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Your October 2002 report on pensions reflects significantly more insight than many other recent articles. However, we take exception to the statement that "in 2001 ExxonMobil [was] seriously underfunded." Your statement was apparently based solely on data footnoted in our 2001 financial statements. The financial statement data include pension funds, such as many plans outside the U.S., that are intentionally unfunded because tax conventions and regulatory practices discourage funding. As you point out, the correct place to look for true underfunding is in the U.S. government Form 5500. Our 2001 Form 5500 clearly shows ...