Investor Presentation. March 2012

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1 Investor Presentation March 2012

2 Forward-Looking Statement and Cautionary Note (1/3) Variations If no further specification is included, changes are made against the same period of the last year. Rounding Numbers may not total due to rounding. Financial Information Excluding (i) budgetary,(ii) volumetric, (iii) revenue from sales and services including IEPS, (iv) domestic sales including IEPS, (v) petroleum products sales including IEPS, and (vi) operating income including IEPS information, the financial information included in this report is based on unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano de Normas de Información Financiera (CINIF). Based on FRS B-10 "Inflation effects", 2010 and 2011 amounts are expressed in nominal terms. Based on FRS B-3 "Income Statement and FRS C-10 Derivative Financial Instruments and Hedging Transactions, the financial income and cost of the Comprehensive Financial Result include the effect of financial derivatives. The EBITDA is a non-u.s. GAAP and non-frs measure issued by CINIF. Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies of Petróleos Mexicanos. Foreign Exchange Conversions Unless otherwise specified, convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, at December 31, 2011, of Ps = U.S.$1.00. Such translations should not be construed as a representation that the peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate. 2

3 Forward-Looking Statement and Cautionary Note (2/3) Fiscal Regime Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production s (PEP) tax regime is governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities continue to be governed by Mexico s Income Tax Law. The most important duty paid by PEP is the Ordinary Hydrocarbons Duty (OHD), the tax base of which is a quasi operating profit. In addition to the payment of the OHD, PEP is required to pay other duties. Under PEMEX s current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and Public Credit (SHCP) and the final consumer; PEMEX retains the amount of IEPS and transfers it to the Federal Government. The IEPS rate is calculated as the difference between the retail or final price, and the producer price. The final prices of gasoline and diesel are established by the SHCP. PEMEX s producer price is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Since 2006, if the final price is lower than the producer price, the SHCP credits to PEMEX the difference among them. The IEPS credit amount is accrued, whereas the information generally presented by the SHCP is cash-flow. Hydrocarbon Reserves Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States Concerning Petroleum Affairs, (i) PEMEX's reports evaluating hydrocarbon reserves shall be approved by the National Hydrocarbons Commission (NHC); and (ii) the Secretary of Energy will register and disclose Mexico's hydrocarbon reserves based on information provided by the NHC. As of the date of this report, this process is ongoing. As of January 1, 2010, the SEC changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. In addition, we do not necessarily mean that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our annual report to the Mexican Banking and Securities Commission (CNBV), available at 3

4 Forward-Looking Statement and Cautionary Note (3/3) Bids Only results from bids occurred between January 1 and March 31, 2011 are included. For further information, please access Forward-looking Statements This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. We may include forward-looking statements that address, among other things, our: drilling and other exploration activities; import and export activities; projected and targeted capital expenditures; costs; commitments; revenues; liquidity, etc. Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to: changes in international crude oil and natural gas prices; effects on us from competition; limitations on our access to sources of financing on competitive terms; significant economic or political developments in Mexico; developments affecting the energy sector; and changes in our regulatory environment. Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. These risks and uncertainties are more fully detailed in PEMEX s most recent Form 20-F filing with the SEC ( and the PEMEX prospectus filed with the CNBV and available through the Mexican Stock Exchange ( These factors could cause actual results to differ materially from those contained in any forward-looking statement. PEMEX PEMEX is Mexico s national oil and gas company. Created in 1938, it is the exclusive producer of Mexico s oil and gas resources. The operating subsidiary entities are Pemex-Exploration and Production, Pemex-Refining, Pemex-Gas and Basic Petrochemicals and Pemex-Petrochemicals. Its principal subsidiary company is PMI. 4

5 Content Achievements Challenges Results 5

6 Achievements 2008 Reform Business Plan Operational Program Investment Program Stabilization of Production Diversified projects Increase Reserve Replacement Rate New Business Models in place Improved Exploitation Strategy at ATG/Chicontepec New E&P Integrated Contracts Improvement of purchasing Processes Sustainability and Environmental Protection 6

7 Production Aligned to Goals Mbd 2,500 2,550 2,560 2,607 2,578 2,567 2,552 2,572 2,558 2,525 2,547 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q PEF 2010 PEF 2011 E Significant operational efforts have been made to stabilize production Note: E stands for estimated 7

8 Cantarell declines according to plan, partially offset by other fields Mbd 2,500 2,000 Forecast Cantarell Actual CAGR 1 :9% 1,500 1, Production w/o Cantarell Accumulated production Estimated: 7,969 MMb Actual: 7,484 MMb Difference: 6% (1) Compounded Annual Growth Rate Note: Mexico s CAGR is -5.8% Source: Purvin & Gertz

9 Exploitation Investment Million Pesos 240, , , ,000 80,000 40, Other Projects Delta del Grijalva AJB CLM ATG Burgos KMZ Cantarell Cantarell vs. Other Projects From 2006 to 2011, Cantarell represented about 21% of total exploitation investment. In 2011, Cantarell represented about 19.6% of total exploitation investment. 9

10 Sustained Increase of the Reserve Replacement Rate 150% 100% 50% 0% 1P Reserve Replacemet Rate 71.8% 77.1% 85.8% 101.1% 41.0% 50.3% 22.7% 26.4% P Reserve Replacemet Rate The 100% 1P Reserve Replacement Rate was reached a year in advance. Exploration CAPEX U.S.$Billion E E stands for estimated. 10

11 Reserves Evolution Reserves as of January 1 of Each Year Billion barrels of crude oil equivalent (MMMboe) Possible Probable Proved P Reserves: P Reserves: P Reserves: Note: Numbers may not total due to rounding. Since 2002 Pemex Exploration and Production has utilized the SEC proved reserves definition

on value creation Improved well productivity Enhanced recovery Cost reduction Managed declination 70 50 30 10 44,803 37%

12 Field Laboratories Sector 1 Sector 2 Agua Fría Sector 4 Sector 6 Improved Exploitation Strategy at ATG/Chicontepec Coyotes Sector 3 Sector 5 Sector 7 Sector 8 Coralillo Remolino Presidente Alemán 5 Field Labs Other Activities Focused on value creation Improved well productivity Enhanced recovery Cost reduction Managed declination ,803 37% 61,487 The latest exploitation strategy implemented in ATG, has been the most successful -10 Heavy Crude Oil Light Crude Oil 12

Field New Business Models Upstream Successful 1st Round:

9.78 5.01 205.5 Santuario Petrofac Facilities Mngt. Ltd. 7.

3 Mature Fields Southern Region 2,416 198 13.6 320-52 657 6.

8 PEMEX is partnering with the winning companies to

13 Field New Business Models Upstream Successful 1st Round: Southern Region Company Max. Rate US$/b Offered Rate US$/b Min. Investment US$MM Magallanes Petrofac Facilities Mngt. Ltd Santuario Petrofac Facilities Mngt. Ltd Carrizo Dowell Schlumberger Mature Fields Southern Region 2, , PEMEX is partnering with the winning companies to complement its capabilities. Original Volume (MMboe) Reserves 3P (MMboe) Current Production (Mbd) Carrizo Santuario Magallanes Approximate incremental production of 55 Mbd 13

New Business Models - Downstream Project Deer Park PEMEX Mexichem Partner PEMEX s Participation 1. Joint Venture 2. Crude supply 1. Joint Venture 2. Fixed assets 3.

14 New Business Models - Downstream Project Deer Park PEMEX Mexichem Partner PEMEX s Participation 1. Joint Venture 2. Crude supply 1. Joint Venture 2. Fixed assets 3. Supply of raw materials Objective Refine Mexican heavy crude oil and increase gasoline supply to Mexico Increase production of vinyl chloride Start Up (to be confirmed) 14

15 Improved Purchase and Acquisitions Processes (1/2) Comprehensive analysis of supply and demand Short, medium and long term execution strategy New legal framework Greater negotiation power Recognize and seize market opportunities Better contracting terms and conditions Significant savings 15

16 Improved Purchase and Acquisitions Processes (2/2) Cash Purchase VS Financial Lease Savings 1 25% Fleet Platforms Traditional Rent New Contract Design Financial Lease Savings 1 18% - 20% Savings 1 35% Drilling pipe Average Consumption 185 to 200 MTA 2 New Contract Design Savings 1 MMPs. 465 (1) Expected (2) Thousand Tons Per Annum 16

Sustainability and Environmental Protection Accumulated CO 2 emission mitigation goal 1

4 MMton CO 2 EMISSIONS (MMton) Nuevo Pemex 900 MTCO 2 e/year = US$MM5.6-26% 54.8 50.

Cangrejera Cogeneration = CO 2 Reduction = Additional Income CPQ.

17 Sustainability and Environmental Protection Accumulated CO 2 emission mitigation goal 1 from = 9.94 MMton PEMEX Total CO 2 emission mitigation from 2009 to 2011* = 14.4 MMton CO 2 EMISSIONS (MMton) Nuevo Pemex 900 MTCO 2 e/year = US$MM5.6-26% CPQ. Cangrejera Cogeneration = CO 2 Reduction = Additional Income CPQ. Morelos * PPQ 410 MTCO 2 e/year = US$MM MTCO 2 e/year = US$MM2.6 (1) Source: PECC (*) Estimated 17

18 Content Achievements Challenges Results 18

19 Challenges Crude Oil Production Levels Operational and Technological Improvements Stronger Operational Processes Production Growth New Rounds of Integrated Contracts Shale Resources Deep Waters New Exploration and Maintenance Functions Upgrades and Expansion of Installed Capacity Operational Improvements 19

Increase Production: Crude Oil Mbd 3,000 2,500 2,000 1,500 1,000 500

(Excluding, Aceite Terciario del Golfo y Exploitation Ku-Maloob-Zaap)

2011 2012 2013 2014 2015 2016 2017 2018 * Estimated.

ATG integrated contracts Incremental Production for 2014 Range(Mbd)*

20 Increase Production: Crude Oil Mbd 3,000 2,500 2,000 1,500 1, Cantarell Cantarell Ku-Maloob-Zaap Ku-Maloob- Zaap ATG Explotación (Excluding, Aceite Terciario del Golfo y Exploitation Ku-Maloob-Zaap) (Excluding, Aceite Terciario del Golfo and Ku-Maloob-Zaap) * Estimated. ATG 3 5 Exploration 4 Integrated contracts 2 Tsimin Xux Ayatsil Tekel 1 ATG integrated contracts Incremental Production for 2014 Range(Mbd)* Exploration Ku-Maloob-Zaap Aceite Terciario del Golfo Integrated Contracts

Strategy for Shallow Waters and Onshore Regions Cuenca Tampico-Misantla Prospective resources (22,608 MMboe) 11,929 3,838 8,091 Southeast marine 8,154 3,099 5,055 Southeast on-shore Light Crude Oil

including both the marine and onshore portions: Execute activities to identify the continuity of established plays such as the Cretaceous play Increase the activity to identify Tertiary plays for

21 Strategy for Shallow Waters and Onshore Regions Cuenca Tampico-Misantla Prospective resources (22,608 MMboe) 11,929 3,838 8,091 Southeast marine 8,154 3,099 5,055 Southeast on-shore Light Crude Oil Heavy Crude Oil Cuencas del Sureste Plays Locations and opportunities 2, ,931 Tampico-Misantla basin CSM basin CST basin CTM The strategy will be focused on the Southeastern Basins, including both the marine and onshore portions: Execute activities to identify the continuity of established plays such as the Cretaceous play Increase the activity to identify Tertiary plays for oil resources Potential evaluation of pre and sub- salt plays Additionally, exploration will be reactivated at the Tampico-Misantla Basin with the aim of finding oil opportunities in the Mesozoicage plays 21

2 nd Round: Mature Fields Northern Region PEMEX has identified 22 mature

The fields have been grouped into 6 blocks: Altamira, Pánuco, Tierra Blanca,

The 6 blocks count with prospective resources of 1,672 MMboe.

6 1,580 100 Pánuco Tierra Blanca Atún San Andrés 1,109 4,177 Original Volume

0 3P Reserves (MMbce) Actual Production (Mbd) Atún Arenque San Andrés Tierra

22 2 nd Round: Mature Fields Northern Region PEMEX has identified 22 mature fields in the Northern Region with high recovery potential. The fields have been grouped into 6 blocks: Altamira, Pánuco, Tierra Blanca, San Andrés, Arenque and Atún. The 6 blocks count with prospective resources of 1,672 MMboe. Mature Fields Northern Region Altamira Arenque 9, , , Pánuco Tierra Blanca Atún San Andrés 1,109 4,177 Original Volume (MMbce) P Reserves (MMbce) Actual Production (Mbd) Atún Arenque San Andrés Tierra Blanca Pánuco Altamira Official Announcement of Tender 19/01/12 Deadline Acquisition Bid Packages 27/04/12 (1) Estimated. Prequalification Period 03/05/12 25/05/12 Awarding 19/06/12 Contract Agreement 20/06/12 20/08/12

Potential Shale Resources Chihuahua Paleozoic Shale Gas Sabinas Cretaceous Shale Gas Burro Picachos Burgos Tampico Misantla Veracruz Eagle Ford Shale Gas Texas Jurassic Shale Gas Shale Gas Provinces

23 Potential Shale Resources Chihuahua Paleozoic Shale Gas Sabinas Cretaceous Shale Gas Burro Picachos Burgos Tampico Misantla Veracruz Eagle Ford Shale Gas Texas Jurassic Shale Gas Shale Gas Provinces Eagle Ford/Agua Nueva Haynesville Bone Spring /Woodford PEMEX has identified 5 geological provinces with shale gas potential: Chihuahua Sabinas-Burro-Picachos Burgos Tampico-Misantla Veracruz PEMEX estimates prospective resources of shale gas ranging from 150 to 459 TCF, which represent from 2.5 to 7 times the conventional 3P gas reserves of Mexico. According to the EIA, Mexico s shale gas resources could reach 681 TCF, which is ranked as the fourth largest reserve worldwide. PEMEX is evaluating Mexico s shale gas potential, in 2011 PEMEX concluded the well Emergente-1, and it is in the process of completing 3 additional wells. An intensive development scenario shows that gas production could triplicate to 20 bcf per day. 23

24 Activities in Deepwaters! Salina del Bravo Oreos Nancan Cinturón Subsalino Cinturón Plegado Perdido Cordilleras Mexicanas Cinturón Plegado Perdido Abisal Golfo de México 3D seismic Escarpe de Campeche Total investment : 46 billion pesos ~ 3.6 billion USD 3D seismic acquisition: 90,000 km 2 Wells Drilled: 18, 10 of which were producers Jaca-patini!!! Talipau-1 Salina del Istmo 3P reserves discovered: 790 MMboe Lipax Kunah-1 Holok!!!!!!!!!! Temoa! Han Nox Hux!!!!! Hux-1 Commercial success rate: 44% Cinturón Plegado Catemaco PEMEX has established several collaboration agreements with Shell, BP, Petrobras, Intec, Heerema, Pegasus, etc. Currently PEMEX is operating four platforms in deep waters: Centenario, Bicentenario, West Pegasus and Max Smith. PEMEX has identified heavy and extra-heavy oil reservoirs into the southern portion of the Salina del Istmo province. 24

25 Industrial Processes Refining Operational, administrative and structural improvements Capture Economic Opportunities Gas and Basic Petrochemicals Expand the pipeline network in the northern and central regions of Mexico Increase processing and transportation capacity of natural gas Petrochemicals Execution and development of new business models Foster the growth of the most profitable chains 25

26 Refining: Operational Performance Improvement Program (MDO) 230 opportunities identified in 4 out of 6 refineries No. Of opportunities worth 1.2 billion USD when fully captured Million USD per annum Conceptual stage 85 Conceptual stage 0 Development 52 Development 569 Implementation 62 Implementation 382 Implementation/ with capital 10 Implementation/ with capital 110 Monitoring stage 21 Monitoring stage 109 Total 230 Total 1,170 Economic value amounts to a net gain of ~3.39 USD/barrel, at october 2010 prices. Only 9.5% of initiatives involve capital expenditure Source: MDO 26

27 Content Achievements Challenges Results

28 2011 Financial Highlights Total revenue from sales and services Total revenue from sales and services including IEPS Billion Pesos Billion Dollars Change , , % , , % Gross Income % Operating Income % Income before Taxes and Duties % Taxes and Duties % Net Income (loss) (44.9) (91.5) (3.6) (6.5) EBITDA , % (1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS 28

Investments Budget 2012 Price: 84.93 USD/b Exchange rate: 12.76$/USD Crude oil production: 2,560 Mbd Crude oil exports: 1,176 Mbd Natural gas production: 6.16 MMpcd 22.6 23.6 18.1 18.6 20.8 2.8 1.

29 Investments Budget 2012 Price: USD/b Exchange rate: 12.76$/USD Crude oil production: 2,560 Mbd Crude oil exports: 1,176 Mbd Natural gas production: 6.16 MMpcd % Pemex- Petrochemicals 2.0% Pemex-Gas and Basic Petrochemicals % Pemex- Refining 85% Pemex- Exploration and Production E Figures are nominal and may not total due to rounding. Includes upstream maintenance expenditures. E means Estimated Includes complementary non-programmed CAPEX. 29

30 Expected Sources of Uses of Funds 2012 U.S. billion Sources Uses Initial Cash Resources from operations Financing Total Total Investment (CAPEX) Debt Payments Final Cash 6.7 Net Indebtedness: 4.1 USD 30

31 Approved Financing Program 2012 Financing Program 2012 E Source Amount MXN $Billion Amount USD $Billion 100% = 10.1 Billion Dollars/128.9 Billion Pesos International Markets Dollars % Other Markets % 18.7% 23.3% International Markets Bank Loans Other 39.6% Domestic Markets ECAs Domestic Market CEBURES Bank Loans* Export Credit Agencies(ECAs) Other Total issuance** Total debt payment Net indebtedness for the year** (*) Does not include revolving credit facilities. (**) Maximum approved amount 31

32 Investor Relations (+52 55)

33 PEMEX Snapshot PEMEX ranking globally 1 : 4 th crude oil producer 11 th integrated oil company 11 th in crude oil reserves 15 th in natural gas production 13 th in refining capacity Credit rating: Fitch: BBB Stable Moody s: Baa1 Stable S&P: BBB Stable Reserves MMMboe Hydrocarbon production MMMboed Total sales Billion dollars Proved Probable Possible Crude Condesates Natural gas equivalent Domestic sales Export sales (1) PIW 2011 Rankings, December 6, Petroleum Intelligence Weekly. 33

34 Without Cantarell, Mexico s production growth tops any other crude oil producer in the world CAGR Incremental barrels Mbd 9.2% Mexico without Cantarell 720 Mexico without Cantarell 8.0% Angola 623 Iraq 6.4% Kazakhstan 622 Russia 6.0% Iraq 583 Angola 3.8% Brazil 497 Canada 3.7% Canada 447 Kazakhstan 1.3% Russia 330 Brazil 0.8% China 157 China -0.6% Saudi Arabia -146 Libya -1.7% Nigeria -203 Nigeria -1.8% Libya -288 Saudi Arabia -2.6% Iran -397 United Kindom -2.8% Venezuela -438 Venezuela -5.4% United Kindom -499 Iran -7.7% Norway -887 Norway Note: Mexico s CAGR is -5.8%. Source: Purvin & Gertz

Reserves and Prospective Resources Total Reserves by Area as of January 1, 2012 MMMboe (billion barrels of oil

7 0.2 0.1 Southeastern 24.4 18.2 12.1 Tampico Misantla (ATG) 17.7 7.0 1.0 Veracruz 0.2 0.2 0.2 Total 2 43.8 26.

9 Deep waters in the Gulf of Mexico 26.6 Sabinas 0.4 Southeastern 20.1 Tampico-Misantla (ATG) 2.5 Veracruz 1.

6 Sabinas Tampico- Misantla Veracruz Burgos Deep sea exploration Gulf of Mexico Southeastern (1) 3P means the

35 Reserves and Prospective Resources Total Reserves by Area as of January 1, 2012 MMMboe (billion barrels of oil equivalent) Producing Basin Oil and Gas Gas Basin 3P 1 2P 1 1P 1 Burgos and Sabinas Deep-waters Southeastern Tampico Misantla (ATG) Veracruz Total Equivalent to (years of production) Prospective Resources 3 Basin MMMboe Burgos 2.9 Deep waters in the Gulf of Mexico 26.6 Sabinas 0.4 Southeastern 20.1 Tampico-Misantla (ATG) 2.5 Veracruz 1.6 Yucatán Platform 0.5 Total Sabinas Tampico- Misantla Veracruz Burgos Deep sea exploration Gulf of Mexico Southeastern (1) 3P means the sum of proved, probable and possible reserves; 2P means the sum of proved and probable reserves; and 1P means proved reserves. (2) Numbers may not total due to rounding. (3) As of January 1 st,

36 Main Discoveries P Reserves (Million barrels of oil equivalent) Tsimin Xux ,137.9 Heavy oil Light oil Gas Kayab Ayatsil Pit Bricol Lakach Kinbe Main discoveries 2011 Kinbe Located in the Gulf of México, 22 meters water depth Initial production of 4,800 bd of 37 API crude oil Piklis Lalail Kuil Terra Tekel Homol Pareto Utsil Pareto Main discovery in the South Region Initial production of 4,000 barrels per day of 43 API crude oil Emergente (Shale Gas) First discovery in Shale gas Estimated 3P reserves of 112 Bcf of gas 3 wells are in the process of completion: Montañes-1, Nómada-1 and Percutor-1 36

Production and F&D Costs Production Costs a USD @ 2010 / boe 4.13 4.72 6.16 4.85 5.22 Finding and Development Costs b,c USD @ 2010 / boe 13.2 12.0 10.8 11.8 12.

Chevron 5.22 6.32 6.59 6.77 8.10 8.14 8.89 9.10 10.03 10.96 BP Exxon PEMEX Petrobras Shell Total Conoco Eni Chevron Statoil 10.36 11.41 12.84 12.95 13.06 13.97 14.93 18.39 18.44 23.

37 Production and F&D Costs Production Costs a 2010 / boe Finding and Development Costs b,c 2010 / boe Production Costs / boe Finding and Development Costs / boe PEMEX Total Statoil BP Conoco Exxon Eni Shell Petrobras Chevron BP Exxon PEMEX Petrobras Shell Total Conoco Eni Chevron Statoil a) Source: 20-F Form (1) Source: Annual Reports and SEC Reports b) PEMEX Estimates- 3-year average. (2) Estimates based on John S. Herold, Operational Summary, c) Includes indirect administration expenses. Annual Report and SEC Reports

Execution Strategy Mature Fields Southern and Northern Regions Mature Fields Northern Region and Chicontepec Increase Capacity Execution Deep Waters 2011 2012 Beyond 2012 1 st round: Awarded in

Focus on technical, operational and managerial challenges. Potential to increase the recovery factor. Awarding of the 2 nd round of mature fields of the Northern Region.

38 Execution Strategy Mature Fields Southern and Northern Regions Mature Fields Northern Region and Chicontepec Increase Capacity Execution Deep Waters Beyond st round: Awarded in August nd round: Contracts approved by the Board of Directors in November 2011 and the preliminary bases were published in December Focus on technical, operational and managerial challenges. Potential to increase the recovery factor. Awarding of the 2 nd round of mature fields of the Northern Region. Chicontepec: Resources that require a greater execution capacity and the development of specific technological solutions. 56% of probable reserves and 58% of possible reserves are located in Chicontepec. An important portions of the long term production platform is located in Deep Waters. First production is expected to be obtained in approximately seven years. Strategic execution program aligned with the business plan 38

Investor Presentation. March, 2013

Investor Presentation. March, 2013 Investor Presentation March, 2013 1 Forward-Looking Statement and Cautionary Note (1/3) Variations If no further specification is included, changes are made against the same period of the last year. Rounding