PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP M THREDWWiCKlB TT AT AKN KANTER

JACOB A. ADLERSTEIN PATRICK N. KARSNITZALLAN J. ARFFA JOHN C. KENNEDY

1285 AVENUE OF THE AMERICAS UNIT 3601. OFFICE TOWER A, BEIJING FORTUNE PLAZA ROBERT A. ATKINS BRIAN KlMNEW YORK, NEW YORK 10019-6064 NO. 7 DONGSANHUAN ZHONGLU SDAVID J BALL KYL J KlMP R

CHAOYANG DISTRICT PAUL M. BASTA ALAN W. KORNBERGTELEPHONE (212) 373-3000 BElJiNG 10002O HTN

BNBAUGHMAN Vll i..AKHDH RPEOPLE'5 REPUBLIC OF CHINA LYNN B. BAYARD STEPHEN P LAMB*

LLOYD K. GARRISON (1946-19911 TELEPHONE (B6-10) 5828-6300 M IE L G E O Y I. UFERRANDOLPH E. PAUL (1946-1956I MARK S. BERGMAN BRIAN C. LAVINSIMON H. RIFKIND ( 1950-19951 DAVID M. BERNICK XIAOYU GREG LIULOUIS 5 WEISS ( 1927-19501 12m MOR, M CM MB B G

JOSUCE BIR NBOlM M CO V. A50 TJOHN F. WHARTON (1927-19771 3A CHATER ROAD, CENTRAL H. CHRISTOPHER BOEHNING EDWIN S. MAYNARD

HONG KONG ANGELO BONVIND DAVID W. MAYDDAVID W. BROWN ELIZABETH R. MCCOLM

TELEPHONE (852) 2846-O300 5USANNA M. BUERGEL ALVARO MEMBRILLERAPATRICK S. CAMPBELL* MARK F. MENDELSOHNJESSICA S. CAREY CLAUDINE MEREDITH-GOUJON

ALDER CASTLE JEANETTE K. CHAN WILLIAM B. MICHAEL10 NOBLE STREET N C ING A E N NYARADY

WRITER'S DIRECT DIAL NUMBER LONDON EC2V 7JU, U.K. A A CL REMAN JANE B O BRIEN

( ) 3 3 386971TELEPHONE (44 20) 7367 1600 YAHONNES CLEARY BRAD R OKUN

JAY COHEN KELLEY D. PARKERKELLEY A. CORNISH LINDSAY B. PARKS

FUKOKU SElMEl BUILDING CHRISTOPHER J. CUMMINGS VALERIE E. RADWANERTHOMAS V. DE LA BA5TIDE III CARL L. REI5NER

WRITER'S DIRECT FACSIMILE 2-2 UCHISAIWAICHO 2-CHOME ARIEL J. DECKELBAUM LORIN L. REISNERCHIYODA-KU, TOKYO 100-O01 1, JAPAN D EW E R C E A

(212) 492-0869 e-°Ne<=i-3) ==a7-='° E I G CHAR

ROSS A. F ELDSTON JACQUELINE P RUBINWRITER'5 DIRECT E-MAIL ADDRESS TORONTO-DOMINION CENTRE AN I EGAN H R 550

77 KING 5TREET WEST, 5UITE 3100 ROBERTO FINZl ELIZABETH M. SACKSTEDERPETER E. FISCH JEFFREY D. 5AFERSTEIN

P.O. BOX 226 ROBERTC. FLEDER JEFFREYB.5AMUELSdtoal@paulweiss.com rososro. osr,sio s,s , 3 MARTm e UMENB DALE w 5 RROANDREW J. FOLEY TERRY E. SCHIMEK

TELEPHONE (416) 504-O52O ANDREW J. FORMAN* KENNETH M. SCHNEIDERHARRIS B. FRElDUS ROBERT B. 5CHUMERMANUEL 5. FREY JOHN M.5COTT

2001 K STREET, NW ANDREW L. GAINES DAVID R. SICULARKENNETH A. GALLO MOSES SlLVERMAN

WA5HINGTON, DC 20006-1047 MICHAEL E. GERTZMAN AUDRA J. 50LOWAYAu ust 27 2018 DAM G vERTZ 5COTT n SONTAGTELEPHONE (202) 223-7300 SALVATORE GOGLlORMELLA TARUN M. STEWART

NEIL GOLDMAN ERIC ALAN 5TONEROBERTO J. GONZALEZ* AIDAN SYNNOTT

500 DELAWARE AVENUE, SUITE 200 CATHERINE L. GOODALL RICHARD C. TARLOWEERIC GOODISON MONICA K. THURMONDPOST OFFICE BOX 32 CHARLES H. GOOGE, JR. DANIEL J. TOAL

WILMINGTON, DE 19899-O032 ANDREW G. GORDON LIZA M, VELAZQUEZTELEPHONE (302) 655-44 10 DI GROFMAN E E G EE

NICHOLAS GROOMBRIDGE THEODORE V. WELLS, JR.BRUCE A. GUTENPLAN 5TEVEN J. WILLIAMS

y 8

ALAN 5. HALPERIN LAWRENCE 1. WITDORCHICJUSTIN G. HAMILL MARK B. WLAZLO

The Hon. Barr R. Ostra er Ci-AUD AHAMMERMAN U¤A MASON WOOD

P y,

BRIAN 5. HERMANN JENNIFER H. WUMICHELE HIRSHMAN BETTY YAP*

Su reme Court New York Count DAVID S. HUNTINGTON JORDAN E. YARETTAMRAN HUSSEIN KAYE N. YOSHINOLORETTA A. IPPOLITO TONG YU

N60 Centre Street Room 232 JAREN JANGHORBANI TRACEY A. ZACCONEBRIAN M. JANSON TAURIE M. ZEITZERJEH C. JOHNSON T. ROBERT ZOCHOW5KI. JR.

*NOT ADMITTED TO THE NEW YORKBAR

People of the State of New York v. PricewaterhouseCoopers LLP, No. 451962/2016

Dear Justice Ostrager:

On August 2, 2018, the United States Securities and Exchange Commission

(the "SEC") notified Exxon Mobil Corporation ("ExxonMobil") by letter that it had

concluded its investigation of the Company's climate change disclosures, impairments, and

reserves. That letter, anched as Exhibit A, indicated that the SEC does not intend to

recommend an enforcement action against ExxonMobil.

The SEC initiated its confidential investigation in January 2016. In the course of

the investigation, ExxonMobil provided the SEC with copies of the more than 4 million

pages of decümcñts that have been produced to the Office of the New York Attorney

General ("OAG"). The SEC closed the investigation after a comprehensive review of this

record.

Closure of the SEC investigation accords with previous determinations made by

the agency about ExxonMobil's disclosures. For example, in a letter dated April 10, 2017,

the SEC's Division of Corporation Finance ("Corporation Finance") approved

ExxonMobil's 2015 Form 10-K, taking no issue with the reserves and impairment

diselesures therein. (See Exhibit B.) Similarly, in a letter dated March 23, 2018,

Corporation Finance concluded that ExxonMobil had sufficiently addressed shareholder

questions about how the Company "could adapt its business model to align with a

decarbonizingeconomy."

(See Exhibit C at 2.)

PA U L , W E I S S , R I F K I N D , W HA R T O N & GA R R I S O N L L P

Hon. Barry R. Ostrager 2

Ever since the SEC's investigation was leaked to the press in September 2016,

OAG has repeatedly attempted to use the investigation's existence to justify itsown.1

In

this proceeding, OAG likewise has sought to bolster its investigation by seeking documcñts

produced to the SEC "relating to impairment evaluations, reserves calculations, and climate

change."Dkt. 335 at 1. The now closed SEC probe, however, lends no legitimacy to

OAG's inquiry.

Respectfully submitted,

/s/ Daniel J. Toal

Daniel J. Toal

cc: Manisha Sheth, Esq. Theodore V. Wells, Jr., Esq.

John Oleske, Esq. Michele Hirshman, Esq.

Mandy DeRoche, Esq. Justin Anderson, Esq.

Jc-ñathañ Zweig, Esq. Nora Ahmed, Esq.

Patrick Conlon, Esq.

See, e.g., Mem. of Law in Support of the N.Y. Att'y Gen.'s Mot. to Dismiss the Action Based on Certain

Threshold Defenses, at 7, Exxon Mobil Corp. v. Schñdderman et al., No. 17-CV-2301 (VEC) (SN)

(S.D.N.Y. May 19, 2017) (ECF No. 220) ("The NYOAG is not alone in investigating the accuracy of

Exxon's fmancial disclosures touching on climate-change issues. So too is the Securities and Exchange

Commission, according to published reports."); Mem. of Law in Support of the N.Y. Att'y Gen.'s Mot.

to Quash Discovery and For a Protective Order, at 17 n.11, Exxon Mobil Corp. v. Schñëide,¬ñañ et al.,

No. 4:16-cv-00469-K (N.D. Tex. Dec. 5, 2015) (ECF No. 136) ("The NYOAG is hardly alone in its

beliefs: the federal Securitics and Exchange Cammiccion reportedly also has lamched an anslegens

investigation into Exxon's accounting practices.").