2014 Galaz Yamazaki Ruiz Urquiza S C 4

墨西哥能源产业 新宪法修正案的 影响 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 4

石油和天然气 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 7

参与能源改革的实体 监管和营运机构 SHCP 财政部 (Secretaría de Hacienda y Crédito Público) CNH 全国碳氢化合物委员会 (Comisión Nacional de Hidrocarburos) CENACE 国家能源管理中心 (Centro Nacional de Control de Energía) © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. (西班牙文缩略语) SENER 能源部 (Secretaría de Energía) CRE 能源监管委员会 (Comisión Reguladora de Energía) CENAGAS 国家天然气管理中心 (Centro Nacional de Control de Gas Natural) FMPED 墨西哥石油稳定与发展基金 (Fondo Mexicano del Petróleo para la Estabilización y el Desarrollo) ANSIPMASH 国家 业安全和环境保护局（碳氢化合 物行业） (Agencia Nacional de Seguridad Industrial y de Protección al Medio Ambiente del 9 Sector Hidrocarburos)

能源改革 预估时间表 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 10

带动国际“玩家”的兴趣点 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 12

墨西哥石油和天然气的潜力（预计资本支出） 十亿（美元） 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total AGR 23 25 25 29 30 30 31 31 31 254 3. 6 1 1 2 2 2 3 5 6 22 1 2 5 6 8 9 22 2 3 6 9 12 17 新提炼能力 2 3 5 6 18 天然气处理和分馏 1 1 2 2 2 墨西哥石油公司(PEMEX)的资本支出 私人投资 成熟期油田 深海油田 页岩气 1 天然气管道 热电联产项目 1 石油化 产品 1 中游 2 2 3 4 5 5 16 1 1 1 5 1 1 1 2 3 4 13 1 2 2 3 4 5 16 1 2 3 7 12 20 29 40 50 130 24 27 28 35 41 49 60 71 80 384 16. 2 国内生产总值(GDP)现价 (十亿，美元) 1, 207 1, 220 1, 269 1, 320 1, 433 1, 491 1, 550 1, 612 1, 677 12, 966 4. 2 PEMEX的资本支出：国内生产总值 (%) 1. 92 2. 05 1. 97 2. 18 2. 07 1. 99 1. 98 1. 93 1. 83 1. 96 PEMEX+私人投资：国内生产总值 (%) 2. 01 2. 19 2. 20 2. 69 2. 88 3. 31 3. 84 4. 38 4. 79 2. 96 总的私人投资 墨西哥石油公司(PEMEX)+私人投资 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. Source: Marcos y Asociados 13

石油、天然气、炼油与石油化 产业 主要参与企业 石油 勘探: Petrobras, Repsol, Sinopec, Petronas 建设商和基础设施: Carso, Oro Negro 污水处理厂: EPM 综合营运商: EXXON, Chevron, BP, Shell 天然气 设备与服务: GE, Tubacero 综合营运商: Gazprom, GDF SUEZ 建设商和营运商: Enagas, Sempra Energy 发电厂: PEMEX Gas / State Governments © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 18

石油、天然气、炼油与石油化 产业 主要参与企业 �油�� 综合营运商: Shell, Amoco, Texaco, Penzoil 独立生产商和分配商: Bardahl, Hidrosina, Oxxo 生物燃料: Honeywell, BASF, Petrobras 建设商: ICA, ODERBRETCH 石油化 �� 综合营运商: Mexichem 衍生品和原料: Tigre, INEOS, Dupont 设备和服务: Honeywell, SIEMENS © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 19

初步分析 机会 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 20

挑战和特殊机遇 © 2014 Galaz, Yamazaki, Ruiz Urquiza, S. C. 22

中国服务组 姓名 �位 �系方式 Gonzalo Gomez，��洛 税�和法律服�合伙人 gogomez@deloittemx. com +52 66 46227950 David Chen，�忠智 中国服���� davidchen@deloittemx. com +52 65 66886568 Amy Liang， 梁怡芳 中国服���理 amyliang@deloittemx. com +52 55 50807659 xcheng@deloittemx. com Cheng Xiao， 程霄 中国服��高��� +52 55 50807338 Deloitte refers to Deloitte Touche Tohmatsu Limited, a private company limited by guarantee (“DTTL”) in the United Kingdom, and it also refers to its network of member firms, each of them as a unique and independent legal entity. Know in www. deloitte. com/mx/conozcanos, the detailed description of the legal structure of Deloitte Touche Tohmatsu Limited, and its member firms. Deloitte provides professional audit, tax, consulting, financial advisory, risk management and related services to public and private clients of different industries. With a global network of member firms in more than 150 countries, Deloitte provides world class capacities and high quality services to its clients, giving the necessary experience to face the most complex challenges in business. It has approximately 200, 000 professionals, all committed to be excellence models. As it is used in this document, “Deloitte” means Galaz, Yamazaki, Ruiz Urquiza, S. C. , which has the exclusive legal right of getting involved in, and that limits business to, the provision of audit, tax, consulting, financial advisory and other related professional services in Mexico under the name of “Deloitte”. This publication contains only general information and neither Deloitte Touche Tohmatsu Limited, nor its member firms or any of its respective affiliates (together the “Deloitte Network”), provides advisory or services by means of this publication. Before making any decision or taking any measures that may affect your finances or business, you must consult a qualified professional advisor. None of the entities of Deloitte Networks will be responsible for the losses that any person or entity that consults this publication might suffer. 28