annual report accounts - petron malaysia · total assets employed 1,558.7 1,465.6 + 6.4 total...

ANNUAL REPORT

&

ACCOUNTS

ESSO MALAYSIA BERHAD(Company No.3927-V)

(Incorporated in Malaysia)

FINANCIAL HIGHLIGHTS

1999 1998 %RM million RM million change

Turnover 2,478.4 2,257.3 + 9.8

Profit/(Loss) After Taxation (44.0) 68.4 N/A

Earnings/(Loss) per ordinary stock unit (sen) (16.3) 25.3 N/A

Total assets employed 1,558.7 1,465.6 + 6.4

Total shareholders’ funds 348.5 392.5 - 11.2

Sales volume 77 81 - 4.9(thousands of barrels per calendar day)

FINANCIAL HIGHLIGHTS

Our stockholders at the Company’s 40th Annual GeneralMeeting held on May 25, 1999 at Menara Esso.Our stockholders at the Company’s 40th Annual GeneralMeeting held on May 25, 1999 at Menara Esso.

Pemegang-pemegang saham Syarikat yang hadirdi Mesyuarat Agung Tahunan ke 40 pada 25 Mei, 1999di Menara Esso.

Pemegang-pemegang saham Syarikat yang hadirdi Mesyuarat Agung Tahunan ke 40 pada 25 Mei, 1999di Menara Esso.

THE YEAR IN REVIEW

ESSO MALAYSIA BERHAD 1

TOTAL MOTOR FUEL SALES

INDUSTRIAL DIESEL SALES

LUBRICANTS SALES

REFINERY CRUDE RUNS

AVIATION FUEL SALES

LPG SALES

95 96 97 98 99 95 96 97 98 99

95 96 97 98 99 95 96 97 98 99

95 96 97 98 99 95 96 97 98 99

BOARD OF DIRECTORS / LEMBAGA PENGARAH

YBhg Tan Sri Hashim AmanResigned w.e.f. January 1, 2000Meletak jawatan berkuatkuasa1 Januari 2000

SEATED FROM LEFT TO RIGHT

YBhg Tan Sri Dr. Syed Jalaludin Syed SalimDUDUK DARI KIRI KE KANAN

/ Allahyarham

/ Pengerusi

The late YM Raja Tan Sri Dato’ Zainal RajaSulaiman passed away peacefully on April 6, 2000

YBhg Dato’ Philip J. DingleChairmanYABhg Tun Dato’ Haji Omar Yoke Lin Ong

telah kembali ke rahmatullah pada 6 April 2000

2 ESSO MALAYSIA BERHAD

STANDING FROM LEFT TO RIGHT

Dr. Abu Hassan Sulaiman A.S.M.Logistics DirectorMr Steven C. SpancakeFinancial Director

BERDIRI DARI KIRI KE KANAN

/ Pengarah Logistik

/ Pengarah Kewangan

/ Pengarah UrusanMr Ooi Poh KhengManaging Director

YBhg Dato’ Kamaruddin Mohd JamalHuman Resources Director / Pengarah Sumber Tenaga Manusia

/ Setiausaha KorporatCik Rajabee Mohd YusoffCorporate Secretary

3

YBhg Dato’ Philip J. Dingle

Chairman and Chief Executive OfficerPengerusi dan Ketua Pegawai Eksekutif

CHAIRMAN’S STATEMENT

Nineteen ninety-nine was a disappointing year

for Esso Malaysia Berhad. The Company

recorded an after tax loss of RM44.0 million

compared to an after tax profit of RM68.4 million in 1998.

Although income tax was waived in 1999 and the

economy began to recover in the second half of the year,

the Company was most impacted by the deterioration of

petroleum product margins for most of the year. In

refining, the cost of crude purchased continued to rise

faster than prices for finished products. The lag in

incorporating these rising costs through the controlled

automatic pricing mechanism for marketing was further

aggravated when the government reduced product cost

recovery on LPG in the third quarter of the year.

Revenues of RM2,489 million in 1999 showed an increase

of 10 percent over the RM2,269 million in the previous

year reflecting higher product prices. Sales volume

declined from 81 thousand barrels per day (kbd) in 1998 to

77 kbd in 1999 due to weaker product demand, partly

reflective of the higher prices.

Our introduction of the "Xchange" Card, a retail customer

loyalty card programme was well received by the

motoring public. This and other initiatives enabled us to

improve upon our sales and share of the retail market in

1999. Our LPG sales further expanded, with strong sales

of the 14 kilogram red cylinders introduced in 1998.

Product demand in the aviation and industrial sectors

remained weak despite some recovery in the economy.

Throughput at the Port Dickson refinery was reduced to

64 kbd, 4 % lower than the 67 kbd recorded in 1998, due to

lower product demand and poor margins which did not

support processing for export. Several profit

improvement projects at the refinery were completed

during the year. The tie-in to the Multi-Product Pipeline

for the supply of jet fuel from the Port Dickson Refinery

directly to the Kuala Lumpur International Airport was

completed in March 1999. The Company also completed

inter-refinery lines between our refinery and a

neighbouring refinery in Port Dickson. This has helped to

reduce imports of LPG and exports of low sulphur waxy

residue.


The Company continued to maintain a strong focus on

operating cost management and expenditure reductions

during the year. In view of the current economic

environment, we made only selective investments to

ensure the future growth of the Company. Capital

investments including long term leases amounted to

RM62 million, a decrease of 66% from 1998, mainly due to

fewer acquisitions of service station land and

construction of fewer stations.

Safety, environment, health and operations integrity

continued to be high priority areas for the Company.

There were no lost time injuries by either employees or

contractors working for the Company, and the number of

delivery truck accidents decreased by 10% from 1998. A

new initiative called the Loss Prevention System, which is

a behavior based safety system was introduced in 1999.

This system will further help to identify and eliminate any

unsafe behaviours and practices from our operations. In

recognition of the Company's safety achievements, the

Malaysian Society of Occupational Safety and Health

awarded the Grand Award to our refinery in Port Dickson

and the Gold Award to our distribution and marketing

operations.

The Company spent a total of RM6.5 million up through

1999 on Year 2000 compliance work. As a result, the

Company experienced a smooth, incident free rollover to

year 2000.

Looking to 2000, the Malaysian economy is expected to

record a higher growth rate. Although demand for

petroleum products is expected to accelerate, pressure on

gross margins is likely to continue. Therefore, we expect

that the business environment will be challenging and this

will require continuing focus on the reduction of

operating costs and enhancing growth in profitable

business areas. We are well positioned to participate in the

country's economic recovery, and return the Company to

its previous level of profitability. In this respect, we will

make selective investments to protect our market position

for the future and will continue to improve efficiency and

the effectiveness of our facilities.

The Board is not recommending any dividend payment

for 1999 because of the loss for the year and because the

Company's borrowings increased from RM585 million in

1998 to RM630 million. The Board views this action as a

prudent move to strengthen the financial position of the

Company. In addition, we anticipate that cash generation

for year 2000 will be impacted by the Company's

proposed equity participation in the Multi-Product

Pipeline.

In November 1999, Exxon Corporation merged with

Mobil Corporation to form Exxon Mobil Corporation

which is now the ultimate holding company of Esso

Malaysia Berhad. We will keep our stockholders

informed of any developments in Malaysia that might

arise as a result of this merger.

There have been some changes in the Board of Directors.

Yang Berbahagia Tan Sri Hashim bin Aman has resigned

from the Board with effect from January 1, 2000 after

serving the Company for fifteen years. As his

replacement, the Board has appointed Yang Berbahagia

Tan Sri Dr. Syed Jalaludin bin Syed Salim as a new

Director of the Company with effect from February 15,

2000. I would like to thank Yang Berbahagia Tan Sri

Hashim bin Aman for his many contributions to the

Company and to welcome Yang Berbahagia Tan Sri Dr

Syed Jalaludin bin Syed Salim to our Board of Directors.

On behalf of the Board, I would also like to thank all our

employees for their hard work and dedication to the

Company and I would like to express my appreciation to

all our stockholders, dealers and customers for their

continued support during this challenging period.

Dato' Philip J. Dingle

Chairman of the Board

Kuala Lumpur

February 24, 2000


Sembilan belas sembilan puluh sembilan

merupakan satu tahun yang mengecewakan

bagi Esso Malaysia Berhad. Syarikat

mencatatkan kerugian selepas cukai sebanyak

RM44.0 juta berbanding keuntungan selepas cukai

sebanyak RM68.4 juta pada tahun 1998.

Walaupun cukai pendapatan dikecualikan pada

tahun 1999 dan keadaan ekonomi mulai pulih pada

separuh tahun kedua, namun Syarikat telah

menerima kesan teruk dari kemerosotan margin

hasil jualan petroleum di sepanjang tahun. Dalam

sektor penapisan, kos pembelian bahan mentah

terus meningkat dengan mendadak berbanding

harga jualan keluaran produk. Kelewatan dalam

pergabungan antara nilai kos yang meningkat

melalui mekanisma harga terkawal pemasaran telah

menjadi semakin buruk apabila kerajaan

mengurangkan kos pemulihan bahan LPG pada

suku ketiga tahun itu.

Pendapatan sebanyak RM2,489 juta pada tahun 1999

menunjukkan kenaikan sebanyak 10 peratus dari

RM2,269 juta pada tahun yang sebelumnya kesan

dari harga produk yang lebih tinggi. Jumlah jualan

menurun dari 81 ribu tong sehari (rts) pada tahun

1998 kepada 77 rts pada tahun 1999 disebabkan oleh

permintaan produk yang lebih lemah ekoran dari

harga yang tinggi.

Pengenalan Kad “Xchange”, program kad

pelanggan runcit setia telah mendapat sambutan

yang baik dari pengguna-pengguna jalanraya.

Program ini dan inisiatif-inisiatif yang lain telah

membolehkan kami meningkatkan jualan dan syer

pasaran runcit pada tahun 1999. Jumlah jualan LPG

terus berkembang, dengan jualan laris bagi silinder

merah 14 kilogram yang diperkenalkan pada tahun

1998. Permintaan produk bagi minyak penerbangan

dan sektor industri kekal lemah walaupun keadaan

ekonomi beransur pulih.

Pengeluaran di Loji Penapisan Port Dickson

menurun ke 64 rts, 4 % lebih rendah dari 67 rts yang

dicatatkan pada tahun 1998, kerana permintaan

produk yang berkurangan dan margin yang rendah

tidak dapat menampung pemprosesan untuk

eksport. Beberapa projek pembaikpulih

keuntungan di Loji Penapisan telah disiapkan di

sepanjang tahun. Penyambungan “Multi-Product

Pipeline” untuk membekalkan minyak kapal

terbang dari Loji Penapisan Port Dickson terus ke

Lapangan Terbang Antarabangsa Kuala Lumpur

telah disiapkan pada bulan Mac 1999. Syarikat juga

turut menyempurnakan saluran-saluran

perantaraan di antara loji penapisan kita di Port

Dickson dengan loji penapisan yang berhampiran.

Ini telah membantu mengurangkan kadar import

bagi LPG dan eksport bagi “low sulphur waxy

residue”.

Syarikat terus memberi perhatian kepada kos

pengurusan operasi dan pengurangan perbelanjaan

di sepanjang tahun. Memandangkan keadaan

ekonomi sekarang, kami membuat pelaburan

terpilih sahaja untuk memastikan perkembangan

Syarikat di masa hadapan. Modal pelaburan

termasuk sewa jangka panjang berjumlah RM62 juta,

kurang 66 % dari tahun 1998, sebahagian besarnya

disebabkan oleh pemerolehan tanah dan pembinaan

stesyen-stesyen servis yang berkurangan.

Keselamatan, alam sekitar, kesihatan dan keutuhan

operasi terus diberi keutamaan oleh Syarikat. Tiada

kakitangan dan kontraktor kita yang mengalami

kecederaan masa kerja, dan jumlah kemalangan bagi

trak penghantaran menurun 10% dari tahun 1998.

Inisiatif baru yang dikenali sebagai “Loss Prevention

System” (Sistem Mencegah Kerugian), iaitu sistem

sikap asas keselamatan telah diperkenalkan pada

tahun 1999. Sistem ini akan membantu mengenal

pasti dan membasmi sikap dan juga perlakuan yang

tidak selamat dalam operasi kami. Sebagai

pengiktirafan kepada pencapaian keselamatan

Syarikat, loji penapisan Port Dickson telah

menerima Anugerah Keseluruhan manakala

operasi pengedaran dan pemasaran pula telah

menerima Anugerah Emas dari Persatuan

Keselamatan dan Kesihatan Sekerja Malaysia.

PENYATA PENGERUSI


Syarikat telah membelanjakan sebanyak RM6.5

juta di sepanjang tahun 1999 untuk kerja-kerja

permatuhan tahun 2000. Sehubungan dengan

itu, pelancaran tahun 2000 berjalan dengan

lancar tanpa sebarang insiden.

Memandang ke hadapan ke tahun 2000,

Malaysia dijangka akan mencatat pertumbuhan

ekonomi yang lebih tinggi. Walaupun

permintaaan terhadap produk petroleum

dijangka akan bertambah, penekanan terhadap

margin pendapatan kasar dijangka akan

berterusan. Oleh itu, kita menjangkakan alam

perniagaan akan lebih mencabar dan ia

memerlukan fokus yang berterusan terhadap

pengurangkan kos operasi dan meluaskan

perniagaan di bidang yang memberi

pertambahan keuntungan. Syarikat berada di

kedudukan yang baik untuk bergiat dalam

pemulihan ekonomi negara dan meningkatkan

semula keuntungan Syarikat ke paras

sebelumnya. Dalam hal ini, pelaburan terpilih

akan dibuat untuk melindungi posisi pasaran di

masa hadapan dan akan terus meningkatkan

kecekapan dan keberkesanan terhadap

kemudahan-kemudahan kami.

Lembaga Pengarah tidak mencadangkan

sebarang bayaran dividen bagi tahun 1999

kerana kerugian dan jumlah pinjaman Syarikat

yang telah meningkat dari RM585 juta pada

tahun 1998 ke RM630 juta. Lembaga Pengarah

menganggap langkah ini bijak untuk

mengukuhkan posisi kewangan Syarikat.

Tambahan pula, kita menjangkakan perolehan

wang tunai bagi tahun 2000 akan terjejas akibat

dari cadangan Syarikat untuk menyertai equiti

di dalam Multi-Product Pipeline.

Pada bulan November 1999, penggabungan

antara Exxon Corporation dengan Mobil

Corporation telah membentuk Exxon Mobil

Corporation yang merupakan pemegang

muktamad syarikat Esso Malaysia Berhad.

Pemegang-pemegang stok akan diberitahu

mengenai sebarang perkembangan di Malaysia yang

mungkin timbul hasil dari penggabungan ini.

Terdapat beberapa perubahan kepada ahli Lembaga

Pengarah. Yang Berbahagia Tan Sri Hashim bin

Aman telah meletakkan jawatan sebagai ahli

Lembaga Pengarah berkuatkuasa 1 Januari, 2000

selepas berkhidmat selama lima belas tahun bersama

Syarikat. Sebagai pengganti, Lembaga Pengarah

telah melantik Yang Berbahagia Tan Sri Dr. Syed

Jalaludin bin Syed Salim sebagai ahli Lembaga

Pengarah yang baru berkuatkuasa 15 Februari, 2000.

Saya ingin mengucapkan terima kasih kepada Yang

Berbahagia Tan Sri Hashim bin Aman di atas

sumbangan beliau terhadap Syarikat dan mengalu-

alukan perlantikan Yang Berbahagia Tan Sri Dr. Syed

Jalaludin bin Syed Salim ke Lembaga Pengarah.

Bagi pihak Lembaga Pengarah, saya juga ingin

mengucapkan ribuan terima kasih kepada semua

kakitangan atas usaha dan dedikasi mereka kepada

Syarikat dan saya juga ingin merakamkan

penghargaan saya kepada semua pemegang stok,

pengedar dan pelanggan Syarikat kerana sokongan

berterusan mereka pada waktu yang mencabar ini.


Pengerusi Lembaga Pengarah

Kuala Lumpur

24 Februari, 2000



RM MILLION

Financed by:

TOTAL ASSETS EMPLOYED

500

01995 1996 1997 1998 1999

Shareholders’ fund

TURNOVER

(NET OF GOVERNMENT DUTIES)RM MILLION

1995 1996 1997 1998 19990

300

600

900

1200

1500

1800

2100

2400

Turnover

1,768

2,166

2,449

2,257

2,478

1000

SALES VOLUME

THOUSANDS OF BARRELSPER CALENDAR DAY

1995 1996 1997 1998 19990

10

20

30

40

50

60

70

80

White product

61

6564

63

Black product

90

1620

22

1714

Taxes payable, provisions and others

RM MILLION

PROFIT/(LOSS) AFTER TAX

100

80

60

40

20

0

-20

-40

-60

-801995 1996 1997 1998 1999

Profit/(Loss) aftertax and beforeextraordinary items

58

-63

-44

1

77 79

68

63

120

90

5 3

-3

3

-2

% of turnover

1500

Trade payables

Notes payable and bank borrowings

2,478

69

433

269

257

415

280

301

246 256

334

356

509

187

393

253

585

235

349

406

630

174

FIVE - YEAR SUMMARY CHARTS

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CAPITAL EXPENDITURE

RM MILLION THOUSANDS OF BARRELSPER CALENDAR DAY

TOTAL THROUGHPUT

90

80

70

60

50

40

30

20

10

01995 1996 1997 1998 19991995 1996 1997 1998 1999

0

20

40

60

80

100

120

140

160

Capital expenditure

Net tangible assetper stock unit (sen)

Local crude

Other feedstocks

89 96111

142

47

160 154

124

145

129

3 4 3 3 1

65

77 79

6463


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1995 1996 1997 1998 1999

Earnings/(Loss) per ordinary stock unit (sen) 33.3 21.5 (23.2) 25.3 (16.3)

Gross dividend per stock unit - ordinary (sen) 40 40 10 5 0

Dividend yield (%) 5.7 5.7 1.7 1.4 0.0

Share price (RM) - Highest 7.50 7.65 7.20 4.80 3.52- Lowest 6.35 6.65 4.12 2.05 2.39- Average 7.05 7.07 6.01 3.48 3.05

Note : In calculating dividend yield, the average share prices have been used.

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Your Directors submit their report together with the audited accounts of the Company for the yearended December 31, 1999.

The Company's principal activities are the manufacturing and marketing of petroleum products inMalaysia. There has been no significant change in the nature of the Company's activities during the year.

RM'000

Loss after taxation (44,028)Retained profits brought forward 249,520Profits available for appropriation 205,492Dividend -

Retained profits carried forward 205,492

The amount of dividends paid since December 31, 1998 are as follows:

RM'000

In respect of the year ended December 31, 1998shown in the Directors' report of that year:

Final dividend per stock unit, paid on June 11, 1999 9,720Ordinary - 5 sen gross less income tax at 28%

9,720

The Directors are not proposing a final dividend for 1999.

There were no material transfers to or from reserves and provisions during the year other than those disclosedin the .

PRINCIPAL ACTIVITIES

FINANCIAL RESULTS

DIVIDENDS

RESERVES AND PROVISIONS

accounts

ESSO MALAYSIA BERHAD10

REPORT OF THE DIRECTORS

STATUTORY INFORMATION ON THE ACCOUNTS

OTHER STATUTORY INFORMATION

Before the profit and loss statement and balance sheet were made out, the Directors took reasonable steps:

1. to ascertain that action had been taken in relation to the writing off of bad debts and themaking of provision for doubtful debts, and satisfied themselves that all known bad debtshad been written off and that adequate provision had been made for doubtful debts; and

2. to ensure that any current assets, other than debts, which were unlikely to realise in theordinary course of business their value as shown in the accounting records of the Companyhave been written down to an amount which they might be expected so to realise.

At the date of this report, the Directors are not aware of any circumstances:

1. which would render the amounts written off for bad debts or the amount of the provision fordoubtful debts in the accounts of the Company inadequate to any substantial extent; or

2. which would render the values attributed to current assets in the accounts of the Companymisleading; or

3. which have arisen which render adherence to the existing method of valuation of assets orliabilities of the Company misleading or inappropriate.

No contingent or other liability has become enforceable or is likely to become enforceable within the period oftwelve months after the end of the year which, in the opinion of the Directors, will or may affect the ability ofthe Company to meet its obligations when they fall due.

At the date of this report, there does not exist:

1. any charge on the assets of the Company which has arisen since the end of the year whichsecures the liability of any other person; or

2. any contingent liability of the Company which has arisen since the end of the year.

The Directors state that:

At the date of this report, they are not aware of any circumstances not otherwise dealt with in thisreport or the accounts which would render any amount stated in the accounts misleading.

In their opinion,

1. the results of the Company's operations during the year were not substantially affected byany item, transaction or event of a material and unusual nature, and

2. there has not arisen in the interval between the end of the year and the date of this report anyitem, transaction or event of a material and unusual nature likely to affect substantially theresults of the operations of the Company for the year in which this report is made.

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DIRECTORS

DIRECTORS' BENEFITS

DIRECTORS' INTERESTS IN SHARES AND DEBENTURES

The Directors who have held office during the period since the date of the last report are:

YBhg Dato' Philip J. DingleMr. Ooi Poh KhengYABhg Tun Dato' Haji Omar Yoke Lin OngYM Raja Tan Sri Dato' Zainal Raja SulaimanYBhg Tan Sri Hashim Aman (resigned w.e.f. January 1, 2000)YBhg Tan Sri Dr. Syed Jalaludin bin Syed Salim (appointed w.e.f. February 15, 2000)Mr. Steven C. SpancakeYBhg Dato' Kamaruddin Mohd JamalDr. Abu Hassan Sulaiman A.S.M.

During and at the end of the year, no arrangements subsisted to which the Company is a party, withthe object or objects of enabling Directors of the Company to acquire benefits by means of theacquisition of shares in or debentures of the Company or any other body corporate.

Since the end of the previous year, no Director has received or become entitled to receive a benefit(other than benefits disclosed in note 6 to the accounts) by reason of a contract made by the Company or arelated corporation with the Director or with a firm of which he is a member, or with a company in which hehas a substantial financial interest. All transactions between the Company or a related corporation andcompanies in which Directors have interests are conducted on an arms-length, commercial basis in theordinary course of business.

According to the register of Directors' shareholdings, the interests of Directors who held office at the end of theyear in the share capital of the Company and its related corporations were as follows:

Esso Malaysia Berhad - Number of ordinarystock units of RM0.50 each in which thefollowing Director is deemed to have an interest:

YABhg Tun Dato' Haji Omar Yoke Lin Ong 64,000 - - 64,000

Imperial Oil Limited (Subsidiary of ExxonMobil Corporation) - Number of commonshares without par value held by the followingDirector:

YBhg Dato' Philip J. Dingle 6,080 889 - 6,969

Exxon Mobil Corporation(Ultimate holding company) - Number of ordinaryshares without par value held by the followingDirectors:

Mr. Steven C. Spancake 5,030 2,642 (2,642) 5,030Dr. Abu Hassan Sulaiman - 1,500 (1,500) -

As at As at1.1.99 Bought Sold 31.12.99

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No other Director in office at the end of the year held any interest in the share capital of the Company or itsrelated corporations.

In accordance with Article 104 and Article 105 of the Company's Articles of Association, Mr. Steven C. Spancakeretires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-election.

In accordance with Article 109 of the Company's Articles of Association, YBhg Tan Sri Dr. Syed Jalaludin binSyed Salim retires and being eligible, offers himself for re-election.

In accordance with Section 129 of the Companies Act, 1965, YM Raja Tan Sri Dato' Zainal Raja Sulaiman andYABhg Tun Dato' Haji Omar Yoke Lin Ong retire at the forthcoming Annual General Meeting. Your otherDirectors recommend that they be re-appointed Directors for the ensuing year.

The Directors regard Exxon Mobil Corporation, a company incorporated in New Jersey, United States ofAmerica, as the ultimate holding company of the Company.

The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.

On behalf of the Directors

Dato' Philip J. DingleChairman

Ooi Poh KhengManaging Director

DIRECTORATE

ULTIMATE HOLDING COMPANY

AUDITORS

Kuala Lumpur,February 24, 2000


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FOR THE YEAR ENDED DECEMBER 31, 1999

Note 1998RM'000

REVENUES 3 2,269,467

COSTS AND OTHER DEDUCTIONS(excluding foreign exchange) 4 (2,149,988)

LOSS ON FOREIGN EXCHANGE 5 ( 22,741)

(LOSS)/PROFIT BEFORE TAXATION 6 96,738

TAXATION 7 (28,306)

(LOSS)/PROFIT AFTER TAXATION 68,432

RETAINED PROFITS BROUGHT FORWARD 190,808

259,240

Final dividend per ordinary stock unit (proposed):

Nil (1998 - 5 sen gross less income tax at 28% paidon 11 June 1999) (9,720)

19 249,520

(LOSS)/EARNINGS PER ORDINARYSTOCK UNIT (SEN) 8 25.3

The notes on pages 17 to 27 form part of these accounts.

1999

RM'000

2,489,026

(2,556,825)

(1,758)

(69,557)

25,529

(44,028)

249,520

PROFITS AVAILABLE FOR APPROPRIATION 205,492

DIVIDENDS

-

RETAINED PROFITS CARRIED FORWARD 205,492

(16.3)

PROFIT AND LOSS STATEMENT

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AS AT DECEMBER 31, 1999

Note 1998RM'000

FIXED ASSETS 9 1,068,026

LONG TERM ASSETS AND RECEIVABLES 10 167,953

CURRENT ASSETSInventories 11 109,720Receivables 12 96,298Amounts due from related companies 18,279Cash and bank balances 5,350TOTAL CURRENT ASSETS 229,647

CURRENT LIABILITIESPayables 13 222,739Amounts due to related companies 104,828Notes Payable (Unsecured) 14 150,000Bank borrowings (Unsecured) 15 170,175Term borrowings (Unsecured) 16 -Taxation 286Proposed dividend - 9,720TOTAL CURRENT LIABILITIES 657,748

CURRENT ASSETS LESS CURRENT LIABILITIES (428,101)

DEFERRED TAXATION 17 (81,039)

PROVISION FOR RETIREMENT BENEFITS (69,551)

TERM BORROWINGS (Unsecured) 16 (264,768)

TOTAL NET ASSETS EMPLOYED 392,520

SHARE CAPITAL 18 135,000RESERVES 19 257,520

TOTAL CAPITAL AND RESERVES 392,520

1999

RM'000

ASSETS EMPLOYED:

1,047,845

182,901

109,743

142,842

41,345

33,990

327,920

200,204

261,717

135,000

165,422

114,750

877,093

(549,173)

(52,725)

(65,356)

(215,000)

348,492

FINANCED BY:

135,000

213,492

348,492


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BALANCE SHEET


FOR THE YEAR ENDED DECEMBER 31, 1999

Note 1998

(Loss)/Profit before taxation 96,738

Adjustments for:Depreciation on fixed assets 60,842Interest expense 52,278Provision for fixed assets write-down -Provision for retirement benefits/severance expenses 7,604Foreign exchange gain on loans (4,422)(Gain)/Loss on disposal of fixed assets 1,082

Operating profit before working capital changes 214,122(Increase)/Decrease in inventories 2,568(Increase)/Decrease in trade and other receivables 14,895(Increase)/Decrease in amounts due from related companies 5,519Increase/(Decrease) in amount due to related companies 1 100,692)(Decrease)/Increase in trade and other payables 5,153

Cash generated from operations 141,565Interest paid (53,416)Income taxes paid -Severance expenses paid -Retirement benefits paid (4,251)

83,898

Purchase of fixed assets (141,877)Increase in long term assets (39,564)Proceeds from disposal of fixed assets 399

(181,042)

Proceeds from short-term borrowings 108,700Proceeds from /(Repayment of) long-term borrowings (40,000)Dividends paid

68,700

(28,444)

(17,681)

(46,125)

1999

CASH FLOWS FROM OPERATING ACTIVITIES

(69,557)

61,699

34,481

3,585

9,068

(18)

(2,147)

37,111

(23)

(49,315)

(23,066)

56,889 (

(22,279)

99,317

(34,681)

(356)

(12,041)

(1,222)

Net cash from operating activities 51,017

CASH FLOWS FROM INVESTING ACTIVITIES

(47,026)

(14,948)

4,070

Net cash used in investing activities ( 57,904)

CASH FLOWS FROM FINANCING ACTIVITIES

26,300

65,000

(9,720) -

Net cash from financing activities 81,580

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 74,693

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR (46,125)

CASH AND CASH EQUIVALENTS AT END OF YEAR 20 28,568

RM'000RM'000


STATEMENT OF CASH FLOWS

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1. BASIS OF ACCOUNTING

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Inventories

(b) Fixed assets

(c) Depreciation

The accounts of the Company are prepared under the historical cost convention as modified bythe revaluation of certain fixed assets and comply with the applicable approved AccountingStandards in Malaysia.

The following accounting policies adopted by the Company are consistent with those adoptedin previous years:

Crude oil and petroleum product inventories are valued at the lower of cost and netrealisable value. Cost includes all applicable purchase costs and production overheadsand is determined on the last-in first-out basis. Materials and supplies are valued at cost,determined on a weighted average basis, and a deduction is made for obsolete and slow movingstocks.

Fixed assets are stated at cost or valuation less accumulated depreciation.

The Directors have applied the transitional provisions of International AccountingStandard No.16 (Revised) Property, Plant and Equipment as adopted by MalaysianAccounting Standards Board which allows the freehold and leasehold land and buildingsto be stated at their prevailing valuations less depreciation. These assets are stated at thelatest independent valuations by professional valuers in 1982 on the following bases:

Land - Open market value based on existing useBuildings - Depreciated replacement cost

Accordingly, these valuations have not been updated.

No depreciation is provided on freehold land and capital project-in-progress. Leaseholdland is amortised in equal instalments over the period of the respective leases. Buildingsand improvements and plant and equipment are depreciated on a straight-line basis towrite off the cost or valuation of the assets over the term of their estimated service lives.The principal annual rates of depreciation used are as follows:

Buildings and improvements 3% - 5%Plant and equipment 4% - 10%

Maintenance and repairs are charged to income as incurred. Major renewals andimprovements are capitalised.

NOTES TO THE ACCOUNTS


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Translation of foreign currencies

(e) Taxation

(f) Retirement benefits

(g) Operating leases

(h) Cash and cash equivalents

Transactions arising in foreign currencies are translated into Ringgit Malaysia at rates ofexchange approximating those ruling on transaction dates except for transactions uncompletedat balance sheet date which are translated at rates of exchange approximating those ruling at thatdate. Foreign currency exchange gains and losses resulting from translation are included in theprofit and loss statement.

The taxation charge in the profit and loss statement is calculated at current tax rates basedon the chargeable income for the year.

Deferred taxation is calculated on all material timing differences between taxable income andaccounting income using the liability method except that the benefit of future tax deductionsare not recognised until there is a reasonable expectation of future income to absorb thedeductions.

Provision for employees' retirement benefits is determined by an independent actuarialvaluation which is carried out periodically, based on the schedule of benefits stipulated in theCompany's retirement benefits plan. The most recent valuation was carried out in December1997. The projected benefit valuation method is used to calculate the actuarial plan benefitsbased on the estimated years of service and employees' projected compensation during theirlast year of employment. Any excess or deficit between the actuarial valuation and the bookprovision is amortised on a straight-line basis over the average remaining service life ofemployees expected to receive the plan benefits.

Leases of assets under which all the risks and benefits of ownership are effectively retainedby the lessor are classified as operating leases. Prepaid lease rentals on service station sitesmade under operating leases are included in the profit and loss statement on a straight-linebasis over the period of the lease. Rentals on all other operating leases are included in theprofit and loss statement.

Cash and cash equivalents comprise bank balances, deposits with maturity period notexceeding three months and cash in hand less bank overdrafts, that are readily convertible tocash and are subject to insignificant risk of changes in value.

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3. REVENUES

1999

RM'000

379,757

2,098,602

2,478,359

223

8,436

2,008

2,489,026

4. COSTS AND OTHER DEDUCTIONS (Excluding foreign exchange)

1999

RM'000

2,218,078

306,413

(2,147)

34,317

164

2,556,825

5. LOSS ON FOREIGN EXCHANGE

1999

RM'000

(18)

1,776

1,758

1998RM'000

Related company sales 467,198Third party sales 1,790,117Turnover 2,257,315

Interest income 211Income from rent of land & buildings 8,108Other operating income 3,833

2,269,467

Turnover represents the invoiced value of goods sold net of Government duties and taxes ofRM415,259,000 (1998: RM439,002,000).

1998RM'000

Crude oil and finished products 1,798,553Operating, administrative and other expenses 298,075(Gain)/Loss on disposal of fixed assets 1,082Interest on bank borrowings 50,717Other interest expense 1,561

2,149,988

1998RM'000

Unrealized gain on US Dollar Term Loan (4,422)Other operating foreign exchange loss 27,163

22,741


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6. (LOSS)/PROFIT BEFORE TAXATION

1999

RM'000

61,699

60

1,063

434

136

9,068

62

3,585

16,779

316

2,317

362

7. TAXATION

1999

RM'000

2,771

(28,300)

(25,529)

RM10,349,000.

1998RM'000

The (loss)/profit before taxation is arrived at after charging:

Depreciation on fixed assets 60,842Directors' remuneration:

Fees (Non-Executive Directors) 60Other emoluments (Executive Directors) 1,006

Amounts paid to the Company's ultimate holdingcompany in respect of its executives assignedto the Company as Executive Directors 473

Auditors' remuneration 136Provision for retirement benefits/severance expense 7,604Provision for doubtful debts 191Provision for fixed assets write-down -Rental of land and buildings 15,273Hire of plant and machinery 494Research and development expense 2,630Year 2000 compliance expense 4,900

The estimated monetary value of benefits provided to Directors during the year by way ofusage of the Company's assets and the provision of accommodation and other benefitsamounted to RM117,000 (1998: RM126,000).

Provision for retirement benefits is made for all national employees under the Company'sretirement benefits plan. The charge to income includes an amount of RM245,000 (1998: RM237,000) inrespect of Directors who are full time employees of the Company.

The Year 2000 compliance expenses are costs associated with the modifications and m a i n t e n a n c e o fexisting computer software programs and equipment relating to the Year 2000 issue.

1998RM'000

Current TaxationPrior years -

Deferred TaxationCurrent year 28,306

28,306

In accordance with the Income Tax (Amendment) Act 1999, assessment of income tax based onincome received in the preceding year is changed to that of the current year beginning from theyear of assessment 2000, and that tax on income earned in 1999 will be waived. The amount ofincome tax waived for the year ended December 31, 1999 amounted to approximately


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8.

(Loss)/earnings per ordinary stock unit is calculated by dividing the loss after taxation forthe year of RM44,028,000 (1998: profit after taxation of RM68,432,000) by the 270 million stockunits in issue during the year.

9.

Buildings Plant CapitalFreehold Leasehold and and project-

land land improvements equipment in-progress TotalRM'000 RM'000 RM'000 RM'000 RM'000 RM'000

Cost or valuation:------------------------At January 1, 1999 162,141 91,449 214,985 967,622 126,039 1,562,236Additions at cost 0 1,094 - - 45,932 47,026Disposals (682) (283) (517) (7,986) - (9,468)Reclassifications 7,860 - 14,759 75,681 (98,300) -

At December 31, 1999 169,319 92,260 229,227 1,035,317 73,671 1,599,794

Representing items at:Valuation-1982 66,279 4,573 18,113 - - 88,965Cost-Post 1982 net

additions 103,040 87,687 211,114 1,035,317 73,671 1,510,829

169,319 92,260 229,227 1,035,317 73,671 1,599,794

Accumulated depreciation:------------------------------------

At January 1, 1999 - 7,349 59,140 427,721 - 494,210Provision for the year - 1,168 10,144 50,387 - 61,699Provision for write-down - - - 3,585 - 3,585Elimination on disposals - (283) (74) (7,188) - (7,545)Reclassifications - - 741 (741) - -

As at December 31, 1999 - 8,234 69,951 473,764 - 551,949

Net Book Value:----------------------At December 31, 1999 169,319 84,026 159,276 561,553 73,671 1,047,845

Net book value atDecember 31, 1999 if assetshad been carried at cost lessdepreciation: 110,457 81,063 159,270 561,553 73,671 986,014

(LOSS)/EARNINGS PER ORDINARY STOCK UNIT

FIXED ASSETS

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9. F

Buildings Plant CapitalFreehold Leasehold and and project-

land land improvements equipment in-progress TotalRM'000 RM'000 RM'000 RM'000 RM'000 RM'000

Cost or valuation:------------------------At 1 January, 1998 150,371 70,351 192,857 914,026 103,121 1,430,726Additions at cost - 21,815 - - 120,062 141,877Disposals (344) (717) (327) (8,979) - (10,367)Reclassifications 12,114 - 22,455 62,575 (97,144) -

At December 31, 1998 162,141 91,449 214,985 967,622 126,039 1,562,236

Representing items at:Valuation-1982 66,961 4,721 18,187 - - 89,869Cost-Post 1982 net

additions 95,180 86,728 196,798 967,622 126,039 1,472,367

162,141 91,449 214,985 967,622 126,039 1,562,236

Accumulated depreciation:------------------------------------At 1 January, 1998 - 7,056 51,631 383,567 - 442,254Provision for the year - 1,010 7,669 52,163 - 60,842Eliminated on disposals - (717) (160) (8,009) - (8,886)

As at December 31, 1998 - 7,349 59,140 427,721 - 494,210

Net Book Value:----------------------At December 31, 1998 162,141 84,100 155,845 539,901 126,039 1,068,026

Net book value atDecember 31, 1998 if assetshad been carried at cost lessdepreciation: 102,668 81,035 155,839 539,901 126,039 1,005,482

The amount of RM126 million in 1998 have been reclassified to capital project-in-progress, to conformwith the current year's accounts presentation

1998RM'000

Leasehold land (Net book value)Long leaseholds (unexpired period of fifty years or more) 76,950Short leaseholds 7,150

84,100

IXED ASSETS (Continued)

1999

RM'000

77,267

6,759

84,026

.

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10. LONG TERM ASSETS AND RECEIVABLES

1999

RM'000

163,612

4,114

15,175

182,901

11. INVENTORIES

1999

RM'000

45,509

56,242

7,992

109,743

12. RECEIVABLES

1999

RM'000

83,496

(2,936)

80,560

62,282

142,842

1998RM'000

Deposits and prepaid rentals 151,928Loans to dealers 4,335Others 11,690

167,953

Loans to dealers are in respect of amounts advanced to meet the acquisition cost of servicestation sites which are subsequently leased to the Company. Loans are repaid by set offagainst the rental payments which would otherwise be paid to the dealers.

1998RM'000

Crude oil 56,620Petroleum products 44,743Materials and supplies 8,357

109,720

As mentioned in note 2(a) to the accounts, the cost of crude oil and petroleum productinventories is determined on the last-in first-out basis. Application of the first-in first-out basisin determining the cost of crude oil and petroleum product inventories at December 31, 1999would increase the value by RM122,857,000 (1998: RM10,301,000).

1998RM'000

Trade receivables 67,060Less: Provision for doubtful debts (4,650)

62,410Other receivables 33,888

96,298

Other receivables are generally those of a non-trade nature that arose other than from the sale of productsto the Company's customers. Included in the current year balance is an amount of RM50,270,000 (1998 :RM18,977,000) receivable from the Government of Malaysia under the pricing mechanism governing thesale of petroleum products.

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13. PAYABLES

1998RM'000

Trade payables 147,786Other payables - purchases of fixed assets 31,321

- other liabilities 43,632222,739

1998RM'000

Short-term notes 150,000

The short-term notes were issued under a RM250 million Commercial Papers Issuance Facility(CPIF). This facility which is available until May 2004 allowed the Company to issue notes ofvarious durations not exceeding twelve months to the Tender Panel Members with the notesoffered to the lowest bidder(s). The CPIF is partially underwritten for an amount of RM100million at a rate that varies according to the Kuala Lumpur Interbank Offered Rate. Theshort-term notes during the previous year were issued under a Notes Issuance Facility, whichwas available until May 1999. In summary, the weighted average interest rate for the short-term notes was 4.3% per annum (1998: 10.5% per annum).

1998RM'000

Bank overdrafts 51,475Revolving credits 30,000Bankers acceptances 88,700

170,175

Interest rates for overdrafts vary with the base lending rate. The interest rates for revolvingcredits and bankers acceptances depend upon competitive market conditions at the time ofeach drawing, and generally vary with the Kuala Lumpur Interbank Offered Rate Insummary, the weighted average interest rate for these facilities was 4.4% per annum (1998:9.7% per annum).

1999

RM'000

144,510

5,052

50,642

200,204

14. NOTES PAYABLE (UNSECURED)

1999

RM'000

135,000

15. BANK BORROWINGS (UNSECURED)

1999

RM'000

5,422

160,000

-

165,422

.

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16. TERM BORROWINGS (UNSECURED)

1999

RM'000

114,750

150,000

65,000

329,750

(114,750)

215,000

17. DEFERRED TAXATION

1999

RM'000

98,944

(34,400)

(10,191)

(1,628)

52,725

18. SHARE CAPITAL

1999

RM'000

150,000

135,000

1998RM'000

US Dollar Term Loan 114,768Fixed Rate Term Loan 150,000Floating Rate Term Loan -

264,768Less: Amount repayable within 12 months

(Included in current liabilities) -

264,768

The US Dollar term loan is repayable in full in 2000. The loan carries interest rates at a spreadabove the London Interbank Offered Rate. The fixed rate term loan facility was negotiated in June 1997 atthe commercial rate prevailing at that time. This five year loan is repayable in full in 2002. The floatingrate term loan is a five year facility for an amount of RM150 million. This loan carries interest atcommercial rates and is repayable in full in 2004. In summary, the weighted average interest rate for theseterm loans was 7.3% per annum (1998: 7.4% per annum).

1998RM'000

Deferred tax provided for in the accounts:Excess of capital allowances over depreciation 93,579Inventory valuation (2,884)Provision for retirement benefits (9,358)Other timing differences (298)

81,039

The tax effect in respect of the surplus from revaluation of the freehold and leasehold land and buildings ofthe Company has not been provided as there is no intention to dispose these properties in the foreseeablefuture.

1998RM'000

Authorised:300,000,000 ordinary shares of RM0.50 each 150,000

Issued and fully paid:270,000,000 ordinary stock units of RM0.50 each 135,000

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19. RESERVES

1999

RM'000

8,000

205,492

213,492

20. CASH AND CASH EQUIVALENTS

1999

RM'000

33,990

5,422)

28,568

21. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS

1999

RM'000

2,061,512

379,757

32,808

1998RM'000

Capital redemption reserve (non-distributable) 8,000Retained profits (distributable) 249,520

257,520

The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 to frank upto approximately RM80,000,000 of the retained profits as at December 31, 1999 if paid out asdividends. However, subject to the approval of tax authorities, the Company has tax exemptaccount available to frank tax exempt dividends up to approximately RM177,000,000.

1998RM'000

Cash and bank balances 5,350Bank overdrafts ( (51,475)

(46,125)

The Company is a subsidiary of Esso Eastern Incorporated, which in turn is a wholly owned subsidiaryof Exxon Mobil Corporation, both companies incorporated in the United States of America. ExxonMobil Corporation is regarded by the Directors as the ultimate holding company of the Company.Related companies are Exxon Mobil Corporation and its other subsidiaries.

1998RM'000

Purchases of crude oil, petroleum and otherproducts from related companies 1,609,100

Sales of petroleum and other products torelated companies 467,198

Allocation of shared services fromrelated companies 34,006

The sale and purchase transactions were conducted on an arms-length, commercial basis in theordinary course of business.

Ultimate Holding Company and Related Companies

Intercompany Transactions

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1998RM'000

Commitments for the purchase of fixed assetsauthorised by the Directors but not providedfor in the accounts

Contracted 38,186Not contracted 19,813

57,999

1998RM'000

Guarantees to third parties to secure housing andcar loans for employees under the Company'sbenefits plan 1,005

Litigation and other claims against the Company 210

1,215

1998RM'000

As at balance sheet date, leasing commitmentsunder non-cancellable operating leases were payable:

Within 1 year 7,840After 1 year but within 2 years 7,735After 2 years but within 5 years 22,050After 5 years 51,355

Leasing commitments where milestone payments aredependent upon approvals from relevant authoritiesor the occurrence of events as specified under the saidlease agreements 29,404

22. COMMITMENTS FOR CAPITAL EXPENDITURE

1999

RM'000

28,808

13,528

42,336

23. CONTINGENT LIABILITIES (UNSECURED)

1999

RM'000

922

228

1,150

24. LEASING COMMITMENTS

1999

RM'000

8,200

7,997

23,691

37,205

16,435

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STATEMENT BY DIRECTORS PURSUANT TO

SECTION 169(15) OF THE COMPANIES ACT, 1965

DECLARATION PURSUANT TO

SECTION 169(16) OF THE COMPANIES ACT, 1965

We, Dato' Philip J. Dingle and Tun Dato' Haji Omar Yoke Lin Ong, two of the Directors of Esso MalaysiaBerhad, state that in the opinion of the Directors, the accounts set out on pages 14 to 27 have been made out inaccordance with the applicable approved Accounting Standards in Malaysia, and are drawn up so as to give atrue and fair view of the state of affairs of the Company at December 31, 1999 and of the results of the Companyand its cash flows for the year ended on that date.

On behalf of the Board


YABhg Tun Dato' Haji Omar Yoke Lin Ong

Kuala Lumpur,February 24, 2000

I, Steven C. Spancake, the Director primarily responsible for the financial management of Esso MalaysiaBerhad, do solemnly and sincerely declare that the accounts set out on pages 14 to 27, are in my opinion correctand I make this solemn declaration conscientiously believing the same to be true, and by virtue of theprovisions of the Statutory Declarations Act, 1960.

Steven C. Spancake

Subscribed and solemnly declared by the above named Steven C. Spancake at Kuala Lumpur in Malaysia onFebruary 24, 2000 before me.

Datin Raihela bte Wan ChikCommissioner for OathsKuala Lumpur

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REPORT OF THE AUDITORS TO THE MEMBERS OF

ESSO MALAYSIA BERHAD

We have audited the accounts set out on pages 14 to 27. These accounts are the responsibility of theCompany's Directors. Our responsibility is to express an opinion on these accounts based on our audit.

We conducted our audit in accordance with approved Auditing Standards in Malaysia. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the accounts are freeof material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the accounts. An audit also includes assessing the accounting principles used and significantestimates made by Directors, as well as evaluating the overall accounts presentation. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion:

(a) the accounts give a true and fair view of the state of affairs of the Company as at December 31, 1999 and ofits results and cash flows for the year ended on that date in accordance with the applicable approvedAccounting Standards in Malaysia, and comply with the Companies Act, 1965; and

(b) the accounting and other records and the registers required by the Act to be kept by the Company havebeen properly kept in accordance with the provisions of the Act.

PRICEWATERHOUSECOOPERS(No. AF-0052)Public Accountants

ERIC OOI LIP AUN[ No. 1517/6/00 (J) ]Partner of the firm

Kuala LumpurFebruary 24, 2000

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AUDIT COMMITTEE & GENERAL INFORMATION


AUDIT COMMITTEE

THE AUDIT COMMITTEE WAS ESTABLISHED ONAPRIL 5, 1994, COMPRISING THE FOLLOWINGMEMBERS:

YABHG TUN DATO' HAJI OMAR YOKE LIN ONG

YBHG TAN SRI HASHIM AMAN

YBHG TAN SRI DR. SYED JALALUDIN BIN SYEDSALIM

MR OOI POH KHENG

MR STEVEN C. SPANCAKE

MR LEE CHONG SAN

MR EDWARD V. RAJASINGAM

THE FUNCTIONS OF THE AUDIT COMMITTEESHALL BE:

to review with the internal Auditor and theexternal Auditor of the Company appointed inaccordance with section 172 of the CompaniesAct, 1965:

- the audit plan of the Company;

- their evaluation of the system of internalaccounting controls; and the audit report.

to review the assistance given by the Company'sofficers to the internal and external Auditors;to review the scope and results of the internalaudit procedures;to review the balance sheet and profit and lossstatement of the Company, and thereafter tosubmit them to the Directors of the Company;to review any related party transactions that mayarise within the Company;to nominate a person or persons for appointmentas Auditor of the Company in accordance withsection 172 of the Companies Act, 1965; and

ChairmanIndependent Non-executive Director

MemberIndependent Non-executive Director

- Resigned w.e.f. January 1, 2000

MemberIndependent Non-executive Director

- Appointed w.e.f. February 15, 2000

MemberExecutive Director

Alternate member to Mr. Ooi Poh Kheng

Executive Director

Secretary - Resigned w.e.f. February 1, 2000

Secretary - Appointed w.e.f. February 24, 2000

�

�

�

�

�

�

JAWATANKUASA AUDIT

JAWATANKUASA AUDIT TELAH DITUBUHKANPADA 5 APRIL, 1994, AHLI-AHLINYA TERDIRIDARIPADA:

Pengerusi

Pengarah Bebas bukan Eksekutif


Ahli


AhliPengarah Eksekutif

Ahli bergilir kepada Encik Ooi Poh KhengPengarah Eksekutif

Ahli

- Meletak jawatan pada 1 Januari, 2000

- Dilantik pada 15 Februari, 2000

Setiausaha - Meletak jawatan pada 1 Februari, 2000

Setiausaha - Dilantik pada 24 Februari, 2000

� to perform such other functions as may be agreedto by the Audit Committee and the Board ofDirectors.

GENERAL INFORMATIONAUDITORS

SOLICITORS

REGISTERED OFFICE

SHARE REGISTRARS

PricewaterhouseCoopersPublic AccountantsKuala Lumpur

Messrs. Raja, Darryl & Loh, Kuala LumpurMessrs. Azman, Davidson & Co.,Kuala LumpurMessrs. Ng Yook Woon, Andrew T.C. Saw & Co.,Kuala LumpurMessrs. Skrine, Kuala Lumpur

EMB Company Secretary's OfficeLevel 16, Menara Esso,Kuala Lumpur City Centre,50088 Kuala LumpurTel: 2033000

M & C Services Sdn. Bhd.11th Floor, Wisma Damansara,Jalan Semantan,Damansara Heights,50490 Kuala LumpurTel: 2557188

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TANGGUNGJAWAB JAWATANKUASA AUDITADALAH:

untuk menyemak dengan Juruaudit dalamandan Juruaudit luar Syarikat yang dilantikmengikut seksyen 172 Akta Syarikat, 1965:

- rancangan audit Syarikat;

- penilaian mereka mengenai sistem kawalanakaun dalaman; dan laporan audit.

untuk menyemak bantuan yang diberikan olehpegawai-pegawai Syarikat kepada juruauditdalaman dan luar;untuk menyemak skop dan keputusanperaturan-peraturan audit dalaman;untuk menyemak kunci kira-kira dan akaununtung-rugi Syarikat, dan seterusnyamengemukakannya kepada Pengarah-PengarahSyarikat;untuk menyemak urusan pihak berkaitan yangmungkin timbul dalam Syarikat;untuk menamakan seorang atau lebih untukdilantik sebagai Juruaudit Syarikat mengikutseksyen 172 Akta Syarikat, 1965; danuntuk menjalankan tugas-tugas lain yangdipersetujui oleh Jawatankuasa Audit danLembaga Pengarah.

MAKLUMAT AMJURUAUDIT

PEGUAMCARA

PEJABAT BERDAFTAR

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Akauntan Awam

TetuanTetuanTetuan

Tetuan

PENDAFTAR SAHAM


ANALYSIS OF STOCKHOLDINGS

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As at April 14, 2000

Class of stocks: Ordinary stock unit (RM0.50)Voting right: One vote per stock unit

Size ofHoldings

No ofStockholders

% ofStockholders

Number ofUnits

% of IssuedCapital

1,000,000

1,000,000

105,829

17,518,109

5,001 10,000 1,209 10.19 9,658,754 3.58

10,001 100,000 943

53

7

7.94

0.45

0.06

24,399,625

13,958,120

204,359,563

9.03

5.17

75.69

1

500 5,000

499

8,958

699

75.47

5.89

6.49

0.04-

-

-

-

-100,001

Above

TOTAL 11,869 100.00 270,000,000 100.00

SUBSTANTIAL STOCKHOLDERSAs at April 14, 2000

TWENTY LARGEST STOCKHOLDERSAs at April 14, 2000

1. Esso Eastern Inc. 175,500,000 65.002. The Central Depository (Pte) Limited 11,388,563 4.223. Employees Provident Fund Board 10,065,000 3.734. Lembaga Tabung Haji 2,465,000 0.915. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 2,312,000 0.86

6. Universiti Malaya 1,330,000 0.497. Malaysia National Insurance Berhad 1,299,000 0.488. RHB Nominees (Tempatan) Sdn. Bhd. 837,000 0.31

9. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 805,000 0.30

10. KE-ZAN Nominees (Asing) Sdn. Bhd. 771,000 0.28

11. Cartaban Nominees (Asing) Sdn. Bhd. 722,600 0.27

12. Asia Life (M) Berhad 715,000 0.26

13. Cartaban Nominees (Asing) Sdn. Bhd. 576,000 0.21

14. Lim Seng Chee 531,000 0.2015. Bumiputra-Commerce Trustee Berhad 381,000 0.14

16. Eng Guan Chan Sdn. Berhad 367,800 0.1417. Kumpulan Wang Amanah Pencen 348,000 0.1318. Asia Life (M) Berhad 347,000 0.13

19. Universal Trustee (Malaysia) Berhad 323,000 0.12

20. Yap Chai Company Sdn. Bhd. 316,000 0.12

211,399,963 78.30

(Skim Amanah Saham Bumiputra)

(Rashid Hussain Asset Management Sdn. Bhd. For PertubuhanKebangsaan Melayu Bersatu atau UMNO)

(Sekim Amanah Saham Nasional)

(Kim Eng Securities (Private) Limited for See Hoy Chan (S) Pte Limited)

(State Street Bank and Trust Fund For IFC Emerging Markets Fund-Malaysia)

(Malaysia Life Fund)

(State Street Bank & Trust Fund For Employee Trusts)

(Amanah Saham Darul Iman)

(As Beneficial Owner (Non Par Fund)

(Mayban Balanced Trust Fund)

Name No. Of % of IssuedUnits Held Capital

Name No. Of % of IssuedUnits Held Capital

1. Esso Eastern Inc 175,500,000 65.002. The Central Depository (Pte) Limited 11,388,563 4.223. Employees Provident Fund Board 10,065,000 3.73

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PROPERTIES OWNEDAS AT DECEMBER 31, 1999


FEDERAL TERRITORY Tenure L.A. D.O.P.315, Jalan Ampang F 4,659125, Jalan Maharajalela F 789Lots 6-10, 31, 426-430, Section 7, Setapak F 929131, Jalan Pasar F 983245, Jalan Bukit Bintang F 2,13729, Jalan Damansara Indah F 1,67369, Jalan Dang Wangi F 1,495Lot 31362, Mukim Petaling F 2,354Lot PT 11134, Jalan Segambut F 1,734Lot 49260, Mukim Kuala Lumpur F 1,714Lot 212 & 2042, Section 99, Mukim of Petaling F 4,055Lot 3125, Mukim of Petaling F 2,080PT 1642, Sungai Untut, Setapak F 1,757Lot 26495, 6 ¼ ML Jalan Sg. Besi, Mukim Petaling F 2,250Lots 51 & 52, Section 98, Kuala Lumpur F 1,405Lot 199 & 200, Section 96, Kuala Lumpur F 2,017Lot 1758, Mukim Setapak, Kuala Lumpur F 1,926PT 22391, Mukim Cheras F 2,769Lot 435, (PT 32725), 14, Jalan Cheras F 4,048Lot 26494, Mukim Petaling, Wilayah Persekutuan F 5,669Part of Lot 1280, Jalan Medan Midah, Kuala Lumpur F 929Lot 293, Seksyen 63, Jalan Pekeliling L 1,406Lot 20021, Jalan Genting Kelang, Mukim Setapak L 1,987HS(D) 51787-51795 Mukim Kuala Lumpur L 1,715Lot 64, Seksyen 88, Bandar Kuala Lumpur L 1,917HS(D) 77348, PT 107, Section 92A, Jalan Sungai Besi L 2,081PT 4062, Jalan Mewah, Cheras, Kuala Lumpur L 4,622Lot 23440, Mukim Setapak L 1,417Lot 8094, Jalan Kuchai Lama L 3,437PT 1604 & 1668, Mukim Ampang L 2,437

SELANGORLots 83-88, Section 3, Banting F 1,115Lots 499 & 82, Section 24, Kelang F 1,392Lots 222-226, Section 23, Kelang F 932Lot 230, Mukim of Klang F 1,439Lot 1352, Mukim of Damansara F 1,282Lots 9179 & 9180, Mukim Sungai Buloh, Daerah Petaling F 4,138PT 13123, Mukim Raja, Kelang F 1,505PT 13122, Mukim Raja, Kelang F 1,580PT 19199, Jalan Sungai Rasa, Mukim Kapar, Kelang F 1,765Lot 1115 & 1116, Petaling Jaya F 2,085PT 12368, Mukim Klang F 3,188PT 3637, Mukim Telok Panglima Garang F 2,741PT 15209, Mukim Damansara, Petaling Jaya F 2,022Lot PT 43708 Mukim Kelang F 2,395PT 22493, Mukim Batu Gombak F 2,684PT 1444, Mukim Sepang F 4,047PT 46121, Mukim Daerah Klang, Selangor F 2,345Lots 21696 & 21728, Mukim Kapar, Daerah Klang F 4,032Lot 703, Mukim Bukit Raja, Klang F 4,088Lot 19, Section 18, Ampang Pechah, Kuala Kubu Bharu F 2,954Lot 9353 HS(D) 41833, Daerah Klang, Esso Taman Sri Muda P2 F 1,481Lot 9340 HS(D) 41825, Daerah Klang, Esso Taman Sri Muda P3 F 1,609PT 21440, Daerah Kelang, Selangor L 4,048PT 1517, Mukim Batu, Gombak, Batu 8, Jalan Rawang L 2,137No. PT 2204, HS(D) 15872, MK Ulu Kelang L 1,233Lot 10513, Taman Putra, Mukim Ampang L 1,644Lot 12276, MK of Batu Selangor, Mukim Batu L 1,440Lot 4, Jalan Raya 2, Petaling, Serdang L 2,448Lot PT 334, Mukim Petaling, Daerah Petaling L 3,577PT 7234, HS(M) 5288, Daerah Petaling, Sungai Buloh L 2,370Lot 1850, Mukim Ampang L 1,413PT 23489, HS(M) 14599, Mukim Batu, Gombak, Selangor L 2,017PT 20061, Daerah Petaling, Selangor L 1,773Lot 49, Section 27, Lorong Utara, Petaling Jaya L 1,858Lot No. 15, Road 201, Petaling Jaya, Selangor L 4,047PT 18428, Mukim Batu, Gombak L 2,118PT 4675, Jalan Balakong, Mukim Petaling L 1,530PT 902, Mukim Sungai Buloh, Damansara Highway L 3,055PT 30165, Jalan Kuari, Mukim Ampang, District of Ulu Langat L 1,672PT 11448, Taman Subang Indah, Mukim Damansara L 3,273PT 12581, Tempat Batu 10, Petaling Tin, Mukim Damansara L 2,580PT 7906, Mukim Bukit Raja, Petaling, Selangor L 3,237Lot 390, Section 3, Bandar Petaling Jaya, Jalan Selangor L 1,057PT 8542, Mukim Kapar, Daerah Klang L 1,980PT 2942, Mukim Rawang, Daerah Gombak L 2,723Seksyen 5, Pekan Meru, Mukim Kapar L 1,859PT 30186, Mukim Ampang, Ulu Kelang L 2,186

PERAK Tenure L.A. D.O.P

Grant Nos. 1115-1117 & 1128-1130,245, Jalan Besar, Sungai Siput F 847Lots 10321 & 4459, 2 ¼ Mile, Ipoh, Perak F 2,582Lot 36173, Batu Gajah L 1,110PT 40, Kampar, Tasek Ind. Estate Site, Ipoh L 819Lot 1803, Mukim Asam Kumbang L 18,057Lot 162, Town of Tg. Tualang, District Kinta L 719Lots 964 & 100, Tasek L 26,305PT 153632 Mukim Ulu Kinta, Ulu Kinta L 3,610PT 4825, Daerah Manjung L 3,717

PENANGLot 1991, Section 12, Georgetown, Daerah Timor Laut F 1,395Lots 425, 433 & 144, Mukim 7, Province Wellesley F 1,145Lot 402, Mukim 1, Daerah Central Penang F 1,627Lot 33, Section 4, Daerah Timor Laut F 1,774Lots 1684 & 378, 79, Jalan Mcalister F 1,620Lot 389, 32A, Jalan Ayer Itam F 2,126Lot 1791, Tanjong Bungah F 781Lots 1011, 449 & 452, 539, Jalan Dato Keramat F 993Lot 152, 219A, Jalan Jelutong F 743PT 783 & 784, Section 4, Seberang Perai Utara F 1,998Lot 140, Section 2, Seberang Perai Utara F 1,859Lot 152, Section 9, Jelutong F 4,917Lots 95-125, 128, Lots 2328-2338, Bagan Luar F 43,780Lots 7632, 7633, 7634 & 622, Sungai Nibong, Mukim 13 F 1,536Lot 3565, Mukim 6, Seberang Prai Tengah, Butterworth F 2,969Lot No Part 229/XIV, Mukim Bukit Mertajam F 1,009Lot 1213, Mukim 4, Daerah Seberang PeraiEsso Jalan Permatang Pauh F 6,817Lot 5166 HS(D) 2986, Mukim 14, Daerah Prai SelatanEsso Bukit Tambun F 2,392Pegangan No 2339, Seksyen 4, Bandar ButterworthDaerah Seberang Perai Utara L 1,566

KEDAHLot 4136, Mukim of Sungai Petani F 919Lot 20, Section 49, Sungai Petani, Daerah Kuala Muda F 873Lots 151 & 3056, Mukim Pengkalan Kundor F 239PT 3928, Mukim Alor Malai, Alor Setar F 2,569PT 1595, Mukim Kulim, Daerah Kulim F 2,913Lot 22384, Mukim Sungai Petani, Daerah Kuala Muda F 2,625

NEGERI SEMBILANLots 4510-4516, 4586, 4514, 4605, 4522, 4511, 4513 &4515, Mukim of Ampangan F 1,207Lots 2298-2303, Mukim of Ampangan F 1,185Lot 3246, Daerah Jempol F 2,937Lot 4590, Village of Nilai F 839Lot 1305, Port Dickson F 1,821Lots 3468-3471, Seremban F 798Lots 687 & 697, Mukim of Jelai F 278Lots 2645 & 2647, Mukim Port Dickson F 41,816(Lots 2646 & 2648) & 15 other small lots, Mukim Port Dickson F 1,590,154Lot 18171, (PT 940), Batu 2, Jalan Ampangan70400 Seremban F 2,074Lot Nos. PT 12697-12699, Tuanku Jaafar Industrial Estate,Seremban F 30,171PT 3861, Mukim Rasah, Seremban L 3,437Pipeline to Jetty, Lot 2201 & 1931, Lots 135-141 L 717,747PT 14782, Mukim Ampangan, Panchor Jaya L 4,319PT 14782, Mukim Ampangan, Persiaran Senawang 1 L 3,659

Lot 2672, Mukim of Bidor F 902Lot 2225, Teluk Intan F 892Lots 3257, 3258 & 32A, District of Larut & Matang F 1,640Lot 2505, Taiping F 1,280Lots 2878 & 2875, Mukim of Parit Buntar, Krian F 1,390Lots 2168-2172, Taiping F 756Lot 30480, Jalan Gopeng, Daerah Kinta F 3,895Lots 3637-3643, Ipoh, Daerah Kinta F 1,049Lot 2738N, Ipoh, Daerah Kinta F 1,748Lots 916-919, Ipoh, Daerah Kinta F 693Lots 3045N-3049N, Ipoh, Daerah Kinta F 929Lot 103476 & 30982, Mukim Ulu Kinta F 1,463Lot 17898, Mukim of Teja, Ipoh F 2,200Lot 29881, Pusing, Daerah Kinta F 1,796Lots 455-462, Menglembu, Daerah Kinta F 1,479Lot 61406, Jalan Tasek, Ipoh F 1,415Lot 9202, Mukim Sitiawan F 4,639PT 146342, Mukim Hulu Kinta, Daerah Kinta, Perak F 2,163

MALACCA Tenure L.A. D.O.P.Lots 94-101, Village of Alor Gajah, Northern District F 1,177Lot 723, Mukim Balai Panjang, Central Malacca F 1,839Lots 394-397, Town of Area XXIX, Central Malacca F 645Lots 31-33 & 1632, Section 111/M, Village of Masjid TanahNorthern District F 592Lot 454 (New Lot No 930), Town Area V11, Melaka Tengah F 1,674Lot 817, Klebang Kechil F 1,105Lots 4 to 8, Mukim of Jasin, Southern District F 822Lot 140, A, Jalan Semabok F 743Lot 262, (Lot 467), Mukim Bertam, Daerah Melaka Tengah F 3,716Lots 527, 78, 770, 462 Jalan Munsi Abdullah, Malacca F 2,251Lot 7529, Mukim Bukit Baru, Malacca F 2,788Holding No 153, Bukit Baru, Malacca F 1,652Lot 511, & QTR 385, District of Malacca Central L 268

JOHORELot MLO 643, Mukim of Simpang Kanan, Batu Pahat F 1,467Lot 3250, Mukim of Simpang Kanan, Batu Pahat F 860Lot 3567, Mukim Kesang, Daerah Muar F 1,432Lot 890, Township Segamat, District of Batu Pahat F 976TLO 2084, Jalan Salleh F 1,114Lot 535, Township of Bandar PenggaramDistrict of Batu Pahat F 1,897TLO 4111 Bandar Johore Bharu F 1,985Lot 456, Town of Mersing F 1,232Lot 15317, Bandar of Johore Bharu F 1,394Lot 151, Township of Pontian Kechil, District of Pontian F 841Lot 480, Mukim Tebrau F 1,745Lot 375, Mukim Bandar Penggarang F 2,414Lot 634, Mukim Kota Tinggi F 9,105No PTB 4771, Bandar Kluang, Johor F 1,940PTD 54009 MK Tebrau, Johor Bahru F 2,021MLO No 0825, District of Johor Bahru F 2,787Lot 25729, Mukim Kluang F 3,608

Tenure L.A. D.O.P.Lot 6280, Town & District of Johore Bahru F 5,933

PT D64145, Mukim Tebrau, Daerah Johor Bahru L 4,298

PTD 127533, Mukim Plentong, Daerah Johor Bahru F 4,624Lot 18302, Jalan Kebun Teh, Johore F 1,564Lot 2055, Jalan Mengkibol, Kluang L 2,300PT 20417, Daerah Johor Bahru L 2,406PT 87837, Mukim Pulai, Daerah Johor Bahru L 2,274

TERENGGANULot 1745, Daerah Kuala Trengganu F 770Lots 108 & 109, Part of 102, Town of Chukai F 1,122Lot 2904-2907, Mukim of Batu Buruk F 1,649Lot 3550, Dungun SS L 1,532

PAHANGLots 59-53, Section 18, Kuantan F 17,461Lot 7171, Mukim Kota Kuantan F 1,181Lot 13, Section 7, Pekan F 821Lot 9141, PT 2266, Mukim Kota Kuantan F 1,046Lot 14, Section 20, Bentong F 1,022Lot 1804, Mukim Sabai, Bentong F 1,971Lots 73-76, Section 8, Raub F 889Lot 50, Section 8, Mukim of Raub F 945Lot 19, Section 10, Bandar Temerloh F 1,268PT 28106, Mukim Kuala Kuantan F 3,232PT 29313, Mukim Kuala Kuantan F 1,961Lot PT 2291, Mukim Kuala Lipis F 4,048Lot 2, Section 19, Bentong, Pahang F 50Lot 4691, Mukim Kuala Kuantan L 5,771

KELANTANLots 231 & 233, 1 Lorong Minyak Gas F 6,227Lot 171, Jalan Sultan Ibrahim, Kota Bharu L 1,742Lot 552, Bandar Machang L 1,030


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TENURE LAND AREA (L.A.) DESCRIPTION OF PROPERTY (D.O.P.)

F Freehold (Sq. Metre) Service StationL Leasehold Vacant Land

Pipeline SiteRefinery Ancillary BuildingAnd QuartersMooring Dolphins and PiersLPG Redistribution CentreProduct JettyLubes Distribution CentreBulk PlantFilling StationRefineryPhased-Out Distribution PlantStorage and Distribution Plant

NOTICE IS HEREBY GIVEN

TRAINING CENTRE, LEVEL 18, MENARA ESSO, KUALA LUMPUR CITY CENTER, 50088

KUALA LUMPUR

Rajabee Mohd Yusoff

that the Forty-first Annual General Meeting of the Company will be held at

the

on Thursday, June 22, 2000 at 10:30 a.m. for the purpose of transacting the following

business:

1. To receive and adopt the Company's Accounts for the year ended December 31, 1999 and the Directors'and Auditors' Reports thereon

2. To re-elect Mr. Steven C. Spancake, a Director retiring in accordance with Articles 104 and 105 of theCompany's Articles of Association

3. To re-elect YBhg Tan Sri Dr. Syed Jalaludin bin Syed Salim, a Director retiring in accordance withArticle 109 of the Company's Articles of Association

4. To consider and if thought fit, pass the following resolutions pursuant to Section 129 of the CompaniesAct, 1965:

"That YABhg Tun Dato' Haji Omar Yoke Lin Ong, a Director who retires in accordance with Section 129of the Companies Act, 1965 be and is hereby re-appointed as a Director of the Company to hold officeuntil the conclusion of the next Annual General Meeting"

5. To approve the payment of Directors' fees

6. To re-appoint Messrs. PricewaterhouseCoopers as Auditors of the Company and to authorise theDirectors to fix their remuneration

7. To transact any other ordinary business of the Company

By Order of the Board

MAICSA 0743587Secretary

Kuala LumpurApril 10, 2000

Note:

A member of the Company entitled to attend and vote is entitled to appoint a proxy or proxies to attend and vote instead of themember. A proxy need not be a member of the Company. The instrument appointing a proxy must be deposited at the registeredoffice of the Company, EMB Company Secretary's Office, Level 16, Menara Esso, Kuala Lumpur City Center, 50088 Kuala Lumpurnot less than 48 hours before the time set for the meeting.


NOTICE OF ANNUAL GENERAL MEETING

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ESSO MALAYSIA BERHAD( Company No. 3927-V )

( Incorporated in Malaysia )

P R O X Y F O R M

( Before completing the form please see notes overleaf )

"A" I / We _____________________________________________________________________________________

of _____________________________________________________________________________________________

being a member / members of the above-named Company hereby appoint

_______________________________________________________________________________________________

of _______________________________________________________________________________ whom failing

_______________________________________________________________________________________________

of _________________________________________________________________________________as my *first

proxy to attend and vote for me / us on my / our behalf at the Annual General Meeting of theCompany to be held on Thursday, June 22, 2000 at 10:30 a.m. and at any adjournment thereof.

"B" Where it is desired to appoint a second proxy this section must also be completed, otherwise itshould be deleted.

I / We ________________________________________________________________________________________

of _____________________________________________________________________________________________

being a member / members of the above-named Company hereby appoint

_______________________________________________________________________________________________

of ________________________________________________________________________________whom failing

_______________________________________________________________________________________________

of _______________________________________________________________________________as my second

proxy to attend and vote for me / us on my / our behalf at the Annual General Meeting of theCompany to be held on Thursday, June 22, 2000 at 10:30 a.m. and at any adjournment thereof.

The proportions of my holding to be represented by my proxies are as follows:

First proxy "A" %Second proxy "B" %

100 %

( Full Name in Block Capitals )

( Address )

( Full Name )

( Address )

( Full Name )

( Address )

(Full Name in Block Capitals )

( Address )

( Full Name )

( Address )

( Full Name )

( Address )

“C" My instruction to my proxy / proxies are to vote as follows:

Resolutions For Against

1. Receive and adopt Company accounts

2. Re-elect Mr. Steven C. Spancake

3. Re-elect YBhg Tan Sri Dr Syed Jalaludin bin Syed Salim

4. Approve resolution that YABhg Tun Dato' Haji OmarYoke Lin Ong be re-appointed a Director

5. Approve payment of Directors' fees

6. Re-appoint Auditors and authorise Directors to fix their

remuneration

7. Any Other Business

In case of a vote taken by a show of hands *first proxy "A"/* second proxy "B" shall vote onmy behalf.

Signed this ________________day of June 2000.

__________________________Signature of Member (s)

* Delete if not applicable

Notes:

1. A member of the Company entitled to attend and vote at a meeting of the Company is entitled to appoint a proxy orproxies to attend and vote instead of the member. A proxy need not be a member of the Company. The instrumentappointing a proxy must be deposited at the registered office of the Company, EMB Company Secretary's Office, Level16, Menara Esso , Kuala Lumpur City Centre , 50088 Kuala Lumpur not less than 48 hours before the time set for themeeting.

2. Where a member appoints two proxies, the appointments shall be invalid unless he specifies the percentage of hisholding to be represented by each proxy.

3. In the case of a corporation, the instrument appointing a proxy or proxies must be under seal or under the hand of anofficer or attorney duly authorised.

4. Unless otherwise instructed, the proxy may vote as he thinks fit.

ADALAH DENGAN INI DIBERITAHU

PUSAT LATIHAN, ARAS 18, MENARA ESSO, KUALA LUMPUR

CITY CENTER, 50088 KUALA LUMPUR

Rajabee Mohd Yusoff

Nota:

bahawa Mesyuarat Agung Tahunan yang Keempat Puluh Satu

bagi Syarikat ini akan diadakan di

pada hari Khamis, 22 Jun, 2000 jam 10:30 pagi dengan tujuan

mengendalikan urusan-urusan berikut:

1. Menerima dan meluluskan Akaun-akaun Syarikat bagi tahun berakhir 31 Disember, 1999 dan jugaLaporan Pengarah serta Laporan Juruaudit mengenainya

2. Memilih semula Encik Steven C. Spancake, Pengarah yang bersara mengikut Perkara 104 dan 105Tataurusan Pertubuhan Syarikat

3. Memilih semula YBhg Tan Sri Dr. Syed Jalaludin bin Syed Salim, Pengarah yang bersara mengikutPerkara 109 Tataurusan Pertubuhan Syarikat

4. Menimbangkan dan jika difikirkan sesuai, meluluskan resolusi-resolusi berikut mengikut Seksyen129 Akta Syarikat, 1965;

"Bahawa YABhg Tun Dato' Haji Omar Yoke Lin Ong, Pengarah yang bersara menurut Seksyen 129Akta Syarikat, 1965, dengan ini dilantik semula sebagai Pengarah Syarikat untuk memegangjawatan sehingga tamat Mesyuarat Agung yang akan datang

5. Meluluskan pembayaran ganjaran Pengarah-Pengarah

6. Melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat dan memberi kuasakepada Pengarah- Pengarah untuk menetapkan imbuhan mereka

7. Menguruskan lain-lain urusan biasa Syarikat

Dengan Perintah Lembaga Pengarah

MAICSA 0743587Setiausaha

Kuala Lumpur10 April, 2000

Seorang ahli Syarikat yang berhak hadir dan mengundi adalah berhak melantik seorang wakil atau wakil-wakil untuk hadirmengundi bagi pihak ahli. Wakil itu tidak semestinya seorang ahli Syarikat. Surat perlantikan wakil hendaklah diserahkan dipejabat berdaftar Syarikat iaitu Setiausaha Syarikat EMB, Aras 16, Menara Esso, Kuala Lumpur City Center, 50088 Kuala Lumpur,tidak lewat dari 48 jam sebelum waktu mesyuarat yang telah ditetapkan.

ESSO MALAYSIA BERHAD IBC

N O T IS M E S Y U A R AT A G U N G TA H U N A N

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annual report accounts - petron malaysia · total assets employed 1,558.7 1,465.6 + 6.4 total...

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