January 13, 2014 – CHICAGO –(BUSINESS WIRE)– Fitch Ratings has upgraded the following ratings for notes issued by Pemex Finance Ltd. , a Cayman Islands special purpose company wholly owned by Petroleos Mexicanos S.A. de C.V. (PEMEX): — Series 1998 9.15% notes due 2018 to ‘A+’ from ‘A’; — Series 1999 LIBOR+ 3.25% notes due 2014 to ‘A+’ from ‘A’; — Series 1999 10.61% notes due 2017 to ‘A+’ from ‘A’; — Series 1999 LIBOR+ 3.50% notes due 2014 to ‘A+’ from ‘A’. The Rating Outlook remains Stable. The future flow program is backed by the sale of receivables generated by the future sales of Maya crude to designated U.S., Canadian and Aruban customers. KEY RATING DRIVERS The rating upgrade reflects (i) Fitch’s upgrade of PEMEX’s Issuer Default Ratings (IDRs); (ii) the structure of the note program and importance of PEMEX’s exports of Maya crude to North America , both of which help mitigate certain sovereign risks; (iii) the program’s continued strong performance, reflected in high quarterly debt-service coverage ratios (DSCRs) and robust monthly collections; and (iv) the small size of the future flow program relative to PEMEX’s total liabilities. Fitch upgraded PEMEX’s foreign currency (FC) and local currency (LC) IDRS to ‘BBB+’ from ‘BBB’ and ‘A-‘ from ‘BBB+’, respectively, following upgrades to Mexico’s sovereign ratings. Pemex’s ratings reflect its close linkage to the Mexican government and its fiscal importance to the sovereign. Fitch monitored the performance of the future flow program subsequent to the upgrade of PEMEX’s IDRs. Collections continue to be strong, supporting an average quarterly DSCR of 169.5x in 2013. Quarterly DSCR calculations consider quarterly collections and maximum quarterly debt service. The program continues to de-lever; as of November 2013 the total outstanding balance is approximately $490.8 million , less than 1% of PEMEX’s total debt. Fitch considers the amount of future flow debt vis-a-vis PEMEX’s overall debt burden to be well within acceptable levels for the assigned rating level. RATING SENSITIVITIES The ratings assigned to the notes are sensitive to changes in the credit quality of PEMEX as well as to drastic reductions in the production and/or prices of Maya crude that could negatively impact the performance of the program. Additional information is available at ‘ www.fitchratings.com ‘. Applicable Criteria and Related Research : –‘Future Flow Securitization Rating Criteria’ ( June 18, 2013 ); –‘Global Structured Finance Rating Criteria’ ( May 24, 2013 ); –‘ Mexico ‘ ( May 14, 2013 ); –‘ Petroleos Mexicanos (Pemex)’ ( Oct. 30, 2012 ). Applicable Criteria and Related Research : Petroleos Mexicanos (Pemex) http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=693300 Mexico http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708139 Future Flow Securitization Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711077 Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=814352 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘ WWW.FITCHRATINGS.COM ‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst Gregory Lane , +1 312-606-2304 Associate Director Fitch Ratings, Inc. 70 W Madison Chicago, IL 60602 or Secondary Analyst Cinthya Ortega , +1 312-606-2373 Director or Committee Chairperson Greg Kabance , +1 312-368-2052 Managing Director or Media Relations: Elizabeth Fogerty , +1 212-908-0526 [email protected] Source: Fitch Ratings

Company Overview

Pemex Finance Limited operates as a special purpose financing vehicle to finance the capital expenditures of Petroleos Mexicanos and its subsidiaries. It uses the proceeds of the debt it issues to purchase accounts receivable, which have been generated through the sale of crude oil to the designated customers of P.M.I. Comercio Internacional, S.A. de C.V. The company was founded in 1998 and is based in Grand Cayman, Cayman Islands. Pemex Finance Limited operates as a subsidiary of BNP Paribas Bank & Trust Cayman Limited.

P.O. Box 10632 Apo, 3rd Floor

George Town,  KY1-1006

Cayman Islands

Founded in 1998