(original news release announcing candidacy)

PHIL ANGELIDES KICKS OFF STATEWIDE CAMPAIGN FOR STATE TREASURER
January 26, 1994

Businessman Phil Angelides today officially entered the race for
State Treasurer, saying that he wants to "create 100,000 new jobs by
investing in the California economy" and "bring new energy and results to
state government."

Accompanied by his wife, Julie, and daughters Megan, Christina
and Arianna, Angelides, 40, pledged to "make long-term investments that
will earn a strong rate of return and will rebuild California's economy
for our children and for the 21st century."

As Chairman of the California Democratic Party from 1991-1993,
Angelides rebuilt and then led California Democrats to the sweeping
victories of 1992. Over the past ten years, Angelides built a successful
company, gained national recognition for his work, met a payroll, and
created 30,000 jobs. This record of accomplishment has resulted in his
endorsement by U.S. Senators Dianne Feinstein and Barbara Boxer.

"There are no political quick fixes for the California economy.
Our turnaround will come through investing in the energy and talent of
California entrepreneurs and workers. As the state's chief investment
officer, I believe in California and will invest to get a good return on
our money and to put people back to work," Angelides said.

Angelides cited his skills and experience in the private and
public sectors as making him "uniquely suited to create jobs and to
restore faith in the ability of government to produce good results."

"It is time for those of us who have been successful in the
business world and in our communities, and who care for our families, to
step into the public arena to make a difference. I want my daughters to
know that when their state was hurting most, their father had the energy
and commitment to build their future."

Angelides promised a new entrepreneurial approach to the
challenges of state government, citing California's economic crisis as an
opportunity for new leaders to give California a fresh start.

In laying out his goal of investing in California and creating
100,000 new jobs, Angelides said he was confident of California's
long-term future. Despite the loss of more than 600,000 jobs since 1990,
Angelides noted that there is new growth and dynamism in many sectors of
the California economy, such as entertainment, biotech, high technology,
foreign trade, financial services and environmental technology. For
example, the entertainment industry has added 40,000 jobs since 1988;
foreign trade is projected to add 800,000 jobs over the next five years;
and 21 of America's 100 fastest-growing companies are based in California.

Whether bringing major employers such as Apple Computer to his
community or uniting and energizing the California Democratic Party
during its most successful year ever -- Angelides' accomplishments have
been marked by vision, leadership and effectiveness.

Angelides, a native of Sacramento and a graduate of Harvard
University, is president and owner of River West Developments, which has
earned a reputation for economic success and innovation. From his
development work to his energy-savings business, he has shown a
willingness to invest in California's future. He built the
nationally-acclaimed Laguna West community and convinced Apple Computer
to locate 1,200 jobs at the site. Laguna West has been featured in
"Time," "Newsweek," the "New York Times," "U.S. News & World Report," and
on ABC-TV's "World News Tonight." It has sparked a national dialogue on
how to better design American suburbs and is the subject of several new
books.

As Chairman of the California Democratic Party, Angelides built a
highly regarded organization which registered an historic 1.2 million new
Democrats, brought young people back into California politics, fielded a
force of 50,000 volunteers, raised a record amount of money, and resulted
in top-to-bottom victories.

Angelides and his family have been leaders in community causes --
from recently making the single largest individual donation to the new
Sacramento Public Library, to raising and giving funds to the Sacramento
Homeless Havens, to funding efforts to protect a woman's right to choose.

Since starting his preliminary campaign in April 1993, Angelides
has raised more than $1.8 million. He has an extraordinarily broad base
-- more than 65 percent of the contributions were in amounts of $250 or less.

In addition to U.S. Senators Feinstein and Boxer, Angelides has
been endorsed by 16 members of the Congressional delegation, 22 members
of the Legislature, more than 50 local elected officials, and key
environmental, labor and community organizations and individuals.

Angelides will spend the next 60 initial days of the campaign
travelling the state, from border to border, meeting with business
leaders, young people, environmentalists, pro-choice activists and many
others who believe he can rebuild California for their future.

Following his announcement in Sacramento, Angelides is travelling
to Riverside, Ontario and South-Central Los Angeles on Wednesday; to San
Jose, Santa Cruz, Monterey and Salinas on Thursday; and to Bakersfield,
Hanford and Fresno on Friday. Over the next 60 days he will travel the
state from border to border, visiting more than 50 cities, including
Anaheim, Burbank, Chico, Costa Mesa, Davis, East Los Angeles, El Cajon,
Escondido, Fairfield, Glendale, Irvine, Long Beach, Los Angeles,
Marysville, Merced, Modesto, Napa, Newport Beach, Oakland, Oceanside,
Ojai, Oxnard, Pasadena, Petaluma, Pomona, Redding, San Bernardino, San
Diego, San Francisco, San Luis Obispo, San Rafael, Santa Barbara, Santa
Maria, Santa Rosa, Simi Valley, Stockton, Thousand Oaks, Vacaville,
Vallejo, Ventura, Woodland, Yountville and many other locations.

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