PACE International Union * 3340 Perimeter Hill Dr. e Nashville, TN 37211

FOR IMMEDIATE RELEASE

Contact:

Joe Drexler, PACE Special Projects Director, (cell) 615/ 594‑2074, (o) 303/282‑9521

Jim Pannell, PACE Administrative Vice President, (o) 615/831‑6719

PACE International Union Announces Support for Shareholder

Resolution To Split Power of ExxonMobil Chief

Nashville, Tenn., May 8, 2003‑The Paper, Allied‑Industrial, Chemical and Energy Workers International Union (PACE), which represents over 30,000 oil workers nationwide, today announced its support of the shareholder resolution submitted by Robert Monks of Ram Trust Services to be voted on at this year's ExxonMobil (NYSE: XOM) shareholders meeting. The resolution asks shareholders to approve the establishment of separate CEO and chairman positions concurrently held by one person.

"ExxonMobil already epitomizes concentrated power in the world, and allowing one person to hold both CEO and chairman positions lacks accountability and is bad for shareholders, bad for employees and bad for the public," said PACE Director of Special Projects Joe Drexler. "Current Chairman and CEO Lee Raymond offers a showcase of how too much power under one person can inflict enormous reputational damage on a corporation that could harm shareholder value in the long‑run. "

Under Raymond, ExxonMobil has become the target of numerous shareholder, environmental, human rights, gay/lesbian and labor groups for its practices. A major boycott of ExxonMobil is in place in the United Kingdom, France and other European countries. According to PACE, statements made by Raymond have further incited hostilities against ExxonMobil, and it appears that no one inside the company has challenged him.

"Perhaps one step toward ExxonMobil becoming a more humane company is to provide a check and balance on power at the top, and that's what a splitting of Raymond's position and having an independent chairman will do," said Administrative Vice President Jim Pannell.

PACE recently criticized ExxonMobil for its growing anti‑union behavior. The union identified Raymond as being behind the hostilities, particularly in Baytown, Tex., and Baton Rouge, La., where 2,500 PACE members work in refineries, chemical plants and laboratories.

"Raymond is creating allies among groups that don't always work together to confront ExxonMobil's power, instead of trying to correct the company's practices," said Gary Beevers, PACE region six representative and coordinator of the ExxonMobil union council.

PACE represents approximately 5,000 ExxonMobil workers throughout the country. Most of these workers have significant stock holdings in ExxonMobil. PACE is encouraging union members to support all of the I I resolutions submitted by shareholders, even though the union has placed its major emphasis on its support for separate CEO and chairman positions. The union also asked members to vote against the two shareholder proposals submitted by ExxonMobil's board of directors.

Monk's shareholder resolution to split power at the top is included in this year's "Key Votes Survey" conducted annually by the AFL‑CIO Office of Investment. The survey is used to monitor how investment managers vote on resolutions of concern to labor unions. Union‑sponsored pension funds make up $400 billion of assets and are significantly invested in the U.S. stock market.

PACE International Union represents over 320,000 workers in the paper, oil, chemical, automotive parts, atomic energy, industrial minerals, grain processing, and cement industries. For further information on PACE and ExxonMobil, see www.paceunion.org. ###