<SUBMISSION>
<ACCESSION-NUMBER>0000950149-02-000465
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>19
<PERIOD>20020417
<FILING-DATE>20020313
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PG&E CORP
<CIK>0001004980
<ASSIGNED-SIC>4931
<IRS-NUMBER>943234914
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-12609
<FILM-NUMBER>02573886
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
<PHONE>4152677000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PG&E PARENT CO INC
<DATE-CHANGED>19951214
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>f78257pgdef14a.htm
<DESCRIPTION>DEFINITIVE  PROXY MATERIALS FOR PG&E CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>Definitive  Proxy Materials for PG&E Corporation</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>SCHEDULE 14A INFORMATION</B></FONT>

<P align="center"><FONT size="2"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></FONT>

<P align="center"><FONT size="2"><B>(AMENDMENT NO.___)</B></FONT>

<P><FONT size="2">Filed by the Registrant &#091;X&#093;
</FONT>
<P><FONT size="2">Filed by a Party other than the Registrant &#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT>
<P><FONT size="2">Check the appropriate box:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;X&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Definitive Proxy Statement</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Definitive Additional Materials</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Soliciting Material Pursuant to sec. 240.14a-11(c) or sec. 240.14a-12</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;</P>
<P>


<P align="center"><FONT size="2">PG &amp; E Corporation</FONT>
<HR size="1" noshade>
<DIV align="center"><FONT size="2"><B>(Name of Registrant as Specified In Its Charter)</B></FONT></DIV>

<P>&nbsp;</P>
<P>

<HR size="1" noshade>
<DIV align="center"><FONT size="2"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></FONT></DIV>

<P><FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="93%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;X&#093;</FONT></TD>
        <TD align="left" valign="top" colspan="4"><FONT size="2">&nbsp;&nbsp;Fee not required.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD align="left" valign="top" colspan="4"><FONT size="2">&nbsp;&nbsp;Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(1)
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" colspan="2"><FONT size="2">Title of each class of securities to which transaction applies:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(2)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Aggregate number of securities to which transaction applies:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(3)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the
amount on which the filing fee is calculated and state how it
was determined):<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(4)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Proposed maximum aggregate value of transaction:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(5)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Total fee paid:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" colspan="3"><FONT size="2">Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" colspan="3"><FONT size="2">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the
filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(1)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Amount Previously Paid:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(2)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Form, Schedule or Registration Statement No.:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(3)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Filing Party:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
(4)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date Filed:<BR><BR>
        <HR size="1" noshade></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <IMG src="f78257pgf78257l1.gif" alt="(PG&#38;E LOGO)"></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <B><I><FONT size="2">PG&#38;E Corporation and Pacific Gas and
        Electric Company<BR>
        <BR>
        <HR size="1" noshade> </FONT></I></B><FONT size="2">Joint Notice
        of 2002 Annual Meetings&nbsp;&#149;&nbsp;Joint Proxy Statement
        </FONT></TD>
</TR>

</TABLE>
</CENTER>


<P align="center">
March&nbsp;13, 2002


<P align="left">
To the Shareholders of PG&#38;E Corporation and Pacific Gas and
Electric Company:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
        <TD width="3%"></TD>
        <TD width="93%"></TD>
        <TD width="4%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        You are cordially invited to attend the 6th annual meeting of
        PG&#38;E&nbsp;Corporation and the 96th&nbsp;annual meeting of
        Pacific Gas and Electric Company. The meetings will be held
        concurrently on Wednesday, April&nbsp;17, 2002, at
        10:00&nbsp;a.m., in the Masonic Auditorium, 1111&nbsp;California
        Street, San&nbsp;Francisco, California.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The accompanying Joint Proxy Statement contains information
        about matters to be considered at both the
        PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company
        annual meetings. At the annual meetings,
        PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company
        shareholders will be asked to vote on the election of directors
        and ratification of the appointment of independent public
        accountants for 2002 for their respective companies. The Boards
        of Directors and management of PG&#38;E Corporation and Pacific
        Gas and Electric Company recommend that you vote &#147;FOR&#148;
        the nominees for directors and the ratification of the
        appointment of Deloitte &#38; Touche LLP as the independent
        public accountants for 2002, as set forth in the Joint Proxy
        Statement.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        PG&#38;E Corporation shareholders also will be asked to vote on
        two management proposals to amend
        PG&#38;E&nbsp;Corporation&#146;s Articles of Incorporation and
        Bylaws to (1)&nbsp;implement enhancement of simple majority
        voting, and (2)&nbsp;reduce the authorized range of directors
        and delete from the Bylaws the provision that restates the
        authorized range of directors as set forth in the Articles of
        Incorporation. For the reasons stated in the Joint Proxy
        Statement, the PG&#38;E&nbsp;Corporation Board of Directors and
        management recommend that PG&#38;E&nbsp;Corporation shareholders
        vote &#147;FOR&#148; these proposals.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Pacific Gas and Electric Company shareholders also will be asked
        to vote on five management proposals to amend Pacific Gas and
        Electric Company&#146;s Articles of Incorporation and Bylaws to
        (1)&nbsp;establish a classified Board of Directors,
        (2)&nbsp;reduce the authorized range of directors and transfer
        the provision that establishes the authorized range of directors
        from the Bylaws to the Articles of Incorporation,
        (3)&nbsp;transfer the provision that prohibits cumulative voting
        in the election of directors from the Bylaws to the Articles of
        Incorporation, (4)&nbsp;include constituency provisions, and
        (5)&nbsp;require that shareholder action be taken at an annual
        or special meeting. For the reasons stated in the Joint Proxy
        Statement, the Pacific Gas and Electric Company Board of
        Directors and management recommend that Pacific Gas and Electric
        Company shareholders vote &#147;FOR&#148; these proposals.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        PG&#38;E&nbsp;Corporation shareholders also will be asked to
        vote on the proposals submitted by individual
        PG&#38;E&nbsp;Corporation shareholders described in the Joint
        Proxy Statement, if such proposals are properly presented at the
        annual meeting. For the reasons stated in the Joint Proxy
        Statement, the PG&#38;E&nbsp;Corporation Board of Directors and
        management recommend that PG&#38;E&nbsp;Corporation shareholders
        vote &#147;AGAINST&#148; these proposals.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Your vote on the business at the annual meetings is important.
        For your convenience, we offer you the option of executing and
        submitting your proxy and voting instructions over the Internet,
        by telephone, or by mail. Whether or not you plan to attend,
        please vote as soon as possible so that your shares can be
        represented at the annual meetings.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        During the annual meetings, PG&#38;E&nbsp;Corporation and
        Pacific Gas and Electric Company management also will report on
        operations and other matters affecting PG&#38;E&nbsp;Corporation
        and Pacific Gas and Electric Company, act on such other matters
        as may properly come before the meetings, and respond to
        shareholders&#146; questions.</TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="37%"></TD>
        <TD width="63%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Sincerely,</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <IMG src="f78257pgf78257s2.gif" alt="-s- ROBERT D. GLYNN, JR."></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Robert D. Glynn, Jr.</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Chairman of the Board, Chief Executive Officer,</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        and President of PG&#38;E Corporation</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Chairman of the Board of</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Pacific Gas and Electric Company</TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Joint Notice of Annual Meetings of Shareholders of PG&#38;E Corporation and Pacific Gas and Electric Company</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Joint Proxy Statement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Questions and Answers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ItemNo.1: Election of Directors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item No. 2: Ratification of Appointment of Independent Public Accountants</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item Nos. 3-4: PG&#38;E Corporation Management Proposals</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item Nos. 5-9: Pacific Gas and Electric Company Management Proposals</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item Nos. 10-15: PG&#38;E Corporation Shareholder Proposals</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">Executive Compensation</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">Report of the Audit Committees</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">Other Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Appendix A</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">Appendix B</A></TD></TR>
<TR><TD colspan="9"><A HREF="f78257pgdef14a.htm">Definitive  Proxy Materials for PG&E Corporation</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<FONT size="5">Table of Contents
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="4" align="left" valign="top">
        <FONT size="2">Joint Notice of Annual Meetings of Shareholders
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="4" align="left" valign="top">
        <FONT size="2">Joint Proxy Statement
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="4" align="left" valign="top">
        <FONT size="2">Questions and Answers
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Item&nbsp;No.&nbsp;1:
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Election of Directors
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Information Regarding the Boards of Directors of
        PG&#38;E Corporation and Pacific Gas and Electric Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Item&nbsp;No.&nbsp;2:
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Ratification of Appointment of Independent Public
        Accountants
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Item&nbsp;Nos.&nbsp;3-4:
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">PG&#38;E Corporation Management Proposals<BR>
        (To Be Voted on by PG&#38;E Corporation Shareholders Only)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Item&nbsp;Nos.&nbsp;5-9:
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Pacific Gas and Electric Company Management
        Proposals<BR>
        (To Be Voted on by Pacific Gas and Electric Company Shareholders
        Only)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Item&nbsp;Nos.&nbsp;10-15:
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">PG&#38;E Corporation Shareholder Proposals<BR>
        (To Be Voted on by PG&#38;E Corporation Shareholders Only)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="4" align="left" valign="top">
        <FONT size="2">Executive Compensation
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="4" align="left" valign="top">
        <FONT size="2">Report of the Audit Committees
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="4" align="left" valign="top">
        <FONT size="2">Other Information
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Appendix&nbsp;A&nbsp;&#150;&nbsp;</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Articles Third and Eighth of the Restated
        Articles of Incorporation and Article&nbsp;II of the Bylaws of
        PG&#38;E Corporation<BR>
        (As Proposed to Be Amended)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">A-1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="8"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Appendix&nbsp;B&nbsp;&#150;&nbsp;</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Articles Fifth, Sixth, Seventh, and Eighth of the
        Restated Articles of Incorporation and Article&nbsp;II of the
        Bylaws of Pacific Gas<BR>
        and Electric Company (As Proposed to Be Amended)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">B-1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
________________________________________________________________________________
</DIV>

<!-- link1 "Joint Notice of Annual Meetings of Shareholders of PG&#38;E Corporation and Pacific Gas and Electric Company" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<FONT size="5">Joint Notice of Annual Meetings of Shareholders
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">of PG&#38;E Corporation and Pacific Gas and
Electric Company
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="36%"></TD>
	<TD width="64%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	March&nbsp;13, 2002</TD>
</TR>

</TABLE>

<P align="left">
<B>To the Shareholders of PG&#38;E Corporation and Pacific Gas
and Electric Company:</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The annual meetings of shareholders of PG&#38;E Corporation and
Pacific Gas and Electric Company will be held concurrently on
Wednesday, April&nbsp;17, 2002, at 10:00&nbsp;a.m., in the
Masonic Auditorium, 1111&nbsp;California Street, San Francisco,
California, for the purpose of considering the following matters:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	For PG&#38;E Corporation and Pacific Gas and Electric Company
	shareholders, to elect the following nine and ten directors,
	respectively, to each Board for the ensuing year:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<FONT size="2">David R. Andrews
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">Robert D. Glynn, Jr.
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">Carl E. Reichardt
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">David A. Coulter
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">David M. Lawrence, MD
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">Gordon R. Smith*
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">C. Lee Cox
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">Mary S. Metz
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">Barry Lawson Williams
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">William S. Davila
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left" valign="top">
	<FONT size="2">*&nbsp;Gordon R. Smith is a nominee for director
	of Pacific Gas and Electric Company only.
	</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	For PG&#38;E Corporation and Pacific Gas and Electric Company
	shareholders, to ratify each Board of Directors&#146;
	appointment of Deloitte&nbsp;&#38; Touche LLP as independent
	public accountants for 2002 for PG&#38;E Corporation and Pacific
	Gas and Electric Company,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	For PG&#38;E Corporation shareholders only, to act upon two
	management proposals described on pages&nbsp;17-18 of the Joint
	Proxy Statement,</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(4)&nbsp;</TD>
	<TD align="left">
	For Pacific Gas and Electric Company shareholders only, to act
	upon five management proposals described on pages&nbsp;19-22 of
	the Joint Proxy Statement,</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(5)&nbsp;</TD>
	<TD align="left">
	For PG&#38;E Corporation shareholders only, to act upon
	proposals submitted by PG&#38;E Corporation shareholders and
	described on pages&nbsp;23-31 of the Joint Proxy Statement, if
	such proposals are properly presented at the meeting, and</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(6)&nbsp;</TD>
	<TD align="left">
	For PG&#38;E Corporation and Pacific Gas and Electric Company
	shareholders, to transact such other business as may properly
	come before the meetings and any adjournments or postponements
	thereof.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Boards of Directors have fixed the close of business on
February&nbsp;19, 2002, as the record date for the purpose of
determining shareholders who are entitled to receive notice of
and to vote at the annual meetings.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="36%"></TD>
	<TD width="64%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	By Order of the Boards of Directors,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="f78257pgf78257s1.gif" alt="(-s- Linda Y.H. Cheng)"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Linda Y.H. Cheng</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Corporate Secretary,</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	PG&#38;E Corporation and</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Pacific Gas and Electric Company</TD>
</TR>

</TABLE>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
 <HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="5">PG&#38;E Corporation
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Pacific Gas and Electric Company
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link1 "Joint Proxy Statement" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="4">Joint Proxy Statement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Joint Proxy Statement provides information concerning the
Joint Annual Meetings of PG&#38;E Corporation and Pacific Gas
and Electric Company, which will be held concurrently on
Wednesday, April&nbsp;17, 2002. The Joint Proxy Statement and
proxy cards, together with the PG&#38;E Corporation and Pacific
Gas and Electric Company joint 2001 Annual Report to
Shareholders, were mailed beginning on or about March&nbsp;13,
2002.

<!-- link2 "Questions and Answers" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left">
<B>Questions and Answers</B>

<P align="left">
<B>Why did you send me this proxy statement and a proxy card?</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Boards of Directors of PG&#38;E Corporation and Pacific Gas
and Electric Company (Boards) are soliciting proxies for use at
their respective annual meetings, including any adjournments or
postponements. This proxy statement and a proxy card were sent
to anyone who owned shares of common stock of PG&#38;E
Corporation and/or shares of preferred stock of Pacific Gas and
Electric Company at the close of business on February&nbsp;19,
2002. This date is the record date set by the Boards to
determine which shareholders may vote at the Joint Annual
Meetings. This Joint Proxy Statement describes certain matters
management expects will be voted on at the annual meetings,
gives you information about PG&#38;E&nbsp;Corporation and
Pacific Gas and Electric Company and their managements, and
provides general information regarding the voting process and
attendance at the annual meetings.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>How do I vote?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You can attend and vote at the meetings, or the proxyholders
will vote your shares as you indicate on your proxy. There are
three ways to submit your proxy.

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
the Internet at http://www.eproxy.com/pcg/

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
telephone by calling toll-free 1-800-435-6710
</DIV>

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
completing your proxy card and mailing it in the accompanying
postage-paid envelope
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you submit your proxy over the Internet or by telephone, your
vote must be received by 4:00&nbsp;p.m., Eastern daylight time,
on Tuesday, April&nbsp;16, 2002. These Internet and telephone
voting procedures comply with California law.

<P align="left">
<B>What am I voting on and what are the Board&#146;s voting
recommendations?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation shareholders will be voting on the
following items:

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="center" nowrap><FONT size="2">Item No.</FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">Description</FONT></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><FONT size="2">Board&#146;s Voting Recommendation</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Election of Directors
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">For all nominees</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Ratification of Appointment of Independent Public
        Accountants
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">For this proposal</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">3-4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Management Proposals
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">For these proposals</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">10-15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Shareholder Proposals
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">Against these proposals</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pacific Gas and Electric Company shareholders will be voting on
the following items:


<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="center" nowrap><FONT size="2">Item No.</FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">Description</FONT></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><FONT size="2">Board&#146;s Voting Recommendation</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Election of Directors
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">For all nominees</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Ratification of Appointment of Independent Public
        Accountants
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">For this proposal</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">5-9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">Management Proposals
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">For these proposals</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>


<P align="center">1
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B>What vote is required to approve each item?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To elect directors:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	The nominees receiving the largest number of votes cast are
	elected as directors, up to the maximum number of directors to
	be chosen at the meetings. In other words, the nine nominees for
	director of PG&#38;E Corporation and the ten nominees for
	director of Pacific Gas and Electric Company receiving the
	greatest number of votes will be elected. Votes against a
	nominee or votes withheld will have no legal effect.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To approve the PG&#38;E Corporation management proposals to
amend the Articles of Incorporation and Bylaws:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	A majority of the outstanding shares of PG&#38;E Corporation
	common stock must approve each proposal. Abstentions and broker
	non-votes (see definition below) will have the same effect as a
	vote against a proposal.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	To approve the Pacific Gas and Electric Company management
	proposals to amend the Articles of Incorporation and Bylaws:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	A majority of the outstanding shares of Pacific Gas and Electric
	Company voting stock must approve each proposal. Abstentions and
	broker non-votes (see definition below) will have the same
	effect as a vote against a proposal.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To approve other items described in the Joint Proxy Statement:

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	For each properly presented proposal, a majority of the shares
	represented and voting on the proposal must approve the
	proposal. The approval votes also must be greater than
	25&nbsp;percent of the shares entitled to vote. Abstentions will
	have the same effect as a vote against a proposal. Broker
	non-votes (see definition below) will not be considered in
	determining whether or not a proposal is approved.</TD>
</TR>

</TABLE>

<P align="left">
<B>What is a broker non-vote?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you hold your shares indirectly through a broker, bank,
trustee, nominee, or other third party, that party is the
registered owner of your shares and submits the proxy to vote
your shares. You are the beneficial owner of the shares and
typically you will be asked to provide the registered owner with
instructions as to how your shares should be voted.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Broker non-votes occur when brokers or nominees have voted on
some of the matters to be acted on at a meeting, but do not vote
on certain other matters because, under the rules of the New
York Stock Exchange, they are not permitted to vote on those
other matters without instructions from the beneficial owners of
the shares.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>Will shareholders be asked to vote on matters other than
those described in the Joint Proxy Statement?</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If other matters are raised during the Joint Annual Meetings,
shareholders will vote on such matters only if PG&#38;E
Corporation or Pacific Gas and Electric Company, as appropriate,
determines that these other matters satisfy advance notice
requirements in the appropriate Bylaws and otherwise properly
come before the annual meetings. If other matters properly come
before the annual meetings, the proxyholders named on the
enclosed proxy card will vote the shares for which they hold
proxies at their discretion, to the extent permitted by law.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>What shares are included on my proxy card?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For PG&#38;E Corporation, the shares included on your proxy card
represent all the shares of PG&#38;E Corporation stock in your
account, including shares in the PG&#38;E Corporation Dividend
Reinvestment Plan. For Pacific Gas and Electric Company, the
shares included on your card represent all the shares of Pacific
Gas and Electric Company preferred stock in your account.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are a shareholder of both PG&#38;E Corporation common
stock and Pacific Gas and Electric Company preferred stock, you
will receive a separate proxy card for each company. If you
receive more than one proxy card for either company, it means
your shares are held in more than one account. You should vote
the shares on all your proxy cards. If you would like to
consolidate your accounts, you may do so by contacting our
transfer agent, Mellon Investor Services LLC, toll-free at
1-800-719-9056.

<P align="center">2

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<P align="left">
<B>How many copies of the proxy statement and annual report will
I receive?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are a registered holder of PG&#38;E Corporation common
stock and/or Pacific Gas and Electric Company preferred stock,
you will receive one proxy statement and annual report for each
account.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are a beneficial owner of PG&#38;E Corporation common
stock and/or Pacific Gas and Electric Company preferred stock
and receive your proxy materials through ADP Investor
Communication Services (ADP), and there are multiple beneficial
owners at the same address, you may receive fewer proxy
statements and annual reports than the number of beneficial
owners at that address. Securities and Exchange Commission
regulations permit ADP to deliver only one proxy statement and
annual report to multiple beneficial owners sharing an address,
unless we receive contrary instructions from any beneficial
owner at that same address. If you receive your proxy materials
through ADP and wish to receive a separate proxy statement or
annual report in the future, please contact the office of the
Corporate Secretary of PG&#38;E Corporation or Pacific Gas and
Electric Company, as appropriate, at P.O.&nbsp;Box 193722, San
Francisco, CA 94119-3722 or by calling 1-415-267-7070.

<P align="left">
<B>What if I return my proxy but don&#146;t specify how I want
my shares voted?</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The PG&#38;E Corporation proxyholders will vote those shares
&#147;For&#148; Items&nbsp;1 through 4 and &#147;Against&#148;
Items&nbsp;10 through 15. The Pacific Gas and Electric Company
proxyholders will vote those shares &#147;For&#148;
Items&nbsp;1, 2, and 5 through 9.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>What if I do not submit my proxy?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Your shares will not be voted if you do not provide a proxy or
vote at the annual meetings.

<P align="left">
<B>Can I change my proxy vote?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Yes, you can change your proxy vote or revoke your proxy any
time before the annual meetings by (1)&nbsp;returning a
later-dated proxy card, (2)&nbsp;entering a new vote over the
Internet or by telephone, (3)&nbsp;notifying the Corporate
Secretary in writing, or (4)&nbsp;submitting a written ballot at
the meetings.

<P align="left">
<B>Is my vote confidential?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Yes. According to each company&#146;s confidential voting
policy, shareholder votes will only be revealed to a
non-employee proxy tabulator or an independent inspector of
election, except (1)&nbsp;as necessary to meet legal
requirements, (2)&nbsp;in a dispute regarding authenticity of
proxies and ballots, (3)&nbsp;in the event of a proxy contest,
if the other party does not agree to comply with the
confidential voting policy, and (4)&nbsp;where disclosure may be
necessary for either company to assert or defend claims.

<P align="left">
<B>Who will count the votes?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mellon Investor Services LLC (MIS)&nbsp;will act as the proxy
tabulators and the inspectors of election for the 2002 annual
meetings. MIS is independent of PG&#38;E Corporation and Pacific
Gas and Electric Company and their directors, officers, and
employees.

<P align="left">
<B>How many shares are eligible to vote at the annual
meetings?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;19, 2002, there were 364,206,190 shares of
PG&#38;E Corporation common stock, without par value,
outstanding and entitled to vote. Each share is entitled to one
vote.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;19, 2002, there were 17,258,280 shares of
Pacific Gas and Electric Company preferred stock, $25 par value,
and 326,926,667 shares of Pacific Gas and Electric Company
common stock, $5 par value, outstanding and entitled to vote.
Each share is entitled to one vote. PG&#38;E Corporation and a
subsidiary hold 100&nbsp;percent of the issued and outstanding
shares of Pacific Gas and Electric Company common stock.
Together they own approximately 95&nbsp;percent of the total
outstanding voting stock of Pacific Gas and Electric Company.
Holders of Pacific Gas and Electric Company&#146;s preferred
stock hold approximately 5&nbsp;percent of the Company&#146;s
total outstanding voting stock.

<P align="left">
<B>May I attend the annual meetings?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All shareholders of record as of the close of business on
February&nbsp;19, 2002, may attend the annual meetings of
PG&#38;E Corporation and Pacific Gas and Electric Company.

<P align="center">3

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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Real-time captioning services and assistive listening devices
will be available at the meetings for the hearing impaired.
Please contact an usher if you wish to be seated in the
real-time captioning section or require an assistive listening
device. Audio cassette recordings of the meetings may be
requested by calling the office of the Corporate Secretary.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>What do I need to do in order to attend the annual
meetings?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are a registered shareholder, you will receive an
admission ticket along with your proxy card. Please bring the
admission ticket to the meetings.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a broker, bank, trustee, nominee, or other third party holds
your shares, please inform that party that you plan to attend
the annual meetings and ask for a legal proxy. Bring the legal
proxy to the shareholder registration area when you arrive at
the meetings and we will issue you an admission ticket. If you
cannot get a legal proxy in time, we will issue an admission
ticket to you if you bring a copy of your brokerage or bank
account statement showing that you owned PG&#38;E Corporation or
Pacific Gas and Electric Company stock as of February&nbsp;19,
2002.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All shareholders must have an admission ticket to attend the
annual meetings. Also, shareholders will be asked to present
valid picture identification, such as a driver&#146;s license or
passport, before being admitted to the meetings. Cameras,
recording devices, and other electronic devices will not be
permitted at the meetings, and no items will be allowed into the
meetings which might pose a concern for the safety of those
attending.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>Will I be able to ask questions during the annual
meetings?</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the meetings, there may be time for some shareholders to
ask questions. The Chair of the meetings may need to limit
questions in order to maintain an orderly meeting and to give
shareholders the maximum opportunity to participate. Therefore,
there may not be enough time for everyone to get a chance to
speak. If you do not get a chance to ask questions during the
meetings, members of management will be available after the
meetings.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>How do I recommend someone to be a director?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may recommend any person to be a director of PG&#38;E
Corporation or Pacific Gas and Electric Company by writing to
the Corporate Secretary. The Nominating and Compensation
Committee will consider nominees recommended by shareholders for
election to the Boards.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you wish to nominate a candidate for director, you must
provide timely and proper written notice of the nomination in
the manner described in the Bylaws of the appropriate company.
Notice of director nominations proposed to be brought before the
2003 annual meetings of PG&#38;E Corporation or Pacific Gas and
Electric Company must be received at the principal executive
office of the appropriate company no later than January&nbsp;27,
2003. For a copy of either company&#146;s Bylaws, send a written
request to that company&#146;s Corporate Secretary.


<P align="left">
<B>When are shareholder proposals due for the 2003 annual
meetings?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you would like to submit a proposal for inclusion in either
company&#146;s proxy statement for the 2003 annual meetings, the
company&#146;s Corporate Secretary must receive your proposal by
November&nbsp;13, 2002.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you would like to introduce any other business at either
company&#146;s 2003 annual meeting of shareholders, you must
provide timely and proper written notice of the matter in the
manner described in the Bylaws of the appropriate company. For a
copy of either company&#146;s Bylaws, send a written request to
that company&#146;s Corporate Secretary.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice of other business proposed to be brought before the 2003
annual meetings of PG&#38;E Corporation or Pacific Gas and
Electric Company must be received at the principal executive
office of the appropriate company no later than January&nbsp;27,
2003. However, if the 2003 annual meeting of either company is
scheduled for a date that differs by more than 30&nbsp;days from
the anniversary date of the 2002 Joint Annual Meetings, the
shareholder&#146;s notice will be timely if it is received no
later than the tenth day following the date on which each
company publicly discloses the date of its 2003 annual meeting.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholder proposals and nominations received after these
deadlines will not be considered at the 2003 annual meetings.

<P align="center">4
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<P align="left">
<B>How much did this proxy solicitation cost?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation and Pacific Gas and Electric Company hired
D.F. King &#38; Co., Inc. to assist in the distribution of proxy
materials and solicitation of votes. The estimated fee is
$11,500 plus reasonable out-of-pocket expenses. In addition,
PG&#38;E Corporation and Pacific Gas and Electric Company will
reimburse brokerage houses and other custodians, nominees, and
fiduciaries for reasonable out-of-pocket expenses for forwarding
proxy and solicitation material to shareholders.

<P align="left">
<B>What is the address of the principal executive office?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Correspondence may be addressed to:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	 PG&#38;E Corporation or Pacific Gas and Electric Company <BR>
	 Corporate Secretary <BR>
	 P.O. Box 193722 <BR>
	 San Francisco, CA 94119-3722</TD>
</TR>

</TABLE>

<P align="center">
<B>Your vote is important.</B>

<DIV align="center">
<B>If you are not executing and submitting your proxy and voting
instructions over the Internet or by telephone, please mark,
sign, date, and mail the enclosed proxy card as soon as
possible.</B>
</DIV>

<P align="center">5

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<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link2 "ItemNo.1: Election of Directors" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<FONT size="5">Item&nbsp;No.&nbsp;1:
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Election of Directors of PG&#38;E Corporation and
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Pacific Gas and Electric Company
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nine and ten directors will be elected to serve on the Boards of
Directors of PG&#38;E&nbsp;Corporation and Pacific Gas and
Electric Company, respectively, to hold office until the next
annual meetings or until their successors shall be elected and
qualified, except in the case of death, resignation, or removal
of a director. The nine nominees for director of PG&#38;E
Corporation and the ten nominees for director of Pacific Gas and
Electric Company whom the respective Boards propose for election
are the same, except for Gordon&nbsp;R. Smith, who is a nominee
for the Pacific Gas and Electric Company Board only. The
composition of these slates of nominees is consistent with the
policy of PG&#38;E&nbsp;Corporation and Pacific Gas and Electric
Company that at least 75&nbsp;percent of their Boards shall be
composed of directors who are neither current nor former
officers or employees of PG&#38;E&nbsp;Corporation, Pacific Gas
and Electric Company, or any of their respective subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information is provided on the following pages about the
nominees for directors, including their principal occupations
for the past five years, certain other directorships, age, and
length of service as a director of PG&#38;E&nbsp;Corporation and
Pacific Gas and Electric Company. Membership on Board
committees, attendance at Board and committee meetings, and
ownership of stock of PG&#38;E&nbsp;Corporation and Pacific Gas
and Electric Company are indicated in separate sections
following the individual resumes of the nominees.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the nominees have agreed to serve if elected. Should any
of the nominees become unavailable at the time of the meeting to
accept nomination or election as a director, the respective
proxyholders named on the enclosed PG&#38;E Corporation or
Pacific Gas and Electric Company proxy card will vote for
substitute nominees at their discretion.

<P align="left">
<B>The Boards of Directors of PG&#38;E&nbsp;Corporation and
Pacific Gas and Electric Company Unanimously Recommend the
Election of Their Respective Nominees for Director Presented in
This Joint Proxy Statement.</B>

<P align="center">6
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<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<FONT size="5">Nominees for Directors of PG&#38;E Corporation and
</FONT>

<DIV align="center">
<FONT size="5">Pacific Gas and Electric Company
</FONT>
</DIV>

<DIV align="center">
<I>Biographical Information</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p1.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">David R. Andrews<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Andrews is Senior Vice
	President Government Affairs, General Counsel, and Secretary of
	PepsiCo, Inc. (food and beverage businesses), and has held that
	position since February 2002. Prior to joining PepsiCo, Inc.,
	Mr.&nbsp;Andrews was a partner in the law firm of McCutchen,
	Doyle, Brown&nbsp;&#38; Enersen, LLP from May 2000 to January
	2002 and from 1981 to July 1997. From August 1997 to April 2000,
	he served as the legal advisor to the U.S. Department of State
	and former Secretary Madeleine Albright. Mr.&nbsp;Andrews, 60,
	has been a director of PG&#38;E Corporation and Pacific Gas and
	Electric Company since 2000. He also is a director of
	UnionBanCal Corporation.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p2.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">David A. Coulter<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Coulter is Vice Chairman of
	J.P.&nbsp;Morgan&nbsp;Chase&nbsp;&#38; Co. (financial services
	and retail banking), and has held that position since January
	2001. Prior to the merger with J.P.&nbsp;Morgan &#38; Co.
	Incorporated, he was Vice Chairman of The Chase Manhattan
	Corporation (bank holding company) from August 2000 to December
	2000. He was a partner in the Beacon Group, L.P. (investment
	banking firm) from January 2000 to July 2000, and was Chairman
	and Chief Executive Officer of BankAmerica Corporation and Bank
	of America NT&#38;SA from May 1996 to October 1998.
	Mr.&nbsp;Coulter, 54, has been a director of PG&#38;E
	Corporation and Pacific Gas and Electric Company since 1996.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p3.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">C. Lee Cox<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Cox is retired Vice Chairman
	of AirTouch Communications, Inc. and retired President and Chief
	Executive Officer of AirTouch Cellular (cellular telephone and
	paging services). He was an executive officer of AirTouch
	Communications, Inc. and its predecessor, PacTel Corporation,
	from 1987 until his retirement in April&nbsp;1997. Mr.&nbsp;Cox,
	60, has been a director of PG&#38;E Corporation and Pacific Gas
	and Electric Company since 1996. He also is a director of
	Riverstone Networks, Inc.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p4.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">William S. Davila<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Davila is President Emeritus
	of The Vons Companies, Inc. (retail grocery). He was President
	of The Vons Companies, Inc. from 1986 until his retirement in
	May&nbsp;1992. Mr.&nbsp;Davila, 70, has been a director of
	Pacific Gas and Electric Company since 1992 and a director of
	PG&#38;E Corporation since 1996. He also is a director of The
	Home Depot, Inc. and Hormel Foods Corporation.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p5.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">Robert D. Glynn, Jr.<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Glynn is Chairman of the
	Board, Chief Executive Officer, and President of PG&#38;E
	Corporation and Chairman of the Board of Pacific Gas and
	Electric Company. He has been an officer of PG&#38;E Corporation
	since December&nbsp;1996 and an officer of Pacific Gas and
	Electric Company since January 1988. Mr.&nbsp;Glynn, 59, has
	been a director of Pacific Gas and Electric Company since 1995
	and a director of PG&#38;E Corporation since 1996.
	</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">7

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p6.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">David M. Lawrence, MD<BR>
	 </FONT></B><FONT size="2">Dr.&nbsp;Lawrence is Chairman and
	Chief Executive Officer of Kaiser Foundation Health Plan, Inc.
	and Kaiser Foundation Hospitals, and has been an executive
	officer of those companies for more than the past five years.
	Dr.&nbsp;Lawrence, 61, has been a director of Pacific Gas and
	Electric Company since 1995 and a director of PG&#38;E
	Corporation since 1996. He also is a director of Agilent
	Technologies Inc.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p7.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">Mary S. Metz<BR>
	 </FONT></B><FONT size="2">Dr.&nbsp;Metz is President of S. H.
	Cowell Foundation, and has held that position since January
	1999. Prior to that date, she was Dean of University Extension,
	University of California, Berkeley from July 1991 to June 1998.
	Dr.&nbsp;Metz, 64, has been a director of Pacific Gas and
	Electric Company since 1986 and a director of PG&#38;E
	Corporation since 1996. She also is a director of Longs Drug
	Stores Corporation, SBC Communications Inc., and UnionBanCal
	Corporation.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p8.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">Carl E. Reichardt<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Reichardt is Vice Chairman
	of the Ford Motor Company, and has held that position since
	October 2001. He is the retired Chairman of the Board and Chief
	Executive Officer of Wells Fargo &#38; Company (bank holding
	company) and Wells Fargo Bank, N.A. He was an executive officer
	of Wells Fargo Bank, N.A. from 1978 until his retirement in
	December 1994. Mr.&nbsp;Reichardt, 70, has been a director of
	Pacific Gas and Electric Company since 1985 and a director of
	PG&#38;E Corporation since 1996. He also is a director of
	ConAgra Foods, Inc., Ford Motor Company, HCA, Inc., HSBC
	Holdings PLC, McKesson Corporation, and Newhall Management
	Corporation.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p9.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">Gordon R. Smith*<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Smith is President and Chief
	Executive Officer of Pacific Gas and Electric Company,<BR>
	and has been an officer of Pacific Gas and Electric Company
	since 1980. Mr.&nbsp;Smith, 54, has been a director of Pacific
	Gas and Electric Company since 1997.
	</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<IMG src="f78257pgf78257p10.jpg" alt="(PHOTOGRAPH)"></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">Barry Lawson Williams<BR>
	 </FONT></B><FONT size="2">Mr.&nbsp;Williams is President of
	Williams Pacific Ventures, Inc. (business consulting and
	mediation), and has held that position since 1987. He also
	served as interim President and Chief Executive Officer of the
	American Management Association (management development
	organization) from November 2000 to June 2001.
	Mr.&nbsp;Williams, 57, has been a director of Pacific Gas and
	Electric Company since 1990 and a director of PG&#38;E
	Corporation since 1996. He also is a director of CH2M Hill
	Companies, Ltd., Newhall Management Corporation, R.H. Donnelley
	Inc., The Simpson Manufacturing Company Inc., Synavant Inc., and
	USA Education, Inc.
	</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="16%"></TD>
	<TD width="2%"></TD>
	<TD width="82%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>*&nbsp;</TD>
	<TD align="left">
	Gordon&nbsp;R. Smith is a nominee for director of Pacific Gas
	and Electric Company only.</TD>
</TR>

</TABLE>

<P align="center">8

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="5">Information Regarding the
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Boards of Directors of PG&#38;E Corporation and
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Pacific Gas and Electric Company
</FONT>
</DIV>

<P align="left">
<B>Board Committees</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The committees of the PG&#38;E&nbsp;Corporation Board of
Directors are the Executive Committee, Audit Committee, Finance
Committee, Nominating and Compensation Committee, and Public
Policy Committee. The Pacific Gas and Electric Company Board of
Directors has an Executive Committee and Audit Committee. All
committee members are directors of PG&#38;E Corporation or
Pacific Gas and Electric Company, as appropriate. To ensure that
all committee members can perform their duties in an intelligent
and fully informed manner, committee members and other directors
have access to all of PG&#38;E Corporation&#146;s and Pacific
Gas and Electric Company&#146;s books, records, and other
documents of any kind. The current membership and duties of
these committees are described below.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Nominating and</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="2">Executive</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Audit</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Finance</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Compensation</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Public Policy</FONT></B></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="2">Committees</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Committees</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Committee</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Committee</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Committee</FONT></B></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<FONT size="2">R. D. Glynn, Jr.*<BR>
	C. L. Cox<BR>
	M. S. Metz<BR>
	C. E. Reichardt<BR>
	G. R. Smith<SUP>(1)<BR>
	</SUP>B. L. Williams
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">C. L. Cox*<BR>
	D. R. Andrews<BR>
	W. S. Davila<BR>
	M. S. Metz<BR>
	B. L. Williams
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">B. L. Williams*<BR>
	D. R. Andrews<BR>
	D. A. Coulter<BR>
	C. E. Reichardt
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">C. E. Reichardt*<BR>
	D. A. Coulter<BR>
	C. L. Cox<BR>
	D. M. Lawrence,&nbsp;MD
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">M. S. Metz*<BR>
	W. S. Davila<BR>
	D. M. Lawrence,&nbsp;MD
	</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="2%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&nbsp;*&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Chair
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><SUP><FONT size="2">(1)</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Member of the Pacific Gas and Electric Company
	Executive Committee only.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">
<B>Executive Committees</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Executive Committee, subject to the provisions of law and
certain limits imposed by the PG&#38;E&nbsp;Corporation or the
Pacific Gas and Electric Company Board (as the case may be), may
exercise any of the powers and perform any of the duties of the
PG&#38;E&nbsp;Corporation Board or the Pacific Gas and Electric
Company Board, respectively. The Executive Committees meet as
needed. One PG&#38;E&nbsp;Corporation Executive Committee
meeting was held in 2001 and no Pacific Gas and Electric Company
Executive Committee meetings were held in 2001.

<P align="left">
<B>Audit Committees</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committees of PG&#38;E Corporation (five meetings were
held in 2001) and Pacific Gas and Electric Company (five
meetings were held in 2001) advise and assist the Boards of
Directors of those entities in fulfilling their responsibilities
in connection with financial and accounting practices, internal
controls, external and internal auditing programs, business
ethics, and compliance with laws, regulations, and policies that
may have a material impact on the consolidated financial
statements of PG&#38;E Corporation, Pacific Gas and Electric
Company, and their respective subsidiaries. The Audit Committees
satisfy themselves as to the independence and competence of
PG&#38;E&nbsp;Corporation&#146;s and Pacific Gas and Electric
Company&#146;s independent public accountants, and review and
discuss with the independent accountants and with
PG&#38;E&nbsp;Corporation&#146;s and Pacific Gas and Electric
Company&#146;s officers and internal auditors the scope and
results of the independent accountants&#146; audit work,
consolidated quarterly and annual financial statements, the
quality and effectiveness of internal controls, and compliance
with laws, regulations, policies, and programs. The Audit
Committees also recommend to the appropriate Board of Directors
the firm of independent public accountants to be selected to
audit PG&#38;E&nbsp;Corporation&#146;s and Pacific Gas and
Electric Company&#146;s accounts, and make further inquiries as
they deem necessary or desirable to inform themselves as to the
conduct of the affairs of PG&#38;E&nbsp;Corporation, Pacific Gas
and Electric Company, and their respective subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The members of the Audit Committees of PG&#38;E&nbsp;Corporation
and Pacific Gas and Electric Company are identical. The Audit
Committees are composed entirely of directors who are
(1)&nbsp;financially knowledgeable, including at least one
member who has accounting or related financial management
expertise, (2)&nbsp;neither current nor former officers or
employees of PG&#38;E&nbsp;Corporation, Pacific Gas and Electric
Company, or their subsidiaries, (3)&nbsp;not consultants to
PG&#38;E&nbsp;Corporation, Pacific Gas and Electric Company, or
any of their subsidiaries, and

<P align="center">9

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<DIV align="left">
(4)&nbsp;neither current nor former officers or employees of any
other corporation on whose board of directors any
PG&#38;E&nbsp;Corporation or Pacific Gas and Electric Company
officer serves as a member. The members of the Audit Committees
are independent as defined in the listing standards of the
New&nbsp;York Stock Exchange and the American Stock Exchange.
One member of each Committee is appointed by the appropriate
Board of Directors as the Committee&#146;s Chair.
</DIV>

<P align="left">
<B>Finance Committee</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Finance Committee of PG&#38;E Corporation (eight meetings
were held in 2001) advises and assists the Board with respect to
the financial and capital investment policies and objectives of
PG&#38;E&nbsp;Corporation and its subsidiary companies,
including specific actions required to achieve those objectives.
The Finance Committee reviews long-term financial and investment
plans and strategies, annual financial plans, dividend policy,
short-term and long-term financing plans, proposed capital
investments, proposed divestments, major commercial banking,
investment banking, financial consulting, and other financial
relations of PG&#38;E Corporation or its subsidiaries, and risk
management activities. Each year, the Finance Committee presents
for the Board of Directors&#146; review and approval (1)&nbsp;a
five-year financial plan for PG&#38;E Corporation and its
subsidiaries that incorporates, among other things, the
Corporation&#146;s business strategy goals, and (2)&nbsp;an
annual budget that reflects elements of the approved five-year
plan. Members of the Board of Directors receive a monthly report
that compares the Corporation&#146;s performance to the budget
and provides other information regarding financial performance.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
One member of the Committee, who is neither a current nor former
employee of, nor current consultant to, PG&#38;E Corporation or
any of its subsidiaries, is appointed by the Board of Directors
as the Committee&#146;s Chair.

<P align="left">
<B>Nominating and Compensation Committee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating and Compensation Committee of PG&#38;E
Corporation (four meetings were held in 2001) advises and
assists the Boards of PG&#38;E&nbsp;Corporation and Pacific Gas
and Electric Company with respect to the selection and
compensation of directors. It also advises and assists
PG&#38;E&nbsp;Corporation and its subsidiaries on employment,
compensation, benefits policies and practices, and the
development, selection, and compensation of policy-making
officers. The Nominating and Compensation Committee reviews and
acts upon the compensation of officers of
PG&#38;E&nbsp;Corporation and its subsidiaries, except that the
compensation of the Chief Executive Officers of
PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company
is established by the full Board of Directors of
PG&#38;E&nbsp;Corporation or Pacific Gas and Electric Company
(as the case may be) upon recommendation of the Committee, and
the Committee has delegated to the PG&#38;E&nbsp;Corporation
Chief Executive Officer the authority to approve compensation
for certain officers of PG&#38;E&nbsp;Corporation and its
subsidiaries. The Committee also reviews long-range planning for
executive development and succession, and the composition and
performance of the Boards of PG&#38;E&nbsp;Corporation and
Pacific Gas and Electric Company.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating and Compensation Committee is composed entirely
of directors who are (1)&nbsp;neither current nor former
officers or employees of PG&#38;E&nbsp;Corporation or any of its
subsidiaries, (2)&nbsp;not consultants to
PG&#38;E&nbsp;Corporation or any of its subsidiaries, and
(3)&nbsp;neither current nor former officers or employees of any
other corporation on whose board of directors any
PG&#38;E&nbsp;Corporation officer serves as a member. One member
of the Committee is appointed by the Board of Directors as the
Committee&#146;s Chair.

<P align="left">
<B>Public Policy Committee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Public Policy Committee of PG&#38;E Corporation (two
meetings were held in 2001) advises and assists the Board of
Directors with respect to public policy issues that could affect
significantly the interests of the customers, shareholders, or
employees of PG&#38;E&nbsp;Corporation, Pacific Gas and Electric
Company, and their respective subsidiaries. The Public Policy
Committee reviews the policies and practices of
PG&#38;E&nbsp;Corporation and its subsidiaries with respect to
protection and improvement of the quality of the environment,
charitable and community service organizations and activities,
equal opportunity in hiring and promoting employees, and
development of minority-owned and women-owned businesses as
suppliers to PG&#38;E&nbsp;Corporation, Pacific Gas and Electric
Company, and their subsidiaries. The Committee also reviews
significant societal, governmental, and environmental trends and
issues that may affect the operations of
PG&#38;E&nbsp;Corporation, Pacific Gas and Electric Company, or
their subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
One member of the Committee, who is neither a current nor former
employee of, nor current consultant to,
PG&#38;E&nbsp;Corporation or any of its subsidiaries, is
appointed by the Board of Directors as the Committee&#146;s
Chair.

<P align="center">10

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<P align="left">
<B>Attendance at Board and Committee Meetings</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Thirteen meetings of the PG&#38;E&nbsp;Corporation Board of
Directors and twenty&nbsp;meetings of the PG&#38;E Corporation
Board committees were held in 2001. Overall attendance of
incumbent directors at such meetings was 94%. Individual
attendance at meetings of the PG&#38;E&nbsp;Corporation Board of
Directors and Board committees was as follows:
D.&nbsp;R.&nbsp;Andrews&nbsp;96%,
D.&nbsp;A.&nbsp;Coulter&nbsp;84%, C.&nbsp;L.&nbsp;Cox&nbsp;95%,
W.&nbsp;S.&nbsp;Davila&nbsp;100%,
R.&nbsp;D.&nbsp;Glynn,&nbsp;Jr.&nbsp;100%,
D.&nbsp;M.&nbsp;Lawrence&nbsp;84%,
M.&nbsp;S.&nbsp;Metz&nbsp;95%,
C.&nbsp;E.&nbsp;Reichardt&nbsp;96%, and
B.&nbsp;L.&nbsp;Williams&nbsp;96%.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Twelve meetings of the Pacific Gas and Electric Company Board of
Directors and five meetings of the Pacific Gas and Electric
Company Board committees were held in 2001. Overall attendance
of incumbent directors at such meetings was 96%. Individual
attendance at the meetings was as follows:
D.&nbsp;R.&nbsp;Andrews&nbsp;100%,
D.&nbsp;A.&nbsp;Coulter&nbsp;92%, C.&nbsp;L.&nbsp;Cox&nbsp;94%,
W.&nbsp;S.&nbsp;Davila&nbsp;100%,
R.&nbsp;D.&nbsp;Glynn,&nbsp;Jr.&nbsp;100%,
D.&nbsp;M.&nbsp;Lawrence&nbsp;92%,
M.&nbsp;S.&nbsp;Metz&nbsp;94%,
C.&nbsp;E.&nbsp;Reichardt&nbsp;92%,
G.&nbsp;R.&nbsp;Smith&nbsp;100%, and
B.&nbsp;L.&nbsp;Williams&nbsp;94%.

<P align="left">
<B>Compensation of Directors</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each director who is not an officer or employee of
PG&#38;E&nbsp;Corporation or Pacific Gas and Electric Company
receives a quarterly retainer of $7,500 plus a fee of $1,000 for
each Board or Board committee meeting attended. Non-employee
directors who chair Board committees receive an additional
quarterly retainer of $625. Under the Deferred Compensation Plan
for Non-Employee Directors, directors of
PG&#38;E&nbsp;Corporation or Pacific Gas and Electric Company
may elect to defer all or part of such compensation for varying
periods. Directors who participate in the Deferred Compensation
Plan may convert their deferred compensation into a number of
common stock equivalents, the value of which is tied to the
market value of PG&#38;E&nbsp;Corporation common stock.
Alternatively, participating directors may direct that their
deferred compensation earn interest.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No director who serves on both the PG&#38;E&nbsp;Corporation and
Pacific Gas and Electric Company Boards and corresponding
committees is paid additional compensation for concurrent
service on Pacific Gas and Electric Company&#146;s Board or its
committees, except that separate meeting fees are paid for each
meeting of the Pacific Gas and Electric Company Board, or a
Pacific Gas and Electric Company Board committee, that is not
held concurrently or sequentially with a meeting of the
PG&#38;E&nbsp;Corporation Board or a corresponding
PG&#38;E&nbsp;Corporation Board committee. It is the usual
practice of PG&#38;E&nbsp;Corporation and Pacific Gas and
Electric Company that meetings of the respective Boards and
corresponding committees are held concurrently and, therefore,
that a single meeting fee is paid to each director for each set
of meetings.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, directors of PG&#38;E Corporation or Pacific Gas
and Electric Company are reimbursed for reasonable expenses
incurred in attending Board or committee meetings. Directors of
PG&#38;E&nbsp;Corporation or Pacific Gas and Electric Company
also are reimbursed for reasonable expenses incurred in
connection with other activities undertaken on behalf of or for
the benefit of PG&#38;E&nbsp;Corporation or Pacific Gas and
Electric Company.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective January&nbsp;1, 1998, the PG&#38;E&nbsp;Corporation
Retirement Plan for Non-Employee Directors was terminated.
Directors who had accrued benefits under the Plan were given a
one-time option of receiving at retirement the benefit accrued
through 1997, or of converting the present value of their
accrued benefit into a PG&#38;E&nbsp;Corporation common stock
equivalent investment held in the Deferred Compensation Plan for
Non-Employee Directors. The payment of frozen accrued retirement
benefits, or distributions from the Deferred Compensation Plan
attributable to the conversion of retirement benefits, cannot be
made until the later of age&nbsp;65 or retirement from the Board.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Non-Employee Director Stock Incentive Plan, a
component of the PG&#38;E&nbsp;Corporation Long-Term Incentive
Program, on the first business day of January of each year, each
non-employee director of PG&#38;E&nbsp;Corporation is entitled
to receive stock-based grants with a total aggregate equity
value of $30,000, composed of (1)&nbsp;restricted shares of
PG&#38;E&nbsp;Corporation common stock valued at $10,000 (based
on the closing price of PG&#38;E&nbsp;Corporation common stock
on the first business day of the year), and (2)&nbsp;a
combination, as elected by the director, of non-qualified stock
options and common stock equivalents with a total equity value
of $20,000, based on equity value increments of $5,000. The
exercise price of stock options is equal to the market value of
PG&#38;E&nbsp;Corporation common stock (i.e., the closing price)
on the date of grant. Restricted stock and stock options vest
over the five-year period following the date of grant, except
that restricted stock and stock options will vest immediately
upon mandatory retirement from the Board, upon a director&#146;s
death or disability, or in the event of a change in control.
Common stock equivalents awarded are payable in the form of
PG&#38;E&nbsp;Corporation common stock only following a
director&#146;s retirement from the Board, upon a
director&#146;s death or disability, or in the event of a change
in control. Unvested awards are forfeited if the recipient
ceases to be a director for any other reason.

<P align="center">11

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;2, 2001, each non-employee director received
511&nbsp;restricted shares of PG&#38;E&nbsp;Corporation common
stock. In addition, directors who were granted stock options
received options to purchase 1,077&nbsp;shares of
PG&#38;E&nbsp;Corporation common stock for each $5,000 increment
of equity value (subject to the aggregate $20,000 limit) at an
exercise price of $19.5625 per share, and directors who were
granted common stock equivalents received 255&nbsp;common stock
equivalent units for each $5,000 increment of equity value
(subject to the aggregate $20,000 limit).

<P align="left">
<B>Certain Relationships and Related Transactions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Andrews, a director of PG&#38;E&nbsp;Corporation and
Pacific Gas and Electric Company, resigned from the law firm of
McCutchen, Doyle, Brown &#38; Enersen, LLP (McCutchen) in
January 2002. Mr.&nbsp;Andrews did not personally provide legal
services to PG&#38;E&nbsp;Corporation, Pacific Gas and Electric
Company, or their affiliates. During 2001, McCutchen provided
general legal services to Pacific Gas and Electric Company in
the normal course of business.

<P align="left">
<B>Legal Proceedings</B>

<P align="left">
<B>Proofs of Claims Filed in the Bankruptcy Case</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On April&nbsp;6, 2001, Pacific Gas and Electric Company filed a
voluntary petition for relief under the provisions of
Chapter&nbsp;11 of the U.S.&nbsp;Bankruptcy Code in the
U.S.&nbsp;Bankruptcy Court for the Northern District of
California (Bankruptcy Court). Pursuant to Chapter&nbsp;11 of
the U.S.&nbsp;Bankruptcy Code, Pacific Gas and Electric Company
retains control of its assets and is authorized to operate its
business as a debtor in possession while being subject to the
jurisdiction of the Bankruptcy Court.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bankruptcy law imposes an automatic stay to prevent parties from
making certain claims or taking certain actions that would
interfere with the estate or property of a Chapter&nbsp;11
debtor. In general, Pacific Gas and Electric Company may not pay
pre-petition debts without the Bankruptcy Court&#146;s
permission. Through September&nbsp;5, 2001, the last day for
non-governmental creditors to file proofs of claim,
non-governmental claims were submitted for an approximate
aggregate amount of $42.1&nbsp;billion. This amount includes
claims filed by generators, which Pacific Gas and Electric
Company believes have been overstated, and claims by financial
institutions, which Pacific Gas and Electric Company believes
contain significant duplication. The Bankruptcy Court also has
disallowed approximately $9&nbsp;billion of claims filed by
non-governmental entities. J.P.&nbsp;Morgan Trust&nbsp;Co. of
Delaware submitted a proof of claim for approximately
$1.45&nbsp;million dollars relating to its ownership interest in
shares of Pacific Gas and Electric Company&#146;s preferred
stock. J.P.&nbsp;Morgan Chase Bank submitted a proof of claim
for approximately $173&nbsp;million, related to its provision of
a stand-by letter of credit which provides credit and liquidity
support for certain of Pacific Gas and Electric Company&#146;s
Pollution Control Bonds. Both entities are subsidiaries of
J.P.&nbsp;Morgan Chase &#38;&nbsp;Co., which was created on
December&nbsp;31, 2000, in a merger between The Chase Manhattan
Corporation and J.P.&nbsp;Morgan &#38;&nbsp;Co. Incorporated.
Mr.&nbsp;David Coulter, a director of both
PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company,
is a Vice Chairman of J.P.&nbsp;Morgan Chase &#38;&nbsp;Co. and
J.P.&nbsp;Morgan Chase Bank, responsible for Retail and Middle
Market Financial Services and for Investment Management and
Private Banking.

<P align="left">
<B>California Attorney General Complaint</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;10, 2002, the California Attorney
General&nbsp;(AG) filed a complaint in the San Francisco
Superior Court against PG&#38;E&nbsp;Corporation and its
directors, as well as against the directors of Pacific Gas and
Electric Company, based on allegations of unfair or fraudulent
business acts or practices in violation of California Business
and Professions Code Section&nbsp;17200. Among other
allegations, the AG alleges that past transfers of money from
Pacific Gas and Electric Company to PG&#38;E&nbsp;Corporation,
and allegedly from PG&#38;E&nbsp;Corporation to other affiliates
of PG&#38;E&nbsp;Corporation, violated various conditions
established by the California Public Utilities
Commission &nbsp;(CPUC) in decisions approving the holding
company formation. The AG also alleges that the December 2000
and January and February 2001 ringfencing transactions by which
PG&#38;E&nbsp;Corporation subsidiaries complied with credit
rating agency criteria to establish independent credit ratings
violated the holding company conditions. The AG alleges that
these ringfencing transactions included conditions that
restricted PG&#38;E&nbsp;National Energy Group&#146;s ability to
provide any funds to PG&#38;E&nbsp;Corporation through
dividends, capital distributions or similar payments, reducing
PG&#38;E&nbsp;Corporation&#146;s cash and thereby impairing
PG&#38;E&nbsp;Corporation&#146;s ability to comply with the
first priority condition and subordinating Pacific Gas and
Electric Company&#146;s interests to the interests of
PG&#38;E&nbsp;Corporation and its other affiliates. (On
January&nbsp;9, 2002, the CPUC issued a decision interpreting
the &#147;first priority condition&#148; and concluded that the
condition, at least under certain circumstances, includes the
requirement that each of the holding companies &#147;infuse the
utility with all types of capital necessary for the utility to
fulfill its obligation to

<P align="center">12

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<DIV align="left">
serve.&#148; The three major California investor-owned energy
utilities and their parent holding companies had opposed the
broader interpretation, first contained in a proposed decision
released for comment on December&nbsp;26, 2001, as being
inconsistent with the prior 15&nbsp;years&#146; understanding of
that condition as applying more narrowly to a priority on
capital needed for investment purposes.)
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The AG seeks injunctive relief, the appointment of a receiver,
restitution in an amount according to proof, civil penalties of
$2,500 against each defendant for each violation of California
Business and Professions Code section&nbsp;17200 and that the
total penalty not be less than $500&nbsp;million, and costs of
the lawsuit.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the AG alleges that, through Pacific Gas and
Electric Company&#146;s bankruptcy proceedings,
PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company
engaged in unlawful, unfair, and fraudulent business practices
by seeking to implement the transactions proposed in the
proposed Plan of Reorganization filed in Pacific Gas and
Electric Company&#146;s bankruptcy proceeding. The AG&#146;s
complaint also seeks restitution of assets allegedly wrongfully
transferred to PG&#38;E&nbsp;Corporation from Pacific Gas and
Electric Company. The Bankruptcy Court has original and
exclusive jurisdiction of these claims. Therefore, on
February&nbsp;8, 2002, PG&#38;E&nbsp;Corporation filed a notice
of removal in the Bankruptcy Court to transfer the AG&#146;s
complaint to the Bankruptcy Court.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;15, 2002, a motion to dismiss, or in the
alternative, to stay, the complaint was filed in the Bankruptcy
Court.

<P align="left">
<B>Federal Securities Lawsuit</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On April&nbsp;16, 2001, a complaint was filed against
PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company
in the U.S.&nbsp;District Court for the Central District of
California entitled <I>Jack Gillam; DOES&nbsp;1 TO&nbsp;5,
Inclusive, and All Persons similarly situated vs.
PG&#38;E&nbsp;Corporation, Pacific Gas and Electric Company; and
DOES&nbsp;6 to&nbsp;10, Inclusive. </I>The complaint was filed
after Pacific Gas and Electric Company filed for reorganization
under Chapter&nbsp;11 of the U.S.&nbsp;Bankruptcy Code. Pacific
Gas and Electric Company informed plaintiff that the action is
stayed by the automatic stay provisions of the
U.S.&nbsp;Bankruptcy Code and on or about April&nbsp;23, 2001,
plaintiff filed a notice of voluntary dismissal without
prejudice with respect to Pacific Gas and Electric Company. By
order entered on or about May&nbsp;31, 2001, the case was
transferred to the U.S.&nbsp;District Court for the Northern
District of California.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On August&nbsp;9, 2001, the plaintiff filed a first amended
complaint entitled <I>Jack Gillam, et&nbsp;al. vs.
PG&#38;E&nbsp;Corporation, Robert&nbsp;D. Glynn,&nbsp;Jr., and
Peter&nbsp;A. Darbee, </I>in the U.S.&nbsp;District Court for
the Northern District of California. The first amended
complaint, purportedly brought on behalf of all persons who
purchased PG&#38;E&nbsp;Corporation common stock or certain
shares of Pacific Gas and Electric Company&#146;s preferred
stock between July&nbsp;20, 2000, and April&nbsp;9, 2001, claims
that defendants caused PG&#38;E&nbsp;Corporation&#146;s
Condensed Consolidated Financial Statements for the second and
third quarters of 2000 to be materially misleading in violation
of federal securities laws by recording as a deferred cost and
capitalizing as a regulatory asset the under-collections that
resulted when escalating wholesale energy prices caused Pacific
Gas and Electric Company to pay far more to purchase electricity
than it was permitted to collect from customers. The defendants
filed a motion to dismiss the first amended complaint, based
largely on public disclosures by PG&#38;E&nbsp;Corporation,
Pacific Gas and Electric Company, and others regarding the
under-collections, the risk that they might not be recoverable,
the financial consequences of non-recovery, and other
information from which analysts and investors could assess for
themselves the probability of recovery. On January&nbsp;14,
2002, the district court granted the defendants&#146; motion to
dismiss the plaintiffs&#146; complaint with leave to amend the
complaint. On February&nbsp;4, 2002, the plaintiffs filed a
second amended complaint in the U.S.&nbsp;District Court for the
Northern District of California entitled <I>Jack Gillam,
et&nbsp;al. vs. PG&#38;E&nbsp;Corporation, and Robert&nbsp;D.
Glynn,&nbsp;Jr. </I>In addition to containing many of the same
allegations as were contained in the prior complaint, the
complaint contains allegations similar to the allegations in the
California Attorney General&#146;s complaint against
PG&#38;E&nbsp;Corporation, discussed above. The defendants
intend to file a motion to dismiss the second amended complaint.

<P align="left">
<B>Board of Directors Retirement Policy</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is the policy of the Boards of Directors of
PG&#38;E&nbsp;Corporation and Pacific Gas and Electric Company
that a person may not be designated as a candidate for election
or re-election as a director after he or she has reached the age
of&nbsp;70. Due to the current financial and business situation,
the Boards of Directors of PG&#38;E&nbsp;Corporation and Pacific
Gas and Electric Company elected to adopt a one-year waiver of
the retirement policy for purposes of nominating candidates for
re-election at the 2002&nbsp;annual meetings of shareholders.
The Boards may determine whether to waive the retirement policy
on a year-to-year basis in light of the current business climate.

<P align="center">13

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<P align="left">
<B>Security Ownership of Management</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the number of shares of PG&#38;E
Corporation common stock beneficially owned (as defined in the
rules of the Securities and Exchange Commission) as of
January&nbsp;31, 2002, by the respective directors of PG&#38;E
Corporation and Pacific Gas and Electric Company, the nominees
for director, the current executive officers of PG&#38;E
Corporation and Pacific Gas and Electric Company named in the
Summary Compensation Table on pages&nbsp;37-38, and all
directors and executive officers of PG&#38;E Corporation and
Pacific Gas and Electric Company as a group. The number of
shares shown for each such person, and for the directors,
nominees for director, and executive officers as a group,
constituted less than 1&nbsp;percent of the outstanding shares
of PG&#38;E Corporation common stock. As of January&nbsp;31,
2002, no director, nominee for director, or executive officer
owned shares of any class of Pacific Gas and Electric Company
securities. The table also sets forth common stock equivalents
credited to the accounts of directors and executive officers
under PG&#38;E Corporation&#146;s deferred compensation and
equity plans.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Beneficial</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Common Stock</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD align="center" nowrap><B><FONT size="2">Name</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Stock Ownership<SUP>(1)(2)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Equivalents<SUP>(3)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Total</FONT></B></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">David R. Andrews<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,025</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">767</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">David A. Coulter<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,630</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">19,848</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">C. Lee Cox<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">28,544</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,506</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">30,050</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">William S. Davila<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16,865</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">11,530</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">28,395</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Robert D. Glynn, Jr.<SUP>(5)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,029,201</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">92,451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,121,652</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">David M. Lawrence, MD<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">27,206</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,307</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">29,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Mary S. Metz<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">19,860</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">22,122</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Carl E. Reichardt<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13,601</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">30,389</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gordon R. Smith<SUP>(6)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">471,289</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13,664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">484,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Barry Lawson Williams<SUP>(4)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">14,314</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,689</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">20,003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas G. Boren<SUP>(7)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">147,809</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">57,761</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">205,570</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Peter A. Darbee<SUP>(7)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">134,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">134,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">P. Chrisman Iribe<SUP>(7)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">225,611</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">24,622</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">250,233</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas B. King<SUP>(7)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">150,112</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">88,273</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">238,385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">L. E. Maddox<SUP>(7)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">313,108</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">29,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">342,599</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Kent M. Harvey<SUP>(8)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">126,913</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">126,913</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Roger J. Peters<SUP>(8)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">133,035</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">133,035</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">James K. Randolph<SUP>(8)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">152,121</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">141</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">152,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gregory M. Rueger<SUP>(8)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">176,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">176,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="13"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">All PG&#38;E Corporation directors and executive
        officers as a group (18&nbsp;persons)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,128,337</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">387,391</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,515,728</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="13"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">All Pacific Gas and Electric Company directors
        and executive officers as a group (15&nbsp;persons)
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,340,009</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">159,574</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,499,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>(1)&nbsp;</TD>
        <TD align="left">
        Includes any shares held in the name of the spouse, minor
        children, or other relatives sharing the home of the director or
        executive officer and, in the case of executive officers,
        includes shares of PG&#38;E Corporation common stock held in the
        defined contribution retirement plans maintained by PG&#38;E
        Corporation, Pacific Gas and Electric Company, and their
        subsidiaries. Except as otherwise indicated below, the
        directors, nominees for director, and executive officers have
        sole voting and investment power over the shares shown. Voting
        power includes the power to direct the voting of the shares
        held, and investment power includes the power to direct the
        disposition of the shares held.</TD>
</TR>

</TABLE>

<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;</TD>
        <TD align="left">
        Also includes the following shares of PG&#38;E Corporation
        common stock in which the beneficial owners share voting and
        investment power: Mr.&nbsp;Coulter 4,630&nbsp;shares,
        Mr.&nbsp;Cox 16,761 shares, Mr.&nbsp;Davila 200 shares,
        Dr.&nbsp;Lawrence 360&nbsp;shares, Dr.&nbsp;Metz 5,850 shares,
        Mr.&nbsp;Smith 3,884 shares, Mr.&nbsp;Peters 2,945&nbsp;shares,
        all PG&#38;E Corporation directors and executive officers as a
        group 34,977&nbsp;shares, and all Pacific Gas and Electric
        Company directors and executive officers as a group
        34,630&nbsp;shares.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>(2)&nbsp;</TD>
        <TD align="left">
        Includes shares of PG&#38;E Corporation common stock which the
        directors and executive officers have the right to acquire
        within 60&nbsp;days of January&nbsp;31, 2002, through the
        exercise of vested stock options granted under the PG&#38;E
        Corporation Long-Term Incentive Program, as follows:
        Mr.&nbsp;Cox 11,783 shares, Mr.&nbsp;Glynn 1,006,691 shares,
        Dr.&nbsp;Lawrence 11,783 shares, Dr.&nbsp;Metz
        11,783&nbsp;shares, Mr.&nbsp;Reichardt 11,783 shares,
        Mr.&nbsp;Smith 448,434</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">14

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD></TD>
        <TD align="left">
        shares, Mr.&nbsp;Williams 9,510&nbsp;shares, Mr.&nbsp;Boren
        132,585 shares, Mr.&nbsp;Darbee 99,067 shares, Mr.&nbsp;Iribe
        207,500 shares, Mr.&nbsp;King 140,901 shares, Mr.&nbsp;Maddox
        311,967&nbsp;shares, Mr.&nbsp;Harvey 122,201 shares,
        Mr.&nbsp;Peters 126,701 shares, Mr.&nbsp;Randolph
        138,534&nbsp;shares, Mr.&nbsp;Rueger 163,033&nbsp;shares, all
        PG&#38;E Corporation directors and executive officers as a group
        2,910,256 shares, and all Pacific Gas and Electric Company
        directors and executive officers as a group 2,182,837 shares.
        The directors and executive officers have neither voting power
        nor investment power with respect to shares shown unless and
        until such shares are purchased through the exercise of the
        options, pursuant to the terms of the PG&#38;E Corporation
        Long-Term Incentive Program.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>


<TR valign="top">
        <TD>(3)&nbsp;</TD>
        <TD align="left">
        Reflects the number of stock units purchased by officers and
        directors through salary and other compensation deferrals or
        awarded under equity compensation plans. The value of each stock
        unit is equal to the value of a share of PG&#38;E Corporation
        common stock and fluctuates daily based on the market price of
        PG&#38;E Corporation common stock. The directors and officers
        who own these stock units share the same market risk as PG&#38;E
        Corporation shareholders, although they do not have voting
        rights with respect to these stock units.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>


<TR valign="top">
        <TD>(4)&nbsp;</TD>
        <TD align="left">
        Mr.&nbsp;Andrews, Mr.&nbsp;Coulter, Mr.&nbsp;Cox,
        Mr.&nbsp;Davila, Dr.&nbsp;Lawrence, Dr.&nbsp;Metz,
        Mr.&nbsp;Reichardt, and Mr.&nbsp;Williams are directors of both
        PG&#38;E Corporation and Pacific Gas and Electric Company.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(5)&nbsp;</TD>
        <TD align="left">
        Mr.&nbsp;Glynn is a director and executive officer of PG&#38;E
        Corporation, and also is a director of Pacific Gas and Electric
        Company. He is named in the Summary Compensation Table on
        pages&nbsp;37-38.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(6)&nbsp;</TD>
        <TD align="left">
        Mr.&nbsp;Smith is a director and an executive officer of Pacific
        Gas and Electric Company, and also is an executive officer of
        PG&#38;E Corporation. He is named in the Summary Compensation
        Table on pages&nbsp;37-38.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(7)&nbsp;</TD>
        <TD align="left">
        Mr.&nbsp;Boren, Mr.&nbsp;Darbee, Mr.&nbsp;Iribe, Mr.&nbsp;King,
        and Mr.&nbsp;Maddox are executive officers of PG&#38;E
        Corporation named in the Summary Compensation Table on
        pages&nbsp;37-38.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(8)&nbsp;</TD>
        <TD align="left">
        Mr.&nbsp;Harvey, Mr.&nbsp;Peters, Mr.&nbsp;Randolph, and
        Mr.&nbsp;Rueger are executive officers of Pacific Gas and
        Electric Company named in the Summary Compensation Table on
        pages&nbsp;37-38.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center">15

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link2 "Item No. 2: Ratification of Appointment of Independent Public Accountants" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center">
<FONT size="5">Item&nbsp;No.&nbsp;2:
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Ratification of Appointment of Independent Public
Accountants
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the recommendation of the Audit Committees of PG&#38;E
Corporation and Pacific Gas and Electric Company, the Boards of
Directors of those entities have selected Deloitte &#38; Touche
LLP as the independent public accountants to examine the
consolidated financial statements of PG&#38;E Corporation and
Pacific Gas and Electric Company for the year 2002. Deloitte
&#38; Touche LLP is a major national accounting firm with
substantial expertise in the energy and utility businesses.
Deloitte &#38; Touche LLP has been employed to perform this
function for PG&#38;E Corporation and Pacific Gas and Electric
Company since 1999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audit Fees. For the year ended December&nbsp;31, 2001, estimated
fees for services rendered by Deloitte &#38; Touche LLP for the
reviews of Forms&nbsp;10-Q and for the audits of the financial
statements of PG&#38;E Corporation and its subsidiaries are
$3.6&nbsp;million. This amount includes fees for stand-alone
audits of various subsidiaries, including estimated fees of
$0.9&nbsp;million for Pacific Gas and Electric Company and its
subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Financial Information Systems Design and Implementation Fees.
For the year ended December&nbsp;31, 2001, Deloitte &#38; Touche
LLP and its affiliates did not render any services related to
the design and implementation of financial information systems
for PG&#38;E Corporation or Pacific Gas and Electric Company.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All Other Fees. For the year ended December&nbsp;31, 2001,
aggregate fees for all other services rendered by Deloitte &#38;
Touche LLP and its affiliates to PG&#38;E Corporation and its
subsidiaries consisted of $1.6&nbsp;million of fees for services
relating to financings, regulatory filings, and accounting
consultations that should be performed only by the
Corporation&#146;s independent auditor (&#147;audit related
fees&#148;), $3.0&nbsp;million of fees for tax services, and
$4.0&nbsp;million of other non-audit related fees. These amounts
include $24,000 of audit related fees and $21,000 of other
non-audit related fees for Pacific Gas and Electric Company and
its subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
One or more representatives of Deloitte &#38; Touche LLP will be
present at the annual meetings. They will have the opportunity
to make a statement if they so desire, and will be available to
respond to appropriate questions from shareholders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation and Pacific Gas and Electric Company are
not required to submit these appointments to a vote of the
shareholders. If the shareholders of either PG&#38;E Corporation
or Pacific Gas and Electric Company should not ratify the
appointment, the respective Audit Committee will investigate the
reasons for rejection by the shareholders and the respective
Board of Directors will reconsider the appointment.


<P align="left">
<B>The Boards of Directors of PG&#38;E Corporation and Pacific
Gas and Electric Company Unanimously Recommend a Vote <U>FOR</U>
the Proposal to Ratify the Appointment of Deloitte &#38; Touche
LLP.</B>


<P align="center">16
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
 <HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link2 "Item Nos. 3-4: PG&#38;E Corporation Management Proposals" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center">
<FONT size="5">Item&nbsp;Nos. 3-4:
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">PG&#38;E Corporation Management Proposals
</FONT>
</DIV>

<P align="center">
<B>To Be Voted on by PG&#38;E Corporation Shareholders Only</B>

<P align="left">
<B>Item&nbsp;No.&nbsp;3: Management Proposal Regarding a
Proposed Amendment to PG&#38;E Corporation&#146;s Articles of
Incorporation to Implement Enhancement of Simple Majority
Voting</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the 2001 annual meeting of PG&#38;E Corporation, a majority
of shares present and voting approved a shareholder proposal
recommending that the Board of Directors amend the fair price
provision in the Corporation&#146;s Restated Articles of
Incorporation to provide that a simple majority vote of
shareholders be the only fair price provision requirement to
effect a merger or business combination involving the
Corporation or any of its subsidiaries. Because a majority vote
of shareholders is already required under California law for
significant corporate transactions involving the Corporation or
any of its subsidiaries, the adoption of this recommendation
would render the fair price provision unnecessary. Also, because
the Corporation&#146;s Shareholder Rights Plan already affords
shareholders substantial protection against inadequate offers or
coercive or unfair takeover tactics, the Board of Directors
believes that the fair price provision no longer provides
shareholders with any meaningful incremental protection.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors therefore proposes to delete the fair
price provision from the Corporation&#146;s Restated Articles of
Incorporation. This proposed amendment would not affect the
constituency provision contained in the Corporation&#146;s
Restated Articles of Incorporation. A copy of
Article&nbsp;Eighth of the Restated Articles of Incorporation of
PG&#38;E Corporation as proposed to be amended is attached to
this Joint Proxy Statement as Appendix&nbsp;A.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to Article&nbsp;Eighth of the Restated
Articles of Incorporation of PG&#38;E Corporation is permitted
under California law and the rules of the New York Stock
Exchange, the principal exchange upon which PG&#38;E
Corporation&#146;s common stock is listed and traded. The
proposed amendment will not become effective until (1)&nbsp;it
is approved by the affirmative vote of a majority of the
outstanding shares of PG&#38;E Corporation common stock, and
(2)&nbsp;a certificate of amendment is filed with the California
Secretary of State.


<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Unanimously
Recommends a Vote <U>FOR</U> the Foregoing Amendment to the
Articles of Incorporation of PG&#38;E Corporation.</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>Item&nbsp;No.&nbsp;4: Management Proposal Regarding Proposed
Amendment to PG&#38;E Corporation&#146;s Articles of
Incorporation and Bylaws to Reduce the Authorized Range of
Directors and Delete from the Bylaws the Provision That Restates
the Authorized Range of Directors as Set Forth in the Articles
of Incorporation</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation&#146;s Restated Articles of Incorporation
currently provide that the authorized number of directors shall
be within a range of between seven and thirteen. PG&#38;E
Corporation&#146;s Bylaws also list the range of the authorized
number of directors as set forth in the Restated Articles of
Incorporation, and fix the exact authorized number of directors.
The current authorized number of directors to be elected at the
2002 annual meeting is nine.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;20, 2001, PG&#38;E Corporation and Pacific Gas
and Electric Company jointly filed a proposed Plan of
Reorganization in U.S. Bankruptcy Court that would enable
Pacific Gas and Electric Company to pay all valid creditor
claims in full and emerge from Chapter&nbsp;11 bankruptcy
proceedings. The proposed Plan reorganizes Pacific Gas and
Electric Company and PG&#38;E Corporation into two separate
stand-alone companies no longer affiliated with one another. The
common shares of the reorganized Pacific Gas and Electric
Company will be distributed to PG&#38;E Corporation shareholders
(spin-off).


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As part of the spin-off of Pacific Gas and Electric Company, the
current members of the PG&#38;E Corporation and Pacific Gas and
Electric Company Boards of Directors will be divided between the
entities. PG&#38;E Corporation is expected to have five
directors immediately following the spin-off. This number falls
outside the range of directors currently authorized in the
Restated Articles of Incorporation and set forth in the Bylaws.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of PG&#38;E Corporation has unanimously
approved (1)&nbsp;an amendment to the Corporation&#146;s
Restated Articles of Incorporation to provide that the Board of
Directors shall consist of not less than

<P align="center">17
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<DIV align="left">
five nor more than nine directors and (2)&nbsp;an amendment to
the Corporation&#146;s Bylaws to delete provisions setting forth
the range of the authorized number of directors, as it is
unnecessary to have this range stated in both documents, and to
clarify the permissible methods for fixing the exact number of
directors within the range established by the Articles of
Incorporation. These amendments only will become effective when
Pacific Gas and Electric Company becomes a stand-alone entity,
as contemplated in the Plan of Reorganization. The proposed
amendments would not affect the number of directors to be
elected at the 2002 annual meeting. Copies of Article&nbsp;Third
of the Restated Articles of Incorporation of PG&#38;E
Corporation and of Article&nbsp;II, Section&nbsp;1 of the Bylaws
of PG&#38;E Corporation as proposed to be amended are attached
to this Joint Proxy Statement as Appendix&nbsp;A.
</DIV>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to Article&nbsp;Third of the Restated
Articles of Incorporation of PG&#38;E Corporation is permitted
under California law and the rules of the New York Stock
Exchange, the principal exchange upon which PG&#38;E
Corporation&#146;s common stock is listed and traded. The
proposed amendment to the Corporation&#146;s Restated Articles
of Incorporation will not become effective until (1)&nbsp;it is
approved by the affirmative vote of a majority of the
outstanding shares of PG&#38;E Corporation common stock,
(2)&nbsp;Pacific Gas and Electric Company becomes a stand-alone
entity, as contemplated in the proposed Plan of Reorganization,
and (3)&nbsp;a certificate of amendment is filed with the
California Secretary of State. The proposed amendment to the
Corporation&#146;s Bylaws will not become effective until
(1)&nbsp;it is approved by the affirmative vote of a majority of
the outstanding shares, and (2)&nbsp;the foregoing amendment to
the Restated Articles of Incorporation becomes effective.


<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Unanimously
Recommends a Vote <U>FOR</U> the Foregoing Amendments to the
Articles of Incorporation and Bylaws of PG&#38;E Corporation.</B>


<P align="center">18

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<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link2 "Item Nos. 5-9: Pacific Gas and Electric Company Management Proposals" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="center">
<FONT size="5">Item&nbsp;Nos. 5-9:
</FONT>
</DIV>

<DIV align="center">
<FONT size="5">Pacific Gas and Electric Company Management
Proposals
</FONT>
</DIV>

<P align="center">
<B>To Be Voted on by Pacific Gas and Electric Company
Shareholders Only</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;20, 2001, PG&#38;E Corporation and Pacific Gas
and Electric Company jointly filed a proposed Plan of
Reorganization in U.S.&nbsp;Bankruptcy Court that would enable
Pacific Gas and Electric Company to pay all valid creditor
claims in full and emerge from Chapter&nbsp;11 bankruptcy
proceedings. The proposed Plan reorganizes Pacific Gas and
Electric Company and PG&#38;E Corporation into two separate
stand-alone companies no longer affiliated with one another. The
common shares of the reorganized Pacific Gas and Electric
Company will be distributed to PG&#38;E Corporation shareholders
(spin-off).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All amendments to Pacific Gas and Electric Company&#146;s
Restated Articles of Incorporation and Bylaws proposed in Items
Nos.&nbsp;5 through 9 will only become effective once the
Company becomes a stand-alone entity, as contemplated in the
Plan of Reorganization. Appendix&nbsp;B of this Joint Proxy
Statement sets forth the Company&#146;s Restated Articles of
Incorporation and Bylaws, as proposed to be amended in Items
Nos.&nbsp;5 through 9.

<P align="left">
<B>Item&nbsp;No.&nbsp;5: Management Proposal Regarding a
Proposed Amendment to Pacific Gas and Electric Company&#146;s
Articles of Incorporation to Establish a Classified Board of
Directors</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currently, the total number of directors constituting the Board
of Directors of Pacific Gas and Electric Company is ten with
each director serving a term of one year. As a consequence,
shareholders must elect directors to fill the authorized
positions at each annual meeting of shareholders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pacific Gas and Electric Company proposes amending the
Company&#146;s Restated Articles of Incorporation to establish a
classified board. If the authorized number of directors is nine
or greater, the Board of Directors would be divided into three
classes, with members of each class elected for staggered terms
of three years. Each class would consist of one-third of the
directors or as close an approximation as possible. If the
authorized number of directors is reduced to between six and
eight directors, the Board would be divided into two classes,
with members of each class elected for staggered terms of two
years.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the number of directors changes, the increase or decrease in
the number of directors would be apportioned by the Board of
Directors as provided for in the proposed amendment. In no
event, however, may a decrease in the number of directors
shorten the term of any incumbent director. Under California
law, vacancies in the Board of Directors created by any
resignation or death or by an increase in the size of the Board
may be filled by the vote of the majority of the directors
remaining in office.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The establishment of a classified Board of Directors would help
to ensure continuity and stability in the Board and in the
policies adopted by the Board. Following establishment of a
classified Board of Directors, only one-third of the directors
would be subject to election each year (if the Board is divided
into three classes) and, at any given time, two-thirds of the
Board members would have had prior experience as directors of
the Company. This would facilitate long-range planning and
policy development, and promote the creation of long-term value
for the Company&#146;s shareholders.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment may limit the ability of shareholders of
the Company to change the composition of the Board of Directors
by extending the time required to elect a majority of directors.
Adoption of the proposed amendment also may make more difficult,
or discourage, certain attempts to take over or acquire control
of the Company, even where such action would be favorable to the
Company&#146;s shareholders or supported by a majority of
shareholders. A principal intent of the proposal to establish a
classified Board of Directors, however, is to encourage any
person seeking to gain control of the Company to negotiate
directly with the Board, thereby giving the Board added leverage
in such negotiations to ensure the fairness of any such
transaction to all shareholders.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to the Restated Articles of Incorporation
of Pacific Gas and Electric Company is permitted under
California law and the rules of the American Stock Exchange, the
principal exchange upon which the Company&#146;s preferred stock
is listed and traded. The proposed amendment will not become
effective until (1)&nbsp;it is approved by the affirmative vote
of a majority of the outstanding shares of Pacific Gas and
Electric Company

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<DIV align="left">
voting stock, (2)&nbsp;the Company becomes a stand-alone entity,
as contemplated in the Plan of Reorganization, and (3)&nbsp;a
certificate of amendment is filed with the California Secretary
of State.
</DIV>


<P align="left">
<B>The Board of Directors of Pacific Gas and Electric Company
Unanimously Recommends a Vote <U>FOR</U> the Foregoing Amendment
to the Articles of Incorporation of Pacific Gas and Electric
Company.</B>


<P align="left">
<B>Item&nbsp;No.&nbsp;6: Management Proposal Regarding Proposed
Amendments to Pacific Gas and Electric Company&#146;s Articles
of Incorporation and Bylaws to Reduce the Authorized Range of
Directors and Transfer the Provision That Establishes the
Authorized Range of Directors from the Bylaws to the Articles of
Incorporation</B>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currently, the Company&#146;s Bylaws provide that the authorized
maximum and minimum number of directors shall be within the
range of nine to seventeen. The current authorized number of
directors to be elected at the 2002 annual meeting is ten.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As part of the spin-off of Pacific Gas and Electric Company, the
current members of PG&#38;E Corporation&#146;s and Pacific Gas
and Electric Company&#146;s Boards of Directors will be divided
between the entities, such that no directors will serve as
director of both entities. Each entity is expected to have five
directors immediately following the spin-off. This number falls
outside the range of directors currently authorized in the
Bylaws.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendments would (1)&nbsp;reduce the authorized
range of directors from a range of nine to
seventeen&nbsp;directors to a range of five to nine directors,
(2)&nbsp;transfer the provisions that establish the minimum and
maximum authorized number of directors from the Company&#146;s
Bylaws to its Restated Articles of Incorporation, and
(3)&nbsp;change the exact number of directors specified in the
Bylaws to five and clarify the permissible methods for fixing
the exact number of directors within the range established by
the Articles of Incorporation.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under California law, the Restated Articles of Incorporation may
only be amended by the approval of a majority of the Board of
Directors and a majority of the outstanding shares. Specifying
the authorized range of directors in the Restated Articles of
Incorporation would effectively limit a substantial
shareholder&#146;s ability to increase the size of the Board of
Directors for the purpose of appointing additional directors to
gain control of the Company. However, consistent with the other
proposed amendments to the Company&#146;s Restated Articles of
Incorporation and Bylaws, this proposed amendment is intended to
encourage a takeover bidder to negotiate directly with the Board
of Directors. This ensures the fair and equitable treatment of
all shareholders.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to the Restated Articles of Incorporation
of Pacific Gas and Electric Company is permitted under
California law and the rules of the American Stock Exchange, the
principal exchange upon which the Company&#146;s preferred stock
is listed and traded. The proposed amendment to the
Company&#146;s Articles of Incorporation will not become
effective until (1)&nbsp;it is approved by the affirmative vote
of a majority of the outstanding shares of Pacific Gas and
Electric Company voting stock, (2)&nbsp;the Company becomes a
stand-alone entity, as contemplated in the Plan of
Reorganization, and (3)&nbsp;a certificate of amendment is filed
with the California Secretary of State. The proposed amendment
to the Company&#146;s Bylaws will not become effective until
(1)&nbsp;it is approved by the affirmative vote of a majority of
the outstanding shares, and (2)&nbsp;the foregoing amendment to
the Restated Articles of Incorporation becomes effective.


<P align="left">
<B>The Board of Directors of Pacific Gas and Electric Company
Unanimously Recommends a Vote <U>FOR</U> the Foregoing
Amendments to the Articles of Incorporation and Bylaws of
Pacific Gas and Electric Company.</B>


<P align="left">
<B>Item&nbsp;No.&nbsp;7: Management Proposal Regarding a
Proposed Amendment to Pacific Gas and Electric Company&#146;s
Articles of Incorporation and Bylaws to Transfer the Provision
That Prohibits Cumulative Voting in the Election of Directors
from the Bylaws to the Articles of Incorporation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currently, Pacific Gas and Electric Company&#146;s Bylaws
specify that no shareholder may cumulate his or her voting power
in the election of directors. Under cumulative voting, the total
number of votes that each shareholder may cast in an election
for directors is determined by multiplying the number of
directors to be elected by the number of votes to which the
shareholder&#146;s shares are entitled. Each shareholder may
&#147;cumulate&#148; his or her votes by giving them all to one
candidate, or may distribute his or her votes among as many
candidates as the shareholder sees fit.

<P align="center">20

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendments will transfer the provision that
prohibits cumulative voting from the Company&#146;s Bylaws to
its Restated Articles of Incorporation. The Board of Directors
believes that cumulative voting gives a disproportionate and
unfair weight to votes cast by a minority shareholder or
shareholders. By prohibiting cumulative voting, the Company
ensures that all directors are elected or removed only by a
majority vote of shareholders voting in the election.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A company&#146;s bylaws may be amended by the board of directors
or by a majority of the outstanding shares if permitted by
California law. Under California law, the articles of
incorporation may be amended only upon approval by both the
company&#146;s board of directors and the shareholders. If the
prohibition on cumulative voting is moved from the Bylaws to the
Restated Articles of Incorporation, shareholders could not
initiate cumulative voting unless they first obtained the
concurrence and cooperation of the Board of Directors.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to the Restated Articles of Incorporation
of Pacific Gas and Electric Company is permitted under
California law and the rules of the American Stock Exchange, the
principal exchange upon which the Company&#146;s preferred stock
is listed and traded. The proposed amendment to the
Company&#146;s Articles of Incorporation will not become
effective until (1)&nbsp;it is approved by the affirmative vote
of a majority of the outstanding shares of Pacific Gas and
Electric Company voting stock, (2)&nbsp;the Company becomes a
stand-alone entity, as contemplated in the Plan of
Reorganization, and (3)&nbsp;a certificate of amendment is filed
with the California Secretary of State. The proposed amendment
to the Company&#146;s Bylaws will not become effective until
(1)&nbsp;it is approved by the affirmative vote of a majority of
the outstanding shares of Pacific Gas and Electric Company
voting stock, and (2)&nbsp;the foregoing amendment to the
Restated Articles of Incorporation becomes effective.

<P align="left">
<B>The Board of Directors of Pacific Gas and Electric Company
Unanimously Recommends a Vote <U>FOR</U> the Foregoing
Amendments to the Articles of Incorporation and Bylaws of
Pacific Gas and Electric Company.</B>


<P align="left">
<B>Item&nbsp;No.&nbsp;8: Management Proposal Regarding a
Proposed Amendment to Pacific Gas and Electric Company&#146;s
Articles of Incorporation to Include Constituency Provisions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pacific Gas and Electric Company proposes amending the
Company&#146;s Restated Articles of Incorporation to enumerate
factors that the Board of Directors may consider in determining
what is in the best interests of the Company and its
shareholders when evaluating a business combination involving
the Company. The proposed &#147;constituency provision&#148;
would authorize the Board of Directors, when evaluating certain
third-party business combination proposals or offers, to give
due consideration to all factors it may consider relevant. Such
factors could include, without limitation, (1)&nbsp;the adequacy
of the consideration offered, (2)&nbsp;the financial and
managerial resources and future prospects of the acquirer, and
(3)&nbsp;the legal, economic, environmental, regulatory, and
social effects of the proposed transaction on the Company&#146;s
and its subsidiaries&#146; employees, customers, suppliers, and
other affected persons and entities, and on the communities and
geographic areas in which the Company and its subsidiaries
provide utility service or are located, and in particular, the
effect on the Company&#146;s and its subsidiaries&#146; ability
to safely and reliably meet any public utility obligations at
reasonable rates. Such a constituency provision is included in
the Restated Articles of Incorporation of PG&#38;E Corporation,
the Company&#146;s parent.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When deciding whether to enter into a merger, a sale of all or
substantially all of the assets of the Company, or other similar
transaction, the principal consideration of a board of directors
is the interests of shareholders. Under California law, it is
not entirely clear how far a board may go in considering other
factors in evaluating such transactions. Although the manner and
extent to which a matter may affect shareholders is a vital
element in any consideration of any business combination
involving the Company, the impact upon other constituencies that
necessarily influence the success of the Company (and hence
benefit the shareholders) also is a legitimate factor to
consider. The Board of Directors should be authorized to
consider other constituencies in its determination of what is in
the best interests of the Company and its shareholders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The constituency provision may make more difficult, or
discourage, certain attempts to take over or acquire control of
the Company, even where such action would be favorable to the
Company&#146;s shareholders or supported by a majority of
shareholders. However, the provision would allow the Board of
Directors to take into account the effects of a takeover
proposal on a broad number of constituencies and to consider any
potential adverse effect in determining whether to accept or
reject the proposal.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to the Restated Articles of Incorporation
of Pacific Gas and Electric Company is permitted under
California law and the rules of the American Stock Exchange, the
principal exchange upon which

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<DIV align="left">
the Company&#146;s preferred stock is listed and traded. The
proposed amendment will not become effective until (1)&nbsp;it
is approved by the affirmative vote of a majority of the
outstanding shares of Pacific Gas and Electric Company voting
stock, (2)&nbsp;the Company becomes a stand-alone entity, as
contemplated in the Plan of Reorganization, and (3)&nbsp;a
certificate of amendment is filed with the California Secretary
of State.
</DIV>


<P align="left">
<B>The Board of Directors of Pacific Gas and Electric Company
Unanimously Recommends a Vote <U>FOR</U> the Foregoing Amendment
to the Articles of Incorporation of Pacific Gas and Electric
Company.</B>


<P align="left">
<B>Item&nbsp;No.&nbsp;9: Management Proposal Regarding a
Proposed Amendment to Pacific Gas and Electric Company&#146;s
Articles of Incorporation to Require That Shareholder Action Be
Taken at an Annual or Special Meeting</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currently, California law provides that any action which may be
taken at any annual or special meeting of Pacific Gas and
Electric Company&#146;s shareholders may be taken without a
meeting and without prior notice, if a written consent setting
forth such action is signed by shareholders having at least the
minimum number of votes required by California law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pacific Gas and Electric Company proposes amending the
Company&#146;s Restated Articles of Incorporation to require
that all shareholder action be taken at a duly called annual
meeting or special meeting of shareholders and that no action
may be taken by the written consent of the shareholders. As
currently provided in the Company&#146;s Bylaws, a special
meeting of shareholders may be called by the Secretary or an
Assistant Secretary upon the written request of holders of not
less than 10&nbsp;percent of the votes entitled to be cast at
that meeting.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment would afford all shareholders an equal
opportunity to participate in a meeting where shareholder action
is proposed to be taken. The proposal also would prevent sudden
shareholder action to remove the entire Board of Directors and
would assist the Board in preserving its ability to negotiate
directly with a potential acquirer on behalf of the
Company&#146;s shareholders, thus fostering the fair and
equitable treatment of all shareholders. However, this also may
make more difficult, or discourage, certain attempts to takeover
or gain control of the Company, even where such action would be
favorable to the Company&#146;s shareholders or supported by a
majority of shareholders.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The proposed amendment to the Restated Articles of Incorporation
of Pacific Gas and Electric Company is permitted under
California law and the rules of the American Stock Exchange, the
principal exchange upon which the Company&#146;s preferred stock
is listed and traded. The proposed amendment will not become
effective until (1)&nbsp;it is approved by the affirmative vote
of a majority of the outstanding shares of Pacific Gas and
Electric Company voting stock, (2)&nbsp;the Company becomes a
stand-alone entity, as contemplated in the Plan of
Reorganization, and (3)&nbsp;a certificate of amendment is filed
with the California Secretary of State.


<P align="left">
<B>The Board of Directors of Pacific Gas and Electric Company
Unanimously Recommends a Vote <U>FOR</U> the Foregoing Amendment
to the Articles of Incorporation of Pacific Gas and Electric
Company.</B>


<P align="center">22

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<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link2 "Item Nos. 10-15: PG&#38;E Corporation Shareholder Proposals" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<FONT size="5">Item&nbsp;Nos.&nbsp;10-15:
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<FONT size="5">PG&#38;E Corporation Shareholder Proposals
</FONT>
</DIV>

<P align="center">
<B>To Be Voted on by PG&#38;E Corporation Shareholders Only</B>

<P align="left">
<B>Item&nbsp;No.&nbsp;10: Shareholder Proposal Regarding
Independent Directors</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Ray T. Chevedden, 5965 South Citrus Avenue, Los
Angeles, California 90043, holder of 3,000 shares of PG&#38;E
Corporation common stock, has given notice of his intention to
present the following proposal for action at the PG&#38;E
Corporation annual meeting:

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
&#147;10 &#151; INDEPENDENT DIRECTORS on KEY COMMITTEES

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
This topic won 45% approval at the PG&#38;E 2000 shareholder
meeting
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolved:

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
INDEPENDENT DIRECTORS
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	PG&#38;E Corporation shareholders request a bylaw be adopted
	that the board (and/or management, if applicable) nominate
	independent directors to key board committees to the fullest
	extent possible.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	An independent director is a director whose only nontrivial
	professional, familial or financial connection to the company,
	its Chairman, CEO or any other executive officer is his or her
	directorship. Further information on this definition is under
	&#147;Independent Director Definition&#148; at the Council of
	Institutional Investors website, <U>www.cii.org.</U></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Institutional Investors own 47% of PG&#38;E stock.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	The key board committees are:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="93%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Audit</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Nominating</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Compensation</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Also, request that any change on this proposal topic be put to
	shareholder vote&nbsp;&#151; as a separate proposal and apply to
	successor companies.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Shareholder-friendly</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	The company could have been shareholder-friendly and allowed a
	shareholder vote on this topic in 2001. It only needed a small
	technical change in wording.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="97%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	This topic won 45% approval at the PG&#38;E 2000 shareholder
	meeting&nbsp;&#151;</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	This 45% approval was 70% higher than the vote at the 1999
	annual meeting.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	These key oversight committees deserve heightened
	independence&nbsp;&#151; free of Enron-type director links to
	PG&#38;E. The following Directors profited directly or
	indirectly from their links to PG&#38;E (Source&nbsp;&#151;
	previous PG&#38;E proxies):</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>1.</TD>
	<TD align="left">
	David Andrews</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="91%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Mr.&nbsp;Andrew&#146;s employer, the law firm of McCutchen,
	Doyle &#38; Enersen, LLP, collected fees from PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>2.</TD>
	<TD align="left">
	Dr.&nbsp;David
	Lawrence&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO
	of Kaiser Health Plan</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="91%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Kaiser collected $23&nbsp;million from PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>3.</TD>
	<TD align="left">
	David
	Coulter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO
	of BankAmerica Corp. until Oct. 1998</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="91%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Bank of America collected $2.5&nbsp;million from PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>4.</TD>
	<TD align="left">
	Lee
	Cox&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice
	Chairman of AirTouch until 1997</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="91%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	AirTouch collected $1.5 Million from PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	It is a disappointment that the new director, Mr.&nbsp;Andrews
	with the above Enron-type link to PG&#38;E, was selected after
	the 45%-vote in favor of greater independence.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	It is believed that greater accountability, through independent
	directors on key committees, could help avoid these events that
	we do not want repeated:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="93%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	PG&#38;E bankruptcy work may cost $400&nbsp;million.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	San Francisco voters deal a blow to PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">23
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="93%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Adopt a proposal to allow the city to set up a public power
	system to take over the San Francisco PG&#38;E business.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Enron owes PG&#38;E and other California utilities tens of
	millions.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	A PG&#38;E net loss of $3.4&nbsp;billion in 2001</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	PG&#38;E borrowed more than $6.8&nbsp;billion</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Total PG&#38;E debt zoomed to $19&nbsp;billion</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	PG&#38;E strategy of blaming the state of California for the
	PG&#38;E crises</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Meanwhile, directors allow CEO to collect $7&nbsp;million
	paycheck.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For improved accountability:

<P align="center">
INDEPENDENT DIRECTORS ON KEY COMMITTEES

<DIV align="center">
YES ON 10&#148;
</DIV>

<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors believes this proposal is unnecessary.
The PG&#38;E Corporation Audit Committee and Nominating and
Compensation Committee are each composed entirely of independent
directors as defined in the Corporation&#146;s corporate
governance guidelines. Independent directors are defined in the
guidelines as directors who are neither (1)&nbsp;current nor
former employees of, or consultants to, PG&#38;E Corporation or
its subsidiaries, nor (2)&nbsp;current nor former officers or
employees of any other corporation on whose board of directors
any officer of PG&#38;E Corporation serves as a member. Further,
another requirement of the guidelines specifies that
75&nbsp;percent of the Board be composed of directors who are
neither current nor former officers of PG&#38;E Corporation or
any of its subsidiaries. The Corporation is in compliance with
this requirement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The PG&#38;E Corporation Board of Directors believes that the
composition of its Audit Committee and its Nominating and
Compensation Committee, each consisting solely of independent
directors, and the presence of a majority of independent
directors on the Board pursuant to the Board&#146;s corporate
governance policies ensure independent oversight of management.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For these reasons, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.

<P align="left">
<B>Item&nbsp;No.&nbsp;11: Shareholder Proposal Regarding Poison
Pills (Shareholder Rights Plan)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Chris Rossi, P.O. Box 249, Boonville, California 95415,
holder of 1,000&nbsp;shares of PG&#38;E Corporation common
stock, has given notice of his intention to present the
following proposal for action at the PG&#38;E Corporation annual
meeting:

<P align="center">
&#147;11 &#151; SHAREHOLDER VOTE ON POISON PILLS

<DIV align="center">
THIS PROPOSAL TOPIC WON 57% SHAREHOLDER APPROVAL
</DIV>

<DIV align="center">
at 24 MAJOR COMPANIES in 2000
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	PG&#38;E shareholders request a bylaw that our company not adopt
	a poison pill and shall redeem any existing pill unless it has
	first received affirmative support from shareholders.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Why require a shareholder vote to maintain a poison pill?</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="97%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Poison pills:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>1)&nbsp;</TD>
	<TD align="left">
	Adversely affect shareholder value.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>2)&nbsp;</TD>
	<TD align="left">
	Injures shareholders by reducing management accountability.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>3)&nbsp;</TD>
	<TD align="left">
	Are a major shift of shareholder rights from shareholders to
	management.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="13%"></TD>
	<TD width="81%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	POWER AND ACCOUNTABILITY <BR>
	 By Nell Minow and Robert Monks</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	4)&nbsp;The Council of Institutional Investors
	<U>www.cii.org</U> institutional investors whose assets exceed
	$1&nbsp;Trillion (emphasizing the &#147;T&#148;), recommends
	poison pills be approved by shareholders.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	5)&nbsp;Institutional investors own 47% of PG&#38;E stock.
	Furthermore, institutional investors have a fiduciary duty to
	vote in the best interest of shareholders.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">24

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	6)&nbsp;Some shareholders may look to institutional shareholders
	for leadership in evaluating the merits of shareholder
	proposals. Institutional shareholders have the fiduciary duty to
	make an independent analysis&nbsp;&#151; plus the staff and
	resources to study the issues thoroughly from a
	shareholder-value perspective.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Greater Management Accountability</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	It is believed that shareholder vote on poison pills will
	improve PG&#38;E/ Pacific Gas and Electric Company
	accountability while our utility subsidiary lingers in
	bankruptcy:</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	A)&nbsp;$17.5&nbsp;million in bonuses given to top executives
	while our shattered utility navigates through bankruptcy.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	B)&nbsp;Some of the fattest bonuses include the top
	6&nbsp;officers and 17&nbsp;other senior managers&nbsp;&#151;
	their salaries double.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	C)&nbsp;$17.5&nbsp;million in bonuses follow $50&nbsp;million in
	bonuses handed to employees just days before our company filed
	bankruptcy on April&nbsp;6, 2001.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	To take one step</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	I believe that it is consistent with conventional wisdom that
	when many items are not the best practice&nbsp;&#151; that
	making one change deserves attention. Specifically, at PG&#38;E
	there were/are a number of allowed practices that institutional
	investors believe are not best practices, such as:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="93%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Five of the total of 9&nbsp;directors have links to
	PG&#38;E&nbsp;&#151; a widely criticized practice of the
	high-flying bankrupt Enron.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	The newest director, Mr.&nbsp;Andrews, has a link to
	PG&#38;E&nbsp;&#151; evidence of recent Enron-type practices.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Furthermore, Mr.&nbsp;Andrews for some reason was given a valued
	seat on the key audit committee which demands greater
	independence.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	40% of the audit committee has links to PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	75% of the compensation committee has links to PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	75% of the nominating committee has links to PG&#38;E.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	The Council of Institutional Investors holds that the above
	3&nbsp;key committees be 100% independent.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Management recommended a 2001 management stock option plan that
	raised our total potential stock dilution to 12%&nbsp;&#151; or
	267% higher than the PG&#38;E peer group average</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">
SHAREHOLDER VOTE ON POISON PILLS

<DIV align="center">
THIS PROPOSAL TOPIC WON 57% SHAREHOLDER APPROVAL
</DIV>

<DIV align="center">
AT 24 MAJOR COMPANIES IN 2000
</DIV>

<DIV align="center">
YES ON 11&#148;
</DIV>

<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors adopted the Corporation&#146;s
Shareholder Rights Plan on December&nbsp;15, 2000, in order to
protect the Corporation&#146;s shareholders in the event the
Corporation is confronted with an inadequate offer or with
coercive or unfair takeover tactics. Plans similar to the
Corporation&#146;s Shareholder Rights Plan have been adopted by
more than 2,000 U.S. corporations, including about half of the
Fortune 500 companies and an increasing number of publicly
traded utilities. The Board considers the Shareholder Rights
Plan to be invaluable in protecting the right of shareholders to
realize the full value of their investment in the Corporation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Shareholder Rights Plan is designed to safeguard
shareholders from abusive tactics that have been used by certain
bidders against other companies and that the Board of Directors
believes are not in the best interest of the Corporation&#146;s
shareholders. These tactics may unfairly pressure shareholders,
squeeze them out of their investment without giving them any
real choice, and deprive them of the full value of their shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These points were underscored in a 1997 study prepared by the
nationally recognized proxy solicitation and investor relations
firm, Georgeson &#38; Company, Inc. This study concluded that
companies with shareholder rights plans received higher premiums
than companies without shareholder rights plans, and that the
presence of a shareholder rights plan did not reduce the
likelihood of takeovers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For these reasons, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.

<P align="center">25

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>Item&nbsp;No.&nbsp;12: Shareholder Proposal Regarding Auditor
Services</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The United Brotherhood of Carpenters on behalf of the
Massachusetts State Carpenters Pension Fund, 350&nbsp;Fordham
Road, Wilmington,&nbsp;Massachusetts 01887, beneficial owner of
6,400 shares of PG&#38;E Corporation common stock, has given
notice of its intention to present the following proposal for
action at the PG&#38;E Corporation annual meeting:
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	&#147;Auditor Services Proposal</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Resolved, that the shareholders of PG&#38;E Corporation
	(&#147;Company&#148;) request that the Board of Directors adopt
	a policy stating that the public accounting firm retained by our
	Company to provide audit services, or any affiliated company,
	should not also be retained to provide non-audit services to our
	Company.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Statement of Support: The role of independent auditors in
	ensuring the integrity of the financial statements of public
	corporations is fundamentally important to the efficient and
	effective operation of the financial markets. The U. S.
	Securities and Exchange Commission recently stated:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="10%"></TD>
	<TD width="84%"></TD>
	<TD width="6%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Independent auditors have an important public trust. Investors
	must be able to rely on issuers&#146; financial statements. It
	is the auditor&#146;s opinion that furnishes investors with
	critical assurance that the financial statements have been
	subjected to a rigorous examination by an objective, impartial,
	and skilled professional, and that investors, therefore, can
	rely on them. If investors do not believe that an auditor is
	independent of a company, they will derive little confidence
	from the auditor&#146;s opinion and will be far less likely to
	invest in that public company&#146;s securities. (Final Rule:
	Revision of the Commission&#146;s Auditor Independence
	Requirements&nbsp;&#151; &#147;Auditor Independence
	Release&#148; Exchange Act Release No.&nbsp;43602, 11/21/00).</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	It is critically important to the integrity of the auditing
	process and the confidence of investors that those firms
	performing audits for public corporations avoid business
	relationships that might compromise their independence or raise
	the perception of compromised judgment. At the heart of the
	challenge to auditor independence is the growing level of
	business and financial relationships developing between audit
	firms and their clients. The Auditor Independence Release
	identifies these growing business relationships that threaten
	auditor independence:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="10%"></TD>
	<TD width="84%"></TD>
	<TD width="6%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Accounting firms have woven an increasingly complex web of
	business and financial relationships with their audit clients.
	The nature of the non-audit services that accounting firms
	provide to their audit clients has changed, and the revenues
	from these services have dramatically increased.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	The growth of non-audit revenues represents a trend that has
	been accelerating dramatically in the last several years, with
	non-audit fees for consulting or advisory services exceeding
	audit fees at many companies. Our Company is in the category of
	companies that pays its audit firm more for non-audit advisory
	services than it does for audit services. The Company&#146;s
	most recent proxy statement indicated that for the year ended
	December&nbsp;31, 2000, Deloitte &#38; Touche LLP received
	$3,100,000 for audit services, while receiving $11,300,000 for
	non-audit services rendered.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	We believe that this financial &#147;web of business and
	financial relationships&#148; may at a minimum create the
	perception of a conflict of interest that could result in a lack
	of owner and investor confidence in the integrity of the
	Company&#146;s financial statements. As long-term shareowners,
	we believe that the best means of addressing this issue is to
	prohibit any audit firm retained by our Company to perform audit
	services from receiving payment for any non-audit services
	performed by the firm. We urge your support for this resolution
	designed to protect the integrity of the Company&#146;s auditing
	and financial reporting processes.&#148;</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors believes in the importance of auditor
independence. However, this proposal is too extreme because it
would prohibit the Corporation from obtaining non-audit services
from its independent auditor without regard to the nature of
those services.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Numerous safeguards and policies oversee non-audit relationships
between PG&#38;E Corporation and its independent auditor. In
June 2000, the Corporation adopted a policy that only permits
engaging the independent

<P align="center">26

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<DIV align="left">
auditor for consulting services when they meet a set of specific
criteria and gain approval from senior management. The
Corporation&#146;s Audit Committee must satisfy itself as to the
independence of the independent auditor. The Audit Committee
specifically reviews the formal written statement submitted by
the independent auditor delineating all relationships between
them and PG&#38;E Corporation and its subsidiaries and
affiliates, discusses with the independent auditor any disclosed
relationships or services that may impact their objectivity and
independence, and recommends to the Board any action the Audit
Committee deems necessary to ensure the independence of the
independent auditor.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to Securities and Exchange Commission
(SEC)&nbsp;regulations, the independent auditor is prohibited
from providing nine specific types of non-audit services, such
as certain bookkeeping and financial information systems design
and implementation services, which raise independence issues.
The Corporation does not obtain these services from its
independent auditor. The SEC specifically stated that it does
not seek to discourage the development of non-audit services
that do not raise independence issues. Instead, the rules were
designed to restrict non-audit services only to the extent
necessary to protect the integrity and independence of the audit
function. In fact, certain services relating to financings,
regulatory filings, and accounting consultations should be
performed only by the Corporation&#146;s independent auditor,
even though those services do not fall within the SEC&#146;s
definition of audit fees for proxy disclosure purposes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The discretion to determine the best allocation of tasks among
accounting and other firms is an essential component of the
ability of the Board and the Audit Committee to discharge their
responsibilities to the Corporation and its shareholders. We do
not believe that the retention of this discretion undermines in
any way the Corporation&#146;s ability to monitor and ensure the
independence of our independent auditor. Corporation officers
and the Audit Committee continually monitor and evaluate the
performance of the Corporation&#146;s independent auditor in
both its audit services and its non-audit services, the fees
paid for all such services, and the compatibility of the
non-audit services with the maintenance of the firm&#146;s
independence.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors believes that the safeguards implemented
by the Corporation protect the independence of the audit
function and that preventing the independent auditor from
performing any non-audit services would result in inefficiencies
and increased costs to the Corporation without providing any
additional protection.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For these reasons, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>Item&nbsp;No.&nbsp;13: Shareholder Proposal Regarding the
Board of Directors&#146; Role</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Laborers&#146; District Council of Western Pennsylvania
Pension Fund, 1109&nbsp;Fifth Avenue, Pittsburgh, Pennsylvania
15219, beneficial owner of 4,700 shares of PG&#38;E Corporation
common stock, has given notice of its intention to present the
following proposal for action at the PG&#38;E Corporation annual
meeting:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="94%"></TD>
        <TD width="3%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        &#147;Resolved, that the shareowners of PG&#38;E Corporation
        (&#147;Company&#148;) hereby urge that the Board of Directors
        include in future proxy statements a description of the
        Board&#146;s role in the development and monitoring of the
        Company&#146;s long-term strategic plan. Specifically, the
        disclosure should include the following: (1)&nbsp;A description
        of the Company&#146;s corporate strategy development process,
        including timelines; (2)&nbsp;an outline of the specific tasks
        performed by the Board in the strategy development and the
        compliance monitoring processes, and (3)&nbsp;a description of
        the mechanisms in place to ensure director access to pertinent
        information for informed director participation in the strategy
        development and monitoring processes.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Statement of Support: The development of a well-conceived
        corporate strategy is critical to the long-term success of a
        corporation. While senior management of our Company is primarily
        responsible for development of the Company&#146;s strategic
        plans, in today&#146;s fast-changing environment it is more
        important than ever that the Board engage actively and
        continuously in strategic planning and the ongoing assessment of
        business opportunities and risks. It is vitally important that
        the individual members of the Board, and the Board as an entity,
        participate directly and meaningfully in the development and
        continued assessment of our Company&#146;s strategic plan.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        A recent report by PricewaterhouseCoopers entitled
        &#147;Corporate Governance and the Board&nbsp;&#151; What Works
        Best&#148; examined the issue of director involvement in
        corporate strategy development. The Corporate Governance Report
        found that chief executives consistently rank strategy as one of
        their top</TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">27

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="94%"></TD>
        <TD width="3%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        issues, while a poll of directors showed that board
        contributions to the strategic planning process are lacking. It
        states: &#147;Indeed, it is the area most needing improvement.
        Effective boards play a critical role in the development
        process, by both ensuring a sound strategic planning process and
        scrutinizing the plan itself with the rigor required to
        determine whether it deserves endorsement.&#148;</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        The Company&#146;s proxy statement, and corporate proxy
        statements generally, provides biographical and professional
        background information on each director, indicating his or her
        compensation, term of office, and board committee
        responsibilities. While this information is helpful in assessing
        the general capabilities of individual directors, it provides
        shareholders no insight into how the directors, individually and
        as a team, participate in the critically important task of
        developing the Company&#146;s operating strategy. And while
        there is no one best process for board involvement in the
        strategy development and monitoring processes, shareholder
        disclosure on the Board&#146;s role in strategy development
        would provide shareholders information with which to better
        assess the performance of the board in formulating corporate
        strategy. Further, it would help to promote &#147;best
        practices&#148; in the area of meaningful board of director
        involvement in strategy development.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        We urge your support for this important corporate governance
        reform.&#148;</TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors agrees that it plays a vital role in the
development and monitoring of the Corporation&#146;s long-term
strategic plan. The Board supports providing shareholders with
information as described in this proposal. Accordingly, the
Corporation contacted the proponent to discuss how this
information should be disclosed to shareholders. Specifically,
we proposed that the proxy statement provided to shareholders
each year in connection with the Corporation&#146;s annual
meeting include a description of the respective roles of the
Corporation&#146;s Finance Committee and Board of Directors in
developing and monitoring the strategic plan for the Corporation
and its subsidiaries. We were not able to reach agreement with
the proponent as to our proposed disclosure.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although the Corporation&#146;s proposed disclosure apparently
does not meet all of the proponent&#146;s requirements, the
Corporation has added this disclosure to the Joint Proxy
Statement in order to make this information available to all our
shareholders. This information is presented in the discussion
under &#147;Information Regarding the Board of Directors of
PG&#38;E Corporation and Pacific Gas and Electric
Company&nbsp;&#151; Board Committees&nbsp;&#151; Finance
Committee&#148; on pages&nbsp;9-10 of the Joint Proxy Statement.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation believes that its augmented discussion of the
Board&#146;s role in the development and monitoring of strategic
planning provides the disclosure requested in this shareholder
proposal and addresses the concerns raised by the proponent.
Thus, we believe that no additional disclosure is necessary to
provide shareholders with information enabling them to
understand how the members of the Board participate in
formulating corporate strategy.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For this reason, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left"><B>Item&nbsp;No.&nbsp;14: Shareholder Proposal Regarding
Radioactive Wastes</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Ron Rattner, 1998 Broadway&nbsp;Street, #1204,
San&nbsp;Francisco, California 94109, beneficial owner of 1,975
shares of PG&#38;E Corporation common stock, has given notice of
his intention to present the following proposal for action at
the PG&#38;E Corporation annual meeting:

<P align="center">
&#147;RADIOACTIVE WASTES: RISK REDUCTION POLICY
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>Preliminary statement:</U></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="94%"></TD>
        <TD width="3%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Pacific Gas and Electric Company&#146;s production and storage
        of high level radioactive wastes at Diablo Canyon nuclear plant
        involves significant and possibly catastrophic risks to the
        public, to the environment, and to our company which must be
        mitigated.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>National Security Risks:</U></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Since the 9/11/01 tragedies we have been made aware of our
        vulnerability to terrorism and urgent need for increased
        vigilance. A terrorist attack on tons of high level radioactive
        wastes at Diablo Canyon could</TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">28

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="94%"></TD>
        <TD width="3%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        make the entire coast of California uninhabitable for
        generations. Nuclear Regulatory Commission anti-terrorist
        exercises conducted between 1991-2000 revealed potential
        vulnerability to &#147;significant core damage&#148; at nearly
        50% of 68 nuclear plants tested. The exercises did not consider
        bombing or a direct hit by large aircraft. After 9/11 the NRC
        revealed that &#147;nuclear power plants were not designated to
        withstand such crashes&#148;.</TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>Earthquake and Transportation Risks:</U></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="94%"></TD>
        <TD width="3%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Diablo Canyon operations are continually creating substantial
        quantities of high level radioactive wastes in spent fuel pools
        on the earthquake-prone California Coast. During every day of
        unrestricted operation each Diablo Canyon reactor produces
        radioactive wastes equivalent to those of an Hiroshima bomb. No
        safe off-site storage place exists or will be
        available-if-ever-for over a decade. Even if storage outside
        California becomes feasible, shipment to a distant storage site
        on barges, trains and trucks would entail significantly
        increased risks of accidents or terrorism.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>Fiscal Risks:</U></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        The Company&#146;s financial prospects are already uncertain and
        clouded by its entanglement in complex and burdensome California
        federal bankruptcy proceedings. Share prices have sharply
        declined; dividends have been suspended; thousands of
        shareholders, pensioners and retirees have been hurt. Any loss
        from a catastrophic nuclear attack or accident could jeopardize
        corporate viability and remaining shareholder equity.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>Public Policy Risks:</U></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        No corporate profit goal can justify profligate disregard of
        serious hazards to public and environmental health and safety.
        The recent &#147;Erin Brockovich&#148; film revealed to the
        shareholders and to the world an institutional disregard of
        human health and life, which is uncivilized and unacceptable.
        PG&#38;E must avert moral bankruptcy by promoting the highest
        good as it pursues the bottom line.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>Conclusion:</U></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        Fiscally and morally, PG&#38;E has a compelling duty to mitigate
        risks arising from production and storage of high level
        radioactive wastes at Diablo Canyon Nuclear Plant.</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <U>Therefore,</U> it is</TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        RESOLVED</TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        That shareholders request the Board of Directors forthwith adopt
        and implement a new policy and plan to reduce PG&#38;E
        vulnerability to a catastrophic nuclear accident or terrorist
        attack at Diablo Canyon. Pursuant to such plan, production of
        high level radioactive wastes shall not exceed the current
        capacity of existing spent fuel pools, thereby averting
        untenable risks of possible off-site shipments or excessive
        on-site storage.&#148;</TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors believes this proposal is unnecessary.
Pacific Gas and Electric Company&#146;s Diablo Canyon Power
Plant (Diablo Canyon) is in compliance with detailed regulations
of the United States Nuclear Regulatory Commission (NRC), which
has established comprehensive requirements including the
monitoring and review of the safety, radiological, and
environmental aspects of these facilities, the comprehensive and
mandatory quality controls used in the operation of the plant,
and the storage and disposal of spent nuclear fuel. These
regulations also require that nuclear power plants take adequate
measures to protect the public from the possibility of exposure
to radioactive release caused by acts of sabotage.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pacific Gas and Electric Company has applied to the NRC for a
license to construct and use &#147;dry&#148; steel and concrete
storage containers for spent fuel storage after the existing
spent fuel pools capacity is depleted. Pacific Gas and Electric
Company will comply with NRC requirements regarding use of these
containers, including requirements that the containers be
designed to withstand earthquakes and other natural disasters.
Currently there is no transportation of spent fuel to or from
Diablo Canyon and no existing plans to commence such
transportation in the future. However, any such transportation
would be subject to a number of NRC procedures, specifications,
and regulations designed to protect containers transporting used
nuclear fuel from attack as well as accident.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For these reasons, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.


<P align="center">29

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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>Item&nbsp;No.&nbsp;15: Shareholder Proposal Regarding
Confidential Voting</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Simon Levine, 960 Shorepoint Court, No.&nbsp;306,
Alameda,&nbsp;California 94501, holder of 5,000 shares of
PG&#38;E Corporation common stock, has given notice of his
intention to present the following proposal for action at the
PG&#38;E Corporation annual meeting:

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
&#147;15&nbsp;&#151; FREE AND CONFIDENTIAL SHAREHOLDER VOTING

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	PG&#38;E shareholders request that the Board of Directors take
	the steps necessary to adopt a policy of confidential voting at
	all meetings of company shareholders through a bylaw. This
	includes the following provisions:</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	1)&nbsp;The voting of all proxies, consents or authorizations
	will be secret. No such document shall be available for
	examination, nor shall the vote or identity of any shareholder
	be disclosed except to the extent necessary to meet the legal
	requirements, if any, of the Company&#146;s state of
	incorporation.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	2)&nbsp;The exception is in a proxy contest where each party is
	to have equal access to the above.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	3)&nbsp;Independent election inspectors shall conduct the
	receipt, certification and tabulation of such votes.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Ensure the Integrity of PG&#38;E Elections</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	With confidential shareholder voting the integrity of our
	company&#146;s elections and shareholder votes can be better
	protected against potential abuse.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Implementing confidential voting can enhance shareholder value:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Shareholders would feel free to question or challenge management
	nominees and positions on specific ballot items if they are
	protected by a confidential ballot box. This is especially
	important for professional money managers whose business
	relationships can be jeopardized by their voting positions.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Fundamental to the American system</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	The confidential ballot is fundamental to the American system.
	This protection ensures that shareholders are not subjected to:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="1%"></TD>
	<TD width="90%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Actual</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Perceived or</TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Potential coercive pressure.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Confidential voting bylaw</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	According to our company&#146;s 2001 proxy statement
	confidential voting is apparently not formalized as a bylaw.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	While there is no inference that PG&#38;E management uses
	coercion, the existence of this possibility is sufficient to
	justify confidentiality. Major companies, such as Coca-Cola, Dow
	Chemical, Georgia-Pacific, Gillette, Kimberly Clark and
	Louisiana Pacific use confidential voting.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	A survey of 56 institutional investors revealed that 75% said
	they consistently support confidential voting proposals.
	PG&#38;E is 47% owned by institutional shareholders.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Institutional investor support of this topic is high-caliber
	support</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	This proposal topic won significant institutional support to
	pass at the 2001 annual meetings of other major companies.
	Institutional investor support is high-caliber support.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Institutional investor leadership</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
	<TD width="3%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Some shareholders may look to institutional shareholders for
	leadership in evaluating the merits of shareholder proposals.
	Institutional shareholders have the fiduciary duty to encourage
	an independent analysis of the merits of shareholder proposals
	&#151; plus the staff and resources to study the issues
	thoroughly from a shareholder-value perspective.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">
CONFIDENTIAL SHAREHOLDER VOTING

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
YES ON 15&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation adopted a formal confidential voting policy
in 2000. It states that the vote of any shareholder will not be
revealed to anyone other than a non-employee proxy tabulator or
an independent

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<DIV align="left">
inspector of election, except (1)&nbsp;as necessary to meet
legal requirements, (2)&nbsp;in a dispute regarding authenticity
of proxies and ballots, (3)&nbsp;in the event of a proxy
contest, if the other party does not agree to comply with the
confidential voting policy, and (4)&nbsp;where disclosure may be
necessary for the Corporation to assert or defend claims.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors believes that the introduction of the
additional procedural element of a bylaw does not change the
essential objective of the proposal, that of requiring
confidential voting. This proposal is unnecessary since
confidential voting has already been adopted by PG&#38;E
Corporation.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For this reason, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.


<P align="center">31

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<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link1 "Executive Compensation" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center">
<FONT size="5">Executive Compensation
</FONT>
</DIV>

<P align="center">
<B>Nominating and Compensation Committee Report on
Compensation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating and Compensation Committee of the PG&#38;E
Corporation Board of Directors (Committee) is responsible for
overseeing and establishing executive compensation policies for
PG&#38;E Corporation and its subsidiaries, including Pacific Gas
and Electric Company. The Committee also oversees the PG&#38;E
Corporation Long-Term Incentive Program and other employee
benefit plans.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This report relates to the compensation paid to executive
officers of PG&#38;E Corporation and Pacific Gas and Electric
Company during the fiscal year ended December&nbsp;31, 2001.
Compensation for the Chief Executive Officers of PG&#38;E
Corporation and Pacific Gas and Electric Company is approved by
their respective Board of Directors based on the recommendation
of the Committee, which is composed of independent non-employee
directors. In establishing the 2001 compensation of the Chief
Executive Officers of PG&#38;E Corporation and Pacific Gas and
Electric Company, each Board of Directors ratified the
recommendations of the Committee. Compensation for all other
PG&#38;E Corporation and subsidiary officers is approved by the
Committee, except that the Committee has delegated to the
PG&#38;E Corporation Chief Executive Officer the authority to
approve compensation for certain officers of PG&#38;E
Corporation and its subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee established compensation programs for 2001 to meet
four objectives:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	To emphasize long-term incentives to further align shareholder
	and officers&#146; interests and focus employees on enhancing
	total return for the Corporation&#146;s shareholders.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	To attract, retain, and motivate employees with the necessary
	mix of skills and experience for the development of PG&#38;E
	Corporation&#146;s unregulated businesses, as well as the
	successful operation and expansion of its utility business.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	To minimize short-term and long-term costs and reduce corporate
	exposure to longer-term financial risk.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	To achieve maximum value from PG&#38;E Corporation&#146;s
	collective workforce by designing compensation programs that
	facilitate movement by employees among the Corporation and its
	subsidiaries.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To meet its goal of paying compensation that is competitive with
similar companies in 2001, the Committee selected a group
consisting of 11 other major energy companies (comparator
group). These companies were selected by the Committee because
they are comparable to PG&#38;E Corporation in size and because
their approach to compensation emphasizes long-term incentives.
All of the companies in the comparator group were included in
the Standard &#38; Poor&#146;s 500 Stock Index.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For 2001, the Committee established the following specific
compensation targets for officers:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	A significant component of every officer&#146;s compensation
	should be tied directly to PG&#38;E Corporation&#146;s
	performance for shareholders.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Annual cash compensation (base salary and target annual
	incentive) and benefits should be equal to the average
	compensation paid to comparable officers of companies in the
	comparator group.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	For targeted performance, long-term incentives should be equal
	to the 75th percentile compensation paid to comparable officers
	of companies in the comparator group.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In evaluating compensation program alternatives, the Committee
considers the potential impact on PG&#38;E Corporation of
Section&nbsp;162(m) of the Internal Revenue Code.
Section&nbsp;162(m) eliminates the deductibility of compensation
over $1&nbsp;million paid to the five highest paid executive
officers of public corporations, excluding
&#147;performance-based compensation.&#148; Compensation
programs generally will qualify as performance-based if
(1)&nbsp;the performance targets are pre-established objective
standards, (2)&nbsp;the programs have been approved by
shareholders, and (3)&nbsp;there is no discretion to modify or
alter payments after the performance targets have been
established for the year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the extent consistent with the Committee&#146;s overall
policy of maintaining a competitive, performance-based
compensation program, it is PG&#38;E Corporation&#146;s intent
to maintain the tax deductibility of the compensation which it
pays. The Committee endeavors to maximize deductibility of
compensation under Section&nbsp;162(m) of the Internal Revenue
Code to the extent practicable while maintaining competitive
compensation. However, tax consequences, including but not
limited to tax deductibility, are subject to many factors (such
as changes in the

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<DIV align="left">
tax laws and regulations or interpretations thereof and the
timing and nature of various decisions by executives regarding
options and other rights) that are beyond the control of either
the Committee or PG&#38;E Corporation. In addition, the
Committee believes that it is important for it to retain maximum
flexibility in designing compensation programs that meet its
stated objectives. For all of the foregoing reasons, the
Committee, while considering tax deductibility as one of its
factors in determining compensation, will not limit compensation
to those levels or types of compensation that will be
deductible. The Committee will, of course, consider alternative
forms of compensation, consistent with its compensation goals,
that preserve deductibility. The principal components of
executive compensation at PG&#38;E Corporation and Pacific Gas
and Electric Company are: base salary, short-term incentives,
long-term incentives, retention mechanisms, and benefits. The
considerations underlying each component are as follows.
</DIV>

<P align="left">
<B>Principal Components of Compensation</B>

<P align="left">
<B>Base Salary</B>

<P align="left">
<I><U>PG&#38;E Corporation Base Salary</U></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation&#146;s executive salaries are reviewed
annually by the Committee based on (1)&nbsp;the results achieved
by each individual, (2)&nbsp;expected corporate financial
performance, measured by combined earnings per share, dividends,
and stock price performance, and (3)&nbsp;changes in the average
salaries paid to comparable executives by companies in the
comparator group.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In setting the 2001 salary levels for PG&#38;E
Corporation&#146;s executive officers, the Committee&#146;s
objective was that the overall average of the salaries paid to
all officers as a group (including the Chief Executive Officer)
should be approximately equal to the target competitive level.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Robert D. Glynn, Jr., Chief Executive Officer of PG&#38;E
Corporation, received an annual base salary of $900,000 in 2001.
The salary level for Mr.&nbsp;Glynn is comparable to the average
salary of chief executive officers of the 11&nbsp;companies in
the comparator group. The overall average of the base salaries
received by all PG&#38;E Corporation officers (including
Mr.&nbsp;Glynn) for 2001 was comparable to the average salary
paid to all officers of the comparator group.

<P align="left">
<I><U>Pacific Gas and Electric Company Base Salary</U></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pacific Gas and Electric Company&#146;s executive salaries are
reviewed annually by the Committee based on (1)&nbsp;the results
achieved by each individual, (2)&nbsp;expected corporate
financial performance, measured by combined earnings per share,
dividends, and stock price performance, and (3)&nbsp;changes in
the average salaries paid to comparable executives by companies
in the comparator group.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In setting the 2001 salary levels for Pacific Gas and Electric
Company&#146;s executive officers, the Committee&#146;s
objective was that the overall average of the salaries paid to
all officers as a group (including the Chief Executive Officer)
should be approximately equal to the target competitive level.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gordon R. Smith, Chief Executive Officer of Pacific Gas and
Electric Company, received an annual base salary of $630,000 in
2001. The salary level for Mr.&nbsp;Smith is comparable to the
average salary of senior executives in comparable positions in
the 11 companies in the comparator group. The overall average of
the base salaries received by all Pacific Gas and Electric
Company officers (including Mr.&nbsp;Smith) for 2001 was
comparable to the average salary paid to all officers of the
comparator group.

<P align="left">
<B>Short-Term Incentives</B>

<P align="left">
<I><U>PG&#38;E Corporation Annual Incentive</U></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The PG&#38;E Corporation Short-Term Incentive Plan for 2001 was
designed to provide annual incentives to all executive officers
based largely on PG&#38;E Corporation&#146;s success in meeting
the 2001 corporate operating earnings per share objective. This
objective emphasizes the impact of on-going results of
operations by eliminating the effect of extraordinary gains or
losses. Annual incentives for executive officers with operating
responsibility for the Corporation&#146;s major lines of
business, Pacific Gas and Electric Company and PG&#38;E National
Energy Group, are based on a combination of corporate operating
earnings and the results of their line of business.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the beginning of the year, target awards are set based on
each executive&#146;s responsibilities and salary level. Final
awards are determined by the Committee and may range from zero
to twice the target, depending on the

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<DIV align="left">
extent to which the corporate operating earnings per share
objective is achieved. The Committee has discretion to modify or
eliminate awards.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2001, PG&#38;E Corporation&#146;s corporate operating
earnings per share were $3.02. The majority of executive
officers received Short-Term Incentive Plan awards equal to 131
percent of their total target awards.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<I><U>Pacific Gas and Electric Company Annual Incentive</U></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pacific Gas and Electric Company Short-Term Incentive Plan
for 2001 was designed to provide annual incentives to all
executive officers based on meeting financial, service, and
other measures of the company, as well as those of specific
business units and departments.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the beginning of the year, target awards are set based on
each executive&#146;s responsibilities and salary level. Final
awards are determined by the Committee and may range from zero
to twice the target, depending on the extent to which the stated
objectives are achieved. The Committee has discretion to modify
or eliminate awards.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2001, Pacific Gas and Electric Company executive officers
received Short-Term Incentive Plan awards that ranged from 135
percent to 152 percent of their total target awards.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<I><U>Stock Options in Lieu of Short-Term Incentive Plan
Awards</U></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1998, to further increase the officers&#146; ability to align
their individual economic interests with those of the
Corporation and its shareholders, the Committee adopted a
program whereby eligible officers could elect to convert up to
50&nbsp;percent of the award they otherwise would be entitled to
receive under their respective Short-Term Incentive Plan, and
instead receive stock options under the PG&#38;E Corporation
Stock Option Plan described below.

<P align="left">
<B>Long-Term Incentives</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>PG&#38;E Corporation Long-Term Incentive Program. </I>The
PG&#38;E Corporation Long-Term Incentive Program permits various
stock-based incentive awards to be granted to executive officers
and other employees of the Corporation and its subsidiaries. The
Stock Option Plan and the Performance Unit Plan (each of which
is a component of the Long-Term Incentive Program) provide
incentives based on PG&#38;E Corporation&#146;s financial
performance over time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>PG&#38;E Corporation Stock Option Plan. </I>The Stock Option
Plan provides incentives based on PG&#38;E Corporation&#146;s
ability to sustain financial performance over a 3- to 10-year
period. Under the Plan, officers, and other key employees of
PG&#38;E Corporation and its subsidiaries receive stock options
based on their responsibilities and position. These options
allow them to purchase a certain number of shares of PG&#38;E
Corporation common stock at the market price on the date of
grant. Generally, optionees must hold the options for at least
two full years and exercise them within 10&nbsp;years. Options
granted in lieu of Short-Term Incentive Plan awards, as
discussed above, will be vested immediately, although the
options may not be exercised for at least one year after the
date of grant. PG&#38;E Corporation does not re-price options
once they have been granted.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the Committee&#146;s discretion, stock options may be granted
with tandem &#147;stock appreciation rights&#148; which have
vesting periods and exercise guidelines that are similar to the
options. These rights allow option-holders to surrender their
options when they have vested and receive a cash payment equal
to the difference between the exercise price and the current
market price. No stock appreciation rights have been granted
since 1991.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stock options also may be granted with or without tandem
&#147;dividend equivalents&#148; which provide for credits to be
made to a dividend equivalent account equal to the current
common stock dividend multiplied by the recipient&#146;s
unexercised options. For options granted with dividend
equivalents, option-holders are entitled to receive the amounts
accumulated in their dividend equivalent account only when, and
to the extent that, the underlying options or stock appreciation
rights are exercised. If a stock appreciation right is
exercised, the holder of the right receives the associated
dividend equivalent only if the stock price has appreciated by
at least 5&nbsp;percent per year from the date of grant or by at
least 25&nbsp;percent if the options have been held for more
than five years. In June 1997, the Committee adopted the policy
that future stock option grants will not include dividend
equivalents, and no such grants with dividend equivalents have
been made since that time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The size of the stock option grants for each executive officer
of PG&#38;E Corporation and Pacific Gas and Electric Company in
2001 was determined by the Committee based on the
Committee&#146;s objectives of tying a substantial component of
target total compensation directly to financial performance for
shareholders and satisfying

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<DIV align="left">
the Committee&#146;s general targets and objectives for officer
compensation programs. In making stock option grants, the size
of each executive officer&#146;s stock option grant was
determined primarily based on the compensation objectives
described above.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>PG&#38;E Corporation Performance Unit Plan. </I>The
Performance Unit Plan provides incentives based on PG&#38;E
Corporation&#146;s ability to sustain superior total returns for
shareholders (dividends plus stock price appreciation) over a
three-year period. Under the Plan, officers of PG&#38;E
Corporation and its subsidiaries receive performance units
reflecting their level of responsibility. One-third of the units
vest each year. At the end of each year, the number of vested
performance units is increased or decreased based on PG&#38;E
Corporation&#146;s three-year total return for shareholders
(dividends plus stock price appreciation) as ranked against a
group of comparator companies. Each officer receives an
incentive payment equal to the final number of vested units
multiplied by the average market price of PG&#38;E Corporation
common stock during the 30 calendar day period prior to the end
of the year. Each time a cash dividend is declared on PG&#38;E
Corporation common stock, an amount equal to the cash dividend
per share multiplied by the number of units held by a recipient
will be accrued on behalf of the recipient and, at the end of
the year, the amount of accrued dividend equivalents will be
increased or decreased by the same percentage used to increase
or decrease the recipient&#146;s number of vested performance
units for the year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In determining Performance Unit Plan results for units granted
in 1999, PG&#38;E Corporation&#146;s performance is compared
with that of the 49 other largest energy-based companies in the
nation. Current year performance is weighted at 60&nbsp;percent,
the performance in the prior year at 25&nbsp;percent, and the
performance in the year before that at 15&nbsp;percent. For
units granted in 2000 and 2001, PG&#38;E Corporation&#146;s
performance is compared with that of a group of 11&nbsp;energy
companies selected from the Dow Jones Utility Index and is based
on a two-year cumulative total shareholder return rather than on
a weighted annual total shareholder return. These changes to the
methodology for determining results provide a better gauge of
sustained multi-year performance and focus on performance
relative to select industry peers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the three years ended December&nbsp;31, 2001, PG&#38;E
Corporation&#146;s total shareholder return had a weighted
average ranking of 32nd among the 50 largest energy-based
companies in the nation. Based on these rankings, officers
received awards for 2001 performance that were based on
58&nbsp;percent of vested units granted in 1999. For the two
years ended December&nbsp;31, 2001, PG&#38;E Corporation&#146;s
total shareholder return had a cumulative ranking of 10th among
the 12&nbsp;company comparator group. Based on these rankings,
officers received no payments under the Plan for 2001
performance, based on vested units granted in 2000 and 2001.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Executive Stock Ownership Program. </I>Effective
January&nbsp;1, 1998, the Committee adopted the Executive Stock
Ownership Program which contains certain stock ownership targets
for executives to be achieved within five years after becoming
an executive officer. The targets are set as a multiple of the
executive&#146;s base salary and vary according to the
executive&#146;s level of responsibility within the Corporation.
The executive stock ownership targets are as follows: three
times base salary for the Chief Executive Officer of PG&#38;E
Corporation; two times base salary for heads of the
Corporation&#146;s lines of business, the Chief Financial
Officer, and the General Counsel of PG&#38;E Corporation; and
one and one-half times base salary for the Senior Vice
Presidents of PG&#38;E Corporation and the Senior Vice
Presidents of Pacific Gas and Electric Company. To the extent an
executive officer achieves and maintains the stock ownership
targets within the first three years of becoming an executive
officer, the executive officer will be entitled to receive
additional common stock equivalents (called Special Incentive
Stock Ownership Premiums or SISOPs) to be credited to the
deferred compensation portion of his or her Supplemental
Retirement Savings Plan account balance. The additional common
stock equivalents vest three years after the date of grant,
subject to accelerated vesting in accordance with the Officer
Severance Policy and upon a change in control of the
Corporation. The additional common stock equivalents are subject
to forfeiture if the executive fails to maintain the applicable
stock ownership target.

<P align="left">
<B>Retention Mechanisms</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In an effort to retain certain key personnel to ensure a
continued workforce of experienced and knowledgeable employees
in light of the energy crisis, bankruptcy proceedings, and the
proposed Plan of Reorganization, PG&#38;E Corporation and
Pacific Gas and Electric Company implemented various retention
mechanisms in 2001. The Management Retention Program provides
key employees of PG&#38;E Corporation and Pacific Gas and
Electric Company with financial incentives to continue their
employment through certain key dates. The Management Retention
Program has been approved by the U.S.&nbsp;Bankruptcy Court for
the Northern District of California (in which Pacific Gas and
Electric Company filed a voluntary petition for relief under
Chapter&nbsp;11 of the U.S.&nbsp;Bankruptcy Code) and is
supported by the Official Committee of Unsecured Creditors,
which represents the unsecured creditors in the Company&#146;s
bankruptcy case. The Special Senior Executive

<P align="center">35

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
Retention Grants provide to certain senior executives an
incentive award of phantom PG&#38;E Corporation restricted stock
units that, except in the event of a change in control, vest no
earlier than December&nbsp;31, 2003, depending on continued
service.
</DIV>

<P align="left">
<B>Benefits</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Benefit plans are designed to meet the individual needs of
PG&#38;E Corporation and its subsidiaries and to permit
portability of benefits among the Corporation and its
subsidiaries. Tax-deferred savings arrangements provide
employees with an opportunity to supplement their retirement
income through employee and matching contributions by PG&#38;E
Corporation or one of its subsidiaries. PG&#38;E Corporation
also provides excess retirement benefits for its executive
officers based on salary and incentive compensation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The defined contribution benefit plans of PG&#38;E Corporation
and its subsidiaries permit participants in those plans to
direct the investment of their contributions into PG&#38;E
Corporation common stock, providing another opportunity for
executive officers to increase their proprietary interest in
PG&#38;E Corporation. The PG&#38;E Corporation Supplemental
Retirement Savings Plan also permits the executives who
participate in the plan to direct that the return on their
deferred compensation be tied directly to the performance of
PG&#38;E Corporation common stock.

<P align="left">
<B>Summary</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We, the members of the Nominating and Compensation Committee of
the Board of Directors of PG&#38;E Corporation, believe that the
compensation programs of PG&#38;E Corporation and Pacific Gas
and Electric Company are successful in attracting and retaining
qualified employees and in tying compensation directly to
performance for shareholders and service to customers. We will
continue to monitor closely the effectiveness and
appropriateness of each of the components of compensation to
reflect changes in the business environment of PG&#38;E
Corporation and Pacific Gas and Electric Company.

<P align="left">
March&nbsp;13, 2002

<P align="left">
<B>Nominating and Compensation Committee of the Board of
Directors of PG&#38;E Corporation</B>

<P align="left">
Carl E. Reichardt, Chair

<DIV align="left">
David A. Coulter
</DIV>

<DIV align="left">
C. Lee Cox
</DIV>

<DIV align="left">
David M. Lawrence, MD
</DIV>

<P align="center">36

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center">
<B>Summary Compensation Table</B>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>[This table summarizes the principal components of
compensation paid to the Chief Executive Officers and the other
most highly compensated executive officers of PG&#38;E
Corporation and Pacific Gas and Electric Company during the past
year.]</I>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="15"></TD>
        <TD></TD>
        <TD colspan="11"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="15" align="center" nowrap><B><FONT size="2">Annual Compensation</FONT></B></TD>
        <TD></TD>
        <TD colspan="11" align="center" nowrap><B><FONT size="2">Long-Term Compensation</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="15"></TD>
        <TD></TD>
        <TD colspan="7"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="11"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="7" align="center" nowrap><B><FONT size="2">Awards</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="11"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Other</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Payouts</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="11"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Annual</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Restricted</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Securities</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">All Other</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="11"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Compen-</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Stock</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Underlying</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">LTIP</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Compen-</FONT></B></TD>
</TR>

<TR>
        <TD align="center" nowrap><B><FONT size="2">Name and Principal</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Salary</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Bonus</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">sation</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Award(s)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Options/SARs</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Payouts</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">sation</FONT></B></TD>
</TR>

<TR>
        <TD align="center" nowrap><B><FONT size="2">Position</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Year</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)<SUP>(1)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)<SUP>(2)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)<SUP>(3)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">(# of Shares)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)<SUP>(4)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)<SUP>(5)</SUP></FONT></B></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Robert D. Glynn, Jr.
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">900,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,181,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">4,817</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">3,000,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">470,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">74,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">413,196</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Chairman of the Board, Chief
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">900,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">3,806</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">322,100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">41,280</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Executive Officer, and President of PG&#38;E
        Corporation; Chairman of the Board of Pacific Gas and Electric
        Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">800,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,224,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">23,181</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">300,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">176,204</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">36,780</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas G. Boren
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">690,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">679,478</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">81,297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,750,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">272,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">44,757</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">501,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Executive Vice President of PG&#38;E
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">630,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">441,790</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">50,478</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">212,600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">543,571</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Corporation; President and Chief Executive
        Officer of PG&#38;E National Energy Group
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">250,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">318,750</FONT></TD>
        <TD align="left" valign="top" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">29,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">150,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">33,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">735,615</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Peter A. Darbee
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">455,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">328,578</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">4,817</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,125,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">183,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">26,105</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">613,596</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President and Chief
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">415,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">3,806</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">147,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">441,500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Financial Officer of PG&#38;E Corporation
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">113,864</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">113,333</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">150,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">19,781</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">450,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">P. Chrisman Iribe
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">425,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">306,914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,125,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">186,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">25,355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">57,846</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President of PG&#38;E
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">400,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">300,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">122,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">40,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Corporation; President and Chief Operating
        Officer, East Region, of PG&#38;E National Energy Group
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">350,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">330,750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">5,456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">106,500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">44,214</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">48,672</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas B. King
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">425,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">306,914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,125,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">186,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">41,020</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,090,207</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President of PG&#38;E
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">400,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">300,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">49,343</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">122,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,598,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Corporation; President and Chief Operating
        Officer, West Region, of PG&#38;E National Energy Group
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">350,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">336,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">12,049</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">100,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">59,325</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">76,487</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">L. E. Maddox
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">425,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">306,914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">249</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,125,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">186,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">30,670</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">132,306</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President of PG&#38;E
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">400,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">300,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">224,718</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">110,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">617,472</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Corporation; President and Chief Operating
        Officer, Trading, of PG&#38;E National Energy Group
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">400,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">250,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">7,563</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">93,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">62,215</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">41,750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gordon R. Smith
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">630,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">664,808</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">937</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1,750,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">272,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">40,282</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">241,302</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President of PG&#38;E
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">630,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">820</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">212,600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">28,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Corporation; President and Chief Executive
        Officer of Pacific Gas and Electric Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">550,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">460,075</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">10,054</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">122,500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">74,436</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">25,360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gregory M. Rueger
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">340,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">257,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">625,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">79,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">15,385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">129,145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President&nbsp;&#150; Generation
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">310,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">59,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">14,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">and Chief Nuclear Officer of Pacific Gas and
        Electric Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">290,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">222,633</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">4,172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">46,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">36,654</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">14,743</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">James K. Randolph
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">325,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">218,725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">625,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">72,600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">15,385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">123,028</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President and Chief of
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">305,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">59,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">13,725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Utility Operations of Pacific Gas and Electric
        Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">290,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">221,850</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">4,172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">46,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">36,654</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">13,050</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Kent M. Harvey
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">285,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">213,465</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">625,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">76,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">15,385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">113,462</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President, Chief
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">260,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">59,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">11,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Financial Officer, and Treasurer of Pacific Gas
        and Electric Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">245,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">185,551</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">4,172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">46,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">36,654</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">23,083</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="33"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Roger J. Peters
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">285,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">212,753</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">625,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">76,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">15,385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">112,619</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Senior Vice President and General
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">260,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">59,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">11,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2">Counsel of Pacific Gas and Electric Company
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">245,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">180,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">3,852</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">46,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">31,002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top" nowrap><FONT size="2">11,469</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">37

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV align="center">
<B>Summary Compensation Table</B>
</DIV>


<DIV align="center">
<I>Continued</I>
</DIV>

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>


<TR valign="top">
        <TD>(1)&nbsp;</TD>
        <TD align="left">
        Represents payments received or deferred in 2000, 2001, and 2002
        for achievement of corporate and organizational objectives in
        1999, 2000, and 2001, respectively, under the Short-Term
        Incentive Plan.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>


<TR valign="top">
        <TD>(2)&nbsp;</TD>
        <TD align="left">
        Amounts reported consist of (i)&nbsp;reportable officer benefit
        allowances, (ii)&nbsp;payments of related taxes, and
        (iii)&nbsp;dividend equivalent payments on performance units
        under the Performance Unit Plan.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(3)&nbsp;</TD>
        <TD align="left">
        In an effort to retain certain key personnel to ensure a
        continued workforce of experienced and knowledgeable employees
        in light of the energy crisis, bankruptcy proceedings, and the
        proposed Plan of Reorganization, PG&#38;E Corporation and
        Pacific Gas and Electric Company implemented various retention
        mechanisms in 2001. The amounts shown for restricted stock
        awards information represent the grant date values (based on the
        closing market price of a share of PG&#38;E Corporation common
        stock) of the following number of phantom restricted stock units
        awarded: Mr.&nbsp;Glynn 307,693, Mr.&nbsp;Boren 133,998,
        Mr.&nbsp;Darbee 115,385, Mr.&nbsp;Iribe 86,143, Mr.&nbsp;King
        86,143, Mr.&nbsp;Maddox 86,143, Mr.&nbsp;Smith 179,488,
        Mr.&nbsp;Rueger 47,858, Mr.&nbsp;Randolph 47,858,
        Mr.&nbsp;Harvey 47,858, and Mr.&nbsp;Peters 47,858. At
        December&nbsp;31, 2001, the value of these phantom restricted
        stock units (based on the closing market price of a share of
        PG&#38;E Corporation common stock as of December&nbsp;31, 2001
        of $19.24) was as follows: Mr.&nbsp;Glynn $5,920,013,
        Mr.&nbsp;Boren $2,578,122, Mr.&nbsp;Darbee $2,220,007,
        Mr.&nbsp;Iribe $1,657,391, Mr.&nbsp;King $1,657,351,
        Mr.&nbsp;Maddox $1,657,391, Mr.&nbsp;Smith $3,453,349,
        Mr.&nbsp;Rueger $920,788, Mr.&nbsp;Randolph $920,788,
        Mr.&nbsp;Harvey $920,788, and Mr.&nbsp;Peters $920,788.
        Contingent on continued service, these phantom restricted stock
        units will automatically vest on December&nbsp;31, 2004, subject
        to accelerated vesting if, as of December&nbsp;31, 2003, the
        Corporation&#146;s performance as measured by relative total
        shareholder return on a cumulative basis is at or above the 75th
        percentile of its comparator group. Eligible executives may
        elect to defer award payments under the PG&#38;E Corporation
        Supplemental Retirement Savings Plan before vesting. Such
        deferrals will be made in PG&#38;E Corporation phantom stock
        units on the first business day of January of the year following
        vesting. Awards not deferred will be paid in cash in January of
        the year following vesting.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>


<TR valign="top">
        <TD>(4)&nbsp;</TD>
        <TD align="left">
        Represents payments received or deferred in 2002, 2001, and 2000
        for achievement of corporate performance objectives for the
        periods 1999 through 2001, 1998 through 2000, and 1997 through
        1999, respectively, under the Performance Unit Plan.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(5)&nbsp;</TD>
        <TD align="left">
        Amounts reported for 2001 consist of: (i)&nbsp;contributions to
        defined contribution retirement plans (Mr.&nbsp;Glynn $10,125,
        Mr.&nbsp;Darbee $13,913, Mr.&nbsp;Iribe $17,000, Mr.&nbsp;King
        $17,000, Mr.&nbsp;Maddox $17,000, Mr.&nbsp;Smith $3,938,
        Mr.&nbsp;Rueger $7,650, Mr.&nbsp;Randolph $7,650,
        Mr.&nbsp;Harvey $7,650, and Mr.&nbsp;Peters $7,650),
        (ii)&nbsp;contributions received or deferred under excess
        benefit arrangements associated with defined contribution
        retirement plans (Mr.&nbsp;Glynn $30,375, Mr.&nbsp;Darbee
        $48,016, Mr.&nbsp;Iribe $40,846, Mr.&nbsp;King $40,846,
        Mr.&nbsp;Maddox $40,846, Mr.&nbsp;Smith $27,112, Mr.&nbsp;Rueger
        $7,650, Mr.&nbsp;Randolph $6,975, Mr.&nbsp;Harvey $5,175, and
        Mr.&nbsp;Peters $5,175), (iii)&nbsp;above-market interest on
        deferred compensation (Mr.&nbsp;Glynn $21,943, Mr.&nbsp;King
        $861, Mr. Maddox $453, Mr.&nbsp;Smith $252, Mr.&nbsp;Rueger
        $512, Mr.&nbsp;Randolph $70, Mr.&nbsp;Harvey $5,637, and
        Mr.&nbsp;Peters $294), (iv)&nbsp;relocation allowances and other
        one-time payments, including one-time payments made pursuant to
        employment arrangements and credited to deferred compensation
        accounts (Mr.&nbsp;Glynn $50,753, Mr.&nbsp;Boren $501,203,
        Mr.&nbsp;Darbee $400,000, Mr.&nbsp;King $1,031,500,
        Mr.&nbsp;Maddox $74,007, and Mr.&nbsp;Peters $4,500), and
        (v)&nbsp;amounts received pursuant to management retention
        programs (Mr.&nbsp;Glynn $300,000, Mr.&nbsp;Darbee $151,667,
        Mr.&nbsp;Smith $210,000, Mr.&nbsp;Randolph $108,333,
        Mr.&nbsp;Rueger $113,333, Mr.&nbsp;Harvey $95,000, and
        Mr.&nbsp;Peters $95,000).</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(6)&nbsp;</TD>
        <TD align="left">
        This amount includes $31,875 that was used by Mr.&nbsp;Boren to
        purchase 11,718 stock options on March&nbsp;1, 2000, under the
        Stock Option Purchase Program. These options have an exercise
        price of $19.8125 per share and expire on March&nbsp;2, 2010.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center">38

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center">
<B>Option/ SAR Grants in 2001</B>


<P align="left">
<I>[This table summarizes the distribution and the terms and
conditions of stock options granted to the executive officers
named in the Summary Compensation Table during the past
year.]</I>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Grant</FONT></B></TD>
</TR>

<TR>
        <TD colspan="17" align="center" nowrap><B><FONT size="2">Individual Grants</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Date Value</FONT></B></TD>
</TR>

<TR>
        <TD colspan="17" align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Number of</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">% of Total</FONT></B></TD>
        <TD></TD>
        <TD colspan="7"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Securities</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Options/SARs</FONT></B></TD>
        <TD></TD>
        <TD colspan="7"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Grant</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Underlying</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Granted to</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Exercise or</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Date</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Options/SARs</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Employees in</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Base Price</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Expiration</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Present</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Granted (#)<SUP>(1)(2)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">2001<SUP>(2)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($/Sh)<SUP>(3)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Date<SUP>(4)</SUP></FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Value ($)<SUP>(5)</SUP></FONT></B></TD>
</TR>

<TR>
        <TD align="center" nowrap><B><FONT size="2">Name</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Robert D. Glynn, Jr.&nbsp;</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">235,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2.06</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,365,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">235,400</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2.06</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,414,754</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas G. Boren
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">136,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1.19</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">788,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">136,000</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1.19</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">817,360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Peter A. Darbee
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">91,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.81</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">533,020</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">91,900</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.81</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">552,319</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">P. Chrisman Iribe
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">93,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.82</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">540,560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">93,200</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.82</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">560,132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas B. King
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">93,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.82</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">540,560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">93,200</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.82</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">560,132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">L. E. Maddox
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">93,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.82</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">540,560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">93,200</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.82</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">560,132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gordon R. Smith
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">136,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1.19</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">788,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">136,000</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1.19</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">817,360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gregory M. Rueger
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">39,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.35</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">230,260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">39,700</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.35</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">238,597</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">James K. Randolph
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">36,300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">210,540</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">36,300</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">218,163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Kent M. Harvey
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">220,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">228,380</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Roger J. Peters
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">01-06-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">220,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
        <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(6)</FONT></SUP></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">08-16-2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">228,380</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>


<TR valign="top">
        <TD>(1)&nbsp;</TD>
        <TD align="left">
        All options granted to executive officers in 2001 are
        exercisable as follows: one-third of the options may be
        exercised on or after the second anniversary of the date of
        grant, two-thirds on or after the third anniversary, and
        100&nbsp;percent on or after the fourth anniversary, provided
        that options will vest immediately upon the occurrence of
        certain events. No options were accompanied by tandem dividend
        equivalents.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>


<TR valign="top">
        <TD>(2)&nbsp;</TD>
        <TD align="left">
        No stock appreciation rights (SARs) have been granted since 1991.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>


<TR valign="top">
        <TD>(3)&nbsp;</TD>
        <TD align="left">
        The exercise price is equal to the closing price of PG&#38;E
        Corporation common stock on the date of grant.</TD>
</TR>


</TABLE>

<P align="center">39

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>(4)&nbsp;</TD>
        <TD align="left">
        All options granted to executive officers in 2001 expire ten
        years and one day from the date of grant, subject to earlier
        expiration in the event of the officer&#146;s termination of
        employment with PG&#38;E Corporation, Pacific Gas and Electric
        Company, or one of their respective subsidiaries.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(5)&nbsp;</TD>
        <TD align="left">
        Estimated present values are based on the Black-Scholes Model, a
        mathematical formula used to value options traded on stock
        exchanges. The Black-Scholes Model considers a number of
        factors, including the expected volatility and dividend rate of
        the stock, interest rates, and time of exercise of the option.
        The following assumptions were used in applying the
        Black-Scholes Model to the 2001 option grants shown in the table
        above: volatility of 29.05&nbsp;percent for the January&nbsp;5,
        2001 grant and 33.0 percent for the August&nbsp;15, 2001 grant,
        risk-free rate of return of 5.95 percent for the January&nbsp;5,
        2001 grant and 5.24&nbsp;percent for the August&nbsp;15, 2001
        grant, dividend yield of $1.20 for the January&nbsp;5, 2001
        grant and $0.00 for the August&nbsp;15, 2001 grant (the annual
        dividend rate on the grant date), and an exercise date five
        years after the date of grant. The ultimate value of the options
        will depend on the future market price of PG&#38;E Corporation
        common stock, which cannot be forecast with reasonable accuracy.
        That value will depend on the future success achieved by
        employees for the benefit of all shareholders. The estimated
        grant date present value for the options shown in the table was
        $5.80 per share for the January&nbsp;5, 2001 grant and $6.01 per
        share for the August&nbsp;15, 2001 grant.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(6)&nbsp;</TD>
        <TD align="left">
        Stock option grants that would normally be made in January 2002
        were made in August 2001, using the guidelines approved by the
        Nominating and Compensation Committee for 2001 grants. In most
        cases, the accelerated 2002 grant represents the same grant as
        an officer&#146;s 2001 grant. It is expected that the next
        broad-based annual grant will not be made until January 2003,
        approximately 16&nbsp;months after the accelerated grant.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center">40

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="center">
<B>Aggregated Option/ SAR Exercises in 2001 and Year-End Option/
SAR Values</B>


<P align="left">
<I>[This table summarizes exercises of stock options and tandem
stock appreciation rights (granted in prior years) by the
executive officers named in the Summary Compensation Table
during the past year, as well as the number and value of all
unexercised options held by such named executive officers at the
end of 2001.]</I>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Value of</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Number of Securities</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Unexercised</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Underlying Unexercised</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">In-the-Money</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Options/SARs&nbsp;at</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Options/SARs at</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Shares Acquired</FONT></B></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">End of 2001 (#)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">End of 2001<SUP>(1)</SUP></FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">on Exercise</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Value Realized</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">(Exercisable/</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">(Exercisable/</FONT></B></TD>
</TR>

<TR>
        <TD align="center" nowrap><B><FONT size="2">Name</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">(#)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">($)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Unexercisable)</FONT></B></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Unexercisable)</FONT></B></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Robert D. Glynn, Jr.<SUP>(2)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7,500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(99,883</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">720,991/1,071,233</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/$2,317,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas G. Boren
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">61,718/584,600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/1,338,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Peter A. Darbee
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">50,000/431,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/904,755</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">P. Chrisman Iribe
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">114,234/396,966</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/917,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas B. King
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">66,668/392,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/917,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">L. E. Maddox
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">213,035/390,165</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/917,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gordon R. Smith<SUP>(2)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(64,971</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">294,601/608,399</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/1,338,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gregory M. Rueger
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">110,633/187,299</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/390,846</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">James K. Randolph<SUP>(2)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(60,412</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">86,134/180,499</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/357,373</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Kent M. Harvey
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">69,801/183,899</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/374,110</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Roger J. Peters<SUP>(2)</SUP>
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(26,070</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">74,301/183,899</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0/374,110</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>


<TR valign="top">
        <TD>(1)&nbsp;</TD>
        <TD align="left">
        Based on the difference between the option exercise price
        (without reduction for the amount of accrued dividend
        equivalents, if any) and a fair market value of $19.24, which
        was the closing price of PG&#38;E Corporation common stock on
        December&nbsp;31, 2001.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
        <TD>(2)&nbsp;</TD>
        <TD align="left">
        The options exercised would have expired on January&nbsp;3,
        2002. After accounting for accrued dividend equivalents,
        Mr.&nbsp;Glynn realized $6,092, Mr.&nbsp;Smith realized $5,679,
        Mr.&nbsp;Randolph realized $3,173, and Mr.&nbsp;Peters realized
        $2,190.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center">41

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="center">
<B>Long-Term Incentive Program&nbsp;&#151;&nbsp;Awards in
2001</B>


<P align="left">
<I>[This table summarizes the long-term incentive awards made to
the executive officers named in the Summary Compensation Table
during the past year.]</I>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="5" align="center" nowrap><B><FONT size="2">Estimated Future Payouts Under</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><B><FONT size="2">Awards</FONT></B></TD>
        <TD></TD>
        <TD colspan="5" align="center" nowrap><B><FONT size="2">Non-Stock Price-Based Plans</FONT></B></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
        <TD></TD>
        <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Performance or</FONT></B></TD>
        <TD></TD>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Other Period</FONT></B></TD>
        <TD></TD>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Number of Shares,</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Until Maturation</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Threshold</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Target</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Maximum</FONT></B></TD>
</TR>

<TR>
        <TD align="center" nowrap><B><FONT size="2">Name</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">Units, or Other Rights</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">or Payout</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">($ or #)<SUP>(1)</SUP></FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">($ or #)<SUP>(1)</SUP></FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="2">($ or #)<SUP>(1)</SUP></FONT></B></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Robert D. Glynn, Jr.
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;36,500<SUP>(2)<BR>&nbsp;&nbsp;</SUP>3,782<SUP>(3)<BR>
        </SUP>307,692<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">36,500 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">73,000 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas G. Boren
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;17,425<SUP>(2)<BR>&nbsp;&nbsp;</SUP>4,125<SUP>(3)<BR>
        </SUP>133,997<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">17,425 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">34,850 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Peter A. Darbee
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;12,875<SUP>(2)<BR>
        </SUP>115,385<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">12,875 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">25,750 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">P. Chrisman Iribe
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;10,125<SUP>(2)<BR>&nbsp;&nbsp;</SUP>1,661<SUP>(3)<BR>
        </SUP>&nbsp;86,142<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,125 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">20,250 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Thomas B. King
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;10,125<SUP>(2)<BR>&nbsp;&nbsp;</SUP>8,062<SUP>(3)<BR>
        </SUP>&nbsp;86,142<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,125 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">20,250 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">L. E. Maddox
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;10,125<SUP>(2)<BR>&nbsp;&nbsp;&nbsp;</SUP>&nbsp;295<SUP>(3)<BR>
        </SUP>&nbsp;86,142<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,125 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">20,250 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gordon R. Smith
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">&nbsp;17,425<SUP>(2)<BR>&nbsp;&nbsp;</SUP>2,298<SUP>(3)<BR>
        </SUP>179,487<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">17,425 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">34,850 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Gregory M. Rueger
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        &nbsp;&nbsp;<FONT size="2">5,450<SUP>(2)<BR>
        </SUP>&nbsp;47,857<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">5,450 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,900 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">James K. Randolph
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        &nbsp;&nbsp;<FONT size="2">5,125<SUP>(2)<BR>
        </SUP>&nbsp;47,857<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">5,125 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,250 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Kent M. Harvey
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        &nbsp;&nbsp;<FONT size="2">5,125<SUP>(2)<BR>
        </SUP>&nbsp;47,857<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">5,125 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,250 units
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Roger J. Peters
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        &nbsp;&nbsp;<FONT size="2">5,125<SUP>(2)<BR>
        </SUP>&nbsp;47,857<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">3&nbsp;years<BR>
        variable<SUP>(4)</SUP>
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <FONT size="2">0 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">5,125 units
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">10,250 units
        </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>(1)&nbsp;</TD>
        <TD align="left">
        For units granted pursuant to the Performance Unit Plan,
        payments are determined by multiplying the number of units
        earned in a given year by the average market price of PG&#38;E
        Corporation common stock for the 30&nbsp;calendar day period
        prior to the end of the year. For grants of phantom restricted
        stock units, payments will be determined by multiplying the
        number of units by the closing market price of PG&#38;E
        Corporation common stock on the date of vesting.</TD>
</TR>


<TR>
        <TD>&nbsp;</TD>
</TR>



<TR valign="top">
        <TD>(2)&nbsp;</TD>
        <TD align="left">
        Represents performance units granted under the Performance Unit
        Plan. The units vest one-third in each of the three years
        following the grant year, and are earned over the vesting period
        based on PG&#38;E Corporation&#146;s three-year cumulative total
        shareholder return (dividends plus stock price appreciation) as
        compared with that achieved by the 11&nbsp;other companies in
        the comparator group. This performance target may be adjusted
        during the vesting period, at the sole discretion of the
        Nominating and Compensation Committee, to reflect extraordinary
        events beyond management&#146;s control. Each time a cash
        dividend is paid on PG&#38;E Corporation common stock, an amount
        equal to the cash dividend per share multiplied by the number of
        units held by a recipient will be accrued on behalf of the
        recipient and, at the end of the year, the amount of accrued
        dividend equivalents will be increased or decreased by the same
        percentage used to increase or decrease the recipient&#146;s
        number of vested performance units for the year.</TD>
</TR>



</TABLE>

<P align="center">42

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	Represents common stock equivalents called Special Incentive
	Stock Ownership Premiums (SISOPs) earned under the Executive
	Stock Ownership Program. SISOPs are earned by eligible officers
	who achieve and maintain minimum PG&#38;E Corporation common
	stock ownership levels as set by the Nominating and Compensation
	Committee. All of the officers named in the Summary Compensation
	Table on pages 37-38, are eligible officers. Each SISOP
	represents a share of PG&#38;E Corporation common stock that
	vests at the end of three years. Units can be forfeited prior to
	vesting if an eligible officer fails to maintain his or her
	minimum stock ownership level. Upon retirement or termination,
	vested SISOPs are distributed in the form of an equivalent
	number of shares of PG&#38;E Corporation common stock.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>(4)&nbsp;</TD>
	<TD align="left">
	Represents phantom restricted stock units awarded to the named
	executive. These units vest on December&nbsp;31, 2004, only if
	the Corporation&#146;s performance, as measured by relative
	total shareholder return on a cumulative basis over four years,
	is at or above the 55th percentile of its comparator group and
	the executive is in service. However, if at the end of the third
	year of the grant, December&nbsp;31, 2003, the
	Corporation&#146;s performance as measured by relative total
	shareholder return on a cumulative basis is at or above the 75th
	percentile of its comparator group, the units will vest at that
	time. Eligible executives may elect to defer award payments
	under the PG&#38;E Corporation Supplemental Retirement Savings
	Plan before vesting. Such deferrals will be made in PG&#38;E
	Corporation phantom stock units on the first business day of
	January of the year following vesting. Awards not deferred will
	be paid in cash in January of the year following vesting.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center">43

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<P align="center">
<B>Retirement Benefits</B>

<DIV align="left">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&#38;E Corporation and Pacific Gas and Electric Company
provide retirement benefits to some of the executive officers
named in the Summary Compensation Table on pages 37-38. The
benefit formula for eligible executive officers is
1.7&nbsp;percent of the average of the three highest combined
salary and annual incentive awards during the last ten years of
service multiplied by years of credited service. During 2001, a
significant portion of the unfunded corporate retirement
obligations of PG&#38;E Corporation was reduced as a result of
tax law changes increasing the annual pension benefit which can
be paid from a tax-qualified pension plan and an amendment to
the Retirement Plan. As of December&nbsp;31, 2001, the estimated
annual retirement benefits (assuming credited service to age 65)
for the most highly compensated executive officers were as
follows: Mr.&nbsp;Glynn $646,886, Mr.&nbsp;Boren $374,935,
Mr.&nbsp;Smith $651,912, Mr.&nbsp;Rueger $344,522,
Mr.&nbsp;Randolph $308,836, Mr.&nbsp;Harvey $283,782, and
Mr.&nbsp;Peters $264,314. The estimated annual retirement
benefits are single life annuity benefits and would not be
subject to any Social Security offsets.

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center">
<B>Employment Contracts/Arrangements</B>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Thomas G. Boren&#146;s employment letter entitles him to receive
salary, other cash and equity awards as described elsewhere in
this proxy statement, and other standard employee benefits.
Mr.&nbsp;Boren&#146;s participation in the supplemental defined
benefit executive retirement plan includes recognition of
credited years with his former employer, Southern Company,
although benefits will be reduced by benefits payable from
Southern Company&#146;s plan, excluding special enhancements
payable as part of his separation from Southern Company. Under
his employment letter, Mr.&nbsp;Boren was entitled to receive
$1,000,000 in three annual installments, upon satisfaction of
annual general business goals. Mr.&nbsp;Boren&#146;s last
installment was payable December&nbsp;31, 2001, upon
satisfaction of the 2001 business goals. Mr.&nbsp;Boren also is
eligible to receive a mortgage subsidy equal to $26,667 per
$100,000 of loan value, limited to a loan amount of $1,500,000,
through July 2004, with a maximum subsidy of $400,000 ($80,000
per year). Mr.&nbsp;Boren also will be compensated for the loss
of mortgage tax deduction in excess of the $1,000,000 maximum
allowed by law, up to the stated maximum mortgage loan amount of
$1,500,000.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Thomas B. King&#146;s employment letter entitles him to receive
salary, other cash and equity awards as described elsewhere in
this proxy statement, and other standard employee benefits. In
connection with his relocation to Bethesda, Maryland, at the
request of PG&#38;E Corporation, Mr.&nbsp;King received a
one-time payment of $150,000, net of taxes, and a one-time
taxable payment of $75,000. If Mr.&nbsp;King resigns from his
position prior to December&nbsp;31, 2004 (and is not then an
employee of PG&#38;E Corporation or its affiliates), he will be
required to repay the gross amount of such payments.
Mr.&nbsp;King also received (1)&nbsp;a moving allowance equal to
one month&#146;s pay, (2)&nbsp;reimbursement for travel expenses
incurred in finding a principal residence in the Bethesda area,
and for the reasonable cost of temporary housing,
(3)&nbsp;reimbursement of closing costs incurred in the sale of
his prior residence and the purchase of a new residence,
(4)&nbsp;indemnification for loss suffered on the sale of his
prior residence, and (5)&nbsp;reimbursement of certain losses
and expenses incurred in placing his children in comparable
schools in the Bethesda area. Mr.&nbsp;King also is entitled to
receive a mortgage subsidy of $3,500 per month, payable for four
years, commencing with the first mortgage payment for his new
residence. If Mr.&nbsp;King resigns from employment with
PG&#38;E Corporation or one of its subsidiaries or affiliates
before December&nbsp;31, 2004, he will be required to repay all
amounts provided under the temporary mortgage subsidy.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
L. E. Maddox&#146;s employment letter entitles him to receive
salary, other cash and equity awards described elsewhere in this
proxy statement, and other standard employee benefits. In
connection with his relocation to Bethesda, Maryland, at the
request of PG&#38;E Corporation, Mr.&nbsp;Maddox received a
one-time payment of $250,000, net of taxes, and a one-time
taxable payment of $75,000. If Mr.&nbsp;Maddox resigns from his
position before December&nbsp;31, 2004 (and is not then an
employee of PG&#38;E Corporation or its affiliates), he will be
required to repay the gross amount of such payments.
Mr.&nbsp;Maddox also received (1)&nbsp;a moving allowance equal
to one month&#146;s pay, (2)&nbsp;reimbursement for travel
expenses incurred in finding a principal residence in the
Bethesda area, and for the reasonable cost of temporary housing,
(3)&nbsp;reimbursement of closing costs incurred in the sale of
his prior residence and the purchase of a new residence,
(4)&nbsp;indemnification for loss suffered on the sale of his
prior residence, and (5)&nbsp;reimbursement of certain losses
and expenses incurred in placing his children in comparable
schools in the Bethesda area. Mr.&nbsp;Maddox also is entitled
to receive a mortgage subsidy of $3,500 per month, payable for
four years, commencing with the first mortgage payment for his
new residence. If Mr.&nbsp;Maddox resigns from employment with
PG&#38;E Corporation or one of its subsidiaries or affiliates
before December&nbsp;31, 2004, he will be required to repay all
amounts provided under the temporary mortgage subsidy.

<P align="center">44

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<P align="center">
<B>Termination of Employment and Change in Control Provisions</B>

<DIV align="left">

</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The PG&#38;E Corporation Officer Severance Policy, which covers
most officers of PG&#38;E Corporation and its subsidiaries,
including the executive officers named in the Summary
Compensation Table, provides benefits if a covered officer is
terminated without cause. In most situations, benefits under the
policy include (1)&nbsp;a lump sum payment of one and one-half
or two times annual base salary and target Short-Term Incentive
Plan award (the applicable severance multiple being dependent on
an officer&#146;s level), (2)&nbsp;continued vesting of
equity-based awards for 18&nbsp;months or two years after
termination (depending on the applicable severance multiple),
(3)&nbsp;accelerated vesting of up to two-thirds of the common
stock equivalents awarded under the Executive Stock Ownership
Program (depending on an officer&#146;s level), and
(4)&nbsp;payment of health care insurance premiums for
18&nbsp;months or two years after termination (depending on the
applicable severance multiple). In lieu of all or a portion of
the lump sum payment, a terminated officer who is covered by
PG&#38;E Corporation&#146;s Supplemental Executive Retirement
Plan can elect additional years of service and/or age for
purposes of calculating pension benefits. Effective
July&nbsp;21, 1999, the policy was amended to provide covered
officers with alternative benefits that apply upon actual or
constructive termination following a change in control or
potential change in control. According to the policy, a
&#147;change in control&#148; occurs upon (1)&nbsp;the
acquisition of 20&nbsp;percent or more of the Corporation&#146;s
outstanding voting securities by a single entity or person,
(2)&nbsp;a change in the directors who constitute a majority of
the Board of Directors over a two-year period, unless the new
directors were nominated by at least two-thirds of the Board of
Directors who were directors at the beginning of the two-year
period, or (3)&nbsp;shareholder approval of certain corporate
transactions. Constructive termination includes certain changes
to a covered officer&#146;s responsibilities. In the event of a
change in control or potential change in control, the policy
provides for a lump sum payment of the total of (1)&nbsp;unpaid
base salary earned through the termination date, (2)&nbsp;target
Short-Term Incentive Plan award calculated for the fiscal year
in which termination occurs (Target Bonus), (3)&nbsp;any accrued
but unpaid vacation pay, and (4)&nbsp;three times the sum of
Target Bonus and the officer&#146;s annual base salary in effect
immediately before either the date of termination or the change
in control, whichever base salary is greater. Change in control
termination benefits also include reimbursement of excise taxes
levied upon the severance benefit pursuant to Internal Revenue
Code Section&nbsp;4999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Long-Term Incentive Program (LTIP)&nbsp;permits the grant of
various types of stock-based incentive awards, including awards
granted under the Stock Option Plan, the Performance Unit Plan,
and the Non-Employee Director Stock Incentive Plan. The LTIP and
the component plans provide that, upon the occurrence of a
change in control, (1)&nbsp;any time periods relating to the
exercise or realization of any incentive award (including common
stock equivalents awarded under the Executive Stock Ownership
Program) will be accelerated so that such award may be exercised
or realized in full immediately upon the change in control,
(2)&nbsp;all shares of restricted stock will immediately cease
to be forfeitable, and (3)&nbsp;all conditions relating to the
realization of any stock-based award will terminate immediately.
Under the LTIP, a &#147;change in control&#148; will be deemed
to have occurred if any of the following occurs: (1)&nbsp;any
&#147;person&#148; (as such term is used in Sections&nbsp;13(d)
and 14(d)(2) of the Securities Exchange Act of 1934, but
excluding any benefit plan for employees or any trustee, agent,
or other fiduciary for any such plan acting in such
person&#146;s capacity as such fiduciary), directly or
indirectly, becomes the beneficial owner of securities of
PG&#38;E Corporation representing 20&nbsp;percent or more of the
combined voting power of PG&#38;E Corporation&#146;s then
outstanding securities, (2)&nbsp;during any two consecutive
years, individuals who at the beginning of such a period
constitute the Board of Directors cease for any reason to
constitute at least a majority of the Board of Directors, unless
the election, or the nomination for election by the shareholders
of the Corporation, of each new director was approved by a vote
of at least two-thirds of the directors then still in office who
were directors at the beginning of the period, or (3)&nbsp;the
shareholders of the Corporation shall have approved (i)&nbsp;any
consolidation or merger of the Corporation other than a merger
or consolidation that would result in the voting securities of
the Corporation outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any
parent of such surviving entity) at least 70&nbsp;percent of the
combined voting power of the Corporation, such surviving entity,
or the parent of such surviving entity outstanding immediately
after the merger or consolidation, (ii)&nbsp;any sale, lease,
exchange, or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the assets
of the Corporation, or (iii)&nbsp;any plan or proposal for the
liquidation or dissolution of the Corporation. For purposes of
this definition, the term &#147;combined voting power&#148;
means the combined voting power of the then outstanding voting
securities of the Corporation or the other relevant entity.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Senior Executive Retention Grants provide certain
senior executive officers with phantom restricted stock units
that fully vest upon a change in control. For these purposes,
&#147;change in control&#148; has the same definition as under
the LTIP. The Special Senior Executive Retention Grants are
described in more detail in the Nominating and Compensation
Committee Report on Compensation on pages 35-36, in
footnote&nbsp;3 of the Summary Compensation Table on
page&nbsp;38, and in footnote&nbsp;4 of the Long-Term Incentive
Program&nbsp;&#151; Awards in 2001 Table on page&nbsp;43.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">45

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<P align="center">
<B>Comparison of Five-Year Cumulative Total Shareholder
Return<SUP>(1)</SUP></B>

<P align="left">
<I>[This graph compares the cumulative total return on PG&#38;E
Corporation common stock (equal to dividends plus stock price
appreciation) during the past five fiscal years with that of the
Standard&nbsp;&#38; Poor&#146;s 500 Stock Index and the Dow
Jones Utilities Index.]</I>

<P align="left">
<IMG src="f78257pgf7825701.gif" alt="(PERFORMANCE GRAPH)">

<P align="left">
(PERFORMANCE GRAPH)

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Dow Jones Utilities</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Standard &#38; Poor&#146;s 500</FONT></B></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">PG&#38;E Corporation</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Index (DJUI)</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Stock Index (S&#38;P)</FONT></B></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">1996
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">1997
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">1998
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">1999
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">138</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">208</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">2000
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">208</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">189</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">2001
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">166</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center">

</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Assumes $100 invested on December&nbsp;31, 1996, in Pacific Gas
	and Electric Company common stock, the Standard&nbsp;&#38;
	Poor&#146;s 500 Stock Index, and the Dow Jones Utilities Index,
	and assumes quarterly reinvestment of dividends. The total
	shareholder returns shown are not necessarily indicative of
	future returns. PG&#38;E Corporation was formed on
	January&nbsp;1, 1997, and, on that date, all outstanding shares
	of Pacific Gas and Electric Company common stock were converted
	on a one-for-one basis to shares of PG&#38;E Corporation common
	stock.</TD>
</TR>

</TABLE>

<P align="center">46

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<!-- link1 "Report of the Audit Committees" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B>Report of the Audit Committees</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committees of PG&#38;E Corporation and Pacific Gas and
Electric Company are composed of at least three independent
directors and operate under written charters adopted by their
respective Board of Directors. The members of the Audit
Committees of PG&#38;E Corporation and Pacific Gas and Electric
Company are identical. At both PG&#38;E Corporation and Pacific
Gas and Electric Company, management is responsible for internal
controls and the integrity of the financial reporting process.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this regard, management has represented to the Audit
Committees that PG&#38;E Corporation&#146;s and Pacific Gas and
Electric Company&#146;s consolidated financial statements were
prepared in accordance with generally accepted accounting
principles. In addition, the Committees reviewed and discussed
these consolidated financial statements with management and the
independent auditors. The Committees also reviewed with the
independent auditors matters that are required to be discussed
by Statement on Auditing Standards No.&nbsp;61 (Communication
with Audit Committees).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deloitte and Touche LLP was the independent auditor for PG&#38;E
Corporation and Pacific Gas and Electric Company in 2001. The
Corporation&#146;s independent auditors provided to the
Committees the written disclosures required by Independence
Standards Board Standard No.&nbsp;1 (Independence Discussions
with Audit Committees), and the Committees discussed with the
independent auditors that firm&#146;s independence. In addition,
the Committees have reviewed non-audit fees that PG&#38;E
Corporation, Pacific Gas and Electric Company, and their
respective subsidiaries have paid to the independent auditors,
including amounts for information technology services, for
purposes of considering whether such fees are compatible with
maintaining the auditor&#146;s independence.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on the Committees&#146; reviews and discussions with
management and the independent auditors, the Committees
recommended to the Boards of Directors that the audited
consolidated financial statements for PG&#38;E Corporation and
Pacific Gas and Electric Company be included in the PG&#38;E
Corporation and Pacific Gas and Electric Company Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2001,
filed with the Securities and Exchange Commission.

<P align="left">
March&nbsp;13, 2002

<P align="left">
<B>Audit Committees of the Boards of Directors of PG&#38;E
Corporation and Pacific Gas and Electric Company</B>

<P align="left">
C. Lee Cox, Chair

<DIV align="left">
David R. Andrews
</DIV>

<DIV align="left">
William S. Davila
</DIV>

<DIV align="left">
Mary S. Metz
</DIV>

<DIV align="left">
Barry Lawson Williams
</DIV>

<P align="center">47
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<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<!-- link1 "Other Information" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center">
<FONT size="5">Other Information
</FONT>
</DIV>

<P align="left">
<B>Principal Shareholders</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table presents certain information regarding
shareholders who are known to PG&#38;E Corporation or Pacific
Gas and Electric Company to be the beneficial owners of more
than 5&nbsp;percent of any class of voting securities of
PG&#38;E Corporation or Pacific Gas and Electric Company as of
January&nbsp;31, 2002:

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Name and Address of</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Amount&nbsp;and&nbsp;Nature&nbsp;of</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Percent</FONT></B></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="2">Class of Stock</FONT></B></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="2">Beneficial Owner</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">Beneficial&nbsp;Ownership</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="2">of&nbsp;Class</FONT></B></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<FONT size="2">Pacific Gas and<BR>
	Electric Company<BR>
	stock<SUP>(1)</SUP>
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">PG&#38;E Corporation<SUP>(2)<BR>
	</SUP>P.O. Box 193722<BR>
	San Francisco, CA 94119-3722
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">326,926,667</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">94.99</FONT></TD>
	<TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="11"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<FONT size="2">PG&#38;E Corporation<BR>
	common stock
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<FONT size="2">State Street Bank and Trust Company <SUP>(3)<BR>
	</SUP>225 Franklin Street<BR>
	Boston, MA 02110
	</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&nbsp;29,993,967</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">8.24</FONT></TD>
	<TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Pacific Gas and Electric Company&#146;s common stock and
	preferred stock vote together as a single class and each share
	is entitled to one vote.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	As a result of the formation of the holding company on
	January&nbsp;1, 1997, PG&#38;E Corporation became the holder of
	all issued and outstanding shares of Pacific Gas and Electric
	Company common stock. As of January&nbsp;31, 2002, PG&#38;E
	Corporation and a subsidiary held 100&nbsp;percent of the issued
	and outstanding shares of Pacific Gas and Electric Company
	common stock. As of January&nbsp;31, 2002, neither PG&#38;E
	Corporation nor any of its subsidiaries held shares of Pacific
	Gas and Electric Company preferred stock.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	The information relating to State Street Bank and Trust Company
	is based on beneficial ownership as of December&nbsp;31, 2001,
	as reported in a Schedule&nbsp;13G, dated February&nbsp;7, 2002,
	filed with the Securities and Exchange Commission. The bank held
	21,913,107 shares in its capacity as Trustee of the Pacific Gas
	and Electric Company Saving Fund Plan. The Trustee may not vote
	these shares in the absence of voting instructions from the Plan
	participants. The bank also held 8,080,860 shares of PG&#38;E
	Corporation common stock in various other fiduciary capacities.
	The bank has sole voting power with respect to 6,984,692 of
	these shares, shared voting power with respect to 108,505 of
	these shares, sole investment power with respect to 8,064,225 of
	these shares, and shared investment power with respect to 16,635
	of these shares.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="left">
<B>Section&nbsp;16 Beneficial Ownership Reporting Compliance</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with Section&nbsp;16(a) of the Securities Exchange
Act of 1934 and Securities and Exchange Commission regulations,
PG&#38;E Corporation&#146;s and Pacific Gas and Electric
Company&#146;s respective directors, certain officers, and
persons who own greater than 10&nbsp;percent of PG&#38;E
Corporation&#146;s or Pacific Gas and Electric Company&#146;s
equity securities are required to file reports of ownership and
changes in ownership of such equity securities with the
Securities and Exchange Commission and the principal national
securities exchange on which such equity securities are
registered, and to furnish PG&#38;E Corporation or Pacific Gas
and Electric Company (as the case may be) with copies of all
such reports they file.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based solely on its review of copies of such reports received or
written representations from certain reporting persons, PG&#38;E
Corporation and Pacific Gas and Electric Company believe that
during 2001 all filing requirements applicable to their
directors, officers, and 10&nbsp;percent shareholders were
satisfied, except that an Initial Statement of Beneficial
Ownership was filed late for Daniel&nbsp;D. Richard, Jr., who
became subject to such filing requirements with respect to
PG&#38;E Corporation in December 2000.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="36%"></TD>
	<TD width="64%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	By Order of the Boards of Directors of</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	PG&#38;E Corporation and Pacific Gas and Electric Company,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="f78257pgf78257s1.gif" alt="(-s- LINDA Y.H. CHENG)"></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Linda Y.H. Cheng</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Corporate Secretary,</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	PG&#38;E Corporation and</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Pacific Gas and Electric Company</TD>
</TR>

</TABLE>

<P align="center">48
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<DIV align="left">
________________________________________________________________________________
</DIV>

<!-- link2 "Appendix A" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center">
<FONT size="5">Appendix&nbsp;A
</FONT>
</DIV>

<P align="center">
<B>Restated Articles of Incorporation</B>

<DIV align="center">
<B>of PG&#38;E Corporation</B>
</DIV>

<P align="center">
Articles Third and Eighth

<DIV align="center">
(As Proposed to Be Amended)
</DIV>

<P align="left">
THIRD:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the
Corporation shall consist of such number of directors, not less
than five (5)&nbsp;nor more than nine (9), as shall be
prescribed in the Bylaws.

<P align="left">
EIGHTH:


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The directors of the Corporation, when evaluating any proposal
or offer which would involve (i)&nbsp;a merger or consolidation
of the Corporation or any of its subsidiaries with another
corporation, (ii)&nbsp;a sale of all or substantially all of the
assets of the Corporation or any of its subsidiaries,
(iii)&nbsp;a tender offer or exchange offer for any capital
stock of the Corporation or any of its subsidiaries, or
(iv)&nbsp;any similar transaction, shall give due consideration
to all factors they may consider relevant. Such factors may
include, without limitation, (a)&nbsp;the adequacy, both in
amount and form, of the consideration offered in relation not
only to the current market price of the Corporation&#146;s
outstanding securities, but also the current value of the
Corporation in a freely negotiated transaction with other
potential acquirers and the Board&#146;s estimate of the
Corporation&#146;s future value (including the unrealized value
of its properties, assets and prospects) as an independent going
concern, (b)&nbsp;the financial and managerial resources and
future prospects of the acquirer, and (c)&nbsp;the legal,
economic, environmental, regulatory and social effects of the
proposed transaction on the Corporation&#146;s and its
subsidiaries&#146; employees, customers, suppliers and other
affected persons and entities and on the communities and
geographic areas in which the Corporation and its subsidiaries
operate, provide utility service or are located, and in
particular, the effect on the Corporation&#146;s and its
subsidiaries&#146; ability to safely and reliably meet any
public utility obligations they may have at reasonable rates.


<P align="center">
<B>Bylaws</B>

<DIV align="center">
<B>of PG&#38;E Corporation</B>
</DIV>

<P align="center">
Article&nbsp;II

<DIV align="center">
(As Proposed to Be Amended)
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number. The exact number of
directors shall be nine&nbsp;(9) until changed, within the
limits specified in the Articles of Incorporation, by either a
resolution duly adopted by the Board of Directors or an
amendment to this Bylaw duly adopted by the Board. No reduction
of the authorized number of directors shall have the effect of
removing any director before the director&#146;s term of office
expires.

<P align="center">A-1
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<DIV align="left">
________________________________________________________________________________
</DIV>

<!-- link2 "Appendix B" -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="center">
<FONT size="5">Appendix&nbsp;B
</FONT>
</DIV>

<P align="center">
<B>Restated Articles of Incorporation</B>

<DIV align="center">
<B>of Pacific Gas and Electric Company</B>
</DIV>

<P align="center">
Articles Fifth, Sixth, Seventh, and Eighth

<DIV align="center">
(As Proposed to Be Amended)
</DIV>

<P align="left">
FIFTH:


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the
corporation shall consist of such number of directors, not less
than five&nbsp;(5) nor more than nine&nbsp;(9), as shall be
prescribed in the Bylaws.


<P align="left">
SIXTH:


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the authorized
number of directors shall be fixed at nine or more, the Board of
Directors shall be divided into three classes, designated
Class&nbsp;I, Class&nbsp;II, and Class&nbsp;III, with each class
consisting of one-third of the directors or as close an
approximation as possible. The initial term of office of each
director of Class&nbsp;I shall expire at the annual meeting next
succeeding his or her election or appointment as a director, the
initial term of office of each director of Class&nbsp;II shall
expire at the second annual meeting next succeeding his or her
election or appointment as a director, and the initial term of
office of each director of Class&nbsp;III shall expire at the
third annual meeting next succeeding his or her election or
appointment as a director, and, in each case, until their
successors are duly elected and qualified or until their earlier
resignation, removal from office, or death. At each annual
meeting, each of the successors to the directors of the class
whose term shall have expired at such annual meeting shall be
elected for a term running until the third annual meeting next
succeeding his or her election and until his or her successor
shall have been duly elected and qualified, except in the case
of the death, resignation, or removal of such director.



<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the
authorized number of directors shall be fixed with at least six
but less than nine, the Board of Directors shall be divided into
two classes, designated Class&nbsp;I and Class&nbsp;II, with
each class consisting of one-half of the directors or as close
an approximation as possible. The initial term of office of each
director of Class&nbsp;I shall expire at the annual meeting next
succeeding his or her election or appointment as a director and
the initial term of office of each director of Class&nbsp;II
shall expire at the second annual meeting next succeeding his or
her election or appointment as a director, and in each case,
until their successors are duly elected and qualified or until
their earlier resignation, removal from office, or death. At
each annual meeting, each of the successors to the directors of
the class whose term shall have expired at such annual meeting
shall be elected for a term running until the second annual
meeting next succeeding his or her election and until his or her
successor shall have been duly elected and qualified, except in
the case of the death, resignation, or removal of such director.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the rule that
the classes be as nearly equal in number of directors as
possible, in the event of any change in the authorized number of
directors, each director then continuing to serve as such shall
nevertheless continue as a director of the class of which he or
she is a member until the expiration of his or her current term,
or his or her death, resignation, or removal.


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each annual election, the
directors chosen to succeed those whose terms then expire shall
be of the same class as the directors they succeed, unless by
reason of any intervening changes in the authorized number of
directors, the Board of Directors shall designate one or more
directorships whose term then expires as directorships of
another class in order more nearly to achieve equality of number
of directors among the classes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shareholder may cumulate
votes in the election of directors.

<P align="left">
SEVENTH:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of the corporation, when evaluating any
proposal or offer of another party to (a)&nbsp;make a tender or
exchange offer for any equity security of the corporation;
(b)&nbsp;merge or consolidate the corporation with another
corporation or entity; (c)&nbsp;purchase or otherwise acquire
all or substantially all of the properties and assets of the
corporation; or (d) effect any similar transaction, may, in
connection with the exercise of its judgment in determining what
is in the best interests of the corporation and its
shareholders, give due consideration to all factors they may
consider relevant. Such factors may include, without limitation,
(a)&nbsp;the adequacy, both in amount and form, of the
consideration offered in relation not only to the current market
price of the corporation&#146;s outstanding securities, but also
the current value of the corporation in a freely negotiated
transaction with other potential acquirers and the Board of
Directors&#146; estimate of the corporation&#146;s future value

<P align="center">B-1
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<DIV align="left">
(including the unrealized value of its properties, assets and
prospects) as a going concern, (b)&nbsp;the financial and
managerial resources and future prospects of the acquirer, and
(c)&nbsp;the legal, economic, environmental, regulatory and
social effects of the proposed transaction on the
corporation&#146;s and its subsidiaries&#146; employees,
customers, suppliers, and other affected persons and entities,
and on the communities and geographic areas in which the
corporation and its subsidiaries provide utility service or are
located, and in particular, the effect on the corporation&#146;s
and its subsidiaries&#146; ability to safely and reliably meet
any public utility obligations at reasonable rates.
</DIV>


<P align="left">
EIGHTH:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any action required or permitted to be taken by the shareholders
of this corporation must be taken at a duly called annual
meeting or a special meeting of shareholders of the corporation
and no action may be taken by the written consent of the
shareholders.

<P align="center">
<B>Bylaws</B>

<DIV align="center">
<B>of Pacific Gas and Electric Company</B>
</DIV>

<P align="center">
Article&nbsp;II

<DIV align="center">
(As Proposed to Be Amended)
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number. The exact number of
directors shall be five&nbsp;(5) until changed, within the
limits specified in the Articles of Incorporation, by a
resolution duly adopted by the Board of Directors or an
amendment to this Bylaw duly adopted by the Board. No reduction
of the authorized number of directors shall have the effect of
removing any director before the director&#146;s term of office
expires.

<P align="center">B-2

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<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>
<P>&nbsp;<BR>

<P align="center">
<IMG src="f78257pgpi29-75.gif" alt="(RECYCLE SYMBOL)"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printed
with soybean ink on recycled/recyclable paper.
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="1" noshade>




<P align="left"><FONT size="2"><IMG src="f78257pgf78257l6.gif" alt="PG&#038;E CORPORATION LOGO"></FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P><FONT size="2"><B>Your proxy is solicited on behalf of the PG&#038;E Corporation Board of Directors. Unless contrary
instructions are given on the reverse side of this proxy card, the designated proxies will vote the
PG&#038;E Corporation shares for which they hold proxies FOR Items 1, 2, 3, and 4 and AGAINST Items
10, 11, 12, 13, 14, and 15.</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>



<P><FONT size="2">The undersigned hereby appoints Robert D. Glynn, Jr. and Linda Y.H. Cheng, or either of them, proxies of
the undersigned, with full power of substitution, to vote the stock of the undersigned at the annual meeting
of shareholders of PG&#038;E Corporation, to be held at 1111 California Street, San Francisco, California, on
Wednesday, April&nbsp;17, 2002, at 10:00&nbsp;a.m., and at any adjournment or postponement thereof, as indicated
on this proxy card, and upon all motions and resolutions which may properly come before said meeting,
adjournments, or postponements thereof.
</FONT>
<P align="center"><FONT size="2"><B>(Continued, and to be marked, dated, and signed on the reverse side.)</B></FONT>

<P><FONT size="2">As an alternative to completing and mailing this proxy card, you may execute and submit your proxy and
voting instructions over the Internet at <B>http://www.eproxy.com/pcg/ </B>or by touch-tone telephone at
<B>1-800-435-6710 </B>(from anywhere in the United States or Canada). These Internet and telephone voting
procedures comply with California law.
</FONT>
<P>
<HR size="1" noshade>




<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <U>not</U> submitting your proxy over the Internet or by telephone, please detach here and mail this proxy card in the accompanying envelope. <font face="wingdings">&#217;</font></B></FONT>

<P><FONT size="2"><IMG src="f78257pgf78257l6.gif" alt="PG&#038;E CORPORATION LOGO">
</FONT>

<P align="center"><FONT size="3">ANNUAL MEETING OF SHAREHOLDERS
</FONT>

<P align="center"><FONT size="2"><U>To be held at:</U>
</FONT>

<P align="center"><FONT size="2">Masonic Auditorium<BR>
1111 California Street<BR>
San Francisco, California
</FONT>

<P align="center"><FONT size="2">April&nbsp;17, 2002, at 10:00&nbsp;a.m.
</FONT>

<P align="center"><FONT size="1"><B><font face="wingdings">&#218;</font> Please use the attached ticket to attend the PG&#038;E Corporation Annual Meeting, or you may register at the meeting. <font face="wingdings">&#218;</font></B></FONT>
<P>
<HR size="1" noshade>




<P><FONT size="2">All available space at the Masonic Auditorium Garage at 1101 California Street (adjacent to the Masonic
Auditorium) has been reserved to provide complimentary parking for shareholders. However, capacity is limited.
Please show your annual meeting ticket to the garage attendants as you enter the garage.
</FONT>
<P><FONT size="2"><B>Note: Shareholders may be asked to present valid picture identification, such as a driver&#146;s license or
passport, before being admitted to the meeting. Cameras, recording devices, and other electronic
devices will not be permitted in the auditorium during the annual meeting, other than for PG&#038;E
Corporation purposes. A checkroom will be provided. For your protection, all briefcases, purses,
packages, etc., will be subject to inspection as you enter the meeting. No items will be allowed into the
meeting which might pose a concern for the safety of those attending. We regret any inconvenience this
may cause you.</B>
</FONT>
<P><FONT size="2">Real-time captioning services and assistive listening devices will be available for the hearing impaired. Please
contact an usher at the meeting if you wish to be seated in the real-time captioning section or require an
assistive listening device.
</FONT>
<P>
<HR size="1" noshade>




<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="1" noshade>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="85%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1"><B>Your proxy is solicited on behalf of the PG&#038;E Corporation Board of Directors</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="1">
Please mark<BR>
your votes as<BR>
indicated in<BR>
this example
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="middle"><FONT size="4"><B>&#091;X&#093;</B></FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, 3, AND 4.</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>

        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
FOR<BR>
ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">WITHHOLD<BR>
FOR ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 1.&nbsp;&nbsp;ELECTION OF<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 2.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">RATIFICATION OF APPOINTMENT OF<BR>
INDEPENDENT PUBLIC ACCOUNTANTS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">NOMINEES ARE:</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 3.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">PROPOSAL TO IMPLEMENT<BR>
ENHANCEMENT OF SIMPLE MAJORITY VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top" colspan="5"><FONT size="1">01-David R. Andrews, 02-David A. Coulter,<BR>
03-C. Lee Cox, 04-William S. Davila,<BR>
05-Robert D. Glynn, Jr., 06-David M. Lawrence,<BR>
MD, 07-Mary S. Metz, 08-Carl E. Reichardt,<BR>
09-Barry Lawson Williams<BR><BR>
WITHHOLD vote only for:<BR><BR>
<HR size="1" noshade></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>ITEM 4.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>PROPOSAL TO REDUCE THE AUTHORIZED<BR>
RANGE OF DIRECTORS AND DELETE<BR>
FROM THE BYLAWS THE PROVISION THAT<BR>
RESTATES THE AUTHORIZED RANGE OF<BR>
DIRECTORS AS SET FORTH IN THE<BR>
ARTICLES OF INCORPORATION
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND<BR>
A VOTE <B>AGAINST </B>ITEMS 10, 11, 12, 13, 14,<BR>
AND 15.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="59%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>



</TR>



<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 10.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING INDEPENDENT DIRECTORS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 11.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING POISON PILLS (SHAREHOLDER RIGHTS PLAN)
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 12.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING AUDITOR SERVICES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 13.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING THE BOARD OF DIRECTORS&#146; ROLE
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 14.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING RADIOACTIVE WASTES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 15.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING CONFIDENTIAL VOTING
</FONT></TD>


        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>

        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">

</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Signature
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade></FONT></TD>
</TR>
</TABLE>

<P><FONT size="1"><B>If you are signing for the shareholder, please sign the shareholder&#146;s name and
your name, and specify the capacity in which you act.</B>
</FONT>
<P>
<HR size="1" noshade>




<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font> If you are <U>not</U> submitting your proxy over the Internet or by telephone, please detach here and mail this proxy card in the accompanying envelope. <font face="wingdings">&#217;</font><BR>
(Retain Annual Meeting Ticket below.)</B></FONT>

<P align="center"><FONT size="2"><B>PRIOR TO VOTING, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE PROXY CARD.</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE OVER THE INTERNET:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Go to the website <B>http://www.eproxy.com/pcg/ </B>anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the
instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this proxy form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE BY TELEPHONE:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Using any touch-tone telephone in
the U.S. or Canada, call the <B>toll-free</B> number <B>1-800-435-6710</B>
anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this proxy form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE BY MAIL:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Mark, sign, and date the proxy card.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Detach the proxy card (the top portion of this page) and mail it promptly, in the
accompanying <B>postage-paid</B> envelope.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>Proxies and voting instructions submitted over the Internet or by telephone must be received by<BR>
4:00 p.m., Eastern daylight time, on Tuesday, April&nbsp;16, 2002.</B></FONT>

<P>
<HR size="1" noshade>




<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="left" valign="top"><FONT size="2"><IMG src="f78257pgf78257l5.gif" alt="PG&#038;E CORPORATION LOGO"></FONT></TD>
        <TD align="center" valign="top"><FONT size="3">
<B>2002 Annual Meeting Ticket</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">Ticket for the annual meeting on April&nbsp;17, 2002, at 10:00&nbsp;a.m. to be held at the Masonic Auditorium,
1111 California Street, San Francisco, California. Doors open at 9:00 a.m. You may bypass the shareholder
registration area and present this ticket at the entrance to the auditorium.
</FONT>
<P align="center"><FONT size="1">(See reverse side for additional information.)</FONT>


<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="1" noshade>

<P align="left"><FONT size="2"><IMG src="f78257pgf78257l6.gif" alt="PG&#038;E CORPORATION LOGO"></FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your proxy is solicited on behalf of the PG&#038;E Corporation Board of Directors.
Unless contrary instructions are given on the reverse side of this proxy card,
the designated proxies will vote the PG&#038;E Corporation shares for which they hold
proxies FOR Items 1, 2, 3, and 4 and AGAINST Items 10, 11, 12, 13,
14, and 15.</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Robert D. Glynn, Jr. and Linda Y.H. Cheng, or
either of them, proxies of the undersigned, with full power of substitution, to
vote the stock of the undersigned at the annual meeting of shareholders of PG&#038;E
Corporation, to be held at 1111 California Street, San Francisco, California, on
Wednesday, April&nbsp;17, 2002, at 10:00&nbsp;a.m., and at any adjournment or postponement
thereof, as indicated on this proxy card, and upon all motions and resolutions
which may properly come before said meeting, adjournments, or postponements
thereof.
</FONT>
<P align="center"><FONT size="2"><B>(Continued, and to be marked,
dated, and signed on the reverse side.)</B>
</FONT>


<P>
<HR size="1" noshade>

<P align="center"><FONT size="2"></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="1" noshade>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="85%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1"><B>Your proxy is solicited on behalf of the PG&#038;E Corporation Board of Directors</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="1">
Please mark<BR>
your votes as<BR>
indicated in<BR>
this example
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="middle"><FONT size="4"><B>&#091;X&#093;</B></FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, 3, AND 4.</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>

        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
FOR<BR>
ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">WITHHOLD<BR>
FOR ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 1.&nbsp;&nbsp;ELECTION OF<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 2.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">RATIFICATION OF APPOINTMENT OF<BR>
INDEPENDENT PUBLIC ACCOUNTANTS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">NOMINEES ARE:</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 3.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">PROPOSAL TO IMPLEMENT<BR>
ENHANCEMENT OF SIMPLE MAJORITY VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" colspan="5"><FONT size="1">01-David R. Andrews, 02-David A. Coulter,<BR>
03-C. Lee Cox, 04-William S. Davila,<BR>
05-Robert D. Glynn, Jr., 06-David M. Lawrence,<BR>
MD, 07-Mary S. Metz, 08-Carl E. Reichardt,<BR>
09-Barry Lawson Williams<BR><BR>
WITHHOLD vote only for:<BR><BR>
<HR size="1" noshade></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>ITEM 4.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>PROPOSAL TO REDUCE THE AUTHORIZED<BR>
RANGE OF DIRECTORS AND DELETE<BR>
FROM THE BYLAWS THE PROVISION THAT<BR>
RESTATES THE AUTHORIZED RANGE OF<BR>
DIRECTORS AS SET FORTH IN THE<BR>
ARTICLES OF INCORPORATION
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>


</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND<BR>
A VOTE <B>AGAINST </B>ITEMS 10, 11, 12, 13, 14,<BR>
AND 15.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="59%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 10.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING INDEPENDENT DIRECTORS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 11.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING POISON PILLS (SHAREHOLDER RIGHTS PLAN)
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 12.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING AUDITOR SERVICES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 13.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING THE BOARD OF DIRECTORS&#146; ROLE
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 14.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING RADIOACTIVE WASTES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 15.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING CONFIDENTIAL VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>

        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Signature
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade></FONT></TD>
</TR>
</TABLE>

<P><FONT size="1"><B>If you are signing for the shareholder, please sign the shareholder&#146;s name and
your name, and specify the capacity in which you act.</B>
</FONT>
<P>
<HR size="1" noshade>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<HR size="1" noshade>

<P align="left"><FONT size="2"><IMG src="f78257pgf78257l4.gif" alt="PG&#038;E CORPORATION LOGO"></FONT>


<P align="center"><FONT size="2"><B>2002 ANNUAL MEETING<BR>
PG&#038;E CORPORATION<BR>
RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR<BR>
UNION REPRESENTED EMPLOYEES<BR>
VOTING INSTRUCTIONS TO THE TRUSTEE &#151; 2002</B></FONT>

<P><FONT size="2">TO FIDELITY MANAGEMENT TRUST COMPANY, TRUSTEE:
</FONT>

<P><FONT size="2">Pursuant to the provisions of the PG&#038;E Corporation Retirement Savings Plan and
Retirement Savings Plan for Union Represented Employees, you are instructed to
vote the shares of stock credited to my Plan account as of February&nbsp;19, 2002, at
the annual meeting of shareholders of PG&#038;E Corporation to be held on April&nbsp;17,
2002, and at any adjournment or postponement thereof, as indicated on this
voting instruction card, and upon all motions and resolutions which may properly
come before said meeting, adjournments, or postponements thereof.
</FONT>

<P align="center"><FONT size="2"><B>(Continued, and to be marked, dated, and signed on the reverse side.)</B></FONT>

<P><FONT size="2">TO PARTICIPANTS IN THE RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR
UNION REPRESENTED EMPLOYEES:
</FONT>

<P><FONT size="2">If you sign but do not otherwise complete the card, you will be instructing the
Trustee to vote all shares in accordance with the recommendations of the PG&#038;E
Corporation Board of Directors.
</FONT>

<p>
<HR size="1" noshade>

<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <U>not</U> submitting your voting instructions over the Internet or by
telephone, please detach here and mail this card in the
accompanying envelope.<font face="wingdings">&#217;</font></B></FONT>


<P><FONT size="2">TO PARTICIPANTS IN THE RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR
UNION REPRESENTED EMPLOYEES:
</FONT>

<P><FONT size="2"><B>As a participant, you are entitled to direct the Trustee how to vote the shares
of PG&#038;E Corporation common stock allocated to your account. </B>The above voting
instruction card is provided for your use in giving the Trustee confidential
instructions to vote stock held in your Plan account at PG&#038;E Corporation&#146;s
annual meeting of shareholders on April&nbsp;17, 2002. You have one vote for each
share of PG&#038;E Corporation common stock credited to your account
as of February&nbsp;19, 2002. Enclosed is a joint proxy statement which sets forth the business to
be transacted at the meeting. Please mark your instructions on the above card
and sign, date, and return it in the accompanying envelope. As an alternative to
completing and mailing the card, you may enter your voting instructions by
touch-tone telephone at 1-800-435-6710 (only available in the United States and
Canada) or over the Internet at http://www.eproxy.com/pcg/. These Internet and
telephone voting procedures comply with California law. Stock in your Plan
account for which the Trustee has not received voting instructions will not be
voted by the Trustee. Participants who also own stock outside the Plan will
receive a separate proxy voting instruction card for those shares.
</FONT>

<P>
<HR size="1" noshade>

<P align="center"><FONT size="2"></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="1" noshade>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="85%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1"><B>VOTING INSTRUCTIONS TO THE TRUSTEE - 2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="1">
Please mark<BR>
your votes as<BR>
indicated in<BR>
this example
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="middle"><FONT size="4"><B>&#091;X&#093;</B></FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, 3, AND 4.</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>

        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
FOR<BR>
ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">WITHHOLD<BR>
FOR ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 1.&nbsp;&nbsp;ELECTION OF<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 2.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">RATIFICATION OF APPOINTMENT OF<BR>
INDEPENDENT PUBLIC ACCOUNTANTS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">NOMINEES ARE:</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 3.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">PROPOSAL TO IMPLEMENT<BR>
ENHANCEMENT OF SIMPLE MAJORITY VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" colspan="5"><FONT size="1">01-David R. Andrews, 02-David A. Coulter,<BR>
03-C. Lee Cox, 04-William S. Davila,<BR>
05-Robert D. Glynn, Jr., 06-David M. Lawrence,<BR>
MD, 07-Mary S. Metz, 08-Carl E. Reichardt,<BR>
09-Barry Lawson Williams<BR><BR>
WITHHOLD vote only for:<BR><BR>
<HR size="1" noshade></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>ITEM 4.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>PROPOSAL TO REDUCE THE AUTHORIZED<BR>
RANGE OF DIRECTORS AND DELETE<BR>
FROM THE BYLAWS THE PROVISION THAT<BR>
RESTATES THE AUTHORIZED RANGE OF<BR>
DIRECTORS AS SET FORTH IN THE<BR>
ARTICLES OF INCORPORATION
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS
RECOMMEND A VOTE <B>AGAINST </B>ITEMS 10, 11, 12, 13, 14, AND 15.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="59%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 10.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING INDEPENDENT DIRECTORS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 11.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING POISON PILLS (SHAREHOLDER RIGHTS PLAN)
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 12.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING AUDITOR SERVICES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 13.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING THE BOARD OF DIRECTORS&#146; ROLE
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 14.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING RADIOACTIVE WASTES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 15.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING CONFIDENTIAL VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>

        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>

<p>
<HR size="1" noshade>


<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <U>not</U> submitting your voting instructions over the Internet or by telephone, please detach here and mail this card in the accompanying envelope.<font face="wingdings">&#217;</font></B></FONT>

<P align="center"><FONT size="2"><B>PRIOR TO VOTING, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE VOTING INSTRUCTION CARD.</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE OVER THE
INTERNET:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Go to the website <B>http://www.eproxy.com/pcg/ </B>anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the
instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this voting instruction form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE BY
TELEPHONE:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Using any touch-tone telephone in
the U.S. or Canada, call the <B>toll-free</B> number <B>1-800-435-6710</B>
anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this voting instruction form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE BY MAIL:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Mark, sign, and date the voting instruction card.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Detach the voting instruction card
(the top portion of this page) and mail it promptly, in the
accompanying<B> postage-paid </B>envelope.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>For shares in your Plan account, voting instructions submitted over the Internet, by telephone, or by mail must<BR>
be received by the Trustee by 4:00 p.m., Eastern daylight time, on
Friday, April&nbsp;12, 2002.<BR>
Voting instructions received after that time will not be counted.</B></FONT>

<P align="center"><FONT size="1">(See reverse side for additional information.)</FONT>

<P>
<HR size="1" noshade>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<HR size="1" noshade>

<P align="left"><FONT size="2"><IMG src="f78257pgf78257l4.gif" alt="PG&#038;E CORPORATION LOGO"></FONT>

<P align="center"><FONT size="2"><B>2002 ANNUAL MEETING<BR>
PACIFIC GAS AND ELECTRIC COMPANY<BR>
SAVINGS FUND PLAN<BR>
VOTING INSTRUCTIONS TO THE TRUSTEE &#151; 2002</B></FONT>

<P><FONT size="2">TO STATE STREET BANK AND TRUST COMPANY, TRUSTEE:
</FONT>

<P><FONT size="2">Pursuant to the provisions of the Pacific Gas and Electric Company Savings Fund
Plan, you are instructed to vote the shares of stock credited to my Plan account
as of February&nbsp;19, 2002, at the annual meeting of shareholders of PG&#038;E
Corporation to be held on April&nbsp;17, 2002, and at any adjournment or postponement
thereof, as indicated on this voting instruction card, and upon all motions and
resolutions which may properly come before said meeting, adjournments, or
postponements thereof.
</FONT>

<P align="center"><FONT size="2"><B>(Continued, and to be marked, dated, and signed on the reverse side.)</B></FONT>

<P><FONT size="2">TO PARTICIPANTS IN THE SAVINGS FUND PLAN:
</FONT>

<P><FONT size="2">If you sign but do not otherwise complete the card, you will be instructing the
Trustee to vote all shares in accordance with the recommendations of the PG&#038;E
Corporation Board of Directors.
</FONT>

<P>
<HR size="1" noshade>

<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <U>not</U> submitting your voting instructions over the Internet or by telephone, please detach here and mail this card in the accompanying envelope.<font face="wingdings">&#217;</font></B></FONT>

<P><FONT size="2">TO PARTICIPANTS IN THE SAVINGS FUND PLAN:
</FONT>

<P><FONT size="2"><B>As a participant, you are entitled to direct the Trustee how to vote the shares
of PG&#038;E Corporation common stock allocated to your account. </B>The above voting
instruction card is provided for your use in giving the Trustee of the Plan
confidential instructions to vote your stock held in the Plan at PG&#038;E
Corporation&#146;s annual meeting of shareholders on April&nbsp;17, 2002. You have one
vote for each share of PG&#038;E Corporation common stock credited to your account as
of February&nbsp;19, 2002. Enclosed is a joint proxy statement which sets forth the
business to be transacted at the meeting. Please mark your instructions on the
above card and sign, date, and return it in the accompanying envelope. As an
alternative to completing and mailing the card, you may enter your voting
instructions by touch-tone telephone at 1-800-435-6710 (only available in the
United States and Canada) or over the Internet at http://www.eproxy.com/pcg/.
These Internet and telephone voting procedures comply with California law. Stock
in your Plan account for which the Trustee has not received voting instructions
will not be voted by the Trustee. Participants who also own stock outside the
Plan will receive a separate proxy voting instruction card for those shares.
</FONT>

<P align="center"><FONT size="2"></FONT>

<HR size="1" noshade>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="1" noshade>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="85%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1"><B>VOTING INSTRUCTIONS TO THE
TRUSTEE - 2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="1">
Please mark<BR>
your votes as<BR>
indicated in<BR>
this example
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="middle"><FONT size="4"><B>&#091;X&#093;</B></FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, 3, AND 4.</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>

        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
FOR<BR>
ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">WITHHOLD<BR>
FOR ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 1.&nbsp;&nbsp;ELECTION OF<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 2.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">RATIFICATION OF APPOINTMENT OF<BR>
INDEPENDENT PUBLIC ACCOUNTANTS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">NOMINEES ARE:</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 3.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">PROPOSAL TO IMPLEMENT<BR>
ENHANCEMENT OF SIMPLE MAJORITY VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR valign="bottom">
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" colspan="5"><FONT size="1">01-David R. Andrews, 02-David A. Coulter,<BR>
03-C. Lee Cox, 04-William S. Davila,<BR>
05-Robert D. Glynn, Jr., 06-David M. Lawrence,<BR>
MD, 07-Mary S. Metz, 08-Carl E. Reichardt,<BR>
09-Barry Lawson Williams<BR><BR>
WITHHOLD vote only for:<BR><BR>
<HR size="1" noshade></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>ITEM 4.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>PROPOSAL TO REDUCE THE AUTHORIZED<BR>
RANGE OF DIRECTORS AND DELETE<BR>
FROM THE BYLAWS THE PROVISION THAT<BR>
RESTATES THE AUTHORIZED RANGE OF<BR>
DIRECTORS AS SET FORTH IN THE<BR>
ARTICLES OF INCORPORATION
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR valign="bottom">
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND<BR>
A VOTE <B>AGAINST </B>ITEMS 10, 11, 12, 13, 14,<BR>
AND 15.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="59%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 10.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING INDEPENDENT DIRECTORS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 11.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING POISON PILLS (SHAREHOLDER RIGHTS PLAN)
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 12.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING AUDITOR SERVICES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 13.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING THE BOARD OF DIRECTORS&#146; ROLE
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 14.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING RADIOACTIVE WASTES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 15.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING CONFIDENTIAL VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>

        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>

<P>
<HR size="1" noshade>


<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <u>not</u> submitting your voting instructions over the Internet or by telephone, please detach here and mail this card in the accompanying envelope.<font face="wingdings">&#217;</font></B></FONT>

<P align="center"><FONT size="2"><B>PRIOR TO VOTING, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE VOTING INSTRUCTION CARD.</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><u>TO VOTE OVER THE
INTERNET:</u></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
   <TD width="10%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="88%"><FONT size="2">Go to the website <B>http://www.eproxy.com/pcg/ </B>anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the
instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this voting instruction form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><u>TO VOTE BY
TELEPHONE:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Using any touch-tone telephone in
the U.S. or Canada, call the <B>toll-free</B> number <B>1-800-435-6710</B>
anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this voting instruction form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><u>TO VOTE BY
MAIL:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Mark, sign, and date the voting instruction card.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Detach the voting instruction card
(the top portion of this page) and mail it promptly, in the
accompanying<B> postage-paid </B>envelope.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>For shares in your Plan account, voting instructions submitted over the Internet, by telephone, or by mail must<BR>
be received by the Trustee by 4:00 p.m., Eastern daylight time, on Monday, April&nbsp;15, 2002.<BR>
Voting instructions received after that time will not be counted.</B></FONT>

<P align="center"><FONT size="1">(See reverse side for additional information.)</FONT>

<P>
<HR size="1" noshade>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<HR size="1" noshade>

<P align="left"><FONT size="2"><IMG src="f78257pgf78257l4.gif" alt="PG&#038;E CORPORATION LOGO"></FONT>

<P align="center"><FONT size="2"><B>2002 ANNUAL MEETING<BR>
PG&#038;E GAS TRANSMISSION-NORTHWEST CORPORATION<BR>
SAVINGS FUND PLAN<BR>
VOTING INSTRUCTIONS TO THE TRUSTEE &#151; 2002</B></FONT>

<P><FONT size="2">TO MERRILL LYNCH TRUST COMPANY, FSB, TRUSTEE:
</FONT>

<P><FONT size="2">Pursuant to the provisions of the PG&#038;E Gas Transmission &#151; Northwest Corporation
Savings Fund Plan, you are instructed to vote the shares of stock credited to my
Plan account as of February&nbsp;19, 2002, at the annual meeting of shareholders of
PG&#038;E Corporation to be held on April&nbsp;17, 2002, and at any adjournment or
postponement thereof, as indicated on this voting instruction card, and upon all
motions and resolutions which may properly come before said meeting,
adjournments, or postponements thereof.
</FONT>

<P align="center"><FONT size="1"></FONT>

<P align="center"><FONT size="2"><B>(Continued, and to be marked, dated, and signed on the reverse side.)</B></FONT>

<P><FONT size="2">TO PARTICIPANTS IN THE SAVINGS FUND PLAN:
</FONT>

<P><FONT size="2">If you sign but do not otherwise complete the card, you will be instructing the
Trustee to vote all shares in accordance with the recommendations of the PG&#038;E
Corporation Board of Directors.
</FONT>
<p>
<HR size="1" noshade>

<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <U>not</U> submitting your voting instructions over the Internet or by telephone, please detach here and mail this card in the accompanying envelope.<font face="wingdings">&#217;</font></B></FONT>

<P><FONT size="2">TO PARTICIPANTS IN THE SAVINGS FUND PLAN:
</FONT>

<P><FONT size="2"><B>As a participant, you are entitled to direct the Trustee how to vote the shares
of PG&#038;E Corporation common stock allocated to your account. </B>The above voting
instruction card is provided for your use in giving the Trustee of the Plan
confidential instructions to vote your stock held in the Plan at PG&#038;E
Corporation&#146;s annual meeting of shareholders on April&nbsp;17, 2002. You have one
vote for each share of PG&#038;E Corporation common stock credited to your account as
of February&nbsp;19, 2002. Enclosed is a joint proxy statement which sets forth the
business to be transacted at the meeting. Please mark your instructions on the
above card and sign, date, and return it in the accompanying envelope. As an
alternative to completing and mailing the card, you may enter your voting
instructions by touch-tone telephone at 1-800-435-6710 (only available in the
United States and Canada) or over the Internet at http://www.eproxy.com/pcg/.
These Internet and telephone voting procedures comply with California law. Stock
in your Plan account for which the Trustee has not received voting instructions
will not be voted by the Trustee. Participants who also own stock outside the
Plan will receive a separate proxy voting instruction card for those shares.
</FONT>

<P>
<HR size="1" noshade>

<P align="center"><FONT size="2"></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<HR size="1" noshade>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="85%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1"><B>VOTING INSTRUCTIONS TO THE TRUSTEE - 2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top" nowrap><FONT size="1">
Please mark<BR>
your votes as<BR>
indicated in<BR>
this example
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="middle"><FONT size="4"><B>&#091;X&#093;</B></FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, 3, AND 4.</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>

        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
FOR<BR>
ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">WITHHOLD<BR>
FOR ALL
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 1.&nbsp;&nbsp;ELECTION OF<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">
&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 2.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">RATIFICATION OF APPOINTMENT OF<BR>
INDEPENDENT PUBLIC ACCOUNTANTS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">NOMINEES ARE:</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">ITEM 3.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">PROPOSAL TO IMPLEMENT<BR>
ENHANCEMENT OF SIMPLE MAJORITY VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR valign="bottom">
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" colspan="5"><FONT size="1">01-David R. Andrews, 02-David A. Coulter,<BR>
03-C. Lee Cox, 04-William S. Davila,<BR>
05-Robert D. Glynn, Jr., 06-David M. Lawrence,<BR>
MD, 07-Mary S. Metz, 08-Carl E. Reichardt,<BR>
09-Barry Lawson Williams<BR><BR>
WITHHOLD vote only for:<BR><BR>
<HR size="1" noshade></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>ITEM 4.
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1"><BR>PROPOSAL TO REDUCE THE AUTHORIZED<BR>
RANGE OF DIRECTORS AND DELETE<BR>
FROM THE BYLAWS THE PROVISION THAT<BR>
RESTATES THE AUTHORIZED RANGE OF<BR>
DIRECTORS AS SET FORTH IN THE<BR>
ARTICLES OF INCORPORATION
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1"><BR>&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
<TR valign="bottom">
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="1">PG&#038;E CORPORATION DIRECTORS RECOMMEND<BR>
A VOTE <B>AGAINST </B>ITEMS 10, 11, 12, 13, 14, AND 15.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="59%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">FOR
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">AGAINST
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 10.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING INDEPENDENT DIRECTORS
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 11.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING POISON PILLS (SHAREHOLDER RIGHTS PLAN)
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 12.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING AUDITOR SERVICES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 13.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING BOARD OF DIRECTORS&#146; ROLE
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 14.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING RADIOACTIVE WASTES
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">ITEM 15.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
SHAREHOLDER PROPOSAL REGARDING CONFIDENTIAL VOTING
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="1">&#091;&nbsp;&nbsp;&nbsp;&#093;</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>

        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Signature
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><BR><HR size="1" noshade></FONT></TD>
</TR>
</TABLE>

<P>
<HR size="1" noshade>


<P align="center"><FONT size="1"><B><font face="wingdings">&#217;</font>
If you are <U>not</U> submitting your voting instructions over the Internet or by telephone, please detach
here and mail this card in the accompanying envelope. <font face="wingdings">&#217;</font></B></FONT>

<P align="center"><FONT size="2"><B>PRIOR TO VOTING, READ THE
ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE VOTING INSTRUCTION CARD.</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE OVER THE INTERNET:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Go to the website <B>http://www.eproxy.com/pcg/ </B>anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the
instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the
<B>11-digit Control Number </B>located in the lower-right portion of
this voting instruction form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE BY TELEPHONE:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Using any touch-tone telephone in
the U.S. or Canada, call the <B>toll-free</B> number <B>1-800-435-6710</B>
anytime, <B>24 hours a day, 7&nbsp;days a week </B>and follow the instructions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">When prompted, enter the <B>11-digit Control Number </B>located in the lower-right portion of this voting instruction form.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="97%" colspan="3"><FONT size="2"><B><U>TO VOTE BY MAIL:</U></B></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">1.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Mark, sign, and date the voting instruction card.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" align="right" nowrap><FONT size="2">2.</FONT></TD>
   <TD width="1%" nowrap><FONT size="2">&nbsp;&nbsp;</FONT></TD>
   <TD width="97%"><FONT size="2">Detach the voting instruction card (the top portion of this page) and mail it promptly, in the accompanying
<B>postage-paid</B> envelope.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"><B>For shares in your Plan account, voting instructions submitted over the Internet, by telephone, or by mail must<BR>
be received by the Trustee by 4:00 p.m., Eastern daylight time, on Friday, April&nbsp;12, 2002.<BR>
Voting instructions received after that time will not be counted.</B></FONT>

<P align="center"><FONT size="1">(See reverse side for additional information.)</FONT>

<P align="center"><FONT size="2"></FONT>
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end

</TEXT>
</DOCUMENT>
</SUBMISSION>
