<SUBMISSION>
<ACCESSION-NUMBER>0000950149-05-000065
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>22
<PERIOD>20050420
<FILING-DATE>20050311
<DATE-OF-FILING-DATE-CHANGE>20050311
<EFFECTIVENESS-DATE>20050311
<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>05674509
</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>f04451adef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">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 <FONT size="2">&#091;<FONT face="wingdings">&#252;</FONT>&#093;</FONT>
</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;<FONT face="wingdings">&#252;</FONT>&#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="4"><B>PG&#38;E Corporation</B></FONT>
<HR size="1" noshade>
<DIV align="center"><FONT size="2"><B>(Name of Registrant as Specified In Its Charter)</B></FONT></DIV>

<BR CLEAR="all">
<P align="center"><FONT size="3"><B>&nbsp;</B></FONT>
<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;<FONT face="wingdings">&#252;</FONT>&#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="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445120.gif" alt="(PG&#38;E LOGO)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B><I>PG&#38;E Corporation and Pacific Gas and Electric
    Company<BR>
    <BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>
    </I></B>Joint Notice of 2005 Annual
    Meetings&nbsp;&#149;&nbsp;Joint Proxy Statement</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    March&nbsp;15, 2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    To the Shareholders of PG&#38;E Corporation and Pacific Gas and
    Electric Company:</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    You are cordially invited to attend the 9th annual meeting of
    PG&#38;E Corporation and the 99th annual meeting of Pacific Gas
    and Electric Company. The meetings will be held concurrently on
    Wednesday, April&nbsp;20, 2005, at 10:00&nbsp;a.m., at the
    San&nbsp;Ramon Valley Conference Center, 3301 Crow Canyon Road,
    San&nbsp;Ramon, California.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The accompanying Joint Proxy Statement contains information
    about matters to be considered at both the PG&#38;E Corporation
    and Pacific Gas and Electric Company annual meetings. At the
    annual meetings, PG&#38;E 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 2005 for each company. 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&nbsp;&#38; Touche LLP as the
    independent public accountants for 2005, as set forth in the
    Joint Proxy Statement.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    In addition to the matters described above, PG&#38;E Corporation
    shareholders will be asked to vote on a management proposal to
    adopt a new Long-Term Incentive Plan for non-employee directors,
    officers, key management employees, and other eligible
    participants. For the reasons stated in the Joint Proxy
    Statement, the PG&#38;E Corporation Board of Directors and
    management recommend that PG&#38;E Corporation shareholders vote
    &#147;FOR&#148; this proposal.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    PG&#38;E Corporation shareholders also will be asked to vote on
    the proposals submitted by individual PG&#38;E 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
    Corporation Board of Directors and management recommend that
    PG&#38;E Corporation shareholders vote &#147;AGAINST&#148; these
    proposals.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Your vote on the business at the annual meetings is important.
    For your convenience, we offer you the option of 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>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

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

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="f04451af0445101.gif" alt="-s- ROBERT D. GLYNN, JR."></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <IMG src="f04451af0445128.gif" alt="-s- Peter A. Darbee"></TD>
</TR>

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

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

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

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

</TABLE>
</CENTER>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Table of Contents
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px"><A href="#101">
    Joint Notice of Annual Meetings of Shareholders</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px"><A href="#102">
    Joint Proxy Statement</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#103">
    Questions and Answers</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#104">
    Corporate Governance Guidelines</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#105">
    Item&nbsp;No.&nbsp;1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
    of Directors</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#106">
    Information Regarding the Boards of Directors of PG&#38;E
    Corporation and<BR>
    Pacific Gas and Electric Company</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#107">
    Item&nbsp;No.&nbsp;2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratification
    of Appointment of Independent Public Accountants</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#108">
    Information Regarding the Independent Public Accountants of
    PG&#38;E Corporation and Pacific Gas and Electric Company</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#109">
    Item&nbsp;No.&nbsp;3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
    Proposal&nbsp;Regarding a Long-Term Incentive Plan<BR>
    (To Be Voted on by PG&#38;E Corporation Shareholders Only)</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#110">
    Item&nbsp;Nos. 4-8:&nbsp;PG&#38;E Corporation Shareholder
    Proposals<BR>
    (To Be Voted on by PG&#38;E Corporation Shareholders Only)</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#111">
    Executive Compensation</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>43</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#112">
    Report of the Audit Committees</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>54</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#113">
    Other Information</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>55</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


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

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>

<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Joint Notice of Annual Meetings of Shareholders
</DIV>

<DIV align="center" style="font-size: 18pt;">
of PG&#38;E Corporation and Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
March&nbsp;15, 2005
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 23pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To the Shareholders of PG&#38;E Corporation and Pacific Gas and
Electric Company:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The annual meetings of shareholders of PG&#38;E Corporation and
Pacific Gas and Electric Company will be held concurrently on
Wednesday, April&nbsp;20, 2005, at 10:00&nbsp;a.m., at the
San&nbsp;Ramon Valley Conference Center, 3301 Crow Canyon Road,
San&nbsp;Ramon, California, for the purpose of considering the
following matters:
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.&nbsp;</TD>
    <TD align="left">
    For PG&#38;E Corporation and Pacific Gas and Electric Company
    shareholders, to elect the following 9 and 10&nbsp;directors,
    respectively, to each Board for the ensuing year:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="85%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    David R. Andrews</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Peter A. Darbee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Barbara L. Rambo</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Leslie S. Biller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Robert D. Glynn,&nbsp;Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Gordon R. Smith*</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    David A. Coulter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Mary S. Metz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Barry Lawson Williams</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    C. Lee Cox</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>2.&nbsp;</TD>
    <TD align="left">
    For PG&#38;E Corporation and Pacific Gas and Electric Company
    shareholders, to ratify each Audit Committee&#146;s appointment
    of Deloitte&nbsp;&#38; Touche LLP as independent public
    accountants for 2005 for PG&#38;E Corporation and Pacific Gas
    and Electric Company,</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.&nbsp;</TD>
    <TD align="left">
    For PG&#38;E Corporation shareholders only, to act upon a
    management proposal to adopt a new Long-Term Incentive Plan, as
    described on pages&nbsp;30 through 37 of the Joint Proxy
    Statement,</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.&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;38 through 42 of the Joint Proxy
    Statement, if such proposals are properly presented at the
    meeting,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>5.&nbsp;</TD>
    <TD align="left">
    For PG&#38;E Corporation and Pacific Gas and Electric Company
    shareholders, to transact any other business that may properly
    come before the meetings and any adjournments or postponements
    of the meetings.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Boards of Directors have set the close of business on
February&nbsp;22, 2005, as the record date for determining which
shareholders are entitled to receive notice of and to vote at
the annual meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
By Order of the Boards of Directors of
</DIV>

<DIV align="left" style="font-size: 10pt;">
PG&#38;E Corporation and Pacific Gas and Electric Company,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="f04451af0445102.gif" alt="(-s- Linda Y.H. Cheng)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Linda Y.H. Cheng
</DIV>

<DIV align="left" style="font-size: 10pt;">
Vice President and Corporate Secretary
</DIV>

<DIV align="left" style="font-size: 10pt;">
PG&#38;E Corporation and
</DIV>

<DIV align="left" style="font-size: 10pt;">
Pacific Gas and Electric Company
</DIV>

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

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>

<DIV align="center" style="font-size: 18pt;">
PG&#38;E Corporation and Pacific Gas and Electric Company
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Joint Proxy Statement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Boards of Directors of PG&#38;E Corporation and Pacific Gas
and Electric Company (Boards) are soliciting proxies for use at
the companies&#146; annual meetings of shareholders, including
any adjournments or postponements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
This Joint Proxy Statement describes certain matters that
management expects will be voted on at the annual meetings,
gives you information about PG&#38;E Corporation and Pacific Gas
and Electric Company and their respective Boards and management,
and provides general information about the voting process and
attendance at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
A Joint 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;22, 2005. This date is
the record date set by the Boards to determine which
shareholders may vote at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Joint Proxy Statement and proxy cards, together with the
PG&#38;E Corporation and Pacific Gas and Electric Company 2004
annual report to shareholders, were mailed to shareholders
beginning on or about March&nbsp;15, 2005.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Questions and Answers</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>When and where will the annual meetings be held?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The annual meetings will be held concurrently on Wednesday,
April&nbsp;20, 2005, at 10:00&nbsp;a.m., at the San&nbsp;Ramon
Valley Conference Center, 3301 Crow Canyon Road, San&nbsp;Ramon,
California.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The San&nbsp;Ramon Valley Conference Center is located in
San&nbsp;Ramon right off Interstate&nbsp;680, approximately
35&nbsp;miles east of San&nbsp;Francisco. From Highway&nbsp;680,
take the Crow Canyon Road exit, go east on Crow Canyon Road past
Camino Ramon, and turn right into the Conference Center parking
lot.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How do I vote?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
You can attend and vote at the annual meetings, or the
proxyholders will vote your shares as you indicate on your
proxy. There are three ways to submit your proxy:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>1.&nbsp;</TD>
    <TD align="left">
    Over the Internet at <U>http://www.proxyvoting.com/pcg</U>,</TD>
</TR>

<TR valign="top">
    <TD>2.&nbsp;</TD>
    <TD align="left">
    By telephone by calling toll-free 1-866-540-5760, and</TD>
</TR>

<TR valign="top">
    <TD>3.&nbsp;</TD>
    <TD align="left">
    By completing your proxy card and mailing it in the enclosed
    postage-paid envelope.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you submit your proxy over the Internet or by telephone, your
vote must be received by 11:59&nbsp;p.m., Eastern time, on
Tuesday, April&nbsp;19, 2005. These Internet and telephone
voting procedures comply with California law.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What am I voting on and what are the Board&#146;s voting
recommendations?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation shareholders will be voting on the
following items:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap>Item</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Board&#146;s Voting</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B>No.</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Recommendation</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

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

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

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Management Proposal</TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2" valign="top" nowrap>For this proposal</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4-8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Shareholder Proposals</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Against these proposals</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Pacific Gas and Electric Company shareholders will be voting on
the following items:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap>Item</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Board&#146;s Voting</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B>No.</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Recommendation</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

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

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

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What vote is required to approve each item?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To elect directors:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The 9 nominees for director of PG&#38;E Corporation and the 10
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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To approve other items described in the Joint Proxy Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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
</DIV>

<P align="center" style="font-size: 10pt;">1

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

<DIV align="left" style="font-size: 10pt;">
definition below) will not be considered in determining whether
or not a proposal is approved.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What is a broker non-vote?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you hold your shares indirectly through a broker, bank,
trustee, nominee, or other third party, that party is the
registered holder 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 holder
with instructions as to how you want your shares to be voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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 allowed to vote on those other
matters without instructions from the beneficial owners of the
shares. Broker non-votes are counted when determining whether
the necessary quorum of shareholders is present or represented
at each annual meeting.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Will shareholders be asked to vote on matters other than
those described in the Joint Proxy Statement?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
At this time, the companies have not received notice of any
other matters that will be raised at the Joint Annual Meeting.
If other matters are raised during the Joint Annual Meeting,
shareholders will vote on those matters only if PG&#38;E
Corporation or Pacific Gas and Electric Company, as appropriate,
determines that those other matters satisfy advance notice
requirements in that company&#146;s Bylaws and otherwise
properly come before the Joint Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If other matters properly come before the Joint Annual Meeting,
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>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What shares are included on my proxy card?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For PG&#38;E Corporation registered shareholders, the shares
included on your proxy card represent all the shares of PG&#38;E
Corporation common stock in your account, including shares in
the Investor Services Program for Shareholders of PG&#38;E
Corporation. For Pacific Gas and Electric Company registered
shareholders, the shares included on your proxy card represent
all the shares of Pacific Gas and Electric Company preferred
stock in your account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you are a registered 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 that 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, please contact our transfer
agent, Mellon Investor Services LLC, toll-free at 1-800-719-9056.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How many copies of the Joint Proxy Statement and annual
report will I receive?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you are a registered shareholder of PG&#38;E Corporation
common stock and/or Pacific Gas and Electric Company preferred
stock, you will receive one Joint Proxy Statement and one annual
report to shareholders for each account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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 Joint Proxy
Statements and annual reports than the number of beneficial
owners at that address. Securities and Exchange Commission rules
permit ADP to deliver only one Joint 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you receive your proxy materials through ADP and (1)&nbsp;you
wish to receive a separate copy of this Joint Proxy Statement
and the 2004 annual report to shareholders, or any future proxy
statement or annual report, or (2)&nbsp;you share an address
with other beneficial owners who also receive their proxy
materials through ADP and wish to request delivery of a single
copy of annual reports or proxy statements to the shared
address, please contact the office of the Corporate Secretary of
PG&#38;E Corporation or Pacific Gas and Electric Company, as
appropriate, at One Market, Spear Tower, Suite&nbsp;2400,
San&nbsp;Francisco, CA 94105, or call 1-415-267-7070.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What if I return my proxy but I do not specify how I want my
shares voted?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation proxyholders will vote those shares
&#147;For&#148; Items&nbsp;1, 2, and 3, and &#147;Against&#148;
Items&nbsp;4 through 8. The Pacific Gas and Electric Company
proxyholders will vote those shares &#147;For&#148; Items&nbsp;1
and&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What if I do not submit my proxy?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Your shares will not be voted if you do not provide a proxy or
vote at the Joint Annual Meeting.
</DIV>

<P align="center" style="font-size: 10pt;">2

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<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Can I change my proxy vote?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Yes. You can change your proxy vote or revoke your proxy any
time before it is exercised by (1)&nbsp;returning a signed proxy
card with a later date, (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.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Is my vote confidential?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Yes. PG&#38;E Corporation and Pacific Gas and Electric Company
each have adopted a confidential voting policy under which
shareholder votes are revealed only 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.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Who will count the votes?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mellon Investor Services LLC will act as the proxy tabulators
and the inspectors of election for the 2005 annual meetings.
Mellon Investor Services LLC is independent of PG&#38;E
Corporation and Pacific Gas and Electric Company and the
companies&#146; respective directors, officers, and employees.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How many shares are eligible to vote at the annual
meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On February&nbsp;22, 2005, there were 396,862,109&nbsp;shares of
PG&#38;E Corporation common stock, without par value,
outstanding and entitled to vote. Each share is entitled to one
vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On February&nbsp;22, 2005, there were 16,558,280&nbsp;shares of
Pacific Gas and Electric Company preferred stock, $25&nbsp;par
value, and 321,314,760&nbsp;shares of Pacific Gas and Electric
Company common stock, $5 par value, outstanding and entitled to
vote. Each share is entitled to one vote.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>May I attend the annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
All shareholders of record as of the close of business on
February&nbsp;22, 2005, may attend the Joint Annual Meeting of
PG&#38;E Corporation and Pacific Gas and Electric Company. You
must have an admission ticket to attend the annual meetings.
Also, shareholders will be asked to present valid photo
identification, such as a driver&#146;s license or passport,
before being admitted to the meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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. 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 an admission ticket to you. If you cannot get a legal
proxy in time, we will issue you an admission ticket 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;22, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Cameras, tape recorders, and other electronic recording devices
will not be allowed in the meetings, other than for PG&#38;E
Corporation and Pacific Gas and Electric Company purposes. No
items will be allowed into the meetings that might pose a safety
or security risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Real-time captioning services and assistive listening devices
will be available at the meetings. Please contact an usher if
you wish to be seated in the real-time captioning section or if
you need an assistive listening device. Audio cassette
recordings of the meetings may be requested by calling the
office of the Corporate Secretary at 1-415-267-7070.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>May I bring a guest to the annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each registered shareholder or beneficial owner may bring up to
a total of three of the following individuals to the Joint
Annual Meeting: (1)&nbsp;a spouse or domestic partner,
(2)&nbsp;legal proxies, (3)&nbsp;qualified representatives
presenting the shareholder&#146;s proposal, or
(4)&nbsp;financial or legal advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Shareholders must notify the Corporate Secretary in advance if
they intend to bring any legal proxy, qualified representative,
or advisor to the annual meeting. The notice must include the
name and address of the legal proxy, representative, or advisor,
and must be received at the principal executive office of the
appropriate company by <U>5:00&nbsp;p.m., Pacific time, on
April&nbsp;13, 2005</U>, in order to allow enough time for
issuance and delivery of additional admission tickets. We
recommend that shareholders send their notice by a method that
allows them to determine when the notice was received at the
principal executive office of the appropriate company.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How will the annual meetings be conducted?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The company officer chairing the meetings has the authority
necessary to preside over the meetings and to make any and all
determinations regarding the conduct of the meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
After the official items of business on the agenda are
introduced, there will be an opportunity for discussion
</DIV>

<P align="center" style="font-size: 10pt;">3

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<DIV align="left" style="font-size: 10pt;">
concerning these items. Questions or comments must
relate specifically to the items being considered. If the item
being considered is a shareholder proposal described in the
Joint Proxy Statement, the proponent or the proponent&#146;s
qualified representative may make a statement about that
proposal.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Will I be able to ask questions during the annual
meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
After consideration of the official items of business, there
will be a general question and answer period. Questions and
comments should pertain to corporate performance or matters of
interest to shareholders generally; they should not relate to
items of business already introduced and discussed. The meeting
is not a forum to present general economic, political, or other
views that are not directly related to the business of PG&#38;E
Corporation or Pacific Gas and Electric Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Shareholders will be recognized on a rotating basis. If you wish
to speak, please raise your hand and wait to be recognized. When
you are called upon, please direct your questions and comments
to the company officer chairing the meetings. Each shareholder
who is called upon will have a maximum of three minutes on any
one question or comment.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How do PG&#38;E Corporation and Pacific Gas and Electric
Company select nominees for director?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Boards of Directors of PG&#38;E Corporation and Pacific Gas
and Electric Company each select nominees based on
recommendations received from the PG&#38;E Corporation
Nominating, Compensation, and Governance Committee. The
Committee&#146;s recommendations are based upon a review of the
qualifications of Board candidates, and consultation with the
PG&#38;E Corporation Chairman of the Board, the PG&#38;E
Corporation Chief Executive Officer, and the Pacific Gas and
Electric Company Chairman of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee receives recommendations for director nominees
from a variety of sources, including shareholders, management,
and Board members. The Committee reviews all recommended
candidates at the same time and uses the same review criteria
for all candidates.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What are the qualifications for director?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Board members should be qualified, dedicated, ethical, and
highly regarded individuals who have experience relevant to the
company&#146;s operations and understand the complexities of
that company&#146;s business environment. The Nominating,
Compensation, and Governance Committee reviews the appropriate
skills and characteristics required of Board members in the
context of the current composition of each company&#146;s Board,
and submits its recommendations to the applicable Board for
review and approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In conducting this review, the Nominating, Compensation, and
Governance Committee considers the requirements for director
independence contained in each company&#146;s Corporate
Governance Guidelines, as well as diversity, age, skills, and
any other factors that it deems appropriate, given the current
needs of the Board and that company.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>May I recommend someone for PG&#38;E Corporation and Pacific
Gas and Electric Company to consider as a director nominee?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Shareholders may recommend a person to be a director of PG&#38;E
Corporation or Pacific Gas and Electric Company, as applicable,
by writing to that company&#146;s Corporate Secretary. Each
recommendation must include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.&nbsp;</TD>
    <TD align="left">
    A brief description of the candidate,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.&nbsp;</TD>
    <TD align="left">
    The candidate&#146;s name, age, business address, and residence
    address,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.&nbsp;</TD>
    <TD align="left">
    The candidate&#146;s principal occupation and the class and
    number of shares of the company&#146;s stock owned by the
    candidate,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.&nbsp;</TD>
    <TD align="left">
    Any other information that would be required under the rules of
    the Securities and Exchange Commission in a proxy statement
    listing the candidate as a nominee for director.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Recommended candidates may be required to provide additional
information.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>May I nominate someone to be a director during the annual
meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you would like to nominate an individual for director of
either PG&#38;E Corporation or Pacific Gas and Electric Company
during the Joint Annual Meeting, you must provide timely and
proper written notice of the nomination in the manner described
in the Bylaws of the appropriate company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
While you should consult the Bylaws for specific requirements,
your notice generally should include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.&nbsp;</TD>
    <TD align="left">
    A brief description of your nomination,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.&nbsp;</TD>
    <TD align="left">
    Your name and address, as they appear in the company&#146;s
    records,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.&nbsp;</TD>
    <TD align="left">
    The class and number of shares of the company&#146;s stock that
    you own,</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt;">4

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>4.&nbsp;</TD>
    <TD align="left">
    Any material interest you may have in the nomination,</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>5.&nbsp;</TD>
    <TD align="left">
    The nominee&#146;s name, age, business address, and residence
    address,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>6.&nbsp;</TD>
    <TD align="left">
    The nominee&#146;s principal occupation and the class and number
    of shares of the company&#146;s stock owned by the
    nominee,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>7.&nbsp;</TD>
    <TD align="left">
    Any other information that would be required under the rules of
    the Securities and Exchange Commission in a proxy statement
    listing the nominee as a candidate for director.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Notices of director nominations that shareholders wish to bring
before the 2006 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 <U>5:00&nbsp;p.m., Pacific time, on January&nbsp;27,
2006</U>. If you wish to submit a nomination for a director
candidate, we recommend that you use a method that allows you to
determine when the nomination was received at the principal
executive office of the appropriate company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For a copy of either company&#146;s Bylaws, send a written
request to that company&#146;s Corporate Secretary.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Where can I obtain information about the PG&#38;E Corporation
or Pacific Gas and Electric Company Corporate Governance
Guidelines and Code of Conduct?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Corporate Governance Guidelines for PG&#38;E Corporation and
Pacific Gas and Electric Company are included in this Joint
Proxy Statement on pages&nbsp;7 through 13.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following documents are available on PG&#38;E
Corporation&#146;s website, <U>www.pgecorp.com</U>, or Pacific
Gas and Electric Company&#146;s website, <U>www.pge.com</U>:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    PG&#38;E Corporation&#146;s and Pacific Gas and Electric
    Company&#146;s codes of conduct and ethics that apply to each
    company&#146;s directors and employees, including executive
    officers,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    PG&#38;E Corporation&#146;s and Pacific Gas and Electric
    Company&#146;s Corporate Governance Guidelines,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Charters of key Board committees including charters for the
    companies&#146; Audit Committees and the PG&#38;E Corporation
    Nominating, Compensation, and Governance Committee.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Shareholders also may obtain print copies of these documents by
sending a written request to the company&#146;s Corporate
Secretary.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>When are shareholder proposals due for the 2006 annual
meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you would like to submit a proposal to be included in either
company&#146;s proxy statement for the 2006 annual meetings, the
company&#146;s Corporate Secretary must receive your proposal by
<U>5:00&nbsp;p.m., Pacific time, on November&nbsp;15, 2005</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you would like to introduce any other business at either
company&#146;s 2006 annual meeting, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For any other business that shareholders wish to bring before
the 2006 annual meetings of PG&#38;E Corporation or Pacific Gas
and Electric Company, notices of that business must be received
at the principal executive office of the appropriate company no
later than <U>5:00&nbsp;p.m., Pacific time, on January&nbsp;27,
2006</U>. However, if the 2006 annual meeting of either company
is scheduled on a date that differs by more than 30&nbsp;days
from the anniversary date of the 2005 Joint Annual Meeting, the
shareholder&#146;s notice will be timely if it is received no
later than the tenth day after the date on which that company
publicly discloses the date of its 2006 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you wish to submit a shareholder proposal or notice of other
business to be brought before the 2006 annual meetings, we
recommend that you use a method that allows you to determine
when the shareholder proposal or notice of other business was
received at the principal executive office of the company.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How much did this proxy solicitation cost?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation and Pacific Gas and Electric Company hired
D.F. King&nbsp;&#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.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What is the address of the principal executive office of
PG&#38;E Corporation or Pacific Gas and Electric Company?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation
</DIV>

<DIV align="left" style="font-size: 10pt;">
One Market, Spear Tower, Suite&nbsp;2400
</DIV>

<DIV align="left" style="font-size: 10pt;">
San&nbsp;Francisco, CA 94105
</DIV>

<P align="center" style="font-size: 10pt;">5

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10pt;">
77 Beale Street, 32nd&nbsp;Floor
</DIV>

<DIV align="left" style="font-size: 10pt;">
San&nbsp;Francisco, CA 94105
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How do I contact the directors or officers of PG&#38;E
Corporation or Pacific Gas and Electric Company?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Correspondence to the PG&#38;E Corporation and Pacific Gas and
Electric Company Boards of Directors or any individual directors
(including the non-employee directors as a whole, or the Chair
of the PG&#38;E Corporation Nominating, Compensation, and
Governance Committee, who serves as lead director) or officers
should be sent in care of the Corporate Secretary to the
principal executive office of the company. Correspondence
addressed to either company&#146;s Board of Directors as a body,
or to all of the directors in their entirety, will be sent to
the Chair of the Nominating, Compensation, and Governance
Committee. The Corporate Secretary will regularly provide each
Board with a summary of all such shareholder communications that
the Corporate Secretary receives on behalf of that Board. The
Boards of Directors of PG&#38;E Corporation and Pacific Gas and
Electric Company have approved this process for shareholders to
send communications to the Boards of Directors.
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Your vote is important.</B>
</DIV>

<DIV align="left" style="font-size: 11pt;">
<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" style="font-size: 10pt;">6

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<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Corporate Governance Guidelines
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
December&nbsp;15, 2004
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Corporate Governance Commitment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation and Pacific Gas and Electric Company have a
commitment to good corporate governance practices. These
practices provide a framework within which the Boards of
Directors and management of PG&#38;E Corporation and Pacific Gas
and Electric Company can pursue the business objectives of those
companies. Their foundation is the independent nature of the
Board and its fiduciary responsibility to the company&#146;s
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Our corporate governance practices are documented in Corporate
Governance Guidelines that are adopted by the Boards of
Directors of PG&#38;E Corporation and Pacific Gas and Electric
Company and that are updated from time to time as appropriate,
and as recommended by the Nominating, Compensation, and
Governance Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation Corporate Governance Guidelines are
reprinted below. The Pacific Gas and Electric Company Corporate
Governance Guidelines are identical to the PG&#38;E Corporation
Corporate Governance Guidelines in all material respects.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Corporate Governance Guidelines</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>1.</B></TD>
    <TD>
    <B><U>Election of Directors</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    All members of the Board of Directors of PG&#38;E Corporation
    (the &#147;Corporation&#148;) are elected each year and serve
    one-year terms. Directors are not elected for multiple-year,
    staggered terms.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>2.</B></TD>
    <TD>
    <B><U>Composition of the Board</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board&#146;s membership is composed of qualified, dedicated,
    ethical, and highly regarded individuals who have experience
    relevant to the Corporation&#146;s operations and understand the
    complexities of the Corporation&#146;s business environment. The
    Board seeks to include a diversity of backgrounds, perspectives,
    and skills among its members. No member of the Board of
    Directors may be an employee of the American Stock Exchange or a
    floor member of that exchange.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>3.</B></TD>
    <TD>
    <B><U>Independence of Directors</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    All members of the Board have a fiduciary responsibility to
    represent the best interests of the Corporation and all of its
    shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    At least 75&nbsp;percent of the Board is composed of independent
    directors, defined as directors who (1)&nbsp;are neither current
    nor former officers or employees of nor consultants to the
    Corporation or its subsidiaries, (2)&nbsp;are neither current
    nor former officers or employees of any other corporation on
    whose board of directors any officer of the Corporation serves
    as a member, and (3)&nbsp;otherwise meet the applicable
    definition of &#147;independence&#148; set forth in the New York
    Stock Exchange, American Stock Exchange, and Pacific Exchange
    rules. The Board must affirmatively determine whether a director
    is independent, and may develop categorical standards to assist
    the Board in determining whether a director has a material
    relationship with the Corporation, and thus is not independent.
    Such standards are set forth in <U>Exhibit&nbsp;A</U> to these
    Corporate Governance Guidelines. As provided in
    Article&nbsp;III, Section&nbsp;1 of the Corporation&#146;s
    Bylaws, the Chairman of the Board and the President are members
    of the Board.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>4.</B></TD>
    <TD>
    <B><U>Selection of Directors</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board nominates directors for election at the annual meeting
    of shareholders and selects directors to fill vacancies which
    occur between annual meetings. The Nominating, Compensation, and
    Governance Committee, in consultation with the Chairman of the
    Board and the Chief Executive Officer (CEO) (if the Chairman is
    not the CEO), reviews the qualifications of the Board candidates
    and presents recommendations to the full Board for action.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>5.</B></TD>
    <TD>
    <B><U>Characteristics of Directors</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Nominating, Compensation, and Governance Committee annually
    reviews with the Board, and submits for Board approval, the
    appropriate skills and characteristics required of Board members
    in the context of the current composition of the Board. In
    conducting this assessment, the Committee considers diversity,
    age, skills, and such other factors as it deems appropriate
    given the current needs of the Board and the Corporation.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">7

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>6.</B></TD>
    <TD>
    <B><U>Selection of the Chairman of the Board and the Chief
    Executive Officer</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Chairman of the Board and the Chief Executive Officer are
    elected by the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Based on the circumstances existing at a time that there is a
    vacancy in the office of either the Chairman of the Board or the
    Chief Executive Officer, the Board will consider whether the
    role of Chief Executive Officer should be separate from that of
    Chairman of the Board, and, if the roles are separate, whether
    the Chairman should be selected from the independent directors
    or should be an employee of the Corporation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>7.</B></TD>
    <TD>
    <B><U>Assessing the Board&#146;s and Committees&#146;
    Performance</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Nominating, Compensation, and Governance Committee oversees
    the process for evaluating and assessing the performance of the
    Board, including Board committees. The Board conducts a
    self-evaluation at least annually to determine whether it and
    its committees are functioning effectively. The Board evaluation
    includes an assessment of the Board&#146;s contribution as a
    whole and specific areas in which the Board and/or management
    believes a better contribution could be made. The purpose of the
    review is to increase the effectiveness of the Board as a whole,
    not to discuss the performance of individual directors. The
    Audit Committee and the Nominating, Compensation, and Governance
    Committee conduct annual self-evaluations, and any other
    permanent Board committee that meets on a regular basis conducts
    periodic self-evaluations. The Board committees provide the
    results of any self-evaluation to the Nominating, Compensation,
    and Governance Committee, which will review those results and
    provide them to the Board for consideration in the Board&#146;s
    self-evaluation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>8.</B></TD>
    <TD>
    <B><U>Size of the Board</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    As provided in paragraph&nbsp;I of Article&nbsp;Third of the
    Corporation&#146;s Articles of Incorporation, the Board is
    composed of no less than 7 and no more than 13 members. The
    exact number of directors is determined by the Board based on
    its current composition and requirements, and is specified in
    Article&nbsp;II, Section&nbsp;1 of the Corporation&#146;s Bylaws.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>9.</B></TD>
    <TD>
    <B><U>Advisory Directors</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board may designate future directors as advisory directors
    in advance of their formal election to the Board. Advisory
    directors attend Board and committee meetings, and receive the
    same compensation as regular directors. They do not, however,
    vote on matters before the Board. In this manner, they become
    familiar with the Corporation&#146;s business before assuming
    the responsibility of serving as a regular director.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>10.</B></TD>
    <TD>
    <B><U>Directors Who Change Responsibilities</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Directors shall offer their resignations when they change
    employment or the major responsibilities they held when they
    joined the Board. This does not mean that such directors should
    leave the Board. However, the Board, via the Nominating,
    Compensation, and Governance Committee, should have the
    opportunity to review the appropriateness of such
    directors&#146; nomination for re-election to the Board under
    these circumstances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Directors who are officers of the Corporation also shall offer
    their resignations upon retirement or other termination of
    active PG&#38;E Corporation employment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>11.</B></TD>
    <TD>
    <B><U>Retirement Age</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board may not designate any person as a candidate for
    election or re-election as a director after such person has
    reached the age of 70.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>12.</B></TD>
    <TD>
    <B><U>Compensation of Directors</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board sets the level of compensation for directors, based on
    the recommendation of the Nominating, Compensation, and
    Governance Committee, and taking into account the impact of
    compensation on director independence. Directors who are also
    current employees of the Corporation receive no additional
    compensation for service as directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Nominating, Compensation, and Governance Committee reviews
    periodically the amount and form of compensation paid to
    directors, taking into account the compensation paid to
    directors of other comparable U.S.&nbsp;companies. The Committee
    conducts its review with the assistance of outside experts in
    the field of executive compensation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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

<TR valign="top">
    <TD><B>13.</B></TD>
    <TD>
    <B><U>Meetings of the Board</U></B></TD>
</TR>

</TABLE>

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    As provided in Article&nbsp;II, Section&nbsp;4 of the
    Corporation&#146;s Bylaws, the Board meets regularly on
    previously determined dates. Board meetings shall be held at
    least quarterly. As provided in Article&nbsp;II, Section&nbsp;5
    of the Bylaws, the Chairman of the Board, the President, the
    Chair of the Executive Committee, or any five directors may call
    a special meeting of the Board at any time.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">8

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Each Board member is expected to regularly attend Board meetings
    and meetings of the committees on which the director serves
    (either in person or by telephone or other similar communication
    equipment), and to attend annual meetings of the
    Corporation&#146;s shareholders. Pursuant to proxy disclosure
    rules, the Corporation&#146;s proxy statement identifies each
    director who during the last fiscal year attended fewer than
    75&nbsp;percent of the aggregate of the total number of meetings
    of the Board and each Board committee on which the director
    served.</TD>
</TR>

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

<TR valign="top">
    <TD><B>14.</B></TD>
    <TD>
    <B><U>Lead Director</U></B></TD>
</TR>

</TABLE>

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    <TD>&nbsp;</TD>
    <TD align="left">
    The Chair of the Nominating, Compensation, and Governance
    Committee shall be the lead director, and shall be selected by
    the independent directors. The lead director shall act as a
    liaison between the Chairman of the Board and the independent
    directors, and shall preside at all meetings at which the
    Chairman is not present. The lead director approves the agendas
    and schedules for meetings of the Board, and approves
    information sent to the members of the Board. The lead director
    has authority to call special meetings of the independent
    directors.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>15.</B></TD>
    <TD>
    <B><U>Meetings of Independent Directors</U></B></TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The independent directors meet at each regularly scheduled Board
    meeting in executive session. These executive session meetings
    are chaired by the lead director. Each such meeting includes a
    subsequent discussion with the Chairman of the Board (if the
    Chairman is not an independent director) and the Chief Executive
    Officer (if the Chairman is not the CEO).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Chair of the Nominating, Compensation, and Governance
    Committee, as lead director, establishes the agenda for each
    executive session meeting of independent directors, and also
    determines which, if any, other individuals, including members
    of management and independent advisors, should attend each such
    meeting.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>16.</B></TD>
    <TD>
    <B><U>Board Agenda Items</U></B></TD>
</TR>

</TABLE>

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Chairman of the Board, in consultation with the Chief
    Executive Officer (if the Chairman is not the CEO), establishes
    the agenda for each meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Board members are encouraged to suggest the inclusion of items
    on the agenda.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>17.</B></TD>
    <TD>
    <B><U>Board Materials and Presentations</U></B></TD>
</TR>

</TABLE>

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</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The agenda for each meeting is provided in advance of the
    meeting, together with written materials on matters to be
    presented for consideration, for the directors&#146; review
    prior to the meeting. As a general rule, written materials are
    provided in advance on all matters requiring Board action.
    Written materials are concise summaries of the relevant
    information, designed to provide a foundation for the
    Board&#146;s discussion of key issues and make the most
    efficient use of the Board&#146;s meeting time. Directors may
    request from the Chairman of the Board and the Chief Executive
    Officer (if the Chairman is not the CEO) any additional
    information they believe to be necessary to perform their duties.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>18.</B></TD>
    <TD>
    <B><U>Regular Attendance of Non-Directors at Board
    Meetings</U></B></TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Members of management, as designated by the Chairman of the
    Board and the Chief Executive Officer (if the Chairman is not
    the CEO), attend each meeting of the Board.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>19.</B></TD>
    <TD>
    <B><U>Board Committees</U></B></TD>
</TR>

</TABLE>

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board establishes committees to assist the Board in
    overseeing the affairs of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Currently, there are five committees. The Executive Committee
    exercises all powers of the Board (subject to the provisions of
    law and limits imposed by the Board) and meets only at such
    times as it is infeasible to convene a meeting of the full
    Board. The Audit Committee, the Finance Committee, the
    Nominating, Compensation, and Governance Committee, and the
    Public Policy Committee are each responsible for defined areas
    delegated by the Board.</TD>
</TR>

</TABLE>

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</TR>

<TR valign="top">
    <TD><B>20.</B></TD>
    <TD>
    <B><U>Membership of Board Committees</U></B></TD>
</TR>

</TABLE>

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    All permanent Board committees, other than the Executive
    Committee, are chaired by independent directors. Each
    independent committee chair shall act as a liaison between the
    Chairman of the Board and the respective committee, and shall
    preside at all meetings of that committee. Each independent
    committee chair approves the agendas and schedules for meetings
    of the respective committee, and approves information sent to
    the committee members. Each independent committee chair has
    authority to call special meetings of the respective committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Audit Committee, the Finance Committee, the Nominating,
    Compensation, and Governance Committee, and the Public Policy
    Committee are</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">9

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    <TD>&nbsp;</TD>
    <TD align="left">
    composed entirely of independent directors, as defined in
    Section&nbsp;3 of these guidelines.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Members of the Audit Committee also must satisfy the audit
    committee independence and qualification requirements
    established by the Securities and Exchange Commission, the New
    York Stock Exchange, the American Stock Exchange, the Pacific
    Exchange, and any other stock exchange on which securities of
    the Corporation or Pacific Gas and Electric Company are listed.
    If an Audit Committee member simultaneously serves on the audit
    committees of three or more public companies other than the
    Corporation and its subsidiaries, that Committee member must
    inform the Corporation&#146;s Board of Directors and, in order
    for that member to continue serving on the Corporation&#146;s
    Audit Committee, the Board of Directors must affirmatively
    determine that such simultaneous service does not impair the
    ability of that member to serve effectively on the
    Corporation&#146;s Audit Committee.</TD>
</TR>

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</TR>

<TR valign="top">
    <TD><B>21.</B></TD>
    <TD>
    <B><U>Appointment of Committee Members</U></B></TD>
</TR>

</TABLE>

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The composition of each committee is determined by the Board of
    Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Nominating, Compensation, and Governance Committee, after
    consultation with the Chairman of the Board and the Chief
    Executive Officer (if the Chairman is not the CEO) and with
    consideration of the wishes of the individual directors,
    recommends to the full Board the chairmanship and membership of
    each committee.</TD>
</TR>

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

<TR valign="top">
    <TD><B>22.</B></TD>
    <TD>
    <B><U>Committee Agenda Items</U></B></TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The chair of each committee, in consultation with the
    appropriate members of management, establishes the agenda for
    each meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    At the beginning of the year, each committee issues a work plan
    of subjects to be discussed during the year, to the extent such
    subjects can be foreseen. Copies of these annual work plans are
    provided to all directors.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>23.</B></TD>
    <TD>
    <B><U>Committee Materials and Presentations</U></B></TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The agenda for each committee meeting is provided in advance of
    the meeting, together with written materials on matters to be
    presented for consideration, for the committee members&#146;
    review prior to the meeting. As a general rule, written
    materials are provided in advance on all matters to be presented
    for committee action.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>24.</B></TD>
    <TD>
    <B><U>Attendance at Committee Meetings</U></B></TD>
</TR>

</TABLE>

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</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The chair of each committee, after consultation with the
    Chairman of the Board and the Chief Executive Officer (if the
    Chairman is not the CEO), determines the appropriate members of
    management to attend each meeting of the Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Any director or advisory director may attend any meeting of any
    committee with the concurrence of the committee chair.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>25.</B></TD>
    <TD>
    <B><U>Formal Evaluation of the Chief Executive Officer</U></B></TD>
</TR>

</TABLE>

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</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The independent directors annually review and evaluate the
    performance of the Chief Executive Officer. The review is based
    upon objective criteria, including the performance of the
    business and accomplishment of objectives previously established
    in consultation with the Chief Executive Officer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The results of the review and evaluation are communicated to the
    Chief Executive Officer by the Chair of the Nominating,
    Compensation, and Governance Committee, and are used by that
    Committee and the Board when considering the compensation of the
    CEO.</TD>
</TR>

</TABLE>

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</TR>

<TR valign="top">
    <TD><B>26.</B></TD>
    <TD>
    <B><U>Management Development and Succession Planning</U></B></TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Chief Executive Officer reports annually to the Board on
    management development and succession planning. This report
    includes the CEO&#146;s recommendation for a successor should
    the CEO become unexpectedly disabled.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>27.</B></TD>
    <TD>
    <B><U>Communications with External Entities</U></B></TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Chief Executive Officer is responsible for all
    communications with the media, the financial community, or other
    external entities pertaining to the affairs of the Corporation.
    Directors refer any inquiries from such entities to the CEO for
    handling.</TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD><B>28.</B></TD>
    <TD>
    <B><U>Access to Independent Advisors</U></B></TD>
</TR>

</TABLE>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board of Directors and its committees have the right to
    retain independent outside financial, legal, or other advisors,
    as necessary and appropriate. The Corporation shall bear the
    costs of retaining such advisors.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">10

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

<TR valign="top">
    <TD><B>29.</B></TD>
    <TD>
    <B><U>Director Orientation and Continuing Education</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Corporation provides information to new directors on
    subjects that would assist them in discharging their duties, and
    periodically provides briefing sessions or materials for all
    directors on such subjects.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>30.</B></TD>
    <TD>
    <B><U>Communications with Shareholders</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Chair of the Nominating, Compensation, and Governance
    Committee shall be designated as the director who receives
    written communications from the Corporation&#146;s shareholders,
    in care of the Corporate Secretary. The Corporate Secretary
    shall forward to the Chair of the Nominating, Compensation, and
    Governance Committee any shareholder communications addressed to
    the Board of Directors as a body or to all the directors in
    their entirety, and such other communications as the Corporate
    Secretary, in his or her discretion, determines is appropriate.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt;">

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

<TR valign="top">
    <TD><B>31.</B></TD>
    <TD>
    <B><U>Legal Compliance and Business Ethics</U></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The Board of Directors is responsible for exercising reasonable
    oversight with respect to the implementation and effectiveness
    of the Corporation&#146;s legal compliance and ethics program.
    In that role, the Board of Directors shall be knowledgeable
    about the content and operation of the Corporation&#146;s
    compliance and ethics program, but may delegate more detailed
    oversight to a committee of the Board of Directors.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">11

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

<DIV align="center" style="font-size: 18pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<U>Exhibit&nbsp;A</U>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation
</DIV>

<DIV align="center" style="font-size: 18pt;">
Corporate Governance Guidelines
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Categorical Standards for Identifying &#147;Material&#148;
</DIV>

<DIV align="center" style="font-size: 10pt;">
Relationships That May Affect Director Independence
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Adopted: December&nbsp;17, 2003
</DIV>

<DIV align="center" style="font-size: 10pt;">
Amended as of February&nbsp;18, 2004, and December&nbsp;15, 2004
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following categories of relationships between a director and
PG&#38;E Corporation shall be considered &#147;material.&#148;
The existence of a &#147;material&#148; relationship provides a
rebuttable presumption that the affected director is not
&#147;independent,&#148; absent a specific determination by the
Board of Directors to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
A director has a &#147;material&#148; relationship with the
Corporation in the following circumstances:
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Employment</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director is a current or former employee of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a member of the director&#146;s immediate family is or was
    employed as a Section&nbsp;16 Officer of the Corporation, unless
    such employment ended more than three years ago.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Direct Compensation from the Corporation</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director is a consultant to the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director or his or her immediate family member receives, or
    during the past three years received, more that
    $100,000&nbsp;per year or rolling 12-month period in direct
    compensation from the Corporation. &#147;Direct
    compensation&#148; does not include director and committee fees
    and pension or other forms of deferred compensation for prior
    service (provided such compensation is not contingent in any way
    on continued service) or compensation received by a
    director&#146;s immediate family member for service as an
    employee (unless the immediate family member received
    compensation for services as a Section&nbsp;16 Officer, in which
    case the director has a material relationship with the
    Corporation).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Internal or External Auditors</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director or his or her immediate family member is, or
    during the past three years was, affiliated with, or employed
    by, a firm that serves or served during the past three years as
    the Corporation&#146;s internal or external auditor.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Director Interlock</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director is a current or former officer or employee of any
    other company on whose board of directors any officer of the
    Corporation serves as a member.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director&#146;s immediate family member is, or during the
    past three years was, employed by another company where any of
    the Corporation&#146;s present Section&nbsp;16 Officers
    concurrently serves on that company&#146;s compensation
    committee.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Business Relationships</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If a director is a current Section&nbsp;16 Officer or employee,
    or his or her immediate family member is a current
    Section&nbsp;16 Officer, of a company (which does not include
    charitable, non-profit, or tax-exempt entities) that makes
    payments to, or receives payments from, the Corporation for
    property or services in an amount which, in any single fiscal
    year, exceeds the greater of $1&nbsp;million or 2&nbsp;percent
    of such other company&#146;s consolidated gross revenues, during
    any of the past three years. The director is not
    &#147;independent&#148; until three years after falling below
    such threshold. (Both the payments and the consolidated gross
    revenues to be measured shall be those reported in the last
    completed fiscal year. The look-back provision for this test
    applies solely to the financial relationship between the
    Corporation and the director or immediate family member&#146;s
    current employer; the Corporation need not consider former
    employment of the director or immediate family member.)</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Charitable Relationships</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    If the director (or a relative) is a trustee, director, or
    employee of a charitable or non-profit organization that
    receives grants or endowments from the Corporation or its
    affiliates exceeding the greater of $200,000 or 2&nbsp;percent
    of the recipient&#146;s</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">12

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD></TD>
    <TD align="left">
    gross revenues during the Corporation&#146;s or the
    recipient&#146;s most recent completed fiscal year.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>Notes</U></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    During the first year after adoption of these standards, only a
    one-year look-back applies. The three-year look-back will apply
    thereafter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    &#147;Immediate family member&#148; includes a person&#146;s
    spouse, parents, children, siblings, mothers- and
    fathers-in-law, sons- and daughters-in-law, brothers- and
    sisters-in-law, and anyone (other than domestic employees) who
    shares such person&#146;s home, or is financially dependent on
    such person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    &#147;Corporation&#148; includes any consolidated subsidiaries
    or parent companies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    &#147;Section&nbsp;16 Officer&#148; means &#147;officer&#148; as
    defined in Rule&nbsp;16a-1(f) under the Securities Exchange Act
    of 1934, and includes the president, the principal financial
    officer, the principal accounting officer, any vice president in
    charge of a principal business unit, division, or function (such
    as sales, administration, or finance), any other officer who
    performs a policymaking function, or any other person who
    performs similar policymaking functions for that company.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">13

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<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Item&nbsp;No.&nbsp;1:
</DIV>

<DIV align="center" style="font-size: 18pt;">
Election of Directors of PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18pt;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Shareholders are being asked to elect 9&nbsp;directors to serve
on the Board of Directors of PG&#38;E Corporation and
10&nbsp;directors to serve on the Board of Directors of Pacific
Gas and Electric Company. If elected as director, those
individuals will 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The 9 nominees for director of PG&#38;E Corporation and the 10
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. One of the current members of
the Boards of Directors, David M. Lawrence, MD, will retire from
the Boards of Directors effective at the adjournment of the 2005
Joint Annual Meeting, and is not nominated for election to the
Boards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The composition of the PG&#38;E Corporation slate of director
nominees is consistent with the policy set forth in the PG&#38;E
Corporation Corporate Governance Guidelines that at least
75&nbsp;percent of the Board shall be composed of
&#147;independent&#148; directors, as defined in the Corporate
Governance Guidelines, and as set forth on pages&nbsp;7 through
13 of this Joint Proxy Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
This policy is also set forth in the Corporate Governance
Guidelines adopted by the Pacific Gas and Electric Company Board
of Directors. However, that company&#146;s Board of Directors
has temporarily waived this policy. The terms of the waiver
require that at least two-thirds of the Board shall be composed
of independent directors. Following the election of two new
directors to the Pacific Gas and Electric Company Board of
Directors, effective January&nbsp;1, 2005, the percentage of
independent directors became approximately 73&nbsp;percent. If
the Pacific Gas and Electric Company slate of director nominees
is elected, the percentage of independent directors will be
70&nbsp;percent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Boards of Directors of both PG&#38;E Corporation and Pacific
Gas and Electric Company continue to comply with applicable
stock exchange rules, which only require that a majority of the
Board of Directors be independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Information is provided on the following pages about the
nominees for director, including their principal occupations for
the past five years, certain other directorships, age, and
length of service as a director of PG&#38;E 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 Corporation and Pacific Gas and
Electric Company are provided in separate sections following the
biographical information on the nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
All of the nominees have agreed to serve if elected. If any of
the nominees become unavailable at the time of the meeting to
accept nomination or election as a director, the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Boards of Directors of PG&#38;E Corporation and Pacific
Gas and Electric Company Unanimously Recommend the Election of
the Nominees for Director Presented in This Joint Proxy
Statement.</B>
</DIV>

<P align="center" style="font-size: 10pt;">14

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

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>

<DIV align="center" style="font-size: 18pt;">
Nominees for Directors of PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18pt;">
Pacific Gas and Electric Company
</DIV>

<DIV align="center" style="font-size: 10pt;">
<I>Biographical Information</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 36pt; ">

<TR style="font-size: 1pt;">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445103.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>David R. Andrews<BR>
     </B>Mr.&nbsp;Andrews is retired Senior Vice President
    Government Affairs, General Counsel, and Secretary of PepsiCo,
    Inc. (food and beverage businesses). He held that position from
    February 2002 to November 2004. 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.&nbsp;Department of
    State. Mr.&nbsp;Andrews, 63, 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.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445107.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Leslie S. Biller<BR>
     </B>Mr.&nbsp;Biller is retired Vice Chairman and Chief
    Operating Officer of Wells Fargo&nbsp;&#38; Company (financial
    services and retail banking). He held that position from
    November 1998 until his retirement in October 2002.
    Mr.&nbsp;Biller, 57, was an advisory director of PG&#38;E
    Corporation and Pacific Gas and Electric Company from January
    2003 to February 2004, and has been a director of PG&#38;E
    Corporation and Pacific Gas and Electric Company since February
    2004. He also is a director of Ecolab Inc.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445104.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>David A. Coulter<BR>
     </B>Mr.&nbsp;Coulter is Vice Chairman of JPMorgan
    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&nbsp;&#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. Mr.&nbsp;Coulter, 57, has been a director of
    PG&#38;E Corporation and Pacific Gas and Electric Company since
    1996. He also is a director of Strayer Education, Inc.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445105.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>C. Lee Cox<BR>
     </B>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 1997. Mr.&nbsp;Cox, 63,
    has been a director of PG&#38;E Corporation and Pacific Gas and
    Electric Company since 1996.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445129.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Peter A. Darbee<BR>
     </B>Mr.&nbsp;Darbee is President and Chief Executive Officer of
    PG&#38;E Corporation and has held that position since January
    2005. He was Senior Vice President and Chief Financial Officer
    of PG&#38;E Corporation from September 1999 to December 2004.
    Mr.&nbsp;Darbee, 52, has been a director of PG&#38;E Corporation
    and Pacific Gas and Electric Company since January 2005.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">15

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

<DIV align="left" style="font-size: 0pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 24pt; ">

<TR style="font-size: 1pt;">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445108.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Robert D. Glynn,&nbsp;Jr.<BR>
     </B>Mr.&nbsp;Glynn is Chairman of the Board of PG&#38;E
    Corporation and Pacific Gas and Electric Company. He has been an
    officer of PG&#38;E Corporation since December 1996 and an
    officer of Pacific Gas and Electric Company since January 1988.
    Mr.&nbsp;Glynn, 62, has been a director of Pacific Gas and
    Electric Company since 1995 and a director of PG&#38;E
    Corporation since 1996.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445109.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Mary S. Metz<BR>
     </B>Dr.&nbsp;Metz is retired President of S. H. Cowell
    Foundation, and held that position from January 1999 to March
    2005. She is Dean Emerita of University Extension of the
    University of California, Berkeley, and President Emerita of
    Mills College. Dr.&nbsp;Metz, 67, 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.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445130.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Barbara L. Rambo<BR>
     </B>Ms.&nbsp;Rambo is Chief Executive Officer of Nietech
    Corporation (payments technology company), and has held that
    position since November 2002. Prior to joining Nietech,
    Ms.&nbsp;Rambo was a director of OpenClose Technologies
    (financial services company) from January 2000 through March
    2002. She served as Chairman of the Board of OpenClose
    Technologies from July 2001 to December 2001 and as President
    and Chief Executive Officer of that company from January 2000 to
    June 2001. Previously, Ms.&nbsp;Rambo held various executive
    positions at Bank of America, most recently serving as Group
    Executive Vice President and Head of National Commercial
    Banking. Ms.&nbsp;Rambo, 52, has been a director of PG&#38;E
    Corporation and Pacific Gas and Electric Company since January
    2005. She also is a director of The Gymboree Corporation.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445110.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Gordon R. Smith*<BR>
     </B>Mr.&nbsp;Smith is President and Chief Executive Officer of
    Pacific Gas and Electric Company. He has been an officer of
    Pacific Gas and Electric Company since 1980. Mr.&nbsp;Smith, 57,
    has been a director of Pacific Gas and Electric Company since
    1997.</TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="f04451af0445111.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Barry Lawson Williams<BR>
     </B>Mr.&nbsp;Williams is President of Williams Pacific
    Ventures, Inc. (business investment and consulting), 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, 60, 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., The Northwestern Mutual Life Insurance
    Company, R.H. Donnelley Corporation, The Simpson Manufacturing
    Company Inc., and SLM Corporation.</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="31%"></TD>
    <TD width="2%"></TD>
    <TD width="67%"></TD>
</TR>

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

</TABLE>

<P align="center" style="font-size: 10pt;">16

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

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Information Regarding the
</DIV>

<DIV align="center" style="font-size: 18pt;">
Boards of Directors of PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18pt;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following section describes (1)&nbsp;the composition of the
Boards of Directors and key Board committees of PG&#38;E
Corporation and Pacific Gas and Electric Company, (2)&nbsp;the
functioning of the Boards and key Board committees,
(3)&nbsp;qualifications and compensation of directors, and
(4)&nbsp;other information regarding the director nominees.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Director Independence</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What independence guidelines apply to the Boards of
Directors?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation Corporate Governance Guidelines set
forth a policy that 75&nbsp;percent of the directors should be
independent, as defined in the Guidelines. The Board of
Directors of PG&#38;E Corporation also is subject to New York
Stock Exchange and Pacific Exchange rules, which require that a
majority of the directors be independent, as defined in the
specific stock exchange&#146;s rules, and that independent
directors meet regularly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Pacific Gas and Electric Company Corporate Governance
Guidelines also set forth a policy that 75&nbsp;percent of the
directors should be independent, as defined in the Guidelines.
However, that company&#146;s Board of Directors has temporarily
waived this policy. The terms of the waiver require that at
least two-thirds of the Board shall be composed of independent
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Board of Directors of Pacific Gas and Electric Company is
subject to American Stock Exchange rules requiring that the
independent directors meet regularly. The Pacific Gas and
Electric Company Board is not subject to American Stock Exchange
and Pacific Exchange rules requiring that at least a majority of
the directors meet the specific stock exchange&#146;s definition
of &#147;independent director.&#148; Pacific Gas and Electric
Company is exempt from these requirements because PG&#38;E
Corporation and a subsidiary hold approximately 95&nbsp;percent
of the voting power in Pacific Gas and Electric Company, and
Pacific Gas and Electric Company is a &#147;controlled
subsidiary.&#148;
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Are the directors independent?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Boards of Directors of PG&#38;E Corporation and Pacific Gas
and Electric Company each have affirmatively determined that the
following directors are independent: David&nbsp;R. Andrews,
Leslie&nbsp;S. Biller, David&nbsp;A. Coulter, C.&nbsp;Lee Cox,
David M. Lawrence, MD, Mary&nbsp;S. Metz, Barbara&nbsp;L. Rambo,
and Barry Lawson Williams. These independent directors:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Do not have any material relationship with either PG&#38;E
    Corporation or Pacific Gas and Electric Company that would
    interfere with the exercise of independent judgment,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Are &#147;independent&#148; as defined by applicable New York
    Stock Exchange, American Stock Exchange, and Pacific Exchange
    rules,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Satisfy each of the categorical standards adopted by the Boards
    for determining whether a specific relationship is
    &#147;material&#148; and a director is independent. Those
    categorical standards are set forth on pages&nbsp;12 and 13 of
    this Joint Proxy Statement.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Only independent directors may serve on PG&#38;E
Corporation&#146;s Audit Committee, Finance Committee,
Nominating, Compensation, and Governance Committee, and Public
Policy Committee, and on Pacific Gas and Electric Company&#146;s
Audit Committee. Independent directors also must serve as chairs
of any key committees of the PG&#38;E Corporation or Pacific Gas
and Electric Company Boards of Directors, with the exception of
the Executive Committees.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Do the independent directors meet without the other
directors?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The independent directors of PG&#38;E Corporation and Pacific
Gas and Electric Company meet in executive session without the
other directors at each regularly scheduled Board meeting. The
Chair of the PG&#38;E Corporation Nominating, Compensation, and
Governance Committee, who is the lead director, presides over
these executive session meetings. At the end of each executive
session meeting, the independent directors meet with the
PG&#38;E Corporation Chairman of the Board and the PG&#38;E
Corporation Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Chair of the Nominating, Compensation, and Governance
Committee, as lead director, establishes the agenda for each
executive session meeting of independent directors. The lead
director currently is C.&nbsp;Lee Cox. The lead director also
determines which, if any, other individuals, including members
of management and independent advisors, should attend each
executive session meeting.
</DIV>

<P align="center" style="font-size: 10pt;">17

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

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board Committees</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What are the key committees of the PG&#38;E Corporation and
Pacific Gas and Electric Company Boards of Directors?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The key committees of the PG&#38;E Corporation Board of
Directors are the Executive Committee, the Audit Committee, the
Finance Committee, the Nominating, Compensation, and Governance
Committee, and the Public Policy Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Pacific Gas and Electric Company Board of Directors has two
key committees, the Executive Committee and the Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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 a 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. The
current membership and duties of these committees are described
below.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="23" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD colspan="13">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Nominating,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="13">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Public</B></TD><TD></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Executive</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Audit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Finance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>and Governance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Policy</B></TD><TD></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committees</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committees</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committee</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committee</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committee</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="23" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <I>Non-Employee Directors:</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    D. R. Andrews</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    L. S. Biller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    D. A. Coulter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    C. L. Cox</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD align="left" valign="top" nowrap>*<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    D. M. Lawrence, MD<BR>
    (through April&nbsp;20, 2005)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    M. S. Metz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD align="left">*</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    B. L. Rambo<BR>
    (beginning January&nbsp;1, 2005)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    B. L. Williams</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD align="left" valign="top" nowrap>*<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <I>Employee Directors:</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    P. A. Darbee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    R. D. Glynn,&nbsp;Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD align="left" valign="top" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    G. R. Smith</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>X</TD>
    <TD align="left" valign="top" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    Number of Meetings in 2004 (PG&#38;E Corporation/ Pacific Gas
    and Electric Company where applicable)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0/0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5/5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

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

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>&nbsp;</TD>
    <TD align="left">
    Lead director</TD>
</TR>

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>&nbsp;</TD>
    <TD align="left">
    Audit Committee financial expert as defined by the Securities
    and Exchange Commission</TD>
</TR>

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>&nbsp;</TD>
    <TD align="left">
    Member of the Pacific Gas and Electric Company Executive
    Committee only</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Committee Charters</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each company&#146;s Board of Directors has adopted a formal
charter for each of the above Board committees. A copy of the
charter for each of the listed PG&#38;E Corporation Board
Committees can be found in the Corporate Governance section of
the corporation&#146;s website, at www.pgecorp.com. A copy of
the charter for each of the listed Pacific Gas and Electric
Company Board Committees can be found in the Corporate
Governance section of the company&#146;s website, at
www.pge.com. Shareholders also may
</DIV>

<P align="center" style="font-size: 10pt;">18

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

<DIV align="left" style="font-size: 10pt;">
obtain a print copy of any committee&#146;s charter by sending a
written request to the appropriate company&#146;s Corporate
Secretary.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Executive Committees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>What are the Executive Committees&#146; responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each Executive Committee may exercise any of the powers and
perform any of the duties of the PG&#38;E Corporation Board or
the Pacific Gas and Electric Company Board (as the case may be).
This authority is subject to provisions of law and certain
limits imposed by the PG&#38;E Corporation Board or the Pacific
Gas and Electric Company Board (as the case may be). The
Executive Committees meet as needed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each company&#146;s Chairman of the Board of Directors serves as
the chair of that Company&#146;s executive Committee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Audit Committees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>What are the Audit Committees&#146; responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Audit Committees of PG&#38;E Corporation and Pacific Gas and
Electric Company advise and assist the appropriate Board of
Directors in fulfilling its 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
subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Audit Committees&#146; responsibilities are set forth in
each Committee&#146;s charter. Among other things, the Audit
Committees:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Are responsible for the selection, appointment, compensation,
    and oversight of the work of the independent public accountants
    that PG&#38;E Corporation and Pacific Gas and Electric Company,
    as applicable, employ to prepare or issue audit reports or
    perform related work,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Satisfy themselves as to the independence and competence of the
    appropriate company&#146;s independent public accountants,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Pre-approve all auditing and non-auditing services that the
    independent public accountants provide to PG&#38;E Corporation
    and Pacific Gas and Electric Company, as applicable,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Review and discuss with the independent public accountants, and
    with the appropriate company&#146;s officers and internal
    auditors, the scope and results of the independent public
    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,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Make further inquiries as they deem necessary or desirable to
    inform themselves of the affairs of the companies and their
    subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One member of each Audit Committee is appointed by the
appropriate Board of Directors as the Committee&#146;s Chair.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Do special requirements apply to members of the Audit
Committees?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Independence.</I> Each member of the PG&#38;E Corporation and
Pacific Gas and Electric Company Audit Committees must be
independent, as defined in Securities and Exchange Commission
rules regarding audit committee independence, and as defined in
applicable New York Stock Exchange, American Stock Exchange and
Pacific Exchange rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each Board of Directors has determined that all members of each
company&#146;s Audit Committee are independent under applicable
regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Financial literacy and expertise.</I> Each member of the
PG&#38;E Corporation and Pacific Gas and Electric Company Audit
Committees must be financially literate, as defined in the
applicable New York Stock Exchange, American Stock Exchange, and
Pacific Exchange rules. All members of the Audit Committees are
financially literate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One member of each Audit Committee also must be an &#147;audit
committee financial expert&#148; or otherwise have accounting or
related financial management expertise. The Boards of Directors
of PG&#38;E Corporation and Pacific Gas and Electric Company
each have determined that Barry Lawson Williams, the independent
chair of each company&#146;s Audit Committee, is an &#147;audit
committee financial expert,&#148; as defined by the Securities
and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Service on other audit committees.</I> Each company&#146;s
Corporate Governance Guidelines set forth a policy regarding how
many other public company audit committees the Audit Committees
members serve on. If an Audit Committee member simultaneously
serves on the audit committees of three or more public companies
other than PG&#38;E Corporation, Pacific Gas and Electric
Company, and their subsidiaries, that Committee member must
inform the appropriate company&#146;s Board of Directors. In
order for that member to continue serving on the Audit
Committee, the Board of Directors must affirmatively determine
that the simultaneous service does not impair that
</DIV>

<P align="center" style="font-size: 10pt;">19

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

<DIV align="left" style="font-size: 10pt;">
committee member&#146;s ability to serve effectively on the
Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
No member of the Audit Committees currently serves on more than
three additional public company audit committees.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Finance Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>What are the Finance Committee&#146;s responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Finance Committee of PG&#38;E Corporation advises and
assists the Board with respect to the financial and capital
investment policies and objectives of PG&#38;E Corporation and
its subsidiaries, including specific actions required to achieve
those objectives. The Finance Committee&#146;s responsibilities
are set forth in the Committee&#146;s charter. Among other
things, the Committee reviews:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Long-term financial and investment plans and strategies,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Annual financial plans,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Dividend policy,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Short-term and long-term financing plans,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Proposed capital expenditures,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Proposed divestitures,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Major commercial banking, investment banking, financial
    consulting, and other financial relations of PG&#38;E
    Corporation or its subsidiaries,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Risk management activities.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each year the Finance Committee also 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 about financial performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One member of the Committee is appointed by the Board of
Directors as the Committee&#146;s Chair.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Do special requirements apply to members of the Finance
Committee?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Finance Committee must be composed entirely of independent
directors, as defined in the Corporate Governance Guidelines and
in the New York Stock Exchange and Pacific Exchange rules. All
Committee members meet these independence requirements.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Nominating, Compensation, and Governance Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>What are the Nominating, Compensation, and Governance
Committee&#146;s responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Nominating, Compensation, and Governance Committee of
PG&#38;E Corporation advises and assists the Boards of PG&#38;E
Corporation and Pacific Gas and Electric Company with respect to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    The selection and compensation of directors,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Employment, compensation, and benefits policies and practices,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    The development, selection, and compensation of policy-making
    officers, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Corporate governance matters, including the performance and
    effectiveness of the Boards and the companies&#146; governance
    principles and practices.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Nominating, Compensation, and Governance Committee&#146;s
responsibilities are set forth in the Committee&#146;s charter.
Among other things, the Committee:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Reviews and acts upon the compensation of officers of PG&#38;E
    Corporation and its subsidiaries, although the Committee has
    delegated to the PG&#38;E Corporation Chief Executive Officer
    the authority to approve compensation for certain officers,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Recommends to the independent members of the appropriate Board
    of Directors the compensation of the Chief Executive Officers of
    PG&#38;E Corporation and Pacific Gas and Electric Company,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Reviews long-range planning for executive development and
    succession,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Reviews the composition and performance of the Boards of
    PG&#38;E Corporation and Pacific Gas and Electric
    Company,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Reviews the Corporate Governance Guidelines of PG&#38;E
    Corporation and Pacific Gas and Electric Company.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One member of the Committee is appointed by the Board of
Directors as the committee&#146;s chair. The Chair of the
Nominating, Compensation, and Governance Committee chairs
executive session meetings of the independent directors of
PG&#38;E Corporation and Pacific Gas and Electric Company, and
is the lead director for these meetings.
</DIV>

<P align="center" style="font-size: 10pt;">20

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Do special requirements apply to members of the Nominating,
Compensation, and Governance Committee?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Nominating, Compensation, and Governance Committee must be
composed entirely of independent directors, as defined in the
Corporate Governance Guidelines and in the New York Stock
Exchange and Pacific Exchange rules. All Committee members meet
these independence requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Because PG&#38;E Corporation and a subsidiary hold approximately
95&nbsp;percent of the voting power in Pacific Gas and Electric
Company, that company is a &#147;controlled subsidiary&#148; of
PG&#38;E Corporation and will not be subject to certain American
Stock Exchange rules that would otherwise require that all
members of the Committee meet the American Stock Exchange
definition of &#147;independent director&#148; and would impose
requirements on Pacific Gas and Electric Company&#146;s director
nomination process and methods for determining executive
compensation.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Public Policy Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>What are the Public Policy Committee&#146;s
responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Public Policy Committee of PG&#38;E Corporation 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 Corporation,
Pacific Gas and Electric Company, and their subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Public Policy Committee&#146;s responsibilities are set
forth in the Committee&#146;s charter. Among other things, the
Committee reviews the policies and practices of PG&#38;E
Corporation and its subsidiaries with respect to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Protection and improvement of the quality of the environment,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Charitable and community service organizations and activities,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Equal opportunity in hiring and promoting employees,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Development of minority-owned and women-owned businesses as
    suppliers to PG&#38;E Corporation, Pacific Gas and Electric
    Company, and their subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One member of the Committee is appointed by the Board of
Directors as the Committee&#146;s Chair.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Do special requirements apply to members of the Public Policy
Committee?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Public Policy Committee must be composed entirely of
independent directors, as defined in the Corporate Governance
Guidelines and in the New York Stock Exchange and Pacific
Exchange rules. All Committee members meet these independence
requirements.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Attendance at Board and Committee Meetings and at the 2004
Annual Meetings of Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How many Board and committee meetings did the directors
attend during 2004?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
During 2004, there were 9 meetings of the PG&#38;E Corporation
Board of Directors and 22 meetings of the PG&#38;E Corporation
Board committees. Overall attendance of incumbent directors at
those meetings was 96.00&nbsp;percent. Each PG&#38;E Corporation
director attended at least 75&nbsp;percent of the total number
of Board and Board committee meetings held during the period of
their service on the Board and Board committees during 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
During 2004, there were 8&nbsp;meetings of the Pacific Gas and
Electric Company Board of Directors and 5&nbsp;meetings of the
Pacific Gas and Electric Company Board committees. Overall
attendance of incumbent directors at those meetings was
95.60&nbsp;percent. Each Pacific Gas and Electric Company
director attended at least 75&nbsp;percent of the total number
of Board and Board committee meetings held during the period of
their service on the Board and Board committees during 2004.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How many directors attended the 2004 annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each member of the Board of Directors of PG&#38;E Corporation or
Pacific Gas and Electric Company is expected to attend that
company&#146;s annual meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Seven directors attended PG&#38;E Corporation&#146;s 2004 annual
meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Eight directors attended Pacific Gas and Electric Company&#146;s
2004 annual meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Compensation of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>What retainers and fees do directors receive as
compensation?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each director who is not an officer or employee of PG&#38;E
Corporation or Pacific Gas and Electric Company receives a
quarterly retainer of $11,250. The non-employee directors who
chair the Finance Committee and the Public Policy Committee each
receive an additional quarterly retainer of $1,875, and the
non-employee directors who chair the Audit
</DIV>

<P align="center" style="font-size: 10pt;">21

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<DIV align="left" style="font-size: 10pt;">
Committees and the Nominating, Compensation, and Governance
Committee each receive an additional quarterly retainer of
$12,500.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Non-employee directors also receive a fee of $1,750 for each
Board or Board committee meeting attended, except that members
of the Audit Committees receive a fee of $2,750 for each Audit
Committee meeting attended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Do directors receive stock-based compensation?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Under the Non-Employee Director Stock Incentive Plan, which is a
component of the PG&#38;E Corporation Long-Term Incentive
Program, each year on the first business day of January, each
non-employee director of PG&#38;E Corporation is entitled to
receive stock-based grants with a total aggregate equity value
of $60,000, composed of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Restricted shares of PG&#38;E Corporation common stock valued at
    $30,000 (based on the closing price of PG&#38;E Corporation
    common stock on the first business day of the year),&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    A combination, as elected by the director, of non-qualified
    stock options and common stock equivalents with a total value of
    $30,000, based on increments valued at $5,000.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The per-option value is based on the Black-Scholes stock option
valuation method, discounting the resulting value by 20 percent.
The exercise price of stock options is the market value of
PG&#38;E Corporation common stock (i.e., the closing price) on
the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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. If a
director ceases to be a member of the Board for any other
reason, any unvested restricted stock and unvested stock options
will be forfeited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Common stock equivalents awarded to non-employee directors are
payable only in the form of PG&#38;E Corporation common stock
following a director&#146;s retirement from the Board after five
consecutive years of service or upon reaching mandatory
retirement age, upon a director&#146;s death or disability, or
in the event of a change in control. If a director ceases to be
a member of the Board for any other reason, all common stock
equivalents will be forfeited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Prior to July&nbsp;1, 2004, the total aggregate equity value of
annual stock-based grants under the Non-Employee Director Stock
Incentive Plan was $30,000, which consisted of
(1)&nbsp;restricted stock valued at $10,000, and (2)&nbsp;a
combination, as elected by an eligible director, of
non-qualified stock options and common stock equivalents with a
total value of $20,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>How much stock-based compensation did directors receive
during 2004?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On January&nbsp;2, 2004, each non-employee director received 367
restricted shares of PG&#38;E Corporation common stock. In
addition, directors who were granted stock options received
options to purchase&nbsp;1,259&nbsp;shares of PG&#38;E
Corporation common stock for each $5,000 increment of value
(subject to a $20,000 limit) at an exercise price of
$27.23&nbsp;per share, and directors who were granted common
stock equivalents received 184 common stock equivalent units for
each $5,000 increment of value (subject to a $20,000 limit).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Are directors paid for attending meetings of both PG&#38;E
Corporation and Pacific Gas and Electric Company?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Directors who serve on both the PG&#38;E Corporation and Pacific
Gas and Electric Company Boards and corresponding committees do
not receive additional compensation for concurrent service on
Pacific Gas and Electric Company&#146;s Board or its committees.
However, 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 Corporation Board
or a corresponding PG&#38;E Corporation Board committee. It is
the usual practice of PG&#38;E Corporation and Pacific Gas and
Electric Company that meetings of the companies&#146; Boards and
corresponding committees are held concurrently and, therefore,
that a single meeting fee is paid to each director for each set
of meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>May directors defer receiving retainers and fees?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Under the Deferred Compensation Plan for Non-Employee Directors,
directors of PG&#38;E Corporation or Pacific Gas and Electric
Company may elect to defer all or part of their retainers and
fees. Directors who participate in the Deferred Compensation
Plan may elect either to (1)&nbsp;convert their deferred
compensation into common stock equivalents, the value of which
is tied to the market value of PG&#38;E Corporation common
stock, or (2)&nbsp;have their deferred compensation be invested
in the Utility Bond Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Are the directors reimbursed for travel and other
expenses?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Directors of PG&#38;E Corporation or Pacific Gas and Electric
Company are reimbursed for reasonable expenses incurred for
participating in Board meetings,
</DIV>

<P align="center" style="font-size: 10pt;">22

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<DIV align="left" style="font-size: 10pt;">
committee meetings, or other activities undertaken on behalf of
PG&#38;E Corporation or Pacific Gas and Electric Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Do directors receive retirement benefits from PG&#38;E
Corporation or Pacific Gas and Electric Company?</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation Retirement Plan for Non-Employee
Directors was terminated effective January&nbsp;1, 1998.
Directors who had accrued benefits under the Plan were given a
one-time option of either (1)&nbsp;receiving the benefit accrued
through 1997, upon their retirement, or (2)&nbsp;converting the
present value of their accrued benefit into a PG&#38;E
Corporation common stock equivalent investment held in the
Deferred Compensation Plan for Non-Employee Directors. The
payment of accrued retirement benefits, or distributions from
the Deferred Compensation Plan relating to the conversion of
retirement benefits, cannot be made until the later of
age&nbsp;65 or retirement from the Board.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Legal Proceedings</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>California Attorney General Complaint and Related
Litigation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>California Attorney General Complaint</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
This complaint, filed January&nbsp;10, 2002, in
San&nbsp;Francisco Superior Court against PG&#38;E Corporation
and its directors, directors of Pacific Gas and Electric
Company, and other parties, alleges unfair or fraudulent
business acts or practices in violation of California Business
and Professions Code Section&nbsp;17200. The claims are based on
alleged violations of conditions established in the California
Public Utilities Commission&#146;s (CPUC)&nbsp;holding company
decisions caused by PG&#38;E Corporation&#146;s alleged failure
to provide adequate financial support to Pacific Gas and
Electric Company during the California energy crisis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Attorney General also alleged that certain ringfencing
transactions by which PG&#38;E Corporation subsidiaries complied
with credit rating agency criteria to establish independent
credit ratings violated the holding company conditions, and
included provisions that reduced PG&#38;E Corporation&#146;s
cash and impaired its ability to comply with the capital
requirements condition. On January&nbsp;9, 2002, the CPUC issued
a decision interpreting the capital requirements condition
(which it terms 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
serve.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The three major California investor-owned energy utilities and
their parent holding companies appealed these decisions. On
May&nbsp;21, 2004, the California Court of Appeal issued an
opinion finding that the CPUC had limited jurisdiction over the
holding companies to enforce the conditions imposed by the CPUC
on their formations, but that the CPUC&#146;s decision
interpreting the capital requirements condition was not ripe for
review. PG&#38;E Corporation appealed the decision of the
California Court of Appeal finding that the CPUC had limited
jurisdiction to the California Supreme Court, but on
September&nbsp;1, 2004, the California Supreme Court denied
PG&#38;E Corporation&#146;s petition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Attorney General&#146;s complaint seeks injunctive relief,
the appointment of a receiver, civil penalties of $2,500 against
each defendant for each violation of California Business and
Professions Code Section&nbsp;17200, that the total penalty not
be less than $500&nbsp;million, and costs of the lawsuit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In addition, the Attorney General alleged that, through Pacific
Gas and Electric Company&#146;s bankruptcy proceedings, PG&#38;E
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 Attorney General&#146;s complaint
also seeks restitution of assets allegedly wrongfully
transferred to PG&#38;E Corporation from Pacific Gas and
Electric Company. In PG&#38;E Corporation&#146;s view, the
U.S.&nbsp;Bankruptcy Court for the Northern District of
California (Bankruptcy Court) has original and exclusive
jurisdiction of these claims. Therefore, on February&nbsp;8,
2002, PG&#38;E Corporation filed a notice of removal in the
Bankruptcy Court to transfer the Attorney General&#146;s
complaint to the Bankruptcy Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
After removing the Attorney General&#146;s complaint to the
Bankruptcy Court, on February&nbsp;15, 2002, PG&#38;E
Corporation filed a motion to dismiss or, in the alternative, to
stay the Attorney General&#146;s complaint with the Bankruptcy
Court. Subsequently, the Attorney General filed a motion to
remand the action to state court. In June 2002, the Bankruptcy
Court held that federal law preempted the Attorney
General&#146;s allegations concerning PG&#38;E
Corporation&#146;s participation in Pacific Gas and Electric
Company&#146;s bankruptcy proceedings. The Bankruptcy Court
directed the Attorney General to file an amended complaint
omitting these allegations and remanded the amended complaint to
the San&nbsp;Francisco Superior Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On August&nbsp;9, 2002, the Attorney General filed its amended
complaint in the San&nbsp;Francisco Superior Court. Both parties
appealed the Bankruptcy Court&#146;s
</DIV>

<P align="center" style="font-size: 10pt;">23

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

<DIV align="left" style="font-size: 10pt;">
remand order to the U.S.&nbsp;District Court for the Northern
District of California (District Court). On October&nbsp;8,
2003, the District Court reversed, in part, the Bankruptcy
Court&#146;s June 2002 decision and ordered the Attorney
General&#146;s restitution claims sent back to the Bankruptcy
Court. The District Court found that these claims for
approximately $5&nbsp;billion are the property of Pacific Gas
and Electric Company&#146;s Chapter&nbsp;11 estate and therefore
are properly within the Bankruptcy Court&#146;s jurisdiction.
Under Pacific Gas and Electric Company&#146;s plan of
reorganization confirmed by the Bankruptcy Court on
December&nbsp;22, 2003, Pacific Gas and Electric Company
released PG&#38;E Corporation and the directors from any claims
that it might have had for restitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The District Court also affirmed, in part, the Bankruptcy
Court&#146;s June 2002 decision and found that the Attorney
General&#146;s civil penalty and injunctive relief claims under
Section&nbsp;17200 could be resolved in San&nbsp;Francisco
Superior Court. The Attorney General has appealed this ruling to
the U.S.&nbsp;Court of Appeals for the Ninth Circuit, where it
is currently pending.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Oral argument on the appeal was held on February&nbsp;18, 2005.
It is uncertain when a decision will be issued. On
January&nbsp;21, 2005, the San&nbsp;Francisco Superior Court
issued a tentative ruling rejecting the standard advocated by
the Attorney General to calculate the number of violations that
plaintiffs allege have been committed for purposes of
determining the amount of potential civil penalties at issue.
Under Section&nbsp;17200, a penalty of up to $2,500 can be
imposed for each violation. The San&nbsp;Francisco Superior
Court found that the appropriate standard was each transfer of
money from Pacific Gas and Electric Company to PG&#38;E
Corporation that plaintiffs allege violated Section&nbsp;17200.
Comments on the ruling are scheduled to be discussed at a case
management conference to be held on March&nbsp;18, 2005.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Certain Relationships and Related Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
David&nbsp;A. Coulter, a director of PG&#38;E Corporation and
Pacific Gas and Electric Company, is Vice Chairman of JPMorgan
Chase&nbsp;&#38; Co. and was head of that company&#146;s
investment banking, investment management, and private banking
business during 2004. As of January&nbsp;1, 2005,
Mr.&nbsp;Coulter is Vice Chairman responsible for the West Coast
Region, and no longer is directly responsible for the investment
banking business. Two investment bank subsidiaries and one
additional subsidiary of JPMorgan Chase&nbsp;&#38; Co. provided
investment banking, credit arrangement, and broker-dealer
services to Pacific Gas and Electric Company during 2004 in the
normal course of business. JPMorgan Chase&nbsp;&#38; Co.&#146;s
service rates were based on market rates or set through
arm&#146;s-length negotiations. Mr.&nbsp;Coulter had no direct
involvement in the negotiation or provisions of these services,
nor does Mr.&nbsp;Coulter have any personal interest in the
transactions. Such services could continue to be provided to
PG&#38;E Corporation, Pacific Gas and Electric Company, and
their subsidiaries in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following individuals are immediate family members of
executive officers of PG&#38;E Corporation or Pacific Gas and
Electric Company:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Robert D. Glynn,&nbsp;Jr.&#146;s son, Robert D. Glynn&nbsp;III,
    is Program Manager in Information Technology User Support
    Services, for Pacific Gas and Electric Company. During 2004,
    Mr.&nbsp;Glynn&nbsp;III earned $157,164 in annual salary and
    annual short-term incentive awards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Gregory M. Rueger&#146;s brother-in-law, Roy M. Kuga, is Vice
    President&nbsp;&#150; Gas and Electric Supply, for Pacific Gas
    and Electric Company. During 2004, Mr.&nbsp;Kuga earned $289,431
    in annual salary and annual short-term incentive awards.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">24

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

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Security Ownership of Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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, 2005, by the directors, the nominees for
director, and the executive officers of PG&#38;E Corporation and
Pacific Gas and Electric Company named in the Summary
Compensation Table on pages&nbsp;47 and 48, and all directors
and executive officers of PG&#38;E Corporation and Pacific Gas
and Electric Company as a group. As of January&nbsp;31, 2005, 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>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beneficial Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Ownership<SUP style="font-size: 85%; vertical-align: text-top">(1)(2)(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Equivalents<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    David R.
    Andrews<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Leslie S.
    Biller<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,227</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    David A.
    Coulter<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,913</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. Lee
    Cox<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>54,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58,886</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter A.
    Darbee<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>317,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>327,461</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert D. Glynn,&nbsp;Jr.
    <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,219,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>99,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,318,791</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    David M. Lawrence, MD
    <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,486</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Mary S.
    Metz<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31,397</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Barbara L.
    Rambo<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>908</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gordon R.
    Smith<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>417,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>437,554</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Barry Lawson Williams
    <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,153</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas B.
    King<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>387,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>437,526</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce R.
    Worthington<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>382,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>390,058</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    All PG&#38;E Corporation directors, and executive officers as a
    group (17&nbsp;persons)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,375,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>259,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,635,506</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    All Pacific Gas and Electric Company directors, and executive
    officers as a group (20&nbsp;persons)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,898,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>264,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,163,068</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;*&nbsp;</TD>
    <TD align="left">
    Less than 1&nbsp;percent</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    This column includes any shares held in the name of the spouse,
    minor children, or other relatives sharing the home of the
    director, nominee for 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 plan maintained by PG&#38;E Corporation. Except as
    otherwise indicated below, the directors, nominees for director,
    and executive officers have sole voting and investment power
    over the shares shown in this column. 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>


<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
This column also includes the following shares of PG&#38;E
Corporation common stock in which the directors, nominees for
director, and executive officers share voting and investment
power: Mr.&nbsp;Andrews 2,984&nbsp;shares, Mr.&nbsp;Biller
1,959&nbsp;shares, Mr.&nbsp;Coulter 6,589&nbsp;shares,
Mr.&nbsp;Cox 28,657&nbsp;shares, Mr.&nbsp;Darbee
33,472&nbsp;shares, Mr.&nbsp;Glynn 113,261&nbsp;shares,
Dr.&nbsp;Lawrence 15,676&nbsp;shares, Dr.&nbsp;Metz
8,898&nbsp;shares, Mr.&nbsp;Smith 52,888&nbsp;shares,
Mr.&nbsp;Worthington 5,366&nbsp;shares, all PG&#38;E Corporation
directors and executive officers as a group 269,450&nbsp;shares,
and all Pacific Gas and Electric Company directors and executive
officers as a group 282,366&nbsp;shares.
</TD>
</TR>
</TABLE>


<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>


<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    This column includes the following shares of PG&#38;E
    Corporation common stock which the directors, nominees for
    director, and executive officers have the right to acquire
    within 60&nbsp;days of January&nbsp;31, 2005, through the
    exercise of vested stock options granted under the PG&#38;E
    Corporation Long-Term Incentive Program, as follows:
    Mr.&nbsp;Andrews 5,066&nbsp;shares, Mr.&nbsp;Biller
    1,469&nbsp;shares, Mr.&nbsp;Cox 25,711&nbsp;shares,
    Mr.&nbsp;Darbee 222,758&nbsp;shares, Mr.&nbsp;Glynn
    1,080,507&nbsp;shares, Dr.&nbsp;Lawrence 27,180&nbsp;shares,
    Dr.&nbsp;Metz 14,998&nbsp;shares, Mr.&nbsp;Smith
    321,346&nbsp;shares, Mr.&nbsp;Williams 19,701&nbsp;shares,
    Mr.&nbsp;King 338,716&nbsp;shares, Mr.&nbsp;Worthington
    340,184&nbsp;shares, all PG&#38;E Corporation directors and
    executive officers as a group 2,798,666&nbsp;shares, and all
    Pacific Gas and Electric Company directors and executive
    officers as a group 3,198,807&nbsp;shares. The directors,
    nominees for director, and executive officers have neither
    voting power nor investment power with respect to these shares
    unless and until they are</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt;">25

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD></TD>
    <TD align="left">
    purchased through the exercise of the options, under the terms
    of the PG&#38;E Corporation Long-Term Incentive Program.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    This column includes restricted shares of PG&#38;E Corporation
    common stock awarded under the PG&#38;E Corporation Long-Term
    Incentive Program. As of January&nbsp;31, 2005, directors,
    nominees for director, and executive officers of PG&#38;E
    Corporation and Pacific Gas and Electric Company held the
    following numbers of restricted shares that may not be sold or
    otherwise transferred until certain vesting conditions are
    satisfied: Mr.&nbsp;Andrews 2,984&nbsp;shares, Mr.&nbsp;Biller
    1,959&nbsp;shares, Mr.&nbsp;Coulter 4,611&nbsp;shares,
    Mr.&nbsp;Cox 4,611&nbsp;shares, Mr.&nbsp;Darbee
    58,532&nbsp;shares, Mr.&nbsp;Glynn 113,261&nbsp;shares,
    Dr.&nbsp;Lawrence 4,964&nbsp;shares, Dr.&nbsp;Metz
    4,964&nbsp;shares, Ms.&nbsp;Rambo 908&nbsp;shares,
    Mr.&nbsp;Smith 64,734&nbsp;shares, Mr.&nbsp;Williams
    4,964&nbsp;shares, Mr.&nbsp;King 38,299&nbsp;shares,
    Mr.&nbsp;Worthington 36,414&nbsp;shares, all PG&#38;E
    Corporation directors and executive officers as a group
    401,639&nbsp;shares, and all Pacific Gas and Electric Company
    directors and executive officers as a group 454,947&nbsp;shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    The percent of class calculation is based on the number of
    shares of PG&#38;E Corporation common stock outstanding as of
    January&nbsp;31, 2005, excluding shares held by a subsidiary.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    This column reflects the number of stock units that were
    purchased by directors, nominees for director, and executive
    officers through salary and other compensation deferrals or that
    were 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, nominees for director, 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 style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Andrews, Mr.&nbsp;Biller, Mr.&nbsp;Coulter,
    Mr.&nbsp;Cox, Dr.&nbsp;Lawrence, Dr.&nbsp;Metz, Ms.&nbsp;Rambo,
    and Mr.&nbsp;Williams are directors of both PG&#38;E Corporation
    and Pacific Gas and Electric Company.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Glynn and Mr.&nbsp;Darbee are directors and executive
    officers of both PG&#38;E Corporation and Pacific Gas and
    Electric Company. They are named in the Summary Compensation
    Table on pages&nbsp;47 and 48.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(8)&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;47 and 48.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(9)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Worthington and Mr.&nbsp;King are executive officers of
    both PG&#38;E Corporation and Pacific Gas and Electric Company
    and are named in the Summary Compensation Table on pages&nbsp;47
    and 48.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">26

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

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Item&nbsp;No.&nbsp;2:
</DIV>

<DIV align="center" style="font-size: 18pt;">
Ratification of Appointment of Independent Public Accountants
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Audit Committees of PG&#38;E Corporation and Pacific Gas and
Electric Company each have selected and appointed
Deloitte&nbsp;&#38; Touche LLP as the independent public
accountants for that company to audit the consolidated financial
statements, internal control over financial reporting and
management&#146;s assessment of internal control over financial
reporting, as of and for the year ending December&nbsp;31, 2005.
Deloitte&nbsp;&#38; Touche LLP is a major national accounting
firm with substantial expertise in the energy and utility
businesses. Deloitte&nbsp;&#38; Touche LLP has served as
independent public accountants for PG&#38;E Corporation and
Pacific Gas and Electric Company since 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One or more representatives of Deloitte&nbsp;&#38; Touche LLP
are expected to be present at the annual meetings. They will
have the opportunity to make a statement if they wish, and are
expected to be available to respond to appropriate questions
from shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation and Pacific Gas and Electric Company are
not required to submit these appointments to a vote of their
shareholders. If the shareholders of either PG&#38;E Corporation
or Pacific Gas and Electric Company do not ratify the
appointment, the appropriate Audit Committee will investigate
the reasons for rejection by the shareholders and will
reconsider the appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<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&nbsp;&#38;
Touche LLP.</B>
</DIV>

<P align="center" style="font-size: 10pt;">27

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

<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Information Regarding the Independent Public Accountants of
</DIV>

<DIV align="center" style="font-size: 18pt;">
PG&#38;E Corporation and Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Fees Paid to the Independent Public Accountants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Audit Committees have reviewed the audit and non-audit fees
that PG&#38;E Corporation, Pacific Gas and Electric Company, and
their subsidiaries have paid to the independent public
accountants, in order to consider whether those fees are
compatible with maintaining the auditor&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Table 1:</B>
</DIV>

<DIV align="left" style="font-size: 11pt;">
<B><U>Estimated Fees Billed to PG&#38;E Corporation</U></B>
</DIV>

<DIV align="left" style="font-size: 11pt;">
<B>(Amounts include Estimated Fees Billed to Pacific Gas and
Electric Company shown in Table&nbsp;2 below)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Audit Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4.6&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.5&nbsp;million</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    Audit-Related Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.6&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.7&nbsp;million</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    Tax Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.3&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.1&nbsp;million</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    All Other Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="left" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="left" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Table 2:</B>
</DIV>

<DIV align="left" style="font-size: 11pt;">
<B><U>Estimated Fees Billed to Pacific Gas and Electric
Company</U></B>
</DIV>

<DIV align="left" style="font-size: 11pt;">
<B>(Amounts are included in Estimated Fees Billed to PG&#38;E
Corporation shown in Table&nbsp;1 above)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Audit Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.6&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2.8&nbsp;million</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    Audit-Related Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.2&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.4&nbsp;million</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    Tax Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="left" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="left" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    All Other Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="left" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="left" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Audit Fees.</I> Audit fees billed for 2004 and 2003 relate to
services rendered by Deloitte&nbsp;&#38; Touche&nbsp;LLP in
connection with reviews of Quarterly Reports on Form&nbsp;10-Q,
certain limited procedures on Registration Statements, and the
audits of the financial statements of PG&#38;E Corporation and
its subsidiaries and Pacific Gas and Electric Company and its
subsidiaries. Fees for 2004 also relate to audits of internal
control over financial reporting and management&#146;s
assessment of internal control over financial reporting of
PG&#38;E Corporation and Pacific Gas and Electric Company, as
required by Section&nbsp;404 of the Sarbanes-Oxley Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Audit-Related Fees.</I> Fees billed for 2004 and 2003 relate
to services rendered by Deloitte&nbsp;&#38; Touche&nbsp;LLP to
both PG&#38;E Corporation and its subsidiaries and Pacific Gas
and Electric Company and its subsidiaries for employee benefit
plan audits, consultations on financial accounting and reporting
standards, a required transition property procedures report,
nuclear decommissioning trust audits, and Sarbanes-Oxley
Section&nbsp;404 readiness work. Fees for 2004 also include an
agreed-upon procedure report for a mutual insurance fund
application for PG&#38;E Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Tax Fees.</I> Fees billed in 2004 and 2003 relate to services
rendered by Deloitte&nbsp;&#38; Touche&nbsp;LLP to PG&#38;E
Corporation and its subsidiaries to support Internal Revenue
Service audit appeals and questions, and tax strategy services.
No tax fees were billed, and no related services were provided,
to Pacific Gas and Electric Company or its subsidiaries during
2004 and 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>All Other Fees.</I> Deloitte&nbsp;&#38; Touche&nbsp;LLP
provided no services in this category to PG&#38;E Corporation
and its subsidiaries or to Pacific Gas and Electric Company and
its subsidiaries during 2004 and 2003.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Obtaining Services from the Independent Public Accountants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following section describes policies and procedures
regarding how PG&#38;E Corporation, Pacific Gas and Electric
Company, and their consolidated affiliates may obtain services
from Deloitte&nbsp;&#38; Touche&nbsp;LLP, including limitations
on the types of services that the companies may obtain, and
approval procedures relating to those services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Services Provided by Independent Public Accountants</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In June 2002, PG&#38;E Corporation adopted a policy providing
that the corporation and its controlled subsidiaries only could
enter into new engagements with Deloitte&nbsp;&#38;
Touche&nbsp;LLP and its affiliate, Deloitte Consulting, for
three types of services. The three permitted categories of
services are:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Audit-related services,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Tax services that Deloitte&nbsp;&#38; Touche&nbsp;LLP and its
    affiliates are allowed to provide to Deloitte&nbsp;&#38;
    Touche&nbsp;LLP&#146;s audit clients under the Sarbanes-Oxley
    Act.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation and its subsidiaries traditionally have
obtained these types of services from its independent public
accountants.
</DIV>

<P align="center" style="font-size: 10pt;">28

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Audit Committee Pre-Approval Policy for Services Provided by
the Independent Public Accountants</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
At the beginning of each year, the PG&#38;E Corporation and
Pacific Gas and Electric Company Audit Committees approve the
selection of the independent public accountants for that fiscal
year, and approve obtaining from the auditors a detailed list of
(1)&nbsp;audit services, (2)&nbsp;audit-related services, and
(3)&nbsp;tax services, all up to specified fee amounts.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    <I>&#147;Audit services&#148; </I>generally include audit and
    review of annual and quarterly financial statements and services
    that only the external auditors reasonably can provide
    (e.g.,&nbsp;comfort letters, statutory audits, attest services,
    consents, and assistance with and review of documents filed with
    the Securities and Exchange Commission).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    <I>&#147;Audit-related services&#148; </I>generally include
    assurance and related services that traditionally are performed
    by the independent public accountants (e.g.,&nbsp;employee
    benefit plan audits, due diligence related to mergers and
    acquisitions, accounting consultations and audits in connection
    with acquisitions, internal control reviews, and attest services
    that are not required by statute or regulation).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    <I>&#147;Tax services&#148; </I>generally include compliance,
    tax strategy, tax appeals, and specialized tax issues, all of
    which also must be permitted under the Sarbanes-Oxley Act.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In determining whether to pre-approve any services from the
independent public accountants, the Audit Committees assess,
among other things, the impact of that service on the
auditor&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Additional Services.</I> After the initial annual
pre-approval, the Audit Committees must pre-approve any proposed
engagement of the independent public accountants for any audit,
audit-related, and tax services that are not included on the
list of pre-approved services, and must pre-approve any listed
pre-approved services that would cause PG&#38;E Corporation or
Pacific Gas and Electric Company to exceed the authorized fee
amounts. Other services may be obtained from the independent
public accountants only following review and approval from the
applicable company&#146;s management and review and pre-approval
by the applicable Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Delegation of Pre-Approval Authority.</I> Each Audit
Committee has delegated to the Committee Chair, or to any other
independent Committee member if the Chair is not available, the
authority to pre-approve audit and non-audit services provided
by the company&#146;s independent public accountants. Any
pre-approvals granted under this authority must be presented to
the full Audit Committee at the next regularly scheduled
Committee meeting. In December 2004, the Chair of both Audit
Committees pre-approved $100,000 of audit services to a
subsidiary of Pacific Gas and Electric Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Monitoring Pre-Approved Services.</I> At each regular meeting
of the Audit Committees, management provides a report on the
nature of specific audit and non-audit services being performed
by Deloitte&nbsp;&#38; Touche&nbsp;LLP for the company and its
subsidiaries, the year-to-date fees paid for those services, and
a comparison of year-to-date fees to the pre-approved amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Pre-Approval of Services During 2004.</I> During 2004, all
services provided by Deloitte&nbsp;&#38; Touche&nbsp;LLP to
PG&#38;E Corporation, Pacific Gas and Electric Company, and
their consolidated affiliates were approved under the applicable
pre-approval procedures.
</DIV>

<P align="center" style="font-size: 10pt;">29

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<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Item&nbsp;No.&nbsp;3:
</DIV>

<DIV align="center" style="font-size: 18pt;">
PG&#38;E Corporation Management Proposal
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>To Be Voted on by PG&#38;E Corporation Shareholders Only</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;No.&nbsp;3: Management Proposal&nbsp;Regarding
Adoption of a New Long-Term Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E Corporation management requests that the shareholders
of PG&#38;E Corporation approve the PG&#38;E Corporation 2006
Long-Term Incentive Plan&nbsp;(LTIP) described below. A copy of
the proposed LTIP can be found on PG&#38;E Corporation&#146;s
website at www.pgecorp.com. Shareholders also may obtain a print
copy of the proposed LTIP by sending a written request to the
PG&#38;E Corporation Corporate Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation&#146;s Board of Directors has
unanimously approved the LTIP to replace the current PG&#38;E
Corporation Long-Term Incentive Program, which will expire on
December&nbsp;31, 2005. Subject to shareholder approval of the
proposed LTIP, no more than 500,000&nbsp;shares of PG&#38;E
Corporation common stock will be granted under the current
PG&#38;E Corporation Long-Term Incentive Program during the
period April&nbsp;20, 2005, through December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Purpose</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The purpose of the LTIP is to advance the interests of PG&#38;E
Corporation and its shareholders by providing key management
employees, non-employee directors, and other eligible
participants with stock-based financial incentives to align
participants&#146; interests with the interests of the
Corporation&#146;s shareholders in the long-term success of the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The adoption of the LTIP was recommended by the PG&#38;E
Corporation Nominating, Compensation, and Governance Committee
(Committee), which is composed entirely of independent
directors, as defined in the Corporation&#146;s Corporate
Governance Guidelines. The Board of Directors has delegated
administration of the LTIP to the Committee.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Types of Incentive Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The LTIP permits the award of various forms of incentive awards
that may be made at the sole discretion of the Committee. The
Committee has discretion to grant stock options, stock
appreciation rights (SARs), restricted stock awards, restricted
stock units, performance shares, performance units, deferred
compensation awards, and other stock-based awards. The stock
options may be incentive stock options (ISOs) intended to
qualify for special tax treatment or non-qualified stock options
(NQSOs). SARs may be free standing or granted in relation to a
stock option as a tandem SAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The type of incentive award being granted, as well as the terms
and conditions of the award, is determined by the Committee at
the time of grant. In addition, non-employee directors are
eligible to receive formula-based grants. (See
&#147;Formula-Based Awards for Non-Employee Directors&#148;
below.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Specific awards will be reflected in a stock option agreement,
SAR&nbsp;agreement, stock unit agreement, restricted stock
agreement, or other applicable agreement between PG&#38;E
Corporation and the participant. Those awards will be subject to
all applicable terms and conditions of the LTIP, and also may be
subject to any other terms and conditions consistent with the
LTIP that the Committee deems appropriate, including accelerated
vesting or settlement in the event of a participant&#146;s
death, disability, termination of employment, or a change in
control. The provisions of the various agreements entered into
under the LTIP do not need to be identical.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Eligibility</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
All officers and employees of PG&#38;E Corporation, its
subsidiaries, and affiliates are eligible to participate in the
LTIP. Consultants are also eligible to receive incentive awards
under the LTIP. Non-employee directors of PG&#38;E Corporation
are eligible to receive formula-based awards. Under certain
circumstances, prospective employees and consultants are also
eligible for awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
As of December&nbsp;31, 2004, there were 18&nbsp;current or
former officers of PG&#38;E Corporation, 61&nbsp;current or
former officers of PG&#38;E Corporation subsidiaries,
708&nbsp;current or former key management employees of PG&#38;E
Corporation and its subsidiaries, and 11&nbsp;current or former
non-employee directors of PG&#38;E Corporation participating in
the current PG&#38;E Corporation Long-Term Incentive Program.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Administration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee will administer the LTIP. Among other powers, the
Committee will have the power to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Determine the eligible participants who will be granted
    incentive awards,</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">30

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Determine the amount and type of award,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Determine the applicable fair market value of PG&#38;E
    Corporation common stock,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Determine the terms and conditions of awards,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Construe and interpret the LTIP,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Make all other determinations relating to the LTIP, to the
    extent permitted by applicable law and subject to certain
    restrictions specified in the LTIP.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Board of Directors also has delegated to the Chief Executive
Officer of PG&#38;E Corporation the authority to make awards to
certain eligible participants within the guidelines adopted by
the Committee. The Committee may delegate authority to the Chief
Executive Officer or the Senior Vice President of Human
Resources with respect to ministerial matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Formula grants to non-employee directors of PG&#38;E Corporation
will be made strictly in accordance with the terms and
conditions specified in the LTIP.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Effective Date and Duration of the LTIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If approved by the shareholders, the LTIP will become effective
as of January&nbsp;1, 2006, and will terminate on
December&nbsp;31, 2015, unless it is terminated sooner according
to the terms of the LTIP. ISOs may only be granted within
10&nbsp;years of the date the shareholders approve the LTIP.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Shares Subject to the LTIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
A maximum of 12,000,000&nbsp;shares of PG&#38;E Corporation
common stock (subject to adjustment for changes in capital
structure, stock dividends, or other similar events) will be
reserved for use under the LTIP. Shares of the
Corporation&#146;s common stock covered by incentive awards
previously granted under the LTIP may be reused or added back to
the LTIP under certain circumstances set forth in the LTIP and
to the extent permitted by applicable law. In addition, if a
participant uses shares to pay all or part of the exercise price
when exercising a stock option, or if a participant uses the net
exercise method, only the net number of shares will be
considered to have been issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
All shares reserved for use under the LTIP may be issued in
connection with the exercise or settlement of restricted stock
awards, restricted stock units, and performance awards. However,
no more than 5&nbsp;percent of those shares may (1)&nbsp;vest
more rapidly than pro rata annual vesting over a three-year
period based on the participant&#146;s continued service with
PG&#38;E Corporation, a subsidiary, or an affiliate, or
(2)&nbsp;vest based on the achievement of performance goals over
a performance period of less than 12&nbsp;months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
During any fiscal year, an employee may be granted:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Stock options and freestanding (non-tandem) SARs representing a
    total of no more than 400,000&nbsp;shares reserved for use under
    the LTIP,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Restricted stock awards and restricted stock units subject to
    vesting based on the achievement of performance goals (see
    &#147;Performance Awards&#148; below) representing a total of no
    more than 400,000&nbsp;shares reserved for use under the LTIP,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Performance shares that could result in the employee receiving
    no more than 400,000&nbsp;shares reserved for use under the LTIP
    for each full fiscal year contained in the performance period
    for the award, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Performance units that could result in the employee receiving no
    more than $2&nbsp;million for each full fiscal year contained in
    the performance period for the award.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In addition, no employee may be granted more than one
performance award (i.e., performance shares or performance
units) for the same performance period.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stock Options</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee may grant ISOs, NQSOs, and tandem SARs to eligible
participants (see &#147;Eligibility&#148; above), subject to the
terms and conditions of the LTIP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Stock Options.</I> Stock options allow the participant to buy
a certain number of shares of PG&#38;E Corporation common stock
at an exercise price equal to at least the fair market value on
the date the option is granted. The participant may exercise an
option only during specified time periods. Specific terms of the
option will be set by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Payment for Shares Upon Exercise of Stock Options.</I> At the
time a stock option is exercised, shares of PG&#38;E Corporation
common stock may be purchased using the following, to the extent
provided in the option agreement and permitted by law:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Cash or certain cash equivalents,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Shares of PG&#38;E Corporation common stock owned by the
    participant, with a fair market value equal to or greater than
    the option exercise price,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    A &#147;cashless exercise&#148; procedure (whereby a broker
    sells the shares or holds them as collateral for a margin loan,
    and delivers the net stock option sale or loan proceeds to the
    participant), subject to limitations set forth by the Committee,</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">31

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    A &#147;net exercise&#148; procedure (whereby the participant
    receives the number of shares with a value equivalent to the net
    proceeds from the participant&#146;s exercised options),&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Any combination of the foregoing or any other method of payment
    which the Committee may allow.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Term of Stock Options and Tandem SARs.</I> The maximum term
of stock options and any related tandem SARs is 10&nbsp;years.
Stock options are subject to earlier termination, as described
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Termination of Employment or Other Relationship with PG&#38;E
Corporation.</I> Each stock option agreement will describe how a
participant&#146;s termination of employment or other
relationship with PG&#38;E Corporation affects the exercise of
that individual&#146;s stock options.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Restricted Stock and Restricted Stock Units</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee may grant awards in the form of restricted stock,
restricted stock units, or both, to eligible participants (see
&#147;Eligibility&#148; above).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock.</I> Restricted stock includes shares of
PG&#38;E Corporation common stock that are subject to vesting
and other restrictions. Restricted stock may be issued under the
LTIP with or without cash consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Unless otherwise provided in the applicable award agreement, the
holders of restricted stock awarded under the LTIP shall have
the same voting, dividend, and other rights as PG&#38;E
Corporation&#146;s other shareholders. The number of shares of
restricted stock is subject to adjustment for changes in capital
structure and stock dividends, and any new shares obtained based
on the adjustment will be subject to the same vesting conditions
as the underlying restricted stock award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock Units.</I> Restricted stock units are a
bookkeeping entry representing an equivalent number of shares of
PG&#38;E Corporation common stock, as awarded under the LTIP.
Restricted stock units may be issued with or without cash
consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Each vested restricted stock unit may be settled in the form of
one share of PG&#38;E Corporation common stock (subject to
adjustment for changes in capital structure and stock
dividends). The actual number of stock units eligible for
settlement may be larger or smaller than the number included in
the original award, based on predetermined performance factors.
The distribution may occur or commence when all vesting
conditions applicable to the restricted stock units have been
satisfied, or it may be deferred to a later date, if permitted
in the applicable award agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The holders of restricted stock units will have no voting
rights, but may be entitled to receive dividend equivalents.
Dividend equivalents entitle the holder to be credited with an
amount equal to all cash dividends paid on the shares underlying
the stock units while the stock units are still outstanding.
Dividend equivalents are converted into additional restricted
stock units and are subject to the same conditions and
restrictions as the related restricted stock units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Termination of Employment or Other Relationship with PG&#38;E
Corporation.</I> Each restricted stock or restricted stock unit
agreement will describe how a participant&#146;s termination of
employment or other relationship with PG&#38;E Corporation
affects that individual&#146;s restricted stock or restricted
stock units.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stock Appreciation Rights (SARs)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee may grant awards in the form of free standing or
tandem SARs. SARs are a bookkeeping entry representing, for each
share of PG&#38;E Corporation common stock subject to the SAR or
related stock option, the right to receive payment equal to the
amount by which the fair market value (on the date of surrender)
of the shares subject to the SAR or the related stock option
exceeds the exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Exercisability and Term.</I> Specific terms of an SAR award
(including the number awarded, exercise price, the date when all
or any part of the SAR can be exercised, and the term) will be
set by the Committee. A tandem SAR is subject to the same terms
and conditions as the related stock option. A tandem SAR can be
exercised only if the related option is surrendered. No SAR will
be exercisable after 10&nbsp;years after the date it was granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Termination of Employment or Other Relationship with PG&#38;E
Corporation.</I> Each SAR agreement will describe how a
participant&#146;s termination of employment or other
relationship with PG&#38;E Corporation affects that
individual&#146;s SARs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Exercise of SARs.</I> Upon exercise of an SAR, the
participant will receive shares, cash, or a combination of
shares and cash, as determined by the Committee. The total
amount of cash and/or the fair market value of PG&#38;E
Corporation common stock received upon exercise of an SAR will
be equal to the amount by which the fair market value (on the
date of surrender)
</DIV>

<P align="center" style="font-size: 10pt;">32

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
of the shares subject to the SAR or related option exceeds the
exercise price.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
 If, on the date that an SAR expires, the exercise price of the
SAR is less than the fair market value of the shares underlying
the SAR on that date, but any portion of the SAR has not been
exercised or surrendered, then the unexercised portion of the
SAR will automatically be deemed to be exercised as of that date.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Performance Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee may grant performance awards in the form of
performance shares or performance units. Specific terms of
performance awards (including the number of shares or units
awarded, dividend equivalents (if any), and the performance
award formula, goal, and period) will be set by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Performance Goals.</I> The final value of a performance award
will be based on the extent to which the established performance
goals are achieved within the corresponding performance period.
Performance goals are targets relating to one or more measures
of business or financial performance. These measures could
include (1)&nbsp;sales revenue, (2)&nbsp;gross margin,
(3)&nbsp;operating margin, (4)&nbsp;operating income,
(5)&nbsp;pre-tax profit, (6)&nbsp;earnings before interest,
taxes, and depreciation and amortization, (7)&nbsp;net income,
(8)&nbsp;expenses, (9)&nbsp;the market price of the stock,
(10)&nbsp;earnings per share, (11)&nbsp;return on shareholder
equity, (12)&nbsp;return on capital, (13)&nbsp;return on net
assets, (14)&nbsp;economic value added, (15)&nbsp;market share,
(16)&nbsp;customer service, (17)&nbsp;customer satisfaction,
(18)&nbsp;safety, (19)&nbsp;total shareholder return, or
(20)&nbsp;such other measures the Committee determines
consistent with the LTIP. The Committee shall determine the
extent to which applicable performance goals have been attained
and the resulting final value of the award. The Committee may
adjust the basis for computing the value of a performance award,
consistent with the LTIP and applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Performance Shares.</I> Unless otherwise provided by the
Committee, the initial value of a performance share is the fair
market value of 1&nbsp;share of PG&#38;E Corporation common
stock (subject to adjustment for changes in capital structure
and stock dividends) on the grant date. The Committee will also
specify the form of payment for the settlement of performance
shares: cash, stock, or a combination of both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The holders of performance share awards will have voting rights
as to those shares that settle in stock only after the
underlying shares have been issued by PG&#38;E Corporation. The
Committee may, at its discretion, grant holders of performance
share awards the right to receive dividend equivalents
associated with those awards. Dividend equivalents may be paid
currently, or may be accumulated and paid to the extent that
performance shares become non-forfeitable, as determined by the
Committee. Dividend equivalents may be settled in cash, shares,
or a combination of both, and may be paid on the same basis as
the related performance shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Performance Units.</I> Each performance unit will have an
initial value determined by the Committee. The holders of
performance units will have no voting rights or dividend rights
associated with those awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Termination of Employment or Other Relationship with PG&#38;E
Corporation.</I> Each performance share or performance unit
agreement will describe how a participant&#146;s termination of
employment or other relationship with PG&#38;E Corporation
affects that individual&#146;s performance shares or performance
units.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Formula-Based Awards For Non-Employee Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On the first business day of each calendar year during the term
of the LTIP, each director who is not an employee of PG&#38;E
Corporation or a subsidiary will automatically receive incentive
awards with an aggregate fair market value (as determined in
accordance with the LTIP) of $60,000. The incentive awards will
consist of (1)&nbsp;restricted stock having an aggregate fair
market value of $30,000, and (2)&nbsp;a combination of NQSOs and
restricted stock units in $5,000 increments, as designated by
the director, having a total value of $30,000 (as determined
under the LTIP).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock.</I> Shares of restricted stock vest at the
rate of 20&nbsp;percent on each anniversary of the grant date.
Non-employee directors will have all of the rights of a
shareholder with respect to all outstanding shares of restricted
stock, including the right to vote and receive dividends,
whether or not the shares are vested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Upon termination of service as a non-employee director, any
unvested shares of restricted stock will be forfeited. In the
event of a termination by reason of mandatory retirement at the
age specified in the PG&#38;E Corporation Board of Directors
retirement policy, by reason of death or disability, or by
reason of a change in control, all shares of restricted stock
will fully vest. The Board may modify these provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Upon a change in control, any unvested shares of restricted
stock will fully vest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Stock Options.</I> The number of shares subject to NQSOs
granted under the formula award provisions is determined by
dividing the equity value increment
</DIV>

<P align="center" style="font-size: 10pt;">33

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<DIV align="left" style="font-size: 10pt;">selected by the director
(subject to aggregate $30,000&nbsp;limit) by the per-option
value. (The per-option value is based on the Black-Scholes stock
option valuation method, discounting the resulting value by
20&nbsp;percent.) Stock options awarded under the LTIP to
non-employee directors become exercisable as to one-third of the
stock options on or after the second anniversary of the date of
grant, as to two-thirds of the stock options on or after the
third anniversary, and as to 100&nbsp;percent on or after the
fourth anniversary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The stock option exercise price is equal to the fair market
value of PG&#38;E Corporation common stock on the date of grant.
Dividend equivalents are not granted in connection with the
stock options. The stock option will terminate 10&nbsp;years
after the grant date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Upon termination of a non-employee director&#146;s service on
the Board by reason of death, disability, mandatory retirement,
or retirement after 5&nbsp;years of continuous service on the
Board, all stock options will become fully exercisable. Stock
options will be exercisable for the shorter of (1)&nbsp;the
remainder of the stock option term, or (2)&nbsp;5&nbsp;years in
the case of termination by reason of mandatory retirement, or
1&nbsp;year in the case of termination by reason of death or
disability. If termination is for any other reason, unvested
stock options shall terminate and vested stock options shall
remain exercisable for 3&nbsp;months after termination or the
remainder of the stock option term, whichever is shorter. The
Board may modify these provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Upon a change in control, all unvested stock options will become
fully exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock Units.</I> Each restricted stock unit
awarded under the LTIP to non-employee directors will be equal
to 1&nbsp;share of PG&#38;E Corporation common stock. The number
of restricted stock units is determined by dividing the equity
value increment selected by the director (subject to aggregate
$30,000&nbsp;limit) by the fair market value of PG&#38;E
Corporation common stock on the first business day of the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On each dividend payment date, the number of additional
restricted stock units that are credited to a non-employee
director&#146;s account is determined by dividing the total
amount of the dividends (the dividend multiplied by the number
of restricted stock units on the dividend record date) by the
closing price of PG&#38;E Corporation common stock on the
dividend payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Restricted stock units are distributed to the non-employee
director in the form of an equal number of shares of PG&#38;E
Corporation common stock upon the non-employee director&#146;s
retirement from the Board (1)&nbsp;at the age specified in the
PG&#38;E Corporation Board of Directors retirement policy, or
(2)&nbsp;after 5&nbsp;years of continuous service, either as a
lump sum or in installments. Restricted stock units also become
payable immediately in the event of the non-employee
director&#146;s death or disability. If a non-employee
director&#146;s service on the Board terminates for any other
reason, all restricted stock units are forfeited on the date of
termination. The Board may modify these termination provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Upon a change in control, all restricted stock units will be
settled in the same manner as if the non-employee director
retired from the Board.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Deferred Compensation Programs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee may establish one or more deferred compensation
programs under the LTIP to permit certain participants to
irrevocably elect prior to a date specified by the Committee to
be automatically granted stock units subject to the terms of a
deferred compensation award in lieu of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Compensation that otherwise would be payable in cash,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Shares of PG&#38;E Corporation common stock otherwise issuable
    to the participant upon the exercise of a stock option,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Cash or shares of PG&#38;E Corporation common stock otherwise
    issuable to the participant upon the exercise of an SAR,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Cash or shares of PG&#38;E Corporation common stock otherwise
    issuable to the participant upon the settlement of a performance
    award.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Specific terms of any stock units will be set by the Committee.
Stock units will not be subject to any vesting conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Voting Rights.</I> Participants will have no voting rights
with respect to shares of PG&#38;E Corporation common stock
represented by stock units until the underlying shares are
issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Dividend Equivalent Rights and Distributions.</I> Prior to
settlement or forfeiture of stock units, participants shall be
entitled to receive dividend equivalents. The participant shall
be credited with additional whole and/or fractional stock units
as of the date of payment of cash dividends on PG&#38;E
Corporation common stock. The method of determining the number
of additional stock units to be so credited shall be determined
by the Committee and specified in the applicable agreement. Such
additional stock units shall be subject to the same terms and
conditions and shall be settled in the same manner and at the
same time (or as soon thereafter as practicable) as the stock
units originally subject to the deferred compensation award.
</DIV>


<P align="center" style="font-size: 10pt;">34

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Settlement of Awards.</I> A participant who elects to receive
stock units must specify a settlement date for those units at the time of such election. On the settlement
date, the participant will receive a number of whole shares of
PG&#38;E Corporation common stock equal to the number of whole
stock units subject to the deferred compensation awards. The
shares of stock will be fully vested, and the participant will
not be required to pay any additional amounts (other than
applicable tax withholding) to acquire those shares. Any
fractional stock units will be paid in cash.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Other Stock-Based Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee also may grant other stock-based awards that are
valued based on PG&#38;E Corporation stock or dividends on that
stock.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Tax Withholding</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To the extent that a participant incurs any tax liability in
connection with the exercise or receipt of an incentive award,
the participant&#146;s withholding obligation may be satisfied
through payroll deductions or a direct cash payment to PG&#38;E
Corporation. In addition, the Committee may allow the
participant to satisfy the withholding obligation by allowing
the Corporation to withhold a portion of the shares to be issued
to the participant. Those shares may be added back to the LTIP.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Deferral of Payments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee may allow the deferral of any cash payments that
may become due under the LTIP.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Adjustment Upon Changes in Number or Value of Shares of
Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In order to prevent enlargement or dilution of rights resulting
from stock dividends, stock splits, recapitalizations, mergers,
consolidations, or other events that materially increase or
decrease the number or value of shares of PG&#38;E Corporation
common stock, the Committee may make such adjustments as it
deems appropriate.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>No Repricing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The LTIP does not allow stock options or SARs to be repriced,
unless the shareholders approve the repricing.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Transferability of Incentive Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Except as may otherwise be provided in the applicable award
agreement, incentive awards will not be transferable other than
by will or by the laws of descent and distribution, and
generally may be exercised during the lifetime of the
participant only by the participant.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Amendment and Termination of the LTIP and Incentive Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation Board of Directors or the Committee may
at any time suspend, terminate, modify, or amend the LTIP in any
respect. However, shareholder approval of amendments will be
obtained in the manner and to the degree required by applicable
laws or regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee also may amend or modify the terms and conditions
of any incentive award, or may cancel or annul any grant of an
award. No suspension, termination, modification, or amendment of
the LTIP, and no amendment, modification, cancellation, or
annulment of any incentive award, may adversely affect a
participant&#146;s rights under the LTIP or such incentive award
without the participant&#146;s consent. The Committee may grant
incentive awards in exchange for the participant&#146;s
surrender of other incentive awards.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Funding</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The costs of the LTIP will be borne by PG&#38;E Corporation.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Effect of Change in Control</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Unless otherwise provided in a participant&#146;s agreement,
upon the occurrence of a change in control (as defined on
page&nbsp;52 of the Joint Proxy Statement under &#147;Employment
Contracts, Termination of Employment and Change in Control
Provisions&#148;):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    All outstanding stock options and SARs vest immediately and
    become exercisable in full,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    With respect to restricted stock and other awards, all
    outstanding vesting conditions, restriction periods or
    performance goals applicable to the</TD>
</TR>

</TABLE>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD align="left">
shares subject to a
    restricted stock award or other award are accelerated and/or
    waived, and the award becomes payable to the extent provided in
    the award agreement.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The effect of a change in control on awards to non-employee
directors is described above under &#147;Formula-Based Awards
for Non-Employee Directors.&#148;
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Federal Income Tax Consequences</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following is a brief description of the federal income tax
consequences under current tax laws of stock options, tandem
SARs, restricted stock units, and restricted stock granted under
the LTIP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Non-Qualified Stock Options.</I> There will be no federal
income tax consequences to either the participant or PG&#38;E
Corporation upon the grant of an NQSO. Upon the exercise of an
NQSO, the participant generally will have taxable ordinary income equal to the difference between the
current market value of the shares and the option exercise
price, and the Corporation will be entitled to a federal income
tax deduction of that amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Incentive Stock Options.</I> There will be no federal income
tax consequences to either the participant or PG&#38;E
Corporation upon the grant or exercise of an ISO. However,
unless the holding period requirements discussed below are
violated, upon exercise of an ISO, a participant will be deemed
to have a tax preference item (equal to the difference between
the current market value of the shares on the date of exercise
and the option exercise price) that may result in alternative
minimum tax liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If a participant exercises an ISO and does not dispose of the
shares within 2&nbsp;years from the date of grant or within
1&nbsp;year from the date the shares are transferred to the
participant, any gain realized upon disposition will be taxable
to the employee as a long-term capital gain, and PG&#38;E
Corporation will not be entitled to any deduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If a participant violates the holding period requirements, the
participant will realize ordinary income in the year of
disposition, and PG&#38;E Corporation will be entitled to a
corresponding deduction, in an amount equal to the excess of
(1)&nbsp;the lesser of (a)&nbsp;the amount realized on the sale
or exchange or (b)&nbsp;the fair market value of the shares on
the date of exercise, over (2)&nbsp;the option exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
An ISO which is exercised more than 3&nbsp;months after the
participant terminates employment with PG&#38;E Corporation
generally will be treated as an NQSO for federal income tax
purposes, unless the termination occurred due to death or
disability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Tandem Stock Appreciation Rights.</I> There will be no
federal income tax consequences to either the participant or
PG&#38;E Corporation upon the grant of a tandem SAR or during
the period that the unexercised right remains outstanding. Upon
the exercise of a tandem SAR, the amount received will be
taxable to the participant as ordinary income, and PG&#38;E
Corporation will be entitled to a corresponding federal income
tax deduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock Units.</I> There will be no federal income
tax consequences to either the participant or PG&#38;E
Corporation upon the grant of restricted stock units. Dividend
equivalents paid on restricted stock units will be taxable to
the participant as ordinary income and PG&#38;E Corporation will
be entitled to a corresponding federal income tax deduction.
Upon the payment of restricted stock units, the amount received
will be taxable to the participant as ordinary income and the
Corporation will be entitled to a corresponding federal income
tax deduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock.</I> Upon the grant of restricted stock
subject to a vesting schedule, the participant will be deemed to
receive taxable ordinary income equal to the fair market value
of the shares at the time they vest. Upon the sale or
disposition of the shares, the participant will realize capital
gain or loss in an amount equal to the difference between the
fair market value of the shares on each vesting date and the
sale or disposition price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Section&nbsp;83(b) of the Internal Revenue Code permits a
participant to elect, within 30&nbsp;days after the grant of any
shares of restricted stock subject to a vesting schedule, to be
taxed at ordinary income rates on the fair market value of all
shares received, based on the fair market value of the shares on
the date of grant, ignoring restrictions or limitations on the
shares disposition. If the participant makes a
Section&nbsp;83(b) election, any later appreciation in the value
of the shares will be taxable as capital gain instead of
ordinary income when they are sold or transferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
At the time the participant elects to be taxed on the grant of
restricted stock, PG&#38;E Corporation will be entitled to a
federal income tax deduction in an amount equal to the ordinary
income recognized by the participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Performance Awards.</I> Performance awards are generally
subject to federal income tax at the time they are settled.
PG&#38;E Corporation is generally entitled to a corresponding
federal income tax deduction at that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Deferred Compensation Awards.</I> Deferred compensation
awards are generally not subject to income tax until they are
payable to the participant. However, deferred compensation
awards are subject
</DIV>
<P align="center" style="font-size: 10pt;">36

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
to employment tax at the time of deferral.
PG&#38;E Corporation is generally entitled to a corresponding
federal income tax deduction at the time the participant is
subject to income tax.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Benefits Under the LTIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Subject to certain limitations, the Committee has full
discretion to determine the number, type, and value of incentive
awards to be granted to eligible participants under the LTIP.
Thus, the benefits and amounts that will be received by or
allocated to the officers, directors, employees, and consultants
of PG&#38;E Corporation are not determinable. Under the current
PG&#38;E Corporation Long-Term Incentive Program, which is
comparable to the proposed LTIP, executive officers named in the
Summary Compensation Table received restricted stock awards,
options, and performance shares as described on pages&nbsp;47
through 50 of this Joint Proxy Statement under &#147;Summary
Compensation Table,&#148; &#147;Option/ SAR Grants in
2004,&#148; and &#147;Long-Term Incentive Program&nbsp;- Awards
in 2004.&#148; The amount of awards to be received by each
non-employee director is determined under the formula provisions
discussed above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Board of Directors of PG&#38;E Corporation Unanimously Recommends That Shareholders Vote&nbsp;<U>FOR</U> This Proposal.</B>
</DIV>

<P align="center" style="font-size: 10pt;">37

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<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Item&nbsp;Nos. 4-8:
</DIV>

<DIV align="center" style="font-size: 18pt;">
PG&#38;E Corporation Shareholder Proposals
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>To Be Voted on by PG&#38;E Corporation Shareholders Only</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following shareholder proposals and related supporting
statements represent the views of the shareholders who submitted
them, and not the views of PG&#38;E&nbsp;Corporation.
PG&#38;E&nbsp;Corporation is not responsible for, and does not
endorse, the content of any shareholder proposal or supporting
statement. These shareholder proposals and supporting statements
are included in this proxy statement pursuant to rules
established by the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;No.&nbsp;4: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mr.&nbsp;Simon Levine, 960 Shorepoint Court, No.&nbsp;306,
Alameda, California 94501, holder of 3,000&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:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    &#147;4&nbsp;&#150; Expense Stock Options</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Resolved: Shareholders request that our Board of Directors
    establish a policy of expensing in our Company&#146;s annual
    income statement the costs of all future stock options issued by
    our directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    53% Shareholder Support</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The 33&nbsp;shareholder proposals voted on this topic in 2004
    achieved an impressive 53% average supporting vote.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Stock options are an important part of our Company&#146;s
    executive pay. Options have replaced salary and bonuses as the
    most significant element of executive pay at numerous companies.
    The lack of option expensing can promote excessive use of
    options in a company&#146;s pay plans, obscure and understate
    the cost of executive pay and promote the pursuit of strategies
    designed to promote short-term stock price rather than long-term
    shareholder value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Expensing stock options can more accurately reflect the costs of
    such options to our company. Options are a form of compensation
    with value to our managers and a cost to our company. In the
    words of Warren Buffett: &#147;If stock options aren&#146;t a
    form of compensation what are they? If compensation isn&#146;t
    an expense, what is it? And, if expenses shouldn&#146;t go into
    the calculation of earnings, where in the world do they go?&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The failure to expense stock options can distort our earnings.
    According to the June&nbsp;27, 2002 issue of the
    <I>Analyst&#146;s Accounting Observer</I>, the lack of expense
    recognition for options resulted in a 31% overstatement of the
    2001 earnings of S&#38;P&nbsp;500 companies. Standard&nbsp;&#38;
    Poor&#146;s now calculates &#147;core earnings&#148; in which
    the cost of options is treated as an expense.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Expensing stock options can send a signal to the market that a
    company is committed to transparency and corporate governance
    best practices. Recognizing this, 386&nbsp;companies announced
    their intention to expense stock options as of October 2003.
    Voluntary action by companies is even more critical to investors
    since the Financial Accounting Standards Board delayed a
    decision on requiring expensing under GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Not expensing stock options may lead to overuse by companies
    that see options as &#147;free money.&#148; As
    Standard&nbsp;&#38; Poor&#146;s has stated, &#147;when something
    is significantly underpriced, it is often also substantially
    overconsumed.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Many companies have responded positively to investors&#146;
    concerns about expensing stock options. Let us resolve that our
    company do so also.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    Expense Stock Options</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt;">
YES on 4&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We agree that PG&#38;E Corporation should expense options in
accordance with standards issued on December&nbsp;4, 2004, by
the Financial Accounting Standards Board. We believe that it is
unnecessary for the Board of Directors to establish a policy
because these standards require public companies to expense the
estimated fair value of their share-based compensation
(including stock options) when they calculate earnings.
Companies must expense options beginning with their first
quarterly reporting period beginning after June&nbsp;15, 2005.
PG&#38;E&nbsp;Corporation will begin expensing stock options in
compliance with this new standard.
</DIV>

<P align="center" style="font-size: 10pt;">38

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For these reasons, the PG&#38;E&nbsp;Corporation Board of
Directors unanimously recommends that shareholders
vote&nbsp;<U>AGAINST</U> this proposal.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;No.&nbsp;5: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mr.&nbsp;Ronald D. Rattner, 1998&nbsp;Broadway, No.&nbsp;1204,
San&nbsp;Francisco, California 94109-2206, beneficial owner of
1,975&nbsp;shares of PG&#38;E&nbsp;Corporation common stock, has
given notice of his intention to present the following proposal
for action at the PG&#38;E&nbsp;Corporation annual meeting:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    &#147;RADIOACTIVE WASTES: RISK</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt;">
REDUCTION POLICY
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proponent
    believes PG&#38;E&#146;s production and storage of high level
    radioactive wastes at Diablo Canyon nuclear plant involves
    potentially catastrophic risks to the public, to the
    environment, and to our company which must be mitigated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diablo
    Canyon operations are continually creating and accumulating
    substantial quantities of high level radioactive wastes in
    spent-fuel pools
    2<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>
    miles from a major active California coast earthquake fault, on
    a bluff overlooking the Pacific. Potential magnitude of a
    possible spent-fuel accident increases as quantities of
    radioactive wastes increase. Every day of unrestricted operation
    each Diablo Canyon reactor produces radioactive wastes
    equivalent to those of an Hiroshima bomb. Hundreds of tons are
    now stored on-site within a corrugated steel structure. These
    wastes -including Cesium&nbsp;137, Strontium&nbsp;90 and
    Plutonium&nbsp;239- are so hazardous that Department Of Energy
    requires isolation for 10,000&nbsp;years. 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>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
    9/11/01 we have realized our vulnerability to terrorism and
    urgent need for increased vigilance. Diagrams of
    U.S.&nbsp;nuclear power plants were found in AlQueda enclaves in
    Afghanistan. Nuclear Regulatory Commission anti-terrorist
    exercises to determine potential vulnerability of nuclear plants
    did not consider all weapons or methods attributed to AlQueda
    terrorists or direct hit by large aircraft. After 9/11 the NRC
    revealed that &#147;nuclear power plants were not designed to
    withstand such crashes&#148;, and that consequences of a
    spent-fuel accident &#147;could be comparable to those for a
    severe reactor accident.&#148; Moreover, stored radioactive
    wastes are more vulnerable than nuclear reactors. A recent
    Princeton University study suggests that a terrorist attack on
    high-level radioactive wastes stored at nuclear plants could
    cause contamination problems &#147;significantly worse than
    those from Chernobyl&#148;. California Senator Feinstein and
    Attorney General Lockyer have questioned expanding Diablo
    Canyon&#146;s nuclear waste storage without public hearings
    addressing existing significant risks.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
    have been suspended, and thousands of shareholders have been
    hurt. Proponent believes PG&#38;E&#146;s financial prospects are
    already threatened by bankruptcy of its largest subsidiary and a
    $4&nbsp;billion unfair practices suit by the California Attorney
    General, and that any loss from a catastrophic nuclear accident
    could jeopardize corporate viability and remaining shareholder
    equity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
    corporate profit goal can justify disregard of serious hazards
    to public and environmental health and safety. So, 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>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <U>RESOLUTION:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THEREFORE,
    Shareholders recommend that Board of Directors 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; and that 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>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Board of Directors of PG&#38;E&nbsp;Corporation
Recommends a Vote <U>AGAINST</U> This Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Pacific Gas and Electric Company already has in place a
comprehensive plan to reduce vulnerability to a catastrophic
nuclear accident or terrorist attack at the Diablo Canyon power
plant. Our plan is in compliance with extensive regulations of
the U.S.&nbsp;Nuclear Regulatory Commission (NRC)&nbsp;that
address the monitoring and review of the safety, radiological,
and environmental aspects of nuclear facilities, comprehensive
and mandatory quality controls for the operation of nuclear
facilities, and the storage and disposal of spent nuclear fuel.
These regulations also require nuclear power plants to take
adequate measures to protect the public from the possibility of
exposure to radioactive release caused by acts of sabotage.
</DIV>

<P align="center" style="font-size: 10pt;">39

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Pacific Gas and Electric Company has received a license from the
NRC to construct and operate a facility to store spent fuel on
site after the capacity of existing spent fuel pools is
depleted. This on-site storage will consist of dry casks made of
steel and concrete that have been designed to withstand
earthquakes and other natural disasters in compliance with NRC
requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
No spent fuel is transported to or from Diablo Canyon, and no
plans exist to do so 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For these reasons, the PG&#38;E&nbsp;Corporation Board of
Directors unanimously recommends that shareholders vote
<U>AGAINST</U> this proposal.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;No.&nbsp;6: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mr.&nbsp;Ray T. Chevedden, 5965&nbsp;S.&nbsp;Citrus Avenue, Los
Angeles, California 90043, holder of 3,000&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:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&#147;6&nbsp;&#150; Redeem or Vote Poison Pill
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    RESOLVED: Shareholders request that our Board adopt a policy
    that any future poison pill be redeemed or put to a shareholder
    vote within 4-months after it is adopted by our Board. And
    formalize this policy as corporate governance policy or bylaw.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    I believe that there is a material difference between a
    shareholder vote within 4-months in contrast to our current
    12-month lag in a vote. A 12-month delay could guarantee that a
    poison pill stays effective through an entire proxy contest.
    This could result in us as shareholders losing a profitable
    offer for our stock&nbsp;&#150; or an exchange for shares in a
    more valuable company. I believe that even if a special election
    would be needed the cost would be relatively trivial in
    comparison to the potential loss of a valuable offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pills
    Entrench Current Management</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;They [poison pills] entrench the current management, even
    when it&#146;s doing a poor job. They [poison pills] water down
    shareholders&#146; votes and deprive them of a meaningful voice
    in corporate affairs.&#148;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Take
    on the Street&#148; by Arthur Levitt, SEC Chairman, 1993-2001</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Like
    a Dictator</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;[Poison pill] That&#146;s akin to the argument of a
    benevolent dictator, who says, &#147;Give up more of your
    freedom and I&#146;ll take care of you.&nbsp;&#148;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.J.
    Dermot Dunphy, CEO of Sealed Air (NYSE)&nbsp;for 25&nbsp;years</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poison
    Pill Negative</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;That&#146;s the key negative of poison pills&nbsp;&#150;
    instead of protecting investors, they can also preserve the
    interests of management deadwood as well.&#148;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Morningstar.com</I>,
    Aug.&nbsp;15, 2003</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    The Potential of a Tender Offer Can Motivate Our Directors</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Hectoring directors to act more independently is a poor
    substitute for the bracing possibility that shareholders could
    sell the company out from under its present management.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wall
    Street Journal</I>, Feb.&nbsp;24, 2003</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    I believe that if a poison pill makes our company difficult to
    sell&nbsp;&#150; or to exchange for shares in a more valuable
    company&nbsp;&#150; that the value of our stock suffers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    Redeem or Vote Poison Pill</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt;">
Yes on 6&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E&nbsp;Corporation Board of Directors has already
adopted a policy to submit the adoption or extension of a
shareholder rights plan to a shareholder vote within
12&nbsp;months of the adoption or extension.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We believe that the 12-month period provides the Board with a
reasonable amount of time to seek a shareholder vote and is
consistent with the policy of Institutional Shareholder
Services, a leading proxy advisory firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For these reasons, the PG&#38;E&nbsp;Corporation Board of
Directors unanimously recommends that shareholders vote
<U>AGAINST</U> this proposal.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;No.&nbsp;7: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Sheet Metal Workers&#146; National Pension Fund,
601&nbsp;North Fairfax Street, Suite&nbsp;500, Alexandria,
Virginia 22314, beneficial owner of 12,400&nbsp;shares of
PG&#38;E&nbsp;Corporation common stock, has given notice of its
intention to present the following proposal for action at the
PG&#38;E&nbsp;Corporation annual meeting:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    &#147;Performance-Based
    Options Proposal</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Resolved: That the shareholders of PG&#38;E (the
    &#147;Company&#148;) request that the Compensation</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">40

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Committee of the Board of Directors adopt a policy that a
    significant portion of future stock option grants to senior
    executives shall be performance-based. Performance-based options
    are defined as follows: (1)&nbsp;indexed options, in which the
    exercise price is linked to an industry or well-defined peer
    group index; (2)&nbsp;premium-priced stock options, in which the
    exercise price is set above the market price on the grant date;
    or (3)&nbsp;performance-vesting options, which vest when a
    performance target is met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Supporting Statement: As long-term shareholders of the Company,
    we support executive compensation policies and practices that
    provide challenging performance objectives and serve to motivate
    executives to enhance long-term corporate value. We believe that
    standard fixed-price stock option grants can and often do
    provide levels of compensation well beyond those merited, by
    reflecting stock market value increases, not performance
    superior to the company&#146;s peer group.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Our shareholder proposal advocates performance-based stock
    options in the form of indexed, premium-priced or
    performance-vesting stock options. With indexed options, the
    option exercise price moves with an appropriate peer group index
    so as to provide compensation value only to the extent that the
    company&#146;s stock price performance is superior to the
    companies in the peer group utilized. Premium-priced options
    entail the setting of an option exercise price above the
    exercise price used for standard fixed-priced options so as to
    provide value for stock price performance that exceeds the
    premium option price. Performance-vesting options encourage
    strong corporate performance by conditioning the vesting of
    granted options on the achievement of demanding stock and/or
    operational performance measures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Our shareholder proposal requests that the Company&#146;s
    Compensation Committee utilize one or more varieties of
    performance-based stock options in constructing the long-term
    equity portion of the senior executives&#146; compensation plan.
    The use of performance-based options, to the extent they
    represent a significant portion of the total options granted to
    senior executives, will help place a strong emphasis on
    rewarding superior corporate performance and the achievement of
    demanding performance goals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Leading investors and market observers, such as Warren Buffett
    and Alan Greenspan, have criticized the use of fixed-price
    options on the grounds that they all to often reward mediocre or
    poor performance. The Conference Board&#146;s Commission on
    Public Trust and Private Enterprise in 2002 looked at the issue
    of executive compensation and endorsed the use of
    performance-based options to help restore public confidence in
    the markets and U.S.&nbsp;corporations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    At present, the Company does not employ performance-based stock
    options as defined in this proposal, so shareholders cannot be
    assured that only superior performance is being rewarded.
    Performance-based options can be an important component of a
    compensation plan designed to focus senior management on
    accomplishing long-term corporate strategic goals and superior
    long-term corporate performance. We urge your support for this
    important executive compensation reform.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We believe PG&#38;E&nbsp;Corporation&#146;s equity compensation
policies already meet the goals and the spirit of the proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E&nbsp;Corporation&#146;s executive officer compensation
is comprised of base salary, short-term incentives, and
long-term incentives. We believe that performance-based
compensation is important and a significant portion of our
executive officer equity-based compensation is
performance-based. Like indexed options, our performance-based
awards align employees&#146; and shareholders&#146; interests in
achieving superior stock-based performance relative to
performance of peer companies in
PG&#38;E&nbsp;Corporation&#146;s comparator group. Target awards
are paid only if PG&#38;E&nbsp;Corporation&#146;s total
shareholder return is in the top quartile, as compared to peer
companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For this reason, the PG&#38;E&nbsp;Corporation Board of
Directors unanimously recommends that shareholders vote
<U>AGAINST</U> this proposal.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;No.&nbsp;8: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mr.&nbsp;Nick Rossi, P.O. Box&nbsp;249, Boonville, California
95415, beneficial owner of 600&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&nbsp;Corporation annual meeting:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    &#147;8&nbsp;&#150; Allow a Vote regarding Future Golden
    Parachutes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    RESOLVED: Allow a Vote regarding Future Golden Parachutes.
    Shareholders request that our Board seek shareholder approval
    for future golden parachutes for senior executives. This applies
    to benefits exceeding 299% of the sum of</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">41

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    the executive&#146;s base salary plus bonus. Future golden
    parachutes include agreements renewing, modifying or extending
    existing severance agreements or employment agreements with
    golden parachute or severance provisions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    This includes that golden parachutes are not given for a change
    in control or merger which is approved but is not completed. Or
    for executives who transfer to a successor company. This
    proposal would include to the fullest extent each golden
    parachute that our Board has or will have the power to grant or
    modify.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Our company would have the flexibility under this proposal of
    seeking approval after the material terms of a golden parachute
    were agreed upon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%
    Yes-Vote</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The 26&nbsp;shareholder proposals voted on this topic achieved
    an impressive 51% average yes-vote in 2004.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Shareholders to Lose $1.7&nbsp;billion in Dividends</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    PG&#38;E Shareholders are expected to lose $1.7&nbsp;billion in
    dividends due our company&#146;s bankruptcy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yet
    $19&nbsp;Million for our Chairman</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Our Chairman&#146;s 2003 pay was reported as $19&nbsp;million
    including stock option grants. Plus he has $18-million in
    unexercised stock options from previous years.</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Source: Executive PayWatch Database,
    <U>http://www.aflcio.org/corporateamerica/
    paywatch/ceou/database.cfm</U></TD>
</TR>


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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And Millions in 2004 Bonuses for our PG&#38;E management
</TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Our PG&#38;E management was reported to collect the following
    bonuses in 2004:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="81%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 60px; text-indent: -0px">
    Robert Glynn, Chairman</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $17&nbsp;million</TD>
</TR>

<TR>
    <TD align="left" valign="top">
<DIV style="margin-left: 60px; text-indent: -0px">
    Gordon Smith, CEO</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $10&nbsp;million</TD>
</TR>

<TR>
    <TD align="left" valign="top">
<DIV style="margin-left: 60px; text-indent: -0px">
    Tom King, senior VP</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $4.8&nbsp;million</TD>
</TR>

<TR>
    <TD align="left" valign="top">
<DIV style="margin-left: 60px; text-indent: -0px">
    Gregory Rueger, chief nuclear officer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2.6&nbsp;million</TD>
</TR>

<TR>
    <TD align="left" valign="top">
<DIV style="margin-left: 60px; text-indent: -0px">
    Dan Richard, senior VP</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $3.5&nbsp;million</TD>
</TR>

<TR>
    <TD align="left" valign="top">
<DIV style="margin-left: 60px; text-indent: -0px">
    Roger Peters, chief counsel</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2.6&nbsp;million</TD>
</TR>

<TR>
    <TD align="left" valign="top">
<DIV style="margin-left: 60px; text-indent: -0px">
    Kent Harvey, CFO</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2.6&nbsp;million</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
    change in control can be more likely if our executives do not
    maximize shareholder value. Golden parachutes can allow our
    executives to walk away with millions even if our shareholder
    value languishes during their tenure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    potential magnitude of golden parachutes for executives was
    highlighted in the failed merger of Sprint (FON)&nbsp;with MCI
    WorldCom. Investor and media attention focused on the potential
    $400&nbsp;million payout to Sprint Chairman William Esrey.
    Almost $400&nbsp;million would have come from the exercise of
    stock options that would vest when the deal was approved by
    Sprint&#146;s shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Another example of questionable golden parachutes was the
    $150&nbsp;million in parachutes for Northrup Grumman executives
    after a merger attempt with Lockheed Martin fell apart.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    Independent Support for Shareholder Vote on Golden Parachutes</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Institutional investors recommend companies seek shareholder
    approval for golden parachutes. For instance the California
    Public Employees Retirement System (CalPERS) said,
    &#147;shareholder proposals requesting submission of golden
    parachutes to shareholder vote will always be supported.&#148;
    Also, the Council of Institutional Investors <U>www.cii.org</U>
    supports shareholder approval of golden parachutes.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    Allow a Vote regarding Future Golden Parachutes</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    Yes on 8&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Board of Directors of PG&#38;E Corporation Recommends a
Vote <U>AGAINST</U> This Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PG&#38;E&nbsp;Corporation&#146;s officer severance policy
already limits payments due to an executive who has been
terminated following a change in control. This policy is
described on pages&nbsp;51 and 52 of this Joint Proxy Statement
under the heading &#147;Employment Contracts, Termination of
Employment and Change in Control Provisions&nbsp;&#150;
PG&#38;E&nbsp;Corporation Officer Severance Policy.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In a hostile takeover or change in control situation, it is
important for management to remain focused on maximizing
shareholder value and protecting shareholders&#146; interests,
and not be distracted by concerns about the security of their
jobs. We believe that a requirement to obtain shareholder
approval for severance packages and change in control provisions
would hinder the Board&#146;s ability to adopt appropriate
mechanisms to deal with the uncertainty that a change in control
situation would create.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For these reasons, the PG&#38;E&nbsp;Corporation Board of
Directors unanimously recommends that shareholders vote
<U>AGAINST</U> this proposal.
</DIV>

<P align="center" style="font-size: 10pt;">42

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<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Executive Compensation
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Nominating, Compensation, and Governance Committee Report on
Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Nominating, Compensation, and Governance Committee of the
PG&#38;E Corporation Board of Directors (Committee) is
responsible for overseeing and establishing officer compensation
policies for PG&#38;E Corporation and its subsidiaries,
including Pacific Gas and Electric Company. The Committee also
oversees the equity-based incentive programs of PG&#38;E
Corporation as well as other employee benefit plans. The
Committee is composed entirely of independent directors as
defined by the New York Stock Exchange and the Pacific Exchange,
and each company&#146;s Corporate Governance Guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
This report relates to the compensation for officers of PG&#38;E
Corporation and Pacific Gas and Electric Company during the
fiscal year ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For 2004, compensation for the Chief Executive Officers of
PG&#38;E Corporation and Pacific Gas and Electric Company was
approved by the independent members of the applicable Board of
Directors, who ratified the recommendations of the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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. However,
under New York Stock Exchange rules, the Committee may not
delegate authority to approve compensation for individuals who
are &#147;executive officers&#148; for purposes of
Section&nbsp;16 of the Securities Exchange Act.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Officer Compensation Philosophy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee established compensation programs for 2004 to meet
three objectives:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    To emphasize long-term incentives to further align
    shareholders&#146; and officers&#146; interests, and focus
    employees on enhancing total return for shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    To attract, retain, and motivate employees with the necessary
    mix of skills and experience for the development and successful
    operation of PG&#38;E Corporation&#146;s businesses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    To minimize short-term and long-term costs and reduce corporate
    exposure to longer-term financial risk.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In addition, the Committee defines the specific compensation
objectives for all officers as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&#149;</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 style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Target cash compensation (base salary and target short-term
    incentive) should be equal to the average target cash
    compensation for comparable officers in the comparator group.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Consistent with the Corporation&#146;s performance aspiration of
    being a top quartile performer, it is the Committee&#146;s
    objective to set long-term incentive targets for officers at
    this performance level that are equal to the 75th percentile
    target compensation for comparable officers in the comparator
    group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In order to provide compensation that is competitive with
companies similar to PG&#38;E Corporation in 2004, the Committee
selected a group consisting of 15 other major energy companies
(the comparator group) that are comparable to PG&#38;E
Corporation in size, scope, business mix, and other
characteristics. The majority of the companies in the comparator
group are included in the Dow Jones Utility Index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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 officers of
public corporations, excluding &#147;performance-based
compensation.&#148; Compensation programs generally will qualify
as performance-based if (1)&nbsp;the compensation is based on
pre-established objective performance targets, (2)&nbsp;the
programs&#146; material features have been approved by
shareholders, and (3)&nbsp;there is no discretion to increase
payments after the performance targets have been established for
the performance period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To the extent consistent with the Committee&#146;s overall
philosophy 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 that 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 tax
deductibility, are subject to many factors (such as changes in
the tax laws and regulations or
</DIV>

<P align="center" style="font-size: 10pt;">43

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<DIV align="left" style="font-size: 10pt;">
interpretations thereof and the timing and nature of various
decisions by officers 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For these 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.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Officer Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The principal components of officer compensation at PG&#38;E
Corporation and Pacific Gas and Electric Company are:
(1)&nbsp;base salary, (2)&nbsp;short-term incentives,
(3)&nbsp;long-term incentives, and (4)&nbsp;benefits. The
considerations underlying 2004 officer compensation are
described below.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Base Salary</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Executive officer salaries at PG&#38;E Corporation and Pacific
Gas and Electric Company 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 salaries paid to
comparable executive officers in the comparator group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In setting the 2004 base salary levels for the executive
officers of PG&#38;E Corporation and Pacific Gas and Electric
Company, the Committee&#146;s objective was to make the salary
paid to each executive officer (including the companies&#146;
Chief Executive Officers) approximately equal to the average of
the salaries paid to the comparable executive officers in the
comparator group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The overall average of the base salaries received by each
executive officer of PG&#38;E Corporation and Pacific Gas and
Electric Company (including the companies&#146; Chief Executive
Officers) for 2004 was approximately equal to the average base
salaries paid to the comparable executive officers in the
comparator group.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Short-Term Incentives</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation and Pacific Gas and Electric Company
Short-Term Incentive Plans for 2004 were designed to provide
annual incentives to all officers based on the level of
achievement in meeting key corporate financial and strategic
objectives and, where appropriate, line of business results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
At the beginning of the year, targets are set based on each
officer&#146;s responsibilities and salary level. Final amounts
are determined by the Committee and may range from zero to twice
the target, depending on corporate and individual officer
performance as measured against the key corporate objectives.
The Committee has discretion to adjust or modify any of the
performance measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In June 2004, a decision was made with respect to the 2003
Short-Term Incentive Plan. The majority of PG&#38;E Corporation
and Pacific Gas and Electric Company officers received awards
equal to 165&nbsp;percent of their target awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In 2004, PG&#38;E Corporation achieved earnings from operations
of $901&nbsp;million. The majority of PG&#38;E Corporation and
Pacific Gas and Electric Company officers received Short-Term
Incentive Plan awards that ranged from 152&nbsp;percent to
184&nbsp;percent of their target awards.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Long-Term Incentives</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation Long-Term Incentive Program permits
various types of stock-based incentives to be granted to
officers and other key employees of the Corporation and its
subsidiaries. PG&#38;E Corporation&#146;s performance aspiration
is to be a top quartile performer. Consistent with this
performance aspiration, the Committee&#146;s objective is to set
long-term incentive targets for officers at this performance
level that are equal to the 75th percentile target compensation
for comparable officers in the comparator group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee uses a mixture of equity-based incentives to
provide long-term incentive compensation, including stock
options, restricted stock, performance units, and performance
shares. The size of each officer&#146;s grant is determined
primarily based on the compensation objectives described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Performance Shares.</I> Performance shares provide incentives
based on a comparison of total shareholder return (dividends
plus stock price appreciation) with returns provided by the
comparator group over a three-year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Performance shares are hypothetical shares of stock that vest at
the end of a three-year period and are settled in cash only if
performance targets are met. For performance shares granted in
2004, the amount of cash, if any, that recipients are entitled
to receive following the vesting date will be based on a payout
percentage measured by the performance of PG&#38;E
</DIV>

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<DIV align="left" style="font-size: 10pt;">
Corporation&#146;s total shareholder returns (TSR)&nbsp;for the
prior three-year calendar period compared to the TSR of the 15
other companies in the comparator group. There will be no payout
for TSR performance below the 25th percentile of the comparator
group. TSR performance at the 25th percentile will result in a
25&nbsp;percent payout of performance shares; TSR performance at
the 75th percentile will result in a 100&nbsp;percent payout of
performance shares; and TSR performance at the 90th percentile
or greater will result in a 200&nbsp;percent payout of
performance shares. For performance between the 25th percentile
and the target, and between the target and the 90th percentile,
award payouts are determined by straight-line interpolation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Stock Options.</I> Stock options provide incentives based on
PG&#38;E Corporation&#146;s ability to sustain financial
performance. Officers and other key employees of PG&#38;E
Corporation and its subsidiaries receive stock options based on
their responsibilities. After options vest, the holder may
purchase a specified number of shares of PG&#38;E Corporation
common stock at the market price on the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Stock options granted in 2004 vest in annual increments of
25&nbsp;percent on the first, second, third, and fourth
anniversaries of the date of grant. Options generally must be
exercised within 10&nbsp;years of the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Restricted Stock.</I> Restricted stock provides incentives
based on its intrinsic economic value, and its future value as
tied to the price performance of PG&#38;E Corporation common
stock. Officers and other key employees of PG&#38;E Corporation
receive restricted stock based on their responsibilities and
performance. Restricted stock also aligns the recipients&#146;
motivational interests with those of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For restricted stock granted in 2004, the restrictions lapse in
annual increments of up to 25&nbsp;percent on the first business
day of each of the next four years following the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Performance Units.</I> Performance units provide incentives
based on a comparison of PG&#38;E Corporation&#146;s cumulative
total return for shareholders with returns provided by a group
of industry peers over a three-year period. The industry peer
group is based on the composition of the comparator group at the
time the performance units were granted in 2002, and consists of
10 other major energy companies that at the time of selection
were comparable to PG&#38;E Corporation in size, scope, business
mix, and other characteristics, and were included in the
Standard&nbsp;&#38; Poor&#146;s 500 Stock Index. The Committee
did not grant performance units in 2003 or 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
One-third of the performance units vest each year. At the end of
each year, the number of vested performance units (adjusted for
any dividends declared on PG&#38;E Corporation common stock) is
increased or decreased based on PG&#38;E Corporation&#146;s
three-year total return for shareholders as ranked against the
industry peer group. Payments are 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For the three years ended December&nbsp;31, 2004, PG&#38;E
Corporation&#146;s total shareholder return had a cumulative
ranking of third among the industry peer group. Based on these
rankings, officers received payments for units granted in 2002
that were based on 135&nbsp;percent of the number of units
vesting in 2004.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CEO Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Committee followed the philosophy described above in
determining 2004 compensation for Robert&nbsp;D.
Glynn,&nbsp;Jr., Chief Executive Officer of PG&#38;E
Corporation, and Gordon R. Smith, Chief Executive Officer of
Pacific Gas and Electric Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mr.&nbsp;Glynn received an annual base salary of $1,090,000 in
2004. The salary level for Mr.&nbsp;Glynn is comparable to the
average salary of chief executive officers in the comparator
group. As noted in the accompanying compensation tables, during
2004, Mr.&nbsp;Glynn also received stock options, restricted
stock, and performance shares. These grants were made based on
the same factors and criteria as apply to similar grants for
other PG&#38;E Corporation officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Mr.&nbsp;Smith received an annual base salary of $780,000 in
2004. The salary level for Mr.&nbsp;Smith is above the average
salary of senior executive officers in comparable positions in
the comparator group. As noted in the accompanying compensation
tables, during 2004, Mr.&nbsp;Smith also received stock options,
restricted stock, and performance shares. These grants were made
based on the same factors and criteria as apply to similar
grants for other Pacific Gas and Electric Company officers.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We, the members of the Nominating, Compensation, and Governance
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. We will
continue to monitor closely the
</DIV>

<P align="center" style="font-size: 10pt;">45

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

<DIV align="left" style="font-size: 10pt;">
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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
March&nbsp;15, 2005
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Nominating, Compensation, and Governance Committee of the
Board of Directors of PG&#38;E Corporation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
C. Lee Cox, Chair
</DIV>

<DIV align="left" style="font-size: 10pt;">
David A. Coulter
</DIV>

<DIV align="left" style="font-size: 10pt;">
David M. Lawrence, MD
</DIV>

<DIV align="left" style="font-size: 10pt;">
Barbara L. Rambo
</DIV>

<DIV align="left" style="font-size: 10pt;">
Barry Lawson Williams
</DIV>

<P align="center" style="font-size: 10pt;">46

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

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Compensation Table</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<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>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>Annual Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Long-Term Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payouts</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Annual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Restricted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compen-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>LTIP</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compen-</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Salary</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Bonus</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>sation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Award(s)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payouts</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>sation</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(# of Shares)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></B></TD><TD></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert D. Glynn,&nbsp;Jr.*</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,090,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,871,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>103,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,415,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>255,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>639,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>62,225</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chairman of the Board, Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,050,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,734,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,154,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,169,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>486,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,879,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>666,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Executive Officer, and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,050,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>787,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,833,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>632,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79,777</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    President of PG&#38;E Corporation; Chairman of the Board of
    Pacific Gas and Electric Company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="33">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter A. Darbee*</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>525,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>585,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>372,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>366,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,851</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Senior Vice President and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>490,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>526,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>678,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,023,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>329,140</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chief Financial Officer of</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>490,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>220,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>115,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62,355</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD colspan="33">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>455,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>429,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>335,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>324,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,746</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Senior Vice President and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>425,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>386,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>836,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>530,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,310,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>306,575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    General Counsel of PG&#38;E</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>425,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>175,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,220,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>205,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,893</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="33">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gordon R. Smith</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>780,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,075,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>596,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>107,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>469,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>37,652</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Senior Vice President of</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>735,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>906,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,402,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>943,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>140,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,842,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>453,723</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    PG&#38;E Corporation; President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>735,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>519,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,310,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>182,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>37,173</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    and Chief Executive Officer of Pacific Gas and Electric Company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="33">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>520,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>621,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>368,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>65,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>513,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>68,714</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Senior Vice President and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>519,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>530,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,938,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>659,488</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    of Utility Operations of Pacific</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>93,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>94,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>89,263</TD>
    <TD>&nbsp;</TD>
</TR>

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

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp; *</TD>
    <TD align="left">
    Mr.&nbsp;Glynn served as President and Chief Executive Officer
    of PG&#38;E Corporation through December&nbsp;31, 2004; he
    continues to serve as Chairman of the Board of PG&#38;E
    Corporation. Effective January&nbsp;1, 2005, Peter A. Darbee was
    elected President and Chief Executive Officer of PG&#38;E
    Corporation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<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 2005, 2004, and 2003
    for achievement of corporate and organizational objectives in
    2004, 2003, and 2002, respectively, under the Short-Term
    Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Amounts reported consist of (i)&nbsp;reportable officer
    benefits, including perquisite allowances (Mr.&nbsp;Glynn
    $35,000 in each of 2004, 2003, and 2002) and amounts for
    non-business related travel (Mr.&nbsp;Glynn $60,221 in 2004,
    $62,998 in 2003, and $69,849 in 2002), (ii)&nbsp;payments of
    related taxes, and (iii)&nbsp;for 2003 and 2002, the cost of
    annuities and associated tax restoration payments to replace
    existing retirement benefits. The annuities will not change the
    amount and timing of after-tax benefits that would have been
    provided upon retirement under existing arrangements.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    As of the end of the year, the aggregate number of shares or
    units of restricted stock held by each named executive officer,
    and the value using the year-end closing price of a share of
    PG&#38;E Corporation common stock, were: Mr.&nbsp;Glynn 163,393
    (with a value of $5,437,719), Mr.&nbsp;Darbee 48,498 (with a
    value of $1,614,013), Mr.&nbsp;Worthington 39,553 (with a value
    of $1,316,324), Mr.&nbsp;Smith 70,321 (with a value of
    $2,340,283), and Mr.&nbsp;King 40,733 (with a value of
    $1,355,594). The restrictions lapse in annual increments of up
    to 25&nbsp;percent on the first business day of each of the
    4&nbsp;years following the grant, subject to the
    recipient&#146;s continued employment. For the grant made in
    2003, 20&nbsp;percent of each year&#146;s increment is subject
    to forfeiture if PG&#38;E Corporation fails to be in the top
    quartile of the comparator group as measured by relative annual
    total shareholder return at the end of the prior year. With
    respect to the 2003 grant to Mr.&nbsp;Glynn, 25&nbsp;percent of
    each year&#146;s increment is subject to forfeiture if PG&#38;E
    Corporation fails to be in the top quartile of the comparator
    group as measured by total shareholder return at the end of the
    prior year, and an additional</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">47

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

<DIV align="center" style="font-size: 12pt;">
<B>Summary Compensation Table</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<I>Continued</I>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD></TD>
    <TD align="left">
    25&nbsp;percent is subject to forfeiture if PG&#38;E Corporation
    fails to be in the top half of the comparator group. PG&#38;E
    Corporation&#146;s 2004 performance was not in the top half of
    its comparator group. Therefore, the shares subject to the
    performance requirement were cancelled in 2005. The shares of
    restricted stock have the same dividend rights as unrestricted
    shares of PG&#38;E Corporation common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Represents (i)&nbsp;payments received or deferred for
    achievement of corporate performance objectives over 3-year
    rolling periods under the Performance Unit Plan and
    (ii)&nbsp;vested common stock equivalents called Special
    Incentive Stock Ownership Premiums (SISOPs) earned by executive
    officers under the Executive Stock Ownership Program and
    additional common stock equivalents reflecting dividends accrued
    on those SISOPs.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    Amounts reported for 2004 consist of: (i)&nbsp;contributions to
    defined contribution retirement plans (Mr.&nbsp;Glynn $9,225,
    Mr.&nbsp;Darbee $5,906, Mr.&nbsp;Worthington $3,413,
    Mr.&nbsp;Smith $9,000, and Mr.&nbsp;King $8,900),
    (ii)&nbsp;contributions received or deferred under excess
    benefit arrangements associated with defined contribution
    retirement plans (Mr.&nbsp;Glynn $39,825, Mr.&nbsp;Darbee
    $17,719, Mr.&nbsp;Worthington $17,062, Mr.&nbsp;Smith $26,100,
    and Mr.&nbsp;King $14,500), (iii)&nbsp;above-market interest on
    deferred compensation (Mr. Glynn $11,106, Mr.&nbsp;Darbee
    $2,226, Mr.&nbsp;Worthington $271, Mr.&nbsp;Smith $483, and
    Mr.&nbsp;King $764), (iv)&nbsp;relocation allowances and other
    one-time awards (Mr.&nbsp;Glynn $2,069, Mr.&nbsp;Smith $2,069,
    and Mr.&nbsp;King $44,550), and (v)&nbsp;sale of vacation
    (Mr.&nbsp;Worthington $14,000).</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">48

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

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Option/ SAR Grants in 2004</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<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>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 9pt;">
    <TD colspan="17">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Grant</B></TD><TD></TD>
</TR>

<TR style="font-size: 9pt;">
    <TD colspan="16" align="center" nowrap><B>Individual Grants</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Date Value</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="16" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 9pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>% of Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 9pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 9pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Grant Date</B></TD><TD></TD>
</TR>

<TR style="font-size: 9pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Employees in</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Base Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Present</B></TD><TD></TD>
</TR>

<TR style="font-size: 9pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted(#)<SUP style="font-size: 85%; vertical-align: text-top">(1)(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($/Sh)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Date<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value ($)<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></B></TD><TD></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert D. Glynn,&nbsp;Jr.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>255,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.41</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>01-03-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,264,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="21">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.74</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>01-03-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>333,312</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="21">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.47</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>01-03-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,080</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="21">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gordon R. Smith</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>107,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.39</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>01-03-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>533,448</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="21">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.47</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>01-03-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,080</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>.19</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>08-03-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,387</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<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 2004 are
    exercisable as follows: 25&nbsp;percent of the options may be
    exercised on or after the first anniversary of the date of
    grant, 50&nbsp;percent on or after the second anniversary,
    75&nbsp;percent 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 style="font-size: 3pt">&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 style="font-size: 3pt">&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>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    All options granted to executive officers in 2004 expire
    10&nbsp;years and 1&nbsp;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 subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</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 2004 option grants shown in the table
    above: (i)&nbsp;volatility of 31.3&nbsp;percent for the
    January&nbsp;2, 2004 grant and 35.4&nbsp;percent for the
    August&nbsp;2, 2004 grant, (ii)&nbsp;risk-free rate of return of
    4.29&nbsp;percent for the January&nbsp;2, 2004 grant and
    4.73&nbsp;percent for the August&nbsp;2, 2004 grant,
    (iii)&nbsp;dividend yield of $1.00, and (iv)&nbsp;an exercise
    date 10&nbsp;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 $4.96&nbsp;per share for the
    January&nbsp;2, 2004 grant and $7.18 for the August&nbsp;2, 2004
    grant.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">49

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

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Aggregated Option/ SAR Exercises in 2004 and Year-End Option/
SAR Values</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<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 2004.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercised</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying Unexercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>In-the-Money</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs at</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs at</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares Acquired</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>End of 2004 (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>End of 2004&nbsp;($)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>on Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value Realized</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Exercisable/</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Exercisable/</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable)</B></TD><TD></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert D. Glynn,&nbsp;Jr.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,032,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,732,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>766,791/876,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,089,300/$12,706,788</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>295,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,173,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000/204,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>829,500/2,986,770</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>195,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,424,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>281,068/168,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,444,793/2,392,919</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gordon R. Smith</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>595,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,600,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>213,900/303,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>541,048/4,342,884</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>144,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,921,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>272,700/186,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,950,712/2,677,293</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<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 $33.28, which
    was the closing price of PG&#38;E Corporation common stock on
    December&nbsp;31, 2004.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Long-Term Incentive Program&nbsp;&#150; Awards in 2004</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>This table summarizes the long-term incentive grants made to
the executive officers named in the Summary Compensation Table
during the past year.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Estimated Future Payouts Under</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Non-Stock Price-Based Plans</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Performance or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other Period</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Shares,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Until Maturation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Threshold</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Target</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Maximum</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Units, or Other Rights<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>or Payout</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($&nbsp;or&nbsp;#)<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($&nbsp;or&nbsp;#)<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($&nbsp;or&nbsp;#)<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert D. Glynn,&nbsp;Jr.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3&nbsp;years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,000&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>104,000&nbsp;units</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3&nbsp;years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,680&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,360&nbsp;units</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3&nbsp;years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,310&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,620&nbsp;units</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gordon R. Smith</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3&nbsp;years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,890&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,780&nbsp;units</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3&nbsp;years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,490&nbsp;units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,980&nbsp;units</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Represents performance shares granted under the Long-Term
    Incentive Program. The shares vest 3&nbsp;years after the grant
    year and are earned based on PG&#38;E Corporation&#146;s 3-year
    cumulative total shareholder return (dividends plus stock price
    appreciation) as compared with that achieved by other companies
    in the comparator group. 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 shares held by
    the recipient will be accrued on behalf of the recipient and, at
    the end of the vesting period, the amount of accrued dividend
    equivalents will be increased or decreased by the same
    percentage used to increase or decrease the number of vested
    performance shares for the period.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Payments for performance shares are determined by multiplying
    the number of shares earned for a given period by the average
    market price of PG&#38;E Corporation common stock for the 30
    calendar day period prior to the end of the period.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">50

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

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Retirement Benefits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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&nbsp;47 and 48.
The benefit formula for eligible executive officers is
1.7&nbsp;percent of the average of the three highest combined
salary and annual Short-Term Incentive Plan payments during the
last 10&nbsp;years of service multiplied by years of credited
service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
During 2002 and 2003, annuities were purchased to replace a
significant portion of the unfunded retirement benefits for
certain officers whose entire accrued benefit could not be
provided under the Retirement Plan due to tax code limits. The
annuities will not change the amount or timing of the after-tax
benefits that would have been provided upon retirement under the
Supplemental Executive Retirement Plan (SERP) or similar
arrangements. In connection with the annuities, tax restoration
payments were made such that the annuitization was tax-neutral
to the executive officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Effective July&nbsp;1, 2003, Mr.&nbsp;Darbee and Mr.&nbsp;King
became participants in the SERP with five years of credited
service. Mr.&nbsp;Darbee and Mr.&nbsp;King will each earn an
additional five years of credited service, provided that they
are employed by PG&#38;E Corporation or a subsidiary on
July&nbsp;1, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
As of December&nbsp;31, 2004, the estimated pre-tax annual
retirement benefits payable under the SERP or similar
arrangements (assuming credited service to age&nbsp;65),
adjusted to reflect the effect of the annuities, for the most
highly compensated executive officers were as follows:
Mr.&nbsp;Glynn $443,400, Mr.&nbsp;Darbee $359,393,
Mr.&nbsp;Worthington $340,440, Mr.&nbsp;Smith $575,325, and
Mr.&nbsp;King $480,874. The estimated annual retirement benefits
are single life annuity benefits and would not be subject to any
Social Security offsets.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Employment Contracts, Termination of Employment and Change in
Control Provisions</B>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What types of employment contracts exist for executive
officers named in the Summary Compensation Table?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
No employment contracts exist between those officers and
PG&#38;E Corporation or Pacific Gas and Electric Company. Both
companies have a policy against entering into employment
contracts generally.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What types of payments do executive officers named in the
Summary Compensation Table receive if they are terminated?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    A lump sum payment of one and one-half or two times annual base
    salary and Short-Term Incentive Plan target (the applicable
    severance multiple being dependent on an officer&#146;s level),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    Continued vesting of equity-based incentives for 18&nbsp;months
    or two years after termination (depending on the applicable
    severance multiple),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    Accelerated vesting of up to two-thirds of the common stock
    equivalents granted under the Executive Stock Ownership Program
    (depending on an officer&#146;s level),&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    Payment of health care insurance premiums for 18&nbsp;months
    after termination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The severance benefit is generally paid to the officer in a lump
sum. However, if the officer is covered by PG&#38;E
Corporation&#146;s Supplemental Executive Retirement Plan and is
less than 55&nbsp;years old, a portion of that officer&#146;s
benefits will be converted to additional years of age, up to
55&nbsp;years, for purposes of calculating pension benefits,
with the remaining portion of the severance benefit, if any,
paid in a lump sum. If the additional age resulting from such
conversion does not result in an age of 55, the officer will be
paid the entire severance benefit in a lump sum.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What types of payments are triggered for executive officers
named in the Summary Compensation Table upon a change in
control?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>PG&#38;E Corporation Officer Severance Policy.</I> The
PG&#38;E Corporation Officer Severance Policy provides covered
officers with alternative benefits that apply upon actual or
constructive termination following a change in control or
potential change in control. Constructive termination includes
certain changes to a covered officer&#146;s responsibilities.
</DIV>

<P align="center" style="font-size: 10pt;">51

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    Unpaid base salary earned through the termination date,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    Short-Term Incentive Plan target calculated for the fiscal year
    in which termination occurs (Target Bonus),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    Any accrued but unpaid vacation pay,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    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.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Change in control termination benefits also include
reimbursement of excise taxes levied upon the severance benefit
under Internal Revenue Code Section&nbsp;4999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>The PG&#38;E Corporation Long-Term Incentive Program
(PG&#38;E LTIP).</I> In addition, under the PG&#38;E LTIP, upon
a change in control:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    Any time periods relating to the exercise or realization of any
    stock-based incentive (including performance shares, stock
    options, performance units, and common stock equivalents granted
    under the Executive Stock Ownership Program) will be accelerated
    so that such incentive may be exercised or realized in full
    immediately upon the change in control,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    All shares of restricted stock will immediately cease to be
    forfeitable, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    All conditions relating to the realization of any stock-based
    incentive will terminate immediately.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What constitutes a change in control?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The PG&#38;E Corporation Officer Severance Policy and the
PG&#38;E LTIP define a change in control as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    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,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    During any two consecutive years, individuals who at the
    beginning of that 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,&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    The shareholders of the Corporation shall have approved:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>b.</TD>
    <TD align="left">
    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,&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>c.</TD>
    <TD align="left">
    Any plan or proposal for the liquidation or dissolution of the
    Corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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>

<P align="center" style="font-size: 10pt;">52

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<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Comparison of Five-Year Cumulative Total Shareholder
Return<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<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>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="f04451af0445121.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<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, 1999, in PG&#38;E
    Corporation common stock, the Standard &#38; Poor&#146;s
    500&nbsp;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.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">53

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<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Report of the Audit Committees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The Audit Committees of PG&#38;E Corporation and Pacific Gas and
Electric Company are comprised of independent directors and
operate under written charters adopted by their respective
Boards 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
In this regard, management has assured the Audit Committees that
the consolidated financial statements of PG&#38;E Corporation
and Pacific Gas and Electric Company 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).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Deloitte&nbsp;&#38; Touche LLP was the independent auditor for
PG&#38;E Corporation and Pacific Gas and Electric Company in
2004. The Corporation&#146;s independent auditors provided to
the Committees the written disclosures required by Independence
Standards Board Standard No.&nbsp;1 (Independence Discussion
with Audit Committees), and the Committees discussed with the
independent auditors that firm&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Based on the Committees&#146; reviews and discussion 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, 2004,
filed with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
March&nbsp;15, 2005
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Audit Committees of the Boards of Directors of PG&#38;E
Corporation and Pacific Gas and Electric Company</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Barry Lawson Williams, Chair
</DIV>

<DIV align="left" style="font-size: 10pt;">
David R. Andrews
</DIV>

<DIV align="left" style="font-size: 10pt;">
Leslie S. Biller
</DIV>

<DIV align="left" style="font-size: 10pt;">
Mary S. Metz
</DIV>

<P align="center" style="font-size: 10pt;">54

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<DIV align="left" style="font-size: 10pt;">
<HR noshade size="1" width="100%" align="left" color="#000000">
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 18pt;">
Other Information
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Principal Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The following table presents certain information regarding
shareholders that PG&#38;E Corporation and Pacific Gas and
Electric Company know are 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, 2005:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount and Nature of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent</B></TD><TD></TD>
</TR>

<TR style="font-size: 10pt;">
    <TD align="center" nowrap><B>Class of Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beneficial Ownership</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Class</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Pacific Gas and Electric Company stock
    <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    PG&#38;E
    Corporation<SUP style="font-size: 85%; vertical-align: text-top">(2)<BR>
    </SUP>One Market, Spear Tower, Suite&nbsp;2400<BR>
    San&nbsp;Francisco, CA 94105</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>321,314,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>95.10%</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></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. Each share is
    entitled to one vote.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</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, 2005, 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, and neither PG&#38;E Corporation nor any of its
    subsidiaries held shares of Pacific Gas and Electric Company
    preferred stock.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Section&nbsp;16(a) Beneficial Ownership Reporting
Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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 directors and 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
must 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 those
securities are registered, and must furnish PG&#38;E Corporation
or Pacific Gas and Electric Company with copies of all such
reports they file.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Based solely on 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 2004 all filing requirements applicable to their
respective directors, officers, and 10&nbsp;percent shareholders
were satisfied, except that an Initial Statement of Beneficial
Ownership of Securities on Form&nbsp;3 for Leslie H. Everett
failed to report 107&nbsp;shares of PG&#38;E Corporation common
stock indirectly beneficially owned through
Ms.&nbsp;Everett&#146;s spouse&#146;s family trust. No
information is reported for individuals during periods in which
they were not directors, officers, or 10&nbsp;percent
shareholders of the respective company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
By Order of the Boards of Directors of
</DIV>

<DIV align="left" style="font-size: 10pt;">
PG&#38;E Corporation and
</DIV>

<DIV align="left" style="font-size: 10pt;">
Pacific Gas and Electric Company,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="f04451af0445102.gif" alt="(-s- LINDA Y.H. CHENG)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Linda Y.H. Cheng
</DIV>

<DIV align="left" style="font-size: 10pt;">
Vice President and Corporate Secretary
</DIV>

<DIV align="left" style="font-size: 10pt;">
PG&#38;E Corporation and
</DIV>

<DIV align="left" style="font-size: 10pt;">
Pacific Gas and Electric Company
</DIV>

<P align="center" style="font-size: 10pt;">55

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 14pt">&nbsp;


<P align="center" style="font-size: 14pt">&nbsp;


<P align="center" style="font-size: 14pt">&nbsp;


<P align="center" style="font-size: 14pt"><B>PG&#038;E Corporation</B>


<P align="center" style="font-size: 14pt"><B>2006 Long-Term Incentive Plan</B>


<P align="center" style="font-size: 14pt">&nbsp;


<P align="center" style="font-size: 14pt">&nbsp;


<P align="center" style="font-size: 14pt">&nbsp;


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">TABLE OF CONTENTS


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Establishment, Purpose and Term of Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Establishment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purpose</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Term of Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Definitions and Construction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Construction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>3.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Administration</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration by the Committee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authority of Officers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration with Respect to Insiders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Committee Complying with Section 162(m)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of the Committee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Option or SAR Repricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnification</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>4.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Shares Subject to Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maximum Number of Shares Issuable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustments for Changes in Capital Structure</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>5.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Eligibility and Award Limitations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Eligible for Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incentive Stock Option Limitations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Award Limits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>6.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Terms and Conditions of Options</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercise Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercisability and Term of Options</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Exercise Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Termination of Service</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transferability of Options</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>7.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Terms and Conditions of Nonemployee Director Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Automatic Grant of Restricted Stock</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Election to Receive Nonstatutory Stock Option and Restricted Stock Units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grant of Nonstatutory Stock Option</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grant of Restricted Stock Unit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">TABLE OF CONTENTS<BR>
(continued)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Termination of Service as a Nonemployee Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Change in Control on Nonemployee Director Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right to Decline Nonemployee Director Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>8.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Terms and Conditions of Stock Appreciation Rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Types of SARs Authorized</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercise Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercisability and Term of SARs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deemed Exercise of SARs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Termination of Service</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nontransferability of SARs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>9.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Terms and Conditions of Restricted Stock Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Types of Restricted Stock Awards Authorized</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vesting and Restrictions on Transfer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voting Rights, Dividends and Distributions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Termination of Service</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nontransferability of Restricted Stock Award Rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>10.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Terms and Conditions of Performance Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Types of Performance Awards Authorized</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Initial Value of Performance Shares and Performance Units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Establishment of Performance Period, Performance Goals and Performance Award Formula</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Measurement of Performance Goals</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Settlement of Performance Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voting Rights, Dividend Equivalent Rights and Distributions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Termination of Service</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nontransferability of Performance Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>11.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Terms and Conditions of Restricted Stock Unit Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grant of Restricted Stock Unit Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vesting</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voting Rights, Dividend Equivalent Rights and Distributions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Termination of Service</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Settlement of Restricted Stock Unit Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nontransferability of Restricted Stock Unit Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">TABLE OF CONTENTS<BR>
(continued)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>12.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Deferred Compensation Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Establishment of Deferred Compensation Award Programs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Terms and Conditions of Deferred Compensation Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>13.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Other Stock-Based Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>14.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Change in Control</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Change in Control on Options and SARs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Change in Control on Restricted Stock and Other Awards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>15.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Compliance with Securities Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>16.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Tax Withholding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tax Withholding in General</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Withholding in Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>17.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Amendment or Termination of Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>18.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Miscellaneous Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repurchase Rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision of Information</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights as Employee, Consultant or Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights as a Shareholder</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fractional Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beneficiary Designation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unfunded Obligation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Choice of Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="center" style="font-size: 14pt"><B>PG&#038;E Corporation<BR>
2006 Long-Term Incentive Plan</B>

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    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Establishment, Purpose and Term of Plan</B></U><B>.</B></FONT></TD>
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Establishment</B><B><I>. </I></B>The PG&#038;E Corporation 2006 Long-Term Incentive Plan (the <I>&#147;</I><B><I>Plan</I></B><I>&#148;</I>) is hereby
established effective as of January&nbsp;1, 2006 (the <I>&#147;</I><B><I>Effective Date</I></B><I>&#148;</I>), provided it has been approved
by the shareholders of the Company.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Purpose</B><B><I>. </I></B>The purpose of the Plan is to advance the interests of the Participating Company
Group and its shareholders by providing an incentive to attract and retain the best qualified
personnel to perform services for the Participating Company Group, by motivating such persons to
contribute to the growth and profitability of the Participating Company Group, by aligning their
interests with interests of the Company&#146;s shareholders, and by rewarding such persons for their
services by tying a significant portion of their total compensation package to the success of the
Company. The Plan seeks to achieve this purpose by providing for Awards in the form of Options,
Stock Appreciation Rights, Restricted Stock Awards, Performance Shares, Performance Units,
Restricted Stock Units, Deferred Compensation Awards and other Stock-Based Awards as described
below.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Term of Plan. </B>The Plan shall continue in effect until the earlier of its termination by
the Board or the date on which all of the shares of Stock available for issuance under the Plan
have been issued and all restrictions on such shares under the terms of the Plan and the agreements
evidencing Awards granted under the Plan have lapsed. However, all Awards shall be granted, if at
all, within ten (10)&nbsp;years from the Effective Date. Moreover, Incentive Stock Options shall not be
granted later than ten (10)&nbsp;years from the date of shareholder approval of the Plan.

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    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Definitions and Construction</B></U><B>.</B></FONT></TD>
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions. </B>Whenever used herein, the following terms shall have their respective
meanings set forth below:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Affiliate</I></B><I>&#148; </I>means (i)&nbsp;an entity, other than a Parent Corporation, that directly, or
indirectly through one or more intermediary entities, controls the Company or (ii)&nbsp;an entity, other
than a Subsidiary Corporation, that is controlled by the Company directly, or indirectly through
one or more intermediary entities. For this purpose, the term &#147;control&#148; (including the term
&#147;controlled by&#148;) means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of the relevant entity, whether through the ownership of
voting securities, by contract or otherwise; or shall have such other meaning assigned such term
for the purposes of registration on Form S-8 under the Securities Act.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Award</I></B><I>&#148; </I>means any Option, SAR, Restricted Stock Award, Performance Share, Performance
Unit, Restricted Stock Unit or Deferred Compensation Award or other Stock-Based Award granted under
the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Award Agreement</I></B><I>&#148; </I>means a written agreement between the Company and a Participant setting
forth the terms, conditions and restrictions of the Award granted to the Participant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Board</I></B><I>&#148; </I>means the Board of Directors of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Change in Control</I></B><I>&#148; </I>means, unless otherwise defined by the Participant&#146;s Award Agreement
or contract of employment or service, the occurrence of any of the following:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any &#147;person&#148; (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, 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
&#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 promulgated under the Exchange Act), of stock of the
Company representing twenty percent (20%) or more of the combined voting power of the Company&#146;s
then outstanding voting stock; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during any two consecutive years, individuals who at the beginning of such period
constitute the Board cease for any reason to constitute at least a majority of the Board, unless
the election, or the nomination for election by the shareholders of the Company, of each new
Director was approved by a vote of at least two-thirds (2/3) of the Directors then still in office
who were Directors at the beginning of the period; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by approval of the shareholders of the Company (1)&nbsp;any consolidation or merger of the
Company other than a merger or consolidation which would result in the voting stock of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into voting stock of the surviving entity or any parent of such surviving
entity) at least seventy percent (70%) of the Combined Voting Power of the Company, such surviving
entity or the parent of such surviving entity outstanding immediately after the merger or
consolidation; (2)&nbsp;any sale, lease, exchange or other transfer (in one or a series of related
transactions) of all or substantially all of the assets of the Company, or (3)&nbsp;any plan or proposal
for the liquidation or dissolution of the Company. For purposes of this paragraph, the term
<I>&#147;<B>Combined Voting Power</B>&#148;</I> shall mean the combined voting power of the Company&#146;s or other relevant
entity&#146;s then outstanding voting stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Code</I></B><I>&#148; </I>means the Internal Revenue Code of 1986, as amended, and any applicable regulations
promulgated thereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>
&#147;</I><B><I>Committee</I></B><I>&#148; </I>means the Nominating, Compensation, and Governance Committee or other committee
of the Board duly appointed to administer the Plan and having such powers as shall be specified by
the Board. If no committee of the Board has been appointed to administer the Plan, the Board shall
exercise all of the powers of the Committee granted herein, and, in any event, the Board may in its
discretion exercise any or all of such powers.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Company</I></B><I>&#148; </I>means PG&#038;E Corporation, a California corporation, or any successor corporation
thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Consultant</I></B><I>&#148; </I>means a person engaged to provide consulting or advisory services (other than
as an Employee or a member of the Board) to a Participating Company, provided that the identity of
such person, the nature of such services or the entity to which such services are provided would
not preclude the Company from offering or selling securities to such person pursuant to the Plan in
reliance on registration on a Form S-8 Registration Statement under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Deferred Compensation Award</I></B><I>&#148; </I>means an award of Stock Units granted to a Participant
pursuant to Section&nbsp;12 of the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Director</I></B><I>&#148; </I>means a member of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Disability</I></B><I>&#148; </I>means the permanent and total disability of the Participant, within the
meaning of Section&nbsp;22(e)(3) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Dividend Equivalent</I></B><I>&#148; </I>means a credit, made at the discretion of the Committee or as
otherwise provided by the Plan, to the account of a Participant in an amount equal to the cash
dividends paid on one share of Stock for each share of Stock represented by an Award held by such
Participant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Employee</I></B><I>&#148; </I>means any person treated as an employee (including an Officer or a member of
the Board who is also treated as an employee) in the records of a Participating Company and, with
respect to any Incentive Stock Option granted to such person, who is an employee for purposes of
Section&nbsp;422 of the Code; provided, however, that neither service as a member of the Board nor
payment of a director&#146;s fee shall be sufficient to constitute employment for purposes of the Plan.
The Company shall determine in good faith and in the exercise of its discretion whether an
individual has become or has ceased to be an Employee and the effective date of such individual&#146;s
employment or termination of employment, as the case may be. For purposes of an individual&#146;s
rights, if any, under the Plan as of the time of the Company&#146;s determination, all such
determinations by the Company shall be final, binding and conclusive, notwithstanding that the
Company or any court of law or governmental agency subsequently makes a contrary determination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Exchange Act</I></B><I>&#148; </I>means the Securities Exchange Act of 1934, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Fair Market Value</I></B><I>&#148; </I>means, as of any date, the value of a share of Stock or other property
as determined by the Committee, in its discretion, or by the Company, in its discretion, if such
determination is expressly allocated to the Company herein, subject to the following:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise determined by the Committee, if, on such date, the Stock is listed on
a national or regional securities exchange or market system, the Fair Market Value of a share of
Stock shall be the closing price of a share of Stock as quoted on the New York Stock Exchange or
such other national or regional securities exchange or market


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<P align="left" style="font-size: 10pt">system constituting the primary market for the Stock, as reported in <I>The Wall Street Journal</I>
or such other source as the Company deems reliable. If the relevant date does not fall on a day on
which the Stock has traded on such securities exchange or market system, the date on which the Fair
Market Value shall be established shall be the last day on which the Stock was so traded prior to
the relevant date, or such other appropriate day as shall be determined by the Committee, in its
discretion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, the Committee may, in its discretion, determine the Fair
Market Value on the basis of the opening, closing, high, low or average sale price of a share of
Stock or the actual sale price of a share of Stock received by a Participant, on such date, the
preceding trading day, the next succeeding trading day or an average determined over a period of
trading days. The Committee may vary its method of determination of the Fair Market Value as
provided in this Section for different purposes under the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, on such date, the Stock is not listed on a national or regional securities exchange
or market system, the Fair Market Value of a share of Stock shall be as determined by the Committee
in good faith without regard to any restriction other than a restriction which, by its terms, will
never lapse.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<B><I>Incentive Stock Option</I></B><I>&#148; </I>means an Option intended to be (as set forth in the Award
Agreement) and which qualifies as an incentive stock option within the meaning of Section 422(b) of
the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<B><I>Insider</I></B><I>&#148; </I>means an Officer, a Director or any other person whose transactions in Stock are
subject to Section&nbsp;16 of the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<B><I>Mandatory Retirement</I></B>&#148; means retirement as a Director at age 70 or at such other age as
may be specified in the retirement policy for the Board in effect at the time of a Nonemployee
Director&#146;s termination of Service as a Director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<B><I>Net-Exercise</I></B>&#148; means a procedure by which the Participant will be issued a number of
shares of Stock determined in accordance with the following formula:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X = Y(A-B)/A, where


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X = the number of shares of Stock to be issued to the Participant upon exercise of the Option;</DIV>


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y = the total number of shares with respect to which the Participant has elected to exercise the Option;</DIV>


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A = the Fair Market Value of one (1)&nbsp;share of Stock;</DIV>


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B = the exercise price per share (as defined in the Participant&#146;s Award Agreement).</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Nonemployee Director</I></B><I>&#148; </I>means a Director who is not an Employee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Nonemployee Director Award</I></B><I>&#148; </I>means an Award granted to a Nonemployee Director pursuant to
Section&nbsp;7 of the Plan.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Nonstatutory Stock Option</I></B><I>&#148; </I>means an Option not intended to be (as set forth in the
Award Agreement) an incentive stock option within the meaning of Section 422(b) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Officer</I></B><I>&#148; </I>means any person designated by the Board as an officer of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I> &#147;</I><B><I>Option</I></B><I>&#148; </I>means the right to purchase Stock at a stated price for a specified period of
time granted to a Participant pursuant to Section&nbsp;6 or Section&nbsp;7 of the Plan. An Option may be
either an Incentive Stock Option or a Nonstatutory Stock Option.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>&#147;</I><B><I>Option Expiration Date</I></B>&#148; means the date of expiration of the Option&#146;s term as set forth in
the Award Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Parent Corporation</I></B><I>&#148; </I>means any present or future &#147;parent corporation&#148; of the Company, as
defined in Section 424(e) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Participant</I></B><I>&#148; </I>means any eligible person who has been granted one or more Awards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Participating Company</I></B><I>&#148; </I>means the Company or any Parent Corporation, Subsidiary
Corporation or Affiliate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Participating Company Group</I></B><I>&#148; </I>means, at any point in time, all entities collectively
which are then Participating Companies.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Performance Award</I></B><I>&#148; </I>means an Award of Performance Shares or Performance Units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Performance Award Formula</I></B><I>&#148; </I>means, for any Performance Award, a formula or table
established by the Committee pursuant to Section&nbsp;10.3 of the Plan which provides the basis for
computing the value of a Performance Award at one or more threshold levels of attainment of the
applicable Performance Goal(s) measured as of the end of the applicable Performance Period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Performance Goal</I></B><I>&#148; </I>means a performance goal established by the Committee pursuant to
Section&nbsp;10.3 of the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Performance Period</I></B><I>&#148; </I>means a period established by the Committee pursuant to Section&nbsp;10.3
of the Plan at the end of which one or more Performance Goals are to be measured.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Performance Share</I></B><I>&#148; </I>means a bookkeeping entry representing a right granted to a
Participant pursuant to Section&nbsp;10 of the Plan to receive a payment equal to the value of a
Performance Share, as determined by the Committee, based on performance.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Performance Unit</I></B><I>&#148; </I>means a bookkeeping entry representing a right granted to a
Participant pursuant to Section&nbsp;10 of the Plan to receive a payment equal to the value of a
Performance Unit, as determined by the Committee, based upon performance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Restricted Stock Award</I></B><I>&#148; </I>means an Award of Restricted Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Restricted Stock Unit</I></B>&#148; or <I>&#147;</I><B><I>Stock Unit</I></B><I>&#148; </I>means a bookkeeping entry representing a right
granted to a Participant pursuant to Section&nbsp;11 or Section&nbsp;12 of the Plan, respectively, to receive
a share of Stock on a date determined in accordance with the provisions of Section&nbsp;11 or Section
12, as applicable, and the Participant&#146;s Award Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Restriction Period</I></B><I>&#148; </I>means the period established in accordance with Section&nbsp;9.4 of the
Plan during which shares subject to a Restricted Stock Award are subject to Vesting Conditions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>&#147;<B>Retirement</B></I><I>&#148;</I> means termination as an Employee of a Participating Company at age 55 or
older, provided that the Participant was an Employee for at least five consecutive years prior to
the date of such termination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Rule&nbsp;16b-3</I></B><I>&#148; </I>means Rule&nbsp;16b-3 under the Exchange Act, as amended from time to time, or
any successor rule or regulation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>SAR</I></B><I>&#148; </I>or <I>&#147;</I><B><I>Stock Appreciation Right</I></B><I>&#148; </I>means a bookkeeping entry representing, for each
share of Stock subject to such SAR, a right granted to a Participant pursuant to Section&nbsp;8 of the
Plan to receive payment in any combination of shares of Stock or cash of an amount equal to the
excess, if any, of the Fair Market Value of a share of Stock on the date of exercise of the SAR
over the exercise price.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Section&nbsp;162(m)</I></B><I>&#148; </I>means Section 162(m) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Securities Act</I></B><I>&#148; </I>means the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Service</I></B><I>&#148; </I>means a Participant&#146;s employment or service with the Participating Company
Group, whether in the capacity of an Employee, a Director or a Consultant. A Participant&#146;s Service
shall not be deemed to have terminated merely because of a change in the capacity in which the
Participant renders such Service or a change in the Participating Company for which the Participant
renders such Service, provided that there is no interruption or termination of the Participant&#146;s
Service. Furthermore, a Participant&#146;s Service shall not be deemed to have terminated if the
Participant takes any military leave, sick leave, or other bona fide leave of absence approved by
the Company. However, if any such leave taken by a Participant exceeds ninety (90)&nbsp;days, then on
the one hundred eighty-first (181st) day following the commencement of such leave any Incentive
Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and
instead shall be treated thereafter as a Nonstatutory Stock Option, unless the Participant&#146;s right
to return to Service with the Participating Company Group is guaranteed by statute or contract.
Notwithstanding the foregoing, unless otherwise designated by the Company or required by law, a
leave of absence shall not be treated as Service for purposes of determining vesting under the
Participant&#146;s Award Agreement. A Participant&#146;s Service shall be deemed to have terminated either
upon an actual


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<P align="left" style="font-size: 10pt">termination of Service or upon the entity for which the Participant performs Service ceasing
to be a Participating Company. Subject to the foregoing, the Company, in its discretion, shall
determine whether the Participant&#146;s Service has terminated and the effective date of such
termination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Stock</I></B><I>&#148; </I>means the common stock of the Company, as adjusted from time to time in
accordance with Section&nbsp;4.2 of the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Stock-Based Awards</I></B><I>&#148; </I>means any award that is valued in whole or in part by reference to,
or is otherwise based on, the Stock, including dividends on the Stock, but not limited to those
Awards described in Sections&nbsp;6 through 12 of the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Subsidiary Corporation</I></B><I>&#148; </I>means any present or future &#147;subsidiary corporation&#148; of the
Company, as defined in Section 424(f) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Ten Percent Owner</I></B><I>&#148; </I>means a Participant who, at the time an Option is granted to the
Participant, owns stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of a Participating Company (other than an Affiliate) within the meaning of
Section&nbsp;422(b)(6) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;</I><B><I>Vesting Conditions</I></B><I>&#148; </I>mean those conditions established in accordance with Section&nbsp;9.4 or
Section&nbsp;11.2 of the Plan prior to the satisfaction of which shares subject to a Restricted Stock
Award or Restricted Stock Unit Award, respectively, remain subject to forfeiture or a repurchase
option in favor of the Company upon the Participant&#146;s termination of Service.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Construction. </B>Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated
by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term &#147;or&#148; is not intended to be exclusive, unless the context clearly requires
otherwise.

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Administration</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Administration by the Committee. </B>The Plan shall be administered by the Committee. All
questions of interpretation of the Plan or of any Award shall be determined by the Committee, and
such determinations shall be final and binding upon all persons having an interest in the Plan or
such Award.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Authority of Officers. </B>Any Officer shall have the authority to act on behalf of the
Company with respect to any matter, right, obligation, determination or election which is the
responsibility of or which is allocated to the Company herein, provided the Officer has apparent
authority with respect to such matter, right, obligation, determination or election. In addition,
to the extent specified in a resolution adopted by the Board, the Chief Executive Officer of the
Company shall have the authority to grant Awards to an Employee who is not an Insider and who is
receiving a salary below the level which requires approval by the Committee; provided that the
terms of such Awards conform to guidelines established by the Committee and


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<P align="left" style="font-size: 10pt">provided further that at the time of making such Awards the Chief Executive Officer also is a
Director.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Administration with Respect to Insiders. </B>With respect to participation by Insiders in the
Plan, at any time that any class of equity security of the Company is registered pursuant to
Section&nbsp;12 of the Exchange Act, the Plan shall be administered in compliance with the requirements,
if any, of Rule&nbsp;16b-3.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Committee Complying with Section&nbsp;</B><B>162(m)</B><B>. </B>While the Company is a &#147;publicly held
corporation&#148; within the meaning of Section&nbsp;162(m), the Board may establish a Committee of &#147;outside
directors&#148; within the meaning of Section 162(m) to approve the grant of any Award which might
reasonably be anticipated to result in the payment of employee remuneration that would otherwise
exceed the limit on employee remuneration deductible for income tax purposes pursuant to Section
162(m).

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Powers of the Committee</B><B><I>. </I></B>In addition to any other powers set forth in the Plan and
subject to the provisions of the Plan, the Committee shall have the full and final power and
authority, in its discretion:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the persons to whom, and the time or times at which, Awards shall be granted
and the number of shares of Stock or units to be subject to each Award based on the recommendation
of the Chief Executive Officer of the Company (except that Awards to the Chief Executive Officer
shall be based on the recommendation of the independent members of the Board in compliance with
applicable stock exchange rules and Awards to Nonemployee Directors shall be granted automatically
pursuant to Section&nbsp;7 of the Plan);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the type of Award granted and to designate Options as Incentive Stock Options
or Nonstatutory Stock Options;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the Fair Market Value of shares of Stock or other property;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the terms, conditions and restrictions applicable to each Award (which need
not be identical) and any shares acquired pursuant thereto, including, without limitation, (i)&nbsp;the
exercise or purchase price of shares purchased pursuant to any Award, (ii)&nbsp;the method of payment
for shares purchased pursuant to any Award, (iii)&nbsp;the method for satisfaction of any tax
withholding obligation arising in connection with Award, including by the withholding or delivery
of shares of Stock, (iv)&nbsp;the timing, terms and conditions of the exercisability or vesting of any
Award or any shares acquired pursuant thereto, (v)&nbsp;the Performance Award Formula and Performance
Goals applicable to any Award and the extent to which such Performance Goals have been attained,
(vi)&nbsp;the time of the expiration of any Award, (vii)&nbsp;the effect of the Participant&#146;s termination of
Service on any of the foregoing, and (viii)&nbsp;all other terms, conditions and restrictions applicable
to any Award or shares acquired pursuant thereto not inconsistent with the terms of the Plan;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine whether an Award will be settled in shares of Stock, cash, or in any
combination thereof;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to approve one or more forms of Award Agreement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to amend, modify, extend, cancel or renew any Award or to waive any restrictions or
conditions applicable to any Award or any shares acquired pursuant thereto;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to accelerate, continue, extend or defer the exercisability or vesting of any Award or any
shares acquired pursuant thereto, including with respect to the period following a Participant&#146;s
termination of Service;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without the consent of the affected Participant and notwithstanding the provisions of any
Award Agreement to the contrary, to unilaterally substitute at any time a Stock Appreciation Right
providing for settlement solely in shares of Stock in place of any outstanding Option, provided
that such Stock Appreciation Right covers the same number of shares of Stock and provides for the
same exercise price (subject in each case to adjustment in accordance with Section&nbsp;4.2) as the
replaced Option and otherwise provides substantially equivalent terms and conditions as the
replaced Option, as determined by the Committee;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to prescribe, amend or rescind rules, guidelines and policies relating to the Plan, or to
adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without
limitation, as the Committee deems necessary or desirable to comply with the laws or regulations of
or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose
citizens may be granted Awards;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to correct any defect, supply any omission or reconcile any inconsistency in the Plan or
any Award Agreement and to make all other determinations and take such other actions with respect
to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with
the provisions of the Plan or applicable law; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to delegate to the Chief Executive Officer or the Senior Vice President of Human Resources
the authority with respect to ministerial matters regarding the Plan and Awards made under the
Plan.

<DIV align="left">
<A name="514"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Option or SAR Repricing. </B>Without the affirmative vote of holders of a majority of the
shares of Stock cast in person or by proxy at a meeting of the shareholders of the Company at which
a quorum representing a majority of all outstanding shares of Stock is present or represented by
proxy, the Board shall not approve a program providing for either (a)&nbsp;the cancellation of
outstanding Options or SARs and the grant in substitution therefore of new Options or SARs having a
lower exercise price or (b)&nbsp;the amendment of outstanding Options or SARs to reduce the exercise
price thereof. This paragraph shall not be construed to apply to &#147;issuing or assuming a stock
option in a transaction to which section 424(a) applies,&#148; within the meaning of Section&nbsp;424 of the
Code.

<DIV align="left">
<A name="515"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification. </B>In addition to such other rights of indemnification as they may have as
members of the Board or the Committee or as officers or employees of the Participating Company
Group, members of the Board or the Committee and any officers or employees of the Participating
Company Group to whom authority to act for the Board, the Committee or the Company is delegated
shall be indemnified by the Company against all reasonable expenses, including attorneys&#146; fees,
actually and necessarily incurred in connection


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<P align="left" style="font-size: 10pt">with the defense of any action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under
or in connection with the Plan, or any right granted hereunder, and against all amounts paid by
them in settlement thereof (provided such settlement is approved by independent legal counsel
selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or
proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or
proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in
duties; provided, however, that within sixty (60)&nbsp;days after the institution of such action, suit
or proceeding, such person shall offer to the Company, in writing, the opportunity at its own
expense to handle and defend the same.

<DIV align="left">
<A name="516"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Shares Subject to Plan</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="517"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Maximum Number of Shares Issuable. </B>Subject to adjustment as provided in Section&nbsp;4.2, the
maximum aggregate number of shares of Stock that may be issued under the Plan shall be twelve
million (12,000,000) and shall consist of authorized but unissued or reacquired shares of Stock or
any combination thereof. If an outstanding Award for any reason expires or is terminated or
canceled without having been exercised or settled in full, or if shares of Stock acquired pursuant
to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company, the
shares of Stock allocable to the terminated portion of such Award or such forfeited or repurchased
shares of Stock shall again be available for issuance under the Plan. Shares of Stock shall not be
deemed to have been issued pursuant to the Plan (a)&nbsp;with respect to any portion of an Award that is
settled in cash or (b)&nbsp;to the extent such shares are withheld or reacquired by the Company in
satisfaction of tax withholding obligations pursuant to Section&nbsp;16.2. Upon payment in shares of
Stock pursuant to the exercise of an SAR, the number of shares available for issuance under the
Plan shall be reduced only by the number of shares actually issued in such payment. If the
exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of
shares of Stock owned by the Participant, or by means of a Net-Exercise, the number of shares
available for issuance under the Plan shall be reduced only by the net number of shares for which
the Option is exercised.

<DIV align="left">
<A name="518"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Adjustments for Changes in Capital Structure</B><B><I>. </I></B>Subject to any required action by the
shareholders of the Company, in the event of any change in the Stock effected without receipt of
consideration by the Company, whether through merger, consolidation, reorganization,
reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock
split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change
in the capital structure of the Company, or in the event of payment of a dividend or distribution
to the shareholders of the Company in a form other than Stock (excepting normal cash dividends)
that has a material effect on the Fair Market Value of shares of Stock, appropriate adjustments
shall be made in the number and kind of shares subject to the Plan and to any outstanding Awards,
in the Award limits set forth in Section&nbsp;5.4, in the Nonemployee Director Awards to be
granted automatically pursuant to Section&nbsp;7, and in the exercise or purchase price per share
under any outstanding Award in order to prevent dilution or enlargement of Participants&#146; rights
under the Plan. For purposes of the foregoing, conversion of any convertible securities of the
Company shall not be treated as &#147;effected without receipt of consideration by the Company.&#148; Any
fractional share resulting from an adjustment pursuant to this Section&nbsp;4.2 shall be rounded down to
the nearest whole number. The Committee in its sole discretion, may


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<P align="left" style="font-size: 10pt">also make such adjustments in the terms of any Award to reflect, or related to, such changes
in the capital structure of the Company or distributions as it deems appropriate, including
modification of Performance Goals, Performance Award Formulas and Performance Periods. The
adjustments determined by the Committee pursuant to this Section&nbsp;4.2 shall be final, binding and
conclusive.

<DIV align="left">
<A name="519"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Eligibility and Award Limitations</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="520"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Persons Eligible for Awards. </B>Awards may be granted only to Employees, Consultants and
Directors. For purposes of the foregoing sentence, &#147;Employees,&#148; &#147;Consultants&#148;and &#147;Directors&#148; shall
include prospective Employees, prospective Consultants and prospective Directors to whom Awards are
granted in connection with written offers of an employment or other service relationship with the
Participating Company Group; provided, however, that no Stock subject to any such Award shall vest,
become exercisable or be issued prior to the date on which such person commences Service. A
Nonemployee Director Award may be granted only to a person who, at the time of grant, is a
Nonemployee Director.

<DIV align="left">
<A name="521"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Participation. </B>Awards other than Nonemployee Director Awards are granted
solely at the discretion of the Committee. Eligible persons may be granted more than one Award.
However, excepting Nonemployee Director Awards, eligibility in accordance with this
Section shall not entitle any person to be granted an Award, or, having been granted an Award, to
be granted an additional Award.

<DIV align="left">
<A name="522"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incentive Stock Option Limitations.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Persons Eligible. </I></B>An Incentive Stock Option may be granted only to a person who, on the
effective date of grant, is an Employee of the Company, a Parent Corporation or a Subsidiary
Corporation (each being an <I>&#147;</I><B><I>ISO-Qualifying Corporation</I></B><I>&#148;</I>). Any person who is not an Employee of an
ISO-Qualifying Corporation on the effective date of the grant of an Option to such person may be
granted only a Nonstatutory Stock Option. An Incentive Stock Option granted to a prospective
Employee upon the condition that such person become an Employee of an ISO-Qualifying Corporation
shall be deemed granted effective on the date such person commences Service with an ISO-Qualifying
Corporation, with an exercise price determined as of such date in accordance with Section&nbsp;6.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Fair Market Value Limitation. </I></B>To the extent that options designated as Incentive Stock
Options (granted under all stock option plans of the Participating Company Group, including the
Plan) become exercisable by a Participant for the first time during any calendar year for stock
having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of
such options which exceeds such amount shall be treated as Nonstatutory Stock Options. For
purposes of this Section, options designated as Incentive Stock Options shall be taken into account
in the order in which they were granted, and the Fair Market Value of stock shall be determined as
of the time the option with respect to such stock is granted. If the Code is amended to provide
for a limitation different from that set forth in this Section, such different limitation shall be
deemed incorporated herein effective as of the date and with respect to such Options as required or
permitted by such amendment to the Code. If an Option is treated as an Incentive Stock Option in
part and as a Nonstatutory Stock Option in


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<P align="left" style="font-size: 10pt">part by reason of the limitation set forth in this Section, the Participant may designate
which portion of such Option the Participant is exercising. In the absence of such designation,
the Participant shall be deemed to have exercised the Incentive Stock Option portion of the Option
first. Upon exercise, shares issued pursuant to each such portion shall be separately identified.

<DIV align="left">
<A name="523"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Award Limits.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maximum Number of Shares Issuable Pursuant to Incentive Stock Options. </I></B>Subject to
adjustment as provided in Section&nbsp;4.2, the maximum aggregate number of shares of Stock that may be
issued under the Plan pursuant to the exercise of Incentive Stock Options shall not exceed twelve
million (12,000,000) shares. The maximum aggregate number of shares of Stock that may be issued
under the Plan pursuant to all Awards other than Incentive Stock Options shall be the number of
shares determined in accordance with Section&nbsp;4.1, subject to adjustment as provided in Section&nbsp;4.2
and further subject to the limitation set forth in Section&nbsp;5.4(b) below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Aggregate Limit on Full Value Awards. </I></B>Subject to adjustment as provided in Section&nbsp;4.2,
in no event shall more than twelve million (12,000,000) shares in the aggregate be issued under the
Plan pursuant to the exercise or settlement of Restricted Stock Awards, Restricted Stock Unit
Awards and Performance Awards (&#147;Full Value Awards&#148;). Except with respect to a maximum of five
percent (5%) of the shares of Stock authorized in this Section&nbsp;5.4(b), any Full Value Awards which
vest on the basis of the Participant&#146;s continued Service shall not provide for vesting which is any
more rapid than annual pro rata vesting over a three (3)&nbsp;year period and any Full Value Awards
which vest upon the attainment of Performance Goals shall provide for a Performance Period of at
least twelve (12)&nbsp;months.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section&nbsp;</I></B><B><I>162(m)</I></B><B><I> Award Limits. </I></B>The following limits shall apply to the grant of any Award
if, at the time of grant, the Company is a &#147;publicly held corporation&#148; within the meaning of
Section&nbsp;162(m).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Options and SARs. </B>Subject to adjustment as provided in Section&nbsp;4.2, no Employee shall be
granted within any fiscal year of the Company one or more Options or Freestanding SARs which in the
aggregate are for more than 400,000 shares of Stock reserved for issuance under the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restricted Stock and Restricted Stock Unit Awards. </B>Subject to adjustment as provided in
Section&nbsp;4.2, no Employee shall be granted within any fiscal year of the Company one or more
Restricted Stock Awards or Restricted Stock Unit Awards, subject to Vesting Conditions based on the
attainment of Performance Goals, for more than 400,000 shares of Stock reserved for issuance under
the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Performance Awards. </B>Subject to adjustment as provided in Section&nbsp;4.2, no Employee shall
be granted (1)&nbsp;Performance Shares which could result in such Employee receiving more than 400,000
shares of Stock reserved for issuance under the Plan for each full fiscal year of the Company
contained in the Performance Period for such Award, or (2)&nbsp;Performance Units which could result in
such Employee receiving more than two million dollars ($2&nbsp;million) for each full fiscal year of the
Company contained in the Performance Period


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<P align="left" style="font-size: 10pt">for such Award. No Participant may be granted more than one Performance Award for the same
Performance Period.

<DIV align="left">
<A name="524"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><B><U>Terms and Conditions of Options</U>.</B></FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options shall be evidenced by Award Agreements specifying the number of shares of Stock
covered thereby, in such form as the Committee shall from time to time establish. No Option or
purported Option shall be a valid and binding obligation of the Company unless evidenced by a fully
executed Award Agreement. Award Agreements evidencing Options may incorporate all or any of the
terms of the Plan by reference and, except as otherwise set forth in Section&nbsp;7 with respect
to Nonemployee Director Options, shall comply with and be subject to the following terms and
conditions:

<DIV align="left">
<A name="525"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exercise Price</B><B><I>. </I></B>The exercise price for each Option shall be established in the discretion
of the Committee; provided, however, that (a)&nbsp;the exercise price per share shall be not less than
the Fair Market Value of a share of Stock on the effective date of grant of the Option and (b)&nbsp;no
Incentive Stock Option granted to a Ten Percent Owner shall have an exercise price per share less
than one hundred ten percent (110%) of the Fair Market Value of a share of Stock on the effective
date of grant of the Option. Notwithstanding the foregoing, an Option (whether an Incentive Stock
Option or a Nonstatutory Stock Option) may be granted with an exercise price lower than the minimum
exercise price set forth above if such Option is granted pursuant to an assumption or substitution
for another option in a manner qualifying under the provisions of Section 424(a) of the Code.

<DIV align="left">
<A name="526"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exercisability and Term of Options</B><B><I>. </I></B>Options shall be exercisable at such time or times,
or upon such event or events, and subject to such terms, conditions, performance criteria and
restrictions as shall be determined by the Committee and set forth in the Award Agreement
evidencing such Option; provided, however, that (a)&nbsp;no Option shall be exercisable after the
expiration of ten (10)&nbsp;years after the effective date of grant of such Option, (b)&nbsp;no Incentive
Stock Option granted to a Ten Percent Owner shall be exercisable after the expiration of five (5)
years after the effective date of grant of such Option, and (c)&nbsp;no Option granted to a prospective
Employee, prospective Consultant or prospective Director may become exercisable prior to the date
on which such person commences Service. Subject to the foregoing, unless otherwise specified by
the Committee in the grant of an Option, any Option granted hereunder shall terminate ten (10)
years after the effective date of grant of the Option, unless earlier terminated in accordance with
its provisions.

<DIV align="left">
<A name="527"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment of Exercise Price.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Forms of Consideration Authorized. </I></B>Except as otherwise provided below, payment of the
exercise price for the number of shares of Stock being purchased pursuant to any Option shall be
made (i)&nbsp;in cash, by check or in cash equivalent, (ii)&nbsp;by tender to the Company, or attestation to
the ownership, of shares of Stock owned by the Participant having a Fair Market Value not less than
the exercise price, (iii)&nbsp;by delivery of a properly executed notice of exercise together with
irrevocable instructions to a broker providing for the assignment to the Company of the proceeds of
a sale or loan with respect to some or all of the shares being acquired upon the exercise of the
Option (including, without limitation, through an exercise


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<P align="left" style="font-size: 10pt">complying with the provisions of Regulation&nbsp;T as promulgated from time to time by the Board of
Governors of the Federal Reserve System) (a <I>&#147;</I><B><I>Cashless Exercise</I></B><I>&#148;</I>), (iv)&nbsp;by delivery of a properly
executed notice of exercise electing a Net-Exercise, (v)&nbsp;by such other consideration as may be
approved by the Committee from time to time to the extent permitted by applicable law, or (vi)&nbsp;by
any combination thereof. The Committee may at any time or from time to time grant Options which do
not permit all of the foregoing forms of consideration to be used in payment of the exercise price
or which otherwise restrict one or more forms of consideration.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitations on Forms of Consideration.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tender of Stock. </B>Notwithstanding the foregoing, an Option may not be exercised by tender
to the Company, or attestation to the ownership, of shares of Stock to the extent such tender or
attestation would constitute a violation of the provisions of any law, regulation or agreement
restricting the redemption of the Company&#146;s stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Cashless Exercise. </B>The Company reserves, at any and all times, the right, in the
Company&#146;s sole and absolute discretion, to establish, decline to approve or terminate any program
or procedures for the exercise of Options by means of a Cashless Exercise, including with respect
to one or more Participants specified by the Company notwithstanding that such program or
procedures may be available to other Participants.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Termination of Service.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Option Exercisability</I></B><B>. </B>Subject to earlier termination of the Option as otherwise provided
herein and unless otherwise provided by the Committee, an Option shall be exercisable after a
Participant&#146;s termination of Service only during the applicable time periods provided in the Award
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Extension if Exercise Prevented by Law</I></B><B>. </B>Notwithstanding the foregoing, unless the
Committee provides otherwise in the Award Agreement, if the exercise of an Option within the
applicable time periods is prevented by the provisions of Section&nbsp;15 below, the Option shall remain
exercisable until three (3)&nbsp;months (or such longer period of time as determined by the Committee,
in its discretion) after the date the Participant is notified by the Company that the Option is
exercisable, but in any event no later than the Option Expiration Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Extension if Participant Subject to Section&nbsp;16(b</I></B><B>). </B>Notwithstanding the foregoing, if a
sale within the applicable time periods of shares acquired upon the exercise of the Option would
subject the Participant to suit under Section 16(b) of the Exchange Act, the Option shall remain
exercisable until the earliest to occur of (i)&nbsp;the tenth (10th) day following the date on which a
sale of such shares by the Participant would no longer be subject to such suit, (ii)&nbsp;the one
hundred and ninetieth (190th) day after the Participant&#146;s termination of Service, or (iii)&nbsp;the
Option Expiration Date.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transferability of Options. </B>During the lifetime of the Participant, an Option shall be
exercisable only by the Participant or the Participant&#146;s guardian or legal representative. Prior
to the issuance of shares of Stock upon the exercise of an Option, the Option shall not be subject
in any manner to anticipation, alienation, sale, exchange, transfer,


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<P align="left" style="font-size: 10pt">assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the
Participant&#146;s beneficiary, except transfer by will or by the laws of descent and distribution.
Notwithstanding the foregoing, to the extent permitted by the Committee, in its discretion, and set
forth in the Award Agreement evidencing such Option, a Nonstatutory Stock Option shall be
assignable or transferable subject to the applicable limitations, if any, described in the General
Instructions to Form S-8 Registration Statement under the Securities Act.

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<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Terms and Conditions of Nonemployee Director Awards</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonemployee Director Awards shall be evidenced by Award Agreements in such form as the Board
shall from time to time establish. Such Award Agreements may incorporate all or any of the terms
of the Plan by reference, shall be automatic and non-discretionary and shall comply with and be
subject to the following terms and conditions:

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Automatic Grant of Restricted Stock.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Timing and Amount of Grant</I></B>. On the first business day of each calendar year beginning on
January&nbsp;1, 2006, and continuing for the term of the Plan, each person who is a Nonemployee Director
on such date shall be granted a Restricted Stock Award to purchase a number of shares of Stock
determined by dividing thirty thousand dollars ($30,000) by the Fair Market Value of the Stock on
the first business day of the applicable calendar year, and rounding down to the nearest whole
number.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Vesting</I></B>. The shares subject to the Restricted Stock Award granted pursuant to Section
7.1(a) shall vest in equal annual installments of twenty percent (20%) on each anniversary of the
date of grant, with one hundred percent (100%) of the shares vested on the fifth anniversary of the
date of grant.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual Election to Receive Nonstatutory Stock Option and Restricted Stock Units. </B>On a
date no later than December&nbsp;31 of each calendar year during the term of the Plan, each person who
is then a Nonemployee Director shall deliver to the Board a written election to receive either
Nonstatutory Stock Options or Restricted Stock Units, or both, with an aggregate value of $30,000,
on the first business day of the following calendar year, provided the person continues to be a
Nonemployee Director on the date of grant. A Nonemployee Director may allocate between
Nonstatutory Stock Options and Restricted Stock Units in minimum increments with a value equal to
$5,000, as determined in accordance with Sections&nbsp;7.3 and 7.4. All awards of Nonstatutory Stock
Options and Restricted Stock Units made to Nonemployee Directors shall comply with the provisions
of Sections&nbsp;7.3 and 7.4, respectively. A Nonemployee Director who fails to make a timely election
or who first becomes a Nonemployee Director after December&nbsp;31 shall be awarded Nonstatutory Stock
Options and Restricted Stock Units each with a value of $30,000, as determined in accordance with
Sections&nbsp;7.3 and 7.4, provided the Nonemployee Director continues to be a Nonemployee Director on
the first business day of the following calendar year.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Grant of Nonstatutory Stock Option.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Timing and Amount of Grant</I></B>. Unless a Nonemployee Director made an election to decline the
award of a Nonstatutory Stock Option in accordance with Section


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<P align="left" style="font-size: 10pt">7.2 above, on the first business day of each calendar year beginning on January&nbsp;1, 2006, and
continuing for the term of the Plan, each person who is a Nonemployee Director on such date shall
receive a grant of a Nonstatutory Stock Option with an aggregate value equal to $5,000, $10,000,
$15,000, $20,000, $25,000 or $30,000, as previously elected by the Nonemployee Director (or $15,000
in the case of a Nonemployee Director who failed to make a timely election or who became a
Nonemployee Director after December&nbsp;31) (the <B><I>&#147;Elected Option Value&#148;</I></B>). The number of shares subject
to the Nonstatutory Stock Option shall be determined by dividing the Elected Option Value by the
value of a Nonstatutory Stock Option to purchase a single share of Stock as of the first business
day of the applicable calendar year. The per share option value shall be calculated in accordance
with the Black-Scholes stock option valuation method using the average preceding November closing
price of Stock and reducing the per option value by twenty percent (20%). The resulting number of
shares subject to the Nonstatutory Stock Option shall be rounded down to the nearest whole share.
No person shall receive more than one grant of Nonstatutory Stock Options pursuant to this Section
7.3(a) during any calendar year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exercise Price and Payment</I></B>. The exercise price of each Nonstatutory Stock Option granted
pursuant to Section&nbsp;7.3(a) shall be the Fair Market Value of the Stock on the date of grant. The
payment of the exercise price for the number of share of Stock being purchased pursuant to the
Nonstatutory Stock Option shall be made in accordance with the provisions of Section&nbsp;6.3.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vesting and Exercisability</I></B>. The Nonstatutory Stock Option granted in accordance with this
Section shall become vested and exercisable as to one third (1/3) of the shares subject to the
Nonstatutory Stock Option on the second, third and fourth anniversaries of the date of grant,
respectively. The Nonstatutory Stock Option shall terminate ten (10)&nbsp;years after the date of
grant, unless earlier terminated in accordance with its provisions.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Grant of Restricted Stock Unit.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Timing and Amount of Grant</I></B>. Unless a Nonemployee Director made an election to decline the
award of a Restricted Stock Unit in accordance with Section&nbsp;7.2 above, on the first business day of
each calendar year beginning on January&nbsp;1, 2006, and continuing for the term of the Plan, each
person who is a Nonemployee Director on such date shall receive a grant of a Restricted Stock Unit
Award with an aggregate value (as determined by the Fair Market Value of the Stock on the first
business day of the applicable calendar year) equal to $5,000, $10,000, $15,000, $20,000, $25,000
or $30,000, as previously elected by the Nonemployee Director (or $15,000 in the case of a
Nonemployee Director who failed to make a timely election or who became a Nonemployee Director
after December&nbsp;31) (the &#147;<B><I>Elected Stock Unit Value</I></B>&#148;). The number of shares subject to the
Restricted Stock Unit Award shall be determined by dividing the Elected Stock Unit Value by the
Fair Market Value of the Stock as of the first business day of the applicable calendar year
(including fractions computed to three decimal places). The Restricted Stock Units awarded to a
Nonemployee Director shall be credited to a newly established Restricted Stock Unit account. Each
Restricted Stock Unit awarded to a Nonemployee Director in accordance with this Section&nbsp;7.4(a)
shall be deemed to be equal to one (1) (or fraction thereof) share of Stock on the date of grant,
and shall thereafter fluctuate in value in accordance with the Fair Market Value of the Stock. No
person shall


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<P align="left" style="font-size: 10pt">receive more than one grant of Restricted Stock Units pursuant to this Section&nbsp;7.4(a) during
any calendar year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Dividend Rights</I></B>. Each Nonemployee Director&#146;s Restricted Stock Unit account shall be
credited quarterly on each dividend payment date with additional shares of Restricted Stock Units
(including fractions computed to three decimal places) determined by dividing (1)&nbsp;the amount of
cash dividends paid on such date with respect to the number of shares of Stock represented by the
Restricted Stock Units previously credited to the account by (2)&nbsp;the Fair Market Value per share of
Stock on such date. Such additional Restricted Stock Units shall be subject to the same terms and
conditions and shall be settled in the same manner and at the same time as the Restricted Stock
Units originally subject to the Restricted Stock Unit Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Settlement of Restricted Stock Unit Award</I></B>. Settlement of the shares credited to a
Nonemployee Director&#146;s Restricted Stock Unit account shall only be made after the Nonemployee
Director&#146;s Retirement or Mandatory Retirement from the Board or as provided in Section&nbsp;7.5 below.
Settlement shall be made only in the form of shares of Stock equal to the number of Restricted
Stock Units credited to the Nonemployee Director&#146;s account on the date of distribution, rounded
down to the nearest whole share. The Nonemployee Director may elect to receive the Stock in a lump
sum distribution or in a series of ten or less approximately equal annual installments, provided
that distribution shall commence no later than January of the year following the year in which the
Nonemployee Director&#146;s Retirement or Mandatory Retirement occurred.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Effect of Termination of Service as a Nonemployee Director.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Status of Award</I></B><B>. </B>Subject to earlier termination of the Nonemployee Director Award as
otherwise provided herein, the status of a Nonemployee Director Award shall be determined as
follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Death or Disability. </B>If the Nonemployee Director&#146;s Service terminates due to death or
Disability (1)&nbsp;all shares subject to the Restricted Stock Award shall become fully vested, and the
Participant (or the Participant&#146;s legal representative or other person who acquired the rights to
the Restricted Stock by reason of the Participant&#146;s death) shall have the right to resell or
transfer such shares at any time; (2)&nbsp;all Nonstatutory Stock Options held by the Participant shall
become fully vested and exercisable, and the Participant (or the Participant&#146;s legal representative
or other person who acquired the rights to the Nonstatutory Stock Option by reason of the
Participant&#146;s death) shall have the right to exercise the Nonstatutory Stock Options until the
earlier of (a)&nbsp;the date that is twelve (12)&nbsp;months after the date on which the Participant&#146;s
Service terminated, or (b)&nbsp;the Option Expiration Date and (3)&nbsp;all Restricted Stock Units credited
to the Nonemployee Director&#146;s account shall immediately become payable to the Participant (or the
Participant&#146;s legal representative or other person who acquired the rights to the Restricted Stock
Units by reason of the Participant&#146;s death) in the form of a number of shares of Stock equal to the
number of Restricted Stock Units credited to the Restricted Stock Unit account, rounded down to the
nearest whole share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Mandatory Retirement</B>. If the Participant&#146;s Service terminates because of the Mandatory
Retirement of the Participant (1)&nbsp;all shares subject to the


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<P align="left" style="font-size: 10pt">Restricted Stock Award shall
become fully vested and the Participant shall have the right to
resell or transfer such shares at any time; (2)&nbsp;all Nonstatutory Stock Options held by the
Participant shall become fully vested and exercisable and Participant shall have the right to
exercise the Nonstatutory Stock Options until the earlier of (a)&nbsp;the date that is five (5)&nbsp;years
after the date on which the Participant&#146;s Service terminated, or (b)&nbsp;the Option Expiration Date and
(3)&nbsp;all Restricted Stock Units credited to the Nonemployee Director&#146;s account shall immediately
become payable to the Participant in accordance with Section&nbsp;7.4(c) above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Other Termination of Service. </B>If the Participant&#146;s Service terminates for any reason
other than those enumerated in Sections&nbsp;7.5(a)(i) and 7.5(a)(ii), (1)&nbsp;any unvested shares of
Restricted Stock shall be forfeited to the Company and from and after the date of such termination,
the Participant shall cease to be a shareholder with respect to such forfeited shares and shall have no
dividend, voting or other rights with respect thereto, (2)&nbsp;the unvested portion of any Nonstatutory
Stock Option shall terminate, and any portion of the Nonstatutory Stock Option exercisable by the
Participant on the date on which the Participant&#146;s Service terminated may be exercised until the
earlier of (a)&nbsp;the date that is three (3)&nbsp;months after the date on which the Participant&#146;s Service
terminated, or (b)&nbsp;the Option Expiration Date and (3)&nbsp;except as provided in Section&nbsp;7.4(c), all
Restricted Stock Units credited to the Participant&#146;s account shall be forfeited on the date of
termination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the provisions of Section&nbsp;7.5(i) through 7.5(iii) above, the Board, in
its sole discretion, may establish different terms and conditions pertaining to Nonemployee
Director Awards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Extension if Exercise Prevented by Law</I></B><B>. </B>Notwithstanding the foregoing, if the exercise of
a Nonstatutory Stock Option within the applicable time periods set forth in Section&nbsp;7.5(a) is
prevented by the provisions of Section&nbsp;15 below, the Nonstatutory Stock Option shall remain
exercisable until three (3)&nbsp;months after the date the Participant is notified by the Company that
the Nonstatutory Stock Option is exercisable, but in any event no later than the Option Expiration
Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Extension if Participant Subject to Section&nbsp;16(b</I></B><B>). </B>Notwithstanding the foregoing, if a
sale within the applicable time periods set forth in Section&nbsp;7.5(a) of shares acquired upon the
exercise of the Nonstatutory Stock Option would subject the Participant to suit under Section 16(b)
of the Exchange Act, the Nonstatutory Stock Option shall remain exercisable until the earliest to
occur of (i)&nbsp;the tenth (10th) day following the date on which a sale of such shares by the
Participant would no longer be subject to such suit, (ii)&nbsp;the one hundred and ninetieth (190th) day
after the Participant&#146;s termination of Service, or (iii)&nbsp;the Option Expiration Date.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Change in Control on Nonemployee Director Awards. </B>Upon the occurrence of a
Change in Control, (i)&nbsp;the vesting of all shares of Restricted Stock granted pursuant to Section
7.1(a) shall be accelerated so that all such shares become fully vested, (ii)&nbsp;the vesting of
Nonstatutory Stock Options granted pursuant to Section&nbsp;7.3(a) shall be accelerated and such
Nonstatutory Stock Options shall remain fully exercisable until the Option Expiration Date, and
(iii)&nbsp;all Restricted Stock Units shall be settled in accordance with Section&nbsp;7.4(c) as if the
Change of Control constituted Retirement.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right to Decline Nonemployee Director Awards. </B>Notwithstanding the foregoing, any person
may elect not to receive a Nonemployee Director Award by delivering written notice of such election
to the Board no later than the day prior to the date such Nonemployee Director Award would
otherwise be granted. A person so declining a Nonemployee Director Award shall receive no payment
or other consideration in lieu of such declined Nonemployee Director Award. A person who has
declined a Nonemployee Director Award may revoke such election by delivering written notice of such
revocation to the Board no later than the day prior to the date such Nonemployee Director Award
would be granted.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><U><B>Terms and Conditions of
Stock Appreciation Rights</B></U><B>.</B></FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights shall be evidenced by Award Agreements specifying the number of
shares of Stock subject to the Award, in such form as the Committee shall from time to time
establish. No SAR or purported SAR shall be a valid and binding obligation of the Company unless
evidenced by a fully executed Award Agreement. Award Agreements evidencing SARs may incorporate
all or any of the terms of the Plan by reference and shall comply with and be subject to the
following terms and conditions:

<DIV align="left">
<A name="539"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Types of SARs Authorized. </B>SARs may be granted in tandem with all or any portion of a
related Option (a <I>&#147;</I><B><I>Tandem SAR</I></B><I>&#148;</I>) or may be granted independently of any Option (a <I>&#147;</I><B><I>Freestanding
SAR</I></B><I>&#148;</I>). A Tandem SAR may be granted either concurrently with the grant of the related Option or at
any time thereafter prior to the complete exercise, termination, expiration or cancellation of such
related Option.

<DIV align="left">
<A name="540"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Exercise Price. </B>The exercise price for each SAR shall be established in the discretion of
the Committee; provided, however, that (a)&nbsp;the exercise price per share subject to a Tandem SAR
shall be the exercise price per share under the related Option and (b)&nbsp;the exercise price per share
subject to a Freestanding SAR shall be not less than the Fair Market Value of a share of Stock on
the effective date of grant of the SAR.

<DIV align="left">
<A name="541"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Exercisability and Term of SARs.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Tandem SARs. </I></B>Tandem SARs shall be exercisable only at the time and to the extent, and
only to the extent, that the related Option is exercisable, subject to such provisions as the
Committee may specify where the Tandem SAR is granted with respect to less than the full number of
shares of Stock subject to the related Option.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Freestanding SARs. </I></B>Freestanding SARs shall be exercisable at such time or times, or upon
such event or events, and subject to such terms, conditions, performance criteria and restrictions
as shall be determined by the Committee and set forth in the Award Agreement evidencing such SAR;
provided, however, that no Freestanding SAR shall be exercisable after the expiration of ten (10)
years after the effective date of grant of such SAR.

<DIV align="left">
<A name="542"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Deemed Exercise of SARs. </B>If, on the date on which an SAR would otherwise terminate or
expire, the SAR by its terms remains exercisable immediately prior to such termination or
expiration and, if so exercised, would result in a payment to the holder of such SAR, then any
portion of such SAR which has not previously been exercised shall automatically be deemed to be
exercised as of such date with respect to such portion.


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<DIV align="left">
<A name="543"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Termination of Service. </B>Subject to earlier termination of the SAR as otherwise
provided herein and unless otherwise provided by the Committee in the grant of an SAR and set forth
in the Award Agreement, an SAR shall be exercisable after a Participant&#146;s termination of Service
only as provided in the Award Agreement.

<DIV align="left">
<A name="544"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nontransferability of SARs. </B>During the lifetime of the Participant, an SAR shall be
exercisable only by the Participant or the Participant&#146;s guardian or legal representative. Prior
to the exercise of an SAR, the SAR shall not be subject in any manner to anticipation, alienation,
sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the
Participant or the Participant&#146;s beneficiary, except transfer by will or by the laws of descent and
distribution.

<DIV align="left">
<A name="545"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><U><B>Terms and Conditions of Restricted Stock Awards</B></U><B>.</B></FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Awards shall be evidenced by Award Agreements specifying the number of shares
of Stock subject to the Award, in such form as the Committee shall from time to time establish. No
Restricted Stock Award or purported Restricted Stock Award shall be a valid and binding obligation
of the Company unless evidenced by a fully executed Award Agreement. Award Agreements evidencing
Restricted Stock Awards may incorporate all or any of the terms of the Plan by reference and shall
comply with and be subject to the following terms and conditions:

<DIV align="left">
<A name="546"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Types of Restricted Stock Awards Authorized. </B>Restricted Stock Awards may or may not
require the payment of cash compensation for the stock. Restricted Stock Awards may be granted
upon such conditions as the Committee shall determine, including, without limitation, upon the
attainment of one or more Performance Goals described in Section&nbsp;10.4. If either the grant of a
Restricted Stock Award or the lapsing of the Restriction Period is to be contingent upon the
attainment of one or more Performance Goals, the Committee shall follow procedures substantially
equivalent to those set forth in Sections&nbsp;10.3 through 10.5(a).

<DIV align="left">
<A name="547"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Purchase Price. </B>The purchase price, if any, for shares of Stock issuable under each
Restricted Stock Award and the means of payment shall be established by the Committee in its
discretion.

<DIV align="left">
<A name="548"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Purchase Period. </B>A Restricted Stock Award requiring the payment of cash consideration
shall be exercisable within a period established by the Committee; provided, however, that no
Restricted Stock Award granted to a prospective Employee, prospective Consultant or prospective
Director may become exercisable prior to the date on which such person commences Service.

<DIV align="left">
<A name="549"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Vesting and Restrictions on Transfer. </B>Shares issued pursuant to any Restricted Stock
Award may or may not be made subject to Vesting Conditions based upon the satisfaction of such
Service requirements, conditions, restrictions or performance criteria, including, without
limitation, Performance Goals as described in Section&nbsp;10.4, as shall be established by the
Committee and set forth in the Award Agreement evidencing such Award. During any Restriction
Period in which shares acquired pursuant to a Restricted Stock Award


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<P align="left" style="font-size: 10pt">remain subject to Vesting Conditions, such shares may not be sold, exchanged, transferred,
pledged, assigned or otherwise disposed of other than as provided in the Award Agreement or as
provided in Section&nbsp;9.7. Upon request by the Company, each Participant shall execute any agreement
evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder and shall
promptly present to the Company any and all certificates representing shares of Stock acquired
hereunder for the placement on such certificates of appropriate legends evidencing any such
transfer restrictions.

<DIV align="left">
<A name="550"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Rights, Dividends and Distributions. </B>Except as provided in this Section, Section
9.4 and any Award Agreement, during the Restriction Period applicable to shares subject to a
Restricted Stock Award, the Participant shall have all of the rights of a shareholder of the
Company holding shares of Stock, including the right to vote such shares and to receive all
dividends and other distributions paid with respect to such shares. However, in the event of a
dividend or distribution paid in shares of Stock or any other adjustment made upon a change in the
capital structure of the Company as described in Section&nbsp;4.2, any and all new, substituted or
additional securities or other property (other than normal cash dividends) to which the Participant
is entitled by reason of the Participant&#146;s Restricted Stock Award shall be immediately subject to
the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to
which such dividends or distributions were paid or adjustments were made.

<DIV align="left">
<A name="551"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Termination of Service. </B>Unless otherwise provided by the Committee in the grant
of a Restricted Stock Award and set forth in the Award Agreement, if a Participant&#146;s Service
terminates for any reason, whether voluntary or involuntary (including the Participant&#146;s death or
disability), then the Participant shall forfeit to the Company any shares acquired by the
Participant pursuant to a Restricted Stock Award which remain subject to Vesting Conditions as of
the date of the Participant&#146;s termination of Service in exchange for the payment of the purchase
price, if any, paid by the Participant. The Company shall have the right to assign at any time any
repurchase right it may have, whether or not such right is then exercisable, to one or more persons
as may be selected by the Company.

<DIV align="left">
<A name="552"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nontransferability of Restricted Stock Award Rights. </B>Prior to the issuance of shares of
Stock pursuant to a Restricted Stock Award, rights to acquire such shares shall not be subject in
any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance
or garnishment by creditors of the Participant or the Participant&#146;s beneficiary, except transfer by
will or the laws of descent and distribution. All rights with respect to a Restricted Stock Award
granted to a Participant hereunder shall be exercisable during his or her lifetime only by such
Participant or the Participant&#146;s guardian or legal representative.

<DIV align="left">
<A name="553"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><U><B>Terms and Conditions of Performance Awards</B></U><B>.</B></FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Awards shall be evidenced by Award Agreements in such form as the Committee shall
from time to time establish. No Performance Award or purported Performance Award shall be a valid
and binding obligation of the Company unless evidenced by a fully executed Award Agreement. Award
Agreements evidencing Performance Awards may


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<P align="left" style="font-size: 10pt">incorporate all or any of the terms of the Plan by reference and shall comply with and be
subject to the following terms and conditions:

<DIV align="left">
<A name="554"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Types of Performance Awards Authorized. </B>Performance Awards may be in the form of either
Performance Shares or Performance Units. Each Award Agreement evidencing a Performance Award shall
specify the number of Performance Shares or Performance Units subject thereto, the Performance
Award Formula, the Performance Goal(s) and Performance Period applicable to the Award, and the
other terms, conditions and restrictions of the Award.

<DIV align="left">
<A name="555"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Initial Value of Performance Shares and Performance Units. </B>Unless otherwise provided by
the Committee in granting a Performance Award, each Performance Share shall have an initial value
equal to the Fair Market Value of one (1)&nbsp;share of Stock, subject to adjustment as provided in
Section&nbsp;4.2, on the effective date of grant of the Performance Share. Each Performance Unit shall
have an initial value determined by the Committee. The final value payable to the Participant in
settlement of a Performance Award determined on the basis of the applicable Performance Award
Formula will depend on the extent to which Performance Goals established by the Committee are
attained within the applicable Performance Period established by the Committee.

<DIV align="left">
<A name="556"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Establishment of Performance Period, Performance Goals and Performance Award Formula. </B>In
granting each Performance Award, the Committee shall establish in writing the applicable
Performance Period, Performance Award Formula and one or more Performance Goals which, when
measured at the end of the Performance Period, shall determine on the basis of the Performance
Award Formula the final value of the Performance Award to be paid to the Participant. To the
extent compliance with the requirements under Section 162(m) with respect to &#147;performance-based
compensation&#148; is desired, the Committee shall establish the Performance Goal(s) and Performance
Award Formula applicable to each Performance Award no later than the earlier of (a)&nbsp;the date ninety
(90)&nbsp;days after the commencement of the applicable Performance Period or (b)&nbsp;the date on which 25%
of the Performance Period has elapsed, and, in any event, at a time when the outcome of the
Performance Goals remains substantially uncertain. Once established, the Performance Goals and
Performance Award Formula shall not be changed during the Performance Period. The Company shall
notify each Participant granted a Performance Award of the terms of such Award, including the
Performance Period, Performance Goal(s) and Performance Award Formula.

<DIV align="left">
<A name="557"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Measurement of Performance Goals. </B>Performance Goals shall be established by the
Committee on the basis of targets to be attained (<I>&#147;</I><B><I>Performance Targets</I></B><I>&#148;</I>) with respect to one or
more measures of business or financial performance (each, a <I>&#147;</I><B><I>Performance Measure</I></B><I>&#148;</I>), subject to the
following:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance Measures. </I></B>Performance Measures shall have the same meanings as used in the
Company&#146;s financial statements, or, if such terms are not used in the Company&#146;s financial
statements, they shall have the meaning applied pursuant to generally accepted accounting
principles, or as used generally in the Company&#146;s industry. Performance Measures shall be
calculated with respect to the Company and each Subsidiary Corporation


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<P align="left" style="font-size: 10pt">consolidated therewith for financial reporting purposes or such division or other business
unit as may be selected by the Committee. For purposes of the Plan, the Performance Measures
applicable to a Performance Award shall be calculated in accordance with generally accepted
accounting principles, but prior to the accrual or payment of any Performance Award for the same
Performance Period and excluding the effect (whether positive or negative) of any change in
accounting standards or any extraordinary, unusual or nonrecurring item, as determined by the
Committee, occurring after the establishment of the Performance Goals applicable to the Performance
Award. Each such adjustment, if any, shall be made solely for the purpose of providing a
consistent basis from period to period for the calculation of Performance Measures in order to
prevent the dilution or enlargement of the Participant&#146;s rights with respect to a Performance
Award. Performance Measures may be one or more of the following, as determined by the Committee:
(i)&nbsp;sales revenue; (ii)&nbsp;gross margin; (iii)&nbsp;operating margin; (iv)&nbsp;operating income; (v)&nbsp;pre-tax
profit; (vi)&nbsp;earnings before interest, taxes and depreciation and amortization; (vii)&nbsp;net income;
(viii)&nbsp;expenses; (ix)&nbsp;the market price of the Stock; (x)&nbsp;earnings per share; (xi)&nbsp;return on
shareholder equity; (xii)&nbsp;return on capital; (xiii)&nbsp;return on net assets; (xiv)&nbsp;economic value
added; and (xv)&nbsp;market share; (xvi)&nbsp;customer service; (xvii)&nbsp;customer satisfaction; (xviii)&nbsp;safety;
(xix)&nbsp;total shareholder return; or (xx)&nbsp;such other measures as determined by the Committee
consistent with this Section&nbsp;10.4(a).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance Targets. </I></B>Performance Targets may include a minimum, maximum, target level and
intermediate levels of performance, with the final value of a Performance Award determined under
the applicable Performance Award Formula by the level attained during the applicable Performance
Period. A Performance Target may be stated as an absolute value or as a value determined relative
to a standard selected by the Committee.

<DIV align="left">
<A name="558"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Settlement of Performance Awards.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Determination of Final Value. </I></B>As soon as practicable following the completion of the
Performance Period applicable to a Performance Award, the Committee shall certify in writing the
extent to which the applicable Performance Goals have been attained and the resulting final value
of the Award earned by the Participant and to be paid upon its settlement in accordance with the
applicable Performance Award Formula.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Discretionary Adjustment of Award Formula. </I></B>In its discretion, the Committee may, either
at the time it grants a Performance Award or at any time thereafter, provide for the positive or
negative adjustment of the Performance Award Formula applicable to a Performance Award that is not
intended to constitute &#147;qualified performance based compensation&#148; to a &#147;covered employee&#148; within
the meaning of Section 162(m) (a <I>&#147;</I><B><I>Covered Employee</I></B><I>&#148;</I>) to reflect such Participant&#146;s individual
performance in his or her position with the Company or such other factors as the Committee may
determine. With respect to a Performance Award intended to constitute qualified performance-based
compensation to a Covered Employee, the Committee shall have the discretion to reduce some or all
of the value of the Performance Award that would otherwise be paid to the Covered Employee upon its
settlement notwithstanding the attainment of any Performance Goal and the resulting value of the
Performance Award determined in accordance with the Performance Award Formula.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment in Settlement of Performance Awards. </I></B>As soon as practicable following the
Committee&#146;s determination and certification in accordance with Sections&nbsp;10.5(a) and (b), payment
shall be made to each eligible Participant (or such Participant&#146;s legal representative or other
person who acquired the right to receive such payment by reason of the Participant&#146;s death) of the
final value of the Participant&#146;s Performance Award. Payment of such amount shall be made in cash,
shares of Stock, or a combination thereof as determined by the Committee.

<DIV align="left">
<A name="559"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Rights, Dividend Equivalent Rights and Distributions. </B>Participants shall have no
voting rights with respect to shares of Stock represented by Performance Share Awards until the
date of the issuance of such shares, if any (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its
discretion, may provide in the Award Agreement evidencing any Performance Share Award that the
Participant shall be entitled to receive Dividend Equivalents with respect to the payment of cash
dividends on Stock having a record date prior to the date on which the Performance Shares are
settled or forfeited. Such Dividend Equivalents, if any, shall be credited to the Participant in
the form of additional whole Performance Shares as of the date of payment of such cash dividends on
Stock. The number of additional Performance Shares (rounded to the nearest whole number) to be so
credited shall be determined by dividing (a)&nbsp;the amount of cash dividends paid on such date with
respect to the number of shares of Stock represented by the Performance Shares previously credited
to the Participant by (b)&nbsp;the Fair Market Value per share of Stock on such date. Dividend
Equivalents may be paid currently or may be accumulated and paid to the extent that Performance
Shares become nonforfeitable, as determined by the Committee. Settlement of Dividend Equivalents
may be made in cash, shares of Stock, or a combination thereof as determined by the Committee, and
may be paid on the same basis as settlement of the related Performance Share as provided in Section
10.5. Dividend Equivalents shall not be paid with respect to Performance Units. In the event of a
dividend or distribution paid in shares of Stock or any other adjustment made upon a change in the
capital structure of the Company as described in Section&nbsp;4.2, appropriate adjustments shall be made
in the Participant&#146;s Performance Share Award so that it represents the right to receive upon
settlement any and all new, substituted or additional securities or other property (other than
normal cash dividends) to which the Participant would be entitled by reason of the shares of Stock
issuable upon settlement of the Performance Share Award, and all such new, substituted or
additional securities or other property shall be immediately subject to the same Performance Goals
as are applicable to the Award.

<DIV align="left">
<A name="560"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Effect of Termination of Service. </B>Unless otherwise provided by the Committee in the
grant of a Performance Award and set forth in the Award Agreement, the effect of a Participant&#146;s
termination of Service on the Performance Award shall be as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Death or Disability. </I></B>If the Participant&#146;s Service terminates because of the death or
Disability of the Participant before the completion of the Performance Period applicable to the
Performance Award, the final value of the Participant&#146;s Performance Award shall be determined by
the extent to which the applicable Performance Goals have been attained with respect to the entire
Performance Period and shall be prorated based on the number of months of the Participant&#146;s Service
during the Performance Period. Payment shall be made following the end of the Performance Period
in any manner permitted by Section&nbsp;10.5.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Termination of Service. </I></B>If the Participant&#146;s Service terminates for any reason
except death or Disability before the completion of the Performance Period applicable to the
Performance Award, such Award shall be forfeited in its entirety; provided, however, that in the
event of an involuntary termination of the Participant&#146;s Service, the Committee, in its sole
discretion, may waive the automatic forfeiture of all or any portion of any such Award.

<DIV align="left">
<A name="561"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nontransferability of Performance Awards. </B>Prior to settlement in accordance with the
provisions of the Plan, no Performance Award shall be subject in any manner to anticipation,
alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors
of the Participant or the Participant&#146;s beneficiary, except transfer by will or by the laws of
descent and distribution. All rights with respect to a Performance Award granted to a Participant
hereunder shall be exercisable during his or her lifetime only by such Participant or the
Participant&#146;s guardian or legal representative.

<DIV align="left">
<A name="562"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Terms and Conditions of Restricted Stock Unit Awards</B></U>.</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Unit Awards shall be evidenced by Award Agreements specifying the number of
Restricted Stock Units subject to the Award, in such form as the Committee shall from time to time
establish. No Restricted Stock Unit Award or purported Restricted Stock Unit Award shall be a
valid and binding obligation of the Company unless evidenced by a fully executed Award Agreement.
Award Agreements evidencing Restricted Stock Units may incorporate all or any of the terms of the
Plan by reference and shall comply with and be subject to the following terms and conditions:

<DIV align="left">
<A name="563"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Grant of Restricted Stock Unit Awards. </B>Restricted Stock Unit Awards may be granted upon
such conditions as the Committee shall determine, including, without limitation, upon the
attainment of one or more Performance Goals described in Section&nbsp;10.4. If either the grant of a
Restricted Stock Unit Award or the Vesting Conditions with respect to such Award is to be
contingent upon the attainment of one or more Performance Goals, the Committee shall follow
procedures substantially equivalent to those set forth in Sections&nbsp;10.3 through 10.5(a).

<DIV align="left">
<A name="564"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Vesting. </B>Restricted Stock Units may or may not be made subject to Vesting Conditions
based upon the satisfaction of such Service requirements, conditions, restrictions or performance
criteria, including, without limitation, Performance Goals as described in Section&nbsp;10.4, as shall
be established by the Committee and set forth in the Award Agreement evidencing such Award.

<DIV align="left">
<A name="565"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Voting Rights, Dividend Equivalent Rights and Distributions. </B>Participants shall have no
voting rights with respect to shares of Stock represented by Restricted Stock Units until the date
of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion,
may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant
shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on
Stock having a record date prior to the date on which Restricted Stock Units held by such
Participant are settled. Such Dividend Equivalents, if any,


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">shall be paid by crediting the Participant with additional whole Restricted Stock Units as of
the date of payment of such cash dividends on Stock. The number of additional Restricted Stock
Units (rounded to the nearest whole number) to be so credited shall be determined by dividing (a)
the amount of cash dividends paid on such date with respect to the number of shares of Stock
represented by the Restricted Stock Units previously credited to the Participant by (b)&nbsp;the Fair
Market Value per share of Stock on such date. Such additional Restricted Stock Units shall be
subject to the same terms and conditions and shall be settled in the same manner and at the same
time (or as soon thereafter as practicable) as the Restricted Stock Units originally subject to the
Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or
any other adjustment made upon a change in the capital structure of the Company as described in
Section&nbsp;4.2, appropriate adjustments shall be made in the Participant&#146;s Restricted Stock Unit Award
so that it represents the right to receive upon settlement any and all new, substituted or
additional securities or other property (other than normal cash dividends) to which the Participant
would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such
new, substituted or additional securities or other property shall be immediately subject to the
same Vesting Conditions as are applicable to the Award.

<DIV align="left">
<A name="566"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Termination of Service. </B>Unless otherwise provided by the Committee in the
grant of a Restricted Stock Unit Award and set forth in the Award Agreement, if a Participant&#146;s
Service terminates for any reason, whether voluntary or involuntary (including the Participant&#146;s
death or disability), then the Participant shall forfeit to the Company any Restricted Stock Units
pursuant to the Award which remain subject to Vesting Conditions as of the date of the
Participant&#146;s termination of Service.

<DIV align="left">
<A name="567"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Settlement of Restricted Stock Unit Awards. </B>The Company shall issue to a Participant on
the date on which Restricted Stock Units subject to the Participant&#146;s Restricted Stock Unit Award
vest or on such other date determined by the Committee, in its discretion, and set forth in the
Award Agreement one (1)&nbsp;share of Stock (and/or any other new, substituted or additional securities
or other property pursuant to an adjustment described in Section&nbsp;11.3) for each Restricted Stock
Unit then becoming vested or otherwise to be settled on such date, subject to the withholding of
applicable taxes. Notwithstanding the foregoing, if permitted by the Committee and set forth in
the Award Agreement, the Participant may elect in accordance with terms specified in the Award
Agreement to defer receipt of all or any portion of the shares of Stock or other property otherwise
issuable to the Participant pursuant to this Section.

<DIV align="left">
<A name="568"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nontransferability of Restricted Stock Unit Awards. </B>Prior to the issuance of shares of
Stock in settlement of a Restricted Stock Unit Award, the Award shall not be subject in any manner
to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or
garnishment by creditors of the Participant or the Participant&#146;s beneficiary, except transfer by
will or by the laws of descent and distribution. All rights with respect to a Restricted Stock
Unit Award granted to a Participant hereunder shall be exercisable during his or her lifetime only
by such Participant or the Participant&#146;s guardian or legal representative.


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="569"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Deferred Compensation Awards</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="570"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Establishment of Deferred Compensation Award Programs. </B>This Section&nbsp;12 shall not be
effective unless and until the Committee determines to establish a program pursuant to this
Section. The Committee, in its discretion and upon such terms and conditions as it may determine,
may establish one or more programs pursuant to the Plan under which:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants designated by the Committee who are Insiders or otherwise among a select
group of highly compensated Employees may irrevocably elect, prior to a date specified by the
Committee, to reduce such Participant&#146;s compensation otherwise payable in cash (subject to any
minimum or maximum reductions imposed by the Committee) and to be granted automatically at such
time or times as specified by the Committee one or more Awards of Stock Units with respect to such
numbers of shares of Stock as determined in accordance with the rules of the program established by
the Committee and having such other terms and conditions as established by the Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participants designated by the Committee who are Insiders or otherwise among a select
group of highly compensated Employees may irrevocably elect, prior to a date specified by the
Committee, to be granted automatically an Award of Stock Units with respect to such number of
shares of Stock and upon such other terms and conditions as established by the Committee in lieu
of:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Stock otherwise issuable to such Participant upon the exercise of an Option;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cash or shares of Stock otherwise issuable to such Participant upon the exercise of an
SAR; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cash or shares of Stock otherwise issuable to such Participant upon the settlement of a
Performance Award or Performance Unit.

<DIV align="left">
<A name="571"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Terms and Conditions of Deferred Compensation Awards. </B>Deferred Compensation Awards
granted pursuant to this Section&nbsp;12 shall be evidenced by Award Agreements in such form as the
Committee shall from time to time establish. No such Deferred Compensation Award or purported
Deferred Compensation Award shall be a valid and binding obligation of the Company unless evidenced
by a fully executed Award Agreement. Award Agreements evidencing Deferred Compensation Awards may
incorporate all or any of the terms of the Plan by reference and shall comply with and be subject
to the following terms and conditions:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vesting Conditions</I></B>. Deferred Compensation Awards shall not be subject to any vesting
conditions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Terms and Conditions of Stock Units</I></B>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting
Rights, Dividend Equivalent Rights and Distributions. </B>Participants shall have no
voting rights with respect to shares of Stock


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">represented by Stock Units until the date of the issuance of such shares (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company). However, a Participant shall be entitled to receive Dividend Equivalents with respect to
the payment of cash dividends on Stock having a record date prior to
the date on which Stock Units held
by such Participant are settled. Such Dividend Equivalents shall be paid by crediting the
Participant with additional whole and/or fractional Stock Units as of the date of payment of such
cash dividends on Stock. The method of determining the number of additional Stock Units to be so
credited shall be specified by the Committee and set forth in the Award Agreement. Such additional
Stock Units shall be subject to the same terms and conditions and shall be settled in the same
manner and at the same time (or as soon thereafter as practicable) as the Stock Units originally
subject to the Stock Unit Award. In the event of a dividend or distribution paid in shares of
Stock or any other adjustment made upon a change in the capital structure of the Company as
described in Section&nbsp;4.2, appropriate adjustments shall be made in the Participant&#146;s Stock Unit
Award so that it represents the right to receive upon settlement any and all new, substituted or
additional securities or other property (other than normal cash dividends) to which the Participant
would be entitled by reason of the shares of Stock issuable upon settlement of the Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Settlement of Stock Unit Awards. </B>A Participant electing to receive an Award of Stock
Units pursuant to this Section&nbsp;12, shall specify at the time of such election a settlement date
with respect to such Award. The Company shall issue to the Participant as soon as practicable
following the earlier of the settlement date elected by the Participant or the date of termination
of the Participant&#146;s Service, a number of whole shares of Stock equal to the number of whole Stock
Units subject to the Stock Unit Award. Such shares of Stock shall be fully vested, and the
Participant shall not be required to pay any additional consideration (other than applicable tax
withholding) to acquire such shares. Any fractional Stock Unit subject to the Stock Unit Award
shall be settled by the Company by payment in cash of an amount equal to the Fair Market Value as
of the payment date of such fractional share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Nontransferability of Stock Unit Awards. </B>Prior to their settlement in accordance with
the provision of the Plan, no Stock Unit Award shall be subject in any manner to anticipation,
alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors
of the Participant or the Participant&#146;s beneficiary, except transfer by will or by the laws of
descent and distribution. All rights with respect to a Stock Unit Award granted to a Participant
hereunder shall be exercisable during his or her lifetime only by such Participant or the
Participant&#146;s guardian or legal representative.

<DIV align="left">
<A name="572"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Other Stock-Based Awards</B></U>.</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Awards set forth in Sections&nbsp;6 through 12 above, the Committee, in its sole
discretion, may carry out the purpose of this Plan by awarding Stock-Based Awards as it determines
to be in the best interests of the Company and subject to such other terms and conditions as it
deems necessary and appropriate.


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="573"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Change in Control</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="574"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Effect of Change in Control on Options and SARs</B><B><I>. </I></B>Unless otherwise provided in a fully
executed written Award Agreement with the Participant, upon the occurrence of a Change in Control
all outstanding Options and SARs shall immediately vest and become exerciseable in full and any
shares acquired upon the exercise of such Options and SARs shall not be subject to any further
Vesting Condition or other conditions.

<DIV align="left">
<A name="575"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Effect of Change in Control on Restricted Stock and Other Awards. </B>Unless otherwise
provided in a fully executed written Award Agreement with the Participant, upon the occurrence of a
Change in Control, the Vesting Condition, Restriction Period or Performance Goal applicable to the
shares subject to a Restricted Stock Award or other Award held by a Participant whose Service has
not terminated prior to the Change in Control shall be accelerated and/or waived and the Award
shall become payable to the extent specified in the Award Agreement. Any acceleration, waiver,
payment or the lapsing of any restriction that was permissible solely by reason of this Section
14.2 and the provisions of the applicable Award Agreement shall be conditioned upon the Change in
Control.

<DIV align="left">
<A name="576"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">15.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Compliance with Securities Law</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The grant of Awards and the issuance of shares of Stock pursuant to any Award shall be subject
to compliance with all applicable requirements of federal, state and foreign law with respect to
such securities and the requirements of any stock exchange or market system upon which the Stock
may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award
unless (a)&nbsp;a registration statement under the Securities Act shall at the time of such exercise or
issuance be in effect with respect to the shares issuable pursuant to the Award or (b)&nbsp;in the
opinion of legal counsel to the Company, the shares issuable pursuant to the Award may be issued in
accordance with the terms of an applicable exemption from the registration requirements of the
Securities Act. The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company&#146;s legal counsel to be necessary to the
lawful issuance and sale of any shares hereunder shall relieve the Company of any liability in
respect of the failure to issue or sell such shares as to which such requisite authority shall not
have been obtained. As a condition to issuance of any Stock, the Company may require the
Participant to satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any applicable law or regulation and to make any representation or warranty with
respect thereto as may be requested by the Company.

<DIV align="left">
<A name="577"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">16.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Tax Withholding</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="578"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax Withholding in General. </B>The Company shall have the right to deduct from any and all
payments made under the Plan, or to require the Participant, through payroll withholding, cash
payment or otherwise, including by means of a Cashless Exercise or Net Exercise of an Option, to
make adequate provision for, the federal, state, local and foreign taxes, if any, required by law
to be withheld by the Participating Company Group with respect to an Award or the shares acquired
pursuant thereto. The Company shall have no obligation to deliver shares of Stock, to release
shares of Stock from an escrow established pursuant to an


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Award Agreement, or to make any payment in cash under the Plan until the Participating Company
Group&#146;s tax withholding obligations have been satisfied by the Participant.

<DIV align="left">
<A name="579"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Withholding in Shares. </B>The Company shall have the right, but not the obligation, to
deduct from the shares of Stock issuable to a Participant upon the exercise or settlement of an
Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a
Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding
obligations of the Participating Company Group. The Fair Market Value of any shares of Stock
withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount
determined by the applicable minimum statutory withholding rates.

<DIV align="left">
<A name="580"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">17.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><B><U>Amendment or Termination of Plan</U>.</B></FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board or the Committee may amend, suspend or terminate the Plan at any time. However,
without the approval of the Company&#146;s shareholders, there shall be (a)&nbsp;no increase in the maximum
aggregate number of shares of Stock that may be issued under the Plan (except by operation of the
provisions of Section&nbsp;4.2), (b)&nbsp;no change in the class of persons eligible to receive Incentive
Stock Options, and (c)&nbsp;no other amendment of the Plan that would require approval of the Company&#146;s
shareholders under any applicable law, regulation or rule. Notwithstanding the foregoing, only the
Board may amend Section&nbsp;7. No amendment, suspension or termination of the Plan shall affect any
then outstanding Award unless expressly provided by the Board or the Committee. In any event, no
amendment, suspension or termination of the Plan may adversely affect any then outstanding Award
without the consent of the Participant unless necessary to comply with any applicable law,
regulation or rule.

<DIV align="left">
<A name="581"></A>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">18.&nbsp;&nbsp;</TD>
    <TD><FONT style="font-variant: SMALL-CAPS"><U><B>Miscellaneous Provisions</B></U><B>.</B></FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="582"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Repurchase Rights</B><B><I>. </I></B>Shares issued under the Plan may be subject to one or more repurchase
options, or other conditions and restrictions as determined by the Committee in its discretion at
the time the Award is granted. The Company shall have the right to assign at any time any
repurchase right it may have, whether or not such right is then exercisable, to one or more persons
as may be selected by the Company. Upon request by the Company, each Participant shall execute any
agreement evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder
and shall promptly present to the Company any and all certificates representing shares of Stock
acquired hereunder for the placement on such certificates of appropriate legends evidencing any
such transfer restrictions.

<DIV align="left">
<A name="583"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Provision of Information. </B>Each Participant shall be given access to information
concerning the Company equivalent to that information generally made available to the Company&#146;s
common shareholders.

<DIV align="left">
<A name="584"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights as Employee, Consultant or Director. </B>No person, even though eligible pursuant to
Section&nbsp;5, shall have a right to be selected as a Participant, or, having been so selected, to be
selected again as a Participant. Nothing in the Plan or any Award granted under the Plan shall
confer on any Participant a right to remain an Employee, Consultant or Director or interfere with
or limit in any way any right of a Participating Company to terminate the Participant&#146;s Service at
any time. To the extent that an Employee of a Participating Company


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<P align="left" style="font-size: 10pt">other than the Company receives an Award under the Plan, that Award shall in no event be
understood or interpreted to mean that the Company is the Employee&#146;s employer or that the Employee
has an employment relationship with the Company.

<DIV align="left">
<A name="585"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights as a Shareholder. </B>A Participant shall have no rights as a shareholder with
respect to any shares covered by an Award until the date of the issuance of such shares (as
evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company). No adjustment shall be made for dividends, distributions or other rights
for which the record date is prior to the date such shares are issued, except as provided in
Section&nbsp;4.2 or another provision of the Plan.

<DIV align="left">
<A name="586"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fractional Shares. </B>The Company shall not be required to issue fractional shares upon the
exercise or settlement of any Award.

<DIV align="left">
<A name="587"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Severability</B>. If any one or more of the provisions (or any part thereof) of this Plan
shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so
as to make it valid, legal and enforceable, and the validity, legality and enforceability of the
remaining provisions (or any part thereof) of the Plan shall not in any way be affected or impaired
thereby.

<DIV align="left">
<A name="588"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Beneficiary Designation. </B>Subject to local laws and procedures, each Participant may file
with the Company a written designation of a beneficiary who is to receive any benefit under the
Plan to which the Participant is entitled in the event of such Participant&#146;s death before he or she
receives any or all of such benefit. Each designation will revoke all prior designations by the
same Participant, shall be in a form prescribed by the Company, and will be effective only when
filed by the Participant in writing with the Company during the Participant&#146;s lifetime. If a
married Participant designates a beneficiary other than the Participant&#146;s spouse, the effectiveness
of such designation may be subject to the consent of the Participant&#146;s spouse. If a Participant
dies without an effective designation of a beneficiary who is living at the time of the
Participant&#146;s death, the Company will pay any remaining unpaid benefits to the Participant&#146;s legal
representative.

<DIV align="left">
<A name="589"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Unfunded Obligation. </B>Participants shall have the status of general unsecured creditors
of the Company. Any amounts payable to Participants pursuant to the Plan shall be unfunded and
unsecured obligations for all purposes, including, without limitation, Title I of the Employee
Retirement Income Security Act of 1974. No Participating Company shall be required to segregate
any monies from its general funds, or to create any trusts, or establish any special accounts with
respect to such obligations. The Company shall retain at all times beneficial ownership of any
investments, including trust investments, which the Company may make to fulfill its payment
obligations hereunder. Any investments or the creation or maintenance of any trust or any
Participant account shall not create or constitute a trust or fiduciary relationship between the
Committee or any Participating Company and a Participant, or otherwise create any vested or
beneficial interest in any Participant or the Participant&#146;s creditors in any assets of any
Participating Company. The Participants shall have no claim against any Participating Company for
any changes in the value of any assets which may be invested or reinvested by the Company with
respect to the Plan. Each Participating Company shall be responsible for making benefit payments
pursuant to the Plan on behalf of its Participants or for


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">reimbursing the Company for the cost of such payments, as determined by the Company in its
sole discretion. In the event the respective Participating Company fails to make such payment or
reimbursement, a Participant&#146;s (or other individual&#146;s) sole recourse shall be against the
respective Participating Company, and not against the Company. A Participant&#146;s acceptance of an
Award pursuant to the Plan shall constitute agreement with this provision.

<DIV align="left">
<A name="590"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Choice of Law. </B>Except to the extent governed by applicable federal law, the validity,
interpretation, construction and performance of the Plan and each Award Agreement shall be governed
by the laws of the State of California, without regard to its conflict of law rules.


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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><DIV style="position: relative; float: left; width: 7%">

<P align="left" style="font-size: 10pt"><FONT style="font-size: 215pt">&nbsp;</FONT>



<P align="left" style="font-size: 10pt"><IMG src="f04451af0445132.gif" alt="(SOLID BLACK BOX)">


</DIV>
<DIV style="position: relative; float: right; width: 90%">
<P align="left" style="font-size: 10pt"><IMG src="f04451af0445131.gif" alt="(PG&#038;E LOGO)">


<P align="left" style="font-size: 10pt"><DIV align="justify"><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, and 3 and AGAINST Items 4, 5,
6, 7, and 8.</B></DIV>


<P align="left" style="font-size: 10pt"><DIV align="justify">The undersigned hereby appoints Robert D. Glynn, Jr., Peter A. Darbee, and Linda Y.H. Cheng, or any
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 the San Ramon
Valley Conference Center, 3301 Crow Canyon Road, San Ramon, California, on Wednesday, April&nbsp;20,
2005, 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.</DIV>



<P align="center" style="font-size: 10pt"><B>(Continued, and to be marked, signed, and dated on the reverse side.)</B>


<P align="left" style="font-size: 10pt"><DIV align="justify">As an alternative to completing and mailing this proxy card, you may submit your proxy and voting
instructions over the Internet at <B>http://www.proxyvoting.com/pcg </B>or by touch-tone telephone at
<B>1-866-540-5760</B> (from anywhere in the United States or Canada). Please have your proxy card in hand
when voting over the Internet or by telephone. These Internet and telephone voting procedures
comply with California law.</DIV>


</DIV>
<BR clear="all"><BR>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="left" style="font-size: 8pt"><B>Your proxy is solicited on behalf of the PG&#038;E Corporation Board of Directors.</B>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 40pt">&nbsp;</FONT>


<P><DIV style="position: relative; float: left; width: 58%">

<DIV style="width: 100%; border: 1px solid black; padding: 8px;">

<P align="center" style="font-size: 7pt">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, and 3.


<P><DIV style="position: relative; float: left; width: 48%">
<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="bottom">FOR ALL</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<BR>
FOR ALL</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">ITEM 1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTION OF DIRECTORS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 7pt">NOMINEES ARE:


<P align="left" style="font-size: 7pt">01-David R. Andrews, 02-Leslie S. Biller,<BR>
03-David A. Coulter, 04-C. Lee Cox,<BR>
05-Peter A. Darbee, 06-Robert D. Glynn, Jr.,<BR>
07-Mary S. Metz, 08-Barbara L. Rambo,<BR>
09-Barry Lawson Williams


<P align="left" style="font-size: 7pt"><I>WITHHOLD vote only for:</I>



<P align="left" style="font-size: 7pt"><HR size="1" noshade width="100%" align="center" color="#000000">


</DIV>
<DIV style="position: relative; float: right; width: 48%">
<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">ITEM 2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RATIFICATION OF APPOINTMENT
OF INDEPENDENT PUBLIC
ACCOUNTANTS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADOPTION OF A NEW LONG-TERM
INCENTIVE PLAN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="5">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




</DIV>

</div>


<P align="right" style="font-size: 10pt"><IMG src="f04451af0445133.gif" alt="(BRACKET GRAPHIC)">

<BR clear="all"><BR>
</DIV>

<DIV style="position: relative; float: right; width: 38%">

<DIV style="width: 100%; border: 1px solid black; padding: 8px;">

<P align="left" style="font-size: 7pt">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE
<B>AGAINST </B>ITEMS 4, 5, 6, 7, and 8.


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">ITEM 4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EXPENSE STOCK OPTIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RADIOACTIVE WASTES</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">POISON PILL</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PERFORMANCE-BASED OPTIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FUTURE GOLDEN
PARACHUTES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" size="6">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</div>

</DIV>
<BR clear="all"><BR>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Signature</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid black">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 7pt"><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></DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="f04451af0445131.gif" alt="(PGandE LOGO)"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify"><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, and 3 and AGAINST Items 4, 5,
6, 7, and 8.</B></DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">The undersigned hereby appoints Robert D. Glynn, Jr., Peter A. Darbee, and Linda Y.H. Cheng, or any
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 the San Ramon
Valley Conference Center, 3301 Crow Canyon Road, San Ramon, California, on Wednesday, April&nbsp;20,
2005, 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.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center"><B>(Continued, and to be marked, signed, and dated on the reverse side.)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="f04451af0445132.gif" alt="(BLACKBAR)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">As an alternative to completing and mailing this proxy card, you may submit your proxy and voting
instructions over the Internet at <B>http://www.proxyvoting.com/pcg </B>or by touch-tone telephone at
<B>1-866-540-5760 </B>(from anywhere in the United States or Canada). Please have your proxy card in hand
when voting over the Internet or by telephone. These Internet and telephone voting procedures
comply with California law.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="82%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-bottom: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>


<TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #ee3056"><B>Address
Change </B><FONT style="font-size:7 pt"><B>(Mark the corresponding box on the reverse side)</B></FONT></TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
              <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 2px solid #ffffff; border-top: 2px solid #ffffff">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 1px solid #ee3056">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="top">
<TD align="center" colspan="21"><FONT size="1">--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 7pt"><FONT face="webdings">&#053;</FONT> If you are <U>not</U> submitting your proxy over the Internet or by
telephone, please detach here and mail this proxy in the enclosed
envelope. <FONT face="webdings">&#053;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="f04451af0445131.gif" alt="(PG&#038;E LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 16pt">ANNUAL MEETING OF SHAREHOLDERS


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>To be held at:</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Ramon Valley Conference Center</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3301 Crow Canyon Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Ramon, California</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;20, 2005, at 10:00&nbsp;a.m.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt"><FONT face="webdings">&#054;</FONT> <B>Please use the attached ticket to attend the PG&#038;E Corporation Annual Meeting. </B><FONT face="webdings">&#054;</FONT> <BR>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="top">
<TD colspan="21" align="center"><FONT size="1">---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is free parking at the San Ramon Valley Conference Center.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Note: Shareholders will be asked to present valid photo identification, such as a driver&#146;s license
or passport, before being admitted to the meeting. Cellular telephones and pagers must be turned
off prior to entering the meeting. Cameras, tape recorders, and other electronic recording devices
will not be allowed in the meeting, other than for PG&#038;E Corporation purposes. A checkroom will be
available. 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 that might pose a
safety or security risk. We regret any inconvenience this may cause.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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


<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="81%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Your proxy is solicited on behalf of the PG&#038;E Corporation Board of Directors.</B>

</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size:8pt">Please<BR>
Mark Here<BR>
for Address<BR>
Change</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT color="#EE3056"><FONT style="font-size:36pt"><FONT face="wingdings 2">&#163;</FONT></FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size:8pt"><B>SEE REVERSE SIDE</B></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 65%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="17" valign="top" align="center">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, and 3.<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WITHHOLD</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR ALL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR ALL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTION OF<BR>
DIRECTORS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITEM 2.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RATIFICATION OF APPOINTMENT<BR>
OF INDEPENDENT PUBLIC<BR>
ACCOUNTANTS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">NOMINEES ARE:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><BR>01-David R. Andrews, 02-Leslie S. Biller,<BR>
03-David A. Coulter, 04-C. Lee Cox,<BR>
05-Peter A. Darbee, 06-Robert D. Glynn, Jr.,<BR>
07-Mary S. Metz, 08-Barbara L. Rambo,<BR>
09-Barry Lawson Williams</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITEM 3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADOPTION OF A NEW LONG-TERM<BR>
INCENTIVE PLAN</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><I>WITHHOLD vote only for:</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">WILL ATTEND<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade align="center" color="#000000"></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">If you plan to attend the Annual Meeting,
please mark the Will Attend box</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<P align="right" style="font-size: 10pt"><IMG src="f04451af0445124.gif" alt="(ADDRESS PLACEHOLDER)">


</DIV>
<DIV style="position: relative; float: right; width: 32%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="9" valign="top" align="left">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE
<B>AGAINST </B>ITEMS 4, 5, 6, 7, and 8.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EXPENSE STOCK OPTIONS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RADIOACTIVE WASTES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">POISON PILL
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PERFORMANCE-BASED<BR>
OPTIONS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FUTURE GOLDEN<BR>
PARACHUTES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

</DIV>
<BR clear="all"><BR>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Signature</B>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature</B>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="11" valign="top" align="center"><FONT style="font-size:7pt"><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><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="top">
<TD colspan="21" ALIGN="CENTER"><FONT size="1">-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR valign="bottom">


<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="webdings">&#053;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size:7pt"><B>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 enclosed envelope.</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="webdings">&#053;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Vote by Internet or Telephone or Mail 24 Hours a Day, 7 Days a Week</B>



<P align="center" style="font-size: 8pt"><B>PROXIES AND VOTING INSTRUCTIONS SUBMITTED OVER THE INTERNET OR BY TELEPHONE MUST BE<BR>
RECEIVED BY 11:59&nbsp;P.M., EASTERN TIME, ON TUESDAY, APRIL 19, 2005.</B>



<P align="center" style="font-size: 8pt"><B>PRIOR TO VOTING, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE PROXY CARD.</B>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3px">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>Internet</B></FONT></FONT>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle" rowspan="3"><FONT style="font-size:12pt"><B>OR</B></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>Telephone</B></FONT></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle" rowspan="3"><FONT style="font-size:12pt"><B>OR</B></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>Mail</B></FONT></FONT></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>http://www.proxyvoting.com/pcg</B></FONT></FONT>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>1-866-540-5760</B></FONT></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="justify">Use the Internet to vote your proxy.
Have your proxy card in hand when
you access the web site.</DIV>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Use any touch-tone telephone in the U.S.
or Canada to submit your proxy.  Have your proxy card in hand when you call.</DIV>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Mark, sign,
and date your proxy<br>card and return it in the
enclosed<br>postage-paid envelope.</DIV></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 8pt"><B>If you vote your proxy over the Internet or by telephone, you do NOT need to return your proxy card.</B>



<P align="center" style="font-size: 10pt"><B>You can view the Proxy Statement and Annual Report on the Internet at www.pgecorp.com</B>



<P align="center" style="font-size: 10pt"><FONT face="webdings">&#054;</FONT>
<FONT style="font-size:8pt"><B>Please use the attached ticket to attend the PG&#038;E Corporation Annual Meeting.</B></FONT> <FONT face="webdings">&#054;</FONT><BR>
<DIV ALIGN="CENTER"><FONT size="1">--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------</FONT>
</DIV>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="f04451af0445131.gif" alt="(PG&#038;E LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>2005 Annual Meeting Ticket</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Ticket for the annual meeting on Wednesday, April&nbsp;20, 2005, at 10:00&nbsp;a.m., to be held at the San
Ramon Valley Conference Center, 3301 Crow Canyon Road, San Ramon, California. Doors open at 9:00
a.m. You may bypass the shareholder registration area and present this ticket at the entrance to
the meeting room.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;



<P align="center" style="font-size: 10pt">&nbsp;



<P align="center" style="font-size: 10pt">(See reverse side for additional information.)




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<IMG src="f04451af0445126.gif" alt="(PG&#038;E LOGO)">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center"><FONT style="font-size:11pt"><B>PG&#038;E CORPORATION</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center"><FONT style="font-size:11pt"><B>RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center"><FONT style="font-size:11pt"><B>UNION REPRESENTED EMPLOYEES</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center"><FONT style="font-size:11pt"><B>VOTING INSTRUCTIONS TO THE TRUSTEE - 2005</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TO FIDELITY MANAGEMENT TRUST COMPANY, TRUSTEE:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">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 PG&#038;E Corporation common stock
credited to my
Plan account as of February&nbsp;22, 2005, at the annual meeting of shareholders of PG&#038;E
Corporation to be held on
April&nbsp;20, 2005, 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.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center"><B>(Continued, and to be marked, signed, and dated on the reverse side.)</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="f04451af0445132.gif" alt="(BLACK BAR)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle"><DIV align="justify">TO PARTICIPANTS IN THE RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR UNION
REPRESENTED EMPLOYEES:<BR><BR>
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.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="82%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-bottom: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>

    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #ee3056"><B>Address Change </B><FONT style="font-size:6pt"><B>(Mark the corresponding box on the reverse side)</B></FONT></TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
              <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
              <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
              <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #ee3056">&nbsp;</TD>
              <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #ee3056">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 1px solid #ee3056">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#9650;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:7pt"><B>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 enclosed envelope.</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#9650;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">TO PARTICIPANTS IN THE RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify"><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;20, 2005. You have one
vote for each share of PG&#038;E Corporation common stock credited to your account as of
February&nbsp;22, 2005. Enclosed is a Joint Proxy Statement which sets forth the business to be
conducted at the meeting. Please mark your instructions on the above card
and sign, date, and
return it in the enclosed postage-paid envelope. As an alternative to completing and mailing
the card, you may submit your voting instructions over the Internet at
<B>http://www.proxyvoting.com/pcg </B>or by touch-tone telephone at <B>1-866-540-5760 </B>(from
anywhere in the United States and Canada). Please have your voting instruction card in hand when
submitting your voting instructions over the Internet or by telephone. 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 or voting instruction card for those
shares.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="81%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:12pt"><B>VOTING
INSTRUCTIONS TO THE TRUSTEE - 2005</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><FONT style="font-size:8pt">Please<BR>
Mark Here<BR>
for Address<BR>
Change</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><FONT color="#EE3056"><FONT style="font-size:44pt"><FONT face="wingdings 2">&#163;</FONT></FONT></FONT></TD>
</TR>

<TR valign="top">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size:8pt"><B>SEE REVERSE SIDE</B></FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 65%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="17" valign="top" align="center">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR </B>ITEMS 1, 2, and 3.<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WITHHOLD</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR ALL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR ALL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTION OF<BR>
DIRECTORS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITEM 2.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RATIFICATION OF APPOINTMENT<BR>
OF INDEPENDENT PUBLIC<BR>
ACCOUNTANTS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">NOMINEES ARE:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><BR>01-David R. Andrews, 02-Leslie S. Biller,<BR>
03-David A. Coulter, 04-C. Lee Cox,<BR>
05-Peter A. Darbee, 06-Robert D. Glynn, Jr.,<BR>
07-Mary S. Metz, 08-Barbara L. Rambo,<BR>
09-Barry Lawson Williams</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ITEM 3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADOPTION OF A NEW LONG-TERM<BR>
INCENTIVE PLAN</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><I>WITHHOLD vote only for:</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<P align="right" style="font-size: 10pt"><IMG src="f04451af0445124.gif" alt="(ADDRESS PLACEHOLDER)">


</DIV>
<DIV style="position: relative; float: right; width: 32%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="9" valign="top" align="left">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE
<B>AGAINST </B>ITEMS 4, 5, 6, 7, and 8.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EXPENSE STOCK OPTIONS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RADIOACTIVE WASTES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">POISON PILL
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PERFORMANCE-BASED<BR>
OPTIONS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FUTURE GOLDEN<BR>
PARACHUTES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="wingdings 2"  style="font-size: 24pt; color: #EE3056">&#163;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

</DIV>
<BR clear="all"><BR>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Signature</B>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature</B>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="11" valign="top" align="center"><FONT style="font-size:7pt"><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><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">

<TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="middle" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="webdings">&#053;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><B>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 enclosed envelope.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="webdings">&#053;</FONT>
</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Vote by Internet or Telephone or Mail 24 Hours a Day, 7 Days a Week</B>



<P align="center" style="font-size: 8pt"><B>VOTING INSTRUCTIONS SUBMITTED OVER THE INTERNET, BY TELEPHONE, OR BY MAIL MUST BE<BR>
RECEIVED BY 11:59&nbsp;P.M., EASTERN TIME, ON MONDAY, APRIL 18, 2005.</B>



<P align="center" style="font-size: 8pt"><B>PRIOR TO SUBMITTING YOUR VOTING INSTRUCTIONS, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE PROXY CARD.</B>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3px">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>Internet</B></FONT></FONT>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle" rowspan="3"><FONT style="font-size:12pt"><B>OR</B></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>Telephone</B></FONT></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle" rowspan="3"><FONT style="font-size:12pt"><B>OR</B></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>Mail</B></FONT></FONT></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>http://www.proxyvoting.com/pcg</B></FONT></FONT>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><FONT color="#EE3056"><B>1-866-540-5760</B></FONT></FONT>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="justify">Use the Internet to submit your voting
instructions. Have the above voting
instruction card in hand when you access
the web site.</DIV>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Use any touch-tone telephone in the U.S.
or Canada to submit your voting
instructions. Have the above voting
instruction card in hand when you call.</DIV>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Mark, sign, and date your voting
instruction card and return it in the
enclosed postage-paid envelope.</DIV></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 8pt"><B>If you submit your voting instructions over the Internet or by telephone, you do NOT need to return your voting instruction card.</B>



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">&nbsp;



<P align="center" style="font-size: 8pt">(See reverse side for additional information.)




<P align="center" style="font-size: 10pt">
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