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PDVSAAnnouncesChangesinConsiderationPaidasaResultoftheExchangeOffers,theEx

tensionoftheEarlyTenderDeadlineandtheWithdrawalDeadlineofitsOfferstoExchange
itsOutstanding5.250%SeniorNotesdue2017and8.50%SeniorNotesdue2017forNew
8.50%SeniorSecuredNotesdue2020

Caracas, Venezuela, September 26, 2016 Petrleos de Venezuela, S.A. (PDVSA or the
Company), announced today that it has decided to increase the exchange in consideration
paidasaresultofthe offerstoexchange(theExchangeOffers)ofupto U.S.$5,325million
aggregateprincipalamountofPDVSAsoutstanding5.250%SeniorNotesdue2017(theApril
2017 Notes) and 8.50% Senior Notes due 2017 (the November 2017 Notes, and together
withtheApril2017Notes,theExistingNotes)fornew8.50%SeniorSecuredNotesdue2020
(theNewNotes).

The Total Exchange Consideration on or prior to Early Tender Deadline and the Exchange
Consideration after the Early Tender Deadline have been increased by U.S.$170.00 for every
U.S.$1,000 principal amount validly tendered and accepted with respect to the April 2017
Notes, and the Total Exchange Consideration on or prior to Early Tender Deadline and the
Exchange Consideration after the Early Tender Deadline have been increased by U.S.$220.00
for every U.S.$1,000 principal amount validly tendered and accepted with respect to the
November2017Notes.TheconsiderationforeachoftheExistingNoteswillbepaidasfollows:

TitleofSecurity
(ExistingNotes)

PrincipalAmount
Outstandingasthedate
oftheDateofthe
Supplementtothe
OfferingCircular

TotalExchange
Considerationonor
PriortoEarlyTender
DeadlinePer
U.S.$1,000ofNotes
Exchanged(1)

EarlyTender
Premium

Exchange
ConsiderationAfter
theEarlyTender
DeadlinePer
U.S.$1,000ofNotes
Exchanged

April2017Notes

U.S.$3,000million

U.S.$1,170.00

U.S.$50.00

U.S.1,120.00

November2017
Notes

U.S.$4,100million

U.S.$1,220.00(2)

U.S.$50.00

U.S.$1,170.00(2)

____________________________
(1)IncludesEarlyTenderPremium.
(2)TheTotalExchangeConsiderationandtheExchangeConsideration,asthecasemaybe,areperU.S.$1,000principalamount
oftheoutstandingNotestendered(includingafteramortizationpayments)asofthedatehereofroundeddownwardstothe
nearestintegralmultipleofU.S.$1,000,andnotperU.S.$1,000principalamountoftheoriginallyissuedprincipalamount.

Inaddition,PDVSAannouncedthattheaggregatemaximumexchangeamountofExistingNotes
will be U.S.$5,325 million, or 75% of the aggregate principal outstanding amount of Existing
Notes (subject to any increase by PDVSA at its sole discretion, the Aggregate Maximum Ex

changeAmount).AcceptanceoftendersofExistingNotesmaybesubjecttoprorationifthe
aggregateoutstandingamountforallsuchExistingNotesvalidlytenderedforexchangeandnot
validlywithdrawnwouldcausetheAggregateMaximumExchangeAmounttobeexceeded.

PDVSA also announced that the Early Tender Deadline and the Withdrawal Deadline, which
wereoriginallyscheduledtoexpireonSeptember29,2016,havebeenextendedthroughOcto
ber6,2016at5:00P.M.NewYorkCityTime,unlessextendedorearlierterminatedbyPDVSAat
itssoleandabsolutediscretion.TheExchangeOffersfortheExistingNotesarescheduledto
expireat11:59P.M.,NewYorkCitytime,onOctober14,2016(theExpirationDate),unless
extendedbyPDVSA.

The Exchange Offers are being made pursuant to the Offering Circular dated September 16,
2016 (the Offering Circular) and its Supplement dated September 26, 2016 (the
Supplement), which sets forth more fully the terms and conditions of the Exchange Offers.
TheconsummationoftheExchangeOffersaresubjecttotheconditionssetforthintheOffering
Circular and the Supplement, including, among others, the valid tender, without subsequent
withdrawal, of at least 50% of the aggregate principal amount of the Existing Notes. PDVSA
may, at its sole discretion, waive such condition and other conditions that it may assert or
waive.

CapitalizedtermsnotdefinedhereinhavetheirmeaningsetoutintheOfferingCircular.This
pressreleaseisneitheranoffertopurchasenorasolicitationtobuyanysecurities,norisita
solicitationforacceptanceoftheExchangeOffers.TheCompanyismakingtheExchangeOffers
onlyby,andpursuanttothetermsof,theOfferingCirculartoholdersoftheExistingNotes.The
Exchange Offers are not being made in any jurisdiction in which the making or acceptance
thereof would not be in compliance with the securities, blue sky or other laws of such
jurisdiction.Thispressreleaseisneitheranoffertosellnorasolicitationofanoffer,solicitation
orsaleinanyjurisdictioninwhichsuchoffer,solicitationorsaleisunlawful.

D.F.King&Co.,Inc.hasbeenappointedastheinformationagentandtheexchangeagentfor
theExchangeOffers.HoldersoftheExistingNotesmayobtaincopiesoftheOfferingCircular
and the Supplement from D.F. King & Co., Inc. by accessing the website
https://sites.dfkingltd.com/pdvsa. Holders of the Existing Notes may contact the information
agentinNewYork:(800)4319646(tollfree)or(212)2695550(banksandbrokeragefirms),in
London:+442079209700oremailatpdvsa@dfkingltd.com.

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