Regulator - Opinion Re Reduction In Pemex Commitment In Entitlements

Mexico´s National Hydrocarbons Commission ("CNH") held on September 5, 2016, an extraordinary session where it issued favorable opinion to the modification (reduction of investment commitment) of 15 Entitlements (Asignaciones) of Pemex-Exploración y Producción ("PEP").

In terms of the Hydrocarbons Law (Ley de Hidrocarburos) the Ministry of Energy may modify the terms of conditions of Entitlements provided that it obtains the prior opinion of the CNH; in this sense PEP requested to the Ministry of Energy the modification of the Minimum Work Obligation ("MWO") of 15 of its Entitlements and the Ministry of Energy requested CNH´s opinion on June 17, 2016. The following are the Entitlements that PEP requested to modify: