YPF

• With over 34 years of industry experience, including 14 years specifically in unconventional reservoirs, Barzola brings a wealth of knowledge and expertise to Petro Victory.
• Led the team that discovered, appraised, and defined the development plan
  Under the direction of Barzola, Pioneer drilled and completed over 1,000 wells in the Permian multi-reservoirs' shale.
• Barzola has vast experience in designing and monitoring subsurface technical initiatives, defining data acquisition strategies and leveraging critical information to de-risk reservoirs.
• With his extensive experience in the energy industry and his deep understanding of conventional and unconventional resources, we are confident that Gervasio will make immediate and significant contributions to Petro Victory.

• Many assume that big publicly traded oil companies and private individuals are primarily responsible for climate change.
• Chevron, ExxonMobil, Shell and other fossil fuel companies continue to be some of the world’s major greenhouse gas emitters.
• Oxfam found that 125 of the world’s richest billionaires emit roughly three million tonnes of CO2 per year.

State-caused pollution is often neglected

• Despite recent privatization efforts, Saudi Arabia still owns 98 per cent of Saudi Aramco Oil Group.
• In 2017, the Carbon Disclosure Project reported that government-owned enterprises accounted for 59 per cent of the so-called carbon majors’ emissions.
• For reference, the aviation and shipping industries roughly account for two per cent of global emissions each.

State-caused pollution is different

• State-caused pollution presents both a problem and an opportunity.
• State-caused pollution is inconsistent with the principles of international climate change law.
• At the same time, state-caused pollution is easier to control through the political process.
• This implies that their activities are primarily shaped by political priorities, as opposed to the overriding goal of profit maximization.

Addressing state-caused pollution

• First, voters can urge governments to speed up the transition to cleaner energy through state-owned enterprises.
• Starting in 2003, the Ontario government closed five state-owned coal-fired power plants.
• The closures slashed coal’s share of the province’s electricity generation mix to zero per cent from roughly 25 per cent.

A new era for state-owned polluters?

• During the Cold War, many countries nationalized their fossil fuel industries to increase domestic wealth.
• State-owned energy companies in many countries continue to provide a reliable source of energy for domestic consumers.
• The mission of state-owned energy companies will need to change in the climate change era.

• Sphera and ERM partnered to help YPF, a leading energy company in Argentina, complete its digital transformation journey.
• Sphera and ERM's ESG and sustainability solutions help companies to collect, manage and share their data and resources across business units to fuel forward-looking insights for continuous operational improvement.
• "ERM's experience in helping companies address their sustainability challenges, and Sphera's leading EHS&S solutions, make this partnership a natural alignment.
• Victoria Travetto, project implementation leader at YPF said, "Working with Sphera and ERM has been a game-changer for our sustainability efforts.

• The Ruling is a major milestone for Burford and we continue to see momentum in our overall portfolio and continued demand for our capital and services."
• While Burford offers in this release its views and interpretation of the Ruling, those are qualified in their entirety by the actual text of the Ruling and we caution that investors cannot rely on Burford's statements in preference to the actual Ruling.
• Unless reversed on appeal, the Court's ruling results in the dismissal of YPF from the case.
• The Court set out its ruling on damages at pages 53-63 of the Ruling and we refer readers to the actual text of the Ruling.