SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from __________ to ___________ Commission file number 1-2256 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES (Full title of the plan) EXXON CORPORATION (Name of issuer of the securities) 5959 Las Colinas Boulevard Irving, Texas 75039-2298 (Address of principal executive office) THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES INDEX Page ---- Financial Statements Statement of Net Assets Available for Benefits, with Fund Information at November 30, 1996 and 1995 3-4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year ended November 30, 1996 5 Notes to Financial Statements 6-9 Item 27a-Schedule of Assets Held for Investment Purposes at November 30, 1996 (Exhibit 1) 10-18 Item 27d-Schedule of Reportable Transactions (Exhibit 2) 19 Report of Independent Accountants 20 Consent of Independent Accountants 21 Signatures 22 -2- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION NOVEMBER 30, 1996 (millions of dollars) Trust Participant Directed Directed --------------------------------------- ----------- Exxon Exxon Corporation Extended Corp. Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund* Fund* Fund Fund* Total ---------------------------------------- --------- ----- Assets Investments, at fair value: Fixed income securities $2,430 - - - - $2,430 Short-term investments 204 - - - $14 218 Loans to parti- cipants 163 - - - - 163 Exxon Corp common stock - $3,959 - - - 3,959 Index funds - - $580 $202 - 782 Exxon Corp Class A preferred stock - - - - 480 480 ------------------------------------------------- ------ Total investments 2,797 3,959 580 202 494 8,032 Amounts due from employers - - - - 29 29 Dividends receivable - 34 - - - 34 Accrued interest 39 - - - - 39 Other receivables 38 - - - - 38 -------------------------------------------------------- Total assets 2,874 3,993 580 202 523 8,172 -------------------------------------------------------- Liabilities Payables and accrued liabilities 5 8 - - 10 23 Notes payable - - - - 345 345 -------------------------------------------------------- Total liabilities 5 8 - - 355 368 -------------------------------------------------------- Net assets available for benefits $2,869 $3,985 $580 $202 $168 $7,804 ======================================================== *Investment Funds representing 5% or more of net assets available for benefits. The accompanying notes are an integral part of these financial statements. -3- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION NOVEMBER 30, 1995 (millions of dollars) Trust Participant Directed Directed ---------------------------------------- ----------- Exxon Exxon Corporation Extended Corp. Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund* Fund* Fund Fund* Total ---------------------------------------- --------- ----- Assets Investments, at fair value: Fixed income securities $2,669 - - - - $2,669 Short-term investments 64 - - - $13 77 Loans to parti- cipants 159 - - - - 159 Exxon Corp common stock - $3,279 - - - 3,279 Index funds - - $429 $136 - 565 Exxon Corp Class A preferred stock - - - - 584 584 ------------------------------------------------------- Total investments 2,892 3,279 429 136 597 7,333 Cash 5 - - - - 5 Amounts due from employers - - - - 34 34 Dividends receivable - 32 - - - 32 Accrued interest 45 - - - - 45 Other receivables 2 - - - - 2 ------------------------------------------------------- Total assets 2,944 3,311 429 136 631 7,451 ------------------------------------------------------- Liabilities Payables and accrued liabilities 49 7 - - 10 66 Notes payable - - - - 460 460 Subrogation rights obligation - - - - 41 41 ------------------------------------------------------- Total liabilities 49 7 - - 511 567 ------------------------------------------------------- Net assets available for benefits $2,895 $3,304 $429 $136 $120 $6,884 ======================================================= *Investment Funds representing 5% or more of net assets available for benefits. The accompanying notes are an integral part of these financial statements. -4- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED NOVEMBER 30, 1996 (millions of dollars) Trust Participant Directed Directed ------------------------------------ ------------ Exxon Exxon Corp. Extended Corp. Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund Fund Fund Fund Total ------------------------------------ --------- ----- Contributions: Employer $18 $5 $2 $1 $86 $112 Employee 85 35 25 20 - 165 ---------------------------------------------------- Total contributions 103 40 27 21 86 277 ---------------------------------------------------- Investment income: Interest 165 - - - 1 166 Dividends - 136 - - 30 166 Net appreciation (depreciation) in fair value of investments 2 753 124 26 102 1,007 ---------------------------------------------------- Total investment income 167 889 124 26 133 1,339 ---------------------------------------------------- Interest expense - - - - (26) (26) LESOP conversions - 87 - - (142) (55) Benefit payments at fair value (352) (170) - - - (522) Participant withdrawals at fair value (57) (36) - - - (93) Interfund transfers 113 (129) - 19 (3) - ----------------------------------------------------- Net increase(decrease) (26) 681 151 66 48 920 Net assets available for benefits: At the beginning of the year 2,895 3,304 429 136 120 6,884 ---------------------------------------------------- At the end of the year $2,869 $3,985 $580 $202 $168 $7,804 ==================================================== The accompanying notes are an integral part of these financial statements. -5- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS Note 1: Plan Description The participants in the Thrift Plan of Exxon Corporation and Participating Affiliates (the "Thrift Plan", also called the "Thrift Fund" or the "Savings and Investment Program") are eligible employees and former employees of Exxon Corporation and certain affiliated employers. The terms and conditions of the Thrift Plan are fully contained in the Thrift Plan of Exxon Corporation and Participating Affiliates document ("Plan Document") dated October 1996, as amended from time to time. The Thrift Plan is an "employee pension benefit plan" described in Section 3 (2) of Employee Retirement Income Security Act of 1974 ("ERISA") and also a "defined contribution plan" described in Section 3(34) of ERISA. Eligibility, enrollment, participant and employer contributions, vesting, participation, forfeiture, loans, withdrawals, distribution, and other Thrift Plan provisions are described in detail in the Plan Document. Also set forth in the Plan Document are the investment features and options of the Thrift Plan including, but not limited to, stock purchases and sales, equity unit purchases and sales, extended market unit purchases and sales, and other transactions. Note 2: Accounting Policies The accounting records of the Thrift Plan are maintained on the accrual basis. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. All investments are stated at current value. Current values are based on quoted prices as of the date of the financial statements, or, if market quotations are not readily available, upon estimated values obtained from a major investment securities firm. Exxon Corporation Class A preferred stock held in the Exxon Corporation Preferred Stock Fund is stated at current value as measured by the value of common shares to which it is convertible. Net appreciation in the current value of investments includes realized gains and losses on investments sold or disposed of during the year and unrealized gains and losses on investments held at year-end. The Plan is subject to normal risks associated with international and domestic debt and equity markets. During 1996, $503,914 of employer matching contributions were forfeited by terminating employees before those amounts became vested. Such forfeited amounts are used to pay future employer contributions. -6- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS Note 3: Revalued Cost Basis Gains and Losses The Department of Labor ("DOL") requires that the components of net appreciation (depreciation) for investments held in the Exxon Corporation Common Stock Fund, investments held in the Common Asset Fund, and investments held in the Exxon Corporation Preferred Stock Fund be segregated and calculated on a revalued cost basis for ERISA annual report (Form 5500) reporting purposes. Under the revalued cost basis, realized gains and losses on investments sold are calculated as proceeds less market value at the beginning of the year or, if acquired during the year, historical cost. Unrealized gains and losses are calculated as market value of assets at the end of the year less market value at the beginning of the year or, if acquired during the year, historical cost. For the Common Asset Fund and the Exxon Corporation Preferred Stock Fund fixed income securities, gains and losses are calculated on the basis of specific security identification. For Exxon Corporation common stock, gains and losses are calculated assuming a first-in, first-out methodology for total shares in the portfolio for all shares sold by participants. For the years ended November 30, 1996 and 1995, these components of net appreciation (depreciation) were: Common Asset Fixed Exxon Corporation Exxon Corporation Income Securities Common Stock Preferred Stock Fund Fund Fund ----------------- ----------------- ----------------- 1996 1995 1996 1995 1996 1995 ---- ---- ---- ---- ---- ---- (millions of dollars) Realized G/(L) $ (5) $ 6 $104 $ 94 $ 16 $ - Unrealized G/(L) 7 54 649 659 86 120 ----- ---- ----- ----- ----- ----- Net Appreciation $ 2 $ 60 $753 $753 $102 $120 (Depreciation) Note 4: Tax Status A request for a favorable determination letter was filed by Exxon Corporation on September 13, 1996, and a ruling has not yet been obtained from the Internal Revenue Service that the Thrift Plan is in compliance with the applicable requirements of the Internal Revenue Code ("IRC"). The plan administrator believes that the Thrift Plan is currently designed to be and is being operated in compliance with the applicable requirements of the IRC. -7- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS Note 5: Expenses Participating employers pay the administrative expenses of the Thrift Fund with the exception of: (1) brokers' commissions and SEC fees on Exxon Corporation common stock purchases and sales which are paid by Thrift participants purchasing or selling stock and are included in the price of the stock at the time of purchase or sale and (2) management fees, brokerage commissions, and administrative expenses of the Equity Portfolio Fund and the Extended Market Portfolio Fund, which are paid by Thrift participants in those respective Funds. Note 6: Exxon Corporation Preferred Stock Fund A Leveraged Employee Stock Ownership Plan ("LESOP") was incorporated into the Thrift Plan on August 1, 1988. This LESOP is commonly referred to as the Direct Dividend Account ("DDA") and is described in detail in the Plan Document. In 1989, the Trustee-Thrift Trust borrowed $1.0 billion at a floating rate of interest under the terms of notes, guaranteed by Exxon Corporation, which include subrogation rights within the annual principal payment requirement. The Trustee used the proceeds of the borrowing to purchase 16,349,945 shares of a new issue of Exxon Corporation Class A preferred stock for $61.50 per share. Exxon Corporation Class A preferred stock can be converted into Exxon Corporation common stock at the lower of current common stock market value or $61.50. Dividends are cumulative and payable in an amount per share equal to $4.68 per annum. As of November 30, 1996, there were 19,675,834 shares of Exxon Corporation common stock in the DDA. Employer contributions, which are used to make principal and interest payments on the notes, are based on a matching program related to employee contributions and are funded annually when principal amounts on the notes are due. As contributions and dividends are credited, shares of preferred stock are proportionately converted into common stock and allocated to participants' accounts in accordance with the applicable requirements of the IRC. During 1996, 2,468,223 shares of preferred stock were converted to common stock. During 1995, 1,678,567 shares of preferred stock were converted to common stock. Net dividends on the preferred stock of $30 million and $40 million were paid during 1996 and 1995, respectively, and covered certain principal and interest payments on the notes and interest payments on the subrogation rights referred to below. In 1996 and 1995, principal payments of $156 million and $112 million, respectively, were made on the note including the retirement of subrogation rights (referred to below). -8- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS Upon its payment in 1994, 1991, and 1990, respectively, of approximately $7 million, $11 million, and $53 million principal on the notes as guarantor, Exxon Corporation became subrogated to all rights of the holders of such notes with respect to those payments. These subrogation rights include the right to receive payment from the Trustee-Thrift Trust of the remaining principal amounts, if any, plus accrued and unpaid interest thereon, upon final payment of all principal and interest on the notes. During 1994 and 1992, Exxon Corporation sold these subrogation rights to a third party, which is paid interest thereon on a current basis. Under certain circumstances, the third party may require Exxon Corporation to repurchase these subrogation rights. During 1996 and 1992, $41 million and $11 million, respectively, of the subrogation rights obligation incurred in 1991 was retired. During 1995, $7 million of the subrogation rights obligation incurred in 1994 was retired and during 1993, $12 million of the subrogation rights obligation incurred in 1990 was retired. Note 7: Claims Incurred But Not Paid The Plan reports benefits paid on a cash basis as required under generally accepted accounting principles. For Form 5500 reporting purposes, claims incurred but not paid of $12 million and $4 million for the years ended November 30, 1996 and 1995, respectively, are reported on an accrual basis. As such, the net assets available for benefits reflected for Form 5500 purposes are $7,792 million and $6,880 million for the years ended November 30, 1996 and 1995, respectively. -9- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- COMMON ASSET FUND - ----------------- CORPORATE BONDS ABBEY NATL TREAS CO GTD 5.000% 01/31/97 $30,000 $29,929 $29,963 A T & T CAP CORP M/T/N 7.080% 05/19/97 2,000 2,002 2,013 AMER EXPRESS MSTR TR 6.050% 06/15/98 33,850 33,912 33,961 AMER INTL GRP INC M/T/N 6.250% 08/16/99 20,000 19,852 20,175 ASIAN DEV BK BD 10.750% 06/01/97 2,000 2,044 2,048 ASSOC CORP N AMER M/T/N 8.350% 12/22/98 3,100 3,225 3,248 ASSOC CORP N AMER M/T/N 5.440% 01/29/99 2,900 2,852 2,875 ASSOC CORP N AMER M/T/N 5.550% 10/30/98 3,450 3,411 3,434 ASSOC CORP N AMER M/T/N 6.470% 05/17/99 3,000 3,000 3,037 ASSOC CORP N AMER NTS 6.250% 03/15/99 3,725 3,725 3,750 ASSOC CORP N AMER SR NT 8.125% 01/15/98 5,000 5,100 5,121 ASSOCIATES CORP N AMER 6.375% 08/15/98 7,000 6,985 7,058 AUSTRIA REP 9.125% 04/25/99 5,000 5,265 5,328 BELGIUM KINGDOM DEB 8.000% 02/11/97 11,700 11,725 11,744 BPCA FINANCE 8.375% 04/15/98 21,530 22,060 22,203 BP AMER INC 8.875% 12/01/97 1,000 1,025 1,030 BP AMER INC M/T/N 6.923% 01/15/99 2,000 2,040 2,033 BANC ONE AUTO GR TR 6.100% 10/15/02 10,668 10,663 10,728 BANC ONE AUTO GR TR 6.550% 02/15/03 15,580 15,580 15,747 BANC ONE AUTO TR 6.850% 11/15/97 2,743 2,738 2,747 BANCO INTL TRADE FIN CORP RESTR 7.440% 04/15/97 500 501 503 BARCLAYS AMERICAN CORP 7.875% 08/15/98 5,000 5,138 5,155 BAYERISCHE LANDESBK M/T/N 7.585% 11/18/97 13,769 14,031 14,029 BAYERISCHE LANDESBK GIROZ NY M/T/N 6.550% 07/19/99 10,000 9,991 10,175 BAYERISCHE LANDESBK GIROZ NY M/T/N 6.000% 10/15/98 12,000 11,986 12,060 BELLSOUTH CAP FDG CORP 9.250% 01/15/98 2,900 2,992 3,005 BELLSOUTH TELECOMM 5.250% 06/08/98 1,675 1,660 1,663 BELLSOUTH CAP FDG CORP M/T/N 6.790% 03/03/97 7,000 7,000 7,020 BOATMENS AUTO TR 5.900% 06/15/98 3,551 3,551 3,557 BOATMENS AUTO TR 6.100% 05/15/00 19,500 19,531 19,461 BOATMENS AUTO TR 6.350% 01/15/03 20,000 19,982 20,158 BRITISH PETROLEUM AMER 9.750% 03/01/99 9,450 9,671 10,159 BRITISH TELECOM 9.375% 11/16/98 15,000 16,054 15,938 BRITISH TELECOM FIN INC 9.375% 02/15/99 12,000 12,688 12,842 CFAC GR 6.450% 12/15/97 2,312 2,316 2,312 CFC-14 GR TR RESTR 7.150% 11/15/06 4,762 4,794 4,785 CTS HOME EQ LN TR 7.700% 09/15/06 3,867 3,929 3,956 CAMPBELL SOUP CO 7.750% 02/24/97 5,967 5,993 5,989 -10- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- CASE EQUIP LN TR 6.150% 09/15/02 $10,000 $ 9,998 $10,053 CHASE MAN CR CD MSTR 7.400% 05/15/00 9,167 9,196 9,216 CHASE MAN CR CD MSTR TR 6.730% 06/25/02 10,500 10,499 10,716 CHASE MAN GR TR 6.000% 09/17/01 13,945 13,931 14,004 CHASE MAN GR TR 5.900% 11/15/01 12,265 12,257 12,304 CHASE MAN GR TR 5.200% 02/15/02 16,457 16,394 16,362 CHEMICAL GR TR 8.900% 12/15/96 2,035 2,024 2,050 CHESAPEAKE & POTOMAC TEL CO MD 5.875% 09/15/99 10,000 9,939 9,925 CHEVRON CDA FIN LTD GTD NT 5.600% 04/01/98 7,000 6,937 6,972 CHEVRON CORP PROF SHR 7.280% 01/01/97 3,500 3,504 3,503 CITICORP MTG SECS INC REMIC PASS THRU 5.750% 03/25/09 2,656 2,654 2,644 COCA COLA CO 7.875% 09/15/98 15,600 16,073 16,146 CORESTATES HOME EQ TR 5.100% 03/15/09 4,269 4,266 4,194 DAIMLER-BENZ AUTO GR TR 5.850% 05/15/02 11,408 11,378 11,439 DAIMLER-BENZ VEH TR 1994-A ASSET BACKED 5.950% 12/15/00 3,624 3,626 3,619 DAYTON HUDSON CR CD MSTR 6.100% 02/25/02 9,590 9,592 9,651 DENMARK KINGDOM NT 7.750% 12/15/96 3,000 3,003 3,002 DEUTSCHE BK FIN INC M/T/N 8.800% 01/15/97 2,000 2,004 2,007 DEUTSCHE BK FIN INC M/T/N 8.800% 01/15/97 8,625 8,647 8,653 DISCOVER CD MSTR TR I 5.400% 11/16/01 16,150 16,032 16,038 DISCOVER CD MSTR TR I SER 94-1 CR 6.700% 02/16/00 23,000 22,996 23,184 DISCOVER CD TR 1992-B 6.800% 06/15/00 12,475 12,560 12,602 DISCOVER CD TR 6.250% 08/16/00 14,020 14,041 14,095 DU PONT E I DE NEMOURS & CO M/T/N 7.160% 03/03/97 10,000 10,004 10,042 DU PONT E I DE NEMOURS & CO M/T/N 6.090% 06/16/97 7,000 7,000 7,021 DUKE PWR CO 5.625% 08/12/97 2,900 2,893 2,897 EKSPORTFINANS AS EMTN 7.740% 05/06/99 1,400 1,427 1,463 EKSPORTFINANS A S M/T/N 5.500% 02/17/97 9,500 9,471 9,495 EMERSON ELEC CO EURO 7.875% 06/05/98 9,720 9,914 9,987 EUROPEAN INVT BK M/T/N 8.875% 02/15/99 8,500 8,921 9,001 EUROPEAN INVT BK M/T/N 7.350% 06/01/99 3,000 3,041 3,091 EXPORT IMPORT BK JAPAN 9.000% 04/15/98 5,000 5,191 5,210 EXPORT IMPORT BK JAPAN 10.125% 10/28/97 2,000 2,065 2,075 FCC GR TR 8.750% 02/15/06 2,924 3,034 2,947 FIFTH THIRD BK AUTO TR 1996-A 6.200% 04/15/00 18,085 18,087 18,211 FIRST CHICAGO MSTR TR 8.400% 06/15/98 1,255 1,255 1,253 FIRST CHICAGO MSTR TR 6.250% 08/15/99 33,065 33,074 33,170 -11- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- FIRST DEP MSTR TR ASSETS BACKED CTF 5.750% 06/15/01 $10,990 $10,891 $11,004 FIRST DEP MSTR TR 6.900% 08/15/01 5,000 5,014 5,040 FIRST SEC AUTO GR TR 6.250% 01/15/01 4,103 4,103 4,130 FLEET FIN INC 5.450% 03/20/23 1,368 1,367 1,366 FLEET FIN HOME EQ TR 6.700% 10/15/06 2,241 2,238 2,260 FLEETWOOD CR 1993-B GR TR 4.950% 08/15/08 2,909 2,901 2,856 FLEETWOOD CR 1994-B GR TR 6.750% 03/15/10 3,090 3,080 3,120 FORD CR 1994-A GR TR 6.350% 05/15/99 6,875 6,901 6,920 FORD CR AUTO OWNR TR 6.500% 11/15/99 5,000 4,998 5,055 FORD CR AUTO OWNR TR 6.750% 09/15/00 6,500 6,498 6,622 FORD CR AUTO LEASE TR 5.800% 05/15/99 10,000 9,993 10,015 FORD CR GR TR 5.900% 05/15/00 22,419 22,427 22,494 FORD CR GR TR 5.900% 10/15/00 24,160 24,218 24,237 GE CAP MTG SVCS INC 7.200% 09/15/11 2,592 2,589 2,624 GMAC 1992-F GR TR 4.500% 09/15/97 114 114 114 GMAC 1994-A GR TR 6.300% 06/15/99 11,074 11,104 11,140 GMAC 1995-A GR TR 7.150% 03/15/00 9,358 9,436 9,478 GTE CALIF 1ST MTG 6.250% 01/15/98 1,000 1,005 1,003 GENERAL ELEC CO DEB 7.875% 09/15/98 10,000 10,426 10,347 GEN ELEC CAP CORP M/T/N 7.000% 05/05/98 4,000 4,036 4,070 GEN ELEC CAP CORP M/T/N SER A 8.650% 06/24/97 5,000 5,074 5,085 GEN ELEC CAP CORP M/T/N 6.370% 09/01/98 7,500 7,528 7,595 GEN ELEC CAP DORP M/T/N 7.875% 11/15/97 2,500 2,541 2,552 GEN ELEC CAP CORP M/T/N 7.950% 02/02/98 2,400 2,445 2,467 GEN ELEC CAP CORP M/T/N 7.125% 04/06/98 2,350 2,383 2,399 GEN ELEC CAP CORP M/T/N 6.125% 04/15/97 2,500 2,502 2,506 GEN ELEC CAP CORP M/T/N 5.210% 02/09/99 5,000 4,974 4,950 GEN ELEC CAP CORP M/T/N 5.190% 02/12/99 5,000 4,997 4,948 GEN ELEC CAP CORP M/T/N 5.480% 03/01/99 5,000 4,875 4,976 GOVT EXP TR CL A RESTR 6.250% 03/01/97 790 790 790 HALIFAX BUILDING SOCIETY 6.625% 07/26/99 20,000 20,210 20,218 HEWLETT PACKARD FIN CO DEB 7.500% 12/05/97 15,000 15,183 15,244 HONDA AUTO REC GR TR 6.200% 12/15/00 24,710 24,737 24,861 HSEHOLD FIN CORP HOME EQ LN 4.750% 05/20/08 2,852 2,845 2,835 INTER-AMERICAN DEV BK MTN 5.600% 05/28/99 16,930 16,640 16,820 INTER AMERN DEV BK 9.450% 09/15/98 11,869 12,532 12,582 INTL BK FOR RECON DEV COLTS M/T/N 9.625% 04/28/99 5,000 5,354 5,419 INTL BK FOR RECON & DEV COLTS 8.790% 02/19/98 1,000 1,037 1,036 INTL BK FOR RECON & DEV COLTS 6.500% 09/15/98 3,250 3,303 3,291 -12- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- INTL BK FOR RECON & DEV COLTS 5.850% 09/15/98 $ 5,700 $ 5,732 $ 5,707 INTL BK FOR RECON & DEV COLTS 7.050% 12/15/97 3,000 3,036 3,041 INTL BK FOR RECON & DEV COLTS 9.760% 06/01/98 2,500 2,653 2,640 INTL BK FOR RECON & DEV COLTS 9.550% 07/15/98 5,000 5,297 5,289 JOHNSON & JOHNSON M/T/N 8.220% 03/20/98 5,000 5,137 5,151 JOHNSON & JOHNSON M/T/N 8.180% 03/23/98 1,000 1,028 1,030 KFW INTL FIN INC 9.375% 07/15/98 20,000 20,997 21,073 KFW INTL FIN INC-M/T/N 8.450% 11/03/97 6,300 6,422 6,454 KFW INTL FIN INC-M/T/N 9.020% 02/23/99 5,000 5,270 5,313 KFW INTL FIN INC M/T/N 9.050% 07/30/97 8,000 8,144 8,176 KELLOGG CO NT 5.900% 07/15/97 1,400 1,404 1,403 KEYCORP AUTO GR TR 5.800% 07/15/00 8,007 7,989 8,030 KREDIETBANK INTL FIN 6.125% 04/29/99 20,000 19,879 20,034 LOMAS MTG FDG CORP II 9.000% 09/20/15 26 28 26 MBNA MSTR CR CD TR 7.750% 10/15/98 2,083 2,090 2,088 MBNA MSTR CR CD TR 7.250% 06/15/99 20,000 20,102 20,148 MBNA MSTR CR CD TR SER 1992-2 6.200% 08/15/99 24,700 24,668 24,770 MBNA MSTR CR CD TR 5.400% 09/15/00 8,525 8,410 8,458 MMCA AUTO OWNR TR 5.700% 11/15/00 14,439 14,440 14,456 MCDONALDS CORP SER B M/T/N 8.875% 02/18/97 1,000 1,006 1,005 MCDONALDS CORP M/T/N SER B 8.375% 10/29/99 1,100 1,160 1,166 MERCK & CO INC M/T/N 6.000% 01/15/97 2,000 1,999 2,001 MOBIL CORP 6.500% 12/17/96 3,000 3,000 2,981 MOBIL CORP 6.500% 02/15/97 9,200 9,210 9,214 MOBIL CORP 7.250% 03/15/99 2,000 2,021 2,054 MORGAN J P & CO INC M/T/N 6.000% 03/18/99 20,000 19,854 20,050 MORGAN GTY TR CO N Y 6.000% 10/01/98 10,000 9,985 10,028 NBD BK N A M/T/N 4.625% 12/02/96 10,000 10,000 10,000 NBD BK N A M/T/N 4.600% 02/03/97 5,000 4,993 4,992 NBD BK N A M/T/N 6.550% 06/02/97 2,000 2,000 2,010 NATIONAL AUST BANK LTD 6.250% 06/17/98 20,000 20,046 20,100 NATL RURAL UTILS COOP FIN 8.500% 02/15/98 3,000 3,093 3,088 NATIONSBANK CR CD MSTR TR 4.750% 09/15/98 34,000 33,990 33,992 NATIONSBANK AUTO OWNER TR 6.375% 07/15/00 20,000 19,970 20,211 NATIONSBANK AUTO GR TR 5.850% 06/15/02 17,781 17,788 17,829 NAVISTAR FIN 1993-A OWNR TR 4.475% 10/15/98 266 266 266 NAVISTAR FIN 1995-A OWNR TR 6.550% 11/20/01 9,325 9,384 9,415 NAVISTAR FIN 1995-B OWNR TR 5.940% 10/15/98 3,658 3,668 3,664 NEW ENGLAND TEL & TEL CO 6.150% 09/01/99 2,000 1,974 2,006 NEW ENGLAND TEL & TEL CO NT 6.250% 12/15/97 1,000 1,003 1,004 -13- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- NEW ZEALAND GOVT DEB 8.000% 04/02/97 $ 2,075 $ 2,083 $ 2,088 NIPPON TEL & TEL 9.000% 07/19/99 2,630 2,794 2,814 NIPPON TEL & TEL 8.500% 12/20/96 4,000 4,005 4,005 NIPPON TELEG & TEL CORP 9.500% 07/27/98 31,000 32,478 32,790 NISSAN AUTO REC GR TR 6.100% 08/15/01 15,002 15,020 15,084 NISSAN AUTO REC 1994-A GR 6.450% 09/15/99 8,762 8,798 8,822 NORWEST AUTO TR 5.800% 03/15/99 9,500 9,498 9,519 NORWEST AUTO TR 5.900% 03/15/00 7,500 7,493 7,511 NORWEST FINL INC 6.250% 02/15/97 7,750 7.748 7,753 NORWEST FINL INC 6,500% 05/15/97 13,850 13,871 13,907 NORWEST CORP M/T/N 7.700% 11/15/97 5,000 5,074 5,088 NORWEST FINL INC M/T/N 5.200% 04/29/97 1,000 994 998 OESTERREICHISCHE KONTROLLBANK A G 7.125% 12/06/96 3,000 3,000 3,000 OLYMPIC AUTO REC TR 5.650% 01/15/01 1,530 1,529 1,531 OLYMPIC AUTO REC TR 6.850% 06/15/01 5,032 5,029 5,118 PEOPLES BK CR CD MSTR TR 4.800% 12/15/99 2,025 2,025 2,025 PEOPLES BK CR CD MSTR TR 5.100% 08/15/01 18,750 18,771 18,735 PFIZER INC 6.500% 02/01/97 2,000 2,000 2,003 PITNEY BOWES CR CORP 5.625% 02/15/97 15,500 15,487 15,493 PITNEY BOWES CR CORP NT 6.250% 06/01/98 12,000 12,033 12,070 PITNEY BOWES CR CORP M/T/N 6.540% 07/15/99 5,000 5,000 5,073 PREMIER AUTO TR 4.900% 10/15/98 6,470 6,459 6,463 PREMIER AUTO TR 4.900% 12/15/98 5,340 5,346 5,332 PREM AUTO TR 1993-5 ASSET BACKED NT 4.220% 03/02/99 2,140 2,139 2,117 PREMIER AUTO TR 4.750% 02/02/00 1,333 1,333 1,326 PREMIER AUTO TR 6.350% 05/02/00 4,486 4,479 4,516 PREMIER AUTO TR 6.850% 03/02/99 10,000 10,066 10,130 PREMIER AUTO TR 6.650% 11/02/98 4,650 4,658 4,701 PREMIER AUTO TR 5.900% 07/06/99 10,000 9,995 10,038 PREMIER AUTO TR 6.350% 01/06/00 10,275 10,272 10,377 PREMIER AUTO TR 6.500% 03/06/00 10,400 10,386 10,531 PROCTER & GAMBLE CO 9.500% 02/11/98 13,000 13,518 13,536 PROCTER & GAMBLE CO NT 6.850% 06/01/97 21,500 21,549 21,616 RABOBANK NEDERLAND M/T/N 6.450% 01/17/97 3,000 2,999 3,003 RABOBANK NEDERLAND M/T/N 6.625% 05/26/97 3,000 2,998 3,017 RABOBANK NEDERLAND M/T/N 6.640% 04/25/97 4,000 4,002 4,019 RABOBANK NEDERLAND M/T/N 6.660% 03/03/97 5,000 5,001 5,019 ROCKWELL INTL CORP 7.625% 02/17/98 2,000 2,024 2,042 SCFC RECR VEH LN TR 7.250% 09/15/06 4,248 4,250 4,271 SPNB HOME EQ LN AS BKD CTF 8.100% 06/15/20 532 545 535 SARA LEE CORP M/T/N 4.650% 01/14/97 13,000 12,998 12,984 SEARS CR ACCT MSTR TR II 6.250% 01/15/03 35,000 35,001 35,311 SEARS CR ACCT MSTR TR II 6.500% 10/15/03 20,000 19,992 20,310 -14- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- SHELL OIL CO 6.950% 12/15/98 $ 3,990 $ 4,045 $ 4,066 SHELL OIL CO 6.000% 01/15/97 23,565 23,550 23,572 SHELL OIL CO NT 6.625% 07/01/99 5,250 5,254 5,337 GABS SIGNET TR 93-3A 4.850% 04/15/00 35,000 35,000 34,992 SIGNET MSTR TR SER 1994-4 ASSET BACKED 6.800% 12/15/00 20,000 19,993 20,187 SW BELL TEL CO M/T/N 6.400% 08/18/99 4,000 4,034 4,039 SW BELL TEL CO M/T/N 5.040% 10/13/98 5,000 4,880 4,929 SPAIN (KINGDOM OF) M/T/N 8.750% 12/22/97 4,000 4,099 4,069 STANDARD CR CARD MSTR TR 5.500% 02/07/00 10,750 10,743 10,676 STANDARD CR CARD TR 94-1A 4.650% 03/07/99 45,000 44,964 44,941 STANDARD CR CD MSTR TR 1 6.800% 04/07/01 2,000 2,004 2,039 STANDARD CR CD MSTR TR I 6.750% 06/07/00 5,000 5,017 5,073 STANDARD CR CD MSTR TR I 5.900% 02/07/01 13,900 13,850 13,910 STATOIL 9.100% 05/10/97 10,000 10,153 10,146 TMS HOME EQ LN TR 5.175% 07/15/06 4,001 4,030 3,953 TOKYO METRO JAPAN GTD 10.375% 10/20/97 2,300 2,385 2,388 TOYOTA AUTO RECEIVABLES 5.850% 03/15/01 14,295 14,273 14,341 TOYOTA AUTO RECEIVABLES 6.300% 07/20/01 16,623 16,640 16,749 TOYOTA MOTOR CREDIT CORP 6.500% 02/04/97 10,000 10,016 10,009 TOYOTA MTR CR CORP M/T/N 7.700% 01/23/97 5,000 5,004 5,014 TOYOTA MTR CR CORP SR UNSUB 5.000% 03/10/97 5,000 4,979 4,989 UBS FIN DEL INC M/T/N 6.200% 10/01/98 20,000 20,100 20,158 USAA CAP CORP M/T/N 144A 4.760% 01/28/97 10,000 10,000 9,987 USAA CAP CORP M/T/N 144A 6.550% 09/20/99 10,000 10,105 10,108 UNILEVER CAP CORP 8.875% 03/26/98 15,900 16,364 16,496 WACHOVIA BK GA N A DEP NOTE 7.230% 03/27/97 5,700 5,735 5,727 WACHOVIA BK N C N A M/T/N 4.900% 09/19/98 1,500 1,460 1,479 WACHOVIA BK N C N A M/T/N 5.375% 01/04/99 5,650 5,652 5,600 WACHOVIA BK N C N A M/T/N 4.875% 02/18/97 5,000 4,997 4,993 WACHOVIA BK N C N A M/T/N 6.000% 03/15/99 2,450 2,448 2,457 WACHOVIA BK N C N A M/T/N 7.000% 05/12/99 5,800 5,837 5,944 WACHOVIA BK N C M/T/N 6.550% 06/09/97 5,000 4,996 5,026 WACHOVIA BK N C N A M/T/N 6.650% 07/14/97 10,000 9,995 10,069 WAL MART STORES INC 5.500% 09/15/97 14,945 14,833 14,914 WAL MART STORES INC NT 6.125% 10/01/99 1,100 1,096 1,105 WAL MART STORES INC SR NT 5.500% 03/01/98 22,150 22,001 22,085 WORLD OMNI AUTO LEASE 6.050% 11/25/01 9,722 9,722 9,769 WORLD OMNI 1994-A AUTO 6.450% 09/25/00 1,650 1,641 1,654 --------- --------- ---------- TOTAL CORPORATE BONDS $2,043,109 $2,054,929 $2,063,695 -15- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- GOVERNMENT BONDS FED FARM CR BKS CONS SYS M/T/N 5.850% 03/01/99 $ 5,000 $ 4,926 $ 5,013 FED FARM CR BKS CONS M/T/N 6.210% 06/03/99 5,000 4,960 5,050 FED FARM CR BKS CONS M/T/N 6.780% 03/21/97 11,000 11,004 11,043 FED FARM CR BKS CONS M/T/N 5.950% 06/06/97 15,000 15,008 15,040 FED HOME LN BANK 9.250% 11/25/98 2,715 2,903 2,883 FED HOME LN BANK 6.940% 03/14/97 5,000 5,014 5,020 FED HOME LN BKS CONS BD 6.525% 07/11/97 9,465 9,458 9,523 FED HOME LN BKS CONS BD 6.440% 07/25/97 10,000 9,983 10,059 FED HOME LN BKS CONS BD 6.645% 08/28/97 3,320 3,332 3,345 FEDERAL HOME LN BKS 6.080% 09/08/98 5,400 5,454 5,437 FEDERAL HOME LN BKS DEB 5.545% 06/09/97 5,000 4,995 5,003 FEDERAL HOME LN BKS 5.740% 06/23/97 10,000 9,993 10,016 FED HOME LN BKS CONS BD 5.750% 10/30/98 5,600 5,576 5,604 FED HOME LN BKS CONS BD 5.800% 11/03/98 10,000 9,968 10,017 FED HOME LN BKS CONS BD 5.540% 12/01/97 5,000 5,004 4,998 FEDERAL HOME LN BKS 4.810% 02/23/98 5,000 4,991 4,952 FED HOME LN BKS CONS BD 5.270% 03/04/99 10,000 9,747 9,903 FEDERAL HOME LN BKS CONS 5.960% 08/13/98 24,020 23,990 24,133 FEDERAL HOME LN BKS M/T/N 6.235% 05/30/97 5,000 4,999 5,017 FEDERAL HOME LN BKS M/T/N 6.015% 09/08/98 4,000 4,040 4,023 FEDERAL HOME LN BKS M/T/N 5.415% 02/28/98 5,000 5,000 4,973 FED HOME LN MTG CORP DEB 7.750% 01/27/97 16,000 16,027 16,055 FED HOME LN MTG CORP DEB 5.470% 03/21/97 5,000 4,995 5,000 FED HOME LN MTG CORP DEB 7.860% 01/21/97 10,000 10,019 10,033 FED HOME LN MTG CORP 7.860% 01/15/97 1,500 1,502 1,504 FED HOME LN MTG CORP DEB 4.950% 02/22/99 5,000 4,941 4,920 FED NATL MTG ASSN DEB 7.050% 12/10/98 5,000 5,154 5,127 FED NATL MTG ASSN POOL# 9.550% 03/10/99 1,800 1,908 1,934 FED NATL MTG ASSN SER E 9.550% 09/10/97 5,000 5,139 5,139 FED NATL MTG ASSN M/T/N 6.150% 06/23/97 10,000 9,982 10,043 FED NATL MTG ASSN M/T/N 6.000% 03/26/99 5,000 4,993 5,027 FED NATL MTG ASSN M/T/N 6.770% 04/14/97 10,000 10,004 10,032 FED NATL MTG ASSN M/T/N 5.830% 09/15/97 5,000 4,997 5,012 FED NATL MTG ASSN M/T/N 5.650% 10/20/97 10,000 9,991 10,009 FED NATL MTG ASSN M/T/N 5.200% 01/25/99 5,000 5,005 4,947 FED NATL MTG ASSN M/T/N 5.090% 02/08/99 5,000 5,000 4,936 FED NATL MTG ASSN M/T/N 4.950% 02/22/99 10,000 9,922 9,839 FED NATL MTG ASSN M/T/N 5.550% 03/12/99 14,030 13,780 13,975 FED NATL MTG ASSN M/T/N 5.870% 10/13/98 15,000 14,961 15,052 U S TREASURY NOTES 4.750% 02/15/97 10,000 9,999 9,984 ---------- -------- ---------- TOTAL GOVERNMENT BONDS $ 308,850 $ 308,664 $ 309,620 -16- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- CERTIFICATE OF DEPOSITS AMER EXPR CENT BK C/D 6.400% 04/28/98 $ 2,000 $ 1,997 $ 2,004 BAYERISCHE LANDESBK NY C/D 5.220% 02/12/99 5,000 5,012 4,974 DEUTSCHE BK AG C/D V/R 0.000% 01/21/97 20,000 20,007 20,068 MERC SAFE DEP & TR CO C/D 6.150% 08/31/98 10,000 10,000 9,963 MERC SAFE DEP & TR CO C/D 6.820% 06/27/97 5,000 5,000 5,017 MERC SAFE DEP & TR CO C/D 6.120% 11/16/98 10,000 10,000 10,020 OLD KENT BK AND TR CO C/D 6.560% 05/30/97 5,000 5,000 5,015 ---------- --------- --------- TOTAL CERTIFICATE OF DEPOSITS $ 57,000 $ 57,016 $ 57,061 ---------- --------- --------- TOTAL FIXED INCOME SECURITIES $2,408,959 $2,420,609 $2,430,376 SHORT TERM INVESTMENTS COMMERCIAL PAPER ASSOCIATES CORP N A CPIB 5.390% 12/02/96 $30,000 $30,000 $30,000 GENERAL ELEC CAPT CPIB 5.350% 12/05/96 20,000 20,000 20,000 MERRILL LYNCH & CO DISC C/P CPDS N/A 12/06/96 20,000 19,985 19,979 MERRILL LYNCH & CO DISC C/P CPDS N/A 01/31/97 10,000 9,910 9,909 MERRILL LYNCH & CO INC CPIB 5.330% 01/24/97 20,000 20,000 20,000 UBS FIN INC DISC C/P CPDS N/A 12/03/96 20,000 19,994 19,988 ------- --------- --------- TOTAL COMMERCIAL PAPER $ 120,000 $ 119,889 $ 119,876 COLLECT SHRT TERM INVST FD N/A N/A $ 5,566 $ 5,566 $ 5,566 CS FIRST BOSTON N/A N/A 3,968 3,968 3,968 GOLDMAN SACHS & CO MSTR NOTE N/A N/A 24,500 24,500 24,500 MORGAN STANLEY N/A N/A 25,000 25,000 25,000 NOMURA SECS INTL MSTR NOTE N/A N/A 25,205 25,205 25,205 ---------- --------- --------- TOTAL SHORT TERM INVESTMENTS $ 204,239 $ 204,128 $ 204,115 PARTICIPANT LOANS (ANNUAL INTEREST RATES FROM 9.5 TO 6.5, MAXIMUM PERIOD OF REPAYMENT IS 60 MONTHS) N/A N/A $ 162,760 $ 162,760 $ 162,760 ---------- ---------- ---------- $2,775,958 $2,787,497 $2,797,251 ========== ========== ========== -17- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/96 (thousands of dollars) SHARES/ CURRENT FUND/ISSUE UNITS COST VALUE - ----------------------------------------------------------------------------- EXXON CORPORATION PREFERRED STOCK FUND - --------------------------- EXXON CORPORATION CLASS A PREFERRED STOCK (thousands of shares) 5,084 $312,682 $479,826 SHORT TERM INVESTMENTS COLLECT SHORT TERM INVST FD $ 63 $ 63 $ 63 GOLDMAN SACHS & CO MSTR NOTE 3,880 3,880 3,880 NOMURA SECS INTL MSTR NOTE 9,806 9,806 9,806 -------- ----------- --------- TOTAL SHORT TERM INVESTMENTS $13,749 $13,749 $13,749 EXXON CORPORATION COMMON STOCK FUND - --------------------------- EXXON CORPORATION COMMON STOCK (thousands of shares) 41,950 $2,069,708 $3,959,019 EQUITY PORTFOLIO FUND - --------------------- BARCLAYS GLOBAL INVESTORS EQUITY FUND (thousands of units) 3,347 $ 293,347 $ 579,765 EXTENDED MARKET PORTFOLIO FUND - --------------------- BARCLAYS GLOBAL INVESTORS EXTENDED EQUITY INDEX FUND (thousands of units) 13,308 $ 158,112 $ 202,028 -18- EXHIBIT 2 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS NOVEMBER 30, 1996 (thousands of dollars) Identity of Party Involved: Exxon Corporation Description of Asset: Exxon Corporation Common Stock Total Total Total Total Number Number Dollar Dollar of of Value of Value of Net Purchases Sales Purchases Sales Gain - --------- ----- --------- -------- ---- 11,821,442 10,189,497 $948,251 $878,734 $128,247 Schedule prepared following the alternative format prescribed at 29 CFR 2520.103-6(d)(2) for a series of transactions involving securities of the same issue as described at 29 CFR 2520.103-6(c)(1)(iii). -19- REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- To the Trustee of the Thrift Fund In our opinion, the financial statements (pages 2-8) listed in the accompanying index present fairly, in all material respects, the net assets available for benefits of the Thrift Plan of Exxon Corporation and Participating Affiliates (the Thrift Plan) at November 30, 1996 and 1995, and the changes in its net assets available for benefits for the year ended November 30, 1996, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Trustee of the Thrift Plan; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the Trustee of the Thrift Plan, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by ERISA. The Fund Information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the statement of net assets available for benefits and the statement of changes in net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. PRICE WATERHOUSE LLP Houston, Texas February 21, 1997 -20- CONSENT OF INDEPENDENT ACCOUNTANTS ---------------------------------- We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-19057) and the related Prospectus for the Thrift Plan of Exxon Corporation and Participating Affiliates of our report dated February 15, 1997 appearing on page 19-20 of this Annual Report on Form 11-K. PRICE WATERHOUSE LLP Houston, Texas February 21, 1997 -21- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed by the undersigned hereunto duly authorized. THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES (Name of Plan) /s/ J. E. Bayne _______________________________________ J. E. Bayne, Manager Benefits Finance and Investments Dated: February 21, 1997 -22-