Exxon Shareholders Approve Mobil Merger

Dallas (ots-PRNewswire) - Exxon (NYSE: XON) shareholders todayoverwhelmingly voted to approve the proposed Exxon Mobil mergerat Exxon's 117th Annual Meeting in Dallas. More than 99 percent of the shares voted were cast in favor ofthe historic merger. Exxon shareholders also approved amendingExxon's charter to increase the number of authorized shares ofcommon stock from 3 billion to 4.5 billion shares. L.R. Raymond, chairman and CEO of Exxon, said he welcomed theshareholder vote in favor of the merger. "Today's vote is asignificant milestone; however, several conditions must becompleted before the merger can be accomplished. These conditionsinclude completion of merger regulatory reviews in the U.S. andEurope in accordance with the merger agreement." Completion ofthese regulatory reviews is expected by about the end of thethird quarter of 1999. Raymond said that the proposed merger ofExxon and Mobil (NYSE: MOB) "will provide many advantages thatwould not be available to the same degree to Exxon alone. Theseadvantages include the near-term cost efficiencies and operatingsynergies common to many mergers today. But more important arethe long-term benefits that we believe Exxon Mobil will achievefrom improved capital productivity." Mr. Raymond also said that the scale of the new company "willhelp us compete more effectively" in the rapidly changing, highlycompetitive market. "New competitors are emerging in all segmentsof our business, including the expansion of state-owned oilcompanies beyond their traditional areas," he said. "The greaterfinancial, technical and human resources provided by this mergerwill increase our ability to handle large, complex internationalenergy projects." ots Original Text Service: Exxon CorporationInternet: http://www.newsaktuell.de Contact: Ed Burwell ofExxon Corporation (USA) 972-444-1108 Web site:http://www.exxon.com

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