MOBIL CORPORATION ANNOUNCES SHAREHOLDER APPROVAL OF PROPOSED EXXON-MOBIL MERGER

28 May 1999

MOBIL CORPORATION ANNOUNCES SHAREHOLDER APPROVAL OF PROPOSED EXXON-MOBIL MERGER

    DALLAS--May 27, 1999--Mobil Corporation announced at its annual shareholders' meeting today in Dallas that Mobil shareholders had overwhelmingly approved the proposed Exxon-Mobil merger. Of the votes cast, 98.26 percent were voted in favor of the merger.
    "We're extremely pleased with today's affirmative vote," said Lou Noto, Chairman and CEO of Mobil Corporation. "This is another major step in the process of creating the new company. I know that Mobil's board of directors made its recommendation regarding the merger very thoughtfully, recognizing both the strength of the company today and the challenges we will face in the future. Our shareholders today voiced their strong support for the board's recommendation.
    "We're operating in a volatile world economy and in a global industry that is becoming increasingly competitive," added Noto. "As a U.S.-based energy leader, we believe the Exxon Mobil Corporation will be well-positioned in this rigorous global energy business environment, providing its shareholders with good value, its employees with challenging jobs and its customers with quality products at competitive prices."
    Under Delaware law, the merger had to be approved by a majority of the votes of Mobil's outstanding stock. More than 76.97 percent of the votes of the outstanding stock were voted in favor of the merger. Mobil expects that regulatory reviews related to the proposed merger will be completed by about the end of the third quarter.

    For more information, contact www.mobil.com.
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