esso malaysia berhad (incorporated in malaysia) · pdf filepenyata pengerusi 6 five ......

Contents

Financial Highlights Inside Front Cover

The Year In Review 1

Board Of Directors /Lembaga Pengarah 2

Chairman’s Statement 4

Penyata Pengerusi 6

Five - Year Summary Charts 8

Report of the Directors 10

Statement of Accounts 14

Audit Committee & General Information 30Jawatankuasa Audit & Maklumat Am

Information on Stockholdings 31

Properties Owned 32

Notice of Annual General Meeting 34

Notis MesyuaratAgung Tahunan Inside Back Cover

ESSO MALAYSIA BERHAD(Company No.3927-V)(Incorporated in Malaysia)

ANNUAL REPORT&

ACCOUNTS

2000

2000 1999 %RM million RM million change

Turnover 3,828.8 2,478.4 + 54.5

Profit/(Loss) After Taxation 21.9 (44.0) N/A

Earnings/(Loss) per ordinary stock unit (sen) 8.1 (16.3) N/A

Total assets employed 1,634.8 1,558.7 + 4.9

Total shareholders’ funds 370.4 348.5 + 6.3

Sales volume 78 77 + 1.3(thousands of barrels per calendar day)

The Company’s 41st Annual General Meeting was heldon June 22, 2000 at Menara Esso.

Mesyuarat Agung Tahunan ke 41 telah dilangsungkan pada 22 Jun, 2000 di Menara Esso.

FINANCIAL HIGHLIGHTS

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

96 97 98 99 00

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96 97 98 99 00

96 97 98 99 00 96 97 98 99 00

96 97 98 99 00 96 97 98 99 00

THE YEAR IN REVIEW

BOARD OF DIRECTORS / LEMBAGA PENGARAH

Mr. Steven C. SpancakeResigned w.e.f. February 24, 2001Meletak jawatan berkuatkuasa 24 Februari 2001

SEATED FROM LEFT TO RIGHT

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

/ PengerusiYBhg Dato’ (Dr.) Philip J. Dingle Chairman YABhg Tun Dato’ Haji Omar Yoke Lin Ong

2 ESSO MALAYSIA BERHAD

STANDING FROM LEFT TO RIGHT

Dr. Abu Hassan Sulaiman A.S.M.Logistics Director Encik Abu Hassan Seeni AbdulRetail Sales Director

BERDIRI DARI KIRI KE KANAN

/ Pengarah Logistik

/ Pengarah Jualan RuncitMr. James A. Hall

/ Pengarah KewanganFinancial Director

YBhg Dato’ Kamaruddin Mohd JamalHuman Resources Director

/ Pengarah Sumber Tenaga Manusia

/ Setiausaha KorporatCik Rajabee Mohd YusoffCorporate Secretary

3

Mr. Ooi Poh KhengResigned w.e.f. February 24, 2001Meletak jawatan berkuatkuasa 24 Februari 2001

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YBhg Dato’ (Dr.) Philip J. DingleChairman and Chief Executive OfficerPengerusi dan Ketua Pegawai Eksekutif

4

ear 2000 saw Esso Malaysia Berhad improve its

financial results over 1999. The Company Yrecorded an after tax profit of RM21.9 million

versus an after tax loss of RM44.0 million in 1999.

The 2000 performance was mainly a result of a general

improvement in industry refining margins from the very

low levels experienced in 1999. This was partially offset

by lower retail fuel and LPG margins from Automatic

Pricing Mechanism lags in the first half of 2000, during a

period of rising crude and product costs.

Revenues in 2000 were RM3,841 million, an increase of

54% over the previous year's revenues of RM2,489 million

reflecting higher product prices. Sales volume remained

relatively unchanged at 78 thousand barrels per day

(kbd).

The "Xchange" Card programme, together with other

successful marketing initiatives and promotions, helped

to improve our retail sales despite strong competition.

LPG, Lubricants and Specialty Product sales were

maintained at 1999 levels.

At the Port Dickson refinery, throughput decreased by 9%

to 58 kbd compared to 64 kbd in 1999 as depressed

regional refining margins in the first half of the year did

not support higher crude runs. The refinery had a planned

shutdown of 32 days in the second half of the year for

maintenance and repair and to upgrade facilities, after

two and half years of continuous operation.

During the year, we made selective investments to ensure

the future growth of the Company. We spent a total of

RM68 million on capital projects and long-term leases,

versus RM62 million in 1999. The increase was primarily

due to higher expenditures on leased service station land.

As announced earlier in November 2000, the Company

signed a Sale and Purchase Agreement with Petronas

Dagangan Berhad and Shell Trading Malaysia Sdn Bhd

for the purchase of a 20% participating interest in the

Multi-Product Pipeline/ Klang Valley Distribution

Terminal and their associated facilities for RM120 million,

the full payment of which will be made in 2001.

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CHAIRMAN’S STATEMENT


The Company continues to place the highest priority on

safety, environment, health and operational integrity. In

the customer service area, our fleet restructuring

programme will enhance our safety and security for

product deliveries as well as fleet efficiency. The Port

Dickson refinery achieved an excellent safety

performance without a lost time incident, sustaining a

four-year safety record since the last incident in

November 1996. In addition, none of our employees or

contractors experienced any type of injury accident on the

job during the year. This was mainly attributed to the

effective use of the new Loss Prevention System, which

emphasises the human behavioural aspects of safety as

well as the overall commitment of employees and

contractors to safety.

The Company had a smooth rollover from 1999 to 2000

with no incidents reported and disruptions caused by

Year 2000 compliant issues.

As a result of the merger of Exxon Corporation and Mobil

Corporation, Esso Malaysia Berhad entered into a Shared

Services Agreement with Mobil Oil Malaysia Sendirian

Berhad in May 2000. The agreement is aimed at increasing

efficiency and reducing costs by sharing personnel

services and avoiding duplication of systems and

facilities. Esso Malaysia Berhad and Mobil Oil Malaysia

Sendirian Berhad will continue to operate as two separate

companies, however, with each company retaining their

respective Esso and Mobil brand names.

The outlook for 2001 is favourable. The Malaysian

economy is expected to grow following a better than

anticipated recovery in 1999 and 2000. The demand for

petroleum products will remain strong, despite a

challenging and competitive business environment. Our

focus will be on reducing operating costs and making

selective investments so that we are well positioned to

participate in Malaysia's economic recovery and future

growth.

With the modest profit in year 2000, the Company's

financial position is relatively unchanged from 1999.

Borrowings continue to be high at around the RM600

million level. The Board, having carefully considered the

recommending any dividend payment for year 2000 in an

effort to help further strengthen the Company's financial

position.

There have been some changes in the Board of Directors

of the Company. Mr. Steven C. Spancake has accepted an

assignment with Esso Petroleum Company Ltd, London

and as a result resigned from the Board on February 24,

2001. The Board of Directors has appointed Mr. James A.

Hall as Financial Director. Mr. Ooi Poh Kheng accepted

an assignment with ExxonMobil Asia Pacific Fuels

Marketing in Singapore and also resigned on February 24,

2001. Encik Abu Hassan Seeni Abdul has been appointed

Retail Sales Director replacing Mr Ooi Poh Kheng in the

Board. I would like to take this opportunity to thank both

Mr. Steven C. Spancake and Mr. Ooi Poh Kheng for their

past contributions and services to the Company during

their tenure as directors of the Company and welcome

Mr. James A. Hall and Encik Abu Hassan Seeni Abdul to

the Board.

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

employees for their effort and dedication. I would also

like to express my appreciation to our stockholders,

dealers and customers for their continued support.

Dato' (Dr.) Philip J. Dingle

Chairman of the Board

Kuala Lumpur

February 27, 2001A

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PENYATA PENGERUSI

ada tahun 2000, Esso Malaysia Berhad

memperbaiki keputusan kewangannya dari Ptahun 1999. Syarikat mencatat keuntungan

selepas cukai sebanyak RM21.9 juta berbanding dengan

kerugian selepas cukai sebanyak RM44.0 juta pada tahun

1999.

Prestasi tahun 2000 adalah disebabkan peningkatan

menyeluruh margin industri penapisan dari tahap yang

sangat rendah yang dialami pada tahun 1999. Sebahagian

ini diimbangi dengan margin yang lebih rendah bagi

minyak jualan runcit dan LPG disebabkan oleh kelewatan

Mekanisma Harga Automatik bagi setengah tahun

pertama 2000, semasa harga minyak mentah dan produk

sedang naik.

Pendapatan pada tahun 2000 adalah sebanyak RM3,841

juta, meningkat 54% dari RM2,489 juta yang dicatatkan

pada tahun sebelumnya, ia menunjukkan kenaikan harga

produk. Jumlah jualan tidak banyak berubah iaitu

sebanyak 78 ribu tong sehari (rts)

Program Kad "Xchange", berserta dengan kejayaan

inisiatif dan promosi pemasaran yang lain telah membantu

memperbaiki jualan runcit walaupun terdapat persaingan

hebat. Jualan LPG, Minyak Pelincir dan Produk Khas kekal

di paras tahun 1999.

Pengeluaran di loji penapisan Port Dickson menurun

sebanyak 9% kepada 58rts berbanding dengan 64rts pada

tahun 1999. Ini adalah kerana kelembapan margin

penapisan serantau pada setengah tahun pertama tidak

dapat menampung pemprosesan minyak mentah yang

lebih tinggi. Loji penapisan telah ditutup selama 32 hari

pada setengah tahun kedua untuk kerja-kerja

penyelengaraan dan baik pulih dan untuk meningkatan

kelengkapan setelah beroperasi berterusan selama dua

tahun setengah.

Untuk memastikan Syarikat akan terus berkembang pada

masa hadapan, pelaburan terpilih telah dibuat sepanjang

tahun. Kita telah membelanjakan sebanyak RM68 juta

untuk projek modal dan pajakan jangka panjang

berbanding dengan RM62 juta pada tahun 1999.

Kenaikan ini adalah terutamanya kerana perbelanjaan

untuk pajakan tanah stesyen servis yang lebih tinggi.

Seperti yang telah diumumkan pada awal bulan

November 2000, Syarikat telah menandatangani

Perjanjian Jual Beli dengan Petronas Dagangan Berhad

dan Shell Trading Malaysia Sdn Bhd . Perjanjian ini adalah

untuk pembelian penyertaan sebanyak 20% untuk

kemudahan "Multi-Product Pipeline"/Pusat Pengedaran

Lembah Kelang dan kemudahan yang berkaitan bernilai

RM120 juta, yang akan dibayar pada tahun 2001.

Syarikat terus mengutamakan keselamatan, persekitaran,

kesihatan dan keutuhan operasi. Dalam bidang

perkhidmatan pelanggan, program penyusunan semula

pengangkutan akan meningkatkan keselamatan

penghantaran produk dan kecekapan kumpulan

pengangkutan. Loji penapisan Port Dickson mencapai

prestasi cemerlang keselamatan tanpa kehilangan waktu

kemalangan dan mengekalkan rekod selama 4 tahun

semenjak kemalangan yang terakhir dalam bulan

November 1996. Kakitangan dan kontraktor juga tidak

mengalami sebarang kemalangan semasa kerja sepanjang

tahun. Ini adalah terutamanya kerana kegunaan berkesan

Sistem Pencegah Kehilangan yang baru, yang

menekankan aspek tingkah laku manusia terhadap

keselamatan dan juga komitmen menyeluruh dari

kakitangan dan kontraktor terhadap keselamatan.

Pertukaran tahun dari 1999 ke 2000 berjalan dengan lancar

dan Syarikat tidak mengalami sebarang kejadian dan

gangguan dari isu-isu Pematuhan Tahun 2000.

Hasil dari pergabungan Exxon Corporation dan Mobil

Corporation, Esso Malaysia Berhad mengikat Perjanjian

Perkongsian Perkhidmatan dengan Mobil Oil Malaysia

Sendirian Berhad pada bulan Mei, 2000. Perjanjian ini

bertujuan untuk meningkatkan kecekapan dan

mengurangkan kos dengan berkongsi perkhidmatan

kakitangan, sistem dan kemudahan. Esso Malaysia

Berhad dan Mobil Oil Malaysia Sendirian Berhad akan

terus beropersi sebagai dua syarikat berasingan dengan

setiap syarikat mengekalkan jenama Esso dan Mobil

masing-masing.


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Ramalan untuk tahun 2001 adalah mengalakkan. Dengan

pemulihan pada tahun 1999 dan 2000, ekonomi Malaysia

dijangka akan terus berkembang. Permintaan produk

petroleum akan terus kukuh walaupun terdapat cabaran

dan persaingan dalam perniagaan. Kita akan terus

menumpukan usaha untuk mengurangkan kos operasi

dan membuat pelaburan terpilih untuk mengukuhkan

kedudukan supaya boleh turut serta di dalam pemulihan

ekonomi Malaysia dan pertumbuhan masa hadapan.

Dengan keuntungan yang sederhana pada tahun 2000,

kedudukan kewangan syarikat tidak banyak berubah

dari tahun 1999. Pinjaman terus berada pada tahap yang

tinggi iaitu kira-kira RM600 juta. Setelah membuat

pertimbangan yang teliti dan mengambil kira

kepentingan pemegang-pemegang saham dan juga

Syarikat, Lembaga Pengarah mencadangkan untuk tidak

membayar sebarang dividen bagi tahun 2000 sebagai

langkah untuk mengukuhkan kedudukan kewangan

Syarikat.

Terdapat beberapa perubahan di dalam Lembaga

Pengarah Syarikat. Encik Steven C. Spancake telah

menerima tugasan dengan Esso Petroleum Company Ltd.

London dan dengan itu telah meletakkan jawatan dari

Lembaga Pengarah pada 24 Februari, 2001. Lembaga

Pengarah telah melantik Encik James A. Hall sebagai

Pengarah Kewangan. Encik Ooi Poh Kheng telah

menerima tugasan dengan ExxonMobil Asia Pacific Fuels

Marketing di Singapura dan juga telah meletakkan

jawatan pada 24 Februari 2001. Encik Abu Hassan Seeni

Abdul telah dilantik sebagai Pengarah Jualan Runcit

menggantikan Encik Ooi Poh Kheng dalam Lembaga

Pengarah. Saya ingin mengambil kesempatan ini untuk

mengucapkan terima kasih kepada Encik Steven C.

Spancake dan Encik Ooi Poh Kheng terhadap sumbangan

dan kerjasama mereka kepada Syarikat dan mengalu-

alukan perlantikan Encik James A. Hall dan Encik Abu

Hassan Seeni Abdul dalam Lembaga Pengarah.

Bagi pihak Lembaga Pengarah, saya ingin mengucapkan

terima kasih kepada semua kakitangan atas usaha dan

Dato' (Dr) Philip J. Dingle

Pengerusi Lembaga Pengarah

Kuala Lumpur

27 Februari, 2001

penghargaan kepada semua pemegang stok, pengedar

dan pelanggan kerana sokongan berterusan mereka.


RM MILLIONFinanced by:

TOTAL ASSETS EMPLOYED

500

01996 1997 1998 1999 2000

Shareholders’ fund

TURNOVER(NET OF GOVERNMENT DUTIES)RM MILLION

Turnover

1000

SALES VOLUMETHOUSANDS OF BARRELSPER CALENDAR DAY

1996 1997 1998 1999 20000

10

20

30

40

50

60

70

80

White product Black product

90

65

20

64

17

63

14

Taxes payable, provisions and others

RM MILLION

PROFIT/(LOSS) AFTER TAX

100

80

60

40

20

0

-20

-40

-60

-801996 1997 1998 1999 2000

Profit/(Loss) aftertax and beforeextraordinary items

120

58

-63

-44

68

3

-3

3

-2

% of turnover

1500

Trade payables

Notes payable and bank borrowings

22

69

1996 1997 1998 1999 20000

300

600

900

1200

1500

1800

2400

3300

2,166

2,4492,257

3,829

415

280

301

256

334

356

509

187

393

253

585

235

450

604

211

349

406

630

174

67

11

221

370

2700

3000

3600

3900

2100

2,478

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FIVE - YEAR SUMMARY CHARTS

CAPITAL EXPENDITURERM MILLION

1996 1997 1998 1999 20000

20

40

60

80

100

120

140

160

Capital expenditure

Net tangible assetper stock unit (sen)

Other feedstocks

96111

47


154

124

145

129142

137

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OTHER INFORMATION

1996 1997 1998 1999 2000

Earnings/(Loss) per ordinary stock unit (sen) 21.5 (23.2) 25.3 (16.3) 8.1

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

Dividend yield (%) 5.7 1.7 1.4 0.0 0.0

Share price (RM) - Highest 7.65 7.20 4.80 3.52 3.28- Lowest 6.65 4.12 2.05 2.39 1.44- Average 7.07 6.01 3.48 3.05 2.60

Number of employees at year-end 634 628 619 574 548

THOUSANDS OF BARRELSPER CALENDAR DAY

TOTAL THROUGHPUT

90

80

70

60

50

40

30

20

10

0

Local crude

1996 1998 1999 2000

58

77

4

79

3

64

3

63

11997

60


Reports of the directorsYour Directors submit their report together with the audited financial statements of the Company for the year ended December 31, 2000.

PRINCIPAL ACTIVITIES

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

FINANCIAL RESULTS

RM'000

Profit after taxation 21,873Retained profits brought forward 205,492Profits available for appropriation 227,365Dividend -

Retained profits carried forward 227,365

DIVIDENDS

No dividend has been paid or declared since the end of the Company's previous financial year.

The Directors are not proposing a final dividend for 2000.

RESERVES AND PROVISIONS

All material transfers to or from reserves and provisions during the year are shown in the financial statements.

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS

Before the income 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 the making of provision for doubtful debts, and satisfied themselves that all known bad debts had 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 the ordinary course of business their value as shown in the accounting records of the Company have 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 for doubtful debts in the financial statements of the Company inadequate to any substantial extent; or

2. which would render the values attributed to current assets in the financial statements of the Company misleading; or

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

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

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STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (Continued)

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 which secures theliability of any other person; or

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

OTHER STATUTORY INFORMATION

The Directors state that:

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

In their opinion,

1. the results of the Company's operations during the year were not substantially affected by any 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 any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Company for the year in which this report is made.

DIRECTORS

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

YBhg Dato' (Dr.) Philip J. DingleMr. Ooi Poh Kheng (resigned w.e.f. February 24, 2001)YABhg Tun Dato' Haji Omar Yoke Lin OngYBhg Tan Sri Dr. Syed Jalaludin bin Syed SalimMr. Steven C. Spancake (resigned w.e.f. February 24, 2001)Mr. James A. Hall (appointed w.e.f. February 24, 2001)YBhg Dato' Kamaruddin Mohd JamalDr. Abu Hassan Sulaiman A.S.M.Encik Abu Hassan Seeni Abdul (appointed w.e.f. February 24, 2001)

DIRECTORS' BENEFITS

During and at the end of the year, no arrangements subsisted to which the Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition 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 5 to the financial statements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member, or with a company in which he has a substantial financial interest. All transactions between the Company or a related corporation and companies in which Directors have interests are conducted on an arms-length, commercial basis in the ordinary course of business.

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DIRECTORS' INTERESTS IN SHARES AND DEBENTURES

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

As at As at 1.1.00 Bought Sold 31.12.00

Esso Malaysia Berhad - Number of ordinary stock units of RM0.50 each in which the following Director is deemed tohave an interest:

YABhg Tun Dato' Haji Omar Yoke Lin Ong 61,000 * - (14,000) 47,000

Imperial Oil Limited (Subsidiary of Exxon Mobil Corporation) - Number of common shares without par value held by the followingDirector:

YBhg Dato' (Dr.) Philip J. Dingle 6,969 7,489 (6,700) 7,758

Exxon Mobil Corporation (Ultimate holding company) - Number of ordinary shareswithout par value held by the following Directors:

Mr. Steven C. Spancake 5,030 5,666 (5,100) 5,596Dr. Abu Hassan Sulaiman - 1,500 (1,500) -

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

* NOTE : 3,000 stock units sold in 1998 and not reported.

DIRECTORATE

In accordance with Article 104 and Article 105 of the Company’s Articles of Association, YBhg Dato’ Kamaruddin Mohd. Jamal retires 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, Mr. James A. Hall and Encik Abu Hassan Seeni Abdul retire and being eligible, offer themselves for re-election.

In accordance with Section 129 of the Companies Act, 1965, YABhg Tun Dato’ Haji Omar Yoke Lin Ong retires at the forthcoming Annual General Meeting. Your other Directors recommend that he be re-appointed Directors for the ensuing year.

ULTIMATE HOLDING COMPANY

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

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STATEMENT ON THE STATE OF INTERNAL CONTROL

The Directors are responsible for the Company's system of internal controls over all financial and operating activities to safeguard shareholders' investment and the Company's assets. The internal control system involves each business, has clear management support, including involvement of the Board, and is designed to meet the risks to which the Company is exposed. The Board is satisfied with the design of the control system and that there is compliance with all requirements.

The Company's current internal control system includes:

! a comprehensive and clearly documented System of Management Control Standards Manual that establishes the core requirements for good controls. The manual identifies the Company's principal risks and describes the appropriate systems to manage these risks. It covers foundation and framework of the control system, the types of control checks that must be in place, and the required checks on the system's effectiveness.

! a clearly defined organisation and authority delegation for all levels.

! a yearly plan of control system reviews, internal audits and external audits. The results are reviewed with Management at various levels and major concerns are addressed to senior management and the Audit Committee.

! key policies covering Business Ethics, Conflict of Interest, Antitrust, Drug and Alcohol, Gift and Business Entertainment. They include requirements to comply with applicable laws and regulations. These policies are communicated and acknowledged by employees on an annual basis.

! a Controls Integrity Management system to assess and sustain the effectiveness of the organisation's system of controls.

! yearly representation of compliance by managers in the Company. These representations identify any control concerns and corrective actions that are being taken.

AUDITORS

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

In accordance with a resolution of the Board of Directors dated February 27, 2001

.............................Dato' (Dr.) Philip J. DingleChairman

.............................James A. HallFinancial Director

Kuala Lumpur,February 27, 2001

Income statement


FOR THE YEAR ENDED DECEMBER 31, 2000

Note 2000 1999RM'000 RM'000

REVENUES 3 3,838,904 2,487,018 COST OF SALES (3,438,901) (2,219,854)

GROSS PROFIT 400,003 267,164

OTHER OPERATING INCOME 2,284 2,008

OPERATING EXPENSES (276,630) (260,154)

ADMINISTRATIVE AND OTHER EXPENSES (53,132) (44,112)

PROFIT/(LOSS) FROM OPERATIONS 72,525 (35,094)

FINANCE COST 4 (33,899) (34,463)

PROFIT/(LOSS) FROM ORDINARY ACTIVITIESBEFORE TAX 5 38,626 (69,557)

TAXATION 6 (16,753) 25,529

NET PROFIT/(LOSS) ATTRIBUTABLE TO 21,873 (44,028) SHAREHOLDERS

Final dividend per ordinary stock unit (proposed):

Nil EARNINGS/(LOSS) PER ORDINARY STOCK UNIT (SEN) 7 8.1 (16.3)

The accounting policies and notes on pages 18 to 27 form an integral part of these financial statements.

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AS AT DECEMBER 31, 2000

Note 2000 1999RM'000 RM'000

NON CURRENT ASSETS

PROPERTY, PLANT AND EQUIPMENT 8 1,043,955 1,047,845

LONG TERM ASSETS AND RECEIVABLES 9 190,846 182,901CURRENT ASSETSInventories 10 112,056 109,743Receivables 11 154,976 142,842Amounts due from related companies 117,092 41,345Cash and bank balances 15,869 33,990TOTAL CURRENT ASSETS 399,993 327,920

CURRENT LIABILITIESPayables 12 221,803 200,204Amounts due to related companies 297,617 261,717Notes Payable (Unsecured) 13 100,000 135,000Bank borrowings (Unsecured) 13 203,697 165,422Term borrowings (Unsecured) 14 - 114,750Taxation 17,583 -Proposed dividend - -TOTAL CURRENT LIABILITIES 840,700 877,093

NET CURRENT (LIABILITIES) (440,707) (549,173)

LESS: NON CURRENT LIABILITIESDeferred taxation 15 53,489 52,725Provision for retirement benefits 70,240 65,356Term borrowings (Unsecured) 14 300,000 215,000

423,729 333,081TOTAL NET ASSETS EMPLOYED 370,365 348,492

FINANCED BY:SHARE CAPITAL 16 135,000 135,000RESERVES 17 8,000 8,000RETAINED EARNINGS 17 227,365 205,492SHAREHOLDERS' EQUITY 370,365 348,492


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Balance Sheet

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FOR YEAR ENDED DECEMBER 31, 2000

Issued and fully paid ordinary stockof RM0.50 each Non-distributable Distributable

CapitalNumber of Nominal redemption Retained

ordinary stock unit value reserves earnings TotalRM’000 RM’000 RM’000 RM’000 RM’000

At December 31, 1999 270,000 135,000 8,000 205,492 348,492Net Profit - - - 21,873 21,873

At December 31, 2000 270,000 135,000 8,000 227,365 370,365

At December 31, 1998 270,000 135,000 8,000 249,520 392,520Net Loss - - - (44,028) (44,028)

At December 31, 1999 270,000 135,000 8,000 205,492 348,492


Statement Of Changes In Equity

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Statement Of Cash Flows


FOR THE YEAR ENDED DECEMBER 31, 2000

Note 2000 1999RM'000 RM’000

CASH FLOWS FROM OPERATING ACTIVITIESNet Profit / (Loss) after taxation 21,873 (44,028)

Adjustments for: Depreciation on fixed assets 61,060 61,699 Tax expense 16,753 (25,529) Interest expense 33,899 34,463 Provision for fixed assets write-down - 3,585 Provision for retirement benefits/severance expenses 6,848 9,068 Loss / (Gain) on disposal of fixed assets 1,479 (2,147)

Changes in: (Increase) / Decrease inventories (2,313) (23) (Increase) / Decrease in trade and other receivables (12,134) (49,315) (Increase) / Decrease in amounts due from related companies (75,747) (23,066) Increase / (Decrease) in amount due to related companies 35,900 156,889 Increase / (Decrease) in trade and other payables 23,543 (22,279)

Cash generated from operations 111,161 99,317Interest paid (34,249) (34,681)Income taxes paid - (356)Severance expenses paid - (12,041)Retirement benefits paid (1,964) (1,222)

Net cash from operating activities 74,948 51,017

CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment (59,669) (47,026)Increase in long term assets (7,945) (14,948)Proceeds from disposal of property, plant and equipment 1,020 4,070

Net cash used in investing activities (66,594) (57,904)

CASH FLOWS FROM FINANCING ACTIVITIES(Repayment of)/Proceeds from short-term borrowings (7,000) 26,300(Repayment of)/Proceeds from long-term borrowings (29,750) 65,000Dividends paid - (9,720)

(Net cash used in)/Net cash from financing activities (36,750) 81,580

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (28,396) 74,693

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 28,568 (46,125)

CASH AND CASH EQUIVALENTS AT END OF YEAR 18 172 28,568


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1. BASIS OF PREPARATION

The financial statements of the Company are prepared under the historical cost convention as modified by the revaluation of certain fixed assets, and comply with the applicable approved Accounting Standards in Malaysia and the provisions of the Companies Act, 1965.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

(a) Property, plant and equipment

Property, plant and equipment are stated at cost or valuation less accumulated depreciation.

The Directors have applied the transitional provisions of International Accounting Standard No. 16 (Revised) Property, Plant and Equipment as adopted by Malaysian Accounting Standards Board which allows the freehold and leasehold land and buildings to be stated at their prevailing valuations less depreciation. These assets are stated at the latest 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. Leasehold land is amortised in equal instalments over the period of the respective leases. Buildings and improvements and plant and equipment are depreciated on a straight-line basis to write 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 and improvements are capitalised.

(b) Operating leases

Leases of assets under which all the risks and benefits of ownership are effectively retained by the lessor are classified as operating leases. Prepaid lease rentals on service station sites made under operating leases are included in the income statement on a straight-line basis over theperiod of the lease. Rentals on all other operating leases are included in the income statement.

(c) Inventories

Crude oil and petroleum product inventories are valued at the lower of cost and net realisable value. Cost includes all applicable purchase costs and production overheads and 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 moving stocks.

(d) Trade Receivables

Trade receivables are carried at anticipated realisable value. Bad debts are written off in the period in which they are identified. An estimate is made for doubtful debts based on a review of all outstanding amounts at year-end.

Notes to the financial statements

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ESSO MALAYSIA BERHAD 13 ESSO MALAYSIA BERHAD 19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e) Cash and cash equivalents

Cash and cash equivalents comprise bank balances, deposits with maturity period not exceeding three months and cash in hand less bank overdrafts, that are readily convertible to cash and are subject to insignificant risk of changes in value.

(f) Retirement benefits

Provision for employees' retirement benefits is determined by an independent actuarial valuation which is carried out periodically, based on the schedule of benefits stipulated in the Company's retirement benefits plan. The most recent valuation was carried out in November 2000. The projected benefit valuation method is used to calculate the actuarial plan benefits based on the estimated years of service and employees' projected compensation during their last year of employment. Any excess or deficit between the actuarial valuation and the book provision is amortised on a straight-line basis over the average remaining service life of employees expected to receive the plan benefits.

(g) Taxation

The taxation charge in the income statement is calculated at current tax rates based on the chargeable income for the year.

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

(h) Revenue recognition

Income from the sale of goods is recognised upon delivery of goods and acceptance by customers net of returns, discounts and allowances, in accordance with terms of sale.

(i) Research and Development

Expenditure on research and development is recognised as expense as incurred.

(j) Foreign currencies

Transactions arising in foreign currencies are translated into Ringgit Malaysia at rates of exchange approximating those ruling on transaction dates except for transactions uncompleted at balance sheet date which are translated at rates of exchange approximating those ruling at that date. Foreign currency exchange gains and losses resulting from the translation and settlement of foreign currency transactions are included in the income statement.

The closing rate used in translation of foreign currency amounts is RM3.825 : 1 US Dollar for

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3. REVENUES

2000 1999RM'000 RM'000

Related company sales 746,399 379,757Third party sales 3,082,378 2,098,602Turnover 3,828,777 2,478,359

Interest income 247 223Income from rent of land & buildings 9,880 8,436

3,838,904 2,487,018

Turnover represents the invoiced value of goods sold net of Government duties and taxes of RM88,171,000 (1999: RM415,219,000).

4. FINANCE COST

2000 1999RM'000 RM'000

Interest on bank borrowings 34,626 34,317Forex gain on bank borrowings (750) (18)Other interest expense 23 164

33,899 34,463

5. PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX

2000 1999RM'000 RM'000

The profit/(loss) before taxation is arrived at after (crediting)/charging the following items:

Depreciation on property, plant and equipment 61,060 61,699Directors' remuneration:

Fees (Non-Executive Directors) 42 60Other emoluments (Executive Directors) 968 1,063Amounts paid to the Company's ultimate holding company

in respect of its executives assigned to theCompany as Executive Directors 440 434

Auditors' remuneration 130 136Provision for retirement benefits/severance expense 6,848 9,068Provision for doubtful debts 77 62Provision for fixed assets write-down - 3,585Rental of land and buildings 16,511 16,779Hire of plant and machinery 995 316Research and development expense 1,496 2,317Loss/(Gain) on disposal of fixed assets 1,479 (2,147)Staff costs 45,301 47,309

The estimated monetary value of benefits provided to Directors during the year by way of usage of the Company's assets and the provision of accommodation and other benefits amounted to RM49,000 (1999: RM117,000).

Provision for retirement benefits is made for all national employees under the Company's retirement benefits plan. The charge to income includes an amount of RM101,000 (1999: RM245,000) in respect of Directors who are full time employees of the Company.

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6. TAXATION

2000 1999RM'000 RM'000

Current Taxation 15,417 -Prior years 573 2,771

Deferred TaxationCurrent year 763 (28,300)

16,753 (25,529)

The effective tax rate was higher than the prevailing statutory tax rate because certain expenses were not deductible for tax purposes.

7. EARNINGS/(LOSS) PER ORDINARY STOCK UNIT

Earnings/(loss) per ordinary stock unit is calculated by dividing the profit/(loss) after taxation for the year by the number of ordinary shares in issue during the year.

2000 1999RM'000 RM'000

Net profit/(loss) attributable to shareholders 21,873 (44,028)Number of ordinary share in issue 270,000 270,000Basic earnings per share (sen) 8.1 (16.3)

8. PROPERTY, PLANT & EQUIPMENT

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, 2000 169,319 92,260 229,227 1,035,317 73,671 1,599,794Additions at cost - 5,881 - - 53,788 59,669Disposals - - (1,066) (11,158) - (12,224)Reclassifications 25,793 - 6,515 26,236 (58,544) -

At December 31, 2000 195,11298,141234,676 1,050,395 68,915 1,647,239

Representing items at:Valuation-1982 66,279 4,573 17,744 - - 88,596Cost-Post 1982 net additions 128,833 93,568 216,932 1,050,395 68,915 1,558,643

195,11298,141234,676 1,050,395 68,915 1,647,239

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8. PROPERTY, PLANT & EQUIPMENT (continued)


Land land improvements equipment in-progress TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation:

At January 1, 2000 - 8,234 69,951 473,764 - 551,949Provision for the year - 1,266 10,291 49,503 - 61,060Elimination on disposals - - (369) (9,356) - (9,725)Reclassifications - - - - - -

As at December 31, 2000 - 9,500 79,873 513,911 - 603,284

Net Book Value:

At December 31, 2000 195,112 88,641 154,803 536,484 68,915 1,043,955

Net book value atDecember 31, 2000 ifassets had been carriedat cost less depreciation: 137,201 85,678 154,802 536,484 68,915 983,080


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 - 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

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8. PROPERTY, PLANT & EQUIPMENT (Continued)


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

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 assets

had been carried at cost less depreciation: 110,457 81,063 159,270 561,553 73,671 986,014

2000 1999RM'000 RM'000

Leasehold land (Net book value)Long leaseholds (unexpired period of fifty years or more) 82,329 77,267Short leaseholds 6,312 6,759

88,641 84,026

9. LONG TERM ASSETS AND RECEIVABLES

2000 1999RM'000 RM'000

Deposits and prepaid rentals 170,124 163,612Capitalised systems costs 12,746 10,629Loans to dealers 3,892 4,114Employee receivables 3,066 3,141Others 1,018 1,405

190,846 182,901

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

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10. INVENTORIES

2000 1999RM'000 RM'000

Crude oil 50,054 45,509Petroleum products 54,103 56,242Materials and supplies 7,899 7,992 112,056 109,743

As mentioned in note 2(c) to the financial statements, the cost of crude oil and petroleum product inventories is determined on the last-in first-out basis. Application of the first-in first-out basis in determining the cost of crude oil and petroleum product inventories at December 31, 2000 would increase the value by RM145,033,000 (1999: RM122,857,000).

11. RECEIVABLES

2000 1999RM'000 RM'000

Trade receivables 57,834 83,496Less: Provision for doubtful debts (2,906) (2,936)

54,928 80,560Others 100,048 62,282

154,976 142,842

Other receivables are generally those of a non-trade nature that arose other than from the sale of products to the Company's customers. Included in the current year balance is an amount of RM78,517,000 (1999: RM50,270,000) receivable from the Government of Malaysia under the pricing mechanism governing the sale of petroleum products.

12. PAYABLES

2000 1999RM'000 RM’000

Trade payables 152,334 144,510Other payables - purchases of fixed assets 14,609 5,052

- other liabilities 54,860 50,642221,803 200,204

13. NOTES PAYABLE/BORROWINGS (UNSECURED)

2000 1999RM'000 RM'000

Short-term notes 100,000 135,000Bank overdrafts 15,697 5,422Revolving credits 188,000 160,000

303,697 300,422

The short-term notes were issued under a RM250 Million Commercial Papers Issuance Facility. This facility which is available until May 2004 allowed the Company to issue notes of various durations not exceeding twelve months to the Tender Panel Members with the notes offered to the lowest bidder(s).

Interest rates for overdrafts vary with the base lending rate. The interest rates for revolving credits depend upon competitive market conditions at the time of each drawing, and generally vary with the Kuala Lumpur Interbank Offered Rate.

The interest rates applicable to short-term notes, bank overdrafts and revolving credits ranged from 2.80% to 7.30% per annum during the year (1999: 2.75% to 8.15%).

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14. TERM BORROWINGS (UNSECURED)

2000 1999RM'000 RM'000

US Dollar Term Loan - 114,750 Fixed Rate Term Loan 150,000 150,000Floating Rate Term Loan 150,000 65,000

300,000 329,750Less: Amount repayable within 12 months

(Included in current liabilities) - (114,750)300,000 215,000

The US Dollar term loan was fully repaid in 2000. The loan carries interest rates at a spread above the London Interbank Offered Rate.

During the year, the fixed rate term loan facility with maturity in 2002 was refinanced by another three-year fixed rate term loan, which is repayable in full in October 2003.

The floating rate term loan is a five year facility for an amount of RM150 Million and is repayable in full in December 2004.

The interest rates applicable to these facilities ranged from 3.68% to 8.50% per annum (1999: 3.84% to 8.50%).

15. DEFERRED TAXATION

2000 1999RM'000 RM'000

Deferred tax provided for in the financial statements:

Excess of capital allowances over depreciation 105,938 98,944Inventory valuation (40,642) (34,400)Provision for retirement benefits (11,177) (10,191)Other timing differences (630) (1,628)

53,489 52,725

The potential Malaysian Real Property Gains Tax liability in respect of the surplus from revaluation of the freehold and leasehold land and buildings is estimated to be RM3,280,000 (1999: RM3,280,000). The Company has not made provision for this potential tax as there is no intention to dispose these properties in the foreseeable future.

16. SHARE CAPITAL

2000 1999RM'000 RM'000

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

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

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17. RESERVES

2000 1999RM'000 RM'000

Capital redemption reserve (non-distributable) 8,000 8,000Retained profits (distributable) 227,365 205,492

235,365 213,492

The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 to frank up to approximately RM111,561,000 of the retained profits as at December 31, 2000 if paid out as dividends. Additionally, subject to the approval of the tax authorities, the Company has tax exempt account available to frank tax exempt dividends up to approximately RM206,000,000.

18. CASH AND CASH EQUIVALENTS

2000 1999RM'000 RM'000

Cash and bank balances 15,869 33,990Bank overdrafts ( 15,697) (5,422)

172 28,568

19. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS

Ultimate Holding Company and Related Companies

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

In the normal course of business, the Company undertakes, on an arms-length basis, a variety of transactions with related companies. The related party transactions between the Company and these entities are described below:

2000 1999RM'000 RM'000

Purchases of crude oil from Esso Production Malaysia, Inc. 2,397,969 1,666,121

Purchases of petroleum and other products,primarily fromExxon Mobil Asia Pacific Pte. Ltd. 815,826 395,391

Sales of petroleum and other products, primarily to Esso BorneoSendirian Berhad and Mobil Oil Malaysia Sendirian Berhad 746,399 379,757

Central management, shared facilities and services costsfrom related companies 61,677 32,808

At year end the amounts due to and from related companies are in relation to the above described transactions.

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20. COMMITMENTS FOR CAPITAL EXPENDITURE

2000 1999RM'000 RM'000

Commitments for the purchase of property, plant and equipmentauthorised by the Directors but not provided for in the financial statements

Contracted 144,782 28,808Not contracted 27,974 13,528

172,756 42,336

Included in the current year amount is the commitment of RM93,559,000 relating to the acquisition of 20% equity in the Multi-product Pipeline and Klang Valley Distribution Terminal.

21. CONTINGENT LIABILITIES (UNSECURED)

2000 1999RM'000 RM'000

Guarantees to third parties to secure housing andcar loans for employees under the Company'sbenefits plan 518 922

Litigation and other claims against the Company 157 228675 1,150

22. LEASING COMMITMENTS

2000 1999RM'000 RM'000

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

Within 1 year 34,873 8,200After 1 year but within 2 years 11,312 7,997After 2 years but within 5 years 23,006 23,691After 5 years 29,127 37,205

Leasing commitments where milestone payments are dependent upon approvals from relevant authorities or the occurrence of events as specified under the said lease agreements 10,583 16,435

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STATEMENT BY DIRECTORS PURSUANT TOSECTION 169(15) OF THE COMPANIES ACT, 1965

We, Dato' (Dr.) Philip J. Dingle and Tun Dato' Haji Omar Yoke Lin Ong, two of the Directors of Esso Malaysia Berhad, state that in the opinion of the Directors, the financial statements set out on pages 14 to 27 are drawn up so as to give a true and fair view of the state of affairs of the Company at December 31, 2000 and of the results of the Company and its cash flows for the year ended on that date in accordance with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965.

In accordance with a resolution of the Board of Directors dated February 27, 2001

........................................................Dato' (Dr.) Philip J. Dingle

.........................................................YABhg Tun Dato' Haji Omar Yoke Lin Ong

Kuala Lumpur,February 27, 2001

STATUTORY DECLARATION PURSUANT TOSECTION 169(16) OF THE COMPANIES ACT, 1965

I, James A. Hall, the Director primarily responsible for the financial management of Esso Malaysia Berhad, do solemnly and sincerely declare that the financial statements set out on pages 14 to 27 are to the best of my knowledge and belief correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

.........................................................James A. Hall

Subscribed and solemnly declared by the above named James A. Hall at Kuala Lumpur in Malaysia on February 27, 2001 before me.

.........................................................Commissioner for OathsKuala Lumpur

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REPORT OF THE AUDITORS TO THE MEMBERS OFESSO MALAYSIA BERHAD

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

We conducted our audit in accordance with approved Auditing Standards in Malaysia. Those standards 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. An audit also includes assessing the accounting principles used and significant estimates made by Directors, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:

(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia so as to give a true and fair view of:

(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and

(ii) the state of affairs of the company as at December 31, 2000 and of the results and cash flows of the Company for the year ended on that date;

and

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

PRICEWATERHOUSECOOPERS(No. AF-0052)Public Accountants

ERIC OOI LIP AUN[ No. 1517/6/02 (J) ]Partner of the firm

Kuala LumpurFebruary 27, 2001

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AUDIT COMMITTEE & GENERAL INFORMATION


AUDIT COMMITTEE

THE AUDIT COMMITTEE WAS ESTABLISHED ON APRIL 5, 1994, COMPRISING THE FOLLOWING MEMBERS:

YABHG TUN DATO' HAJI OMAR YOKE LIN ONGChairman Independent Non-executive Director

YBHG TAN SRI DR. SYED JALALUDIN BIN SYED SALIMMember Independent Non-executive Director

MR OOI POH KHENGMember Executive Director

MR STEVEN C. SPANCAKEAlternate member to Mr. Ooi Poh Kheng

Executive Director

MR JAMES A. HALLMember Executive Director

ENCIK ABU HASSAN SEENI ABDULAlternate member to Mr. James A. Hall

Executive Director

MR EDWARD V. RAJASINGAMSecretary - Resigned w.e.f. January 1, 2001

MR LAM FOO KEONGSecretary - Appointed w.e.f. January 1, 2001

THE FUNCTION OF THE AUDIT COMMITTEE SHALL BE:

! to review with the internal Auditor and the external Auditor of the Company appointed in accordance with section 172 of the Companies Act, 1965:

- the audit plan of the Company;

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

! to review the assistance given by the Company’s officers to the internal and external Auditors;

JAWATANKUASA AUDIT

JAWATANKUASA AUDIT TELAH DITUBUHKAN PADA 5 APRIL, 1994, AHLI-AHLINYA TERDIRI DARIPADA:

Pengerusi

Pengarah Bebas bukan Eksekutif

Ahli

Pengarah Bebas bukan Eksekutif

Ahli Pengarah Eksekutif

- Resigned w.e.f. February 24, 2001Meletak jawatan pada 24 Februari, 2001

Ahli bergilir kepada Encik Ooi Poh KhengPengarah Eksekutif

- Resigned w.e.f. February 24, 2001Meletak jawatan pada 24 Februari, 2001

AhliPengarah Eksekutif

- Appointed w.e.f. February 24, 2001Dilantik pada 24 Februari, 2001

Ahli bergilir kepada Encik James A. HallPengarah Eksekutif

- Appointed w.e.f. February 24, 2001Dilantik pada 24 Februari, 2001

Setiausaha - Meletak jawatan pada 1 Januari, 2001

Setiausaha - Dilantik pada 1 Januari, 2001

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! to review the scope and results of the internal audit procedures;

! to review the balance sheet and profit and loss statement of the Company, and thereafter to submit them to the Directors of the Company;

! to review any related party transactions that may arise within the Company;

! to nominate a person or persons for appointment as Auditor of the Company in accordance with section 172 of the Companies Act, 1965; and

! to perform such other functions as may be agreed to by the Audit Committee and the Board of Directors.

GENERAL INFORMATION AUDITORS PricewaterhouseCoopersPublic Accountants Kuala Lumpur

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

Kuala Lumpur! Messrs. Skrine, Kuala Lumpur

REGISTERED OFFICE EMB Company Secretary's OfficeLevel 16, Menara Esso,Kuala Lumpur City Centre,50088 Kuala LumpurTel: 20533000

SHARE REGISTRARS M & C Services Sdn. Bhd.11th Floor, Wisma Damansara,Jalan Semantan,Damansara Heights,50490 Kuala Lumpur

TANGGUNGJAWAB JAWATANKUASA AUDIT ADALAH:

! untuk menyemak dengan Juruaudit dalaman dan Juruaudit luar Syarikat yang dilantik mengikut seksyen 172 Akta Syarikat, 1965:

- rancangan audit Syarikat;

- penilaian mereka mengenai sistem kawalan akaun dalaman; dan laporan audit.

! untuk menyemak bantuan yang diberikan oleh pegawai-pegawai Syarikat kepada juruaudit dalaman dan luar;

! untuk menyemak skop dan keputusan peraturan-peraturan audit dalaman;

! untuk menyemak kunci kira-kira dan akaun untung-rugi Syarikat, dan seterusnya mengemukakannya kepada Pengarah-Pengarah Syarikat;

! untuk menyemak urusan pihak berkaitan yang mungkin timbul dalam Syarikat;

! untuk menamakan seorang atau lebih untuk dilantik sebagai Juruaudit Syarikat mengikut seksyen 172 Akta Syarikat, 1965; dan

! untuk menjalankan tugas-tugas lain yang dipersetujui oleh Jawatankuasa Audit dan Lembaga Pengarah.

MAKLUMAT AM JURUAUDIT

Akauntan Awam

PEGUAMCARA TetuanTetuan

Tetuan

Tetuan

PEJABAT BERDAFTAR

PENDAFTAR SAHAM


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ANALYSIS OF STOCKHOLDINGSAs at March 15, 2001

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

Size of No of % of Number of % of IssuedHoldings Stockholders Stockholders Units Capital

1 - 499 430 3.44 73,815 0.03500 - 5,000 9,431 75.44 19,221,660 7.12

5,001 - 10,000 1,396 11.17 11,267,494 4.1710,001 - 100,000 1,183 9.46 30,461,453 11.28

100,001 - 1,000,000 53 0.42 12,638,996 4.68Above 1,000,000 9 0.07 196,336,582 72.72

TOTAL 12,502 100.00 270,000,000 100.00

TWENTY LARGEST STOCKHOLDERSAs at March 15, 2001

Name No. of % of IssuedUnits Held Capital

1. ExxonMobil International Holdings Inc. 175,500,000 65.002. Employees Provident Fund Board 10,065,000 3.733. Lembaga Tabung Haji 2,497,000 0.924. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 2,312,000 0.86

(Skim Amanah Saham Bumiputera)

5. Universiti Malaya 1,330,000 0.496. Menteri Kewangan Malaysia 1,291,582 0.48

(Section 29 (SICDA))

7. Malaysia National Insurance Berhad 1,209,000 0.458. Permodalan Nasional Berhad 1,075,000 0.409. Asia Life (M) Berhad 1,057,000 0.39

(As Beneficial Owner)

10. RHB Nominees (Tempatan) Sdn. Bhd. 837,000 0.31(Rashid Hussain Asset Management Sdn. Bhd. For Pertubuhan Kebangsaan Melayu Bersatu Atau UMNO)

11. KE-ZAN Nominees (Asing) Sdn. Bhd. 771,000 0.29(Kim Eng Securities (Private) Limited for See Hoy Chan (S) Pte Ltd)

12. Lim Seng Chee 667,000 0.2513. Straits Nominees (Asing) Sdn. Bhd. 536,000 0.20

(GK Goh Securities Private Ltd for Tan Leng Yeow)

14. Eng Guan Chan Sdn. Bhd. 463,800 0.1715. Bank Kerjasama Rakyat Malaysia Berhad 421,000 0.16

(As Beneficial Owner)

16. Bumiputra-Commerce Trustee Berhad 381,000 0.14(Amanah Saham Darul Iman)

17. Kumpulan Wang Amanah Pencen 348,000 0.1318. Universal Trustee (Malaysia) Berhad 323,000 0.12

(Mayban Balanced Trust Fund)

19. Yap Chai Company Sdn. Bhd. 316,000 0.1120. Universal Trustee (Malaysia) Berhad 302,000 0.11

(Mayban Unit Trust Fund)

201,702,382 74.71

SUBSTANTIAL STOCKHOLDERSAs at March 15, 2001

Name No. of % of IssuedUnits Held Capital

1. ExxonMobil International Holdings Inc. 175,500,000 65.002. Employees Provident Fund Board 10,065,000 3.73

PROPERTIES OWNEDAS AT DECEMBER 31, 2000


FEDERAL TERRITORY Tenure L.A. D.O.P315, 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 Baru 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

Tenure L.A. D.O.PMG294, Lot 584, BT 18, Sungei Chua, Mukim KajangDistrict of Ulu Langat F 2,789HSD 94307 PT 28233 & HSD 94308 PT 28234 Bukit RahmanPutra, Sungai Buloh F 4,064HSM 28698 PT No: 59765 Mukim & District of KlangEsso Jalan Teluk Pulai F 1,795HSM 05979 PT 01856 & HSM 02793 PT 4350Esso Jalan Semenyih, Kajang L 31,844

PERAKLot 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 2,163Grant Nos. 1115-1117 & 1128-1130, Comprising 6 Lots245, 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 3,717Esso Falim HD9D KA 724777 PT 156405 Plot 346 Menglembu Industrial Estate, Mukim Hulu Kinta L 2931

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 Prai Utara F 1,859Lot 152, Section 9, Jelutong F 4,917

Lots 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 PraiEsso 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 1,566HSM 895, Lot 3074, Mukim 16, Daerah Seberang Prai Tengah,Esso Taman Machang Bubuk F 4,815

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, 4512, 4511,4513 & 4515, Mukim of Ampangan F 1,207Lots 2298-2303, Mukim of Ampangan F 1,185

Lots 95-125, 128, Lots 2328-2338, Bagan Luar F 43,780

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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

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Tenure L.A. D.O.PLot 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 3,659HS(D) 78193A PT No 6334, Mukim Labu, Daerah Seremban,(Esso Bandar Baru Nilai-E1) F 4,182HS(D) 78253 PT No 3243, Mukim Setul, Daerah Seremban(Esso Bandar Baru Nilai-E3) F 4,706

MALACCALots 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 1,985

Tenure L.A. D.O.PLot 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 3,608Lot 6280, Town & District of Johore Bahru F 5,933PTD 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 2,274PT D64145, Mukim Tebrau, Daerah Johor Bahru L 4,298HSD 251562 PTD 111903 Mukim Plentong,Daerah Johor, Esso Bandar Sri Alam 2 F 3,572

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

NOTICE IS HEREBY GIVEN that the Forty-secondAnnual General Meeting of the Company will be held

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

KUALA LUMPUR on Tuesday, May 22, 2001 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, 2000 and the Directors' and Auditors' Reports thereon

2. To re-elect YBhg Dato’ Kamaruddin Mohd Jamal, a Director retiring in accordance with Articles 104and 105 of the Company's Articles of Association

3. To re-elect Mr. James A. Hall and Encik Abu Hassan Seeni Abdul, Directors retiring in accordance with Article 109 of the Company's Articles of Association.

4. To consider and if thought fit, pass the following resolution pursuant to Section 129 of the Companies Act, 1965:

"That YABhg Tun Dato’ Haji Omar Yoke Lin Ong, a Director who retires in accordance with Section 129 of the Companies Act, 1965 be and is hereby re-appointed as a Director of the Company to hold office until 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 the Directors to fix their remuneration

7. As Special Business, to consider and if thought fit, pass the following resolution as Special Resolution:-

“That the alterations, modifications, variations or additions to the Articles of Association of the Company as set out per Appendix A attached to the Circular to stockholders dated April 20, 2001 be and are hereby approved.”

By Order of the BoardRajabee Mohd YusoffMAICSA 0743587Secretary

Kuala LumpurApril 16, 2001

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 the member. A proxy need not be a member of the Company. The instrument appointing a proxy must be deposited at the registered office of the Company, EMB Company Secretary's Office, Level 16, Menara Esso, Kuala Lumpur City Center, 50088 Kuala Lumpur not 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 _____________________________________________________________________________________( Full Name in Block Capitals )

of _____________________________________________________________________________________________( Address )

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

_______________________________________________________________________________________________( Full Name )

of _______________________________________________________________________________ whom failing( Address )

_______________________________________________________________________________________________( Full Name )

of _________________________________________________________________________________as my *first( Address )

proxy to attend and vote for me / us on my / our behalf at the Annual General Meeting of the Company to be held on Tuesday, May 22, 2001 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 it should be deleted.

I / We ________________________________________________________________________________________(Full Name in Block Capitals )

of _____________________________________________________________________________________________( Address )

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

_______________________________________________________________________________________________( Full Name )

of ________________________________________________________________________________whom failing( Address )

_______________________________________________________________________________________________( Full Name )

of _______________________________________________________________________________as my second( Address )

proxy to attend and vote for me / us on my / our behalf at the Annual General Meeting of the Company to be held on Tuesday, May 22, 2001 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 %

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

Resolutions For Against

1. Receive and adopt Company accounts

2. Re-elect YBhg Dato’ Kamaruddin Mohd Jamal

3. Re-elect the following directors:-

a) Mr. James A. Hall

b) Encik Abu Hassan Seeni Abdul

4. Approve resolution that YABhg Tun Dato' Haji Omar Yoke 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. As Special Business, to pass the following SpecialResolution:-

“That the alterations, modifications, variations orAdditions to the Articles of Association of the Companyas set out per Appendix A attached to the Circular toStockholders dated April 20, 2001 be and are herebyapproved.”

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

Signed this ________________day of May 2001.

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

2. Where a member appoints two proxies, the appointments shall be invalid unless he specifies the percentage of his holding 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 an officer or attorney duly authorised.

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

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ADALAH DENGAN INI DIBERITAHU bahawa Mesyuarat Agung Tahunan yang Keempat Puluh Dua

bagi Syarikat ini akan diadakan di PUSAT LATIHAN, ARAS 18, MENARA ESSO, KUALA LUMPUR

CITY CENTER, 50088 KUALA LUMPUR pada hari Selasa, 22 Mei, 2001 jam 10:30 pagi dengan tujuan

mengendalikan urusan-urusan berikut:

1. Menerima dan meluluskan Akaun-akaun Syarikat bagi tahun berakhir 31 Disember, 2000 dan juga Laporan Pengarah serta Laporan Juruaudit mengenainya.

2. Memilih semula YBhg Dato’ Kamaruddin Mohd Jamal, Pengarah yang bersara mengikut Perkara 104 dan 105 Tataurusan Pertubuhan Syarikat.

3. Memilih semula Encik James A. Hall dan Encik Abu Hassan Seeni Abdul, Pengarah-Pengarah yang bersara mengikut Perkara 109 Tataurusan Pertubuhan Syarikat.

4. Menimbangkan dan jika difikirkan sesuai, meluluskan resolusi berikut mengikut Seksyen 129 Akta Syarikat, 1965;

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

5. Meluluskan pembayaran ganjaran Pengarah-Pengarah.

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

7. Sebagai Urusan Khas, menimbangkan dan sekiranya didapati boleh diterima, meluluskan resolusi berikut sebagai Resolusi Khas:-

“Bahawa pemindaan, pengubahsuaian, perubahan atau penambahan kepada Tataurusan Pertubuhan Syarikat seperti dinyatakan dalam Lampiran A yang dikepil kepada Surat Pekeliling kepada Pemegang-Pemegang Stok bertarikh 20 April, 2001, dengan ini diluluskan.”

Dengan Perintah Lembaga PengarahRajabee Mohd YusoffMAICSA 0743587Setiausaha

Kuala Lumpur16 April, 2001

Nota:Seorang ahli Syarikat yang berhak hadir dan mengundi adalah berhak melantik seorang wakil atau wakil-wakil untuk hadir mengundi bagi pihak ahli. Wakil itu tidak semestinya seorang ahli Syarikat. Surat perlantikan wakil hendaklah diserahkan di pejabat 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.

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