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Exxon Mobil's (XOM) CEO Rex Tillerson Hosts Annual Shareholder Meeting (Transcr... Page 13 of 25
Thank you. The Board recommends a vote against this proposal as outlined on Pages 68 and 69 of the proxy statement. All
items of business have now been introduced. I invite many of you that want to stand and stretch your legs for a minute and for
those of you who wish to address the meeting in the discussion period this should be a good time to make your way towards
one of the hall seat, so that you will have ready access to microphone. So, we will take a stretch for a minute.
Okay. If we could resume the meeting, you take your seats please? I now open the floor for discussion on the items of
business presented. I would ask at this stage of the meeting that you limit your comments through the Board and shareholder
proposals that are in the proxy statement as promised will have an opportunity for general comments or questions later. We
received a number of questions on proxy cards and through our websites. And again, as I indicated as time permits, we will try
to address some of those as well.
So, as described earlier, if you have not already done so, if you could get near an hall seat so that you are near the
microphones and if you would remain seated until I call upon you, but simply raise your hand, holding your speaker
identification card to indicate you like to address the meeting when I recognize you, please give your speaker card to the
usher, stand and he will hand you a microphone and the microphone will be made live at that time. Again, I would ask that you
keep your comments as brief as possible, so that we can allow as many people to speak and wish to do so. We will continue
to use the lighting system just to help you manage your time. First priority will be given to those who have not spoken yet. So,
let me begin over here.
Question-and-Answer Session
Frank Rauscher - Aquinas Associates
The topic is climate change. My name is Frank Rauscher. I am Senior Principal of Aquinas Associates in Dallas. I am here on
behalf of the Christopher Reynolds Foundation. The foundation withdrew its resolution report on climate change assumptions
is for strategic planning following constructive discussions of Corporate Secretary, David Rosenthal and his colleagues on
December 17, 2013. And subsequent discussions and exchanges of letters have resulted in Exxon's energy and climate report
posted on your website and what you also have available out in the lobby. Mr. Tillerson, you will recall that in your talk to the
(indiscernible) June 12, 2012, you said we have to be efficient and we have to manage climate change, but we also need to
look at the other side of the engineering solutions, which is how we are planning to adapt to it. And there are solutions it's not
our problem we can't solve.
One year later at the City Club of Cleveland in June 14, 2013, you raised another issue, having climate change is a risk
management problem, what am I going to do about it as it turns out that (indiscernible) mitigation steps make the difference,
what's plan B. Plan B means you will start thinking about which kind of that (indiscernible) necessary of the consequences that
people are concerned about present themselves. Since the December 2013 meeting, several significant reports have been
released pointing to the urgency of addressing the methods between the energy and climate. As you know, these include the
report of International Panel of Climate Change, the U.S. Climate Change Assessment and the CNA Military Advisory Board
report on national security of accelerating risks of climate change. And we will also see the nexus of energy and climate
change as important. Exxon Mobil's March 31, 2014 energy and climate report to shareowners prepared response to the
Reynolds Foundation's resolution states that Exxon Mobil delays the changes to the earth's climate including those that may
result in anthropogenic pauses of the risk. And in order to address this risk, we are starting to consider economically efficient
policies that includes the mitigation and (indiscernible). And that balanced reduction in climate risk with other global
developments will need including the need to sustain and provide glory in populations.
Mr. Tillerson, what are the steps that you and City of Exxon are going to mitigate their risk of climate change? If these steps
are not sufficient, what Is your plan B, which you observed at the Cleveland requires that you know? How is Exxon Mobil using
its resources to address the world's biggest energy challenge how to meet global energy demand while addressing the
potential disastrous impact to climate change on the global economy and/or generally in the whole global community? The
March climate in energy report was a good beginning for a dialogue, but that may answer all these questions. We look forward
to continuing dialogue, which we had agreed with your colleagues on these energy climate issues. And Mr. Tillerson, we look
forward to hearing more directly from you on how we together can and will meet this challenge? You are the leader of the
company and we expect your good participation sometime soon. Thank you for the opportunity to address today's meeting's
first dialogue.
Rex Tillerson
App. 772
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