An overview of Exxon, or A/B, exchange offers whereby an issuer conducts an offering of SEC-registered debt securities in exchange for previously-issued unregistered debt securities. This Note contains a discussion of the mechanics of participating in the exchange offer and includes a sampling of exchange offers filed with the SEC in 2012 with links to the Form S-4s and supporting documents (such as letters of transmittal, letters to clients and letters to broker-dealers).