDIT INSTITUTION OR BROKERAGE HOUSE) (Name, position and signature of person(s) with authority to exercise acts of dominion) C.c.p. : S.D. INDEVAL Securities Depository Institution, S.A. de C.V.- For your information. Present. TRANSITIONAL PROVISION SINGLE.- This Circular will enter into force the day following its publication in the Official Gazette of the Federation. Mexico City, on April 5, 2022.- BANK OF MEXICO: General Legal Director, Luis Urrutia Corral.- Initials.- Director of National Operations, Juan Rafael García Padilla.- Initials. For any inquiries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Central Bank Authorizations and Sanctions Directorate at telephone (55) 5237-2000 extension 3200.