Exxon and Mobil Confirm European Commission Approval of Merger

Irving, Texas, and Fairfax, Va. (PROTEXT) - Exxon Corporation(NYSE: XON) and Mobil Corporation (NYSE: MOB) today confirmedthat the European Commission (EC) has approved the merger of thetwo companies. Exxon and Mobil have accepted the terms andconditions included in the agreement with the Commission and willcomply with them fully and on a timely basis. The companies emphasized that they remain fully committed tosupplying high-quality products and service to their customers inthe European marketplace and worldwide. Europe will continue torepresent a substantial portion of the merged company's upstream,chemical and downstream businesses. Under the European Commission conditions, the companies mustdivest of assets in certain market segments, but will retainother current businesses in those segments. Those include: -- Mobil selling its 28-percent interest in the German jointventure marketing company Aral, which operates a large chain ofgasoline stations primarily in Germany. The merged company willretain the retail fuels business of Esso in Central Europe. -- Mobil selling its 30-percent interest in the BP/Mobiljoint venture fuels businesses in Europe. The merged company,through the existing Esso brand, will retain its current leadingposition in the European fuels market. -- The two companies selling a portion of their lubricantbase oil manufacturing capacity in Europe. The merged companywill retain a significant lubricant base oil manufacturingcapacity in Europe and will remain the worldwide industry leaderin this business segment. -- Mobil selling certain pipeline capacity serving GatwickAirport. The merged company will continue to sell aviation fuelsto airports it currently serves, including Gatwick. -- Exxon selling the assets associated with its worldwidecommercial airline synthetics turbine lubricants business. Themerged company will retain Mobil's worldwide synthetic aviationturbine lubricants business, as well as Exxon's remainingaviation lubricants businesses. -- Changes affecting natural gas marketing in Europe:

Divestiture of Mobil's Dutch gas trading company, MEGAS;Exxon selling its 25 percent interest in Thyssengas, a gasdistribution company in the western part of Germany; Mobilreducing its voting rights in Erdgas Munster, a gas transmissionand marketing company in Germany; and Mobil making available forsale one or more potential underground storage facilities inBavaria. The gas producing assets of both companies in Europe areunaffected by the Commission's ruling. Exxon Chairman Lee Raymond said, "Approval of the merger bythe European Commission is a major step toward completion of themerger. We appreciate the efforts of the European Commission andthe Merger Task Force to complete their review of the merger."Exxon and Mobil said that the review of the merger by theEuropean Commission was among the most detailed ever undertakenby the Commission. The companies said that discussions arecontinuing with both the Federal Trade Commission in the U.S.,and with the states attorneys general. The companies said thatthe objective of these discussions is to enable the FTC tocomplete promptly its review of the merger. ots Original TextService: Exxon Corporation Internet: http://www.newsaktuell.deContact: Exxon Corporation, Media Relations (USA) 972-444-1107;or Mobil Corporation, Media Relations (USA) 703-846-2378 Website: http://www.exxon.com

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT