#1www.pemex.com PEMEX Investor Presentation September 2012 C-0022, Pemex Investor Presentation (Sept. 2012)#2PEMEX ® Variations Forward-Looking Statement and Cautionary Note (1/3) 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. 13.9904 = 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. www.pemex.com 2 C-0022, Pemex Investor Presentation (Sept. 2012)#3PEMEX ® Fiscal Regime Forward-Looking Statement and Cautionary Note (2/3) 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, Pemex-Exploration and Production's hydrocarbon reserves estimates as of January 1, 2012, were reviewed by the National Hydrocarbons Commission (which we refer to as the NHC). The NHC approved our hydrocarbon reserves estimates on February 24, 2012. The registration and publication by the Ministry of Energy, as provided in Article 33, paragraph XX of the Organic Law of the Federal Public Administration, is still pending. 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 http://www.pemex.com/. www.pemex.com 3 C-0022, Pemex Investor Presentation (Sept. 2012)#4Bids PEMEX® Forward-Looking Statement and Cautionary Note (3/3) Only results from bids occurred between January 1 and March 31, 2011 are included. For further information, please access www.compranet.gob.mx. 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 (www.sec.gov), and the PEMEX prospectus filed with the CNBV and available through the Mexican Stock Exchange (www.bmv.com.mx). 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. www.pemex.com 4 C-0022, Pemex Investor Presentation (Sept. 2012)#5PEMEX ® Content PEMEX MÉXICO Relationship Pemex - Government Results Challenges Investment Program www.pemex.com LO 5 C-0022, Pemex Investor Presentation (Sept. 2012)#6PEMEX® Investment Considerations Financial Strength One of the main enterprises in Latin America, with revenues of US$111 billion. ■Biggest source of income and foreign currency for the Mexican government. ■ An important role in Mexico's economy. Strong and attractive multiples EBITDA/Interests, EBITDA/Debt Main Operating Statistics Crude oil production: 2.55 MMbd. Natural gas production: 6.59 MMMcfd. Operational Performance World's fourth-largest oil producer. Third-largest supplier of foreign crude oil to the USA. ■Competitive production costs. ■ Proved reserves equivalent to ten years of production, and a reserves replacement rate greater than 100% in proved reserves. Crude oil exports: 1.34 MMbd. Petro. products output: 1.32 MMbd. www.pemex.com 6 C-0022, Pemex Investor Presentation (Sept. 2012)#7PEMEX® Reserves and Prospective Resources Total Reserves by Area as of January 1, 2012 Producing Basins MMMboe (billion barrels of oil equivalent) Basin 3P1 2P1 1P1 Burgos and Sabinas 0.8 0.6 0.4 Deep-waters 0.7 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 Sabinas Total² 43.8 26.2 13.8 Equivalent to 32.3 19.2 10.1 (years of production)² Prospective Resources³ Basin Burgos Deep waters in the Gulf of Mexico Sabinas Southeastern Tampico-Misantla (ATG) Veracruz Yucatán Platform Oil and Gas Gas Tampico- Misantla Burgos Deep sea exploration Gulf of Mexico MMMboe Veracruz 2.9 26.6 0.4 20.1 2.5 1.6 PEMEX acknowledges the great potential that lies on conventional hydrocarbon reserves Southeastern 0.5 54.6 Total² www.pemex.com (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 1st, 2012. 7 C-0022, Pemex Investor Presentation (Sept. 2012)#8PEMEX® Current Infrastructure Downstream Infrastructure Natural gas processing complex Gas sweetening units Cryogenic plants Liquids sweetening units Sulfur plants 11 20 21 201 14 6 Camargo 首 Y - Refinery Petrochemical Complex Gas Processing Complex Point of Sale Pipelines Sea Route Reynosa Monterrey Burgos Cadereyta 「 Refineries 6 Petrochemical Complexes 8 Petrochemical Plants 39 LPG distribution terminals 18 Distillates distribution terminal 77 Salamancal Sea terminals 15 Guadalajara Pipelines Length (Km) Total 26,486 Crude Oil 5,201 Gas 9,032 Distillates 8,649 Petrochemicals and LPG 3,604 www.pemex.com Madero Arenque Poza Rica Tula Cd. México San Martín Matapionche Pajaritos Morelos Cosoleacaque ДОГ Minatitlán Cangrejera La Venta Cd. Pemex N. Pemex Cactus [] Salina Cruz 8 C-0022, Pemex Investor Presentation (Sept. 2012)#9PEMEX® International Positioning 421.8 354.7 America's Top 15 Corporations based on Revenues (US$MMM) Wal-Mart Exxon Mobil Chevron 196.3 ConocoPhillips Fannie Mae 185.0 153.8 151.6 146.3 136.2 135.6 134.2 129.0 126.0 124.6 115.5 111.4 General Electric Petrobras Berkshire Hathaway General Motors Bank of America Ford Motor Hewlett-Packard AT&T J.P. Morgan PEMEX PEMEX holds place 15th and 49th based on revenues, among the main companies in America, and worldwide, respectively. www.pemex.com Source: Fortune 500 Ranking 2011. 9 C-0022, Pemex Investor Presentation (Sept. 2012)#10US$MM PEMEX® Relative position of PEMEX in the Mexican market (1/2) 130,903 53,696 Revenue 30,743 16,388 15,326 14,751 Top 5 IPC America Walmart Femsa CEMEX Movil 54,900 20,078 125,780 ALFA PEMEX EBITDA PEMEX's revenues are comparable to the top 5 companies with most income in the Mexican Stock Exchange (IPC), however, PEMEX's EBITDA is higher than the total of all the companies together, listed in the Mexican Stock Exchange. This shows good cost structure and operational efficiency. 5,204 3,057 3,012 2,699 2,545 2,389 2,193 1,957 1,708 10,055 76,969 IPC America Grupo Banorte Walmart Femsa Peñoles Cemex Movil Mexico Grupo Televisa Alfa Modelo Otros PEMEX www.pemex.com Source: Bloomberg and PEMEX 2011 Audited Financial Information. 10 C-0022, Pemex Investor Presentation (Sept. 2012)#11PEMEX® US$MM 19,957 9,701 Relative position of PEMEX in the Mexican market (2/2) CAPEX 1,481 1,079 857 780 776 626 551 513 416 3,177 23,200 IPC America Walmart Movil Grupo Mexico Femsa Televisa Peñoles Minera Frisco Alfa Bimbo Liverpool Otros PEMEX Today PEMEX invests more than the double of what the largest company in the Mexican Stock Exchange invests, furthermore Pemex invests more than all the investment made by all the companies together, listed in the Mexican Stock Exchange. www.pemex.com Source: Bloomberg and PEMEX 2011 Audited Financial Information. 11 C-0022, Pemex Investor Presentation (Sept. 2012)#12Exxon PEMEX® Profitability 2011 (US$MM) Total Sales Gross Income Operating Income Income before Taxes and Duties EBITDA 16.42 15.67 Exxon Royal Dutch... Statoil 12.48 9.09 Royal... Statoil Gross Margin 50.49 BP Exxon Royal Dutch Shell Statoil BP Chevron Petrobras PEMEX $433,526.00 $470,171.00 $115,281.98 $375,517.00 $236,286.00 $146,294.36 $111,393.00 $71,168.00 $73,669.00 $58,211.42 $61,954.00 $44,260.00 $46,275.28 $55,596.00 $54,104.00 $42,715.00 $37,591.70 $27,061.00 $38,299.00 $26,267.77 $48,707.00 $73,257.00 $55,660.00 $38,184.72 $38,834.00 $47,634.00 $26,572.18 $56,076.00 $69,687.00 $55,943.00 $46,761.06 $39,220.00 $51,210.00 $36,896.11 $76,964.00 EBITDA Margin 31.63 18.73 16.50 Chevron Petrobras Pemex Operating Margin 32.61 BP 16.21 17.96 7.21 Chevron Petrobras Pemex 43.73 49.91 Exxon 16.07 11.90 Exxon Royal... Statoil 40.56 69.09 BP 25.22 21.67 10.44 Chevron Petrobras Pemex Pre-Tax Margin 16.90 11.84 33.12 10.34 20.16 18.16 Royal... Statoil BP www.pemex.com Source: Bloomberg and PEMEX 2011 Audited Financial Information. 12 C-0022, Pemex Investor Presentation (Sept. 2012) Chevron Petrobras Pemex 50.34#13PEMEX® Production and F&D Costs Production Costsa,b USD @ 2011 / boe Finding and Development Costsc,d USD @ 2011 / boe 6.44 6.12 5.38 4.88 5.10 5.09 16.13 13.48 13.24 12.17 12.48 11.27 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Production Costs¹ USD @ 2011 / boe Finding and Development Costs 2,3 USD 2011 / boe Pemex Total Statoil Exxon Conoco BP Eni Shell Petrobras Chevron 6.12 Shell 6.57 BP 7.19 Total 9.45 Exxon 9.70 Conoco 10.08 Petrobras 10.86 11.0 Pemex Eni 12.89 Chevron 13.98 Statoil 9.71 11.85 12.86 13.92 14.24 14.85 16.13 18.71 21.47 27.99 a) b) Data in real terms after adjustment for the effect of inflation. (1) Source: 20-F Form 2011. Source: Annual Reports and SEC Reports 2011. www.pemex.com (2) c) PEMEX Estimates- 3-year average for all companies. d) Includes indirect administration expenses. (3) Estimates based on John S. Herold, Operational Summary, Annual Report and SEC Reports 2011. All estimates in real terms after considering a specific price deflator for the oil and gas industry according to the Cambridge Energy Research Associates (CERA) 2011. C-0022, Pemex Investor Presentation (Sept. 2012)#14PEMEX® Cash Flow Generation Sales by Market US$MMM US$MMM Sales by Product 140 140 120 110.9 104.5 120 103.3 97.6 97.8 8.3 100 100 2.4 80.3 2.4 2.4 8.8 80 80 49.5 1.5 45.5 45.7 54.1 52.4 60 60 43.7 7.2 8.0 40 8.2 4.7 40 5.6 4.5 20 20 42.6 44.5 41.5 30.6 36.6 43.9 0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Exports Domestic Sales Petrochemicals Petrol. Prod. Dry Gas Oil and Condensates 40 60 ויון וויי US$MMM 80 EBITDA Times 20.0 EBITDA/Interest 17.2x 2006 2007 2008 2009 2010 2011 5.0 2006 2007 2008 2009 2010 2011 www.pemex.com * Includes IEPS and taxes collected on behalf of the Mexican government. * Notes: EBITDA includes capitalized interest. 14 C-0022, Pemex Investor Presentation (Sept. 2012)#15PEMEX ® Content PEMEX MÉXICO Relationship Pemex - Government Results Challenges Investment Program www.pemex.com 15 C-0022, Pemex Investor Presentation (Sept. 2012)#16PEMEX® Mexico Snapshot Mexico-Key Facts and Main Indexes Population (2012 est., million) 114.9 Population Growth Rate (2012 est.) 1.09% Area (million km²) 1.9 Gross Domestic Product (2012 est., US$ billion) 1.23 Exports (2012 est., US$ billion) 336.3 Real GDP Growth (2012 est.) 3.6% Annual Inflation (2012 est.) 3.9% Public Debt / GDP (2012 est.) 39.7% Public Sector Balance (2012 est.) -0.82% External Debt / Total Public Debt (Feb. 2012) 33.2% External Debt (Feb. 2012, US$ billion) 119.6 International Reserves (Mar. 2012, US$ billion) 148.5 www.pemex.com Source: International Monetary Fund (IMF). Source Banco de México. 16 C-0022, Pemex Investor Presentation (Sept. 2012)#1721,000 18,000 PEMEX® Mexico Snapshot GDP per Capita (PPP)1 US$ 30 30 15,000 25 25 12,000 20 9,000 20 6,000 45 15 3,000 0 10 10 2003 2005 2007 2009 2011 2013 E 2015 E Brazil ⚫Chile - Colombia Mexico Peru Latam 16 12 8 4 Unemployment Rate¹ % 16 12 8 4 Gross Domestid Savings¹ % of GDP 2003 2005 2007 2009 2011 2013 E 2015 E Brazil Chile Colombia Mexico -Peru Inflation1 % 0 2003 2005 2007 2009 2011 2013 E 2015 E 0 Brazil Chile Colombia Mexico Peru 2003 2005 2007 Brazil ⚫Chile 2009 2011 Colombia - 2013 E 2015 E Mexico Peru www.pemex.com (1) Source International Monetary Fund. 17 C-0022, Pemex Investor Presentation (Sept. 2012)#18PEMEX ® Content PEMEX MÉXICO Relationship Pemex - Government Results Challenges Investment Program www.pemex.com 18 C-0022, Pemex Investor Presentation (Sept. 2012)#19• PEMEX Current Legal Framework ® Constitution According to Art. 27, it is within the Nation's domain to exploit all national resources: • • • • crude oil; and all solid, liquid or gas hydrocarbons. + Regulatory Law According to Art. 4, the Nation will conduct through Petróleos Mexicanos and its Subsidiary Entities: . • the exploration and explotation of crude oil; and all other activities related to the oil industry that are considered strategic. 2008 Energy Reform Strengthen PEMEX and establish a more efficient development of the hydrocarbon potential in Mexico. Strengthen execution capacity through: Better corporate governance practices: Four professional memebers Executive committees New contracting schemes: Integrated E&P Contracts Call for bids and award contracting without bidding Increased financial flexibilty through: Decrease of the fiscal burden, by a gradual increase in budget-allocation autonomy ➤ Accountability www.pemex.com 19 C-0022, Pemex Investor Presentation (Sept. 2012)#20PEMEX® Strategic importance to México PEMEX contributes with approximately one-third of the total federal budget. • PEMEX's budget is approved by the Mexican Congress, and is therefore part of the federal budget. • The distribution of income is carried out through the Federal Expenditure Budget (PEF), the Federal Duties Law (LFD), the Federal Law Budget and Treasury Responsiblity (LFPRH), and the Fiscal Coordination Law (LCF). Taxes and Duties (US$MMM) 37.3% 38.0% 36.9% 35.4% 34.5% 32.9% 31.0% 62 56 54 57 57 2005 2006 2007 2008 Taxes 63 53 22 42 2009 2010 2011 % of the Federal Income Revenues from the oil and gas industry as % of the GDP 2005 2006 2007 2008 2009 2010 2011 5.85% 5.24% 4.47% 5.68% 4.13% 4.49% 4.92% www.pemex.com 20 20 C-0022, Pemex Investor Presentation (Sept. 2012)#21PEMEX® Strategic Importance to Mexico (2/2) "Although PEMEX's debt is not guaranteed by the Mexican government, our ratings reflect implicit government support given the company's strategic importance to the government and nation."- Moody's • "Our ratings on PEMEX (BBB) reflect our opinion that there is an "almost certain" likelihood of the company receiving extraordinary government support; therefore, we equalize our ratings on PEMEX with those on Mexico."- S&P • "PEMEX's ratings (BBB) reflect its link to the government of Mexico and the company's fiscal importance to the sovereign."- Fitch www.pemex.com 21 C-0022, Pemex Investor Presentation (Sept. 2012)#22PEMEX ® Content PEMEX MÉXICO Relationship Pemex - Government Results Challenges Investment Program www.pemex.com 22 22 C-0022, Pemex Investor Presentation (Sept. 2012)#23PEMEX® 2011 Financial Results Billion Pesos Billion Dollars 2010 2011 Change 2010 2011 Total revenue from sales and 1,282.1 1,558.4 21.6% 103.8 111.4 services Total revenue from sales and 1,355.6 1,737.3 28.2% 109.7 124.2 services including IEPS Gross Income 650.7 777.8 19.5% 52.7 55.6 Operating Income 546.5 681.4 24.7% 44.2 48.7 Income before Taxes 607.6 784.5 29.1% 49.2 56.1 and Duties Taxes and Duties 654.1 876.0 33.9% 53.0 62.6 Net Income (loss) (46.5) (91.5) (3.8) (6.5) EBITDA1 831.9 1,076.8 29.4% 67.3 76.9 (1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS. www.pemex.com 23 C-0022, Pemex Investor Presentation (Sept. 2012)#24Mbd PEMEX® Production Aligned to Goals 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 2011 3Q11 4Q11 2012E 2010 2011 -PEF 2010 PEF 2011 Significant operational efforts have been made to stabilize production Note: "E" stands for estimated www.pemex.com 24 24 C-0022, Pemex Investor Presentation (Sept. 2012)#25PEMEX® Evolution of Crude Oil Production Mbd 2,500 Cantarell Actual CAGR¹: 7.9% Forecast 2,000 1,500 1,000 500 Producción w/o Cantarell Today PEMEX's production depends on a greater number of producing assets. 0 1997 1999 2001 2003 2005 2007 2009 2011 www.pemex.com (1) Compound Annual Growth Rate. Note: Mexico's CAGR 2005-20101is -4.4% Source: Purvin & Gertz 2005-2011. 25 C-0022, Pemex Investor Presentation (Sept. 2012)#26Mbd PEMEX® Crude Oil Production 2011- Diversifying Others 6.7% SL 5.4% Others 16.6% BJ 6.3% SL 8.7% KMZ 9.0% APC 9.5% LT 10.8% The KMZ asset is comprised of the fields Ku, Maloob, Zaap, Bacam and Lum. In 2009, KMZ became Mexico's main crude oil producer. 93.3% Cantarell 63.2% APC 11.2% Production of Ku-Maloob-Zaap Cantarell 83.4% 19.6% 900 600 KMZ 33.0% 300 0 SL: BJ: Bellota-Jujo 2004 Samaria-Luna 2011 1T11 2T11 3T11 10/2011 11/2011 12/2011 LT: Litoral de Tabasco KMZ: Ku-Maloob-Zaap APC: Abkatún-Pol-Chuc Ku Maloob Zaap Bacab 26 www.pemex.com C-0022, Pemex Investor Presentation (Sept. 2012)#27PEMEX® Sustained Increase of the Reserve Replacement Rate Reserves Replacement Rate 140% 128.7% 120% 102.1% 103.9% 107.6% 100% 80% 101.1% 65.7% 56.9% 59.2% 59.7% 85.8% 60% 77.1% 71.8% 40% 50.3% 41.0% 20% 22.7% 26.4% 0% 2005 2006 2007 2008 2009 2010 2011 2012 1P 3P Exploration CAPEX U.S.$Billion 1.5 1.3 1.4 2.4 2.4 2.3 2.2 2.0 2005 2006 2007 2008 2009 2010 2011 2012 E www.pemex.com "E" stands for estimated. The 100% 1P reserve replacement rate goal was reached prior to the established date in the Business Plan. 27 C-0022, Pemex Investor Presentation (Sept. 2012)#28Round PEMEX® Integrated Contracts: Mature Fields Field Company Offered Rate US$/b Min. Investment US$MM 1st Magallanes Petrofac Facilities Mngt. Ltd. 5.01 205 55 Santuario Petrofac Facilities Mngt. Ltd. 5.01 117 Carrizo Dowell Schlumberger 9.40 33 Offered Rate Min. Investment Field Company US$/b US$MM Altamira Cheiron Holdings Limited 5.01 33 Panuco Petrofac Facilities Mngt. Ltd. - Dowell Schlumberger 7.00 35 55 2nd 70 Tierra Blanca Monclova Pirineos Gas 4.12 Alfacit del Norte 224 24 Incremental Production (Mbd) 70 Monclova Pirineos Gas - San Andrés 3.49 Alfacit del Norte 224 24 Arenque Petrofac Facilities Mngt. Ltd. 7.90 50 Mature fields in the South and North Regions Mature Fields in the North Region and Chicontepec 2011 2012 Deep Waters Beyond 2012 www.pemex.com 28 C-0022, Pemex Investor Presentation (Sept. 2012)#29PEMEX ® Content PEMEX MÉXICO Relationship Pemex - Government Results Challenges Investment Program www.pemex.com 29 C-0022, Pemex Investor Presentation (Sept. 2012)#30Mbd 3,000 2,500 2,000 PEMEX® Increase in Production: Oil Ku-Maloob- Zaap 1,500 Cantarell 1,000 500 /Contracts Exploration Integrated Incremental Production for 2014 Range(Mbd) Exploration 45 - 50 Tsimin Xux Ayatsil Tekel Ku-Maloob-Zaap 20 - 30 ATG ATG Integrated Contracts Aceite Terciario del Golfo 15 - 20 Exploitation (Excluding, Aceite Terciario del Golfo and Ku-Maloob-Zaap) 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Integrated Contracts 50 - 60 www.pemex.com 30 30 C-0022, Pemex Investor Presentation (Sept. 2012)#31Chihuahua PEMEX® Potential Shale Resources Paleozoic Shale Gas Sabinas Burro Picachos Burgos Cretaceous Shale Gas Tampico Misantla Veracruz Eagle Ford Shale Gas ⚫ Texas Shale Gas Provinces Eagle Ford/Agua Nueva Haynesville Bone Spring/Woodford Jurassic Shale Gas ■ PEMEX has identified 5 geological provinces with potential in shale resources: 1) Chihuahua 2) Sabinas-Burro-Picachos 3)Burgos Mesozoic 4) Tampico-Misantla 5) Veracruz According to the EIA, Mexico's shale gas resources could reach 681 TCF, which is ranked as the fourth largest reserve worldwide. www.pemex.com Main Developments ■PEMEX has identified 200 exploratory opportunities ■ The Habano-1 and Emergente -1 wells have verified the continuation of wet gas and dry gas zones in the Eagle Ford play ■ The Percutor-1 well, producing dry gas, confirmed the continuation of the Eagle Ford play into the Sabinas region ■ The Nómada-1 and Montañés-1 wells are in completion stage in the oil and wet gas zones, respectively ■ The Arbolero-1 well will test the existence of gas in the Jurassic play ☐ ■ Simultaneously, appraisals are being made in non- conventional structures in the Tampico-Misantla and Veracruz basins ■ PEMEX estimates between 150 Tcf (P90) and 459 Tcf (P10), with a median of 297 Tcf, which represents 2.5 to 7 times Mexico's 3P conventional reserves of natural gas 31 C-0022, Pemex Investor Presentation (Sept. 2012)#32PEMEX® Activities in Deepwaters Trion-1 Provincia Cinturón Salina del Plegado Bravo Perdido Relevant Efforts in Deepwaters ■Total investment 2002-2011: 49 billion pesos. Cordilleras Mexicanas Planicie abisal Escarpe de Campeche ■3D seismic acquisition: 107,762 km². Provincia Salina del Istmo A' Cinturón Plegado Catemaco Pemex made the first deepwater crude oil discovery with the Trion-1 well, located in the Perdido area of the Gulf of Mexico with an estimated 250-500 million boe of 3P reserves. It was drilled in 2,535 meters (8,300 feet) of water to a total depth of 4,500 meters. Pemex is currently drilling the Supremus-1 deepwater well and waiting for permission to drill Maximino-1 nearby. www.pemex.com ■Wells Drilled: 20, 10 of which are producers. ■Certified 3P reserves: 736 MMboe. ■Commercial success rate: 47%. ■PEMEX has established several collaboration agreements with Shell, BP, Petrobras, Intec, Heerema, Pegasus, etc. ■ PEMEX is operating three platforms in deep waters: Centenario, Bicentenario and West Pegasus 32 32 C-0022, Pemex Investor Presentation (Sept. 2012)#33PEMEXⓇ Refining: Operational Performance Improvement Program (MDO) 230 opportunities identified in 4 out of 6 refineries... ...worth 1.2 billion USD when fully captured No. Of opportunities Conceptual stage Development Implementation Implementation/ with capital Monitoring stage Total 85 52 62 Million USD per annum Conceptual stage Development Implementation Implementation/ 10 with capital 21 Monitoring stage 230 Total Economic value amounts to a net gain of -3.39 USD/barrel, at October 2010 prices. ■■Only 9.5% of initiatives involve capital expenditure www.pemex.com Source: MDO. 569 382 110 109 1,170 33 C-0022, Pemex Investor Presentation (Sept. 2012)#34PEMEX ® Content PEMEX MÉXICO Relationship Pemex - Government Results Challenges Investment Program www.pemex.com 34 =4 C-0022, Pemex Investor Presentation (Sept. 2012)#35PEMEX® Investment Budget U.S. Billion Dollars 23.2 20.8 18.6 19.1 2.8 18.1 15.6 13.8 20.1 30.4 30.0 28.7 27.3 1.0% Pemex- Petrochemicals Pemex-Gas and 2.0% Basic Petrochemicals 2006 2007 2008 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E ■ Figures are nominal and may not total due to rounding. 12% Pemex- Refining 85% Pemex- Exploration and Production ■ Includes upstream maintenance expenditures. ■ “E” means Estimated. For reference purposes, U.S. dollar- Mexican peso exchange rate conversions have been made at the following exchange rates, Ps. 13.18/U.S.$1 for 2012, and Ps. 12.9/U.S.$1 for 2013 and beyond years. ■ Includes complimentary non-programmed CAPEX. www.pemex.com 35 C-0022, Pemex Investor Presentation (Sept. 2012)#36PEMEX® Approved Financing Program 2012 Financing Program 2012 E 100% = 8.9 billion dollars Programed Raised Source USD Billion USD Billion International Markets 4.3 4.3 Dollars 3.8 3.8 Other Markets 0.5 0.5 11.2% Domestic Market 2.1 0.0 CEBURES 18.0% 2.1 0.0 44.9% Export Credit Agencies (ECAs) 1.6 1.5 Others 1.0 0.3 27.0% Total Issuance* 8.9 6.1 Total Debt Payment 5.9 N/A International Markets Domestic Markets ECAS Others Net Indebtedness for the year 3.0 N/A www.pemex.com (*) Does not include revolving credit facilities. 36 Note: Numbers may not total due to rounding. C-0022, Pemex Investor Presentation (Sept. 2012)#37PEMEX® Expected Sources and Uses of Funds 2012 U.S. Billion Dollars Sources 20.6 8.9 Uses Price: 99.79 USD/b Exchange rate: Ps. 13.1849/USD Crude oil production: 2,582 Mbd Crude oil exports: 1,176 Mbd Natural gas production: 6.16 MMcfd 22.8 36.1 5.9 6.5 7.3 Initial Cash Resources from Financing Operations Total Total Investment Debt Payments (CAPEX) Final Cash Net Indebtedness: 3.0 USD www.pemex.com 37 C-0022, Pemex Investor Presentation (Sept. 2012)#38PEMEX® Composition of Debt Outstanding Debt US$55.9 billion (1) as of June 30, 2012 By currency* Dollar 67% By instrument* Int. Bonds 55% By interest rate Euros UDIS 10% .3% British Pounds 2% Yens Floating 34% Fixed 66% 4% Pesos 13% -Swiss Francs 1% By currency exposure* Euro 2% Cebures 15% ECAS 15% Int. Bank Peso Loans 10% Dollar 82% 16% Domestic Bank Loans 1% Others 4% www.pemex.com (*) does not include accrual interest 38 C-0022, Pemex Investor Presentation (Sept. 2012)#39PEMEX® Maturity Profile Consolidated Debt* Total Debt as of June 30, 2012 - U.S.$55.9 billion Average Life: 6.4 years 3.2 6.3 5.8 4.8 4.5 4.0 4.1 3.4 3.1 3.2 2.8 8.5 1.2 0.5 0.3 2028 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 www.pemex.com (1) Sums may not total due to rounding. (*) Does not include accrual interest 39 C-0022, Pemex Investor Presentation (Sept. 2012)#40Relación con Inversionistas (+52 55) 1944 - 9700 [email protected] www.pemex.com C-0022, Pemex Investor Presentation (Sept. 2012)#41PEMEX® 1H12 Financial Highlights As of June 30 As of June 30 2011 2012 2011 2012 Billion Pesos Variation Billion Dollars Total revenue from sales and services¹ 746.0 817.4 9.6% 63.0 59.9 Gross Income 390.3 421.9 8.1% 32.9 30.9 Operating Income 427.3 482.9 13.0% 36.0 35.4 Income before Taxes and 436.8 473.2 8.3% 36.9 34.7 Duties Taxes and Duties 419.2 465.2 11.0% 35.4 34.1 Net Income (loss) 17.5 7.9 (54.7%)▼ 1.4 0.58 EBITDA² 529.2 597.6 12.9% 44.7 43.8 www.pemex.com 1) Excludes IEPS. 2) Earnings before interests, taxes, depreciation and amortization. C-0022, Pemex Investor Presentation (Sept. 2012)