REQUEST FOR INSTRUCTIONS

PETRLEOS DE VENEZUELA, S.A. U.S. $3,367,529,000

8.50% SENIOR SECURED NOTES DUE 2020
CUSIP #P7807HAV7 and 716558AH4

Notice is hereby given to the holders of the Notes (Holders) by MUFG Union Bank, N.A. as trustee
(Trustee) under the Indenture dated as of October 28, 2016 (Indenture) between Petrleos de
Venezuela, S.A. (Issuer) and the Trustee, among others, that the Issuer has requested a waiver of its
obligations under Section 4.01(e) of the Indenture as set forth in the attached letter from the Issuer.
Capitalized terms used herein and not otherwise defined are used as defined in the Indenture.

Pursuant to Section 5.01(b) of the Indenture, holders of more than 50% in aggregate principal amount
of the Outstanding Notes (Required Holders) may waive any existing Default or Event of Default
under this Indenture, and its consequences, except a Default in the payment of the principal of, or
premium, if any, interest or Additional Amounts, if any, on any Notes.

If the Required Holders do not consent to such a waiver, pursuant to Section 5.01(3) of the Indenture,
an Event of Default would exist if there is a default in the observance or performance of any other
covenant or agreement contained in this Indenture (other than the payment of the principal of, or
premium, if any, or interest and Additional Amounts, if any, on any Note) which default continues for
a period of 60 days after the Issuer receives written notice specifying the default (and demanding that
such default be remedied) from Holders of at least 25% of the Outstanding principal amount of the
Notes.

Pursuant to Section 5.01(b) of the Indenture, if such an Event of Defaultshall occur and be
continuing and has not been waived, the Holders of at least 25% in principal amount of Outstanding
Notes may declare the principal of, and premium, if any, accrued interest and Additional Amounts, if
any, on all the Notes to be due and payable by notice in writing to the Issuer and the Trustee specifying
the Event of Default and that it is a notice of acceleration (the Acceleration Notice), and the same
shall become immediately due and payable.

The Trustee requests instructions from Holders with respect to the foregoing.

Communications to the Trustee should be directed as follows:

MUFG Union Bank, N.A.

1251 Avenue of the Americas, 19th Floor
New York, NY 10020
Attention: Corporate Trust Services
Facsimile: (646) 452-2000
Email: ctny1@unionbank.com

MUFG Union Bank, N.A., as trustee

July 31, 2017