Labor/Faith Shareholder Coalition on HIV/AIDS Celebrates 8% Vote at ChevronTexaco
Vote Secures Place on 2005 Annual Meeting Agenda

San Ramon, CA and New York, NY///April 28, 2004 /// Religious investors joined the Service Employees International Union today in challenging ChevronTexaco to report to shareholders on its responses to the HIV/AIDS - TB - Malaria pandemics.

The resolution asks the company to: "review the economic effects of the HIV/AIDS, tuberculosis and malaria pandemics on the company's business strategies, and its initiatives to date, and report to shareholders within (6) months following the next annual meeting. This report, developed at reasonable costs and omitting proprietary information, will identify the impacts of these pandemics on the company."

It was supported by 8% of shareholders. Support of 3% of shareholders is required by the Securities and Exchange Commission to bring the resolution back at the 2005 annual meeting.

" As a company extracting, producing or marketing in more than 180 countries around the world, many profoundly affected by the pandemic, our investments are at risk unless strong initiatives are taken to control the impact on the people who make up our markets and those who are our employees," said Louise Milone of the Service Employees International Union Master Trust. SEIU is working with the Interfaith Center on Corporate Responsibility, a thirty-year-old coalition of faith-based institutional investors. SEIU is an Associate Member of ICCR.

Investor concerns about the impact of the HIV/AIDS Pandemic are borne out by recent economic studies. A recent World Bank report warns, "a complete economic collapse will occur" unless there is a response to the HIV/AIDS pandemic in southern Africa. Even "a delay in responding to the outbreak of the epidemic, however, can lead to collapse." ChevronTexaco operates in 50 African countries and employs 15,000 people in Africa.

"Only a report to the shareholders that outlines clearly the economic impact of the pandemic on the company can provide shareholders the transparency and data needed to make informed decisions," Milone concluded.

The resolution is one of a series of ICCR-backed resolutions on HIV/AIDS facing American employers, including Coca-Cola, PepsiCo, and Caterpillar, and pharmaceutical companies Abbott, Bristol-Myers Squibb, Merck, and Pfizer. ChevronTexaco also faced ICCR-backed resolutions on renewable energy policies, which received 10%. Co-filers of the HIV/AIDS resolution include several provinces of the Society of Jesus (Jesuits), The Sisters of the Adorers of the Blood of Christ, and the Dominican Sisters of Grand Rapids, Michigan.

CONTACT: Daniel Rosan, Program Director for Public Health, ICCR, 212-870-2317.