Hard-to-shop-for People On Your Holiday List? How About an Electronic Wallet for Their Wrists?

DALLAS--(BUSINESS WIRE)--Dec. 4, 2002--

ExxonMobil Speedpass Network and Timex Offer 4,000 Time-Pressed

People A Gift They Won't Refuse

Here's the ultimate gift for that special family member who has everything but time. With the holiday season nearing, Speedpass(TM) and Timex(R) today released 4,000 first-edition timepieces that feature a miniature Speedpass radio frequency transponder. The Speedpass-enabled Timex Watch looks and functions just like a regular watch, but the Dick Tracy-style device will enable customers to instantly pay for purchases at Exxon and Mobil service stations with just a wave of their wrists. Watch owners can even use it to purchase a Big Mac, fries and more at participating McDonald's restaurants in the Chicago and Northwest Indiana area.

This "sneak preview" of a coming cashless society is available for sale for a limited time by logging onto www.speedpass.com or www.timex.com. The Speedpass feature is available in eight popular Timex watch styles. The credit or check card of the customer's choice is linked to the Speedpass device in the watch.

"The real promise of technology is to make everyday life less complicated," says Joe Santana, President and CEO of Timex. "That philosophy is already driving the next generation of consumer products and the Speedpass Timex watch is on the leading-edge."

Today, most Speedpass customers use a miniature device that attaches to a key chain to make their Speedpass purchases. The Speedpass-enabled Timex Watch gives customers an additional, hands-free option that allows them to pay for purchases by simply waving their watch in front of an electronic reader located at the pump or at the checkout counter.

"Customers tell us they want convenience," explained Mike Goldberg, President of Speedpass Network. "We're continuing our innovative leadership in making payments as fast and easy as possible."

About Speedpass Network and Timex

Speedpass Network is a venture of Exxon Mobil Corporation.

• First introduced in 1997 at Mobil-branded service stations, Speedpass(TM) allows customers to make purchases fast, simple and convenient by linking to a customer's credit or check card. Speedpass eliminates the need to search through purses or wallets to find cash or credit cards.

• There are more than 6 million active Speedpass devices in the U.S today.

• Speedpass has proven successful at over 7,500 Exxon- and Mobil-branded service stations and convenience stores in the U.S.

• Speedpass can be used at over 440 McDonald's restaurants in the metropolitan Chicago and Northwest Indiana area.

• More than 92 percent of Speedpass users report they are highly satisfied. At our service stations, Speedpass users typically make one or two additional visits each month.

• Customers of Exxon- and Mobil-branded service stations increased their purchases of gasoline by 15% after they became Speedpass users.

• Exxon- and Mobil- branded retail locations where Speedpass was implemented experienced a sales lift of 4%. Sales lift was measured as total gasoline gallons sold for the twelve months prior to implementing Speedpass compared with the twelve months after Speedpass was implemented at each location.

• Speedpass sales represent 18% of total sales at the pump.

• There is no charge for customers to enroll in the Speedpass program or to use Speedpass for purchases.

• Using radio frequency signals, the system and antenna are able to read, recognize and capture the information contained in the customer's Speedpass device and approve the transaction.

• The Speedpass system is designed to ensure customer privacy and security and operates on a unique transponder identification code. The customer's credit or check card number remains outside the Speedpass signal system, maintaining the confidentiality of that information.

• The Speedpass system was developed by ExxonMobil, in cooperation with Texas Instruments and the Wayne Division of Dresser Industries.

• For more information, please visit www.speedpass.com.

Timex Corporation, headquartered in Middlebury, Connecticut, is the largest selling watch brand in America.

• Timex offers the most complete selection of watches with the broadest distribution in the industry.

• With nearly 450 styles among its Classics, Youth, Fashion and Sports lines, Timex has the right watch for everybody and every lifestyle.

• For local store information, consumers can call (800) FOR-TIMEX or visit our Web site at www.timex.com.

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