press release

Texaco Press Release - A. Charles Baillie Elected to Texaco Inc. Board of Directors

FOR IMMEDIATE RELEASE: MONDAY, DECEMBER 14, 1998.

WHITE PLAINS, N.Y., Dec. 14 - A. Charles Baillie, Chairman and Chief Executive Officer of the Toronto-Dominion Bank has been elected to the Texaco Inc. Board of Directors, Texaco Chairman and Chief Executive Officer Peter I. Bijur announced today. The election of Mr. Baillie, which is effective December 11, brings to 15 the number of directors on the Texaco board.

In making the announcement, Bijur said, "Charles Baillie's international financial expertise will be of great value to Texaco's board and management team. We look forward to his contributions as Texaco continues to grow in the global energy business."

Baillie, 58, was elected Chief Executive Officer of Toronto-Dominion Bank in 1997 and Chairman of the Board earlier this year. He joined the financial institution in 1964 and progressed through a variety of assignments both in the United States and Toronto. He was named Vice President and General Manager of the U.S.A. division in 1979 and, two years later, appointed Senior Vice President of that division. Baillie was elected Executive Vice President, Corporate & Investment Banking Group, in 1984. He went on to be elected Vice Chairman in 1992 and President of Toronto-Dominion in 1995.

Toronto-Dominion Bank is the fifth largest bank in Canada, with assets of $136 billion. Earlier this year, Toronto-Dominion announced plans to merge with Canadian Imperial Bank of Commerce.

A Canadian native, Baillie was graduated from the University of Toronto with a bachelor of arts degree in political science and economics in 1962. He earned an MBA from the Harvard Business School in 1964 and was named a Fellow of the Institute of Canadian Bankers in 1967.

Baillie serves as a director of the Dana Corporation and Cadillac Fairview Corporation. He is a member of the British-North American Committee, an honorary governor of The Shaw Festival and a board member of the Calmeadow Foundation. Baillie will serve as the Chairperson of Toronto's United Way Campaign and currently is on the Executive Committee of the University of Toronto's campaign.

Updated: December 1998