press release

MARY K. BUSH TO JOIN Texaco's BOARD

FOR RELEASE: MONDAY, JULY 7, 1997.

WHITE PLAINS, N.Y., July 7 - Texaco announced today that Mary K. Bush, President of Bush & Company, an international consulting firm, has accepted an invitation to join Texaco's Board of Directors. Bush has been nominated for election at Texaco's July board meeting. Her election will bring the number of directors on the Texaco board to 13.

As President of Bush & Company, she advises governments and corporate clients on financing strategies, banking, the investment management industry and international financial institutions. In addition to heading that company, Bush hosts Markets and Technology, a nationwide cable television program on global business and economic matters.

Texaco Chairman and Chief Executive Officer Peter I. Bijur commented, "We are very pleased that Mary Bush has accepted our invitation to join the Texaco board. Her extensive expertise in economics and international business will be valuable assets to the company as we seek new business opportunities throughout the world. In our continuing effort to bring a diverse array of ideas and talent to the board, Mary will be a great addition."

Prior to founding Bush & Company, Bush served from 1989 to 1991 as Managing Director of the U.S. Federal Housing Board, the oversight body for the nation's 12 Federal Home Loan Banks. Prior to that position, Bush was Vice President - International Finance at the Federal National Mortgage Associate (Fannie Mae). From 1984 to 1988, she served as U.S. Alternate Executive Director of the International Monetary Fund (IMF), a position appointed by the President of the United States and confirmed by the Senate. In that capacity, she worked with the U.S. Treasury Department to formulate policy on IMF lending and global economic matters.

Bush served as Executive Assistant to the Deputy Secretary of the U.S. Treasury Department from 1982 to 1984. Prior to her career in federal agencies, she worked in the banking industry for Bankers Trust Company, Citibank, and Chase Manhattan Bank.

Bush holds a bachelor of arts degree in economics and political science from Fisk University and a master of business administration degree from the University of Chicago.

Bush serves on a number of boards and advisory boards, including Mortgage Guaranty Insurance Corporation, a number of Pioneer mutual funds, Novecon Management Company, Washington Mutual Investors Fund, March of Dimes, Hoover Institution, Wilberforce University, the Folger Shakespeare Library, Project 2000, Inc., Small Enterprise Assistance Fund and the Bretton Woods Committee. She was a former Director of NationsBank Trust Company, American Security Bank and Women's World Banking.

Updated: July 1997