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, 1998 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, 1998 and 1997 3-4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year ended November 30, 1998 5 Notes to Financial Statements 6-9 Item 27a-Schedule of Assets Held for Investment Purposes at November 30, 1998 (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, 1998 (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 $2,250 - - - - $2,250 Short-term investments 155 - - - $11 166 Loans to parti- cipants 152 - - - - 152 Exxon Corp. common stock - $6,144 - - - 6,144 Index funds - - $944 $319 - 1,263 Exxon Corp. Class A preferred stock - - - - 275 275 -------------------------------------------------------- Total investments 2,557 6,144 944 319 286 10,250 Amounts due from employers - - - - 8 8 Dividends receivable - 33 - - - 33 Accrued interest 36 - - - - 36 Other receivables 2 - - - - 2 Interfund transfers rec/pay 1 (1) - - - - -------------------------------------------------------- Total assets 2,596 6,176 944 319 294 10,329 -------------------------------------------------------- Liabilities Payables and accrued liabilities 16 7 - - 3 26 Notes payable - - - - 125 125 -------------------------------------------------------- Total liabilities 16 7 - - 128 151 -------------------------------------------------------- Net assets available for benefits $2,580 $6,169 $944 $319 $166 $10,178 ======================================================== *Investment Funds representing five percent 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, 1997 (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 $2,137 - - - - $2,137 Short-term investments 91 - - - $13 104 Loans to parti- cipants 158 - - - - 158 Exxon Corp. common stock - $5,333 - - - 5,333 Index funds - - $757 $298 - 1,055 Exxon Corp. Class A preferred stock - - - - 394 394 ------------------------------------------------------- Total investments 2,386 5,333 757 298 407 9,181 Amounts due from employers - - - - 20 20 Dividends receivable - 36 - - - 36 Accrued interest 36 - - - - 36 Other receivables 3 - - - - 3 ------------------------------------------------------- Total assets 2,425 5,369 757 298 427 9,276 ------------------------------------------------------- Liabilities Payables and accrued liabilities 10 8 - - 3 21 Notes payable - - - - 225 225 -------------------------------------------------------- Total liabilities 10 8 - - 228 246 ------------------------------------------------------- Net assets available for benefits $2,415 $5,361 $757 $298 $199 $9,030 ======================================================= *Investment Funds representing five percent 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, 1998 (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: Employers $14 $4 $1 $1 $94 $114 Employee 76 48 30 21 - 175 ---------------------------------------------------- Total contributions 90 52 31 22 94 289 ---------------------------------------------------- Investment income: Interest 156 - - - 1 157 Dividends - 138 - - 12 150 Net appreciation (depreciation) in fair value of investments 7 1,201 178 4 73 1,463 ---------------------------------------------------- Total investment income 163 1,339 178 4 86 1,770 ---------------------------------------------------- Interest expense - - - - (8) (8) LESOP conversions - 60 - - (166) (106) Benefit payments at fair value (284) (376) (35) (13) - (708) Participant withdrawals at fair value (49) (40) - - - (89) Interfund transfers 245 (227) 13 8 (39) - ----------------------------------------------------- Net increase(decrease) 165 808 187 21 (33) 1,148 Net assets available for benefits: At the beginning of the year 2,415 5,361 757 298 199 9,030 ---------------------------------------------------- At the end of the year $2,580 $6,169 $944 $319 $166 $10,178 ==================================================== 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") 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, federal tax treatment of a qualified plan and trust, 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, including the investment in Exxon Corporation Common Stock. During 1998, $351,719 of employers' 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 ("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 fixed income securities in the Common Asset Fund and the Exxon Corporation Preferred Stock Fund, 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, 1998 and 1997, these components of net appreciation (depreciation) were: Common Asset Fixed Exxon Corporation Exxon Corporation Income Securities Common Stock Preferred Stock Fund Fund Fund ----------------- ----------------- ----------------- 1998 1997 1998 1997 1998 1997 ---- ---- ---- ---- ---- ---- (millions of dollars) Realized G/(L) $(4) $(5) $150 $180 $21 $40 Unrealized G/(L) 11 (3) 1,051 998 52 89 ---- ----- ----- ----- ----- ----- Net Appreciation $ 7 $(8) $1,201 $1,178 $73 $129 (Depreciation) Note 4: Tax Status On August 28, 1997, the Internal Revenue Service issued a favorable determination letter with respect to the qualified status of the Thrift Plan under Section 401(a) of the Internal Revenue Code ("IRC"). The Trustee believes that the Plan is a qualified plan under IRC Section 401(a) and that the related trust is exempt from tax under IRC section 501(a). -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 An employee stock ownership plan was incorporated into the Thrift Plan on August 1, 1988. This plan is commonly referred to as the Direct Dividend Dividend Account ("DDA") and is described in detail in the Plan Document. In 1989, the plan was leveraged when the Trustee-Thrift Trust borrowed $1.0 billion at a floating rate of interest under the terms of notes, guaranteed by Exxon Corporation. 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 ("Preferred Stock") for $61.50 per share which are convertible into Exxon Corporation common stock. After the common stock split on March 14, 1997, when the common share price exceeds $30.75, one share of preferred stock is convertible into two shares of common stock. When the price is $30.75 or less, one share of preferred is convertible into common shares having a total value of $61.50. Dividends on the Preferred Stock are cumulative and payable in an amount per share equal to $4.68 per annum. Dividends on the Preferred Stock of $12 million and $20 million were paid during 1998 and 1997, respectively, and covered certain principal and interest payments of $8 million and $24 million on the notes. During 1998 and 1997, 1,397,641 and 1,854,762 shares of Preferred Stock, respectively, were converted into common stock. In 1998 and 1997, principal payments of $100 million and $120 million, respectively, were made on the notes. The interest rate on the notes ranged from 3.94% to 5.28% in 1998 and 4.22% to 5.12% in 1997. The final principal payment on the note of $125 million is due in 1999 at which time remaining Preferred Stock will be converted into common stock and allocated to participant accounts in accordance with Plan provisions and applicable law. 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 $19 million and $17 million for the years ended November 30, 1998 and 1997, respectively, are reported on an accrual basis. As such, the net assets available for benefits reflected for Form 5500 purposes are $10,159 million and $9,013 million for the years ended November 30, 1998 and 1997, respectively. -8- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS Note 8: Subsequent Events New Investment Option Effective January 1, 1999, the Thrift Plan will begin offering a new investment option, Balanced Fund Units, which is designed to generate returns from income and growth through investment in domestic and international stocks and United States bonds. Change in Plan Year The plan year of the Thrift Plan that commenced December 1, 1998, ended on December 31, 1998 as provided by a plan amendment that changes the plan year of the Thrift Fund to coincide with the calender year. Plan Amendment Effective January 1, 1999, the Thrift Plan was amended to offer additional distribution options for annuitants, increased percentage limit for contributions, and the acceptance of rollovers from other qualified plans. Partial distributions can now be made once each year in the amount of $5,000 or more, and can be in the form of cash, Exxon common stock, or a combination of both cash and Exxon common stock. The maximum contribution percentage by payroll deduction was increased to 18%. Employee rollovers will be accepted from other tax qualified plans, but not from Indivdual Retirement Accounts and Individual Retirement Annuities (IRAs). Plan Transfer During 1999, plan assets will be transferred to a new plan for those participants who were hired by Infineum USA, L.P., an Exxon Corporation and Shell Oil Company joint venture. -9- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- COMMON ASSET FUND - ----------------- CORPORATE BONDS 3M DEUTSCHELAND GM 5.75 5.750% 07/30/99 $ 3,000 $ 3,050 $ 3,059 ABBEY NATIONAL 6.250% 06/30/00 6,785 6,799 6,876 AMER EXPRESS MSTR TRUST 5.375% 07/15/01 33,255 33,112 33,329 AMER INTL GRP INC M/T/N 6.250% 08/16/99 20,000 19,961 20,149 AMER INTL GRP INC M/T/N 6.050% 11/01/99 5,250 5,245 5,291 AMER INTL GRP INC M/T/N 4.875% 10/30/00 2,588 2,582 2,577 ASSOC CORP N AMER 6.625% 07/15/99 2,325 2,329 2,344 ASSOC CORP N AMER M/T/N 6.470% 05/17/99 3,000 3,000 3,016 ASSOC CORP N AMER M/T/N 8.350% 12/22/98 3,100 3,104 3,104 ASSOC CORP N AMER M/T/N 5.440% 01/29/99 2,900 2,896 2,899 ASSOC CORP N AMER M/T/N 6.200% 02/15/00 3,500 3,515 3,539 ASSOC CORP N AMER NTS 6.250% 03/15/99 3,725 3,725 3,736 AUSTRIA REP 9.125% 04/25/99 7,000 7,065 7,111 BANC ONE AUTO GRANTOR TR 6.100% 10/15/02 7,524 7,538 7,572 BANC ONE AUTO GRANTOR TR 6.550% 02/15/03 3,639 3,635 3,673 BANC ONE AUTO GRANTOR TR 6.270% 11/20/03 20,455 20,525 20,690 BANC ONE AUTO GRANTOR TR 6.290% 07/20/04 16,871 16,988 17,077 BANKBOSTON RECR VEH 6.390% 01/15/03 14,690 14,761 15,185 BARNETT AUTO TR 6.030% 11/15/01 13,500 13,510 13,591 BARNETT AUTO TR 5.920% 07/15/00 8,929 8,949 8,941 BAYER USA INC 7.750% 10/28/99 10,950 11,102 11,169 BAYERISCHE LANDESBANK GIROZENTRALE M/T/N 6.550% 07/19/99 10,000 9,998 10,084 BAYERISCHE LANDESBANK GIROZENTRALE M/T/N 6.125% 10/22/99 10,000 9,969 10,066 BAYERISCHE LANDESBANK U S FIN M/T/N 6.650% 01/26/00 9,250 9,328 9,466 BAYERISCHE VEREINSBANK 8.125% 01/27/00 25,000 25,439 25,750 BELLSOUTH CAP FDG CORP SER A M/T/N 8.650% 10/01/99 2,700 2,748 2,775 BELLSOUTH TELECOMM INC NT 6.500% 02/01/00 4,000 4,016 4,059 BOATMENS AUTO TR 95-A A-3 6.100% 05/15/00 1,961 1,961 1,965 BP AMER INC 9.375% 11/01/00 7,500 8,043 8,061 BP AMER INC M/T/N 6.923% 01/15/99 7,000 7,008 7,009 BP AMER NOTES EURO M/T/N 5.750% 07/30/01 15,800 16,060 15,978 BRIDGESTONE/FIRESTONE MSTR 6.170% 07/01/03 10,000 10,046 10,153 BRITISH PETROLEUM AMER 9.750% 03/01/99 14,450 14,499 14,576 BRITISH TELECOM FIN INC 9.375% 02/15/99 17,210 17,303 17,350 CALIF INFRASTRUCTURE & 6.160% 06/25/03 2,000 2,000 2,045 CALIF INFRASTRUCTURE & 6.010% 06/25/01 5,876 5,881 5,877 CALIF INFRASTRUCTURE & 6.170% 03/25/03 2,000 2,000 2,010 CALIF PETE TRANS CORP 7.350% 04/01/00 18,160 18,502 18,637 -10- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- CASE EQUIP LN TR 6.150% 09/15/02 $ 2,283 $ 2,283 $ 2,287 CHASE CREDIT CD MSTR TR 6.230% 06/15/03 4,126 4,130 4,203 CHASE CREDIT MSTR CD TR 5.550% 09/15/03 15,000 14,950 15,107 CHASE MAN AUTO OWNER TR 6.350% 02/15/01 8,000 7,998 8,067 CHASE MAN AUTO OWNER TR 5.950% 10/15/99 58 58 58 CHASE MAN AUTO OWNER TR 5.700% 09/17/01 5,000 4,988 5,024 CHASE MAN AUTO OWNER TR 5.750% 10/15/01 10,000 9,999 10,057 CHASE MAN AUTO OWNER TR 5.747% 08/15/00 12,300 12,320 12,343 CHASE MAN CR CD MSTR TR 6.730% 02/15/03 10,500 10,500 10,572 CHASE MAN GRANTOR TR 6.000% 09/17/01 3,694 3,696 3,705 CHASE MAN GRANTOR TR 5.900% 11/15/01 4,368 4,369 4,379 CHASE MAN GRANTOR TR 5.200% 02/15/02 4,493 4,489 4,494 CHESAPEAKE & POTOMAC TEL CO MD 5.875% 09/15/99 11,000 10,978 11,056 CITIBANK CR CD MSTR TR I 5.750% 01/15/03 10,000 9,991 10,099 CITIBANK CR CD MSTR TR I 5.850% 04/10/03 11,000 11,038 11,086 CORESTATES HOME EQ TR 5.100% 03/15/09 1,904 1,903 1,888 CREDIT LOCAL DE FRANCE DEB 8.875% 10/18/99 22,871 23,355 23,529 CTS HOME EQUITY LN TR 7.700% 09/15/06 1,887 1,911 1,883 DAIMLER-BENZ AUTO GR TR 5.850% 05/15/02 3,644 3,644 3,647 DAIMLER-BENZ AUTO GR TR 1997-A A 6.050% 03/20/05 8,471 8,475 8,540 DAIMLER-BENZ VEH TR 5.850% 07/20/03 10,594 10,598 10,640 DEUTSCH BANK FIN INC 9.375% 06/21/99 3,469 3,524 3,538 DISCOVER CARD MSTR TR I 5.400% 11/16/01 17,622 17,576 17,633 DISCOVER CARD MSTR TR I 5.800% 09/16/03 12,000 11,964 12,085 DISCOVER CARD MSTR TR I 5.750% 10/16/03 5,000 4,974 5,050 EKSPORTFINANS AS EMTN 7.740% 05/06/99 1,400 1,405 1,413 ELI LILLY AND CO 8.125% 02/07/00 10,000 10,238 10,287 EURO INV BANK 7.625% 03/15/00 1,300 1,326 1,336 EURO INV BK 7.75 7.750% 12/15/98 5,000 5,003 5,006 EUROPEAN INVT BK M/T/N 8.875% 02/15/99 8,500 8,539 8,558 EUROPEAN INVT BK M/T/N 6.330% 10/01/99 13,000 13,004 13,084 EUROPEAN INVT BK M/T/N 7.350% 06/01/99 9,000 9,037 9,100 FIFTH THIRD AUTO GR TR 6.450% 03/15/02 9,839 9,881 9,930 FIFTH THIRD BK AUTO TR 1996-A 6.200% 09/15/01 7,152 7,152 7,191 FIRST SEC AUTO GR TR 5.970% 04/15/04 32,492 32,604 32,741 FIRST SEC AUTO GR TR 6.250% 01/15/01 591 594 592 FIRST SEC AUTO GR TR 6.300% 08/15/03 8,222 8,239 8,286 FIRST SEC AUTO OWNER TR 5.182% 06/15/01 20,000 20,000 19,975 FLEETWOOD CR 1993-B GR TR 4.950% 08/15/08 1,643 1,639 1,636 FLEETWOOD CR 1994-B GR TR 6.750% 03/15/10 1,799 1,794 1,822 FORD CR AUTO OWNER TR 6.750% 09/15/00 6,500 6,500 6,559 FORD CR AUTO OWNER TR 6.100% 03/15/00 2,628 2,628 2,635 -11- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- FORD CR AUTO OWNER TR 6.050% 04/15/01 $ 6,075 $ 6,081 $ 6,117 FORD CR AUTO OWNER TR 6.500% 11/15/99 229 229 229 FORD CR AUTO OWNER TR 5.650% 10/15/01 25,000 24,980 25,117 FORD CR AUTO OWNER TR 5.800% 10/15/00 19,440 19,457 19,524 FORD CR AUTO OWNER TR 5.730% 11/15/00 3,100 3,113 3,112 FORD CR GRANTOR TR 5.900% 10/15/00 5,844 5,851 5,860 GE CAP MTG SVCS INC 7.200% 09/15/11 350 376 350 GEN ELEC CAP CANADA INC 8.750% 10/25/99 2,974 3,043 3,056 GEN ELEC CAP CORP 8.000% 02/14/00 1,500 1,534 1,546 GEN ELEC CAP CORP 7.375% 05/09/01 4,000 4,178 4,175 GEN ELEC CAP CORP E/M/T/N 6.250% 03/27/01 9,419 9,591 9,617 GEN ELEC CAP CORP M/T/N 8.100% 01/26/99 2,000 2,007 2,007 GEN ELEC CAP CORP M/T/N 5.890% 05/15/00 15,000 15,125 15,241 GEN ELEC CAP CORP M/T/N 5.190% 02/12/99 5,000 5,000 4,996 GEN ELEC CAP CORP M/T/N 5.480% 03/01/99 5,000 4,986 5,001 GEN ELEC CAP CORP M/T/N 7.265% 04/10/00 3,900 3,955 4,012 GEN ELEC CAP CORP M/T/N 5.210% 02/09/99 5,000 4,998 4,996 GEN ELEC CAPITAL 6.875% 06/03/99 3,430 3,445 3,451 GMAC 1995-A GRANTOR TR 7.150% 03/15/00 1,335 1,336 1,337 GMAC GRANTOR TR 6.500% 04/15/02 7,477 7,475 7,540 HALIFAX BUILDING SOCIETY 6.625% 07/26/99 20,000 20,052 19,686 HEWLETT PACKARD 6.250% 12/31/98 1,995 1,996 1,995 HEWLETT-PACKARD FIN CO M/T 6.500% 12/30/99 8,000 8,043 8,080 HITACHI FINANCE UK PLC 6.625% 06/06/00 5,000 5,022 5,025 HONDA AUTO REC CL A 5.850% 02/15/03 20,986 20,984 21,095 HONDA AUTO REC GRANTOR 5.950% 05/15/03 17,074 17,110 17,185 HOUSEHOLD AFFINITY CR CD 5.600% 05/15/02 21,776 21,671 21,903 IADB 9.500% 04/11/00 8,700 9,071 9,168 IBRD 4.500% 08/26/99 10,089 9,983 10,044 INT AMER BK 5.5 E M/T/N 5.500% 12/19/00 7,000 6,967 7,018 INT AMER DEV BK E/M/T/N 5.300% 12/20/00 2,500 2,534 2,497 INTER AMER DEV BANK 6.375% 08/01/00 3,150 3,208 3,205 INTER AMER DEV BK M/T/N 5.600% 05/28/99 26,930 26,844 26,964 INTER-AMERICAN DEV BK 3.100% 09/17/01 3,000 2,877 2,836 INTL BANK RECON DEV 3.0 3.000% 02/05/01 14,900 14,175 14,248 INTL BK FOR RECON & DEV COLTS 9.625% 04/28/99 5,000 5,060 5,088 INTL TELECOM SATELLITE 6.750% 01/19/00 17,355 17,456 17,594 KEY AUTO FIN TR 6.150% 10/15/01 6,000 5,999 6,059 KEY AUTO FIN TR 6.050% 09/15/03 8,000 8,014 8,046 KEY AUTO FINANCE TR 5.850% 03/15/03 831 831 832 KEY AUTO FINANCE TR 6.150% 03/15/04 9,641 9,672 9,755 KEYCORP AUTO GRANTOR TR 5.800% 07/15/00 1,026 1,026 1,027 KFW INTL FIN 8.125 GTD NTS 8.125% 10/30/01 3,000 3,263 3,221 KFW INTL FIN INC 9.500% 12/15/00 12,710 13,585 13,750 KFW INTL FIN INC 9.125% 05/15/01 1,525 1,679 1,660 -12- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- KFW INTL FIN INC GTD NT 8.850% 06/15/99 $ 21,180 $ 21,497 $ 21,575 KFW INTL FIN INC-M/T/N 9.020% 02/23/99 5,000 5,028 5,041 KIMBERLY CLARK CORP 9.000% 08/01/00 5,000 5,232 5,304 KIMBERLY CLARK CORP 8.625% 05/01/01 8,350 8,866 8,992 KREDIETBANK INTL FIN 6.125% 04/29/99 20,000 19,979 20,057 LBK RHEIN-PFALZ GI M/T/N 6.100% 10/28/99 32,100 32,031 32,300 LILLY ELI & CO M/T/N 7.100% 02/16/99 1,000 1,002 1,003 MBNA MASTER CR CARD TR 5.400% 09/15/00 9,508 9,474 9,492 MCDONALDS COR M/T/N SER B 8.375% 10/29/99 2,100 2,138 2,159 MCDONALDS CORPORATION 6.625% 12/20/99 1,540 1,550 1,556 MERRILL LYNCH & CO INC 6.700% 08/01/00 2,840 2,879 2,897 MERRILL LYNCH & CO INC M/T 6.380% 07/18/00 6,400 6,481 6,511 MERRILL LYNCH & CO INC M/T 6.250% 07/25/00 4,755 4,820 4,829 MERRILL LYNCH & CO INC M/T 6.330% 08/25/00 1,000 1,008 1,017 MMCA AUTO OWNER TR 5.700% 11/15/00 1,137 1,136 1,137 MORGAN J P & CO INC M/T/N 6.000% 03/18/99 20,000 19,981 20,019 NATIONSBANK AUTO GR TR 5.850% 06/15/02 3,891 3,891 3,905 NATIONSBANK AUTO OWNR TR 6.375% 07/15/00 14,101 14,102 14,137 NATL AUSTRALIA BK 6.00 6.000% 03/26/99 6,000 5,998 6,008 NAVISTAR FIN 95-A OWNR TR 6.550% 11/20/01 1,526 1,531 1,527 NEW ENGLAND TEL & TEL CO 6.150% 09/01/99 2,000 1,993 2,013 NIPPON TEL & TEL 9.000% 07/19/99 2,630 2,669 2,683 NISSAN AUTO REC GR TR 6.100% 08/15/01 3,887 3,890 3,897 NORWEST AUTOMOBILE TR 5.900% 03/15/00 14,163 14,159 14,186 NORWEST CORP M/T/N 7.125% 04/01/00 1,400 1,420 1,429 NORWEST CORP M/T/N 7.125% 09/09/99 3,000 3,013 3,041 NORWEST CORP M/T/N 7.625% 10/15/99 1,000 1,014 1,020 NORWEST CORP M/T/N 6.250% 04/15/99 6,150 6,153 6,175 NORWEST FINL INC 7.250% 03/15/00 2,500 2,541 2,556 NORWEST FINL INC M/T/N 6.375% 10/01/99 4,250 4,242 4,288 OEST KONTROLLBANK 7.50 7.500% 11/15/99 2,733 2,800 2,788 OESTERREICHE KONTROLBANK 9.125% 07/12/00 9,500 9,906 10,058 OESTERREICHISCHE KONTROLLBANK M/T/N 8.700% 07/13/99 8,000 8,106 8,174 OLYMPIC AUTO REC TR 6.850% 06/15/01 1,461 1,461 1,464 PITNEY BOWES CR CORP M/T/N 6.540% 07/15/99 10,000 10,016 10,079 PNC STUDENT LN TR I 6.138% 01/25/00 16,565 16,589 16,614 PREMIER AUTO TR 5.690% 06/08/02 12,000 11,999 12,083 PREMIER AUTO TR 5.630% 08/06/01 10,000 9,999 10,046 PREMIER AUTO TR 6.150% 03/06/00 3,865 3,866 3,872 PREMIER AUTO TR 6.000% 05/06/00 1,396 1,396 1,398 PREMIER AUTO TR 6.350% 01/06/00 1,507 1,507 1,509 PREMIER AUTO TR 5.900% 04/06/00 330 330 330 PREMIER AUTO TR 6.500% 03/06/00 8,738 8,745 8,761 PREMIER AUTO TR 6.250% 08/06/01 1,000 1,004 1,007 PREMIER AUTO TR 6.120% 06/06/00 15,000 14,999 15,053 -13- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- PREMIER AUTO TR 5.770% 01/06/02 $ 14,000 $ 14,000 $ 14,095 PROCTER & GAMBLE CO 8.700% 08/01/01 1,900 2,077 2,053 PROCTER & GAMBLE CO NT 9.625% 01/14/01 21,790 23,378 23,833 RABOBANK NEDERLAND M/T/N 5.950% 10/06/99 15,000 14,999 15,115 ROCKWELL INTL CORP 8.875% 09/15/99 10,250 10,476 10,519 ROCKWELL INTL CORP NT 8.375% 02/15/01 1,000 1,052 1,061 SCFC REC VEH LN TR 7.250% 09/15/06 2,085 2,086 2,097 SEARS CR ACCT MSTR TR II 6.250% 01/15/03 9,250 9,295 9,262 SEARS CR ACCT MSTR TR II 6.500% 10/15/03 20,000 19,997 20,124 SHELL CDA LTD CDN$ DEB 8.875% 01/14/01 4,500 4,775 4,821 SHELL OIL CO 6.950% 12/15/98 6,290 6,292 6,294 SHELL OIL CO NT 6.625% 07/01/99 8,800 8,807 8,868 STANDARD CR CD MSTR TR 5.500% 02/07/00 16,750 16,745 17,061 STANDARD CR CD MSTR TR 1 6.800% 04/07/01 2,000 2,001 2,011 STANDARD CR CD MSTR TR I 5.900% 02/07/01 27,425 27,417 27,457 STATOIL 6.625% 09/27/99 10,000 10,058 10,088 STATOIL 6.250% 10/10/00 2,640 2,657 2,670 SW BELL TEL CO 6.375% 04/01/01 3,200 3,231 3,283 SW BELL TEL CO M/T/N 6.400% 08/18/99 4,000 4,009 4,031 TMS HOME EQUITY LN TR 5.175% 07/15/06 750 760 747 TOKYO METROPOLIS JAPAN 8.700% 10/05/99 2,000 2,038 2,052 TOYOTA AUTO RECEIVABLES 6.300% 07/20/01 7,167 7,168 7,194 TOYOTA AUTO REC GRANTOR TR 6.450% 04/15/02 15,403 15,425 15,543 UNILEVER 6.625 29MAY2001 6.625% 05/29/01 4,500 4,653 4,625 UNILEVER CAPITAL CORP 9.250% 03/29/00 29,700 30,651 31,111 UNILEVER NV EURO MTN US$ 8.000% 12/08/99 7,000 7,135 7,175 UNITED PARCEL SERV 6.250% 07/07/00 27,904 28,077 28,253 USAA AUTO LN GRANTOR TR 5.800% 01/15/05 12,927 12,920 13,020 USAA AUTO LN GRANTOR TR 6.000% 05/15/04 8,852 8,882 8,907 USAA CAP CORP M/T/N 6.550% 09/20/99 10,000 10,030 10,106 WACHOVIA BK N C N A M/T/N 7.050% 06/09/99 15,000 15,045 15,136 WACHOVIA BK N C N A M/T/N 7.000% 05/12/99 5,800 5,807 5,843 WACHOVIA BK N C N A M/T/N 5.375% 01/04/99 5,650 5,650 5,648 WACHOVIA BK N C N A M/T/N 6.000% 03/15/99 2,450 2,450 2,455 WACHOVIA BK N C N A M/T/N 5.400% 02/20/01 5,000 5,004 5,012 WACHOVIA BK N C N A M/T/N 5.840% 11/29/99 5,000 5,001 5,031 WACHOVIA BK N C N A M/T/N 6.700% 04/14/99 1,000 1,002 1,005 WAL MART STORES 9.100% 07/15/00 26,651 27,978 28,256 WAL MART STORES 6.125% 11/21/00 5,701 5,738 5,765 WAL MART STORES INC NT 6.125% 10/01/99 4,000 3,996 4,026 WAL-MART STORES INC 8.625% 04/01/01 4,711 5,085 5,061 --------- ---------- ---------- TOTAL CORPORATE BONDS $1,755,053 $1,767,656 $1,777,879 -14- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- GOVERNMENT BONDS FED FARM CR BKS CONS M/T/N 5.560% 08/27/01 $ 19,980 $ 20,476 $ 20,305 FED FARM CR BKS CONS M/T/N 5.570% 03/23/01 6,500 6,578 6,582 FED FARM CR BKS CONS M/T/N 6.280% 06/20/01 1,800 1,867 1,855 FED FARM CR BKS CONS M/T/N 5.500% 04/01/99 15,000 15,023 15,007 FED FARM CR BKS CONS M/T/N 5.800% 10/10/00 1,700 1,726 1,724 FED FARM CR BKS CONS M/T/N 4.850% 10/23/01 15,000 15,115 14,948 FED HOME LN BANK NT 7.280% 07/25/01 2,000 2,126 2,113 FED HOME LN BKS 5.750% 12/30/98 10,000 9,998 10,002 FED HOME LN BKS 5.630% 06/22/01 1,305 1,333 1,325 FED HOME LN BKS 5.750% 04/30/01 2,515 2,575 2,559 FED HOME LN BKS 5.610% 06/22/01 10,000 10,218 10,150 FED HOME LN BKS 6.580% 09/20/01 1,000 1,048 1,041 FED HOME LN BKS CONS 6.360% 03/21/01 1,000 1,035 1,030 FED HOME LN BKS CONS BD 7.260% 09/06/01 4,125 4,391 4,364 FED HOME LN BKS CONS BD 6.670% 04/06/01 1,000 1,043 1,037 FED HOME LN BKS CONS BD 6.145% 01/28/00 3,000 3,048 3,035 FED HOME LN BKS DEB 4.395% 10/23/00 15,000 14,856 14,841 FED HOME LN BKS DEB 4.960% 09/29/00 2,000 2,002 2,003 FED HOME LN BKS DEB 4.630% 10/09/01 20,000 19,967 19,816 FED HOME LN BKS M/T/N 5.415% 12/28/98 5,000 5,000 4,999 FED HOME LN BKS M/T/N 8.000% 09/11/01 1,000 1,084 1,077 FED HOME LN MTG CORP DEB 4.950% 02/22/99 5,000 4,994 4,993 FED HOME LN MTG CORP DEB 6.565% 05/23/01 1,000 1,043 1,036 FED HOME LN MTG CORP NTS 4.950% 02/22/99 10,000 9,977 9,986 FED HOME LOAN BANK 9.300% 01/25/99 8,280 8,317 8,325 FED HOME LOAN MTG 6.00 6.000% 04/25/00 17,600 17,925 17,944 FED HOME LOAN MTG CORP GRP # M80142 6.000% 10/01/99 1,742 1,750 1,740 FED HOME LOAN MTG CORP GRP #G40276 6.500% 12/01/99 5,611 5,667 5,634 FED HOME LOAN MTG CORP GRP #G40343 5.500% 12/01/00 19,310 19,362 19,257 FED HOME LOAN MTG CORP GRP #L80028 6.000% 07/01/00 1,351 1,353 1,353 FED HOME LOAN MTG CORP GRP #M80169 6.000% 05/01/00 3,658 3,673 3,663 FED HOME LOAN MTG CORP GRP #M80306 5.500% 01/01/01 4,061 4,076 4,049 FED HOME LOAN MTG CORP GRP #N93561 6.000% 05/01/00 1,642 1,641 1,644 FED HOME LOAN MTG CORP GRP #N94196 6.000% 08/01/00 832 840 833 FED HOME LOAN MTGE CORP 7.900% 09/19/01 1,875 2,030 2,016 -15- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- FED NATL MTG ASSN DEB 8.550% 08/30/99 $ 5,120 $ 5,206 $ 5,239 FED NATL MTG ASSN DEB 7.050% 12/10/98 5,000 5,002 5,002 FED NATL MTG ASSN DEB 7.680% 11/22/99 2,465 2,499 2,526 FED NATL MTG ASSN DISCT 0.000% 04/01/99 10,000 9,768 9,763 FED NATL MTG ASSN M/T/N 4.950% 02/22/99 10,000 9,992 9,986 FED NATL MTG ASSN M/T/N 6.375% 08/14/01 1,000 1,042 1,035 FED NATL MTG ASSN M/T/N 6.160% 04/03/01 6,000 6,171 6,153 FED NATL MTG ASSN M/T/N 5.200% 09/14/00 22,000 22,238 22,048 FED NATL MTG ASSN M/T/N 6.070% 07/01/99 5,000 4,999 5,021 FED NATL MTG ASSN M/T/N 5.200% 01/25/99 5,000 5,000 4,997 FED NATL MTG ASSN M/T/N 5.090% 02/08/99 5,000 5,000 4,995 FED NATL MTG ASSN POOL #247817 6.000% 11/01/00 1,208 1,202 1,208 FED NATL MTG ASSN POOL #303277 6.000% 06/01/01 21,549 21,498 21,591 FED NATL MTG ASSN POOL #313201 6.000% 06/01/01 14,723 14,706 14,751 FED NATL MTGE ASSN 8.700% 06/10/99 1,000 1,007 1,017 FED NATL MTGE ASSN M/T/N 6.650% 09/04/01 1,210 1,270 1,261 FED NATL MTGE ASSN M/T/N 5.820% 12/21/98 10,000 9,999 10,000 FED NATL MTGE ASSN M/T/N 4.940% 02/23/99 5,000 4,988 4,993 FED NATL MTGE ASSN M/T/N 6.090% 06/14/99 5,000 4,999 5,020 FED NATL MTGE ASSN M/T/N 5.550% 08/10/00 5,000 5,082 5,038 FED NATL MTGE ASSN M/T/N 5.400% 03/12/99 5,000 4,993 5,000 FED NATL MTGE ASSN M/T/N 6.180% 03/15/01 1,500 1,548 1,538 FED NATL MTGE ASSN M/T/N 5.550% 03/12/99 2,030 2,026 2,031 FED NATL MTGE ASSN M/T/N 6.000% 03/26/99 5,000 4,999 5,010 FED NATL MTGE ASSN POOL # 9.550% 03/10/99 1,800 1,813 1,820 FED NATL MTGE ASSN POOL #190778 6.000% 05/01/01 8,908 8,876 8,908 INTER AMERN DEV BK 8.500% 05/01/01 7,800 8,363 8,378 STUDENT LN MKTG ASSN NT 4.500% 08/02/99 35,575 35,171 35,431 --------- -------- -------- TOTAL GOVERNMENT BONDS $ 429,775 $ 432,614 $ 432,046 -16- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ---------------------------------------------------------------------------- CERTIFICATE OF DEPOSITS BANKERS TR CO C/D 5.800% 02/08/99 $ 10,000 $ 9,994 $ 10,020 BAYERISCHE LANDESBANK N Y INSTL C/D 5.220% 02/12/99 5,000 5,001 4,999 GREENWOOD TR CO DEL C/D 5.800% 03/20/00 15,000 14,955 15,161 GREENWOOD TR CO DEL C/D 5.100% 10/09/00 10,000 9,963 9,963 --------- -------- ------- TOTAL CERTIFICATE OF DEPOSITS $ 40,000 $ 39,913 $ 40,143 --------- --------- ------- TOTAL FIXED INCOME SECURITIES $2,224,828 $2,240,183 $2,250,068 SHORT TERM INVESTMENTS COMMERCIAL PAPER AMER EXPR CR CORP CPDS N/A 12/04/98 $ 10,000 $ 9,974 $ 9,969 ASSOC CORP OF N AMER CPDS N/A 12/07/98 20,000 19,940 19,931 ASSOC CORP OF N AMER CPDS N/A 12/02/98 10,000 9,977 9,972 ASSOC CORP OF NA C/P DISC N/A 01/04/99 10,000 9,928 9,929 GEN ELEC CAP CORP CPIB 5.040% 01/12/99 20,000 20,000 20,000 --------- --------- ------- TOTAL COMMERCIAL PAPER $ 70,000 $ 69,819 $ 69,801 COLL SHORT TERM INVST FD N/A N/A $ 47,779 $ 47,779 $ 47,779 CS FIRST BOSTON MSTR NOTE INC N/A N/A 24 24 24 GOLDMAN SACHS & CO MSTR NOTE N/A N/A 20,558 20,558 20,558 MORGAN STANLEY GRP INC MSTR NOTE N/A N/A 17,000 17,000 17,000 --------- --------- ------- TOTAL SHORT TERM INVESTMENTS $ 155,361 $ 155,180 $ 155,162 PARTICIPANT LOANS (ANNUAL INTEREST RATES FROM 9.0 TO 6.5, MAXIMUM PERIOD OF REPAYMENT IS 60 MONTHS) N/A N/A $ 151,742 $ 151,742 $ 151,742 ----------- ---------- ---------- TOTAL COMMON ASSET INVESTMENTS $2,531,931 $2,547,105 $2,556,972 ========== ========== ========== -17- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/98 (thousands of dollars) SHARES/ CURRENT DESCRIPTION UNITS COST VALUE - ----------------------------------------------------------------------------- EXXON CORPORATION PREFERRED STOCK FUND - --------------------------- EXXON CORPORATION CLASS A PREFERRED STOCK (thousands of shares) 1,832 $ 112,659 $ 274,778 SHORT TERM INVESTMENTS BEAR STEARNS MASTER NOTE $ 59 $ 59 $ 59 MORGAN STANLEY GROUP INC MASTER NOTE 10,800 10,800 10,800 COLL SHORT TERM INVST FUNDS 0 74 74 --------- ---------- ---------- TOTAL SHORT TERM INVESTMENTS $ 10,859 $ 10,933 $ 10,933 ---------- ---------- TOTAL PREFERRED STOCK FUND $ 123,592 $ 285,711 EXXON CORPORATION COMMON STOCK FUND - --------------------------- EXXON CORPORATION COMMON STOCK (thousands of shares) 81,921 $2,510,048 $6,144,087 EQUITY PORTFOLIO FUND - --------------------- BARCLAYS GLOBAL INVESTORS EQUITY FUND (thousands of units) 3,432 $ 418,730 $ 944,430 EXTENDED MARKET PORTFOLIO FUND - ------------------------- BARCLAYS GLOBAL INVESTORS EXTENDED EQUITY INDEX FUND (thousands of units) 16,634 $ 242,518 $ 318,848 -18- EXHIBIT 2 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS NOVEMBER 30, 1998 (thousands of dollars) 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 - --------- ----- --------- -------- ---- 13,446,136 14,201,336 $844,473 $982,620 $212,224 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 3-9) 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, 1998 and 1997, and the changes in its net assets available for benefits for the year ended November 30, 1998, 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. PricewaterhouseCoopers LLP Houston, Texas March 18, 1999 -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 March 18, 1999 appearing on page 20 of this Annual Report on Form 11-K. PricewaterhouseCoopers LLP Houston, Texas March 26, 1999 -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: March 18, 1999 -22-