// REENERGIZE EXXON

Engine No. 1 Releases Presentation Highlighting Need for Change at ExxonMobil

Details ExxonMobil Board’s Failure to Position the Company for Long-Term Value Creation in a Changing Industry and World

Engine No. 1’s Nominees Have a Diverse Set of Experiences in Successful, Global Energy Operations and Decades of Leading Value-Creating Transformations in the Energy Industry

Urges ExxonMobil Shareholders to Vote the WHITE Proxy Card TODAY “FOR ALL” of Engine No. 1’s Highly Qualified, Independent Nominees

SAN FRANCISCO – April 26, 2021 – Engine No. 1, which has nominated four highly qualified, independent director candidates to the Exxon Mobil Corporation (NYSE: XOM) (“ExxonMobil” or the “Company”) Board of Directors (the “Board”), today released an in-depth presentation to ExxonMobil shareholders detailing the need for change at ExxonMobil to protect and enhance long-term shareholder value in a changing industry and world. Engine No. 1 encourages ExxonMobil shareholders to review the facts set forth in its presentation so they can make an informed decision at the Company’s 2021 Annual Meeting regarding the future of the Company and their investment.

Engine No. 1’s investor presentation can be found here.

Key issues under the current Board examined in the presentation include:

  • Issue #1: Failure to Position ExxonMobil for Long-Term Value Creation
  • Issue #2: Rhetoric Does Not Address Long-Term Business Risk from Emissions
  • Issue #3: Lack of Capital Allocation Discipline
  • Issue #4: Little Reason to Trust Newfound Spending Discipline
  • Issue #5: Lack of Successful and Transformative Energy Experience on the Board
  • Issue #6: Misaligned Incentives

Engine No. 1’s director candidates add a highly relevant, unique and complementary set of skills to the Board, and, as directors, would help to address the fundamental issues at the Company by bringing to bear their collective experiences in value-creating transformational change in the energy sector.

Vote the WHITE proxy card TODAY to Reenergize ExxonMobil.
Additional information regarding Engine No. 1’s campaign to reenergize ExxonMobil may be found at www.ReenergizeXOM.com.

If you have any questions or need help in voting your shares, please call the firm assisting us with the solicitation of proxies:

INNISFREE M&A INCORPORATED
Shareholders may call: (877) 750-8310 (TOLL-FREE from the U.S. and Canada)
or +1(412) 232-3651 (from other countries)

About Engine No. 1

Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. The firm also will invest in public and private companies through multiple strategies. For more information, please visit: www.Engine1.com.  

Media Contacts

Gasthalter & Co.
Jonathan Gasthalter/Amanda Klein
212-257-4170
[email protected] 

Investor Contacts:

Innisfree M&A Incorporated
Scott Winter/Gabrielle Wolf
212-750-5833

Important Information

Engine No. 1 LLC, Engine No. 1 LP, Engine No. 1 NY LLC, Christopher James, Charles Penner (collectively, “Engine No. 1”), Gregory J. Goff, Kaisa Hietala, Alexander Karsner, and Anders Runevad (collectively and together with Engine No. 1, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of WHITE proxy to be used in connection with the solicitation of proxies from the shareholders of Exxon Mobil Corporation (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants, as they contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying WHITE proxy card will be furnished to some or all of the Company’s shareholders and is, along with other relevant documents, available at no charge on Engine No.1’s campaign website at https://reenergizexom.com/materials/ and the SEC website at http://www.sec.gov/.

Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement filed by the Participants with the SEC on March 15, 2021. This document is available free of charge from the sources described above.

Disclaimer 

This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Engine No. 1 disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Engine No. 1 has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.