Investor Presentaiton

Prior to the Reform, Mexico's fuel retail model generated significant CRE inefficiencies: $ MÁX Fixed Price Regime National single price (prevented adequate cost recognition on a regional basis) • Fluctuations of international prices were reflected with a delay • Lack of efficient price signals resulted in underinvestment throughout the value chain • The excessive subsidy benefited the population with the highest income (200) billion pesos per year) Pemex did not recover logistical costs • Pemex lost resources for unacknowledged logistical costs in the overall gas price Underinvestment in the industry ⚫Limited infrastructure: low capacity and vulnerability (extreme weather events) ⚫Lack of incentives to improve service quality in gas stations • 40% of municipalities do not have gas stations 22 22

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