<SUBMISSION>
<ACCESSION-NUMBER>0000950134-07-005456
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>20
<PERIOD>20070418
<FILING-DATE>20070313
<DATE-OF-FILING-DATE-CHANGE>20070313
<EFFECTIVENESS-DATE>20070313
<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>07689928
</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>f27532cpdef14a.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>
<CENTER>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="center">OMB APPROVAL</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">
OMB Number:
</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">3235-0059</TD>
</TR>

<TR valign="bottom">
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">
Expires:
</TD>
        <TD>&nbsp;</TD>

<TD nowrap align="right" valign="top">February&nbsp;28, 2006</TD>
</TR>


<TR valign="bottom">
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="2" nowrap align="left" valign="top">Estimated average burden<br>hours per

response</TD>

        <TD align="right" valign="bottom">12.75</TD>
</TR>

</TABLE>
</CENTER>

<P style="font-size: 10pt" align="center"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>


<P style="font-size: 10pt" align="center"><B>SCHEDULE 14A</B>



<P style="font-size: 10pt" align="center">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)


<P>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>Filed by the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#120;</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>Filed by a Party other than the Registrant
&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>Check the appropriate box:</TD>
</TR>
</TABLE>
<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT face="wingdings">&#111;</font>&nbsp;&nbsp; Preliminary Proxy Statement</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT face="wingdings">&#111;</font>&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT face="wingdings">&#120;</font>&nbsp;&nbsp; Definitive Proxy Statement</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT face="wingdings">&#111;</font>&nbsp;&nbsp; Definitive Additional Materials</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT face="wingdings">&#111;</font>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">
<P align="center" style="font-size: 11pt"><B>PG&#38;E Corporation</B><HR size="1" noshade><DIV align="center" style="font-size: 10pt">(Name
of Registrant as Specified In Its Charter)</DIV>
<P align="center" style="font-size: 10pt"><HR size="1" noshade><DIV align="center" style="font-size: 10pt">(Name
of Person(s) Filing Proxy Statement, if other than the
Registrant)</DIV>

<P style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):


<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; No fee required.</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and
0-11.</TD>
</TR>
</TABLE>
<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;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):</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; 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.</TD>
</TR>
</TABLE>
<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</TD>
</TR>
</TABLE>
<HR size="1" noshade>


<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom">SEC 1913 (02-02)</TD>
        <TD><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></TD>
</TR>
</TABLE>

<!-- 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: 10.0pt; 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="f27532cpf2753220.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="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
    </I></B>Joint Notice of 2007 Annual
    Meetings &nbsp;&#149;&nbsp;Joint Proxy Statement</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 36pt; 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: 10.0pt;color: #000000; background: #ffffff;">

<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;13, 2007</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    You are cordially invited to attend the 11th&nbsp;annual meeting
    of PG&#38;E Corporation and the 101st&nbsp;annual meeting of
    Pacific Gas and Electric Company. The meetings will be held
    concurrently on Wednesday, April&nbsp;18, 2007, 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: 6.0pt">&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 the
    independent registered public accounting firm for 2007 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 each company&#146;s independent registered public
    accounting firm for 2007, as set forth in the Joint Proxy
    Statement.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&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. 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: 6.0pt">&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: 12.0pt">&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="f27532cpf2753228.gif" alt="-s- PETER A. DARBEE"></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Peter A. Darbee</TD>
    <TD>&nbsp;</TD>
</TR>

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

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

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

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

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Table of Contents
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; 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">
    &nbsp;<A HREF='#115'>Joint Notice of Annual Meetings of
    Shareholders</A></DIV>
    </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="6">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Joint Proxy Statement</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#102'>Questions and Answers</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#103'>Corporate Governance Guidelines</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#104'>Item&nbsp;No.&nbsp;1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
    of Directors</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#105'>Information Regarding the Boards of
    Directors of PG&#38;E Corporation and Pacific Gas and Electric
    Company</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#106'>Item&nbsp;No.&nbsp;2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratification
    of Appointment of the Independent Registered Public Accounting
    Firm</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#107'>Information Regarding the Independent
    Registered Public Accounting Firm for PG&#38;E Corporation and
    Pacific Gas and Electric Company</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#108'>Item&nbsp;Nos. 3 and 4:&nbsp;PG&#38;E
    Corporation Shareholder Proposals (To Be Voted on by PG&#38;E
    Corporation Shareholders Only)</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#109'>Compensation Discussion and Analysis</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>37</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#110'>Compensation Committee Report</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#111'>Executive Officer Compensation
    Information</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#112'>Report of the Audit Committees</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#113'>Other Information</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>




<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;<A HREF='#114'>Map and Directions to the PG&#38;E
    Corporation and Pacific Gas and Electric Company Joint Annual
    Meeting</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- /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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "Joint Notice of Annual Meetings of Shareholders of PG&#38;E Corporation and Pacific Gas and Electric Company" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Joint Notice of Annual Meetings of Shareholders
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
of PG&#38;E Corporation and Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 36pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
March&nbsp;13, 2007
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 23pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
To the Shareholders of PG&#38;E Corporation and Pacific Gas and
Electric Company:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The annual meetings of shareholders of PG&#38;E Corporation and
Pacific Gas and Electric Company will be held concurrently on
Wednesday, April&nbsp;18, 2007, 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: 10.0pt;color: #000000; background: #ffffff;">

<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 10 and 11&nbsp;directors,
    respectively, to each Board for the ensuing year:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; 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">
    <DIV style="margin-left: 10px; text-indent: -10px">
    David R. Andrews</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Peter A. Darbee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Mary S. Metz</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Leslie S. Biller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Maryellen C. Herringer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Barbara L. Rambo</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    David A. Coulter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Thomas B. King*</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 align="left" valign="top">
    Richard A. Meserve</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    *&nbsp;Thomas B. King 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: 10.0pt;color: #000000; background: #ffffff;">

<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 the independent registered
    public accounting firm for 2007 for PG&#38;E Corporation and
    Pacific Gas and Electric Company,</TD>
</TR>

<TR>
    <TD style="font-size: 12.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.&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;34 through 36 of the Joint Proxy
    Statement,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 12.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Boards of Directors have set the close of business on
February&nbsp;20, 2007 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
By Order of the Boards of Directors of
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
PG&#38;E Corporation and Pacific Gas and Electric Company,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="f27532cpf2753202.gif" alt="(-s- Linda Y.H. Cheng)">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Linda Y.H. Cheng
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Vice President, Corporate Governance and Corporate Secretary
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
PG&#38;E Corporation and
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
PG&#38;E Corporation and Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='101'></A>
</DIV>

<!-- link1 "Joint Proxy Statement" -->

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Joint Proxy Statement</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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;20, 2007. 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Joint Proxy Statement and proxy cards, together with the
PG&#38;E Corporation and Pacific Gas and Electric Company 2006
annual report to shareholders, were mailed to shareholders
beginning on or about March&nbsp;13, 2007.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='102'></A>
</DIV>

<!-- link1 "Questions and Answers" -->

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Questions and Answers</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>When and where will the annual meetings be held?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The annual meetings will be held concurrently on Wednesday,
April&nbsp;18, 2007, 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
A map and directions to the meeting venue can be found at the
back of this Joint Proxy Statement.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How do I vote?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 9.5pt;color: #000000; background: #ffffff;">

<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,&nbsp;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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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;17, 2007. These Internet and telephone
voting procedures comply with California law.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If you submit your proxy by mail, your vote must be received by
10:00&nbsp;a.m., Pacific time, on Wednesday, April&nbsp;18, 2007.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What am I voting on and what are each Board&#146;s voting
recommendations?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD align="left" 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 the Independent Registered Public
    Accounting Firm</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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>3-4</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD align="left" 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 the Independent Registered Public
    Accounting&nbsp;Firm</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>For this proposal</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What vote is required to approve each item?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
To elect directors:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The 10 nominees for director of PG&#38;E Corporation and the 11
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
To approve other items described in the Joint Proxy Statement:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For each proposal, a majority of the shares represented and
voting on the proposal must approve the proposal. The approval
votes also must be greater than 25&nbsp;percent of the shares
entitled to vote. Abstentions will have the same effect as a
vote against a proposal. Broker non-votes (see definition below)
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 10.0pt;color: #000000; background: #ffffff;">
will not be considered in determining whether or not a proposal
is approved.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What is a broker non-vote?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Shareholders may be asked to vote on certain administrative
matters, as permitted by law. The companies did not receive
timely advance written notice of any other matters that will be
introduced at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What shares are included on my proxy card?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 as of February&nbsp;20,
2007, 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 as of
February&nbsp;20, 2007.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
<FONT style="white-space: nowrap">1-800</FONT>-719-9056.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How many copies of the Joint Proxy Statement and annual
report will I receive?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If you are a beneficial owner of PG&#38;E Corporation common
stock and/or Pacific Gas and Electric Company preferred stock
and you 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 2006 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The PG&#38;E Corporation proxyholders will vote those shares
&#147;For&#148; Items&nbsp;1 and&nbsp;2, and &#147;Against&#148;
Items&nbsp;3 and 4. The Pacific Gas and Electric Company
proxyholders will vote those shares &#147;For&#148; Items&nbsp;1
and 2.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What if I do not submit my proxy?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Your shares will not be voted if you do not provide a proxy or
vote at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Can I change my proxy vote?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">2

<!-- 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Is my vote confidential?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Who will count the votes?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Mellon Investor Services LLC will act as the proxy tabulators
and the inspectors of election for the 2007 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How many shares are eligible to vote at the annual
meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On February&nbsp;20, 2007, there were 350,817,275&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On February&nbsp;20, 2007, there were 10,319,782&nbsp;shares of
Pacific Gas and Electric Company preferred stock, $25&nbsp;par
value, and 279,624,823&nbsp;shares of Pacific Gas and Electric
Company common stock, $5&nbsp;par value, outstanding and
entitled to vote. Each share is entitled to one vote.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>May I attend the annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
All shareholders of record as of the close of business on
February&nbsp;20, 2007 may attend the annual meetings 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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;20, 2007.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>May I bring a guest to the annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each registered shareholder or beneficial owner may bring up to
a total of three of the following individuals to the annual
meetings: (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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Shareholders must notify the Corporate Secretary of the
appropriate company 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;11, 2007</U>, in
order to allow enough time for the issuance 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How will the annual meetings be conducted?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Chairman of the Board of PG&#38;E Corporation and Pacific
Gas and Electric Company 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
All items of business described in this Joint Proxy Statement
will be deemed presented at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For each shareholder proposal, a qualified representative will
have an opportunity to discuss that item. Shareholders will have
an opportunity to raise other comments and questions regarding
that proposal.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
There also will be a general question and answer period.
Questions and comments should pertain to corporate performance,
items for consideration at the meeting, or other matters of
interest to shareholders
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">3

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
generally. 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 person called
upon during the meetings will have a maximum of three minutes on
any one question or comment.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 or the Pacific Gas
and Electric Company Chairman of the Board, as applicable, and
the PG&#38;E Corporation Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What are the qualifications for director?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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: 6.0pt">&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: 6.0pt">&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Recommended candidates may be required to provide additional
information.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>May I nominate someone to be a director during the annual
meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If you would like to nominate an individual for director of
either PG&#38;E Corporation or Pacific Gas and Electric Company
during the annual meetings, you must provide timely and proper
advance written notice of the nomination in the manner described
in the Bylaws of the appropriate company.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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: 6.0pt">&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>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</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: 6.0pt">&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: 6.0pt">&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: 6.0pt">&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>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">4

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Advance notices of director nominations that shareholders wish
to bring before the 2008 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;28,
2008.</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 12.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following documents are available in the Corporate
Governance section of 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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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: 6.0pt">&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, Executive Committees, the
    PG&#38;E Corporation Finance Committee, the PG&#38;E Corporation
    Nominating, Compensation, and Governance Committee, and the
    PG&#38;E Corporation Public Policy Committee.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Shareholders also may obtain print copies of these documents by
sending a written request to the Corporate Secretary of the
appropriate company.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>When are shareholder proposals (including director
nominations) due for the 2008 annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If you would like to submit a proposal to be included in either
company&#146;s proxy statement for the 2008 annual meetings,
that company&#146;s Corporate Secretary must receive your
proposal by <U>5:00&nbsp;p.m., Pacific time, on
November&nbsp;14, 2007.</U>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If you would like to introduce any other business at either
company&#146;s 2008 annual meeting, you must provide timely and
proper advance 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For any other business that shareholders wish to bring before
the 2008 annual meetings of PG&#38;E Corporation or Pacific Gas
and Electric Company, advance 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;28, 2008.</U> However, if the 2008 annual meeting
of either company is scheduled on a date that differs by more
than 30&nbsp;days from the anniversary date of the 2007 annual
meetings, the shareholder&#146;s advance 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 2008
annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If you wish to submit a shareholder proposal or advance notice
of other business to be brought before the 2008 annual meetings,
we recommend that you use a method that allows you to determine
when the shareholder proposal or advance notice of other
business was received at the principal executive office of the
appropriate company.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How much did this proxy solicitation cost?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
<FONT style="white-space: nowrap">out-of</FONT>-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
<FONT style="white-space: nowrap">out-of</FONT>-pocket expenses
for forwarding proxy and solicitation material to shareholders.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
One Market, Spear Tower, Suite&nbsp;2400
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
San&nbsp;Francisco, CA 94105
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
77 Beale Street, 32nd&nbsp;Floor
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
San&nbsp;Francisco, CA 94105
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">5

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
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 appropriate 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. A majority
of the independent members of 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>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">6

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
<A name='103'></A>
</DIV>

<!-- link1 "Corporate Governance Guidelines" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Corporate Governance Guidelines
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
December&nbsp;20, 2006
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Corporate Governance Commitment</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 PG&#38;E Corporation Nominating,
Compensation, and Governance Committee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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 definition of
    &#147;independence&#148; set forth in applicable stock 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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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>

<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">7

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

<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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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 an
    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 evaluations, and any other permanent
    Board committee that meets on a regular basis conducts periodic
    evaluations. The Board committees provide the results of any
    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 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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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&nbsp;and no more than
    13&nbsp;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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>13.</B></TD>
    <TD>
    <B><U>Director Stock Ownership Guidelines</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    In order to more closely align the interests of directors and
    the Corporation&#146;s shareholders, directors are encouraged to
    own a significant equity interest in the Corporation within a
    reasonable time after election to the Board. A director should
    own shares of the Corporation&#146;s common stock having a
    dollar value of at least $200,000, measured at the time the
    stock is acquired or on the first business day of January 2007,
    whichever is later. A director should achieve this ownership
    target within five years from the date of his or her election to
    the Board or the adoption of these guidelines (December&nbsp;20,
    2006), whichever is later. For</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">8

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    purposes of calculating a director&#146;s level of share
    ownership, the following are included: (1)&nbsp;shares of
    PG&#38;E Corporation common stock beneficially owned by the
    director (as determined in accordance with the rules of the
    Securities and Exchange Commission), and (2)&nbsp;PG&#38;E
    Corporation restricted stock units and common stock equivalents
    held by the 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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>14.</B></TD>
    <TD>
    <B><U>Meetings 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: 10.0pt;color: #000000; background: #ffffff;">

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

<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>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<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>

</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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>15.</B></TD>
    <TD>
    <B><U>Lead Director</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: 10.0pt;color: #000000; background: #ffffff;">

<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 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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>16.</B></TD>
    <TD>
    <B><U>Meetings of Independent 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: 10.0pt;color: #000000; background: #ffffff;">

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

<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. Following each such meeting,
    the lead director, or one or more other independent directors
    designated by the lead director, has a 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) regarding the executive session meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>17.</B></TD>
    <TD>
    <B><U>Board Agenda Items</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: 10.0pt;color: #000000; background: #ffffff;">

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

<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: 6.0pt">&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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>18.</B></TD>
    <TD>
    <B><U>Board Materials and Presentations</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: 10.0pt;color: #000000; background: #ffffff;">

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

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>19.</B></TD>
    <TD>
    <B><U>Regular Attendance of Non-Directors at Board
    Meetings</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>20.</B></TD>
    <TD>
    <B><U>Board Committees</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: 10.0pt;color: #000000; background: #ffffff;">

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

<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: 6.0pt">&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</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">9

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Committee are each responsible for defined areas delegated by
    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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>21.</B></TD>
    <TD>
    <B><U>Membership of Board Committees</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: 10.0pt;color: #000000; background: #ffffff;">

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

<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: 6.0pt">&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 composed entirely of independent directors, as
    defined in Section&nbsp;3 of these guidelines.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&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 and any
    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>

</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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>22.</B></TD>
    <TD>
    <B><U>Appointment of Committee Members</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: 10.0pt;color: #000000; background: #ffffff;">

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

<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: 6.0pt">&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>

</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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>23.</B></TD>
    <TD>
    <B><U>Committee Agenda Items</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <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: 6.0pt">&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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>24.</B></TD>
    <TD>
    <B><U>Committee Materials and Presentations</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: 10.0pt;color: #000000; background: #ffffff;">

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

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>25.</B></TD>
    <TD>
    <B><U>Attendance at Committee Meetings</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</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: 6.0pt">&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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>26.</B></TD>
    <TD>
    <B><U>Formal Evaluation of 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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</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: 6.0pt">&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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>27.</B></TD>
    <TD>
    <B><U>Management Development and Succession Planning</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <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>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">10

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

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>28.</B></TD>
    <TD>
    <B><U>Communications with External Entities</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>29.</B></TD>
    <TD>
    <B><U>Access to Independent Advisors</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <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>

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>30.</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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>31.</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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B>32.</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: 10.0pt;color: #000000; background: #ffffff;">

<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>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<U>Exhibit&nbsp;A</U>
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff;">
Corporate Governance Guidelines
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Categorical Standards for Identifying &#147;Material&#148;
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Relationships That May Affect Director Independence
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Adopted: December&nbsp;17, 2003
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Amended as of February&nbsp;18, 2004, December&nbsp;15, 2004,
and December&nbsp;20, 2006
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
A director has a &#147;material&#148; relationship with the
Corporation in the following circumstances:
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If a director or his or her immediate family member receives, or
    during the past three years received, more than
    $100,000&nbsp;per year or rolling
    <FONT style="white-space: nowrap">12-month</FONT> 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</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">11

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD></TD>
    <TD align="left">
    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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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&#146;s 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    &#147;Immediate family member&#148; includes a person&#146;s
    spouse, parents, children, siblings, mothers- and
    <FONT style="white-space: nowrap">fathers-in</FONT>-law, sons-
    and <FONT style="white-space: nowrap">daughters-in</FONT>-law,
    brothers-and
    <FONT style="white-space: nowrap">sisters-in</FONT>-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: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    &#147;Section&nbsp;16 Officer&#148; means &#147;officer&#148; as
    defined in
    Rule&nbsp;<FONT style="white-space: nowrap">16a-1(f)</FONT>
    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: 10.0pt;color: #000000; background: #ffffff;">12

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='104'></A>
</DIV>

<!-- link1 "Item No. 1: Election of Directors of PG&#38;E Corporation and Pacific Gas and Electric Company" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Item&nbsp;No.&nbsp;1:
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Election of Directors of PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Shareholders are being asked to elect 10&nbsp;directors to serve
on the Board of Directors of PG&#38;E Corporation and
11&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The 10 nominees for director of PG&#38;E Corporation and the 11
nominees for director of Pacific Gas and Electric Company whom
the respective Boards propose for election are the same, except
for Thomas&nbsp;B. King, who is a nominee for the Pacific Gas
and Electric Company Board only.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The composition of the PG&#38;E Corporation and Pacific Gas and
Electric Company slates of director nominees are consistent with
the policy set forth in each company&#146;s 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 12 of this Joint Proxy Statement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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/or
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
All of the nominees have agreed to serve if elected. If any of
the nominees become unavailable at the time of the annual
meetings 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">13

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Nominees for Directors of PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<I>Biographical Information</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; 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="f27532cpf2753250.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    David R. Andrews<BR>
     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, 65, has been a director of PG&#38;E
    Corporation and Pacific Gas and Electric Company since 2000. He
    also is a director of the James Campbell Company LLC 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="f27532cpf2753251.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Leslie S. Biller<BR>
     Mr.&nbsp;Biller is retired Vice Chairman and Chief Operating
    Officer of Wells Fargo&nbsp;&#38; Company (financial services
    and retail banking). Mr.&nbsp;Biller held that position from
    November 1998 until his retirement in October 2002.
    Mr.&nbsp;Biller, 58, 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., Knowledge Schools
    Inc., and Knowledge Universe Education.</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="f27532cpf2753252.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    David A. Coulter<BR>
     Mr.&nbsp;Coulter is Managing Director and Senior Advisor of
    Warburg Pincus LLC (global private equity firm) and has held
    that position since November 2005. Prior to joining Warburg
    Pincus LLC, Mr.&nbsp;Coulter was Vice Chairman of JPMorgan
    Chase&nbsp;&#38; Co. (financial services and retail banking)
    from January 2001 until his retirement in September 2005. 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, and was Chairman and Chief Executive
    Officer of BankAmerica Corporation and Bank of America NT&#38;SA
    from May 1996 to October 1998. Mr.&nbsp;Coulter, 59, has been a
    director of PG&#38;E Corporation and Pacific Gas and Electric
    Company since 1996. He also is a director of First Data
    Corporation and 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="f27532cpf2753253.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    C. Lee Cox<BR>
     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, 65,
    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="f27532cpf2753254.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Peter A. Darbee<BR>
     Mr.&nbsp;Darbee is Chairman of the Board, Chief Executive
    Officer, and President of PG&#38;E Corporation and Chairman of
    the Board of Pacific Gas and Electric Company and has held those
    positions since January 2006. He was President and Chief
    Executive Officer of PG&#38;E Corporation from January 2005 to
    December 2005 and Senior Vice President and Chief Financial
    Officer of PG&#38;E Corporation from September 1999 to December
    2004. Mr.&nbsp;Darbee, 54, 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: 10.0pt;color: #000000; background: #ffffff;">14

<!-- 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: 0.1pt;color: #000000; background: #ffffff;">
<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: 10.0pt; 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="f27532cpf2753255.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Maryellen C. Herringer<BR>
     Ms.&nbsp;Herringer is an attorney-at-law. She held various
    executive positions at APL Limited (intermodal shipping and rail
    transportation company) from 1991 until it was acquired by
    Neptune Orient Lines in December 1997, most recently serving as
    Executive Vice President, General Counsel, and Secretary. Prior
    to joining APL Limited, Ms.&nbsp;Herringer was a partner in the
    law firm of Morrison&nbsp;&#38; Foerster. Ms.&nbsp;Herringer,
    63, has been a director of PG&#38;E Corporation and Pacific Gas
    and Electric Company since October 2005. She also is a director
    of ABM Industries Incorporated and Wachovia 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="f27532cpf2753256.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Thomas B. King*<BR>
     Mr.&nbsp;King is Chief Executive Officer of Pacific Gas and
    Electric Company and a Senior Vice President of PG&#38;E
    Corporation, and has held those positions since January&nbsp;1,
    2006. He held various executive positions at Pacific Gas and
    Electric Company from November 2003 to December 2005, most
    recently serving as President and Chief Executive Officer. Prior
    to joining Pacific Gas and Electric Company, he was a Senior
    Vice President of PG&#38;E Corporation from January 1999 to
    October 2003. From July 2000 to July 2003, he also held various
    executive positions at PG&#38;E National Energy Group, Inc., a
    former subsidiary of PG&#38;E Corporation. Mr.&nbsp;King, 45,
    has been a director of Pacific Gas and Electric Company since
    January 2006.</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="f27532cpf2753257.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Richard A. Meserve<BR>
     Dr.&nbsp;Meserve is President of the Carnegie Institution of
    Washington (scientific research institution) and has held that
    position since April 2003. He also has served as Senior Of
    Counsel to the law firm of Covington&nbsp;&#38; Burling LLP
    since April 2004 and was a partner in that firm from 1984
    through 1999. Prior to joining the Carnegie Institution of
    Washington, Dr.&nbsp;Meserve was Chairman of the
    U.S.&nbsp;Nuclear Regulatory Commission from October 1999 to
    March 2003. Dr.&nbsp;Meserve, 62, has been a director of
    PG&#38;E Corporation and Pacific Gas and Electric Company since
    December 2006.</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="f27532cpf2753258.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Mary S. Metz<BR>
     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, 69, 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 AT&#38;T Inc.,
    Longs Drug Stores Corporation, 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="f27532cpf2753259.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Barbara L. Rambo<BR>
     Ms.&nbsp;Rambo is Vice Chairman of Nietech Corporation
    (payments technology company) and has held that position since
    October 2006. Ms.&nbsp;Rambo joined Nietech in November 2002 as
    President and Chief Executive Officer. Prior to joining Nietech,
    she served as Chairman and Chief Executive Officer of OpenClose
    Technologies (financial services company) from July 2001 to
    December 2001 and January 2000 to June 2001, respectively.
    Ms.&nbsp;Rambo served as Group Executive Vice President of Bank
    of America from 1993 to 1998 and held various positions of
    responsibility with the Bank since 1974. Ms.&nbsp;Rambo, 54, 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>

</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: 10.0pt;color: #000000; background: #ffffff;">

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

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

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">15

<!-- 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: 0.1pt;color: #000000; background: #ffffff;">
<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: 10.0pt; 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="f27532cpf2753260.gif" alt="(PHOTOGRAPH)"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Barry Lawson Williams<BR>
     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, 62, 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>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">16

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='105'></A>
</DIV>

<!-- link1 "Information Regarding the Boards of Directors of PG&#38;E Corporation and Pacific Gas and Electric Company" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Information Regarding the
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Boards of Directors of PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Director Independence</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What independence guidelines apply to the Boards of
Directors?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 rules, which require that a majority of the
directors be independent, as defined in the stock
exchange&#146;s rules, and that independent directors meet
regularly.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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.
In addition, 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 rules requiring that at least a majority of the
directors meet the 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 96&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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Are the directors independent?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 R. Andrews, Leslie S.
Biller, David A. Coulter, C. Lee Cox, Maryellen C. Herringer,
Richard A. Meserve, Mary S. Metz, Barbara 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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 as Exhibit&nbsp;A to the
    Corporate Governance Guidelines, which can be found on
    pages&nbsp;11 and 12 of this Joint Proxy Statement and in the
    Corporate Governance section of 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></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 Board of Directors, with the exception of
the Executive Committees.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In assessing the independence of individual directors, the
Boards of Directors considered transactions for legal and
related services provided by the law firm of
Covington&nbsp;&#38; Burling LLP to either PG&#38;E Corporation
or Pacific Gas and Electric Company. Dr.&nbsp;Richard A. Meserve
is employed by Covington&nbsp;&#38; Burling LLP on a part-time
basis as Senior Of Counsel. Each of these transactions with
Covington&nbsp;&#38; Burling LLP involved services that were
initiated prior to Dr.&nbsp;Meserve&#146;s election to the
Boards of Directors. The Boards of Directors also considered
amounts owed by the Carnegie Institution of Washington to
Pacific Gas and Electric Company for departing load charges
related to operations in Palo Alto, California. Dr. Meserve is
the President of the Carnegie Institution of Washington. This
relationship does not require disclosure in the &#147;Related
Person Transactions&#148; section on pages&nbsp;27 and 28 of
this Joint Proxy Statement because such charges are fixed in
conformity with law or governmental authority.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">17

<!-- 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Do the Boards of Directors have an independent lead
director?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation and Pacific Gas and Electric Company have
each had an independent lead director since 2003. The lead
director is selected by the independent directors of the
applicable company. Currently, the Chair of the PG&#38;E
Corporation Nominating, Compensation, and Governance Committee
serves as independent lead director of both PG&#38;E Corporation
and Pacific Gas and Electric Company. The lead director acts as
a liaison between the Chairman of the Board and the independent
directors. Among other things, the lead director approves the
agendas and schedules for meetings of the Board, and also
determines which, if any, other individuals, including members
of management and independent advisors, should attend each
executive session meeting (see below). The lead director
currently is C. Lee Cox.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Do the independent directors meet without the other
directors?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
independent lead director establishes the agenda for each
executive session meeting of independent directors, and presides
over these executive session meetings. At the end of each
executive session meeting, the independent lead director has a
discussion with the PG&#38;E Corporation Chairman of the Board
or the Pacific Gas and Electric Company Chairman of the Board,
as applicable, and the PG&#38;E Corporation Chief Executive
Officer regarding the executive session meeting.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">18

<!-- 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Board Committees</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&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="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&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="20" 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="20" 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>&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>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">
    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" valign="top" nowrap>*</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">
    M. C. Herringer</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">
    R. A. Meserve</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>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" valign="top" nowrap>*</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</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 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">
    T. B. King</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 2006 (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>4/4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</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: 10.0pt;color: #000000; background: #ffffff;">

<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: 10.0pt;color: #000000; background: #ffffff;">

<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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Committee Charters</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 through the Corporate
Governance section of the company&#146;s website, at
www.pge.com. Shareholders also may obtain a print copy of any
committee&#146;s charter by sending a written request to the
appropriate company&#146;s Corporate Secretary.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">19

<!-- 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Committees</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What are the Executive Committees&#146; responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each company&#146;s Chairman of the Board serves as the Chair of
that company&#146;s Executive Committee.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Audit Committees</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What are the Audit Committees&#146; responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
respective subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Are responsible for the selection, appointment, compensation,
    and oversight of the work of the independent registered public
    accounting firm 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: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Review and discuss with the independent registered public
    accounting firm, and with the appropriate company&#146;s
    officers and internal auditors, the scope and results of the
    independent registered public accounting firm&#146;s 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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Do special requirements apply to members of the Audit
Committees?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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 the Corporate Governance Guidelines,
in Securities and Exchange Commission rules regarding audit
committee independence, and in applicable New York Stock
Exchange and American Stock Exchange rules.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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 and American Stock Exchange
rules. All members of the Audit Committees are financially
literate.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Service on other audit committees.</I> Each company&#146;s
Corporate Governance Guidelines set forth a policy regarding the
number of other public company audit committees on which an
Audit Committee member may serve. 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
committee member&#146;s ability to serve effectively on the
Audit Committee.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">20

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
No member of the Audit Committees currently serves on three or
more additional public company audit committees.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Finance Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What are the Finance Committee&#146;s responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Strategic plans and initiatives,</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Do special requirements apply to members of the Finance
Committee?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Finance Committee must be composed entirely of independent
directors, as defined in the Corporate Governance Guidelines and
in the New York Stock Exchange rules. All Committee members meet
these independence requirements.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Nominating, Compensation, and Governance Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What are the Nominating, Compensation, and Governance
Committee&#146;s responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The PG&#38;E Corporation Board of Directors has delegated its
authority to administer the PG&#38;E Corporation 2006 Long-Term
Incentive Plan (LTIP), under which equity-based awards are made,
to the Nominating, Compensation, and Governance Committee. The
Board of Directors also has delegated to the Chief Executive
Officer of PG&#38;E Corporation the authority to make LTIP
awards to certain eligible participants within the guidelines
adopted by the Nominating, Compensation, and Governance
Committee. The Nominating, Compensation, and Governance
Committee may delegate its authority with respect to ministerial
matters under the LTIP to the Chief Executive Officer or the
Senior Vice President of Human Resources. The Nominating,
Compensation, and Governance Committee also oversees other
employee benefit plans.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 6.0pt">&nbsp;</TD>
</TR>

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

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">21

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

<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
One member of the Committee is appointed by the independent
members of the Board of Directors as the Committee&#146;s Chair.
The Chair of the Nominating, Compensation, and Governance
Committee is the lead director of PG&#38;E Corporation and
Pacific Gas and Electric Company, and chairs executive session
meetings of the independent directors of both companies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Do special requirements apply to members of the Nominating,
Compensation, and Governance Committee?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 rules. All Committee members meet these independence
requirements.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Because PG&#38;E Corporation and a subsidiary hold approximately
96&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 otherwise would 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What is the compensation setting process?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The PG&#38;E Corporation Nominating, Compensation, and
Governance Committee (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 administers the
LTIP&nbsp;under which equity-based awards are made, and oversees
other employee benefit plans.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors of PG&#38;E Corporation or Pacific Gas
and Electric Company (as the case may be) is responsible for
approving compensation for the Chief Executive Officers of
PG&#38;E Corporation and Pacific Gas and Electric Company based
on the Committee&#146;s recommendations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee retains an independent consulting firm, Hewitt
Associates (Hewitt), to help evaluate PG&#38;E
Corporation&#146;s compensation policies, to provide information
about industry compensation practices and competitive
compensation levels at companies within selected comparator
groups, and to recommend compensation alternatives that are
consistent with PG&#38;E Corporation&#146;s compensation
policies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each year, the Committee (and with respect to the Chief
Executive Officers of PG&#38;E Corporation and Pacific Gas
Electric Company, the independent members of the applicable
Board of Directors based on the Committee&#146;s recommendation)
approves the amounts of total target compensation for executive
officers, based on a review of comparative data as well as
management&#146;s recommendations (and Hewitt&#146;s
recommendations with respect to Chief Executive Officer
compensation only). In addition, the Committee uses comparative
data throughout the year to set the total target compensation of
new executive officers, whether they are promoted internally or
new hires.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In determining specific compensation amounts for individual
officers, the Committee (or the independent members of the
applicable Board of Directors, in the case of the Chief
Executive Officers of PG&#38;E Corporation and Pacific Gas and
Electric Company) considers such factors as (1)&nbsp;the
officer&#146;s experience, (2)&nbsp;individual performance,
(3)&nbsp;the officer&#146;s role in achieving corporate
objectives established at the beginning of the year,
(4)&nbsp;the officer&#146;s compensation compared to individuals
in similar positions in the comparator group of companies used
for purposes of setting officer compensation, as well as
compared to other officers internally, and (5)&nbsp;when
appropriate, other relevant factors.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Public Policy Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What are the Public Policy Committee&#146;s
responsibilities?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 respective
subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">22

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

<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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Do special requirements apply to members of the Public Policy
Committee?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 rules. All
Committee members meet these independence requirements.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Attendance at Board and Committee Meetings and at the 2006
Annual Meetings of Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How many Board and committee meetings did the directors
attend during 2006?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
During 2006, there were 6 meetings of the PG&#38;E Corporation
Board of Directors and 17 meetings of the PG&#38;E Corporation
Board committees. Overall attendance of incumbent directors at
those meetings was 98&nbsp;percent. Each PG&#38;E Corporation
director attended at least 87&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 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
During 2006, there were 7 meetings of the Pacific Gas and
Electric Company Board of Directors and 4 meetings of the
Pacific Gas and Electric Company Board committees. Overall
attendance of incumbent directors at those meetings was
98&nbsp;percent. For Pacific Gas and Electric Company, all
directors except David A. Coulter 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 2006.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How many directors attended the 2006 annual meetings?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Eight directors attended PG&#38;E Corporation&#146;s 2006 annual
meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Nine directors attended Pacific Gas and Electric Company&#146;s
2006 annual meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Compensation of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Boards of Directors of PG&#38;E Corporation and Pacific Gas
and Electric Company each establish the level of compensation
for that company&#146;s directors, based on the recommendation
of the PG&#38;E Corporation Nominating, Compensation, and
Governance Committee (Committee), and taking into account the
impact of compensation on director independence. Directors who
are also current employees of either company receive no
additional compensation for service as directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee periodically reviews the amount and form of
compensation paid to directors of PG&#38;E Corporation and
Pacific Gas and Electric Company, 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.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In February 2003, the Committee approved the following approach
for determining Board of Directors compensation levels:
</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Target total compensation (i.e., retainer, meeting fees,
    chairperson retainer, and equity) should be equal to the average
    of the comparator group;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Director compensation should be set for two-year periods, to
    achieve the preceding objective at the midpoint of each
    period;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Target total compensation for the Audit Committees and their
    Chair should reflect a premium to account for their growing
    responsibility and accountability due to new stock exchange
    requirements and legislation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In addition, in June 2004, the Committee and the PG&#38;E
Corporation and Pacific Gas and Electric Company Boards agreed
that target total compensation for the Chair of the Nominating,
Compensation, and Governance Committee, who also serves as lead
director, should reflect the same premium as the Chair of the
Audit Committees.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following provides additional information regarding
compensation paid to the non-employee directors of PG&#38;E
Corporation and Pacific Gas and Electric Company during the past
year.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">23

<!-- 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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>2006&nbsp;Director Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table summarizes the principal components of
compensation paid or granted during 2006, or the compensation
cost of equity-based grants for 2006, to the non-employee
directors of PG&#38;E Corporation and Pacific Gas and Electric
Company.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fees Earned or</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>Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Paid in Cash</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards</B></TD><TD></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>Total</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></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>($)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<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>($)</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    D. R. Andrews</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>73,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>51,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>143,444</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. S. Biller</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>78,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>38,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>143,935</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    D. A. Coulter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>78,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>48,000</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>95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>126,845</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. L. Cox</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>126,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>48,000</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>95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>174,595</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    M. C. Herringer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>73,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>88,422</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. A
    Meserve<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,220</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    M. S. Metz</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>81,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>48,000</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>2,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>131,555</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. L. Rambo</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>76,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>30,000</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>95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>106,595</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. L. Williams</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>137,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>51,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>209,944</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Each non-employee director received $45,000 in annual retainers,
    except that Dr.&nbsp;Meserve (who was elected as a director on
    December&nbsp;20, 2006) received a pro-rated retainer of $1,467.
    The Chairs of the Finance Committee (Mr.&nbsp;Coulter) and the
    Public Policy Committee (Dr.&nbsp;Metz) each received an
    additional $7,500 in annual retainers. The Chair of the Audit
    Committees (Mr.&nbsp;Williams) and the Chair of the Nominating,
    Compensation, and Governance Committee, who is the lead director
    (Mr.&nbsp;Cox), each received an additional $50,000 in annual
    retainers. Non-employee directors also received a fee of $1,750
    for each Board or Board committee meeting attended, except that
    members of the Audit Committees received a fee of $2,750 for
    each Audit Committee meeting attended. Total meeting fees were:
    Mr.&nbsp;Andrews $28,500, Mr.&nbsp;Biller $33,750,
    Mr.&nbsp;Coulter $26,250, Mr.&nbsp;Cox $31,500,
    Ms.&nbsp;Herringer $28,500, Dr.&nbsp;Meserve $1,750,
    Dr.&nbsp;Metz $28,500, Ms.&nbsp;Rambo $31,500, and
    Mr.&nbsp;Williams $42,500.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Represents the 2006 compensation cost of restricted stock,
    phantom stock, and restricted stock units granted in 2006 and
    prior years, measured in accordance with Statement of Financial
    Accounting Standards (SFAS)&nbsp;No. 123R, without taking into
    account an estimate of forfeitures related to service
    conditions. In 2006, each non-employee director except
    Dr.&nbsp;Meserve (who was elected as a director on
    December&nbsp;20, 2006) received 800&nbsp;shares of restricted
    stock with a grant date value of $29,976. Mr.&nbsp;Biller,
    Mr.&nbsp;Coulter, Mr.&nbsp;Cox, Dr.&nbsp;Metz, and
    Ms.&nbsp;Rambo each received 801 restricted stock units with a
    grant date value of $30,000. Ms.&nbsp;Herringer received 400
    restricted stock units with a grant date value of $15,000. The
    aggregate number of stock awards outstanding for each
    non-employee director at December&nbsp;31, 2006 was:
    Mr.&nbsp;Andrews 2,926, Mr.&nbsp;Biller 3,617, Mr.&nbsp;Coulter
    11,007, Mr.&nbsp;Cox 6,132, Ms.&nbsp;Herringer 1,210,
    Dr.&nbsp;Meserve 0, Dr.&nbsp;Metz 8,530, Ms.&nbsp;Rambo 3,309,
    and Mr.&nbsp;Williams 3,421.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Represents the 2006 compensation cost of stock options granted
    in 2006 and prior years, measured in accordance with
    SFAS&nbsp;No.&nbsp;123R, without taking into account an estimate
    of forfeitures related to service conditions. Assumptions used
    in determining the grant date fair value are set forth in the
    Stock Options section of Note&nbsp;14 to the Consolidated
    Financial Statements in the 2005 and 2006 Annual Reports to
    Shareholders of PG&#38;E Corporation and Pacific Gas and
    Electric Company. In 2006, Mr.&nbsp;Andrews and
    Mr.&nbsp;Williams each received 4,983 stock options with a grant
    date value of $40,626 and Ms.&nbsp;Herringer received 2,491
    stock options with a grant date value of $20,309. The exercise
    price of the stock options, $37.47, is the closing price of
    PG&#38;E Corporation common stock on the January&nbsp;3, 2006
    grant date. The aggregate number of option awards outstanding
    for each non-employee director at December&nbsp;31, 2006 was:
    Mr.&nbsp;Andrews 24,167, Mr.&nbsp;Biller 9,290, Mr.&nbsp;Coulter
    0, Mr.&nbsp;Cox 26,971, Ms.&nbsp;Herringer 2,491,
    Dr.&nbsp;Meserve 0, Dr.&nbsp;Metz 15,626, Ms.&nbsp;Rambo 0, and
    Mr.&nbsp;Williams 38,802.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Represents (i)&nbsp;premiums paid for accidental death and
    dismemberment insurance, and (ii)&nbsp;matching gifts to
    qualified educational and environmental nonprofit organizations
    pursuant to the PG&#38;E Corporation Matching Gifts Program,
    which each year establishes a set fund for matching eligible
    gifts made by employees and directors on a dollar-for-dollar
    basis, up to a total of $2,500&nbsp;per calendar year per
    individual (Dr.&nbsp;Metz $2,460 and Mr.&nbsp;Williams $2,500).</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    Dr.&nbsp;Meserve was elected as a director of PG&#38;E
    Corporation and Pacific Gas and Electric Company on
    December&nbsp;20, 2006.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">24

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>What retainers and fees do directors receive as
compensation?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
During 2006, each director who is not an officer or employee of
PG&#38;E Corporation or Pacific Gas and Electric Company
received a quarterly retainer of $11,250 (or a pro-rated amount
if the individual did not serve as a non-employee director
during the entire quarter). Effective January&nbsp;1, 2007, that
quarterly retainer was increased to $12,500. The non-employee
directors who chair the Finance Committee and the Public Policy
Committee each receive an additional quarterly retainer of
$1,875. The non-employee director who chairs the Audit
Committees and the non-employee director who chairs the
Nominating, Compensation, and Governance Committee (who is the
lead director) each receive an additional quarterly retainer of
$12,500.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Do directors receive stock-based compensation?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Under the PG&#38;E Corporation 2006 Long-Term Incentive Plan,
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. During 2006, such grants had 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</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: 6.0pt">&nbsp;</TD>
</TR>

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

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The per-option value is based on the Black-Scholes stock option
valuation method, discounting the resulting value by
20&nbsp;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. The value of each
restricted stock unit is based on the closing price of PG&#38;E
Corporation common stock on the first business day of the year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 termination related to 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Restricted stock units 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 termination related to a change in control. If a
director ceases to be a member of the Board for any other
reason, all restricted stock units will be forfeited.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
A non-employee director&#146;s awards also will vest or
accelerate in full if there is a change in control and the
successor company fails to continue those previously granted
awards in a manner that preserves the value of the awards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Effective January&nbsp;1, 2007, the total aggregate value of
such stock-based grants was increased to $80,000, consisting of
$40,000 in restricted stock and the remaining $40,000 in a
combination of stock options or restricted stock units, in
$5,000 increments at the director&#146;s election.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The increase in total director compensation (retainers, fees,
and equity grants) that became effective on January&nbsp;1, 2007
reflected an increase in target total compensation of
approximately 16&nbsp;percent. This increase is expected to
place total compensation for non-employee directors at the
average of the comparator group over the next two-year period
during which the current compensation levels will apply. This is
consistent with the approach adopted by the Committee for
determining director compensation levels.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>How much stock-based compensation did directors receive
during 2006?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
During 2006, non-employee directors received the following
stock-based compensation under the PG&#38;E Corporation 2006
Long-Term Incentive Plan. On January&nbsp;3, 2006, each
non-employee director received 800 restricted shares of PG&#38;E
Corporation common stock. In addition, directors who were
granted stock options received options to
purchase&nbsp;831&nbsp;shares of PG&#38;E Corporation common
stock for each $5,000 increment of value (subject to a $30,000
limit) at an exercise price of $37.47&nbsp;per share, and
directors who were granted restricted stock units received 133
restricted stock units for each $5,000 increment of value
(subject to a $30,000 limit).
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">25

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>May directors defer receiving retainers and fees?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Under the 2005 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
invested in the Utility Bond Fund.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Are the directors reimbursed for travel and other
expenses?</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Directors of PG&#38;E Corporation or Pacific Gas and Electric
Company are reimbursed for reasonable expenses incurred for
participating in Board meetings, 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Legal Proceedings</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>California Attorney General Complaint</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On January&nbsp;10, 2002, the California Attorney General filed
a complaint in the Superior Court for the County of
San&nbsp;Francisco (Superior Court) against PG&#38;E Corporation
and its directors, the directors of Pacific Gas and Electric
Company, and other parties, alleging 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The complaint seeks injunctive relief, the appointment of a
receiver, civil penalties of $2,500 against each defendant for
each violation of Section&nbsp;17200, a total penalty of not
less than $500&nbsp;million, and costs of suit. The complaint
also seeks restitution of assets allegedly wrongfully
transferred to PG&#38;E Corporation from Pacific Gas and
Electric Company.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The complaint was filed after the CPUC issued two decisions in
its investigative proceeding commenced in April 2001 into
whether the California investor-owned electric utilities,
including Pacific Gas and Electric Company, complied with past
CPUC decisions, rules, and orders regarding holding company
formations, affiliate transactions, and applicable statutes.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The CPUC order states that the CPUC would, among other matters,
investigate the utilities&#146; transfer of money to their
holding companies, including during times when their utility
subsidiaries were experiencing financial difficulties, the
failure of the holding companies to financially assist the
utilities when needed, the holding companies&#146; transfer of
assets to unregulated subsidiaries, and the holding
companies&#146; actions to &#147;ringfence&#148; their
unregulated subsidiaries. In May 2005, the CPUC closed this
investigation without making any findings.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation believes that the intercompany transactions
challenged by the Attorney General fully complied with
applicable law and CPUC conditions. The challenged transactions
forming the bulk of the restitution claims were regular
quarterly dividends and stock repurchases. As part of its annual
cost of capital proceedings, Pacific Gas and Electric Company
advised the CPUC in advance of its forecast stock
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 10.0pt;color: #000000; background: #ffffff;">
repurchases and dividends. The CPUC did not challenge or
question those payments.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In January 2006, the U.S.&nbsp;Court of Appeals for the Ninth
Circuit (Ninth Circuit) issued a decision on the parties&#146;
appeals of various rulings by the U.S.&nbsp;Bankruptcy Court for
the Northern District of California and the U.S.&nbsp;District
Court for the Northern District of California (District Court)
concerning jurisdictional issues. The Ninth Circuit found that
the Superior Court had jurisdiction over the Attorney
General&#146;s restitution claims. (In October 2006, the
U.S.&nbsp;Supreme Court declined to grant PG&#38;E
Corporation&#146;s request to review the Ninth Circuit&#146;s
decision.) The Ninth Circuit did not address the Attorney
General&#146;s underlying allegations that PG&#38;E Corporation
and the other defendants violated Section&nbsp;17200. The Ninth
Circuit also did not decide who would be entitled to receive the
proceeds, if any, of a restitution award. PG&#38;E Corporation
continues to believe that any such proceeds would be the
property of Pacific Gas and Electric Company. Pursuant to the
December&nbsp;19, 2003 Settlement Agreement to resolve Pacific
Gas and Electric Company&#146;s proceeding under Chapter&nbsp;11
of the U.S.&nbsp;Bankruptcy Code, the CPUC released all claims
against PG&#38;E Corporation or Pacific Gas and Electric Company
arising out of or in any way related to the energy crisis,
including the CPUC&#146;s investigation into past PG&#38;E
Corporation actions during the energy crisis. Accordingly,
PG&#38;E Corporation believes that any claims for such proceeds
by the CPUC would be precluded.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
While the Ninth Circuit appeal was pending, the Superior Court
held a trial in December 2004 to consider the appropriate
standard to determine what constitutes a separate violation of
Section&nbsp;17200 in order to determine the magnitude of
potential penalties under Section&nbsp;17200 (up to
$2,500&nbsp;per separate &#147;violation&#148;). The Superior
Court did not address the question of whether any violations
occurred. In March 2005, the Superior Court issued a decision
rejecting the &#147;per victim&#148; and &#147;per [customer]
bill&#148; approaches advocated by the Attorney General, which
standards potentially could have resulted in millions of
separate &#147;violations.&#148; The Superior Court found that
the appropriate standard was each transfer of money from Pacific
Gas and Electric Company to PG&#38;E Corporation that the
Attorney General alleges violated Section&nbsp;17200. In July
2005, the California Court of Appeal summarily denied a petition
filed by the Attorney General seeking to overturn this decision.
The Attorney General has resumed discovery in the Superior Court
action. The next case management conference is scheduled for
April&nbsp;17, 2007.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Related Person Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The entity Goldman Sachs Asset Management L.P. (GSAM)&nbsp;owns
6.6&nbsp;percent of PG&#38;E Corporation&#146;s common stock.
</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Upon Pacific Gas and Electric Company&#146;s emergence from
    Chapter&nbsp;11 in April 2004, the company placed into the
    Goldman Sachs FS Federal Fund&nbsp;520 (Goldman Fund) a portion
    of the total funds placed in escrow at Deutsche Bank for
    possible payment to members of Class&nbsp;6 in the
    company&#146;s Chapter&nbsp;11 case. This investment was made
    before GSAM obtained greater than 5&nbsp;percent of PG&#38;E
    Corporation&#146;s stock. As of December&nbsp;31, 2006, Pacific
    Gas and Electric Company held $242.7&nbsp;million in the Goldman
    Fund, out of the total $1.25&nbsp;billion in Class&nbsp;6
    settlement funds placed in escrow at Deutsche Bank. For 2006, it
    is estimated that GSAM earned approximately $500,000 from
    management of Pacific Gas and Electric Company&#146;s investment
    in the Goldman Fund. The company&#146;s investment in the
    Goldman Fund will be reduced to the extent that
    (i)&nbsp;Class&nbsp;6 claims are settled, or (ii)&nbsp;alternate
    investment funds are selected.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    GSAM manages the Goldman Sachs Asset Management Core Flex Fund
    (Goldman Core Fund). Approximately $270&nbsp;million in the
    PG&#38;E Corporation Retirement Master Trust and approximately
    $35&nbsp;million in the Pacific Gas and Electric Company
    Post-Retirement Medical Trust for Bargaining-Unit Employees are
    invested in the Goldman Core Fund. Investment decisions for
    these pension trusts are made by the PG&#38;E Corporation
    Employee Benefit Committee, which is comprised of officers from
    PG&#38;E Corporation and Pacific Gas and Electric Company. For
    2006, it is estimated that GSAM earned approximately
    $1&nbsp;million in fees from management of this investment. Such
    management services are expected to continue in the future.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The fees for managing these funds are calculated in accordance
with the management fee formula stated in the applicable
fund&#146;s prospectus to investors. As such, the terms of
engagement for these services are comparable to those that could
be obtained in arm&#146;s-length dealings with an unrelated
third party.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
During 2006, several affiliates of GSAM provided investment
banking-related services to PG&#38;E Corporation and Pacific Gas
and Electric Company, with a value of approximately
$1.23&nbsp;million. It is contemplated that affiliates of GSAM
may provide other investment banking-related services to
PG&#38;E Corporation and Pacific Gas and Electric Company during
2007. These services are provided under customary terms and
conditions. As such, the terms of engagement for these services
are comparable to those
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 10.0pt;color: #000000; background: #ffffff;">
that could be obtained in arm&#146;s-length dealings with an
unrelated third party.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Review, Approval, and Ratification of Related Person
Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Boards of Directors of PG&#38;E Corporation and Pacific Gas
and Electric Company each have adopted identical written
policies regarding review, approval, and ratification of related
party transactions involving the companies. The policy requires
the appropriate Audit Committee&#146;s review and approval or
ratification of any related party transaction in which either
company is a participant, including, among other things, any
related party transaction that would be required to be disclosed
under the Securities and Exchange Commission rules. All related
party transactions (as defined in the policy) must be disclosed
to the appropriate Audit Committee, and all material related
party transactions must be disclosed to the full Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
During 2006, all &#147;related party transactions&#148;
involving either company were in conformance with this policy.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">28

<!-- 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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Security Ownership of Management</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
February&nbsp;7, 2007 by the directors, the nominees for
director, and the individuals named in the Summary Compensation
Table on pages&nbsp;46 and 47, and all directors and executive
officers of PG&#38;E Corporation and Pacific Gas and Electric
Company as a group. As of February&nbsp;7, 2007, no listed
individual 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: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&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="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&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="left" 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>18,879</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>812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,691</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>6,542</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>10,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,941</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>8,702</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>34,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,894</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>65,957</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>6,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72,452</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>231,877</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>11,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>243,030</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Maryellen C. Herringer
    <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>3,746</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>2,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,905</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">(8)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>189,105</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>10,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>199,230</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Richard A.
    Meserve<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>846</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>846</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>26,648</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>7,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,950</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>2,554</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>2,554</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>37,772</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>6,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,690</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Christopher P.
    Johns<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>107,607</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>23,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>131,437</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Leslie H.
    Everett<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>34,156</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>34,156</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Kent M.
    Harvey<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>47,146</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>5,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,357</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas E.
    Bottorff<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,811</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>58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,869</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>834,863</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>118,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>953,458</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    All Pacific Gas and Electric Company directors and executive
    officers as a group (21&nbsp;persons)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,051,896</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>113,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,165,338</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <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
    listed individuals and, in the case of current and retired
    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 listed individuals 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>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
This column also includes the following shares of PG&#38;E
Corporation common stock in which the listed individuals share
voting and investment power: Mr.&nbsp;Andrews 4,630&nbsp;shares,
Mr.&nbsp;Biller 3,605&nbsp;shares, Mr.&nbsp;Coulter
8,703&nbsp;shares, Mr.&nbsp;Cox 38,986&nbsp;shares,
Mr.&nbsp;Darbee 15,950&nbsp;shares, Ms.&nbsp;Herringer
2,100&nbsp;shares, Dr.&nbsp;Metz 8,793&nbsp;shares, all PG&#38;E
Corporation directors and executive officers as a group
82,767&nbsp;shares, and all Pacific Gas and Electric Company
directors and executive officers as a group 83,434&nbsp;shares.
</TD>

</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    This column includes the following shares of PG&#38;E
    Corporation common stock which the listed individuals have the
    right to acquire within 60&nbsp;days of February&nbsp;7, 2007
    through the exercise of vested stock options granted under the
    PG&#38;E Corporation Long-Term Incentive Program or the PG&#38;E
    Corporation 2006 Long-Term Incentive Plan, as follows:
    Mr.&nbsp;Andrews 14,249&nbsp;shares, Mr.&nbsp;Biller
    2,937&nbsp;shares, Mr.&nbsp;Cox 26,971&nbsp;shares,
    Mr.&nbsp;Darbee 69,300&nbsp;shares, Mr.&nbsp;King
    139,252&nbsp;shares, Dr.&nbsp;Metz 15,628&nbsp;shares,
    Mr.&nbsp;Williams 28,884&nbsp;shares, Mr.&nbsp;Johns
    80,100&nbsp;shares, Ms.&nbsp;Everett 12,575&nbsp;shares,
    Mr.&nbsp;Harvey 26,538&nbsp;shares, Mr.&nbsp;Bottorff
    15,850&nbsp;shares, all PG&#38;E Corporation directors and
    executive officers as a group 416,434&nbsp;shares, and all
    Pacific Gas and Electric Company directors and executive
    officers as a group 450,612&nbsp;shares. The listed individuals
    have neither voting power nor investment power with respect to
    these shares unless and until they are purchased through the
    exercise of the options, under the terms of the PG&#38;E
    Corporation Long-Term Incentive Program.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">29
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <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 and the PG&#38;E Corporation 2006 Long-Term
    Incentive Plan. As of February&nbsp;7, 2007, the listed
    individuals held the following numbers of restricted shares that
    may not be sold or otherwise transferred until certain vesting
    conditions are satisfied: Mr.&nbsp;Andrews 4,630&nbsp;shares,
    Mr.&nbsp;Biller 3,650&nbsp;shares, Mr.&nbsp;Coulter
    6,257&nbsp;shares, Mr.&nbsp;Cox 6,257&nbsp;shares,
    Mr.&nbsp;Darbee 126,494&nbsp;shares, Ms.&nbsp;Herringer
    1,646&nbsp;shares, Mr.&nbsp;King 38,527&nbsp;shares,
    Dr.&nbsp;Meserve 846&nbsp;shares, Dr.&nbsp;Metz
    6,610&nbsp;shares, Ms.&nbsp;Rambo 2,554&nbsp;shares,
    Mr.&nbsp;Williams 6,610&nbsp;shares, Mr.&nbsp;Johns
    25,035&nbsp;shares, Ms.&nbsp;Everett 11,473&nbsp;shares,
    Mr.&nbsp;Harvey 12,514&nbsp;shares, Mr.&nbsp;Bottorff
    12,059&nbsp;shares, all PG&#38;E Corporation directors and
    executive officers as a group 305,679&nbsp;shares, and all
    Pacific Gas and Electric Company directors and executive
    officers as a group 446,095&nbsp;shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <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
    February&nbsp;7, 2007, excluding shares held by a subsidiary.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    This column reflects the number of stock units that were
    purchased by listed individuals 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 listed individuals 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: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Andrews, Mr.&nbsp;Biller, Mr.&nbsp;Coulter,
    Mr.&nbsp;Cox, Ms.&nbsp;Herringer, Dr.&nbsp;Meserve,
    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: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Darbee is a director and an executive officer of both
    PG&#38;E Corporation and Pacific Gas and Electric Company. He is
    named in the Summary Compensation Table on pages&nbsp;46 and 47.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;King 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;46 and 47.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(9)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Johns and Ms.&nbsp;Everett 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;46
    and 47.</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(10)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Harvey is an executive officer of PG&#38;E Corporation
    and is named in the Summary Compensation Table on pages&nbsp;46
    and 47.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(11)&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Bottorff is an executive officer of Pacific Gas and
    Electric Company and is named in the Summary Compensation Table
    on pages&nbsp;46 and 47.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">30

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='106'></A>
</DIV>

<!-- link1 "Item No. 2: Ratification of Appointment of the Independent Registered Public Accounting Firm for PG&#38;E Corporation and Pacific Gas and Electric Company" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Item&nbsp;No.&nbsp;2:
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Ratification of Appointment of the Independent Registered
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Public Accounting Firm for PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 registered
public accounting firm for that company to audit the
consolidated financial statements as of and for the year ended
December&nbsp;31, 2007, and to audit the effectiveness of
internal control over financial reporting and management&#146;s
assessment of internal control over financial reporting, as of
December&nbsp;31, 2007. 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff;">31

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='107'></A>
</DIV>

<!-- link1 "Information Regarding the Independent Registered Public Accounting Firm for PG&#38;E Corporation and Pacific Gas and Electric Company" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Information Regarding the Independent Registered
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Public Accounting Firm for PG&#38;E Corporation and
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Fees Paid to the Independent Registered Public Accounting
Firm</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The PG&#38;E Corporation and Pacific Gas and Electric Company
Audit Committees have reviewed the audit and non-audit fees that
PG&#38;E Corporation, Pacific Gas and Electric Company, and
their respective subsidiaries have paid to the independent
registered public accounting firm, in order to consider whether
those fees are compatible with maintaining the accounting
firm&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Table 1:</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B><U>Estimated Fees Billed to PG&#38;E Corporation</U></B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B>(Amounts include Estimated Fees Billed to Pacific Gas and
Electric Company and its Subsidiaries shown in Table 2 below)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="8" 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>2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="8" 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="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4.2&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4.2&nbsp;million&nbsp;</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="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.3&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.3&nbsp;million&nbsp;</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="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>0.07&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="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>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: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Table 2:</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B><U>Estimated Fees Billed to Pacific Gas and Electric Company
and its Subsidiaries</U></B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B>(Amounts are included in Estimated Fees Billed to PG&#38;E
Corporation shown in Table 1 above)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="8" 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>2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="8" 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="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.5&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.4&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">
    Audit-Related Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.2&nbsp;million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.2&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="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>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="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>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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Audit Fees.</I> Audit fees billed for 2006 and 2005 relate to
services rendered by Deloitte&nbsp;&#38; Touche LLP in
connection with reviews of Quarterly Reports on
Form&nbsp;<FONT style="white-space: nowrap">10-Q,</FONT> certain
limited procedures on registration statements, the audits of the
financial statements of PG&#38;E Corporation and its
subsidiaries and Pacific Gas and Electric Company and its
subsidiaries, and the audits of both PG&#38;E Corporation&#146;s
and Pacific Gas and Electric Company&#146;s internal control
over financial reporting and managements&#146; assessment of
internal control over financial reporting, as required by
Section&nbsp;404 of the Sarbanes-Oxley Act.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Audit-Related Fees.</I> Fees billed for 2006 and 2005 relate
to services rendered by Deloitte&nbsp;&#38; Touche LLP to both
PG&#38;E Corporation and its subsidiaries and Pacific Gas and
Electric Company and its subsidiaries for employee benefit plan
audits, nuclear decommissioning trust audits, consultations on
financial accounting and reporting standards, and required
agreed-upon procedure reports related to contractual obligations
of Pacific Gas and Electric Company and its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Tax Fees.</I> For 2006, no tax fees were billed and no
related services were provided to PG&#38;E Corporation and its
subsidiaries nor to Pacific Gas and Electric Company and its
subsidiaries. Tax fees billed for 2005 relate to services
rendered by Deloitte&nbsp;&#38; Touche 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 for 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>All Other Fees.</I> Deloitte&nbsp;&#38; Touche 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 2006 and 2005.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Obtaining Services from the Independent Registered Public
Accounting Firm</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Services Provided by the Independent Registered Public
Accounting Firm</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 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: 10.0pt;color: #000000; background: #ffffff;">

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

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

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Audit-related services,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Tax services that Deloitte&nbsp;&#38; Touche LLP and its
    affiliates are allowed to provide to Deloitte&nbsp;&#38;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">32

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD></TD>
    <TD align="left">
    Touche LLP&#146;s audit clients under the Sarbanes-Oxley Act.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation and its subsidiaries traditionally have
obtained these types of services from its independent registered
public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Audit Committee Pre-Approval Policy for Services Provided by
the Independent Registered Public Accounting Firm</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 registered public accounting firm
for that fiscal year, and approve obtaining from the accounting
firm 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: 10.0pt;color: #000000; background: #ffffff;">

<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 independent registered public accounting firm
    reasonably can provide (e.g., 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: 6.0pt">&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 registered public accounting firm (e.g.,
    employee benefit plan audits, due diligence related to mergers
    and acquisitions, accounting consultations and audits in
    connection with acquisitions, internal control reviews,
    agreed-upon procedure reports related to contractual
    obligations, and attest services that are not required by
    statute or regulation).</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In determining whether to pre-approve any services from the
independent registered public accounting firm, the Audit
Committees assess, among other things, the impact of that
service on the accounting firm&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Additional Services.</I> After the initial annual
pre-approval, the Audit Committees must pre-approve any proposed
engagement of the independent registered public accounting firm
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 registered public accounting firm
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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 registered public accounting
firm. Any pre-approvals granted under this authority must be
presented to the full Audit Committee at the next regularly
scheduled Committee meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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 LLP for the company and its
subsidiaries, the
<FONT style="white-space: nowrap">year-to</FONT>-date fees paid
for those services, and a comparison of
<FONT style="white-space: nowrap">year-to</FONT>-date fees to
the pre-approved amounts.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Pre-Approval of Services During 2006 and 2005.</I> During
2006 and 2005, all services provided by Deloitte&nbsp;&#38;
Touche 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: 10.0pt;color: #000000; background: #ffffff;">33

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='108'></A>
</DIV>

<!-- link1 "Item Nos. 3 and 4: PG&#38;E Corporation Shareholder Proposals" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Item&nbsp;Nos. 3 and 4:
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
PG&#38;E Corporation Shareholder Proposals
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>To Be Voted on by PG&#38;E Corporation Shareholders Only</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 Corporation. PG&#38;E
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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Item&nbsp;No.&nbsp;3: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Mr.&nbsp;Ray T. Chevedden, 5965&nbsp;S.&nbsp;Citrus Avenue, Los
Angeles, California 90043, beneficial owner 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    &#147;3&nbsp;&#150; Performance Based Stock Options</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Resolved, Shareholders request that our Board of Directors adopt
    a policy whereby at least 75% of future equity compensation
    (stock options and restricted stock) awarded to senior
    executives shall be performance-based, and the performance
    criteria adopted by the Board disclosed to shareowners.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;Performance-based&#148; equity compensation is defined
    here as:</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    Indexed stock options, the exercise price of which is linked to
    an industry index;</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    Premium-priced stock options, the exercise price of which is
    substantially above the market price on the grant date;&nbsp;or</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    Performance-vesting options or restricted stock, which vest only
    when the market price of the stock exceeds a specific target for
    a substantial period.</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    This is not intended to unlawfully interfere with existing
    employment contracts. However, if there is a conflict with any
    existing employment contract, our Compensation Committee is
    urged for the good of our company to negotiate revised contracts
    that are consistent with this proposal.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    As a long-term shareholder, I support compensation policies for
    senior executives that provide challenging performance
    objectives that motivate executives to achieve long-term
    shareowner value. I believe that a greater reliance on
    performance-based equity grants is particularly warranted at
    PG&#38;E.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Many leading investors criticize standard options as
    inappropriately rewarding mediocre performance. Warren Buffett
    has characterized standard stock options as &#147;really a
    royalty on the passage of time&#148; and has spoken in favor of
    indexed options.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    In contrast, peer-indexed options reward executives for
    outperforming their direct competitors and discourage
    re-pricing. Premium-priced options reward executives who enhance
    overall shareholder value. Performance-vesting equity grants tie
    compensation more closely to key measures of shareholder value,
    such as share appreciation and net operating income, thereby
    encouraging executives to set and meet performance targets.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    Performance Based Stock Options</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Yes on 3&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We believe PG&#38;E Corporation&#146;s equity compensation
policies already meet the goals of this proposal.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation&#146;s executive officer compensation is
comprised of base salary, short-term incentives, and long-term
incentives (consisting of restricted stock and performance
shares). We believe that performance-based compensation is
important. Thus, a significant portion of both the short-term
and long-term incentive compensation paid to our executive
officers is performance-based. Like indexed stock options, our
performance-based long-term incentive awards align
employees&#146; and shareholders&#146; interests in achieving
superior stock-based performance relative to performance of peer
companies in PG&#38;E Corporation&#146;s comparator group.
Target awards are paid only if PG&#38;E Corporation&#146;s total
shareholder return is in the top quartile, as compared to peer
companies. Additional details regarding the Corporation&#146;s
executive officer compensation practices
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">34

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
and policies can be found in the &#147;Compensation Discussion
and Analysis&#148; section on pages&nbsp;37 to 44 of this proxy
statement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation believes that its current compensation
philosophy and program, including the allocation of compensation
between different types of equity-based compensation, meet the
proponent&#146;s goal of aligning executive compensation
incentives with the Corporation&#146;s long-term performance for
shareholders, while still meeting the Corporation&#146;s
specific business, management, and organizational needs.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For this reason, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Item&nbsp;No.&nbsp;4: Shareholder Proposal</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Mr.&nbsp;Simon Levine, 960&nbsp;Shorepoint Ct., 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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    &#147;4&nbsp;&#150; Cumulative Voting</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    RESOLVED: Cumulative Voting. Shareholders recommend that our
    Board adopt cumulative voting. Cumulative voting means that each
    shareholder may cast as many votes as equal to number of shares
    held, multiplied by the number of directors to be elected. A
    shareholder may cast all such cumulated votes for a single
    candidate or split votes between multiple candidates, as that
    shareholder sees fit. Under cumulative voting shareholders can
    withhold votes from certain nominees in order to cast multiple
    votes for others.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Simon Levine, 960 Shorepoint Ct., No.&nbsp;306,
    Alameda, CA 94501 sponsors this proposal.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Cumulative voting won impressive yes-votes of 54% at Aetna and
    56% at Alaska Air in 2005 and 55% at GM in 2006. The GM 55% vote
    was up from 49% in 2005. The Council of Institutional Investors
    <U>www.cii.org</U> formally recommends adoption of this proposal
    topic.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Cumulative voting allows a significant group of shareholders to
    elect a director of its choice&nbsp;&#151; safeguarding minority
    shareholder interests and bringing independent perspectives to
    Board decisions.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Cumulative Voting could increase the possibility of electing at
    least one director with a specialized expertise and advocacy
    needed at our company to improve our corporate governance. For
    instance to convince other directors that we need an independent
    board chairman, especially since we do not even have an
    independent lead director. Also to guard against a repeat of our
    dividend suspension for years while our former Chairman,
    Mr.&nbsp;Glynn was paid buckets of money like $14&nbsp;million
    in one year.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    And furthermore to repeat a reoccurrence of a fiasco like this:
    Court Rejects PG&#38;E Appeal of State Case Bloomberg News,
    October&nbsp;3, 2006</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    PG&#38;E Corp. lost a U.S.&nbsp;Supreme Court appeal aimed at
    thwarting California&#146;s effort to recoup $5&nbsp;billion
    transferred by the company&#146;s Pacific Gas&nbsp;&#38;
    Electric utility unit before its 2001 bankruptcy filing. The
    justices, without comment, refused to consider PG&#38;E&#146;s
    arguments.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Pacific Gas&nbsp;&#38; Electric, California&#146;s largest
    utility, filed for bankruptcy protection in April 2001 after
    accruing $9&nbsp;billion in losses by buying power for more than
    it could charge customers.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Cumulative voting allows a significant group of shareholders to
    elect a director of its choice&nbsp;&#151; safeguarding minority
    shareholder interests and bringing independent perspectives to
    Board decisions.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    Cumulative Voting</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Yes on 4&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation believes that cumulative voting would erode
shareholders&#146; ability to elect directors who represent the
interests of the shareholders as a whole. Instead, adoption of
cumulative voting for directors could unduly aggrandize the
views of a minority of shareholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Under cumulative voting, the total number of votes that each
shareholder may cast in an election for directors is determined
by multiplying the number of directors to be elected by the
number of votes to which the shareholder&#146;s shares are
entitled. Each shareholder may &#147;cumulate&#148; his or her
votes by giving them all to one candidate, or may distribute his
or her votes among as many candidates as the shareholder sees
fit. For example, if 10&nbsp;directors were to be elected,
application of the cumulative voting formula indicates that a
shareholder or group of shareholders holding approximately
9&nbsp;percent of the shares voting at the meeting would be
capable of electing a director. This is true even if the holders
of the remaining 91&nbsp;percent of the voting shares are
opposed to the election of that candidate and cast their votes
to elect 10 other directors.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">35

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Cumulative voting would give a disproportionate and unfair
weight to the votes cast by a minority shareholder or
shareholders. Not adopting cumulative voting ensures that all
directors are elected in a manner that preserves equal rights
for all shares.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The proponent&#146;s comments regarding corporate governance
fail to mention that PG&#38;E Corporation&#146;s corporate
governance practices are highly regarded. As of February&nbsp;1,
2007, PG&#38;E Corporation&#146;s Corporate Governance Quotient
(CGQ)&nbsp;is better than 98.1&nbsp;percent of companies in the
S&#38;P 500 index and 99.2&nbsp;percent of the utility
companies, as rated by Institutional Shareholder Services (ISS),
an independent corporate governance firm. The CGQ rating is a
commonly referenced measure of corporate governance practices,
and is included in company profiles on Yahoo! Finance. Also,
contrary to the proponent&#146;s statement, the Corporation has
had a designated independent lead director since 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation believes that its existing corporate
governance structure and policies, including its position on
cumulative voting, protect the interests of all shareholders
equally.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For these reasons, the PG&#38;E Corporation Board of Directors
unanimously recommends that shareholders vote <U>AGAINST</U>
this proposal.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">36

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='109'></A>
</DIV>

<!-- link1 "Compensation Discussion and Analysis" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Compensation Discussion and Analysis
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following section provides information about compensation
objectives, policies, and decisions applicable to the executive
officers of PG&#38;E Corporation and Pacific Gas and Electric
Company who are named in the Summary Compensation Table (on
pages&nbsp;46 and 47 of this Joint Proxy Statement). This
section also discusses the compensation that was awarded to,
earned by, or paid during 2006 to these executive officers, as
detailed in the tables and the narrative disclosure that follow
this section.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
administers the PG&#38;E Corporation 2006 Long-Term Incentive
Plan (LTIP)&nbsp;under which equity-based awards are made, and
oversees other employee benefit plans. The Board of Directors of
PG&#38;E Corporation or Pacific Gas and Electric Company (as the
case may be) is responsible for approving compensation for the
Chief Executive Officers of PG&#38;E Corporation and Pacific Gas
and Electric Company based on the Committee&#146;s
recommendations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee retains an independent consulting firm, Hewitt
Associates (Hewitt), to help evaluate PG&#38;E
Corporation&#146;s compensation policies, to provide information
about industry compensation practices and competitive
compensation levels at companies within a comparator
group,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
and to recommend compensation alternatives that are consistent
with PG&#38;E Corporation&#146;s compensation policies.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>How Does the Committee Define the Compensation Program and
Philosophy?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In establishing levels of executive compensation, each year the
Committee reviews the appropriateness of the comparator groups
used to assess the competitiveness of PG&#38;E
Corporation&#146;s compensation programs (Pay Comparator Group)
and PG&#38;E Corporation&#146;s corporate performance
(Performance Comparator Group), and approves the objectives,
general framework, and elements of officer compensation for the
following year. After the Committee approves the comparator
groups, Hewitt undertakes a comparative study of the
compensation practices at the Pay Comparator Group.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Market practices among general industry companies with annual
revenues ranging from $8&nbsp;billion to $20&nbsp;billion also
are reviewed for selected officer positions whose job scope and
skill set are easily transferable to other industries.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
After reviewing the comparative data as well as
management&#146;s recommendations (and Hewitt&#146;s
recommendations with respect to Chief Executive Officer
compensation only), the Committee (and with respect to the Chief
Executive Officers of PG&#38;E Corporation and Pacific Gas
Electric Company, the independent members of the applicable
Board of Directors based on the Committee&#146;s recommendation)
approves the amounts of total target compensation for executive
officers. In addition, the Committee uses comparative data
throughout the year to set the total target compensation of new
executive officers, whether they are promoted internally or new
hires.
</DIV>

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

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&nbsp;</TD>
    <TD align="left">
    The primary comparator group used for purposes of setting 2006
    officer compensation consists of all companies listed in the Dow
    Jones Utility Index and the Standard&nbsp;&#38; Poor&#146;s
    Electrics Index, and all California investor-owned utilities
    (the &#147;Pay Comparator Group&#148;): AES&nbsp;Corporation,
    Allegheny Energy, Inc., Ameren Corporation, American Electric
    Power Company, Inc., CenterPoint Energy, Inc., Cinergy Corp.,
    Consolidated Edison, Inc., DTE Energy Company, Dominion
    Resources, Inc., Duke Energy Group, Edison International,
    Entergy Corporation, Exelon Corporation, First Energy Corp., FPL
    Group, Inc., NiSource Inc., PPL Corporation, Pinnacle West
    Capital Corporation, Progress Energy, Inc., Public Service
    Enterprise Group, Sempra Energy, Southern Company, TECO Energy,
    Inc., TXU Corp., Williams Companies, and Xcel Energy Inc. This
    group of companies is broad enough to provide statistical
    validity and data availability, represents the segment of the
    market where PG&#38;E Corporation and Pacific Gas and Electric
    Company recruit officers with industry-specific experience, and
    is determined on an objective and transparent basis. For
    purposes of corporate performance comparisons (including the
    relative total shareholder return measured for the 2006-2008
    performance share award cycle), the Committee uses a subgroup of
    12&nbsp;companies that have similar characteristics and business
    models as PG&#38;E Corporation (the &#147;Performance Comparator
    Group&#148;): Ameren Corporation, American Electric Power,
    CenterPoint Energy, Inc., Consolidated Edison, Entergy
    Corporation, FPL Group, NiSource Inc., Pinnacle West Capital,
    Progress Energy, Inc., Southern Company, TECO Energy, and Xcel
    Energy. This group of companies is a subset of the Pay
    Comparator Group and, like PG&#38;E Corporation, is focused on
    core regulated-utility activities with either a distribution or
    an integrated-utility focus.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">37

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In determining specific compensation amounts for individual
officers, the Committee (or the independent members of the
applicable Board of Directors, in the case of the Chief
Executive Officers of PG&#38;E Corporation and Pacific Gas and
Electric Company) considers such factors as (1)&nbsp;the
officer&#146;s experience, (2)&nbsp;individual performance,
(3)&nbsp;the officer&#146;s role in achieving corporate
objectives established at the beginning of the year,
(4)&nbsp;the officer&#146;s compensation compared to individuals
in similar positions in the Pay Comparator Group as well as
compared to other officers internally, and (5)&nbsp;when
appropriate, other relevant factors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee seeks to design competitive, performance-based
compensation programs that meet the Committee&#146;s stated
objectives and protect shareholders&#146; interests. Although
the Committee considers the potential impact on PG&#38;E
Corporation&#146;s compensation programs of the tax
deductibility limitations imposed by Section&nbsp;162(m) of the
U.S.&nbsp;Internal Revenue Code, the Committee does not limit
compensation to those levels or types of compensation that will
be deductible.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What Were the Committee&#146;s 2006 Compensation Program
Objectives?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee established compensation programs for 2006 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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    To manage the delivery of compensation in a cost-efficient and
    transparent manner.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In addition, the Committee defined specific objectives for
officer compensation 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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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 Pay Comparator Group.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    The Committee&#146;s objective is to provide long-term
    compensation in line with PG&#38;E Corporation&#146;s
    performance for shareholders. Performance is defined as total
    shareholder return (TSR). The terms of performance-based
    long-term incentive awards are designed to track PG&#38;E
    Corporation&#146;s TSR relative to companies in the Performance
    Comparator Group. For example, if PG&#38;E Corporation performs
    only at the 50th&nbsp;percentile of the Performance Comparator
    Group, the total long-term incentive value realized by grant
    recipients would be approximately equal to long-term
    compensation at the 50th&nbsp;percentile of the Pay Comparator
    Group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>2006 Officer Compensation Program</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In the fall of 2005, Hewitt conducted a detailed
position-by-position benchmark job review of the companies in
the Pay Comparator Group as well as a group of general industry
companies, and a review of salary-related budget projections for
2006. Management&#146;s recommendations for 2006 compensation
were based on the comparative data gathered by Hewitt. All of
management&#146;s recommendations were reviewed with Hewitt.
Based on Hewitt&#146;s comparative data analysis and
management&#146;s recommendation, in October and December 2005,
the Committee approved the elements of the 2006 officer
compensation program discussed below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Total target compensation includes (1)&nbsp;<B><I>base
salary,</I></B> (2)&nbsp;the target amount of the annual cash
incentive that could be received under the PG&#38;E Corporation
Short-Term Incentive Plan (STIP)&nbsp;based on a percentage of
base salary, i.e., <B><I>short-term incentives,</I></B> and
(3)&nbsp;the target value of LTIP awards, i.e., <B><I>long-term
incentives</I></B>. The actual value of incentive awards is
variable and reflects performance during the relevant
measurement period.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Base Salary.</I> Base salary is the fixed cash amount paid to
an officer each year. The Committee aims to set base salary at
levels that are equal to the average base salary for comparable
officers in the Pay Comparator Group. For 2006, the Committee
approved a base salary increase budget of 3.5&nbsp;percent for
base salary adjustments, mid-year discretionary salary
increases, and lump-sum payments. The comparative data showed
that the companies in the Pay Comparator Group expected to
provide officers a 3.4&nbsp;percent average salary increase in
2006, and that those companies&#146; actual average salary
increase in 2005 was 3.6&nbsp;percent. The overall market
position of executive officers at PG&#38;E Corporation and
Pacific Gas and Electric Company, including the named executive
officers, is comparable to the comparator group average. The
Committee believes this position is appropriate.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Consistent with the Committee&#146;s objective of tying a
significant component of every executive officer&#146;s
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">38

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
compensation directly to PG&#38;E Corporation&#146;s performance
for shareholders through short-term and long-term incentives,
base salary comprises only 18&nbsp;percent to 37&nbsp;percent of
executive officer compensation, depending on officer level.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee also believes that this proportion of base salary
to short-term and long-term incentives provides the right mix to
attract, retain, and motivate officers with the necessary mix of
skills and experience for the development and successful
operation of PG&#38;E Corporation&#146;s businesses. It also
provides a direct connection between compensation and
performance as described below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In December 2005, the Committee (and with regard to Peter A.
Darbee and Thomas B. King, the independent members of the Boards
of Directors of PG&#38;E Corporation and Pacific Gas and
Electric Company, respectively) approved 2006 base salaries for
the executive officers named in the Summary Compensation Table
on pages&nbsp;46 and 47.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Short-Term Incentive.</I> Target STIP awards are short-term
cash incentive opportunities that are realized only to the
extent that the performance measures stated in the annual STIP
are achieved. The Committee aims to have target STIP awards that
are equal to the average short-term incentive awards for
comparable officers in the Pay Comparator Group. For 2006, the
Committee approved target STIP awards that range from
50&nbsp;percent of base salary for lower-level executive
officers to 100&nbsp;percent of base salary for the Chief
Executive Officer of PG&#38;E Corporation, with a maximum payout
of two times the target STIP award (depending on the extent to
which certain pre-established performance goals are met, as
determined by the Committee). This range of target STIP awards
is consistent with the Pay Comparator Group&#146;s practice, and
reflects no change from 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For 2006, the Chief Executive Officer of PG&#38;E Corporation
had the discretion to recommend to the Committee an additional
performance rating for an individual officer, to recognize that
officer&#146;s efforts to manage his or her organization&#146;s
financial budget. This additional performance rating could
modify (up or down) an individual officer&#146;s final STIP
award by no more than 15&nbsp;percent. The Committee continues
to retain full discretion as to the determination of final
officer STIP awards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Under the 2006 STIP structure approved by the Committee in
December 2005, 70&nbsp;percent of the officer STIP awards is
based on whether the corporate financial performance objective,
as measured by corporate earnings from operations, is achieved.
The corporate financial performance measure is based on PG&#38;E
Corporation&#146;s budgeted earnings from operations that were
previously approved by the Board of Directors, consistent with
the basis for reporting and guidance to the financial community.
Unbudgeted items impacting results, such as changes in
accounting methods, workforce restructuring, and one-time
occurrences, are excluded. The remaining 30&nbsp;percent of the
2006 officer STIP awards is based on the extent to which key
strategic and operational objectives (aimed at the achievement
of operational excellence and improved customer service, as
measured by 11 equally weighted financial, operating, and
service measures) are met. These weightings balance direct
(through earnings) and indirect (through key strategic and
operation-specific objectives) returns to shareholders. The
measures are disclosed in PG&#38;E Corporation&#146;s Annual
Report on
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
year ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This performance incentive structure reinforces the
Committee&#146;s objectives of aligning officer compensation
with the successful management of assets and resources to
generate stable and growing financial results for the benefit of
shareholders as well as to deliver safe, reliable, and
exceptional service to utility customers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In December 2005, the Committee (and with regard to Peter A.
Darbee and Thomas B. King, the independent members of the Boards
of Directors of PG&#38;E Corporation and Pacific Gas and
Electric Company, respectively) approved 2006 target STIP award
values (based on a percentage of base salary) for the executive
officers named in the Summary Compensation Table on
pages&nbsp;46 and 47.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee establishes a threshold or minimum performance
requirement for each STIP performance objective in addition to
target and maximum performance levels. The Committee then
determines individual award levels at the end of the year based
on actual performance. The actual STIP awards reported in the
Summary Compensation Table as &#147;Non-Equity Incentive Plan
Compensation&#148; on page&nbsp;46 were based on financial
objectives (70&nbsp;percent weighting) as measured by earnings
from operations, and eleven equally-weighted operating and
service measures (30&nbsp;percent weighting). This approach
balanced direct (through earnings) and indirect (through
operation-specific objectives) returns to shareholders. The
financial result was a score of 1.651 based on earnings from
operations of $921&nbsp;million compared to a budget of
$875&nbsp;million. The operating/service result was a score of
1.226 based on aggregate performance against the eleven
measures. Those results translate to actual STIP awards equal to
76&nbsp;percent of the maximum award opportunity.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">39

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Long-Term Incentives.</I> The LTIP permits the award of
various types of stock-based incentives to officers and other
key employees. The PG&#38;E Corporation Board of Directors has
delegated the administration of the LTIP to the Committee,
including the power to determine the types of awards to be
granted, the amounts, terms, and conditions of LTIP awards, and
the individuals to whom LTIP awards are granted. Grants to the
Chief Executive Officers of PG&#38;E Corporation and Pacific Gas
and Electric Company also are approved by the independent
members of the applicable Board of Directors. The PG&#38;E
Corporation Board of Directors has delegated to the Chief
Executive Officer of PG&#38;E Corporation the authority to
approve LTIP awards, within guidelines approved by the
Committee, to lower-level officers and to non-officer employees.
The Committee approves guidelines that include the LTIP award
value ranges for different categories of employees, as well as
the terms and conditions of all LTIP awards to be made in the
following year. The guidelines also specify that the grant date
for all annual LTIP awards will be the first business day of
January of the following year. Actual awards are generally made
within the range of target LTIP values previously approved by
the Committee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The grant of any LTIP awards for new executive officers occurs
on the officer&#146;s prospective start date or the date on
which the Committee has approved the individual awards,
whichever is later. The amount of LTIP awards for new executive
officers is determined by reference to the range of LTIP values
specified in the guidelines approved by the Committee, as well
as any unique factors taken into account in the recruiting
process in order to induce the officer to join PG&#38;E
Corporation or Pacific Gas and Electric Company.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Consistent with its stated compensation philosophy, the
Committee establishes LTIP award value guidelines that generally
reach the 75th&nbsp;percentile of the Pay Comparator Group for
delivering 75th&nbsp;percentile performance, as measured by the
TSR&nbsp;of the companies in the Performance Comparator Group.
For 2006, the Committee approved target LTIP values ranging from
$400,000 for lower-level executive officers to $4,500,000 for
the Chief Executive Officer of PG&#38;E Corporation.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In December 2005, the Committee (and with regard to Peter A.
Darbee and Thomas B. King, the independent members of the Boards
of Directors of PG&#38;E Corporation and Pacific Gas and
Electric Company, respectively) approved the recommended 2006
target LTIP award values for the executive officers named in the
Summary Compensation Table on pages&nbsp;46 and&nbsp;47.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
At its October 2005 meeting, the Committee determined that the
2006 LTIP target award values for all award recipients,
including executive officers, would be equally allocated between
restricted stock and performance shares. This allocation
balances the interests of shareholders for increased value with
the interests of officers for long-term compensation as
expressed by stock price appreciation and TSR. The restricted
stock provides a tangible retention incentive aligned with
shareholders&#146; interests (i.e., increasing the stock price
and avoiding decreasing stock price). The performance shares
reward recipients for achieving superior returns to
shareholders, as measured by TSR relative to the Performance
Comparator Group. Based on an analysis of competitive market
trends and the impact of new accounting rules for expensing
stock-based awards, the Committee determined to discontinue
granting stock options as part of the annual LTIP award value.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Restricted stock.</I> The number of shares of restricted
stock granted in 2006 was determined by dividing one-half of the
LTIP award value by the average daily closing price of a share
of PG&#38;E Corporation common stock for the month of November
2005 (or the closing price on the date of grant for a newly
hired officer), as reported on the New York Stock Exchange.
Actual restricted stock grants for 2006 are included in the
Grants of Plan-Based Awards in 2006 table on page&nbsp;48.
Shares of restricted stock granted in 2006 will vest in
20&nbsp;percent increments over three years, with an
acceleration of the remaining 40&nbsp;percent on the third
anniversary of the date of grant if PG&#38;E Corporation&#146;s
TSR for the prior three-year period is in the top quartile
relative to the Performance Comparator Group. If PG&#38;E
Corporation&#146;s TSR for that period is not in the top
quartile, the restrictions will continue, and the remaining
40&nbsp;percent of the restricted stock will vest on the fifth
anniversary of the date of grant. This acceleration feature adds
a performance component to the restricted stock grant that
further aligns the motivation of award recipients with those of
shareholders by emphasizing increasing returns to shareholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The terms of these restricted stock grants align officers&#146;
interests with those of shareholders (i.e., increasing the stock
price and dividends), in addition to rewarding officers for top
quartile performance. Restricted stock also provides a tangible
retention incentive to officers because it vests over a three-
or five-year period depending on PG&#38;E Corporation&#146;s TSR.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Performance shares.</I> The number of performance shares
granted in 2006 was determined by dividing one-half of the
target LTIP award value by the average daily closing price of a
share of PG&#38;E Corporation common stock for the month of
November 2005 (or the closing price on the date of grant for a
newly
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">40

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
hired officer), as reported on the New York Stock Exchange.
Actual performance shares awards for 2006 are included in the
Grants of Plan-Based Awards in 2006 table on page&nbsp;48.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee determined that performance shares granted in 2006
will vest, if at all, at the end of a three-year period,
depending on PG&#38;E Corporation&#146;s TSR relative to the
Performance Comparator Group for the period. The payment for
performance shares will be in cash and will be calculated by
multiplying (1)&nbsp;the number of vested performance shares,
(2)&nbsp;the average closing price of PG&#38;E Corporation
common stock over the last 30&nbsp;calendar days of the year
preceding the vesting date, and (3)&nbsp;a payout factor based
on corporate performance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
There will be no payout for TSR performance below the
25th&nbsp;percentile of the Performance Comparator Group; there
will be a 25&nbsp;percent payout if TSR is at the
25th&nbsp;percentile; there will be a 100&nbsp;percent payout if
TSR is at the 75th&nbsp;percentile; and there will be a
200&nbsp;percent payout if PG&#38;E Corporation&#146;s TSR ranks
first in the Performance Comparator Group. If PG&#38;E
Corporation&#146;s TSR is between the 25th&nbsp;percentile and
the 75th&nbsp;percentile, or above the 75th&nbsp;percentile,
award payouts will be determined by straight-line interpolation,
adjusted to round numbers (i.e., the nearest multiple of five).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The performance shares are tied directly to PG&#38;E
Corporation&#146;s performance for shareholders and align
officers&#146; interests with those of shareholders.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Other Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Perquisites.</I> The Committee (and with regard to Peter A.
Darbee and Thomas B. King, the independent members of the Boards
of Directors of PG&#38;E Corporation and Pacific Gas and
Electric Company, respectively) also approved the 2006
perquisite amount for each executive officer, ranging from
$20,000 to $35,000, depending on officer level. In addition,
executive officers receive a partial subsidy for financial
planning services from a third-party financial advisory firm and
the other perquisites described in the Summary Compensation
Table on pages&nbsp;46 and&nbsp;47.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Executive Stock Ownership Program.</I> PG&#38;E Corporation
has adopted an executive stock ownership program to encourage
senior officers to achieve and maintain a minimum investment in
PG&#38;E Corporation common stock at levels set by the
Committee. The program provides incentives for senior officers
to focus on improving long-term shareholder value. Executive
stock ownership guidelines have been adopted by most of the
companies in the Pay Comparator Group, and are increasingly
viewed as an important element of a company&#146;s governance
policies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation&#146;s executive stock ownership targets
are based on a multiple of base salary and are designed to be
met within five years. The stock ownership target for the Chief
Executive Officer of PG&#38;E Corporation is three times base
salary. The target ownership level for the Chief Executive
Officer of Pacific Gas and Electric Company, the President and
Chief Operating Officer of Pacific Gas and Electric Company, and
certain other senior officers is two times base salary. The
target ownership level for other senior officers is
one-and-one-half times base salary.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The program features annual milestones equal to 20&nbsp;percent
of the target. Incentives called Special Incentive Stock
Ownership Premiums (SISOPs) are provided to encourage
participants to use their own monies to meet their targets as
soon as possible. The incentives are granted only during the
first three years of the officer&#146;s eligibility, and are
awarded only for stock that is &#147;beneficially owned&#148; by
the
officer.<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
When participants meet a milestone, they receive an incentive
equal to 20&nbsp;percent of that milestone. When participants
exceed a milestone, the incentive equals 30&nbsp;percent. The
incentive takes the form of additional common stock which is
automatically deferred to the 2005 PG&#38;E Corporation
Supplemental Retirement Savings Plan (SRSP), a deferred
compensation plan, upon grant and is converted to units in the
PG&#38;E Corporation Phantom Stock Fund under the SRSP. The
units vest in full on the third anniversary of the date of
grant, and are subject to forfeiture if the participant fails to
maintain the applicable stock ownership target. Upon retirement
or termination, the vested units are distributed in the form of
an equivalent number of shares of PG&#38;E Corporation common
stock. The vesting of SISOPs can be accelerated under certain
circumstances, as specified in the discussion regarding
&#147;Potential Payments Upon Resignation, Retirement,
Termination, Change in Control, Death, or Disability&#148; on
pages&nbsp;56 to&nbsp;61 of this proxy statement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Actual SISOPs for 2006 are included in the Grants of Plan-Based
Awards in 2006 table on page&nbsp;48. If an officer fails to
meet or maintain the applicable stock ownership target,
cash-based awards that the officer would otherwise be entitled
to receive (such as a STIP payment) are
</DIV>

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

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>&nbsp;</TD>
    <TD align="left">
    &#147;Beneficially owned&#148; stock includes actual shares of
    stock held in the name of the officer (or his/her immediate
    family members) and stock held in a 401(k) or deferred
    compensation plan. It does not include stock options or
    restricted stock.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">41

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
converted into phantom stock units and credited to the
officer&#146;s account under the SRSP until the stock ownership
target is met.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
All officers who are currently subject to stock ownership
targets under the Executive Stock Ownership Program have met or
exceeded their targets.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Retention Awards</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In July 2006, the independent members of the Board of Directors
of Pacific Gas and Electric Company approved an arrangement for
Thomas B. King, Chief Executive Officer of Pacific Gas and
Electric Company, that provides a retention mechanism. This
mechanism will entitle Mr.&nbsp;King to an unreduced pension
benefit if he remains employed by PG&#38;E Corporation or its
subsidiaries until age&nbsp;55. Under the defined benefit
pension plan, employees who are at least 55&nbsp;years old with
a minimum of five&nbsp;years of consecutive service may retire
before age&nbsp;65 with a reduced pension benefit. The
applicable early retirement reduction factors depend on the age
of the retiring employee and years of service. Under the
arrangement approved by the Pacific Gas and Electric Company
Board of Directors, Mr.&nbsp;King&#146;s pension benefit will
not be reduced by the reduction factor that would otherwise
apply if he retires before age&nbsp;65. Assuming that
Mr.&nbsp;King&#146;s salary will increase 4&nbsp;percent
annually and that he will retire at age&nbsp;55, the net present
value of the elimination of the early retirement reduction
factors is $1.5&nbsp;million. Any enhanced pension benefit that
may become payable to Mr.&nbsp;King would be paid from the
PG&#38;E Corporation Supplemental Executive Retirement Plan
(described below under &#147;Retirement Benefits&#148;).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
As part of this arrangement, the independent members of the
Pacific Gas and Electric Company Board of Directors also awarded
Mr.&nbsp;King 25,233.41 restricted phantom stock units with an
aggregate value of $1&nbsp;million, based on the closing stock
price of PG&#38;E Corporation common stock on July&nbsp;12, 2006
(the date of grant) of $39.63, as reported on the New York Stock
Exchange. The restricted phantom stock units will vest five
years after the date of grant, provided that Mr.&nbsp;King is
still an employee of PG&#38;E Corporation or its subsidiaries at
that time. These restricted stock units are included in the
Grants of Plan-Based Awards in 2006 table on page&nbsp;48.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Mr.&nbsp;King&#146;s right to receive the unreduced pension
benefit and the vesting of the restricted phantom stock units
are subject to either partial or full acceleration under certain
circumstances associated with his death, disability, or
termination of employment. Mr.&nbsp;King&#146;s right to the
unreduced pension benefit and the vesting of the restricted
phantom stock units also would accelerate in full upon a Change
in Control of PG&#38;E Corporation (as defined in the LTIP) if
these modifications to Mr.&nbsp;King&#146;s compensation
arrangements are not assumed by the Acquiror (as defined in the
LTIP).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On January&nbsp;3, 2007, Mr.&nbsp;Darbee, Chief Executive
Officer of PG&#38;E Corporation, received a grant of
21,155&nbsp;shares of restricted stock, with a grant date value
of approximately $1&nbsp;million. The grant was approved by the
independent members of the PG&#38;E Corporation Board of
Directors and serves as a retention mechanism for
Mr.&nbsp;Darbee. The restrictions on the restricted shares will
lapse five years after the date of grant, provided that
Mr.&nbsp;Darbee is still employed by PG&#38;E Corporation or any
of its affiliates. Vesting of the restricted shares is subject
to either partial or full acceleration under certain
circumstances associated with Mr.&nbsp;Darbee&#146;s death,
disability, or termination of employment. The vesting of the
restricted shares would accelerate in full upon a Change in
Control of PG&#38;E Corporation (as defined in the LTIP) if this
modification to Mr.&nbsp;Darbee&#146;s compensation arrangements
is not assumed by the Acquiror (as defined in the LTIP). If
Mr.&nbsp;Darbee retires from PG&#38;E Corporation and its
affiliates before the five-year vesting period lapses, a portion
of these restricted shares will vest, in a ratio of the number
of months worked after the grant date divided by 60&nbsp;months
(i.e., the normal vesting period).
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Retirement Benefits</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Pacific Gas and Electric Company provides retirement benefits
under a tax-qualified defined benefit plan to a number of
PG&#38;E Corporation and Pacific Gas and Electric Company
executive officers named in the Summary Compensation Table on
page&nbsp;46, as well as to all other eligible employees. In
addition, PG&#38;E Corporation has adopted a Supplemental
Executive Retirement Plan (SERP), a non-tax-qualified defined
benefit pension plan that provides officers and key employees of
PG&#38;E Corporation and its subsidiaries, including Pacific Gas
and Electric Company, with a pension benefit based on a
combination of base salary and payments under the STIP. PG&#38;E
Corporation also has established a grantor trust to set aside
funds to pay for a portion of the non-qualified benefits payable
to officers. Assets held in the trust are subject to claims of
creditors and, upon the commencement of a bankruptcy case,
become part of the debtor&#146;s estate subject to the
jurisdiction of the bankruptcy court.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In addition, PG&#38;E Corporation provides a matching
contribution to officers who participate in the PG&#38;E
Corporation Retirement Savings Plan (RSP), a qualified
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">42

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
401(k) plan. For all executives and most employees, PG&#38;E
Corporation provides a maximum matching contribution of 75 cents
for each dollar contributed up to 6&nbsp;percent of base salary.
To the extent that matching contributions cannot be made to an
officer&#146;s RSP account because the Internal Revenue Code
limits would be exceeded, PG&#38;E Corporation contributes the
excess amount to the PG&#38;E Corporation Supplemental
Retirement Savings Plan (SRSP).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The majority of companies in the Pay Comparator Group provide
tax-qualified defined benefit plans, other tax-qualified defined
contribution plans (i.e.,&nbsp;401(k) plans), and
non-tax-qualified retirement plans.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In 2003, Mr.&nbsp;Darbee and Mr.&nbsp;King were credited with an
additional five years of service under the SERP. Mr.&nbsp;Darbee
and Mr.&nbsp;King each also are eligible to earn an additional
five years of credited service under the SERP, provided that
they are employed by PG&#38;E Corporation or a subsidiary on
July&nbsp;1, 2008. Mr.&nbsp;King also may qualify for an
unreduced pension benefit at age&nbsp;55, pursuant to a July
2006 arrangement that is more fully described above in the
discussion regarding &#147;Retention Awards.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The value of pension benefits accumulated as of
December&nbsp;31, 2006 for the executive officers named in the
Summary Compensation Table is reported in the table entitled
&#147;Pension Benefits&#148; on pages&nbsp;53 and&nbsp;54.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Compensation Related to Termination of Employment or
Termination of Employment Following a Change in Control or
Potential Change in Control of PG&#38;E Corporation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In February 2006, the PG&#38;E Corporation Board of Directors
amended the Corporation&#146;s plans and policies to ensure that
any compensation related to a change in control is contingent on
a &#147;double trigger,&#148; and is paid only if certain events
occur in addition to the change in control. These changes are
discussed below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The PG&#38;E Corporation Board of Directors has adopted an
Officer Severance Policy to provide certain officers with
severance benefits if their employment is terminated without
cause. The severance benefits are described on pages 57 to 61
under the sections entitled &#147;Potential Payments Upon
Termination Without Cause&#148; and &#147;Potential Payments
Following a Change in Control and Other Triggering Events.&#148;
The purpose of the severance policy is to (1)&nbsp;attract and
retain senior management by defining the terms and conditions
for severance benefits, (2)&nbsp;provide severance benefits that
are part of a competitive total compensation package,
(3)&nbsp;provide consistent treatment for all terminated
officers, and (4)&nbsp;minimize potential litigation costs
associated with officers&#146; termination of employment.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On November&nbsp;13, 2006, PG&#38;E Corporation announced the
departure of Bruce R. Worthington, who had served as Senior Vice
President and General Counsel of PG&#38;E Corporation from 1997
to November&nbsp;10, 2006. Mr.&nbsp;Worthington will receive
severance benefits in accordance with the PG&#38;E Corporation
Officer Severance Policy, contingent upon his execution of a
severance agreement as called for under the Officer Severance
Policy.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If a covered officer is actually or constructively terminated
following a &#147;change in control&#148; or &#147;potential
change in control&#148; of PG&#38;E Corporation, the severance
policy provides covered officers with certain benefits. The
benefits payable under these circumstances are described below
under the section entitled &#147;Potential Payments Following a
Change in Control and Other Triggering Events.&#148; The
PG&#38;E Corporation Board of Directors has determined that the
Officer Severance Policy&#146;s provision of such benefits in
these circumstances is an integral part of PG&#38;E
Corporation&#146;s officer compensation program. 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.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In addition, upon the occurrence of a change in control of
PG&#38;E Corporation, all outstanding stock-based awards granted
before December&nbsp;31, 2006 will accelerate, regardless of
whether an officer has been terminated. For grants made in 2007
and after, acceleration will occur only if either (1)&nbsp;the
successor company fails to continue previously granted awards in
a manner that preserves the value of those awards, or
(2)&nbsp;the award recipient is terminated during a specified
period of time before or after the change in control. The
PG&#38;E Corporation Board of Directors made this change to more
closely align PG&#38;E Corporation&#146;s policies with market
trends and to better balance the interests of award recipients
and shareholders, maintaining security for award recipients in a
time of uncertainty and maintaining an incentive to stay with
PG&#38;E Corporation even following a transaction.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In February 2006, the PG&#38;E Corporation Board of Directors
adopted a policy, the Golden Parachute Restriction Policy
(described below in the section entitled &#147;Potential
Payments Following a Change in Control and Other Triggering
Events&#148;), that requires shareholder approval of executive
severance payments provided in connection with a change in
control of PG&#38;E Corporation, to the extent that those
payments exceed 2.99 times the sum of a covered officer&#146;s
base
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">43

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
salary and target annual bonus. This policy responds to a
shareholder proposal that was approved by shareholders at
PG&#38;E Corporation&#146;s 2005 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In addition, in February 2006, the PG&#38;E Corporation Board of
Directors amended the definition of &#147;change in
control&#148; to narrow the circumstances under which a change
in control would be deemed to have occurred. Before these
amendments were made, the definition of &#147;change in
control&#148; included shareholder approval of certain
consolidation or merger transactions. The amendments provide
that a &#147;change in control&#148; occurs upon the
consummation of a transaction following shareholder approval,
rather than upon shareholder approval alone. The Board of
Directors made this change to more closely align PG&#38;E
Corporation&#146;s policies with those of the companies in the
Pay Comparator Group. In addition, the amendment addresses an
issue raised in a shareholder proposal that was approved by
shareholders at PG&#38;E Corporation&#146;s 2005 annual meeting.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Conclusion</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The amount of executive compensation provided by PG&#38;E
Corporation and Pacific Gas and Electric Company reflects the
Committee&#146;s compensation objectives and policies to
(1)&nbsp;provide long-term incentives to align
shareholders&#146; and officers&#146; interests and enhance
total return for shareholders, (2)&nbsp;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, and (3)&nbsp;compensate
officers in a cost-efficient and transparent manner.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">44

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='110'></A>
</DIV>

<!-- link1 "Compensation Committee Report" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Compensation Committee Report
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Nominating, Compensation, and Governance Committee of
PG&#38;E Corporation is comprised of independent directors and
operates under a written charter adopted by the PG&#38;E
Corporation Board of Directors. The Nominating, Compensation,
and Governance Committee is responsible for overseeing and
establishing officer compensation policies for PG&#38;E
Corporation and its subsidiaries, including Pacific Gas and
Electric Company.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Nominating, Compensation, and Governance Committee has
reviewed and discussed the section of this Joint Proxy Statement
entitled &#147;Compensation Discussion and Analysis&#148; with
management. Based on its review and discussion with management,
the Nominating, Compensation, and Governance Committee has
recommended to the Boards of Directors of PG&#38;E Corporation
and Pacific Gas and Electric Company that the &#147;Compensation
Discussion and Analysis&#148; section be included in this Joint
Proxy Statement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
March&nbsp;13, 2007
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
C. Lee Cox, Chair
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
David A. Coulter
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Barbara L. Rambo
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Barry Lawson Williams
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='111'></A>
</DIV>

<!-- link1 "Executive Officer Compensation Information" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Executive Officer Compensation Information
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Summary Compensation Table&nbsp;&#151; 2006</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table summarizes the principal components of
compensation paid or granted during 2006, or the compensation
cost of equity-based grants for 2006, to the Chief Executive
Officers and the Chief Financial Officer of PG&#38;E Corporation
and Pacific Gas and Electric Company, and certain other officers
of those entities, including the next three most highly
compensated executive officers during the past year.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.5pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="19%">&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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Change in</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: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pension</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: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Non-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value and</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: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Equity</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Nonqualified</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: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Incentive</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deferred</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Plan</B></TD><TD></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>Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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>Awards</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>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Earnings</B></TD><TD></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>Total</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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>($)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<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>($)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<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>($)<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></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>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>975,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,666,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>604,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,485,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,028,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>230,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,990,058</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">
    Christopher P.
    Johns<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>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>494,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>931,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>221,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>414,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>157,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>94,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,313,911</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">
    Leslie H. Everett
    <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>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>290,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>762,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>220,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>332,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,740,468</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">
    Kent M.
    Harvey<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>352,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>565,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>182,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>268,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>116,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>44,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,529,620</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<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>489,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,793,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>374,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>410,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>518,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>65,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,651,314</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<SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>615,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,590,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>395,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>702,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>855,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>69,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,228,109</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 E. Bottorff
    <SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>282,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>557,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>134,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>215,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>204,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>46,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,439,849</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%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    (1)</TD>
    <TD></TD>
    <TD valign="top">
    Includes 2006 base salary deferred at the election of the
    officer (Mr. Johns $163,020, Ms.&nbsp;Everett $81,200, and
    Mr.&nbsp;Worthington $244,625).</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (2)</TD>
    <TD></TD>
    <TD valign="top">
    Represents the 2006 compensation cost of restricted stock,
    performance shares, common stock equivalents called Special
    Incentive Stock Ownership Premiums (SISOPs), and a retention
    award in the form of restricted phantom stock units, granted in
    2006 and prior years, measured in accordance with
    SFAS&nbsp;No.&nbsp;123R, without taking into account an estimate
    of forfeitures related to service-based vesting.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (3)</TD>
    <TD></TD>
    <TD valign="top">
    Represents the 2006 compensation cost of stock options granted
    in prior years, measured in accordance with
    SFAS&nbsp;No.&nbsp;123R without taking into account an estimate
    of forfeitures related to service-based vesting. Assumptions
    used in determining the grant date fair value are set forth in
    the Stock Options section of Note&nbsp;14 to the Consolidated
    Financial Statements in the 2005 and 2006 Annual Reports to
    Shareholders of PG&#38;E Corporation and Pacific Gas and
    Electric Company.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (4)</TD>
    <TD></TD>
    <TD valign="top">
    Amounts represent payments received or deferred in 2007 for
    achievement of corporate or organizational objectives in 2006
    under the Short-Term Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (5)</TD>
    <TD></TD>
    <TD valign="top">
    Amounts consist of (i)&nbsp;the change in pension value during
    2006 (Mr. Darbee $1,023,619, Mr.&nbsp;Johns $157,918,
    Ms.&nbsp;Everett $330,681, Mr.&nbsp;Harvey $116,623,
    Mr.&nbsp;Worthington $502,001, Mr.&nbsp;King $853,356, and
    Mr.&nbsp;Bottorff $204,139), and (ii)&nbsp;the above-market
    earnings on deferred compensation (Mr.&nbsp;Darbee $4,821,
    Mr.&nbsp;Johns $67, Ms.&nbsp;Everett $1,459, Mr.&nbsp;Harvey
    $90, Mr.&nbsp;Worthington $16,881, Mr.&nbsp;King $1,729, and
    Mr.&nbsp;Bottorff $63). The above-market earnings are calculated
    as the difference between actual earnings from the Utility Bond
    Fund investment option of the Supplemental Retirement Savings
    Plan and hypothetical earnings that would have resulted using an
    interest rate equal to 120% of the applicable federal rate.
    Earnings for the Utility Bond Fund are based on Moody&#146;s
    Investors Service&#146;s long-term Aa bond rate for utilities.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (6)</TD>
    <TD></TD>
    <TD valign="top">
    Amounts consist of (i)&nbsp;perquisites and personal benefits,
    as detailed below (Mr.&nbsp;Darbee $181,494, Mr.&nbsp;Johns
    $40,405, Ms.&nbsp;Everett $20,000, Mr.&nbsp;Harvey $23,613,
    Mr.&nbsp;Worthington $39,488, Mr.&nbsp;King $41,790, and
    Mr.&nbsp;Bottorff $24,943, (ii)&nbsp;tax reimbursement payments
    (Mr.&nbsp;Darbee $4,868, Mr.&nbsp;Johns $3,504, Mr.&nbsp;Harvey
    $994, and Mr.&nbsp;Worthington $3,504), (iii)&nbsp;sale of
    vacation (Mr.&nbsp;Johns $28,499, Mr.&nbsp;Harvey $20,312, and
    Mr.&nbsp;Bottorff $8,451), and (iv)&nbsp;contributions to
    defined contribution retirement plans (Mr. Darbee $43,875,
    Mr.&nbsp;Johns $22,230, Ms.&nbsp;Everett $13,050,
    Mr.&nbsp;Worthington $22,016, Mr.&nbsp;King $27,675, and
    Mr.&nbsp;Bottorff $12,712).</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (7)</TD>
    <TD></TD>
    <TD valign="top">
    During 2006, Mr.&nbsp;Darbee served as Chairman of the Board,
    Chief Executive Officer, and President of PG&#38;E Corporation
    and Chairman of the Board of Pacific Gas and Electric Company.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 12.0pt;color: #000000; background: #ffffff;">
<B>Summary Compensation Table&nbsp;&#151; 2006</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<I>Continued</I>
</DIV>

<DIV style="margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    (8)</TD>
    <TD></TD>
    <TD valign="top">
    During 2006, Mr.&nbsp;Johns served as Senior Vice President,
    Chief Financial Officer, and Treasurer of PG&#38;E Corporation
    and Pacific Gas and Electric Company.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (9)</TD>
    <TD></TD>
    <TD valign="top">
    During 2006, Ms.&nbsp;Everett served as Senior Vice President,
    Communications and Public Affairs of PG&#38;E Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (10)</TD>
    <TD></TD>
    <TD valign="top">
    During 2006, Mr.&nbsp;Harvey served as Senior Vice President and
    Chief Risk and Audit Officer of PG&#38;E Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (11)</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Worthington served as Senior Vice President and General
    Counsel of PG&#38;E Corporation through November&nbsp;10, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (12)</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;King served as Senior Vice President of PG&#38;E
    Corporation and President and Chief Executive Officer of Pacific
    Gas and Electric Company through August&nbsp;14, 2006, and as
    Senior Vice President of PG&#38;E Corporation and Chief
    Executive Officer of Pacific Gas and Electric Company thereafter.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    (13)</TD>
    <TD></TD>
    <TD valign="top">
    During 2006, Mr.&nbsp;Bottorff served as Senior Vice President,
    Regulatory Relations of Pacific Gas and Electric Company.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following chart provides additional information regarding
perquisites that are included in the Summary Compensation Table.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 7.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Transpor-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Life</B></TD><TD></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>Execu-</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: 7.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Perquisite</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>tation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Insur-</B></TD><TD></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>tive</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Financial</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allowance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Services</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>ance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Parking</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fitness</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Health</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Services</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">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>127,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,750</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">$</TD>
    <TD align="right" valign="bottom" nowrap>4,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>181,494</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,750</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">$</TD>
    <TD align="right" valign="bottom" nowrap>4,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>40,405</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,070</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">$</TD>
    <TD align="right" valign="bottom" nowrap>1,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,613</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,750</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">$</TD>
    <TD align="right" valign="bottom" nowrap>2,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>39,488</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,790</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>24,943</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The above perquisites consist of the following:
</DIV>

<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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    A <FONT style="white-space: nowrap">lump-sum</FONT> perquisite
    allowance.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Transportation services for Mr.&nbsp;Darbee, consisting of car
    transportation for Mr.&nbsp;Darbee&#146;s commute and
    non-business travel. Amounts include the pro-rated salary and
    burden of the driver and vehicle costs.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The cost of life insurance coverage exceeding amounts available
    to all employees (i.e., $50,000).</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The cost of parking.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The value of reimbursements for health club fees, pursuant to a
    program available to certain management employees.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The cost of executive health services provided to executive
    officers. Amounts vary between officers, reflecting the
    decisions of each individual officer regarding the specific
    types of tests and consultations provided, and the exact value
    of reimbursed expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Fees paid for financial services provided by an independent
    contractor selected by PG&#38;E Corporation to provide such
    services.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Please see the Compensation Discussion and Analysis Section on
pages&nbsp;37 to 44 of this Joint Proxy Statement for additional
information regarding the elements of compensation discussed
above, including salary,
<FONT style="white-space: nowrap">short-term</FONT> incentives,
and long <FONT style="white-space: nowrap">term-</FONT>
incentives. Additional information regarding grants of LTIP
awards can be found following the table entitled &#147;Grants of
Plan-Based Awards in 2006.&#148;
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Grants of Plan-Based Awards in 2006</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table provides information regarding incentive awards
and other stock-based awards granted during 2006 to individuals
named in the Summary Compensation Table. The compensation cost
from 2006 of these awards also is reflected in the Summary
Compensation Table.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="18%">&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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="3">&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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="3">&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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="3">&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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards</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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Estimated Future Payouts Under Non-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Estimated Future Payouts Under</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Grant Date</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Equity Incentive Plan Awards<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Equity Incentive Plan Awards<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>of Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fair Value of</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committee</B></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="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock and</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Grant</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Action</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>
    <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>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>or Units</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Option</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Date</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Date</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</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>(#)</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>(#)</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>Awards</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </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">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>975,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,950,000</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/21/05</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>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97,410</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">$</TD>
    <TD align="right" valign="bottom" nowrap>1,824,976</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>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/21/05</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>48,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,824,976</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </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">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>271,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>543,400</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/21/05</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>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,040</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">$</TD>
    <TD align="right" valign="bottom" nowrap>469,124</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>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/21/05</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>12,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>469,124</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </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">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>145,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>290,000</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/21/05</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>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,130</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">$</TD>
    <TD align="right" valign="bottom" nowrap>208,521</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>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/21/05</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>5,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>208,521</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>1/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></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><B>695</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>26,053</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>K. M Harvey</B></DIV>
    </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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>176,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>352,085</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>5,565</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>11,130</B></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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>208,521</B></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><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>5,565</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>208,521</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>B. R. Worthington</B></DIV>
    </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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>269,088</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>538,176</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>11,130</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>22,260</B></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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>417,041</B></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><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>11,130</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>417,041</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>T. B. King</B></DIV>
    </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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>461,250</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>922,500</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>20,175</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>40,350</B></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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>755,957</B></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><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>20,175</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>755,957</B></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><B>7/12/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>7/12/06</B></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><B>25,233</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>1,000,000</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>T. E. Bottorff</B></DIV>
    </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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>141,250</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>282,500</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>5,910</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>11,820</B></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"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>221,448</B></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><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>12/21/05</B></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><B>5,910</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>221,448</B></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><B>1/3/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></B></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><B>3,026</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>113,400</B></TD>
    <TD>&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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Compensation opportunity granted for 2006 under the Short-Term
    Incentive Plan (STIP). Actual amounts earned are reported in the
    Summary Compensation Table in the &#147;Non-Equity Incentive
    Plan Compensation&#148; column.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Represents performance shares granted under the PG&#38;E
    Corporation 2006 Long-Term Incentive Plan (LTIP).</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Represents shares of restricted stock granted under the LTIP. In
    addition, Mr.&nbsp;King received a retention award in the form
    of a grant of 25,233 restricted phantom stock units.
    Ms.&nbsp;Everett received 695 common stock equivalents called
    Special Incentive Stock Ownership Premiums (SISOPs) and
    Mr.&nbsp;Bottorff received 3,026 SISOPs.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Award of SISOPs under the Executive Stock Ownership Program. No
    specific action is required by the PG&#38;E Corporation
    Nominating, Compensation, and Governance Committee, or by the
    PG&#38;E Corporation or Pacific Gas and Electric Company Board
    of Directors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Information regarding specific grants is provided below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>STIP Awards.</I> Information regarding the terms and basis of
STIP awards can be found in the Compensation Discussion and
Analysis section on pages&nbsp;37 to 44 of this Joint Proxy
Statement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Restricted Stock Grants.</I> Shares of restricted stock carry
the same dividend rights as shares of PG&#38;E Corporation
common stock. Shares of restricted stock granted in 2006 will
vest in 20&nbsp;percent increments over three years, with an
acceleration of the remaining 40&nbsp;percent on the third
anniversary of the date of grant if PG&#38;E Corporation&#146;s
total shareholder return (TSR)&nbsp;for the prior three-year
period is in the top quartile relative to the Performance
Comparator Group. If PG&#38;E Corporation&#146;s TSR for that
period is not in the top quartile, the restrictions will
continue, and the remaining 40&nbsp;percent of the restricted
stock will vest on the fifth anniversary of the date of grant.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Performance Shares.</I> The Committee determined that
performance shares granted in 2006 will vest at the end of a
three-year period, depending on PG&#38;E Corporation&#146;s TSR
relative to the Performance Comparator Group for the period. The
payment for performance shares will be in cash and will be
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
calculated by multiplying (1)&nbsp;the number of vested
performance shares (2)&nbsp;the average closing price of
PG&#38;E Corporation common stock over the last 30 calendar days
of the year preceding the vesting date, and (3)&nbsp;a payout
factor based on corporate performance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
There will be no payout for TSR performance below the
25th&nbsp;percentile of the Performance Comparator Group; there
will be a 25&nbsp;percent payout if TSR is at the
25th&nbsp;percentile; there will be a 100&nbsp;percent payout if
TSR is at the 75th&nbsp;percentile; and there will be a
200&nbsp;percent payout if PG&#38;E Corporation&#146;s TSR ranks
first in the Performance Comparator Group. If PG&#38;E
Corporation&#146;s TSR is between the 25th&nbsp;percentile and
the 75th&nbsp;percentile, or above the 75th&nbsp;percentile,
award payouts will be determined by straight-line interpolation,
adjusted to round numbers (i.e., the nearest multiple of five).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each time that 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. 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.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>SISOPs</I>&nbsp;&#151; As part of the Executive Stock
Ownership Program, eligible officers may receive Special
Incentive Stock Ownership Premiums (SISOPs) that are designed to
encourage new participants to meet certain stock ownership
milestones. Upon grant, SISOPs are automatically deferred to the
recipient&#146;s account in the PG&#38;E Corporation
Supplemental Retirement Savings Plan (SRSP), a deferred
compensation plan, and are converted to units in the PG&#38;E
Corporation Phantom Stock Fund under the SRSP. The units vest in
full on the third anniversary of the date of grant, and are
subject to forfeiture if the participant fails to maintain the
applicable stock ownership target. Upon retirement or
termination, the vested units are distributed in the form of an
equivalent number of shares of PG&#38;E Corporation common
stock. Dividends are converted into additional units of phantom
stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Retention Award.</I> During 2006, Mr.&nbsp;King was awarded
25,233.41 restricted phantom stock units in the PG&#38;E
Corporation Phantom Stock Fund under the SRSP. The restricted
phantom stock units will vest five years after the date of
grant, provided that Mr.&nbsp;King is still an employee of
PG&#38;E Corporation or its subsidiaries at that time. Upon
retirement or termination, the vested units will be distributed
in cash. Dividends are converted into additional units of
phantom stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For more information regarding the terms of plan-based awards,
please see the discussion in the Compensation Discussion and
Analysis section on pages 37 to 44 of this Joint Proxy Statement.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Outstanding Equity Awards at Fiscal Year-End&nbsp;&#151;
2006</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table provides additional information regarding stock
options, restricted stock, performance shares, and other
equity-based awards that were held as of December&nbsp;31, 2006
by the individuals named in the Summary Compensation Table,
including awards granted prior to 2006. Any awards described
below that were granted in 2006 are also reflected in the Grants
of Plan-Based Awards in 2006 table.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>Option Awards</B></TD><TD></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>Stock Awards</B></TD><TD></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 style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Equity</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Equity</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Incentive Plan</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Incentive Plan</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards:</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards:</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Market or</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Market</B></TD><TD></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>Payout Value</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unearned</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Unearned</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares, Units</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares, Units</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Units of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Units of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>or Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>or Other</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock That</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock That</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Rights That</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Rights That</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Option</B></TD><TD></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Have Not</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Have Not</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Have Not</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Have Not</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiration</B></TD><TD></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Vested</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Vested</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Vested</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Vested</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Unexercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Date</B></TD><TD></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<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>($) <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,325</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>83,625</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,957,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>89,766</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,387,397</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,600</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81,525</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/4/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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="18" style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD colspan="16">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4,500</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">$</TD>
    <TD align="right" valign="bottom" nowrap>21.125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/07</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,561</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,304,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,278</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,539,160</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>29,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,925</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>16,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,800</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,800</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/4/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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="18" style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD colspan="16">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,425</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,534</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(15)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>593,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,248</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(16)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,234,982</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,874</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(17)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,724</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(18)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>8/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,050</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(19)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/4/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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="18" style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD colspan="16">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,175</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(20)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,507</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(21)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>733,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,567</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(22)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,524,121</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,274</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(23)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,837</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(24)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/4/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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="18" style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD colspan="16">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,825</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(25)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31,314</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(26)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,482,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,276</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(27)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,158,615</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30,250</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(28)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>9,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,325</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(29)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/4/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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="18" style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD colspan="16">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>50,000</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">$</TD>
    <TD align="right" valign="bottom" nowrap>32.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12/17/08</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67,129</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(30)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,177,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,501</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(31)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,221,173</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>100,000</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">$</TD>
    <TD align="right" valign="bottom" nowrap>30.9375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/5/09</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,825</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(32)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30,250</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(33)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,324</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(34)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>8/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,587</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(35)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/4/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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="18" style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD colspan="16">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,800</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(36)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/3/13</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,417</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(37)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>777,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,371</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(38)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,330,967</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,400</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(39)</SUP></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>1/3/14</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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>&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,050</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(40)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1/14/15</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes restricted stock and stock-based awards such as
    restricted stock units and phantom stock awards granted under
    the PG&#38;E Corporation 2006 Long-Term Incentive Plan (LTIP)
    and its predecessor (the PG&#38;E Corporation Long-Term
    Incentive Program), common stock equivalents called Special
    Incentive Stock Ownership Premiums (SISOPs) that were granted
    under the Executive Stock Ownership Program, and individual
    retention and incentive awards. See the Compensation Discussion
    and Analysis section on pages&nbsp;37 to&nbsp;44 of this Joint
    Proxy Statement for additional details regarding grants in 2006.</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Value based on the December&nbsp;29, 2006 closing price of
    PG&#38;E Corporation common stock ($47.33). Consistent with
    Securities and Exchange Commission rules, performance shares are
    valued at the maximum payout because PG&#38;E Corporation
    exceeded its target performance measure in the previous year.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Includes performance shares and restricted stock with a
    performance requirement granted under the LTIP and its
    predecessor. See the Compensation Discussion and Analysis
    section on pages&nbsp;37 to&nbsp;44 of this Joint Proxy
    Statement for additional details regarding grants in 2006.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">50
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    25,325 stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    Restrictions on 28,711&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 19,426&nbsp;shares will
    lapse January&nbsp;2, 2008, and on 16,006&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    19,482&nbsp;shares will lapse January&nbsp;4, 2011 but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Restrictions on 2,321&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 13,680 performance shares vested on
    January&nbsp;3, 2007 (10,944 actually paid out following
    application of the performance-based payout factor). 25,060
    performance shares are scheduled to vest January&nbsp;2, 2008
    and 48,705 performance shares are scheduled to vest
    January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    16,800 stock options vested on January&nbsp;2, 2007 and 16,800
    stock options vest January&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    27,175 stock options vested on January&nbsp;3, 2007,
    27,175&nbsp;stock options vest January&nbsp;3, 2008, and 27,175
    stock options vest January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(9)&nbsp;</TD>
    <TD align="left">
    Restrictions on 9,602&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 5,966&nbsp;shares will
    lapse January&nbsp;2, 2008, and on 4,256&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    5,008&nbsp;shares will lapse January&nbsp;4, 2011, but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group. 75&nbsp;SISOPs vested January&nbsp;2, 2007. 2,654 SISOPs
    will vest January&nbsp;3, 2008.</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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(10)&nbsp;</TD>
    <TD align="left">
    Restrictions on 908&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 6,840 performance shares vested on
    January&nbsp;3, 2007 (5,472 actually paid out following
    application of the performance-based payout factor).
    7,010&nbsp;performance shares are scheduled to vest
    January&nbsp;2, 2008 and 12,520 performance shares are scheduled
    to vest January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(11)&nbsp;</TD>
    <TD align="left">
    9,925 stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(12)&nbsp;</TD>
    <TD align="left">
    8,400 stock options vested on January&nbsp;2, 2007, and 8,400
    stock options vest January&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(13)&nbsp;</TD>
    <TD align="left">
    7,600 stock options vested on January&nbsp;3, 2007, 7,600 stock
    options vest January&nbsp;3, 2008, and 7,600 stock options vest
    January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(14)&nbsp;</TD>
    <TD align="left">
    4,425 stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(15)&nbsp;</TD>
    <TD align="left">
    Restrictions on 4,548&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 2,932&nbsp;shares will
    lapse January&nbsp;2, 2008, and on 2,115&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    2,226&nbsp;shares will lapse January&nbsp;4, 2011, but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group. 713 SISOPs will vest January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(16)&nbsp;</TD>
    <TD align="left">
    Restrictions on 403&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 3,270 performance shares vested on
    January&nbsp;3, 2007 (2,616 actually paid out following
    application of the performance-based payout factor).
    4,010&nbsp;performance shares are scheduled to vest
    January&nbsp;2, 2008 and 5,565 performance shares are scheduled
    to vest January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(17)&nbsp;</TD>
    <TD align="left">
    2,937 stock options vested on January&nbsp;2, 2007 and 2,937
    stock options vest January&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(18)&nbsp;</TD>
    <TD align="left">
    862 stock options vest August&nbsp;2, 2007 and 862 stock options
    vest August&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(19)&nbsp;</TD>
    <TD align="left">
    4,350 stock options vested on January&nbsp;3, 2007, 4,350 stock
    options vest January&nbsp;3, 2008, and 4,350 stock options vest
    January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(20)&nbsp;</TD>
    <TD align="left">
    10,175 stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(21)&nbsp;</TD>
    <TD align="left">
    Restrictions on 7,360&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 3,630&nbsp;shares will
    lapse January&nbsp;2, 2008, and 2,178&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    2,226&nbsp;shares will lapse January&nbsp;4, 2011, but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group. Of 113&nbsp;SISOPs scheduled to vest January&nbsp;2,
    2007, 68 vested.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(22)&nbsp;</TD>
    <TD align="left">
    Restrictions on 932&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 5,810 performance shares vested on
    January&nbsp;3, 2007 (4,648 actually paid out following
    application of the performance-based payout factor).
    4,260&nbsp;performance shares are scheduled to vest
    January&nbsp;2, 2008 and 5,565&nbsp;performance shares are
    scheduled to vest January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(23)&nbsp;</TD>
    <TD align="left">
    7,137&nbsp;stock options vested on January&nbsp;2, 2007 and
    7,137&nbsp;stock options vest January&nbsp;2, 2008.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">51

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

<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: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(24)&nbsp;</TD>
    <TD align="left">
    4,613&nbsp;stock options vested on January&nbsp;3, 2007,
    4,612&nbsp;stock options vest January&nbsp;3, 2008, and
    4,612&nbsp;stock options vest January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(25)&nbsp;</TD>
    <TD align="left">
    19,825&nbsp;stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(26)&nbsp;</TD>
    <TD align="left">
    Restrictions on 14,823&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 7,558&nbsp;shares will
    lapse January&nbsp;2, 2008, and on 4,481&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    4,452&nbsp;shares will lapse January&nbsp;4, 2011, but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(27)&nbsp;</TD>
    <TD align="left">
    Restrictions on 1,816&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 12,310 performance shares vested on
    January&nbsp;3, 2007 (9,848 actually paid out following
    application of the performance-based payout factor).
    9,020&nbsp;performance shares are scheduled to vest
    January&nbsp;2, 2008 and 11,130&nbsp;performance shares are
    scheduled to vest January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(28)&nbsp;</TD>
    <TD align="left">
    15,125 stock options vested on January&nbsp;2, 2007, and
    15,125&nbsp;stock options vest January&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(29)&nbsp;</TD>
    <TD align="left">
    9,775 stock options vested on January&nbsp;3, 2007,
    9,775&nbsp;stock options vest January&nbsp;3, 2008, and
    9,775&nbsp;stock options vest January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(30)&nbsp;</TD>
    <TD align="left">
    Restrictions on 17,177&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 9,912&nbsp;shares will
    lapse January&nbsp;2, 2008, and on 6,540&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    8,070&nbsp;shares will lapse January&nbsp;4, 2011, but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group. 25,430 restricted phantom stock units will vest
    May&nbsp;12, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(31)&nbsp;</TD>
    <TD align="left">
    Restrictions on 1,816&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 13,490 performance shares vested on
    January&nbsp;3, 2007 (10,792 actually paid out following
    application of the performance-based payout factor).
    10,020&nbsp;performance shares are scheduled to vest
    January&nbsp;2, 2008 and 20,175&nbsp;performance shares are
    scheduled to vest January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(32)&nbsp;</TD>
    <TD align="left">
    19,825 stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(33)&nbsp;</TD>
    <TD align="left">
    15,125 stock options vested on January&nbsp;2, 2007 and
    15,125&nbsp;stock options vest January&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(34)&nbsp;</TD>
    <TD align="left">
    1,162 stock options vested on August&nbsp;2, 2007 and
    1,162&nbsp;stock options vest August&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(35)&nbsp;</TD>
    <TD align="left">
    10,863 stock options vested on January&nbsp;3, 2007,
    10,862&nbsp;stock options vest January&nbsp;3, 2008, and 10,862
    stock options vest January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(36)&nbsp;</TD>
    <TD align="left">
    6,800 stock options vested on January&nbsp;2, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(37)&nbsp;</TD>
    <TD align="left">
    Restrictions on 5,627&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. Restrictions on 3,141&nbsp;shares will
    lapse January&nbsp;2, 2008, and on 2,184&nbsp;shares
    January&nbsp;2, 2009. Restrictions on an additional
    2,364&nbsp;shares will lapse January&nbsp;4, 2011, but may lapse
    earlier, on January&nbsp;2, 2009, if PG&#38;E Corporation&#146;s
    three-year total shareholder return for the period ending
    December&nbsp;31, 2008 is in the top quartile of the comparator
    group. 3,101&nbsp;SISOPs will vest January&nbsp;3, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(38)&nbsp;</TD>
    <TD align="left">
    Restrictions on 621&nbsp;shares of restricted stock lapsed
    January&nbsp;3, 2007. 3,830 performance shares vested on
    January&nbsp;3, 2007 (3,064 actually paid out following
    application of the performance-based payout factor).
    4,010&nbsp;performance shares are scheduled to vest
    January&nbsp;2, 2008 and 5,910&nbsp;performance shares are
    scheduled to vest January&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(39)&nbsp;</TD>
    <TD align="left">
    4,700 stock options vested on January&nbsp;2, 2007 and
    4,700&nbsp;stock options vest January&nbsp;2, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(40)&nbsp;</TD>
    <TD align="left">
    4,350 stock options vested on January&nbsp;3, 2007,
    4,350&nbsp;stock options vest January&nbsp;3, 2008, and 4,350
    stock options vest January&nbsp;3, 2009.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The table includes stock options that were issued to executive
officers in previous years. No options have been awarded to
executive officers since 2005. The options listed above were
granted to the named executive officers under the PG&#38;E
Corporation Long-Term Incentive Program, which was the
predecessor to the currently effective PG&#38;E Corporation 2006
Long-Term Incentive Plan. Stock options issued in and after
January 2003 are exercisable on a cumulative basis at the rate
of one-fourth each year, commencing one year from the date of
grant. Stock options issued before January 2003 are exercisable
on a cumulative basis at the rate of one-third each year,
commencing two years from the date of grant. All options expire
10&nbsp;years and one day after the date of grant. The option
exercise price was set as the closing price of a share of
PG&#38;E Corporation common stock on the date of grant, as
reported on the New York Stock Exchange.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">52

<!-- 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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Option Exercises and Stock Vested During 2006</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table provides additional information regarding the
amounts received during 2006 by individuals named in the Summary
Compensation Table upon exercise, vesting, or transfer of stock
options, restricted stock, and other stock-based awards.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Option Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Stock Awards</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="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Acquired on</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value Realized on</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Acquired on Vesting</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value Realized on</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise ($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Vesting ($)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,016,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>698,616</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>889,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>363,501</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>174,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>127,420</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>341,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>380,188</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>202,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,845,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>464,456</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,509,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>484,576</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>272,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>165,223</TD>
    <TD>&nbsp;</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Reflects both restricted stock and common stock equivalents
    called Special Incentive Stock Ownership Premiums (SISOPs) that
    were granted under the Executive Stock Ownership Program and
    that vested on January&nbsp;2, 2006. For Mr.&nbsp;Johns, stock
    awards include 2,721 SISOPs and the value realized on vesting
    was $100,995. For Mr.&nbsp;Harvey, stock awards include 4,014
    SISOPs and the value realized on vesting was $148,985. Receipt
    has been deferred until the seventh month following the
    termination of Mr.&nbsp;John&#146;s and Mr.&nbsp;Harvey&#146;s
    employment.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Pension Benefits&nbsp;&#151; 2006</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table provides information for each individual named in
the Summary Compensation Table relating to accumulated benefits
as of December&nbsp;31, 2006 under any plan that provides for
payments or other benefits at, after, or relating to
retirement.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>Present Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payments</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Years Credited</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>During Last</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Plan Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Service (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Benefits ($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fiscal Year ($)</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.5</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,500,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Pacific Gas and Electric Company Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>480,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>170,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Pacific Gas and Electric Company Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,552,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>749,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Pacific Gas and Electric Company Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,030,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>648,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Pacific Gas and Electric Company Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,614,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,554,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">53

<!-- 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: 12.0pt;color: #000000; background: #ffffff;">
<B>Pension Benefits&nbsp;&#151; 2006</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<I>Continued</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>Present Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payments</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Years Credited</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>During Last</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Plan Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Service (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Benefits ($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fiscal Year ($)</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Pacific Gas and Electric Company Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>175,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.5</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,511,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Pacific Gas and Electric Company Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,289,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    PG&#38;E Corporation Supplemental Executive Retirement Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>358,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Effective July&nbsp;1, 2003, Mr.&nbsp;Darbee became a
    participant in the Supplemental Executive Retirement Plan
    (SERP)&nbsp;with five years of credited service.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Effective July&nbsp;1, 2003, Mr.&nbsp;King became a participant
    in the SERP with five years of credited service.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Assumptions used in calculating the present value of accumulated
pension benefits are the same as were used in preparing the
PG&#38;E Corporation and Pacific Gas and Electric Company 2006
financial statements. Assumptions are set forth in the Annual
Report to Shareholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Pension benefits are provided to executive officers under two
plans. Pacific Gas and Electric Company provides retirement
benefits to all of its employees, including its officers, under
a tax-qualified defined benefit pension plan, the <I>Pacific Gas
and Electric Company Retirement Plan (Retirement Plan).</I> The
Retirement Plan also covers a significant number of PG&#38;E
Corporation&#146;s employees and officers. A participant may
begin receiving pension benefits at age&nbsp;55, but benefits
will be reduced unless the individual has at least 35&nbsp;years
of service. At age&nbsp;65, a participant becomes eligible for
an unreduced pension, irrespective of the years of service.
Between age&nbsp;55 and age&nbsp;65, any pension benefit may be
reduced based on the number of years of service, and in
accordance with pre-set charts set forth in the Retirement Plan.
The benefit formula is 1.7&nbsp;percent of the average annual
salary for the last 36&nbsp;months of service multiplied by
years of credited service. Payments are in the form of a single
life annuity or, at the election of the participant, a joint
spousal annuity.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PG&#38;E Corporation has also adopted a non-tax qualified
defined benefit pension plan that provides benefits to officers
and key employees. The benefit formula for the <I>PG&#38;E
Corporation Supplemental Executive Retirement Plan (SERP) </I>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. The benefit payable from the SERP is reduced by any
benefit payable from the Retirement Plan. Payments are in the
form of a single life annuity or, at the election of the
officer, a joint spousal annuity. Normal retirement age is 65.
Benefits may begin earlier, subject to reduction depending on
years of credited service. Mr.&nbsp;Darbee and Mr.&nbsp;King
will each earn an additional five years of credited service
under the SERP, provided that they are employed by PG&#38;E
Corporation or a subsidiary on July&nbsp;1, 2008. If
Mr.&nbsp;King remains employed by PG&#38;E Corporation or a
subsidiary until age&nbsp;55, any early retirement reduction
factors will be eliminated.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">54

<!-- 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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Non-Qualified Deferred Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table provides information for 2006 for each individual
named in the Summary Compensation Table regarding such
individuals&#146; accounts in non-qualified defined contribution
plans and other deferred compensation plans as of
December&nbsp;31, 2006.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <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>Registrant</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Contributions in</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Contributions in</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Aggregate Earnings</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Withdrawals/</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Aggregate Balance</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Last FY</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Last FY</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>in Last FY</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Distribution</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>at Last FYE</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></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>($)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</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>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </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>31,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>326,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>2,382,946</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>454,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>336,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>1,915,542</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>290,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>288,545</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>148,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>268,203</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>650,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>214,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>2,764,404</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </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>16,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>127,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>713,600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </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>2,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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>16,456</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes the following amounts which were reported as
    compensation in the Summary Compensation Table: Mr.&nbsp;Johns
    $163,020, Ms.&nbsp;Everett $101,200, and Mr.&nbsp;Worthington
    $269,625.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Represents amounts earned in 2005 and credited to the
    officer&#146;s deferred compensation account on the first
    business day of 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Represents earnings from the Supplemental Retirement Savings
    Plan (SRSP). Includes the following amounts which were reported
    as compensation in the Summary Compensation Table:
    Mr.&nbsp;Darbee $4,821, Mr.&nbsp;Johns $67, Ms.&nbsp;Everett
    $1,459, Mr.&nbsp;Harvey $90, Mr.&nbsp;Worthington $16,881,
    Mr.&nbsp;King $1,729, and Mr.&nbsp;Bottorff $63.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Includes the following amounts which were reported as
    compensation in the Summary Compensation Table for 2006 and
    prior years: Mr.&nbsp;Darbee $1,704,356, Mr.&nbsp;Johns
    $979,399, Ms.&nbsp;Everett $102,659, Mr.&nbsp;Harvey $5,430,
    Mr.&nbsp;Worthington $1,885,559, and Mr.&nbsp;King $432,797.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The table presents balances from both the PG&#38;E Corporation
Supplemental Retirement Savings Plan, for deferrals made prior
to January&nbsp;1, 2005, and the 2005 PG&#38;E Corporation
Supplemental Retirement Savings Plan, for deferrals made on and
after January&nbsp;1, 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
To the extent that matching contributions to a 401(k) plan
cannot be made to an officer&#146;s Retirement Savings Plan
account because the Internal Revenue Code limits would be
exceeded, PG&#38;E Corporation contributes the excess amount to
the PG&#38;E Corporation Supplemental Retirement Savings Plan
(SRSP). Under the SRSP, officers may defer 5&nbsp;percent to
50&nbsp;percent of their base salary, and all or part of their
perquisite allowance, Short-Term Incentive Plan award, and
performance share award. PG&#38;E Corporation will also
contribute an amount equal to any employer contributions due
under the qualified Retirement Savings Plan that were not made
due to limitations under Internal Revenue Code
Sections&nbsp;401(m), 401(a)(17), or 415. Special Incentive
Stock Option Premiums (SISOPs) granted under the Executive Stock
Ownership Program must be deferred pursuant to the terms of that
program.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Earnings are calculated based on the performance of the
following funds available in the qualified Retirement Savings
Plan: Large Company Stock Index Fund (2006 return of 15.78%),
International Stock Index Fund (2006 return of 26.31%),
Conservative Asset Allocation Fund (2006 return of 9.38%),
Moderate Asset Allocation Fund (2006 return of 12.22%),
Aggressive Asset Allocation Fund (2006 return of 15.02%), Stable
Value Fund (2006 return of 4.51%), Bond Index Fund (2006 return
of 4.33%), and the Small Company Stock Index Fund (2006 return
of 14.93%). Other available measures are the PG&#38;E
Corporation Phantom Stock Fund, which mirrors an investment in
PG&#38;E Corporation common stock (2006 return of 31.58%), and
the AA Utility Bond Fund. The AA Utility Bond Fund accrues
interest based on the long-term corporate bond yield average for
Aa utilities reported by Moody&#146;s Investors Service (yields
reported during 2006 ranged from 5.45% to 6.26%). Pre-2005
deferrals are limited to the Large Company Stock Index Fund, the
PG&#38;E Corporation Phantom Stock Fund, and the AA Utility Bond
Fund. With the exception of SISOP deferrals, the earnings
measures are selected by the officer and may be reallocated
subject to restrictions imposed by regulations of the Securities
and Exchange Commission. SISOP deferrals may only be invested in
the PG&#38;E Corporation Phantom Stock Fund and may not be
reallocated.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Pre-2005 deferrals may be distributed in 1 to 10 installments
commencing in January of the year following termination of
employment. For deferrals made in 2005 and thereafter,
distributions may be made in the seventh month following
termination of employment or in January of a year specified by
the officer.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">55

<!-- 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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential Payments Upon Resignation, Retirement, Termination,
Change in Control, Death, or Disability</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The executive officers named in the Summary Compensation Table
are eligible to receive certain benefits upon termination, a
change in the officer&#146;s responsibilities, or a change in
control. PG&#38;E Corporation&#146;s and Pacific Gas and
Electric Company&#146;s policy is not to provide benefits
conditioned solely upon a change in control. In general,
payments are triggered only if (1)&nbsp;the change in control
has been implemented (not just approved by shareholders),
(2)&nbsp;there has been termination or constructive termination
of the individual, and (3)&nbsp;with respect to vesting of
equity-based awards, the successor entity has elected not to
continue any equity-based grants in a manner that preserves the
value of those grants.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following discussions of potential payments upon termination
or a change in control assume that the executive officer left
employment on December&nbsp;31, 2006, and that the value of any
stock-based compensation received was $47.33&nbsp;per share,
which was the closing price of a share of PG&#38;E Corporation
common stock on December&nbsp;29, 2006. The tables below exclude
amounts that represent payment for services rendered (such as
unpaid and earned salary or Short-Term Incentive Plan awards)
and that would be due to the executive officer even if the
individual had remained employed with PG&#38;E Corporation or
Pacific Gas and Electric Company (as the case may be).
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential Payments Upon Resignation/ Retirement</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table estimates potential payments for each individual
named in the Summary Compensation Table, if that individual were
to resign from employment effective December&nbsp;31, 2006.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Non-Qualified</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: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Present Value</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Deferred</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Equity-Based</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Of Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Grants</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Pension</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>That Accelerate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Benefits</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Balance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Upon Retirement<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,036,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,382,946</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">$</TD>
    <TD align="right" valign="bottom" nowrap>4,419,248</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>744,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,915,542</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">$</TD>
    <TD align="right" valign="bottom" nowrap>2,660,038</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,510,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>288,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,827,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,627,477</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,760,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>268,203</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">$</TD>
    <TD align="right" valign="bottom" nowrap>2,028,694</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,625,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,764,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,034,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,424,364</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>892,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>713,600</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">$</TD>
    <TD align="right" valign="bottom" nowrap>1,606,108</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,729,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,456</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">$</TD>
    <TD align="right" valign="bottom" nowrap>1,746,435</TD>
    <TD>&nbsp;</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    If Ms.&nbsp;Everett or Mr.&nbsp;Worthington had resigned
    effective December&nbsp;31, 2006, they would have been eligible
    for retirement benefits under the PG&#38;E Corporation 2006
    Long-Term Incentive Plan (LTIP) and its predecessor, the
    PG&#38;E Corporation Long-Term Incentive Program. Those payments
    are discussed separately in the narrative discussion following
    this table, below.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an officer resigns, he or she is entitled to receive accrued
pension benefits and the aggregate balance in the officer&#146;s
deferred compensation account, as described in the narrative
accompanying the Pension Benefits table and the Non-Qualified
Deferred Compensation table.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In general, vested stock options are exercisable within
30&nbsp;days after resignation or the original option term,
whichever is shorter. Unvested stock options, restricted stock,
performance shares, and Special Incentive Stock Ownership
Premiums (SISOPs) are cancelled upon resignation.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
However, if the individual&#146;s resignation also qualifies as
a &#147;retirement&#148; under the LTIP or its predecessor (the
PG&#38;E Corporation Long-Term Incentive Program), all unvested
options immediately vest and are exercisable for the shorter of
five years or the option term, the restrictions on restricted
stock continue to lapse as if the officer remained employed,
performance shares continue to vest as if the officer remained
employed, and unvested SISOPs immediately vest and are payable
in the seventh month following termination of employment.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">56

<!-- 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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential Payments Upon Termination With Cause</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table estimates potential payments for each individual
named in the Summary Compensation Table, if that individual were
to be terminated with cause effective December&nbsp;31, 2006.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Non-Qualified</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: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Present Value</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Deferred</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Equity-Based</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Of Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Grants</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Pension</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>That Accelerate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.5pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Benefits</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Balance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Upon Retirement<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,036,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,382,946</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">$</TD>
    <TD align="right" valign="bottom" nowrap>4,419,248</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>744,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,915,542</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">$</TD>
    <TD align="right" valign="bottom" nowrap>2,660,038</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,510,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>288,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,827,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,627,477</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,760,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>268,203</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">$</TD>
    <TD align="right" valign="bottom" nowrap>2,028,694</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B.R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,625,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,764,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,034,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,424,364</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>892,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>713,600</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">$</TD>
    <TD align="right" valign="bottom" nowrap>1,606,108</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,729,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,456</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">$</TD>
    <TD align="right" valign="bottom" nowrap>1,746,435</TD>
    <TD>&nbsp;</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    If Ms.&nbsp;Everett or Mr.&nbsp;Worthington had been terminated
    for cause effective December&nbsp;31, 2006, they would have been
    eligible for retirement benefits under the LTIP. Those payments
    are discussed separately in the narrative discussion following
    this table, below.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an officer is terminated for cause, he or she is not eligible
to receive an award under the Short-Term Incentive Plan for that
year. All outstanding unvested stock options, restricted stock,
performance shares, and unvested Special Incentive Stock
Ownership Premiums (SISOPs) are cancelled.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The officer is entitled to receive accrued pension benefits and
the aggregate balance in the officer&#146;s deferred
compensation account, as described in the narrative accompanying
the Pension Benefits table and the Non-Qualified Deferred
Compensation table.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
However, if the individual&#146;s termination also qualifies as
a &#147;retirement&#148; under the LTIP or its predecessor, all
unvested options become immediately vested and are exercisable
for the shorter of five years or the option term, the
restrictions on restricted stock continue to lapse as if the
officer remained employed, performance shares continue to vest
as if the officer remained employed, and unvested SISOPs
immediately vest and are payable in the seventh month following
termination of employment.
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential Payments Upon Termination Without Cause</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table estimates potential payments for each individual
named in the Summary Compensation Table, if that individual were
terminated without cause effective December&nbsp;31, 2006.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Non-Qualified</B></TD><TD></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>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Deferred</B></TD><TD></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>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Accum.</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Compensation</B></TD><TD></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>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Severance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Pension</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Career</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Payment</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Vesting<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Vesting<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Benefits</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Balance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>COBRA<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Transition</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,750,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,281,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,051,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,185,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,382,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,700,126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>913,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>879,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,719,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,362,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,915,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>31,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,837,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>870,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>482,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,345,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,510,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>288,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,529,263</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>163,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>751,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,123,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,653,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>268,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>31,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,006,925</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,516,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,676,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,357,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,625,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,764,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,973,837</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,300,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,611,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,830,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,745,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>713,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,248,415</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>587,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>535,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,300,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,990,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,463,060</TD>
    <TD>&nbsp;</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Value based on the difference between the option exercise price
    and $47.33, which was the closing price of PG&#38;E Corporation
    common stock on December&nbsp;29, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Value based on the December&nbsp;29, 2006 closing price of
    $47.33.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    As required by the health benefit provisions in the Consolidated
    Omnibus Budget Reconciliation Act (COBRA).</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">57

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The PG&#38;E Corporation Officer Severance Policy, which covers
most officers of PG&#38;E Corporation and its subsidiaries,
including the 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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    Continued vesting of equity-based incentives for one and
    one-half or two years after termination (depending on the
    applicable severance multiple),</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    Accelerated vesting of up to two-thirds of the Special Incentive
    Stock Ownership Premiums (SISOPs) granted under the Executive
    Stock Ownership Program (depending on an officer&#146;s
    level),&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The severance benefit is generally paid to the officer in a lump
sum. However, if the officer is covered by the PG&#38;E
Corporation Supplemental Executive Retirement Plan and is under
age&nbsp;55, a portion of that officer&#146;s severance benefits
will be automatically 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an officer is terminated without cause before
December&nbsp;31 of a given year and has less than six months of
service in the year, the officer is not eligible for that
year&#146;s Short-Term Incentive Plan (STIP) award. If the
officer is terminated before December&nbsp;31 and has at least
six months of service in the year, he or she is eligible for a
prorated STIP award for that year, if any. If the officer is
terminated on December&nbsp;31, he or she is eligible for that
year&#146;s STIP award, if any.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unvested stock options and restricted stock continue to vest for
a number of months equivalent to the severance multiple set
forth in the Officer Severance Policy. Stock options are
exercisable within five years after termination or the original
option term, whichever is shorter. Restrictions on restricted
stock continue to lapse for a number of months equal to the
severance multiple. Performance shares vest proportionately
based on the number of months during the performance period that
the officer was employed divided by 36&nbsp;months. Two-thirds
of unvested SISOPs vest and one-third are forfeited. If the
officer is at least 55&nbsp;years of age with at least
5&nbsp;years of service, his or her termination is treated as a
retirement under the terms of the LTIP (and its predecessor). In
that case, any unvested stock options immediately vest. Stock
options are exercisable within five years after termination or
the original option term, whichever is shorter. Restrictions on
restricted stock continue to lapse and performance shares
continue to vest as if the officer remained employed. Unvested
SISOPs immediately vest. The restricted phantom stock units
granted to Mr.&nbsp;King under his retention arrangement vest in
proportion to the months of service completed during the
<FONT style="white-space: nowrap">60-month</FONT> performance
period.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The officer is entitled to receive accrued pension benefits and
the aggregate balance in the officer&#146;s deferred
compensation account, as described in the narrative accompanying
the Pension Benefits Table and the Non-Qualified Deferred
Compensation Table. Career transition services and COBRA
premiums for a period of 18&nbsp;months are also provided.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The officer agrees not to divulge any confidential or privileged
information obtained during his or her employment. During a
period equal to the severance multiple, the officer agrees to a
covenant not to compete and to refrain from soliciting customers
and employees. He or she also agrees to assist in legal
proceedings as reasonably required during this period.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On November&nbsp;13, 2006, PG&#38;E Corporation announced the
departure of Bruce R. Worthington, who had served as Senior Vice
President and General Counsel of PG&#38;E Corporation from 1997
until November&nbsp;10, 2006. His employment will terminate in
April 2007. Mr.&nbsp;Worthington will receive severance benefits
in accordance with the PG&#38;E Corporation Officer Severance
Policy, contingent upon his execution of a severance agreement,
as called for under the Officer Severance Policy. These benefits
include a lump sum payment of $1,516,675 and payment of health
insurance premiums for 18&nbsp;months.
Mr.&nbsp;Worthington&#146;s termination is treated as a
retirement under the terms of the LTIP (and its predecessor).
Unvested stock options immediately vest. Restrictions on
restricted stock continue to lapse and performance shares
continue to vest as if he had remained employed.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">58

<!-- 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: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential Payments Following a Change in Control and Other
Triggering Events</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table estimates potential payments for each individual
named in the Summary Compensation Table, if there were a change
in control of PG&#38;E Corporation and its affiliates, and
(1)&nbsp;the successor company does not continue the outstanding
awards in a manner that preserves their value, and (2)&nbsp;the
individual is terminated or constructively terminated effective
December&nbsp;31, 2006.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.5pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Present</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Non-Qualified</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <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="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Deferred</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Short-Term</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Incentive</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Severance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Tax</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Pension</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Plan Award</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Payment</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Restoration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Vesting<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Vesting<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Benefits</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Balance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>975,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,850,000</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>2,670,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,829,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,234,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,382,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,942,646</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>271,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,297,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,881,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>988,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,751,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>744,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,915,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,851,169</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>145,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,305,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>920,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>482,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,307,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,510,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>288,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,960,550</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>176,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,584,383</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>817,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,602,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,760,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>268,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,209,225</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>269,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,275,014</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>1,676,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,278,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,625,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,764,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,889,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>461,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,228,750</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>1,767,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,543,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,022,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>713,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,737,415</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>141,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,271,250</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>598,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,545,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,729,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,302,197</TD>
    <TD>&nbsp;</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Value based on the difference between the option exercise price
    and $47.33, which was the closing price of PG&#38;E Corporation
    common stock on December&nbsp;29, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Value based on the December&nbsp;29, 2006 closing price of
    $47.33.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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 a
&#147;double trigger,&#148; i.e., after (1)&nbsp;actual or
constructive termination of the covered officer
(2)&nbsp;following a change in control or potential change in
control. Constructive termination includes certain changes to a
covered officer&#146;s responsibilities, compensation, or place
of employment.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In the event of an officer&#146;s termination following a change
in control or potential change in control, the policy provides
for a lump sum payment equal to 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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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: 6.0pt">&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: 6.0pt">&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Change in control termination benefits also include
reimbursement of excise taxes levied upon the severance benefit
under Internal Revenue Code Section&nbsp;4999. In addition,
benefits conditioned upon continued future employment will
accelerate in full.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Benefits provided under the Officer Severance Policy also are
subject to the Golden Parachute Restriction Policy, which is
discussed below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>PG&#38;E Corporation Golden Parachute Restriction Policy.</I>
On February&nbsp;15, 2006, the PG&#38;E Corporation Board of
Directors adopted a policy requiring shareholder approval of
executive severance payments provided in connection with a
change in control of PG&#38;E Corporation, to the extent that
those payments exceed 2.99 times the sum of a covered
officer&#146;s base salary and target annual bonus. This policy
was adopted in response to a shareholder proposal that was
approved by shareholders at PG&#38;E Corporation&#146;s 2005
annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Golden Parachute Restriction Policy applies to the value of
cash, special benefits, or perquisites that are due to the
executive following <U>both</U> (1)&nbsp;a change in control,
<U>and</U> (2)&nbsp;the termination or constructive termination
of an officer covered by the Officer Severance Policy. It does
not apply to the value of benefits that would be triggered by a
change in control without severance, or to the value of benefits
that would be triggered by severance in the absence of a change
in control. The Golden Parachute Restriction Policy also does
<U>not</U> apply to certain enumerated payments, including,
among others, compensation for services rendered prior to
termination, tax restoration payments, and accelerated vesting
or settlement of equity awards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Golden Parachute Restriction Policy became effective upon
adoption on February&nbsp;15, 2006, subject to existing
contractual obligations in the Officer
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">59

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
Severance Policy. The Officer Severance Policy provides that if
the Policy is amended in a manner that creates an aggregate
negative impact on officers covered by the Policy, those
amendments do not become effective until three years after those
covered officers receive notice of the change. For officers who
were subject to the Officer Severance Policy on
February&nbsp;15, 2006, benefits provided under the Officer
Severance Policy will not be subject to the Golden Parachute
Restriction Policy until 2009.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>The PG&#38;E Corporation Long-Term Incentive Program and
PG&#38;E Corporation 2006 Long-Term Incentive Plan.</I>
Effective January&nbsp;1, 2006, the prior PG&#38;E Corporation
Long-Term Incentive Program (Prior LTIP) was replaced by the
PG&#38;E Corporation 2006 Long-Term Incentive Plan (LTIP). For
awards granted under the Prior LTIP and awards granted in 2006
under the 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: 10.0pt;color: #000000; background: #ffffff;">

<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 Special Incentive Stock
    Ownership Premiums (SISOPs) 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: 6.0pt">&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: 6.0pt">&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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Starting with grants made for 2007 under the LTIP, such
acceleration and automatic vesting upon a change in control will
occur only if either (1)&nbsp;the successor company fails to
continue previously granted awards in a manner that preserves
the value of those awards, or (2)&nbsp;the award recipient is
terminated during a set period of time before and after the
change in control.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>What constitutes a change in control?</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On February&nbsp;15, 2006, the PG&#38;E Corporation Board of
Directors amended the definition of &#147;change in
control&#148; reflected in the PG&#38;E Corporation Officer
Severance Policy and the LTIP. Prior to the effective date of
these amendments, the definition of &#147;change in
control&#148; included shareholder approval of certain
consolidation or merger transactions. The amendments provide
that a &#147;change in control&#148; occurs upon the
consummation of a transaction following shareholder approval,
rather than upon shareholder approval alone. The amendments
address issues raised in a shareholder proposal that was
approved by shareholders at PG&#38;E Corporation&#146;s 2005
annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Specifically, the PG&#38;E Corporation Officer Severance Policy
and LTIP, as amended, 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: 10.0pt;color: #000000; background: #ffffff;">

<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: 6.0pt">&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 PG&#38;E 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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    Any consolidation or merger of PG&#38;E Corporation shall have
    been approved by the shareholders and consummated, 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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    The shareholders of PG&#38;E 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: 10.0pt;color: #000000; background: #ffffff;">

<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 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: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>b.</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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For purposes of this definition, the term &#147;combined voting
power&#148; means the combined voting power of the then
outstanding voting securities of PG&#38;E Corporation or the
other relevant entity.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">60

<!-- 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The amended definition of &#147;change in control&#148; in the
LTIP will become effective starting with grants for 2007. The
amendments to the Officer Severance Policy became effective upon
adoption, subject to existing contractual obligations in the
Officer Severance Policy (discussed above under &#147;Golden
Parachute Restriction Policy&#148;). For officers covered by the
Officer Severance Policy on February&nbsp;15, 2006, the
Policy&#146;s amended definition of &#147;change in
control&#148; will become effective during 2009.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The officer is entitled to receive accrued pension benefits and
the aggregate balance in the officer&#146;s deferred
compensation account, as described in the narrative accompanying
the Pension Benefits table and the Non-Qualified Deferred
Compensation table.
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential Payments Upon Termination Due to Death or
Disability</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This table estimates potential payments for each individual
named in the Summary Compensation Table, if that
individual&#146;s employment were terminated due to death or
disability effective December&nbsp;31, 2006.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <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="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Non-Qualified</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Value of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Accum.</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Deferred</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Pension</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Benefits</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Vesting</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Vesting</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Upon&nbsp;Death)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Balance</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P. A. Darbee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,670,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,003,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,060,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,382,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,117,009</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. P. Johns</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>988,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,797,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>384,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,915,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,085,792</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    L. H. Everett</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>482,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,329,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,452,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>288,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,552,605</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K. M. Harvey</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>817,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,624,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,898,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>268,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,609,097</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. R. Worthington</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,676,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,324,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,490,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,764,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,256,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. B. King</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,767,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,614,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>460,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>713,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,555,720</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. E. Bottorff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>598,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,567,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,445,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,628,462</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an officer&#146;s employment is terminated by reason of
disability, the officer is entitled to pension payments
consistent with benefits paid upon resignation. These payments
are detailed above in the table entitled &#147;Potential
Payments Upon Resignation/ Retirement.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an officer&#146;s employment is terminated due to the
officer&#146;s death, the amount of pension benefits depends on
the officer&#146;s age and the number of years worked at
PG&#38;E Corporation and Pacific Gas and Electric Company. If
(1)&nbsp;the officer was 55&nbsp;years of age or (2)&nbsp;the
combined total of his or her age and the number of years worked
exceeded 70, then the officer&#146;s surviving spouse would be
entitled to an immediate payment of 50&nbsp;percent of the
single life pension benefit that would have otherwise been
available to the officer at age&nbsp;65. For all other officers,
the surviving spouse pension benefits would commence in the
month that starts the day after that officer would have turned
55&nbsp;years old. The value of this benefit would be
50&nbsp;percent of the single life pension benefit that would
have otherwise been available to the participant at age&nbsp;55.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Upon termination following death or disability, the
officer&#146;s designated beneficiary(ies) or the officer would
be entitled to receive the aggregate balance in the
officer&#146;s deferred compensation account.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Upon death or disability, the LTIP (and its predecessor)
provides for accelerated vesting of awards, as detailed below.
</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: 10.0pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    All unvested options vest immediately and are exercisable for
    the shorter of one year or the option term.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Restrictions on restricted stock vest on the first business day
    of January of the following year.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Unvested performance shares vest immediately. Vested shares are
    payable, if at all, as soon as practicable after completion of
    the performance period relevant to the performance share grant.
    The payout percentage is based on the same formula applied to
    active employees&#146; performance shares. Beneficiaries also
    may receive a cash payment equal to the amount of dividends
    accrued over a performance period with respect to the
    performance shares, multiplied by the same payout percentage
    used to determine the amount, if any, of the performance shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&#149;</TD>
    <TD align="left">
    Unvested Special Incentive Stock Ownership Premiums (SISOPs)
    vest immediately and are payable in the seventh month following
    termination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Vested LTIP awards are payable to the officer&#146;s designated
beneficiary(ies), or otherwise in accordance with the
officer&#146;s instructions or by law.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">61

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='112'></A>
</DIV>

<!-- link1 "Report of the Audit Committees" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Report of the Audit Committees
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
Audit Committees reviewed and discussed these audited
consolidated financial statements with management and the
independent registered public accounting firm. The Audit
Committees also reviewed with the independent registered public
accounting firm 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Deloitte&nbsp;&#38; Touche LLP was the independent registered
public accounting firm for PG&#38;E Corporation and Pacific Gas
and Electric Company in 2006. The independent registered public
accounting firm 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 registered public
accounting firm that firm&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Based on the Committees&#146; reviews and discussion with
management and the independent registered public accounting
firm, 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;<FONT style="white-space: nowrap">10-K</FONT> for the
year ended December&nbsp;31, 2006, filed with the Securities and
Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
March&nbsp;13, 2007
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Barry Lawson Williams, Chair
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
David R. Andrews
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Maryellen C. Herringer
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Mary S. Metz
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">62

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "Other Information" -->

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Other Information
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Principal Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
February&nbsp;9, 2007:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 9.5pt;">
    <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: 9.5pt;">
    <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<BR>
    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,<BR>
    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>279,624,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>96.44%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    PG&#38;E Corporation<BR>
    Common stock</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Goldman Sachs Asset Management,
    L.P.<SUP style="font-size: 85%; vertical-align: text-top">(3)<BR>
    </SUP>32 Old Slip<BR>
    New York, NY 10005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23,027,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>6.60%</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: 10.0pt;color: #000000; background: #ffffff;">

<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: 3.0pt">&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 February&nbsp;7, 2007, 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>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    The information relating to Goldman Sachs Asset Management, L.P.
    is based on beneficial ownership as of December&nbsp;31, 2006,
    as reported in a Schedule 13G filed with the Securities and
    Exchange Commission on February&nbsp;9, 2007. Goldman Sachs
    Asset Management, L.P. has sole voting power with respect to
    18,855,442 of these shares and sole dispositive power with
    respect to 23,027,874 of these shares.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Section&nbsp;16(a) Beneficial Ownership Reporting
Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Electric Company with copies of all such reports they&nbsp;file.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
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 2006 all filing requirements applicable to their
respective directors, officers, and 10&nbsp;percent shareholders
were satisfied. 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: 10.0pt;color: #000000; background: #ffffff; margin-top: 20pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
By Order of the Boards of Directors of
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
PG&#38;E Corporation and
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="f27532cpf2753202.gif" alt="(-s- LINDA Y.H. CHENG)">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Linda Y.H. Cheng
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Vice President, Corporate Governance and Corporate Secretary
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
PG&#38;E Corporation and
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Pacific Gas and Electric Company
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">63

<!-- 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: 10.0pt;color: #000000; background: #ffffff;">
________________________________________________________________________________
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "Map and Directions to the PG&#38;E Corporation and Pacific Gas and Electric Company Joint Annual Meeting" -->

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Map and Directions to the PG&#38;E Corporation
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff;">
and Pacific Gas and Electric Company
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff;">
Joint Annual Meeting
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 30pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>San&nbsp;Ramon Valley Conference Center</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>3301 Crow Canyon Road, San&nbsp;Ramon, CA</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="f27532cpf2753237.gif" alt="Map">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The San&nbsp;Ramon Valley Conference Center is located in
San&nbsp;Ramon right off Interstate 680, approximately
35&nbsp;miles east of San&nbsp;Francisco. From Highway 680, take
the Crow Canyon Road exit. Go east on Crow Canyon Road past
Camino Ramon. Turn right into the Conference Center parking lot.
There is ample free parking on the grounds.
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Your vote is important.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<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>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="f27532cppi29-75.gif" alt="(RECYCLE SYMBOL)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printed
with soybean ink on recycled/recyclable paper.
</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: 'Arial',Helvetica,sans-serif">


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&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. Unless contrary instructions are given below, the designated proxies will vote the PG&#038;E Corporation shares for which they hold proxies FOR Items 1 and 2 and AGAINST Items 3 and 4. </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><DIV  style="font-size: 6pt">Please<BR>Mark Here<br>for Address<BR>Change</DIV></TD>
    <TD align="left" valign="top" rowspan="2" colspan="2"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3" nowrap><DIV  style="font-size: 6pt"><B>SEE REVERSE SIDE</B></DIV>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="18" valign="top" align="center" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">PG&amp;E CORPORATION DIRECTORS RECOMMEND A VOTE <b>FOR</b> MANAGEMENT ITEMS 1 and 2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;&nbsp;PG&amp;E CORPORATION DIRECTORS RECOMMEND A VOTE
&nbsp;&nbsp;<b>AGAINST</b> SHAREHOLDER ITEMS 3 and 4.</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="font-size: 0pt">
<TD colspan="18" style="border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  colspan="9" style="border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">WITHHOLD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="bottom">FOR ALL</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">FOR ALL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">AGAINST</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom" style="border-right: 1px solid #000000">ABSTAIN</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">

<TD style="border-left: 1px solid #000000" nowrap><DIV style="margin-left:5px; text-indent:-0px">ITEM 1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">ELECTION OF<BR> DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap>ITEM 2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap>RATIFICATION OF APPOINTMENT <BR>OF THE INDEPENDENT <BR>REGISTERED PUBLIC <BR>ACCOUNTING FIRM</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="9" style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px"><b>NOMINEES ARE:</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD  style="border-right: 1px solid #000000" align="center">ABSTAIN</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD rowspan="3" align="left" colspan="10" style="border-left: 1px solid #000000"><b>
&nbsp;&nbsp;01-David R. Andrews, 02-Leslie S. Biller,<BR>
&nbsp;&nbsp;03-David A. Coulter, 04-C. Lee Cox,<br>&nbsp;&nbsp;05-Peter A. Darbee, 06-Maryellen C. Herringer,
<br>&nbsp;&nbsp;07-Richard A. Meserve, 08-Mary S. Metz,<br>
&nbsp;&nbsp;09-Barbara L. Rambo, 10-Barry Lawson Williams</b>
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="border-left: 1px solid #000000" nowrap><DIV style="margin-left:2px; text-indent:-0px">ITEM 3.</DIV></TD>


    <TD colspan="2" align="left" nowrap>&nbsp;&nbsp;PERFORMANCE-BASED <BR>&nbsp;&nbsp;STOCK OPTIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD  style="border-right: 1px solid #000000" align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="8" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD  style="border-right: 1px solid #000000;" align="center">ABSTAIN</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
<TD colspan="8" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="border-left: 1px solid #000000; border-bottom: 1px solid #000000 "><DIV style="margin-left:2px; text-indent:-0px">ITEM 4.</DIV></TD>

    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;CUMULATIVE VOTING</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000; border-right: 1px solid #000000" align="center" valign="top"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="9" style="border-left: 1px solid #000000">&nbsp;&nbsp;<b><I>WITHHOLD vote only for:</I></b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="center" style="border-right: 1px solid #000000" nowrap>WILL ATTEND&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">

<TD align="left" colspan="9" style="border-left: 1px solid #000000; border-bottom: 1px solid #000000"><DIV align="left" style="margin-middle: 16pt; margin-left: 4px; border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left" colspan="6" nowrap>If you plan to attend the Annual Meeting, <br>please mark the Will Attend box</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000"><FONT face="Wingdings" style="font-size:16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="right">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&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 style="border-top: 3px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 3px solid #000000; border-top: 3px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top" rowspan="3">&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" style="border-right: 3px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&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>&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<B>Signature</B>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&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>&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 style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 7pt; margin-top: 1pt">
<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>

<DIV align="center" style="font-size: 8pt; margin-top: 6pt"><DIV style="border-bottom: 1px dotted #000000; font-size: 1px">&nbsp;</DIV>
<FONT face="Webdings">&#053;</FONT>&nbsp;&nbsp;&nbsp;<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>
&nbsp;&nbsp;&nbsp;<FONT face="Webdings">&#053;</FONT>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 24pt"><B>Vote by Internet or Telephone or Mail 24 Hours a Day, 7 Days a Week</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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 17, 2007.</B><br>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt; margin-top:6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD  align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%; margin-right: 4%" colspan="15" width="1%"><B>PRIOR TO VOTING, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE PROXY CARD.</B></TD>
   </TR>
</table>
</div>



<DIV align="center">
<TABLE style="font-size: 10pt; margin-top:0pt" 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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&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 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"><B>Internet</B>
</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="center" valign="top"><B>Telephone</B>
</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="center" valign="bottom"><B>Mail</B></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" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B>http://www.proxyvoting.com/pcg</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-866-540-5760</B>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV align="center">Use the Internet to vote your proxy.<BR>
Have your proxy card in hand when you <BR>
access the web site.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 12pt"><B><BR>OR
</B>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV align="center">Use any touch-tone telephone in the<BR>
U.S. or Canada to vote your proxy. <BR>Have your proxy
 card in hand when <BR>you call.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 12pt"><B><BR>
OR</B>

</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="center">Mark, sign, and date your proxy card<BR>
and return it in the enclosed <BR>postage-paid envelope.<BR><BR><BR></DIV></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>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>If you vote your proxy over the Internet or by telephone, you do NOT need to return your proxy
card.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>You can view the Proxy Statement and Annual Report on the Internet at www.pgecorp.com</B>
</DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 6pt">
<FONT face="Webdings">&#054;</FONT>&nbsp;&nbsp;&nbsp;<B>Please use the attached ticket to attend the PG&#038;E Corporation Annual Meeting.</B>
&nbsp;&nbsp;&nbsp;<FONT face="Webdings">&#054;</FONT>
</DIV>

<DIV style="border-bottom: 1px dotted #000000; font-size: 1px">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2007 Annual Meeting Ticket</B>
</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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD>&nbsp;</TD>
    <TD><IMG src="f27532cpf27532a2.gif" alt="(PG&E CORPORATION LOGO)"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>

    <TD align="left"><DIV align="justify">Ticket for the annual meeting on Wednesday, April&nbsp;18, 2007, 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.
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 24pt">(See reverse side for additional information.)</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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 8pt">
    <TD>&nbsp;</TD>
    <TD><IMG src="f27532cpf27532a2.gif" alt="(PG&E CORPORATION LOGO)"></TD>
    <TD>&nbsp;</TD>

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



<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>

    <TD align="left"><DIV align="justify">The undersigned hereby appoints Peter A. Darbee and Linda Y.H. Cheng, or either of them
severally, 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;18,
2007, at 10:00&nbsp;a.m., and at any adjournment or postponement thereof, as indicated on this proxy
card, and in their discretion to the extent permitted by law, upon all motions and resolutions
which may properly come before said meeting, adjournments, or postponements thereof.
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD align="center"><B>(Continued, and to be marked, signed, and dated on the reverse side.)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 10pt">

<TD nowrap valign="top" rowspan="5" style="border-left: 15px solid #000000">&nbsp;</TD>
    <TD align="left"><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>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 3pt">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="1%"></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 colspan="3" valign="top" align="left" 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 valign="bottom" style="font-size: 8pt">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><B>Address
Change <font style="font-size: 6pt">(Mark the corresponding box on the
reverse side)</FONT></B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" 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 valign="bottom">
    <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>&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">&nbsp;</DIV></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">&nbsp;</DIV></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">&nbsp;</DIV></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 colspan="3" valign="top" align="left" 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>
 </DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 6pt"><DIV style="border-bottom: 1px dotted #000000; font-size: 1px">&nbsp;</DIV>
<FONT style="font-size:12pt" face="Webdings">&#053;</FONT>&nbsp;&nbsp;&nbsp;<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>
&nbsp;&nbsp;&nbsp;<FONT style="font-size:12pt" face="Webdings">&#053;</FONT>
</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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="font-size: 8pt">
    <TD>&nbsp;</TD>
    <TD><IMG src="f27532cpf27532a2.gif" alt="(PG&E CORPORATION LOGO)"></TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt">ANNUAL MEETING OF SHAREHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-left: 45%; margin-top: 6pt">
<U>To be held at: </U><br>San Ramon Valley Conference Center <br>3301 Crow Canyon Road
<br>San Ramon,
California<BR><br>
April&nbsp;18, 2007, at 10:00&nbsp;a.m.
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 6pt">

<FONT style="font-size:12pt" face="Webdings">&#054;</FONT>&nbsp;&nbsp;&nbsp;<B>Please use the attached ticket to attend the PG&#038;E Corporation Annual Meeting.</B>
&nbsp;&nbsp;&nbsp;<FONT style="font-size:12pt" face="Webdings">&#054;</FONT>
</DIV>
<DIV style="border-bottom: 1px dotted #000000; font-size: 1px">&nbsp;</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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD align="left"><DIV align="justify">There is free parking at the San Ramon Valley Conference Center.
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD align="left"><DIV align="justify"><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>
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD align="left"><DIV align="justify">Real-time captioning services and assistive listening devices will be available. Please contact an
usher if you wish to be seated in the real-time captioning section or require an assistive
listening device.
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>

</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: 'Arial',Helvetica,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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="font-size: 8pt">
    <TD>&nbsp;</TD>
    <TD><IMG src="f27532cpf27532a3.gif" alt="(PG&E CORPORATION LOGO)"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>

    <TD align="left"><DIV align="justify">The undersigned hereby appoints Peter A. Darbee and Linda Y.H. Cheng, or either of them
severally, 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;18,
2007, at 10:00&nbsp;a.m., and at any adjournment or postponement thereof, as indicated on this proxy
card, and in their discretion to the extent permitted by law, upon all motions and resolutions
which may properly come before said meeting, adjournments, or postponements thereof.
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD align="center"><B>(Continued, and to be marked, signed, and dated on the reverse side.)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 10pt">

<TD nowrap valign="top" rowspan="5">&nbsp;</TD>
    <TD align="left"><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>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 3pt">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="1%"></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 colspan="3" valign="top" align="left" 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 valign="bottom" style="font-size: 8pt">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><B>Address
Change <font style="font-size: 6pt">(Mark the corresponding box on the
reverse side)</FONT></B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" 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 valign="bottom">
    <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>&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">&nbsp;</DIV></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">&nbsp;</DIV></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">&nbsp;</DIV></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 colspan="3" valign="top" align="left" 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>
 </DIV>

<DIV style="border-bottom: 1px dotted #000000; margin-top: 6pt; font-size: 1px">&nbsp;</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: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><B>VOTING INSTRUCTIONS TO THE TRUSTEE - 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please
</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="3" align="center" valign="top" style="font-size: 35pt"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap width="2%"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Mark Here</TD>
    <TD>&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">for Address<br>Change</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" valign="top" align="left"><B>SEE REVERSE SIDE</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="13" align="center" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR</B> MANAGEMENT ITEMS 1 and 2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;&nbsp;PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <BR>
&nbsp;&nbsp;<B>AGAINST</B> SHAREHOLDER ITEMS 3 and 4.</TD>
</TR>
<TR valign="top">
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">WITHHOLD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR
ALL</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR ALL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">ABSTAIN</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">ABSTAIN</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD NOWRAP style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">ITEM
1. ELECTION OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>ITEM 2. &nbsp;&nbsp;&nbsp;RATIFICATION OF APPOINTMENT</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px">ITEM
3. PERFORMANCE-BASED</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD  rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD style="font-size: 16pt; border-left: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF THE INDEPENDENT<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTERED PUBLIC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING FIRM</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-left: 1px solid #000000"><DIV style="margin-left:35px; text-indent:-0px">STOCK OPTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px">NOMINEES ARE:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 3pt">
    <TD style="border-left: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">01-David R. Andrews, 02-Leslie S. Biller,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">ABSTAIN</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">03-David A. Coulter, 04-C. Lee Cox,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 16pt"></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD rowspan="1" align="center" valign="top" style="border-right: 1px solid #000000"></TD>


<TD align="left" valign="top" nowrap style="border-left: 1px solid #000000">&nbsp;&nbsp;ITEM
4. CUMULATIVE VOTING</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD  rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">05-Peter A. Darbee, 06-Maryellen C. Herringer, </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000;  border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD style="border-left: 1px solid #000000; border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">07-Richard A. Meserve, 08-Mary S. Metz,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&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 style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">09-Barbara L. Rambo, 10-Barry Lawson Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD style="border-left: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" align="left" style="border-left: 1px solid #000000">&nbsp;&nbsp;<I>WITHHOLD
vote only for:</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD style="border-bottom: 1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD style="border-bottom: 1px solid #000000; border-left: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top" nowrap><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" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 0px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>Signature</B>&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>Signature</B>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>Date</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="6" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
  <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt">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. </DIV>


<DIV align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></DIV>



<DIV align="center" style="font-size: 7pt; margin-top: 0pt"><FONT style="font-size:12pt" face="Webdings">&#53;</FONT>
<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 style="font-size:12pt" face="Webdings">&#53;</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Vote by Internet or Telephone or Mail 24 Hours a Day, 7 Days a Week</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<b>VOTING INSTRUCTIONS SUBMITTED OVER THE INTERNET, BY TELEPHONE, OR BY MAIL MUST BE<br>
RECEIVED BY 11:59 P.M., EASTERN TIME, ON MONDAY, APRIL 16, 2007.</B>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 12pt"><B>PRIOR TO SUBMITTING YOUR VOTING INSTRUCTIONS, READ THE ACCOMPANYING JOINT PROXY STATEMENT AND THE ABOVE PROXY CARD.</B></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="1%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&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 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"><B>Internet</B>
</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="center" valign="top"><B>Telephone</B>
</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="center" valign="top"><B>Mail</B></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"><B>http://www.proxyvoting.com/pcg</B>
</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="center" valign="top"><B>1-866-540-5760</B></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"><!-- Blank Space -->
    <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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">Use the Internet to submit your voting instructions. Have the above voting instruction card in hand when you access the web site.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OR</B>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.
<BR>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OR</B>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark, sign, and date your voting instruction card and return it in the enclosed postage-paid envelope.</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>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>If you submit your voting instructions over the Internet or by telephone, you do NOT need to return your voting instruction card.</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 45pt">(See
reverse side for additional information.)</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap>&nbsp;</TD>

<TD align="left"><IMG src="f27532cpf27532a2.gif" alt="(PG&#038;E CORPORATION LOGO)"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">

<TD nowrap style="font-size: 10pt" rowspan="5">&nbsp;</TD>
    <TD align="center"><B>PG&#038;E CORPORATION<BR>
RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR<BR>
UNION REPRESENTED EMPLOYEES<BR>
VOTING INSTRUCTIONS TO THE TRUSTEE - 2007
</B></TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="font-size: 10pt">
    <TD align="left">TO FIDELITY MANAGEMENT TRUST COMPANY, TRUSTEE:</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 10pt">
    <TD align="left"><DIV align="left">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 20, 2007, at the annual meeting of shareholders of PG&#038;E Corporation to be held on April 18, 2007, 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>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD align="left"><DIV align="center"><br><B>(Continued, and to be marked, signed, and dated on the reverse side.)</B></DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 10pt">
<TD nowrap valign="top" style="border-left: 15px solid #000000">&nbsp;</TD>
    <TD align="left"><DIV align="left">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>
</TR>
</TABLE>
</DIV>





<DIV style="margin-top: 20pt">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="1%"></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 colspan="3" valign="top" align="left" 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 valign="bottom" style="font-size: 8pt">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><B>Address
Change <font style="font-size: 6pt">(Mark the corresponding box on the
reverse side)</FONT></B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" 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 valign="bottom">
    <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>&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">&nbsp;</DIV></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">&nbsp;</DIV></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">&nbsp;</DIV></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 colspan="3" valign="top" align="left" 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>
 </DIV>
<DIV align="center" style="font-size: 6pt; margin-top: 6pt"><DIV style="border-bottom: 1px dotted #000000; font-size: 1px">&nbsp;</DIV>
<FONT style="font-size: 12pt" face="Webdings">&#053;</FONT>&nbsp;&nbsp;&nbsp;<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>&nbsp;&nbsp;&nbsp;<FONT style="font-size: 12pt" face="Webdings">&#053;</FONT>
</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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap>&nbsp;</TD>
    <TD align="left">TO PARTICIPANTS IN THE RETIREMENT SAVINGS PLAN AND RETIREMENT SAVINGS PLAN FOR UNION REPRESENTED EMPLOYEES:<BR><BR>

<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 18, 2007. You have one vote for each share of PG&#038;E Corporation common stock credited to your account as of February 20, 2007. 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<BR>
<U><B>http://www.proxyvoting.com/pcg</B></U> 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.
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
</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: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD style="width=2%"> <B>Your proxy is
solicited on behalf of the PG&#038;E Corporation Board of Directors.
Unless contrary instructions are given below, the designated proxies
will vote the PG&#038;E Corporation shares for which they hold
proxies FOR Items 1 and 2 and AGAINST Items 3 and 4.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Please
</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="3" align="center" valign="top" style="font-size: 35pt"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap width="2%"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Mark Here</TD>
    <TD>&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">for Address<br>Change</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" valign="top" align="left"><B>SEE REVERSE SIDE</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="13" align="center" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>FOR</B> MANAGEMENT ITEMS 1 and 2.</TD>
    <TD>&nbsp;</TD>

<TD colspan="7" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px">PG&#038;E CORPORATION DIRECTORS RECOMMEND A VOTE <B>AGAINST</B> SHAREHOLDER ITEMS 3 and 4.</DIV></TD>
</TR>
<TR valign="top">
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">WITHHOLD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR
ALL</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR ALL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">ABSTAIN</TD>
    <TD>&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">ABSTAIN&nbsp;&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD NOWRAP style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">ITEM
1. ELECTION OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>ITEM 2. RATIFICATION OF APPOINTMENT</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px">ITEM
3. PERFORMANCE-BASED</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD  rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD style="font-size: 16pt; border-left: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF THE INDEPENDENT<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTERED PUBLIC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING FIRM</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STOCK OPTIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px">NOMINEES ARE:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 3pt">
    <TD style="border-left: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">01-David R. Andrews, 02-Leslie S. Biller,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">FOR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-right: 1px solid #000000">ABSTAIN&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">03-David A. Coulter, 04-C. Lee Cox,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 16pt"></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD rowspan="1" align="center" valign="top" style="border-right: 1px solid #000000"></TD>


<TD align="left" valign="top" nowrap style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px">ITEM
4. CUMULATIVE VOTING</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top" style="font-size: 16pt"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD  rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">05-Peter A. Darbee, 06-Maryellen C. Herringer, </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000;  border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD style="border-left: 1px solid #000000; border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">07-Richard A. Meserve, 08-Mary S. Metz,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&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 style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="5" style="border-left: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">09-Barbara L. Rambo, 10-Barry Lawson Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD style="border-left: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" align="left" style="border-left: 1px solid #000000"><DIV style="margin-left:5px; text-indent:-0px"><I>WITHHOLD
vote only for:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="center" style="border-right: 1px solid #000000" colspan="1" nowrap>WILL ATTEND</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

<TD style="border-left: 1px solid #000000"><div style="margin-left:5px; border-bottom: 1px solid #000000">&nbsp;</DIV></td>
<Td style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" colspan="5"><DIV style="margin-left:65px; text-indent:-opx">If you plan to attend the Annual Meeting, please mark the Will Attend box</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  rowspan="2" align="center" valign="top" style="font-size: 16pt; border-right: 1px solid #000000; border-bottom: 1px solid #000000"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD style="border-bottom: 1px solid #000000; border-left: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" colspan="5" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top" nowrap><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" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="center" style="border-top: 0px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>Signature</B>&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>Signature</B>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>Date</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="6" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
  <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt">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. </DIV>


<DIV align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></DIV>


</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>f27532cpf2753220.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753220.gif
M1TE&.#EA.`!``*(``/___\S,S)F9F69F9C,S,P```````````"'Y!```````
M+``````X`$````/_"+K<_C#*2:N-@NC-N_^@-H1:P`Q%JJYLZ[XI"A?F(L]X
MGA("7BLWG=`EZ,U^@.!PF0H884@E4T@`/%_1Z71@]9VT3$'W^`4/%5=7UJRK
MCJ%E-H[[QL;E\+KZCG<MTBUK?2YT>H%\@RIB:%XVB7N,9(Z/*VZ1>4"4*X6&
M+(*:2(">B(D-HBN?CY:7=I.:BW^-F9HTIK))M`4.IRJI@YRLD+.4L+&2PX\/
MO$VD<JO&F+C$RK=2>$C0K<B#$,NUKK_=U=/4Q]*EXN;69L\,WKYLP.[C'C`#
M11G"N]7M5@0KQ10$:"&A2(1O0/K-"KA@H`IY[A@N0)A$H8)_$OZED/B'_R,`
MBB,88,O@CM.3AD5"%0O`DB7(52-^!%CU[X>1*FD*&9PXR@;,`L5H(C0RP"$+
M.CL5'/+Y)2B#?_>*:`QP0V,!-TD_]DS8].G3%P`T<KF!IMA2KHZ<+K!:*6R,
M-V6_HCKQ$XG0%F*>8+/B\:7(4#21#*RAHEW6!GXCA%PK6-?%AP"<")!\,(K%
M'H%%TE$RLTG6EBXMIZ.Y,F\+#9[-;JU(EZU06(1C2*',<R[3M:>_!C1J@G/6
MLZQQLWAMBYG;7K]7+WX\7'<#HXLZIV8`?/EQ%NX(["U<@_=GT(F9KX809`/R
GOJ*%-Z=PY##U].+72Z#Z`E_EB,]!Z[_P@"7__P@`!BC@@!8D```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>f27532cpf2753228.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753228.gif
M1TE&.#EANP`C`/?_````````,P``9@``F0``S```_P`S```S,P`S9@`SF0`S
MS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9_P#,``#,
M,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,`9C,`F3,`
MS#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F_S.9`#.9
M,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_9C/_F3/_
MS#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S_V9F`&9F
M,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,9F;,F6;,
MS&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D`_YDS`)DS
M,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF99IF9F9F9
MS)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G__\P``,P`
M,\P`9LP`F<P`S,P`_\PS`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF9LQFF<QF
MS,QF_\R9`,R9,\R99LR9F<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,_\S_`,S_
M,\S_9LS_F<S_S,S___\``/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S9O\SF?\S
MS/\S__]F`/]F,_]F9O]FF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9___,`/_,
M,__,9O_,F?_,S/_,____`/__,___9O__F?__S/___P``````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"P`````NP`C```(_P"O"1Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L6)#*ZPL:MS(L:/'CPD!B`1)LJ3)DP2M6%DALB6`C`Q9M5R!DJ-*
MF#5S5EPY4Z7/D0MEKAB*4V=$5BQ%TC3*-*C*G@>M``@*@.:*HDT;(@6@DN72
MK&!926UI9:'4A2*1?@7;4&19@5*QLD69-*U#H`CM3IW;D.7;@6?YFA1+]F_?
MEPAE(EYA6/!!F8T%5G7\D7#5R#$G/V:9,3#EQYH->OY<T?+5B8KE7ML*DS'I
MJ'N1-D;\>F)2U0Y3Y^4*=VWM:U+?LC3(^_=#Q;XCWM[]EZO8N+6ANQ6-V3AL
MC*6])E;*L^?-VKRU&_]T#=$G;J.<+8ZMWMVE\[!W,88N6%RK^_,UTS_VZ;7Q
MUM,%6>;64[1E59]"P0V7%WXI70;<@4R-!EA=[H6VW$$NX01=5HI55U!W"7F6
M%&9^#3046Y`1I)A+LW&55'($7?B@AR<A=]=T>=%DXT$E"G0B6ZZ)59=*(9)%
M%6UJ,4C25@4RI%21A`$(F$`IK@8A0N9]=-58#B+X9%#ZI?8<C1V9IB1!=H'V
ME)1F3B8D1EF*-E1+9QY&%H-<7CD>;<%=0V%-*V('45H]4NE751JZ5=>#C%'H
M7WICU>GDEPK9B%="/1+JEF(USD21>_2Q^."7>3I78:AEC05C18@>>5J5F"+R
M^J1V20V689\1N4>@4@+2.=!]HS)6U(J42M3=;&T)*A16SU'I5JN<K0<<F1'E
MB9&,Y568YK1$QNBI9`.V-Z"D<+4G+(9';;O:HG[RZB-4@=HTY)QZ.E3JN9/R
MM*NN/*V*97O?*21E3(7NZV)A>3(F[E[9Z?HMFI(VNQ-W/@4XHD\W82PNOO8Z
M=&&I+M$;<H5OX8441+JQ"/*OU+(%LK;D?9K9MB\;%O!J*Q4U%EPX,B3>-3WG
M2:YCYL%9V<`#"=DSSP.R6J&_2?]LW=0\:[PK>RV;1?&9K5+MM:$D9PV6V%^7
3;?;9:*>M]MILM^WVVW`/%!``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>f27532cpf2753202.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753202.gif
M1TE&.#EADP`A`,0``/___P```$!`0("`@._O[[^_OR`@(!`0$%!04#`P,&!@
M8'!P<*^OKY^?G\_/S]_?WX^/CP``````````````````````````````````
M`````````````````````````"'Y!```````+`````"3`"$```7_("".9&F>
M:*JN;.N^<"S/=&W?>'XZ":3_P)_#$#05'L6D\M50+)_0Z`DQD%JO2<7"!$E@
MOV!7(3`HF"$'A*$0%"#"+0>\U#2X!TA!51AX`PD#!R\.`@(,)`L'2',J>D`*
M`0TM$'XK#08!`2.+*`0'6@&'``]]C"N..@0!1"P$!ELE;",,!P(-")4(3B@(
M`B(*H@L!<J8D#Q"%"`>B.6-[*V@$)0R1``6%AP\'LH&"*-LE#@<^``VH(@P&
MSRP/Q#0$R@H-!9!]TB.`*P\%]R-CLJ=VC1`7(($:9A!8*="CZ<28$@02$+F4
M0(&7$9E$01!%(-&S!P@RK5/13T1$@0`&_P@HD"#!O0>8F#%0<.]:)EC6!&0"
MR``!3A+G`-`:D"#`3P`^>=`<T-"(-Q&7`E`R<*B`(A'"!!``M`J0`5SC&@3*
M9!2%V`$*+(9"=#2!+`$''#!M0(9`@P.8S!B@6LZ`V*(!\*H;@$GJ%"\$KAE`
M4\N$SF4BF*8H6M1`VIO]ZMDIW(<@@GO(P";0^:S`6#L#-II9P,E325KXBD(^
M<*"@F57C!G)>Q:!C(<`)4H<K/'A9+Q,-(/33)@F%F7N7F)T@L/&>`X`HM%`W
MD&"!]!0%?L)L+N*!`&)R15%3P`F1@`4E_8VNA.\(/`%Y?+%PT!X,M4_NM%!&
M;$?!$=$S[Q73@K`PY,`PX"@5*8@42@(T*.$)"X2$G0N4-!$4(VF5,,R%9FUA
MBPR`4!'?')3$TA2))+`DPH<PNN!*?`L42&)$]]!8(PL+C`2``0'6.`!Y/OZH
M0@+]7:+D"%J-0,63+[""SP'D_<C`3R=2V<)3(D1()0(!$NEE"P@`9)&7GI#@
MP(MGIL!#D':L".,UB*`4IPKS]*<DGN4%L.&>A((GD)B%)BJG`02`I)^BD$YA
)P">15EI$"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>f27532cpf2753250.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753250.gif
M1TE&.#EA5@!N`.8``&1D9'5U=1D9&2XN+L3$Q&)B8EA86"@H*%M;6\?'QV!@
M8"LK*RHJ*L#`P#@X..GIZ<K*RN;FY@T-#=G9V5965M[>WEU=75Q<7,C(R#HZ
M.NWM[=75U28F)DY.3D1$1*2DI,W-S8"`@+Z^ON'AX5!04%-34[N[N_W]_514
M5/7U]<+"PCX^/DI*2D)"0DA(2$!`0#P\/*JJJI:6EDQ,3"0D)+"PL+:VMKFY
MN:"@H,[.SD9&1IF9F82$A)Z>GJZNKB(B(K2TM*>GIX*"@I"0D*BHJ)J:FIR<
MG(Z.CJ*BHM'1T;*RLOCX^)24E/O[^[BXN*RLK(R,C!\?'XF)B8:&A@@("!X>
M'A(2$HB(B)*2DAL;&Q`0$-+2TA04%!86%@,#`_'Q\38V-C4U-3(R,C0T-#$Q
M,3<W-S`P,'Y^?GU]?7%Q<7IZ>GQ\?&EI:7EY>7-S<V=G9WAX>')R<F]O;VAH
M:&YN;FIJ:F9F9G!P<'=W=WM[>W9V=FMK:VUM;6QL;']_?S,S,R'Y!```````
M+`````!6`&X```?_@#0<'`>%#`L+`P-D8F-A8`X9,"LO+1XZ+BPL'9PD)10&
MH0@(%A8*!04`J0"LK'9V;[&PL;*MJJBH"J47HPBAH10H)32"A(:)`V9B?V%E
MD9.5EYDSG9Z@HJ0*IZNMKV]SX.&RXK!VMKC:%KRCOQ04Q,;'BHO,SI(K*Y:8
M+-0=)-:_1IE"9>N5G3ELP+%A4R?AG#<+P7VKU0I=*0N]?L$;)$^1F3]CG$6B
M9.D2/W__/@54IXV;-X4,Z]39(Y-FPX0X'YH[E^MBQHW&#B%3-@:,/7PM])W\
M1P(%"D\=6'CHX*Y$J`L`8+'9PW"/USU]^O#A\Y7A0H=O7ME2E0[CJ!_%_X(B
M6T2FJ+U))75H0NF)A5X/+\B,E(J/JKL+=<2*'4NGL>.P?60VU&FP8H&V%^#"
M*W0`T3PR?R`](^DATZ8.,UBX6%&:!>L68S)X\-`BPXLR8%;`Z(``0&,^=.0(
M%^Z8#I\^7!\^E/6FHC9=431S/'#HLYAF#AQ,RF>2DXX6*QRXT(%OA0L/+%J<
MMU2[3`L'`PZT`"#GCO`[^/$')T[V9KB$:5FF0'0;<>99,HT8-1)W.LQ``@LP
M.`!2!R[,4,(%J[4`PQ@M2.4"!2ZX0$(8C61``1MQW)'&BOBED9\<C2%WEED`
MGA.==)Q5IPAH"F90W@L-ZJ!#!AFTP)L="M!Q@?]J'H"QP!\^>O`@"P:@D!X9
MLK'AQHI<QL&E?3%&YI5D`#;'RHUPQ:-C,O64<<\*1;)W'@5V!"!'`6Q<@,)J
M?T08W@I2Z<"))9$,0$(=<;@1QZ*,L@CF6,"115.9K%3QPZ5Q47?@1X_<A<\+
MLW6P1RA]Q,&':@IX$`H+)632PA^64#+##"V$D8$B+)3JQJZ\*KHE<<6-%5D=
MR]E1!9K%:#I7(\TX\UJ'+RC`!P(*!!```B6PL$<::/`!@`'HZ>9C4B1T`$8+
M991QP``6N!&`N^[J8>V[^`U''(QT1!;1L9>F*==G(($11CZJ\59""1W480X;
M).A0`A]^T*&*!:J]@$__G!1"F=T@\\4QKQX@@QQ`BBTZRA]-<QQ[XV;4Z<C(
M'W\X@%X'!NA2`)U^`$`5*7JP02T=:<RA`+C@4>)!/HJ(,4`45="0@0'N!H`'
M'G!4_>ZB*WKY)8S'[5$%OYA.IZ,R8LCL3\T(%(`"`G2XH0`*!=`1P!X`S-''
M&GFX,8<%*.C@@'D>9.#``3\4PD$5A9#1`1M34PU'&WA8NR67:6AM']=?1X&L
MV$.1\0(G-+.!9QURIPB6NWSH$8(44@@A1`B-(1#HT6`0#E<A`W`@B`=WM-&&
M&KZW`8>\BB9J_-9R9*'RRIQ[)`9O#[)2@!URI*&&$'D$L`;K0\BPPP<?X("#
M_PQ#A""'!5&IUH+2U!U@Q@`+',#!``C``7P>^`L?^:[S7DWR'<I3&:8$T1$Q
MZ.`P")"#'>XP!_JX`0ZK$Q\.>O"!(,3`!T^(P0=VP`,]?"M]1\O`'^#WD0&0
M:`$9Z$,>[K<&-:AA>-:2U[QVI;4L!%!S8<L1(C*@`)I1X!078$,?W`6%[RE!
M!":H@05K8`,@*($(.-B!%-`0ASR5BS`BI(X8RG8K,Y!`#RU<`]Z`AP<]3$V&
MDBN>`&ZX,@(JZP4%,(`F+,`*/N"A#5+H@0T(D(`$J,`$-K"!"4P`!!\$H0=,
M@$((T.!!"G`B/1&"WY/``(8Q#*`%?4!#'L2(-\A1K?]Q(7N7HM:8.1RRC#H#
M<`$"'$D!K%AK"DSH`1`@``(00``#!#"!"!K@!!OXX`-(V,$0IB`$/````5!9
MS888L*[L@&$`8%"`)M%`S156+7C#*Z,,W2``4F8N;/'X@R;61@$$:(\'.PB"
M$Q(``5I"(`>X5$$#;N`$)?:@"%B00@>/*0P2K`9.A1##"LJ@-#.PX`QKH&8U
M@>="%\*A<?/JI@V5MSG.@,$%5BG7&V3`!"0`P08BX",M<Y`#"!"@`2)(*1!B
M<$\IAL"#%C``PECP@A=DP`Q1&$`DPA"&5.9!H=1LX>_P![R':E,/$@T@V%A&
M!A<8@`(S0$$(PE<#79I`!1C_(.D6D@"!!*04`PVH00RB*(,C\.`,=1@:!;+5
M`HN!@0,YI80#%M""`/@!#6=`*!KPMLDQ%M6HW91H*7-X@#`@X`WE0L`0+*B$
M&S1`!>S,01)R4$N3B@`"885B$60@!3^HH0\*``4%I`(>&"RML!$:@PL"<`:\
M^B&O8MSD7EWX.^'!(;!K9*-FB/&"YES```60`1)B$,B0)@`$DFTG!A+0`!,0
M0`0UP"`BI1""-MSI&J35$!D&(08BA<$#:<@K&OP0@KON-:%^?6'5<.M-4Q+#
M:0:P@P%(4(`B!($(5=4E`4`PV:[B\K$-:(`2E!`#?$[!LP&(8TP[\!WP]'1=
MD\A-_QW,>P8_6+BU>]WK"FU[6]PJM8TT6(%5#O:&[WW@B$@DP#MKR4>O$N"/
MOOP`$X;)@SP$+14(B,IL7C`&,Q0"!H!900%:F]<B8YB3*\R#;;O`7AL*\'8N
M0(%,I26##^#7!@%FYW+;R<<&G/0&0*B!C,W*`S6DP0UOB",(/0"?!93-$AD`
M0!Z*K%`Z)U23P!->%YCLX6]>B@,O(,$H#E4$)'P@!DY0P8O[N-P$M/C%3:S!
M^,QZACSHP0UT0V9JSG.K=8DA<"U@`YTQ3$T,]W7#;=@SGP6[/+AD``5Y*@$=
M9%"$0V,9I>VT)0%4;-(D?O20^>0!,=6`GS?(41.N\3$-!O\P!@>TP`)M,+)X
M\:IA)`./"WOVL&Y#?(%IE:`/13`"#F)053[6LK\):'0#FFB##_3@"%`8PC#5
M\"XV]'`OYJ)!T]XG4#F$H,(7QFMK[XS>:ZMZU4X6H`-*4(<2F#/<AZZ!"D!P
MW"0DP9:.5C$!;E`#(`1A?#LHJQ_@D`:).;)@HQW`#Q`7'P?<X;46#D%YIXU7
M3KJ0"]C.=F`_'(4QD$".!@C`$&I-A#WB$@);H"P[F7M+$SS!EV.5`13:0(<Z
M7*8$I9G5#)Z:@1]$P1@9F,-K*RQSF;]VKZ1N(<X/OG,G,\T!0S,``NK`@RK[
M8)>[?F?2T^WHKMH@!B:(P1-D(`3_.LB.-KHQ"J!H9@`7'*`**C^`D.]:X3.4
M';8)Q7P><)YSG>?V:U48`U;\68`0#`$)@O1RNC$P61`\]P8J4`$04#_X`)3@
M5H1(1&@$MYL.E(`$9,C"#P00>A;8M?+DG3DG2[U7*W!>U=K^FN)(4(D.H(&"
M[:9@QR](!'+7X/OM9D(,@A`'%CA`:8MPP`M@D*X(Z0`%H(!!%[(@`!I\%P'1
MIK;E7SM&_&G8^<_G>4Z6!1R@%W_`&B&``X=$3$,@!'!@;P#@!D(@`SCP`36`
M!$=@5B@0'EO4`A="`4-2!LUF)(+F`O3'`%MT`##P!GJ55V/70BZ49&I@!308
M@$UF0ZD$_P/?=7I&P`-7P`.*%`!I@2)W@`=#T`-B-@5J```K$`9FD`$=0!\!
M8`<D$$)@(!L.AP(#(``<4!0_P`$D@#]W)G!"]3@-18,UN'9-)@`_0$<N`"KI
MQ`1Y$`)0T`-!(%9&@`5^X`8OAP,K%0)OP`)C0%>A0`?"%@<44#1E,#!480$>
M`!?:H3L=T$+XTU>Q]4*_XT)HR'F=AUM<8`!88`#X,`-(\`1%$`?H]`%.(&#A
M(P-3$`!ZT`.Y)`46L`*%\'-^4`0\`"ZEL1H.X"93`0`6\`-FX`(=$`8T,`-Y
MEHD-I63!XSM:@(9I"'W=U`46P`8=X`%C0`$>A0-Z@$[C]@0X4/\^>A`'`!``
M1$!Q1:``&7``-+!:/!``<R`!5``S`S`)D=`A!9`&!_!I6,<!**!D9LA0OO,X
MMM4&T2B-SD>-`L`%`,`#/&`'9:``.&`#2"!L0V`$1J`'"(`/5*(`:U`#N_8!
M>[`"\',H0@`"`2``!S!:4+(A[L$"(+F!E\0"`Z``!_F,!5DU4P,'"2F-:Z=S
M5J``,F`#1<`"%G"'02!U1S`%HE@%7A`%V<@&'W`#E^4$/(`"OX@":O`!0-`#
M??!4_]`!+R`&,6D!E^8"'+``+I`!=1`YCK.31C4\9J0%/YF&.==-5N`"'Q!X
M5@<^0>`#2!`"!K`&/6`!.@``:[`':(#_`R*0`#D@`DS0!R[@`%]T!5#``W$0
M6N72EK$!*!:P!VLP`S3P`R_@`G(00V9T1U73F@]E1A)PEP`8E`W)`!\08'B`
M`A5X7_8E9A4(!7C@!F@P!$8'`2;P`7CP#T@9``_%!SVT'CY""1TP/7Y@``>0
M!0Y``5GS,2'3.-XI`1)@!7<9@'MF!3S`>CV``.G4?3(@7#$0`QRT!N@$!`T`
M`8H6>&>04130!W#@!G8P"KI@`-EH"?15`'G0!POP`SJ``"F2-5'3/P^J!^!I
ME[(9@!(0!_99!&=`@1)D!!]0!$RP`YNE3EE6GPT0`WAP,)_P!FKP;WX`!4*@
M!GQ`-%*2"GF#_R5PDP;U43F+TBLTE"AN0`436J'/)P$&D``V,`4](`,],%;D
MUGT^$%U`<%4!]EQ=%01R4"X=@`(L"(1%4`1'(`1],%KH\7,@F09A8(QO`!S"
MP:,^NB4J$@="&IMVJ9"<J`4.,$@;.@0[0`0]X`,H90).<%7IUE4G90+I%@-Q
M4`*ST@$*L#I\VIX\D%;98HPHH`!JL`<R4P)S`!9L>@>,XBN*XB)I,*=T:J><
M&`5!D`,[$&]#4(%/MTLAE6NN%V"7A0$^<`8"Z@)IZ@93@`6TQ@12H#?HXR`E
M4`!H``#?%84+L0>?JB)9@S5>0@74.J2HBFT2<`<$4`-3``5'@`-1ZO]<R=5.
M#?`!,F`"7D9Q/B`%2^(:'&``(7`$\M8Z<6`'>F(-<Y"?`R`E`/`-6P$6P9$?
MI,HBU3JDL@F`$N`!A!2F4.!1B)H#&[`%)G4#.Z`'1G!2&+`!!!`#4%``OH<`
M/&4';2!L948'!8`M)%!.(NMX"^H*$-$5CF$OPT&MIDJA"NE\5E`%,0`!-2`%
M4U"1CPFQ(-``7ZD'<O`$8)4`6U"N0P``*2L[/^``%Q`';1``WH(`5O*Q=8("
M20%<JW`0".&ID&(<P$&S-7NP-"@!=6!2'Q`"1:`$SD5+T+4#>*``0P`$L7=9
M(E`$A,E@2?%X4LL&;S`T%*(75/$&:7"RI&#_`021%6!;$Y(!%GO@!69KL`<K
M`0C@:#;``TQ0=+MD`DI@!&A``7P02#\8`R+@`T)0`"R0`5%``V9`!@<0!6$P
M8NE!&E$(6J"``!<P$-WP#0AQ$Y)!N95+IY>K`PT``B;``]_J`T!02#W``PC@
M`4,08!_PD#%P!`4P`R^0H/VH"(3S:8&3'0X0&ZKT+2HQ"A>P#;_['UU!O#0+
MG@9KIT60`Q_`!E#PI3TP/CQP`6!0!U5U`P0V!%C`A&-`(.!K(`-P'=K!4T4B
M6OZ@$@;0NP/A$K3P#5Z0P69[M@HI`0>0!A:P`!L*!22<,RN``']*;CTP!:L#
M`"VP`%HP?TVS<I;"_P!A\`=8L@*?*279XGL'`W]RU[OLNQ99H<'P:ZJGNHE#
M:@%2QP,AL`<>,`<[$*]3X`;!&5,;@HQ?LV=1(`!6D`4'$!M@,`EC``.6P`(D
M<`@#D[)`+'>ET!*XL`H9/,<;++\VJY!:,`!70#Y2L`<N,`170"4&,`/&.`,>
M(`8NT`<DX&,_P`7T%YL$N`!AT%:V`BJ94`59T`42T`5_L'4!P;MOK`LM,<=T
M7+S&>[-6P`9+:E9",`1VL`!-I0,>\'L&``"FAP8L$#]P(0#T:`5?:`:S82MM
M922.W$T2X`5:4`:,)PH4?!&E0,J4>\1G6Z=HJ`5FP`1&,'1$,`0E<`!<\/\#
M:#P]C`,';U"9LTL@7$"Y53`_Z*$=NN$!!1`%7-"0#9G!7)`!5O')ZW`!%P#-
M&FS*IRR-6I`&X[@#-7`$+4`#'MP&(:`&5*,&@<@:J^$C8"``6I`%^O9IO`HG
M&>`"?.``F\P%5M`%Z>P%'JPJOX`-H^#/_QR_<WK':=L"',4$2]D!-+``)49N
M-P`!-D`^1^`'<8`^)OD#8#Q\9(`/93!0*S`#=V``5$#2FT@%7I"S=%5.*1T*
M+"W-2&RM71`%#,`&\N:*CE<"(<`$X#I(02!,4\`&7&M)[C,&B/,#*&0KBZ@>
M*L)Y-!B-74"YG$<#+;`V*9W56DT%,6PI!*0('"#_!MLS!'FP`F;0`7,`!3*`
M!R$`!WV@"CHS.'"Q"":YS@M`4"*D?AX`1EF@!2(MGCA+!3@KGE$`A7)G`(+]
MSUK`A63`4S<\!B-$.%;@`&N@A+?R!R60!ATT*E58+CQ6")?"(1E``U`2&B#A
M(RPP9U5@VN)9IUP`GFE(@UVPKR4`S?'+!9Y-!E=823"#PP/``'#5!580W'VP
M`FOI`0#0HFW`!HXD=U*A&CIL!N5K!F.\B+5-)`@0`FM0VB*M!=B=MK%9@WG]
MQ<B,T4)!#V$P!HY`296T160`/^[8Q31`!FS#`NNR`@:0!GUP!DM"`=H#+@):
M,R10!@=8OF'`",YR!T(0_P<BS044FN!60(\XKI#+)N$@X>,_3DD1CMMB<.$8
MKF_S<QW:P$Q@,`-P$%,*D`9M<`1+B"U6,9TDL@+E'1JX00$0!``X+K\)KN-V
M+(U_L`P@<>8@8=N/4$EC0`9F\#X+P$S$(`:2/``K<`&*L'!WX'M]H`9H0,X1
M:`<@#'^U,P!G7A=UW0<,30&J7=W@*:0&7K`Z3J'-``D"0^%V@=L2;N2*,.?N
MF`PZ5=L78)+1$@?1LK[6H@I[<`$%P`?_.5<'\`=FX`@A`34,K0./+IYB/NE;
M;>!:D`$B813I0DFX02)C(`:Q.P^(T./,!@9V3EWO@74K,%H&0-^DT`$M(*`S
M8/_&#E#K14$BHB(U:!`&4\WK8@Z>E)ON:$B^G>(,ETY)6V3A\W#>WZO?94`&
M"S`$$Z``0.8:X,$;X/$@Y]'D;A+AH=%3*Z``I:(':L`!A&W@8B[IE#ZA-(CI
M;2XP;7[#9[Y%[R/G[J,T8@`)(W0&)W`#Y4("91,S'A`SYN<!'^$C#@#M19$,
M%```>R`'Y=@%$3_QILK!SN<,1B'D;%[>\TX7\(/HBG#I%QX'7W`"#4"%H7'A
M_&8&*#1"H.$`$5X&[X.4`$`Z>F`!0^KS<QJ_UMT%OZ@@Q^X(';]%M"[JBO#F
ML9LN+TX&`*`!2W`")D`!/08#RGZ=,,/B(FCK8`#G+/#_0P#`!JGI`28MO]4:
MOV0>G@LI`#.?+K^XB$:AYB!14/,0&LD0$EH/&@CP`$O0!"D`!:W['M=1!BX`
M'FZRB.EB21X`"@I@!Z23!F2P[I$>Z05KJC783<?.YCQ%Y&@>YW">#(5?%Y`@
M[*'1`1%P`GD?`3PP!]Q.`H0<.,D>$AD`[;.<#;9/!V^0!8W/^\4KZ=&(;6N$
M\+>]Y3B,YD4NZCQ%!LH?";A=!BPP`B?0!'F_!6L`"&YS!0`D*V-B8F$.&3!_
M'B0&%H1V=7(&6EX2FYP25%2;6J%67%T"`E5@86%C?W^)L&1BB+`#?V")?ZL9
M#F-C&2U;)R=-PT!"/'EI=AT._ZX.*RL.'B4&%PH`;VQ[?2V?G>`26E:;I*99
M55&K88EDKF3P8N]B[F1EK:IA90Z]OQD-PP*>,#'D"`\X%CQD6-%"1P8/%"8!
MR%:GSYX"#+YY"B?.BJA2I]"I>P6/3"LS`\RXBT4&3+Y\^S*$`9/!#!&!Q4Z`
M*&*P3@D7+F:L\*#`4IH[<NCPL4CB!RB.G,9Y!"D@2Y0?K63!^S,@I;P_)K6J
M&J-/%<U^&19@$4ALV!<;<!"P<-&A`P`A0PI*X7$&3IP^`%;\@"K*BF$N7+28
M0E7E!PU7*F6)Z1K/C#R48\:Z!+./']D5"W@TR<EV8!P*"CZ(("`"B(\@/9A(
M$1*`S_^%/S]$A=,BU9SBJE&N<K",<D"[`5O#FG2YJHQSSKS&E('!`,X2T@*7
M\,$"I4Z#%".V8&A@PP<.&5-JEPC#@;=[]QX/FR*5!=V/'QS@%2^.G![Q6RYE
M!H8#+G6F#PP'R)'"=:7%8``/0^11QP0/3+`%!"K8$$,/5^BQQPP9,&"88;T=
M1A475HA$`PT<=-45?RG%`P\8KFRV3QD#\K-(!@?,L2!V)U0@1P]0]/&3&@^,
M,$$.!)A0`PY2P#''#"UP0,J(I"!62A?G"&!%8XYQ<$!7"RR0DHO(U7-+9OIT
M1F`9&61`$X\6?'$==CSP$4(;:>P1``E%5+A%`N1!N48='7C_4(4`6VK)Y:.G
M5%%%BO>).>8`9:+IE3MFA/$'69SER$],T)2Q@`$:,!A0#F"4@$8>=`"@`!\L
M$#%"$A`T\.004[Q!@0Y1"/#HEER>4I55/W`A``=BBEEFIIF:(:VT?Y21"*B<
MO3FJ`_H,@$*J2P@DPQ@=V($''188H``U$RS9@'GHR:IH%J=`:FQ]DD9!0Q9=
ML'C`OY@RD*F+^G7:"EFK9%N&/HQX"L8"'D2PA*H1&`!#"P:X<4<!%QC0P@]O
M5)"#KA]P*,<;,$A:7TC'HI/.52OV^Z^SSPZ,'+5C6.8**YO-Q,@]]RR00043
MYW3$0RZP<4<??`#001D'1`'%!`34_Q`$#E#`P4<8-/P0A<KX2IJ.U_X*\,._
M!W!0<\T$TPB+&&;9R$^USARP``0G,%BQ"R1T4`<=?2*@0U<'K$```4`\\<$0
M(=`QP`'W?2U2<,'=%^8!]:7M[`$"<\X``R[.(LNGNJSB2V9EF.2`M0L<$$3>
MQ1P!B:\6W%$;`AZ(@=(,-D!@@@^+2]''XS10;OQ5]ZWH+PU<<,[L`I__^SGH
M77D*2^F^>*K/+/R`85P&HH7[A0+5,#&'!6W$`0`*,*@TAAP8)$%R7FP\SH%C
ME2-O.8N6'B"SF`SX5^L":*8%B,XRL]@,J)Q!-^<(#0$!>$`Q1$"!"\AA"VA`
M@1O<L"YZB/_A!5C8P(6`@(,=R*``]EM1\I3'O_YQ+@I=2!O:9($VNRV`=%U)
M8,]H]"D<J>(`+8"##"9P@B^HH0![>$(*TM`"-JA!`;UP10=BL($D$,`&03`"
M$RQ0)F:Q<$7,LE0`.=<Z*]``;0SX@[06<,8#U$,EMM#%6'Q!AN9D9@P'\,`.
M&H`W$+`A#1^H@`80T`$]M,$"_&B)`6PP@23$P`@UD`$34%`FS;40;6*TV_10
MP2R[308Y`^``#6Q!!A>Y0D!EX,K.9H(+#K``"%;4@`_2((,*C*`"`&##&=Q@
M,:XXP`).:&0/>!`#$W8`4S(,HPO%^*P!_,`*G3S`9,R4$L@=@#__)N%9SMR!
M+3"8@0,&`$$51W"#*21!`Q5H@`,*P`</F"$#:LM``6XP`1#(!@?X]``R1=DL
M3**MD@(\@`2J@#9-J01R/SB3&4K'E5GL+%MDX,`>E+2!"E2```^(P`9B0`$9
M]"%M8#C;"@I@@HOF)09)0$(8S-"ZF6FNAI]KJ287@")+?1)39$+HS>0Q!N2\
M(H%M^N8:*C2!$6A``P^H@`@V!H42T&`!8^C:"MY04AL<00;?J<$:7QI``$)/
M8&N#GE/.1H-2%K"2G?M!&G/FT^L]QWLTX$%2*Q"!!R0)`C@HP!F&4((6@>$`
M55B!'`A0@0\<@0A$Q,("S-!5`/X34\TL_Y/`/D>%YK4(I\\:(_2J<$.4S$,>
M.)K)`G[``PW<LJX1F$`->&``&0RA`Z/,@#-7D`=Q&F&/$3B!'LPTL_Y!;TPV
MRU3:HF`%_%PVLV@%W0!5$AGWA6H,HQ6"!B)0UZ2*P`ARN$,1I."!&SI`#`=P
M``]PM0,?;"!5"B"<#&O8TC-)=@%14-9EF84<L$[O69H[TU;`4A96,"`*>4!J
M1F\5A".\@0=%"`%HQ@"#OXYA"EMHP`<(,((41*`#7&%`&&4(5KNY:`%5T((`
M@&NW^RTVIC'][?/HX14/L@D1F,-#1B.@I`;L0`X%D,$.Z/!7,L"@)@-`PP::
=M($(-`$"&1`#]!"BZ=4Q=N4'7:A"BV2Z@$```#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>f27532cpf2753251.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753251.gif
M1TE&.#EA5@!N`.8``"PL+&=G9XZ.CI&1D2XN+G)R<FYN;LS,S$Y.3FMK:U14
M5/[^_EU=7=;6UE]?7TI*2MG9V6IJ:G5U=5%14=34U'!P</S\_.3DY,C(R-'1
MT5!04$Q,3-+2TN?GY^GIZ>'AX79V=O#P\$A(2,K*RGAX>'M[>^[N[L;&QL#`
MP"0D),/#PT)"0C`P,,+"PCHZ.O;V]OKZ^C0T-+Z^OC@X.#T]/49&1NSL[#X^
M/B(B(A45%41$1'Y^?J:FIJZNKOCX^.KJZD!`0+R\O#(R,JBHJ+:VMGQ\?)R<
MG+*RLJRLK#8V-KFYN9F9F:"@H"`@((&!@1X>'KBXN*2DI!H:&HB(B(*"@K"P
ML!P<'+2TM/3T]):6EH:&AHJ*BIB8F*JJJI24E!@8&)Z>GJ*BHH2$A/+R\A$1
M$0P,#"HJ*BLK*R8F)EI:6EE965A86%=75V-C8V!@8&)B8E965F1D9&%A85M;
M6V5E96EI:6AH:-[>WMO;V\_/S]K:VMW=W=S<W"DI*2<G)R@H*"'Y!```````
M+`````!6`&X```?_@"LK.C4U(H</B8J+C(DB#X>%DCJ"@D!`-S>8-#0NGBXS
MH4DQI"PL!```9WU^:"FO.$U-3T]64E)?7SF[O(.&AX^*&PC#&\8(Q!L/RHO`
MP(64E8*9-#><GZ`SI#&GJ&=F?7^NL+&TMK>YO#F$P8O#R/#Q\L;,S9&3T9B9
MUM>@HS%"3'E;]:<5+%GF;J'C9:A1/`T3(FJ`.&&B!GG(ZMD3(4G:)6J=/&DC
M%1`5`'#BQL6:]40A+EZ(W"&CJ*"FS0DU(TK$2(Q8,V@UHDT#*?)?20+?PAG$
ML;*6RW3!F+V+6!..53@VL]Z,R!/!@QHK:B!8T2G3BDQ`JE$K2O*4*I1^_\BQ
M;*DP5Z)B4W$J8,.W+QLX?JUFU1DQ$3%!B3B-,O4'@"`7^JIUFC&JY%NEKIC.
M?7KW854V:]2D21-ZC6F^IM?\Q6KS@;4'"APX$#$#G!E79QKWZ1/#!0L7-T;.
M`+7-U&4_<5-H3JCP`4:<@/F.GC,ZC6@UU]6H!@WG08P4,6('T$!#F])7*9[@
M`/`G!0%M+(2`.L,6H#=PR.4RE_(.'G0VV&$W!P/459?&'`5BEP8<+A`@PAH0
MF194#:6\\L0?[:60E!`$]($&;V:X,-D_;GU3D$H(.26%<PA,A`!.H*DQ(`,,
M.$#CC3C>B("(<\!!B0(,:`#$#"R$(P492.8@Q?^'?@"`ABM2M-1$"B&&1.)]
M)^KGU%00[15:&C2ZX88<8Y(IIAL.B,G`"BFP\(`&VK"1P!P*L-`2DF64048.
M9)210Q-/]I&"%+%848L5.``G$D!NG92E<BQ98<5,.NTE6IANO*&IIG)T^H8<
M;[2Q@7M#`N&"$#6H42<.1^J90YY^[O+%E+1\<0LM*8KH3RG>8*9<.88B0Y4"
M@(U6(ZAM)*ML&YJV$<`&J/06B@M[/4"`A5+LDB22N429GI]2R#)+E%^8T<^5
M)YE1D);"V@3'&@>F&6H;<<1!1[WXVO'`'S&0-<,9J+H`P*\L0?K$E)(>S-03
M.60VKJVWL&#-KMQ@F=S_<BWJ!=BE8[Y1+QT@VQM``'6H,0,0B:7P!P%^E!.N
MAC'T0UF'Z,W2!P"QW&)HK6A(1AROJH2#8A,MN@OOL:&*//+2$3`00Q(WK`"`
M%&8,/`MX"-BQPQ0"##`%"0:XH8`&*\Q``%)^G-&$K;`@2E>_$U/&:*\&0?IB
M5?"".2:]<01@AQU^VU$''2Z8T5L?7Q#`@A5*WA"!$3*,<$`>>:@01!5=9$'%
M#@:D\<`*OGT7)5(I-,GJ$RE$'3=)9R<E#BQW$[O&@!VW0<?(=0A>1QT&3/"'
M?'_D```!MR0!`A%Y0,`''A!`T``%&6!P@A(]1,&%&`74P08"(KC0QWI]K,U+
M_Q-])+%"6IZ@F]3%L</!,:A*"QY!`@G$<>W`Z]62`AU00+#'_WK0`QX"V(`,
MY.$`)PC"%:KG!2J4P`!MF$#AOF"+5^F)#%(0`A#.<HV1=(,@R>F2I?0F!WK=
MCF3SHU\:TO.$,YSA2&8H`0;V@(<]W&$/S=,#!/30``YDX``JD`$1>C`$(TQA
M!R`P0!PD^`4RW(QAL`+`#2B1EDZH[SQ=>I>,&)`I>HW,#BDT@`$>D!X<I(!/
M+!A``VC(ASM\X`,W#.``>Y@'#*`@"$<8`A@&L`,29(\!T'H"*IZ0CC(\P071
MF-C/2B2T+L4H3*'Z8AWH)T8#T"!<C".#'Z8`1SRX\?\#%P@E'&V(PP;4404H
MR.,>G0""`M0O#4!H#`W,L(MLY6`&A*`$/UQP13_<#31@2E,))9F`2D8@!DS)
MP1-80((&W,&3H.R`-#MP`3C>X0XZI``"44"$(3!A`$[P(_W:4(.;!<</N[!%
M##@2%`Y:<6Y)N=O1N`@_W$6@DA4(``"L4`8<T,``+1C@)R_@`1O\P`/4?.,'
M:&C*$Z!`"=X$YPXD8(`$!$`!0D@!&JZ%AK5)`0`U@`18.+BK$IG!D6JHT=[Z
M!L9B&J`"!9C#$_JY@C:$`0,-X,,;+]`!&_C4!M2LYC7Y`('HH0`*2&""%[3@
MA!)0U`X,N`$JS-`$*5A!.0#_<$XBVKFZBIT$I<<JX>U:*L8*@*`&9+!"#!@P
M!23@U(T\[<`/3$!7A%9SH40U*A1Z$(8L;($*X2R`'>8@@B2@`@=/0,,9W+.!
MBVQU&I,!VB]3Z@!D@2P`\WMI`4`P`S*D0`0&R$(53M"`:'J@H'0-@0U$>4T<
M&I4(2(B"$0:@A2F4P)5R<`T-_*`>/[`,#1M00$:^(HB0>!``DZ5GTFZ769B2
M(`8Y6*<$O-"%`^B!IQXXZ$]-L-IJVI!Y1ET@#V8[A2.ZD@X((,4+<X$&<8B`
M#1-`QF/1-Q(.);=C'KL=[V!:@!*X``<S>$`!ID"$#-P!N](\[32%VD8<GE()
M1^`!_Q/\J@4J4#0`:8A!8YZ05O+U805K4$!\O<(1DGHPN<(4J^"*60`)2*!(
M,:C!&[9PA0:$<IH+#N50/<G#'SITB#Q8PE^IT$H#!&`%<<F0*[*Z(!'+5P20
M)8X04%PFV]FAF#"50`%B8`:):6`'-08E3^,J3:'>D`]\X"'T1J`"ZO$@"T?L
M8P$*8(`:^*$))]&HAC3``-4X61E@J2(O8X`,8FU13/5D<8NW_"$'.2$(>OAD
M-#N@X`M<DWD!=%X##O#0*@3YB"30,@@DL"\J#:P]+`"2:;#BV!*OSCD3`-",
M9#/,>\Y9`B!P@7IP,`$C'``/:(8KI7]@T`Y\@*@-V"'SM/_YXR(.@`HDJ(!9
M0:"`]IA!"$_B%Y"L@Y41B]3$L&;#@6@D+V?9NL6<I84?#!`$"C1/>=&T`5U7
M^T8\-$"`SXR>';LYVRTXP96;?<,9UA.#DP"`!FMP`P-(TVV?0/DLGH"U^\9]
M+'-KUL4TJ*H0C)!L3=OP`W)-;5"Q">P[0``#*K!C#R8\A<W1V0`22,`,U-J@
M,Q#@`:"B$<,K0F*P3&P9&E``O!`4)MO=$Z8@`,$*&):$+N3A>1Q8X_/>>(`U
M\D&4`H0`'O+`3=E2(0!O@'F185Z`&CQA!C<0`@"H%8`V*'P.:F"#DWO.P4<@
MP%(RHMT;Z+!?7(-`!(.*P1">3@'_#E"@<BV001%YT`,>_#K-#8B\"JJ0A0"H
M@38N$,$$UM`&.QA@U!I8I@MB0(`;."``<7B#C1C^9TB<[P9VQ\F7P,0`CP6`
MQ2[60!^DD(0H9(`#!T0@RJ\0VR[P(`S(H^'A#T`$+Y#`#:,Y?1OZS(`X&&`'
M.V``E49!@!70`7!QD(,#X"YW)W_[!B$=1DV^1#N+5T#+.DA!$V[`A`,8\`1!
MQ,`/45#$*/0`!7G01GJ``4%@!!(0`#LP`(S'`UY0`F]`(Q%`!6)@``1@!2P0
M`_31!A$0`'3@=@P0=SGA<&#1$$4#3'I',A=W`Q?R`%&@?P>@!$$0!$J`!$NP
M`_E4``)`_P0<`'(?<``]0`4XX01>L`065@0E$`$V$@`ET$?_10``<0-OD`!V
M<"\/2!KE%U^/18*314+?EP!9Y@8`,`-VP`,JD`<&A`%$L`,#]@92LP8)(``R
M0%`7,`)10`<```1BH`4:\`52I`,*D'IUT&(D4`-(\1LT$``&4`<<Z(':T7#*
M4&(D&'0`HC>1='1T1@,;0`)(H`)59TI,,`5@,`)Q$#,&X`19<`!W0$TCP`1J
M0``N,`4RP```(`(,\#D(0"^>!P(30`!50P,KP#N*V(%R\(%KP!K#!18Z8'?R
M)".9TC>9U6+NXP1'@`$4$'EY<`('A`%&M`5+8`1$H'75A`%,P/\`+N``_X<$
MSR8&)2`'<,!%;Q`!$N``%\B+`E91@-.!XT<:(<@,&Q12+#(![S(@<F`O5_92
M!T@'.8A3.I1LR:8'7-=X/:`"#8`'"X4!49``.H``6A`%53`$2S`%V9,`EQ4`
M@C4Q0/`&!5`!%:6(J4<@(#ABRK!!R?B/>Z$W5G9T%;`#1I`%0:"0:A9\&)!X
M`/@\UW4'JU@`JF&*3,!R19!T+N9*Q306#$!V+Q<!4_@&"L=ZWA8U*_`(4R%T
M<^``ML<[8K0%'^!0"JEURQ9\>4`!R[-#<'0`!A@`<J"3/,`#40`&1N`%4[`%
MME4!"0`"##`!_35J*;F2;2=^'UA^&5'_#6&AC))HDWQ73`FP!1=P`#)`C:2T
M4#WD0VNT4`'T1AFP!!05!P4P`$PP!,;7>%S@!0+P;PDP43K0!B40:EHF1ALH
MC"[IB"("!#/I'%UR-`.)6080`69Y1RJ0`9XD5/86=1#P1OCF1@W``TD4=@,0
M!3R`!#V@!%5@!`(@!FJ8`'W)9R5@F(<IA1VH>HN)%<@@(E'3$,`)D+,CEI-9
M!VIT1]B84SOU`?9V;V[TGWM@;$$P!0=8F4/0`PAZ!#0H``XT9UL@``M2GEIV
MGN#G@5;H9,/!E0TQ#-`1+\ZR.UK``0^%C12@!SMU`7Q@0ZTU5'Q`30?`!220
M`&L``D;0`U5@_Z-O)@!(M%DM!R2UV4HIJ9*YV0;#:!WE!R>].0C!D#$*<"G#
M60<2D`$/A0'V!V^6]DDTU#Q[@&;5E`=,``)MD(P[$`;:.011X%=%,&<D,`5.
MT`8&\*-:)FT5M8@/"'?%*&))X)[]Z)63%9;.0I($J`14F@')5D,J2E1M.4`E
M=P<40)TRZA@[``9XR04M!Z0@<$0N5@)P2J&H-XS$V&U),!R.&1:=(9]@,IQV
M$`0)A`$C8(;N!FSVE@%!``4<0)$7L`>6=@!#4`)-63@;0`7="$Y^A&L2`)ZM
MI*DD8)@JF8BHAY4+=Z<3$`/3,JK^R*'NXZ?WT@-2>@`80#F&%WD<H/\"3+`$
MW0H!1^5,>7"49/(`#3(!6Z,%3M5B$E`"3-4&!6"$R1JG8H2><?!V:M!MI#`<
M[BD(2QJ9M1=^1A"NW$HY>>!#"!0%)"`#_!D$6K`#_]<#1R`&;:`!#X`5OC$'
M]TI1E;0#?OE^^!IJAXF8=*"><U!^0B"MHLJ5,\FA3>J.;U`"$5E'E$.E;%8%
M3L`#-G29+=``*,`$#N0`D*`!\+(!0J`#<C!G$1`!?%<$`K`%Y5D$^`JD*ID`
MN9.8-O*O=?*R`DNML2=T>A,';9``,J"S'#`"(X`!,A`%2T`!=Q!L>G!X)[`%
M#A`4#X`3<Z`!-^`"$X"(N5D')>`U"E``.U#_F_F:LES;K#8R!R&F.`'K"=6P
MIQ*74@P`*@%P!`>4`="#0$$P!"A``>Y6C8>G`DA@6P;09U6A`+;H!AOX-Q%`
M`J\9`R"PN"30N)7TN&BK<(LY/"\;JI:K"8_96&8;5D/``0=0==JT;R=`I9UY
M0*LK`$:P1T60`&W@`*IR=VX`.+M3!R0P``4P`UC+N.:YK\'X*022!FQP!@!P
M@3!;O$H*:\FK<`,P.6;(`<"'?R-P`B?0O)&7`4.D!$=U/6IH`&\`EFF;`"E4
M`@*@`#JP.>@[H>K+@9^2CVQ0-90[OP-K",@K:S1B`"A@?Z[ZO`08P)2C`MUT
MEP+0.4XV-BL`)#!7_U'%5`)4``0*`)Y%L+O*BIO!2*0:W`?PV\&A*JH;%'M:
M-"#FV+RNVE!$P`-=L`1\.5$QZGES,,-,JR=^4`-VX`1%4%$&4)@Q$`";D[7Z
MFHCW2*0NR09]8`9%_+)/([!<6;:RI@9;@`%4VI9%58!KJ@9`L`8X.$1'``4"
M(`@%)[@UD`8#8`0[X%(M5@<(@'T[@,9S)D9=FWI9:1I^\,:I$!]S3,?'6S1?
M(@?3*#F$*JM5H`0-(`,\,`!9P`1%ZU=MH`"\HV6#4P0K1P+/6`%U``).@'V6
MO*Q6V7;.:AUJ4#J>K#@7>,1)ZH\OHD5P(```/#G-&[W)MGPH(`,TN`1,8/\$
M.\DY$$0"5#`$7%"<O7M]E*R[Z:NR0KQPR5PZ<#P\\DN\P$&PRR!/;!``/3DY
MTA/`.76W(V!C%`!AU/.1()!/=E";.DI642L!ZUS!EXR8J,?&</<*[37/1BS*
MT"R)JD(%DV-4G.AN>S"`02!$WK27KQD!]+)9FU4_O".2Q43)R&J;$\VU:ZR>
M:6!&R@R_]#R\2/R8P"D[<+`$$,"\R-F6D=<`*O#*M=54(("5=E"8`=`QO(-Z
M!9`&&A#,R#IJ%DS1*ZN8:L`4K]#)&BV_TRJ3R@B00*($Z1I$+7#-]D<!*A!A
M69`%`B``FNH$?`U!:7!Z4EA]<R8%<-!4/CRAR_K_N.GIK[*`'G[P!U5#SZ1`
MO(XYD^TR`26``BJ`2BB@Q]U*.0?0`D>@!$0@MUDPA`.0IG0@&W%@!S;B!CB<
M`SCP!N'4N([+DAGLD@J#'AF="HH#U'I*JC2K`$8`!2B``G&MQ\UKN@YU1T3$
M!%$0!E]3`'2@<&*B`&$I`&#`*BSPIEX]9XD]A9J\>FIP,$U`UAKUQD5L"I--
MOQN*##O``T=PTGK<JO:W30IT!"NG5.'Y@#8B8G-@`%UP!"Z0`U;@`N4Y9S>=
MR<Y*'6M@*++`TSWMV^QMS\9;K1O`>%R`!$?0V0U[AD=%!$008;-%9!!D(PP@
M7&PP!P)P!`+`*E$"!WX$_][[^C?-^G;NNS,1;D;MY<D_';!![8\K`$11X`5,
M4`4I)SG2(P-!,.)RNY<EH+UR`'<*L`$`Z00]@`0KH"2WD`(!D,8._#=4B.-L
MH#.XPM,][M,=/+]18RJ]<0<H8'Q+L`1#$`2<;3D1)F%4O`,!4"-]-F(*(`'R
MO01H0$&VH%9CO*_%O-@T0GX*L3-,849FO=YH#0HLT!YH8`8KT`&$/%Y90.='
M4`7Z/><,6`)UP`!P`"9I,`&&00=@,.!:H"228E52L`)"FCO@YZP+QW"/KN-D
M_0?J3<]NT1[G;09G(P(VH*"PU051P*!3D(=4,,8%H`9W5[,0H@AT<)W9J0`8
M=/\..J,`!F#C]_+.#EZ,$&-5$([>?C#/N8%8!Z,R\:LX#X`%2N"-5Z"@GWA;
MI]YP`%DC<$!B#Q``J,D$7;`#.7#N+I$"<D*GNFZG<H?P4:(P$BY_!Z,>K]`'
M9W,V+,``%G``8@`%]ZZ@?05.!1`'(08'<Z!ZPL41(A`'`M"-3!`&*U`&+O$4
M3X``'$@F*$X=(*@`!^\2.GXHMQ#A&I7IP_/),;0`+\`%4``%1'#O*]=`$E`'
M"M?:<B!<GR-@`G#7L=P&>_(4MF(K![]6J]WHUN%G/I\+$+,?5G#>Z*TA)N';
M9S`%"[``!\`#0C3BL05G!4"7<:"]VU,#-*`!MCL`7C#_A$[0!&0`,8RO]KS0
M!VP0!^V+':N1]A!_*VZ/'J\0V2;190"@!0L``SYPTDV.[UX@!A1U3Z>.`#2@
M`V[@!`_:-7@=`WO2^.EP\+*2`RGP`%F)'6A?\VM_WII?UJE0_.SA!T)P!@6P
M`!:P`"$@`PDT1$K%IK;I!I^3!D40^WGM!0.``+5_[HZO+;)B*RY`(]KA9Q-0
M\Q`^_(Y]]&<#`(("`$EP!G(``\R_`!"@`B/`34D%"%E;8B1O<`%;1D9+7EY9
M7%D.7SDY7U]2F)::E)J9+`H,:FQL"A.83ZA-.#@I*6AHK2EG!`0``+1F:'XL
M,6=;"\#`=QAY+5!5/$M34SPM_QD8*$H\3#Q#0R1-E9U2FILY4E9/F)A--VIK
MI1-6X:JLKJ]^KK>V]'U_?G]",3$H"Q;!"QJ<."#CR!`9$$*\,-'A0P,4/8@$
M"=*CQC=N&+EUXY;C2;LFZS`!>`"GE$=5K73]@=7J3ZU;M?K@^P,@!HL'%U[`
M`/B"0XL@+3X`>Q$BA(D?#62T&)$G#S94XZ)*M;0J5@H<XJ0T2?)@PBI6NO#%
MLVJ+%H`_?^RYC`$@@847+P#Z^V`#F`486(J&\/`L0X,[5P"T:O(D7-9QAC'!
MTA7V:F&M+MRA]4,YEA]8?LS42FO&S#T",<QD60#W'[`.1.):6`WCQ9BB%S+X
MO?-A3?\*`'Y6H4*UKG`J*4_N3:;LIP^LW2W[J&U%F26.S&C^G#%CKP\+(3/R
MD'YAVH,$#/Y6W\W;H<.=#!3NA!ARQI9Q'$WBIR(<'X=6Y6I?J5R)-<4?ZI-%
M9X]SKO0Q'769Q4#`'#YLMY,><!BPDW@^$.7!'A_<H<<=)N3A`CUFQ+-*?/5]
ME8(5.'3F65B4H75/"OAT)E-:9PSXCG_3X>='37V0X,\+#;ZP!@)43/A67C9<
M@,<'%US@@0UN6/>2&5==]14K[CQQ&X"<"9?6/?A]J1R`E?EGH(SW\&)&%`M4
MN-,`-<1!@FJM%?5#AAW\8`,,1NS"`BVUC&6B.ZYH>6"7+JK_55QU^''Y!W,R
MFE$C/OH(D4&;<640PQQQ5-#!`JWE=123-ICP`AXK`,#"GX#V$8L[[NAB*'75
MM3@<6F-VEN,]L'"6*Y@VN2`4#,0ZX8(#`21``:9(>G!!!R&,\8(!4@)*RQF7
MO0H694W<IMQP^*F%EHKDPA-CHY.B<8:".H30Y@(8(%"#'!+(,<1V1OW0P04V
MA&"!$6<(00NK9GD62WPPKJ2EH[ZZ*.89$-=H7*((AKL2CP@TV.`2#ZQ@1P$*
M:$$:DOKVZT,'.J@*Z)]_NM<*?*Q4]D2*XJ8ETWZ<19QC=#;7_.5:*2@`PS\4
M%`#'"@E(@$`<%19EPM,A8&'!%F>L_\HRH+9`3"#/?7CDV4S_3:RHBA%W!O9P
MMOYW'0YO_/."``:XL4(`;R``Q`=$&:77`BH,/##!MYA]5;=]A)A-"O:TB&#8
MDP%PH(HSWB/63(F;(?`3HRU`A`0@)*#!`PBD>J]>11&EAJI6^VTM`+FLDIL4
ME/CG<.+%K>1BUCKG<AF+:>\8@TPJ+&""%B50`4(-#P2P`AH26/!:46,L$(49
M!*]J[=4$/-J$%&1(D<+B-DO>,W5FX*XS<_BPZ"4!0NRX;`MB)))&"C<$\(`+
M#T2MEP5WU$``J]:S5BT(<(8GY,`*KH`8E[XEOC%!K'"XRQJ5HL.8WKE$""E@
M04(.8(0C,/_A`3E`F@*2`(`[Y,T'%B@`]03(0GI8H0FKREKE/".YZ)#+%N6C
M!PZ-(Y/+$,=%F5D5#FAPASU<H`48,,`9I"""`B3`#%((@@7\Y0$0_(^%9ED=
M`/K0!!UND48]9$SA(N9%>NS,A\3!1^+610`KI,$#?#"*`$0@!0(\H`T&R,8O
M8'`'`Z!.@#"91WL<)Y@=T<-AQ%&)I`99%B\^$'W-690]U@6`+TPA!'R``03H
M4`,IU&`":0C`$[Z@`!-<P`@(""`6S>)%,S1A%JR;2732*)TR.E)&"=N=@&0$
M`"'\00I(V)<%M(``&K!@#6E@@!N^L0(C8,`+MR`8%LWH..JX@@5WN&G,#PUD
M2QV6;6+Q"`MGJ,.^JP0!#R'H0!W<X`($I`$4<OB&"XS`AP?T875^BR`.<V0&
M'"@GC?#@##U>0D@S*K"&C+'A@?Z7(A0T8`%'>,,<=,``!<0A`/',@0L.D(44
9#/!Z+6/=(*?S0!&]8B7BA"#6S-B'0```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>f27532cpf2753252.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753252.gif
M1TE&.#EA5@!N`.8``'!P<-#0T-C8V,;&QEU=77)R<LW-S5145.#@X"(B(EY>
M7CHZ.B4E)=+2TFMK:_GY^>CHZ/'Q\?W]_=[>WM;6UL+"PN3DY'5U=79V=C@X
M.!D9&?7U]>;FYKZ^OMS<W(B(B'Y^?K:VML#`P(2$A#8V-NWM[>+BXKR\O+JZ
MNHN+B[BXN%)24GQ\?$Y.3H&!@;.SLS0T-(:&AHZ.CD1$1(*"@J:FIGAX>*RL
MK'IZ>E!04(R,C+"PL$I*2DQ,3*"@H$='1Y:6EIB8F!04%$9&1K*RLC$Q,>KJ
MZI"0D)V=G9.3DZ2DI*ZNKJFIJ9N;FZJJJBXN+I24E#`P,)R<G"PL+"DI*1P<
M'**BHB<G)Q\?'PT-#4!`0#\_/SX^/D)"0CT]/3P\/%I:6D-#0UE965=75V%A
M86)B8FAH:%M;6V!@8&=G9V-C8UA86%965F1D9&5E969F9FYN;FUM;6]O;VQL
M;&EI:<7%Q<O+R\C(R,[.SMK:VMO;V\3$Q,G)R=34U$%!0?___R'Y!```````
M+`````!6`&X```?_@"TM!P=C8F!G!`IH9(V.961J:F20:&B+9):,FYL*!`1@
M8FMC;(0'*SF"/3RL/T,S,UU:7@L+&20P15%/4U2^5PP)PEA8554Y*P=L:X@$
MEI1J9=)EDFUM:FW3TI+<UMC19`J>9Z%BI(0KJ((MJSRNL5M>7[:X14^\OE0,
MP</&R86'%#$J8^T:-C=O$KYQX\V:FX</$T*4E$D<`7)@UI0RI8X=*W<S_,R:
M=RO7O5Y4@/$CAB49&T.)%#0Z"!%A&C-FTBBTF::GSY\+)XF[]$F,N7/H4GD$
M&29>K9*Z\/G:-PP+H9>(%FV+J/`F'3HXPX8%:^:KV9S1+EVR2$X4TE,K_U2Y
M>R62%CV34H$)2V"U$#.!TMIPQ4G'@>'##N8<5NR@L&$S#@K8`,'"!@8X9LIX
MN@@FHT:.2EO!HY4!ZLE?5!,H8P;&&26"-LLZ3ARG-APX<7#/B=,XIQP04'P(
M!W)$Q@<:-N*XV=QV#-*.K.ARL4L"URY\5_2J7I85S;8V;V0OMGU;#@`YZ&_C
MOA!#R0L4\$.\<.(#2(H/,5C,T?RIW&=T@D07AA];S&,+#":AI))JAG1'$'@W
M&5:;;>B9!\"%`!1P(09`O+"''088`*(=`U00P@T^0)&""RZPD`9_H(3R7UPM
MN/-#&%IP82`N,.RBX#X`.2C8&VD4MEMYZ%VH8?^&&L)Q1`AWV!'`E`$TT$<#
M!MS100A+*!&$#/FQ`(`:X[0U8X"NX*CC75']N(P89YRAE6!>'0F'A4H6H.<%
M.'QP@Y145MD'!10T@(<=%9P0P@Y,(`%%#"#8((<#:ES4EB@`KI*F'VM"%<44
M"A[`3$R10&AD'.;)H>>>%UQ0P`5!#-"`E80.JH<`LS80`!YU;/G""TSXT,01
M-+@J1Z7]N55*7.V\DB-)]9Q&!1N'D$H0D;0ER>2KK4H6ZY04"!"N`'G<6NNN
M?'2@0@CLWJ!$$TFX<`$`<[PAC@*'C*',*4L-H>93UO'2"[6M*4()>)#-<>>V
MW&+0*A)X!-`'N10,2F[_'N**.RNB*(1P@@KS^1!$"BP4$,<<RXD#QABC9#I7
M4Z15U^:T?V&"37@.Y,9DJQ=@@($-']1@Q\1Y3#"!!QY<?*L>$^BA*Q\5=(#"
M"1TSZH,,-.!@LF%D)'+(&FNX_,-H;)Y$;4R,2(+S;0#PW#,&!;#`A`'A>L`T
M`D9[4"[2>=A-00!VW%%!!75\3,0-5L@P`@MPPP%`&IXH<(91YZ2B:4@%EOT$
MP0)YAW#.YKWM<P$C+#%TT0BDKKK11^LMP.NZXL%''24JVF42B[?:=@&26VI4
MR\SRX*\?\M!3A#V<#P4;9'%D^+9E'[Q000!YI&Z"ZM>O[GH>%>]J0!V"R^?N
M_\@NX.!P`3C0L<(DG4W^62H"YOA4+E&<K8@X9'SN^*L_V\""$B<8@`",A@`+
M%-`"!BP@WHQVJUP!;@"".\$+EE"#)JR(!92Q@0T*<(HV;,8MA/"(*[K@%*C8
M[Q,R44-X%.:\_HU@!].[&P(A0$,.6"!["YP`KF8%N#M$<((U\$$28C`"$."`
M!4A,PP_.4"G)9619(L1<S&`@*CBAC2!FF(-Y^"<I(`P`#Q28@/4X0,,RWA`!
M)FB:N705@"S]\`9!!()Q7&!$$(```S5BA$6>>`#X"4^*!PI2G!2!11;R#P,@
M4$&5!'!`"T#`")`T`@1LF$8$8(QBNK(#[7HU024(*_\)BK-CBS"@@!\0X`WA
MN`BF^N@1?SUK`20H1&<Z0\@V9'%_W:K!``S0@.HYLHR1-`(EC79)<?7A@75(
MU`MV$$0I@')%+#)B'%HPAFQ(KCDAK-'89$$:@!@E*Y%(@P/VIR<;H&`/`:"`
M'M`(S#)"P(`,'%<?KH3,"G0,CCY`@AQ3,((1'"=2!%B!)XC2F;#QZW*<FH<R
M6&9%`H1SG,X#`!2B%``!>*"`C\PH#1%H@J2)*P]7ZMX=!L"Q'3"S"4&`EP[P
MDP(B@J``!$A#-O@3"GWQ*SHS>%8R&$I+[[PA9TK"@!/ZX#0!K).,[IPD`O%6
M3%U9Z5`1JP,*=@#')@#!JC+_N(\,=$`#.K;M`MD(!SD^$[P1SL(E#(63`LK@
MABRB"@`L.`$",L;(7];0A@F<0#';6"7`&2```]@2,_49!"`D(04I*$X,:&!$
M%KA@#FD!1<L.()>QY:@%+GD),V32!G'FA@X?J(`%,K9."Y#1AI/DP/4LH%>,
M]0$/(9K2H0S`A\"&H%'ZA`(H90!*_+2(!C+`P#52R<?@"8^$/4`&(1JDE3?0
MH39S:`(?!""QOJ7.M+]$JFD1H`=SR2Y$(AK``&JK+A0A(0A'T,$1DE"<#XR`
MCC0X0@I0-@G)VM1R(.D"#S"[W(`PPI:-N<`-^(`'/#1`#Q<M(%X?*4DR6L!O
MNY(2_VT'4`?:[4%15A.9<63`X:SZ,P8I@((-&%(&--B77U'D00_X^R;7=+8G
M+`A!!_CPU^Y>EY(0*$$).&##UOXM8H"K@`A$$+4)"E$&0$!"$Z"PT@[+@`4I
M^%(39("0-A"7K&B:P0_V.PB_&$P-;4W#"%[0@0K<@7HR1*`C#4B!+8&(EVQ$
MU`E,6@,9O-0,:SB#`VPP@N*D0+W&L2,0@H6$.:3!#24&A3FRJ:DMK]@EFRV5
M3F0P@([5@6X6G0!V]7`')B0A".RUP@U04(=TXB%J.Y"CB\!0HQGPH!!HP,`'
M='"?^]S1!59@@A(PD!`K>Z*X4=RR(';:&@7<K`Q`$,")*O]@@(]J&@)Y>`$2
M7/"&YHU`!D>0@@H,7($7$,$'(#A6(U;`@Q6`K1!N*(`+^.F"X^``!#1PPJY[
M@F@33\ZF<6&%EEDQ;%&U)A)N0`,4`L`$)W2@V=4S`@).``40`$#179A!K%]X
MS!,000DI<(`9R.",+CQA`6'HP@^VD($9K`$$*VKL2Y%P`Q#DQ`W1D)PH-N*1
M??,[!\I0*UO+,`(5L#R&`7#"!^@PE"'P``P'^$$&MM`"--P@`"((@15&X("%
M_``&6'A""SR!(S*P@0H:@$$.Y%"##\AD#CI0`@O`\H9KF'CFA("?'VS>;Y@8
M6PT8N$$2K%H9+50A`3&0`1ER``+_(+C`#`IHP0PHZP4>%`$8N:!"+!(0RQQX
M(0Q=CD,!,J`!(6CA`RYW``#ZB0'#'+J^9Y@LL_P0AGVO6+E_B00=4%J`&2!(
M"%CXP`ZF"8)6$4`#3,^!&SZP`"K`X5%C>((79O`$!F3@`#P0PA0.H(`<Y"`.
M&$!0W&2@(M+#03&GYWCJ[RL(+70A#$-P-'^92X8W^*`#[I("%,)`!7VF@0UF
M\$$!2,``/V1"!D004'I@`10`!&&P`C-``@F0`64``PF@!6DP!^G@!BYP``[`
M82E`'"E`&:7G`.$G<Y4C"%Q@?G3'8GD&!BQ047O@(2+P`5N`!,%5`%"``D?P
M"060!!_@_P,BP`9G8`0"@`<^0`)=L`+%MP!$(@9D``<%``=MA0,M@`'%,0+G
M)0,7`0*/T7:)!FPMX`5;P'KIIV(M@'/<(08^P"6G-B4WP`,[X`1)D`0B4P-U
M1@,8,`(U<`)@X`,6`%A,D`,DT`->4`09P`;JUGL8P`)P,!EH<`&\E0*>I`.)
MMX3@AX6_AF\ML`!<J`7HQPJ/!A`*$`1O@`2O=4QV,`8J`'_!\B7O!0)'4`,R
MI@`5X`%XT`%*8`-AL`8J=@!M$#=$%$T?(`-P@'+W44%)4`8\<`%RH!@Y\09"
MX3ZGD`,+\`4C&'%&!X;)L`8*(`,74%&Y(@`$4`-]<`<G`$?HQ?]R,F8`.U``
M16,'>N<"F!<-9C"''Y`";5@<H`0&_M2+-S!K:#`$&L(;;&=E)E9<M0"-)#B-
M8:@,:#!EC&0T!P9Z"-``?#!G.Q`"*"`"X-,`(,`$>#,`-1`#+D``5&`&<<!G
M1Q`$PE)808`$,A4#,:`#3;`#?Z8`?K!!WZ=QAY9H]T8(&5`+7L`%?G!^6[9?
MR:`&3"`%%L5(?04&`^`T=M`!3EEF?*".8&!4$U`'5M`B+."3<P`T*5D?4``%
M2*`$"M!/O%5V')(&0X`#`/!]8'%Z!/49)%`+EK@%)"ALR%`&+Z`$>6``2M!&
M>(``05``!N1&=T!C!A`"1*E#>5`'X/;_,VF@97)P!$GV+D#@273``A_@`DG`
M!%`@!F[P9`J``Z@R!VT)<V]9"B10&@/IDZT'ACD@!D2P`P)0`8RX!P;0!PC@
M<"%0`;L4`'P0`D`0!R.`*VTD`F8)-V30!3`0FA^07B-0`"L`9>\%!#5P!"UP
M!D##`L9XC&S'$)D@6:4``]6QD\\8C4:W8BV`!'<@`">0`DR`*.E$`2\0!#9@
M&&I`?;_A`_1T!R*0C_TC!XZC`*/@!G,@&?$X`C3P`4!@6&C0`V0P`C%P'FQI
M!FT7<Q=A4$4@GJKYC%T8!L+&`R`P,3OP`7?0!RCP5Q10+AT`@T5$EBA0)11P
M:AW9*@YSB/YT_X\Z,$<T$`,?\`%0$`0.X`<MX`(C<"%LJ1-NQQGG\`09FIJJ
MZ05:,'<_L&)GT`'1I@3']`*[I"NT92)PI`0U8'!XP$AV@`)*\`$V,"]PX``7
M`&5;Y5[X\5[^Y`)(<`2#!P8N8`,7(@>\0:'#Q1D:P09/$`5-6AH[^04DJ&(\
M(`,4,%+4A0(5`"*P%2)0(P(JP`1,X$.O@P(U``3OQ3AI0`!T0#K8)E_X<1PT
MT$_@-@?NI3OIH7$+`0F_9@Z".JCB.9ZUP)I;]@,8P`=]8$!EV@'C]69VL`<B
M`'\O:0#"&@)"=$<8!`)S@'-E,(<8&*<TD*H?@%XI(`,9`C=&BHPPU_\(GN`6
M4W`/QW.KY-FAZ<<&,X:4*%!F=4!C)"(U-W`$2F`'+R`%.X`$5JAQ"N``/C,&
MU$0'&$"D/?I>!JL#.-BC`+!!2X(;'EBA66@.5``J@UJH.\F%4CH#%Y`Q#>"4
MR<0'?+`'>]`!+R`R`X``(>`&B=4&*]`&!Y``,*`&#D``8K`"9Y`&!0`"_=1/
MUSIK=M9N(^`J&@*@I(FDD44.8^`+Y6JKZ+H`(YB)/]`$W?.N)#L`>T`X(5!!
M*)`'W/,"G?H&;(`&K#8$GQ`)9\"#;G`!HM2S.D!K!5M$1'L>_NBGLJI*2UNQ
M37NNJ9FKK#<V"@!&=0!`%9"U>S``)U`#0;#_`PU`*(32;4$``(0@)R76!H:Q
M%FPZ&3Q[;?>A;GFJ)WNJ&&PG%,DR!@S`M$U+J!I:GG,W!$.`I4[``I!*.'6P
M@C[`!'S05T_3`=7).P305F"Q&U7G@8=H1V2)6".IG:!+MXWQ@8IF#ON0#WO[
MM%^P!1$7!F#0!"S`!C=@N+T"1R*P2R)R*+-3`X=U`;K!0N9!!V\``)'1(OYT
M'Q\``''`,T4+L3DQ4P$Y<_MPNGI;KDW:MU!K?GXPC4EPN.-5`35P`V5F!\2*
MN`OJ`T>P.`6`)VM*!J('`/!UL/TT+ZN2'J)[D]]94VRP%_ZKMTR*L7/)>C,0
M!A@@K""R!S4@`EE[_P>3^CTAP'+[&F@8```.8VB3H"$81`.(U;.7@2'H4;=!
M\9TYB07"$+VH>[$:>JBL.0,M4`,VC`<#\`)0<R)[P`<CI4GQ41\;Z"I'Y`#Y
ML[:%"`*]N"*,U<-%"Z"&00>'-ERSJB]._,0,<`4H+,6XN@`=Z@<C4&H&4")2
ME0)G0`,^4(KB)9%UVGMPT#-E0`@*\`87H$$H%TKEXRKGP:=S;+>I9+.+QA)Z
M++WWH+JX6KT$<@8G&B5U8)PN(`-*@`8\(`?:F:`N``=D``;A$`9%P`!/T`4Y
MBTB3T:-V9$1F<"<0VQMU7&*_-@KZ4@6DG`![',5^O*$]Z05)4,B"@P).L/\#
M`Q``(?`!#I`,8,`#7N`'18`%,/`$5;``!P"U!S`'\+:S_(1!+(`#&5#+I/D5
M=0P.X[`RSG$`QD`,)LS'%7L/3(H@`FR)"P`'=Y"U]K0#)^#`O0*3/X,!;.`%
MO%`$3%<&9I`#?K`"<X`#&]1NE(%!9H`%#'``<="=X&`)XT"KA&`,!9W'U=S'
M*OR,"\`#-Y!,%;`ND1H`$5TB.R`L1_!2:4`)9K"6I>32/3QZ(W!$[_8!Q/`$
M8!`'?IH6;)$1Y[`"&F#3TYS3%KO0XTF>)&`#@;4EI6@'M74"O%D!^'0$,;!!
M&%(`#G``9X!]<G`!=&0#YI,"+T`,P'P&<V`&,,?_'W%24U\=UF)MT/N`T!:+
MR@*<`:1X`AV`V<):6RBP!$Q@!<6QR?2K&!D2JFW@PW!0L):Q02]0!WQQNE?@
M!V7@`.'Z:S+2V!K@V-*,TV1=KJALJ`N@!3JHV2>P!Q4F`B\P9="J"&+PNY"!
M'FV`!FQ*+X@$-SU#U`S@Q,#P=RN`V,3U.[B=VX^MQY(]O>@*`W)P`II=N,;:
M,9WZ`6!U!J(RVX=-!V`VDH[#..8Q!T!@`2?`%R;<>0M`$/8F(P8%UKDMWC>M
MQ_Y;UAEZJS"P`COP`IA-(EIR(O5A9V8@"F"`!B+9$V7APYJ7'.AA`W@``4J@
M`7OQQ)U'!6-0*9,#0ND@_P0)KN"[S>#E?<U:$`1,0`0S!EN5MJ\X6`!J8`[6
M2*`>.$ZN(GH:YS@O8`(<``)"L.(L+@0,P`//C&\K0.,UKML&7<JF#(CRX`4C
MX"ZD5F!:<JQ'?00?@`%\VCSJ82&(3=L:YP,(<%%B,.54G@!5(-X9`"?/D0-"
M,.A<KN`LP=M\/`4P<*C/F`$`L`12H`21.K)U,*_,E.$I0`.,,SKTPE8/80:,
MBF!]L``JON).C`4UKG4KTXPM0.B%KMN[[<2G^P2+/I?S\`49T`).<`/4.3A$
M)@+J?5LB8Q_OI:>OHLMDH@!ND`3C@@`U$-:FGL?BG=M8\`5LP`;JX.JOGN!_
ME__0M0ZE6[`%7,`%M>`'K,@$0+`#OC*1BW)>Q-%[KM(\`/`&!,`&'3X"\3E`
M;9`%>5P53MSGTUX%3_!JJ:#MA$[MLQX%,&")XQZE.2(/7^`%76"I6QL$2[`$
M-Y#Q3H`$*]4BL$H'%S+)82@&'\`'NI*B!@`#N&?JTLSG7`[P*KX`F&7PT$X%
MYKKH/:D%6D"77!#N@+P%"]`%"&`'[%(#YR4%A>6I&P0Y&*$3+6"]/4``0/!F
M5>(!2$#C7UX,!5T%VU[04^`%KJX!6&#S-U\+4>H':*_S+2P/Y)X!/1`!$$#A
M$M0$+C#O\PX*@M!'8G``&5`$7_`#`,`$6$M2M]D'!Y#_!;%.#&+-]5W^V(.N
MX@[>MP1\?CI_]G39%+`T!A'P!WW@,1)49PYP!CGP$>C``PBB!6SP`>_:`>%K
M!V-Z`UR?^#9MTX_/[3==!0Q0KE-`J'$)C1'7!><G"PX/I2%G%VBP`7\@`0WP
M`NRR!%35<`KP#RW0!5#[`R`P:O!Q`A8)*`20!8[-$C8=UIU7^]_OQ$U+ZU0<
MI;``_"'AD\0S=SEE"UQ0!LB?_`-P`R;UKGDY`F@`"`<M/%M^9$$A(2\A*"@B
M`W8-5AI"55586)8:59N<0I\:FY@)I$]/1209"UM:?C.O85TS85I;6UY;L%P9
M&7YI#W_!#W8W*A5U%4P@8"TY_RUL(#<A.SM$B2<5=W9[!UFBF9JAFY3B&EBD
M"0P,,#`D"U^V?F%ALUU=87ZL7%OS85M?[F;0D1`LF`0\)^P8X',#Q!LP!.(T
M4;3DQHT=C([=&?"!G*6/G$)9`B4J'8,K)V$L6.!%B\M8L?S(ZB*3U:L9^1:0
MZ#*$#+""?QXTJ'.GSHT4&`J`4*)"Q8L=2S!BVS/@SHLNWCI]+#>RT[F35)Y,
MF9)AGQ^9\U[13&M/9KT96WC]X#(0J#`\+X@T<<%"1@T5=@(8&%"A\)[#&W%X
M!!E2JQ!SHZY0F7*J"*Y6K6*]\J/%7DQZ];;H7,!C00&[!27X&&'#!9`0=A!$
MB`#!A/^``'8V$@TQ@^16<2`KD5)'A4J44S"XM))YUM4]>OCDS9H5:P&,+SQ@
M@$`=-,B<%BPL1'A`\(^$!Q$L4,!==(\,!H\9:[V$20@6=9(I%RG"KM:6>S3-
M]!Q-K0SHAQ<9[/1#$4V@)@$2*]A`@!P;.)C>;0L-L,,:G##6H26C)"`$6&/Q
MQPX),&S!!6>=-9=9%YU%QYD?7"R0X`]=+%`!:B\H<($-<*11`VH/E#!!`P;8
MP4<''V3@(4BCJ,.`!@Q,=@H)J:22`2O+N14=3:S84PMG"*8RPP)=(&`7`F#`
M`8(::3@PA@=`21`!`NL98$`=2I`Q!2:9``KH<%(*,5D4)JK_8N,J8Q9BSPRR
M^!.@2VWI1`(7,W@QQD_!;(#&#&5@P$(:"DRQ1GE!6:`'!:PVT($,*S"0@*#G
MH`-6<5.:<J*B[WRA7"T%KN6/%I!V\8478EJ7@1=G.H#J'S4(4@`9%[2QP'T=
M"'/G!!,@,`$%+XS`Q17HE#N<9,5-<4453T0!`R^\^JK%BF=-.B\_Q7KQ16>B
MD?#%##P4@0-0%,3QG1EPJ#$&%55RH29M)IA@@04(!'##!3`P;)*4**5KRA-4
M5.&N.ROU>JQ+A>33BC[XQN+%`BO6^$48/_!`!1`%10!"&6;PD,,%!Q0Q1113
M),#"!A!,S,'2)MC!!`%%X'IK<9-1__9QR.V0?*RO\@+;12%>L^**'U^4S86^
M?@SQPQ!7O%!0"'0XX,`*8J01*XI3D###'D9`X+??"-0!!!<P/(%N6%:[6T04
MC!?!0!6IO*,O%_#48A8^K9SM7RZ<U0@S2Z\,L4`1>@2C!PL7`'`!`7,0T$X&
M[_X@@P4E&&&[WQZ(\(8J,%AM]7Y%Z,I.%%1@D<$7DGNQCTLH`WN6BIPASZ+G
M\M[S`PD\`".!$AC8<$$,:/0P1@(D:X&#!4%!8$0))4"@QPVBP_XQHNRPPQ^6
M_(4<N3[P<*8B]"[17$X6T**7K21E,QC"$]Y`D`&,``0N4`(`>C`$`F0@"KDX
MP([^$('UL?_/`@(H0*]&9XI$H2AK6.H=Y-ZAHK/]AT;[8H7R3G:6E7@!'Y1;
M@#PT,P,&;,<"0=!!$P;``1NLP`]E^,$7AL"#`I0@&!$X3^TL4($6P`QY)-C/
MZ^"%I1.2X`E8Z!47E@<VY>1#>6=;Q3T\-\:S<0%&GO$#`WSP!SNH0``1@)88
MZ$&`)V2@!ST8087^L`&"1(`#)D""OD2CD_MI"5XEP]*?5*&\>[G$5VWT%2O>
M`:-_L,2&+I+)`J8P@#]8X"<E0`,!_+`",Q0!.SP8@?:>2$@*[($.,+L%+TY4
M,AOQPI<P*$(5*MF%?7#I+)3S`AJU8*-"W"*-N<@,9X;P13R8IR#_3DC#`;:@
M@#&T@'(\`$$>BP1%%20A#/OBS#NPM)+C?>&7JG!'$32PK%^-J9A:4.:QQCC`
M6^CS/[20QUG"$#P[7/,/$'##&,2P!3*<00M%X`(/+O#$#0S2`R>0P?%:@H\R
M\:IDO,K`/#/`3.5%,V4E6Z2*5@*/&JTH6/4*PQ-F4`).$6$,;2!`&MK``U7X
M@0=EH``'M;<>-+#D"\P!:2^7:B,8:(`$\T*9HUA1MI*I"'DL705.F+.<,'B!
M"@X@)P?CH``QD($.!#@`%[+(@P/L@(,$*=(.\JE,1WFNG7CM)8HT4`3,R8,F
M]6*I`7'A!2SQ8CD$DHERML"`#TB`E@$XV@,85M`"+3CC`-?C00MB$(%"F@<"
M`&#)(N_UCD5AM;1=)($&GC`L7`"6JBS-83ZWX`[_V>*%-"HF`X8TR`VUX0?'
MX4$/5,&#FI6A`8-\@`IX4#8T[J.P51W-*D:8"BP\`64RN6>.4CK&6[SS'6W$
MQ1AKD:,I9*L\'UC!&%*Q`C#H"Q^Q:$$(!AF!%"@39F.L)/*8:5H#V@A%UIW1
MB@34A7@=%2"E;:%)HZJ%+PH5BFD@P!@T>P`>%!=%85C`#*0P2`J0@:4*?N/+
4YK4H?;T,7C!(P!-8(2/F^"$0`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>f27532cpf2753253.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753253.gif
M1TE&.#EA5@!N`.8``-;6UEA86%965B@H*-S<W,3$Q/GY^<S,S-K:VDI*2MC8
MV/[^_O7U]5)24LK*RN3DY,+"PB(B(E!04$1$1#HZ.D!`0*"@H.[N[J*BHEY>
M7DU-338V-L;&QG!P<$)"0KJZNBHJ*C0T-$Q,3#@X.'AX>+^_OZBHJ"PL+*:F
MIJZNKK&QL7)R<KV]O>;FYO'Q\1$1$2`@(&YN;KZ^OLC(R'5U=9R<G)Z>GC`P
M,+:VMH"`@'1T=&IJ:KBXN"XN+F)B8K*RLF!@8(R,C'Y^?C(R,JRLK'IZ>I24
ME*JJJH:&AGQ\?+2TM!86%FAH:(.#@V5E98J*BF1D9(2$A!X>'J2DI(Z.CFQL
M;)>7EY&1D>CHZ!04%)J:FI*2DHB(B!D9&9B8F/;V]AL;&QH:&NOKZPT-#20D
M)#T]/3X^/D='1TA(2#P\/#\_/TE)2555549&1E145%M;6UQ<7%U=75I:6N'A
MX=34U-[>WM+2TL_/S]/3T^+BXM'1T>#@X,[.SB4E)28F)B<G)R'Y!```````
M+`````!6`&X```?_@&:"@X1E9H9EB8J):8UE:120%).4(QN7ER&:0S<W/2<G
M("`#?WYD$:@1,#!28&!=L%U+L[2UMDMF:KJ[NKEJ@[^%B(R-D9*5F)DAG)V?
MH@,#?GVGJ*RM86&PM]NT:A7?X-^Z%;R[Y+F"BFF/C<65ELF:G9Z@SZ5DU*NM
MKK'<MQ4>/``4&#"<08.[$!U:QX[2.TR;FCD;5:I/*GVNP&33YF]6P`D@0WJ8
M$%!@!9`E0X+K-6@1NT<.E0V9V2P416FI5$G9UZ_CDI`@V[0!*I(H49.[!/VB
ML"'$I1N@;L1;QHQ>*&A_IE5CY6JCK(X3A@H]([0-V:$AS9XY6Q:EN&`4_T+<
M`!$*U`EH)SHYW5#5ZDVMU79J[,EMK>'#:\L>1K.6<6*@9B!I&C')VPC*&Z!Z
MHJNI*3.[HZ)9S,E5X\;"9]`P7JV:L5G5J5FW3GRFS`VG%$Z6,9@K;H].H'Y'
M]'N3FJK2I[>U5KT&37/8SI^O69-@^G369D*,,$-I0FJ09X)^BPM<ZA!YG#[9
M)-5G]/%]R6U9GYZ@.O7F]?/KSS]]0MP-:DRPQAD):,!&`&Q((($&"320@'\C
M+-/9#4-<PA1P]9""TT4\$3;+?@F(H!]U^HE@H@8HFNB?=A.(T$``4/@`A`\[
M[!``'%"\P<8;#7AP2":9256&&NW()<I?QB'G8?^)&IB8WXDHHKB@@@HFP%09
M$@"Q0P<[Q.##&SN0H,,.&?C0`1-`Y"A!`AZDL<$(G6R06P5"@43!>A61!A]A
M]8D@99123DDEE0TH6$$(:C00`PD[5!$#'!G`L4(.2`C1@0]FUKB##VMZ1]Z;
MWG@P%!H23+">:/DH^=42(6HPZ*N$%MK`K+.JL8$'<A1A1!`!G.&&!#$$48,1
M7$31@1-R1,J$$QG,ZMP$9E@2PB3KG-3&&A,<"8TTJ0H6BRQ^NBJ!K+26:VX#
M;FBP@1D)K&"%$#O`0:H0*G!0P`=:('$I$&S(8283`33P)QH3V"ID&2V^V(:V
M%279X2R#GCNK&Q.[8?'_Q150,$$&0@010P)N^/`$!P#0H0<?!:2`!`U"K#!I
M$$BLP(0/<&"**1P5_!'"&AZH,9(&<:!!%Y);[=F%@N9:S`8;;C"]M`!0'YB`
M5&[HL$*S;S"!P@$*`*``'7><_`,*)M10@PDFH!"$$"2LX&@,5>SP!E\35"")
M&1H`4<;0&@*&T6#CFNNT`$\'($``B!L.YQDD&%$$&PWX@`(``"!@.0)=`W`'
M!Q#(\($,/"AA@1%4()%$$5;#[893J55@Q@2D`K$!W_=<A%S@$R_-!M2)]QZ`
M'`GT0$$&%G@AMP\6($#`\@34L4<=!#QO.1T'',`!"S^88($66S0A!`T=<#EU
M_P5L%*Q&&PV\T<8`IT[C<"L5-[W[@;[W_H8:-TR@-1(9`!&$'="K@P`'.(<'
M/"`/!"@9'NX``1RDP`08L,(3V!:^8U%@!&MRW00D<+@AV(1H[Y%"_'97/SF8
M4`YO>(,<1C`$#S2.!AG8@1*>EP?G[6$/<[BA`9?7M0660`DI(`(&+%"Z(JP@
M?"L(@%30P!0U:"``/C`#:*"!JJ+E;G>'2YP<`I#"-\`A#LWJP1!$8`0+D``*
M3:`##O-PPSKDX0%S(,`;YU`'KU$/>RH@0MJL$(0<@,]E53!#'YX2@C8(P`D:
M``%43L6MP*"K<%D\H1S@\,4X@-%4%("##2QP*2LTS_^->7BC`1^P!U$FT&MW
M*,$/?D"$%*#`"WT\X@ITT($W3"LN&I-`P.91#XH`1A4-P&(6$3=)2EKRF!F0
M8AI\L"LG[(`(`IR#*`^(A1;DH8!Q5,`=Z```5:K@!RHX0@VHD(,.Q&`%X&/"
M&EI(F37H$@Y5861[4A',86K1F&#,@#XS`"<*Q"$(9\P!!Z`GS3D^H`4&1"A"
M"6"';380!^`LVQ:00,L*=B`#%0A/&LBG2[G4Y!D:H@:Z[$G,2NZS?T`(P0`H
MX(1R5L$+`'@>-@]8P&H:L)H)/(`=9O`!'D34!E1H`@TJ&CXGC&1`+D(07SXC
MSU/4DY@FY.(740J$&;WA#W__,`,-D$""'.```,Z;@UA'V0(L8`&.!]P#`OA@
M/0A\``=**!O,DD"#<QXQ!@+P`,%>Y(/5R0-#(.764W\GR:G."%-.$$$$3G"&
M%5SA"4$H``($>,VQ*G2A=8BCY@K`V;?B`()6,%T12-"V(SHA`6H@D!R<$`!-
M+..CH<E*'P:+PC<@[@V6/*PSS^"'_-'`!%0P0@$4\,D<-B^A9R4``MZH.0A`
MH``RP`$.A*@%*B1!!Z2E`?@063<.^B``$)G'1+8U6Q+^#@ZV1>%4?>`$9R9@
ML2)H`@LL8`$]$%>:V(S>01<*@!KR00\<*`$$6/`!):A`>U?(01'81@(:R$P#
M9D!#_P,$`(<`,*4I'EVD/?PP4F*FT(3&+),3F+`#-,``!!IX`@[.9H?)%M"&
M>]BO-2FG7#U0#[HE8`$/>)`"(@HA!SE@<%W9L($*-*#"#;A@)I@*TC\\LJ3H
M]>)Z1[P##2S6`QW`P!1,P(?FS:$%8]VO`>O(3<T!X``S*`%G"9R"<38AR$D@
M01%H4(4`I"$$#<A``#0P"9D`-C0C/9!ZO8A,]I*X`0/H@0>@<`6T.6!Y8I7F
M35NPA^71P0X-Y0/8'."`ZG'@`T2HP160T(0BC':T-G+=&M[@@S-08LGI.=5(
ML^C%%!:ZO4R`PVT2$(`K6`$%=X"T&VE8S3K0X6MV`#`'3/]VAP/<X0X.X('V
MC/"$4LMYM'BETP2>R,0^8YC)HW@DK:,\51$S868;*,,9,A!4(BC@><^KPV1C
M?%8%X($/]RX`!(X-`#UX&@<8T,(58,9@TG:@?`UPC@8:<N'7TN-(XW+#,"E)
M:#`"`==,T$`%UA`'(0BA`#6$'@(<\('^BK6._@[;!TI@!\K9P5XL4`$&2$>%
M/I)6SB0(@)$7Q*9$3`(>&0:-JYXLU8K'8494SL`9.$@"+AR@TLJ[`Q%L@`(+
M_,#9SN9#BS_@@&TB```.*($#42#P(-B<!C@'P@2"^:L)K`,20*>)>E`<<8G_
M+H65!*.AG=D`]#D!"0=0KO+L<(#_`MB@")0J0A0JQ84:(*'F5ZC!VG(0Y[;M
M@,0=T*X.4/U$*!QH`HKXN3(^6J"(TT^]ELS`T:'0WA0<00ZK7D$)H$<`!6#A
M"RV0P0]28(4XY^`**]B!%;8G\-_Y@`UH\,#2!28"`3"A`Z35@03T:3@UJ$/T
MGJD)=30PL4CF7>\^R`$/(,`K9@6A<GI``)CQ$'/)4^H))N"`$(I@!2M0FP1U
MU@`4:+DIFMG6"1U@1`FP*2X"+8=0!J]V"<SP"=0A`J9W3W%@6!G@!51@`B7P
M!%L"?290`'AP`"R`!$]0!1(0`AF0!$A@!!"@`AFP!@#A`WEU!@%``RCP`Q:@
M+_OD!F62_P!IP`:M-B._0`Q*EGV>D!]#MS2)4W'Z!`?#H@(`\`-/@`%$$`1>
MH`('4`)!T`%*D`,>0`%,T`06@`.&MU5-$`-.<$$C$#`GT`!,D`,D@"DVLC%G
ML"XO`D6N<WT7UA3-0")#US3#A%NI]P86,$1V@`<JD`*!]P$%```0@`$;F`)`
MM@4UH`0'0`=18`,'\`%!X`.900$V$@)H\`9.L`)D&`.;,F=[%@`9L`'EHPO7
M!W3S$!VE)VY09DER4`,_L`4S``!*<`0.H(@`\`!X4`)Z\`!UY($L$'@%@`0%
MP`<\8`4^8`D)D`,3)037Y3(QH`,T$&0YL`.B"%X!T`8"D0Z2`/\/--$&SM$J
MIA=)4A8`0?`!5,`U9,<!>%``=G`!!,`!!$!'IT0'=/``X,0''/`#5^`$9C`$
M$O"$%B!!028F;S9_2<`$+M,`(2``X'@./A>$K^4=:%`?0R=NAZ->`=`!*N`%
M"H``P%4`S<8!%[`'![!<-=0U!/``"'`%!P``!4`$3Y`!#P('.:`%*(`";C9:
M3X!S)$!B.Y``(R``(&&1,`$/>!@4&UD@5Z2.7H0!*5`'!^``*@`!!Z`'*2`&
M6!F3<!1C+>`"*E`#"*`'!8`".>`#$[8#3V`$5&<"-F`$4;!X53!G='91#5`&
M;K"4Z7"1$#$$)Z&1]1$XD'1;[/@#`/#_`6[%`8&G`BPP!X%'C`CP`%@@!@2@
M!;VHEE.0`TPP8<%2`U,01"8P!7ST/:0EBJ$9`&NWE'4($TJV"=X`E2&"F%`3
M23%X!"CS`Q]P`'P```0`488H0/EXCT;P`0C04!`P!4W0`4"09SE0`RKP5JQD
M!&V#=D:D3@V"(K#Y@^.H#((P$MZQ?8$C/\-$/#B``"E@B/\U60<`E";P0'5I
M!28`G-7#`B:`!%ZR(`&P`T%@!%<P:HTR5"30!%'`!CLS+F@P%`(!GMZ&88;@
M,^79)QV)+DUC.%I@`C,0;3/@;)1#!W6@30[`6=;S`Q#0:55X!%>X@FW`!.!S
M3J7U1R1P@@HZ_R5FX:`6"7<0P1`^8Q;T$8NTTC02@`31I0`FJ@>4@P<*X$8%
ME`=\8`(X4#UV0``I<P4T@"D$(@1;X`6C1@(6=:!7$`!K4"@28!ANL1#8)R<^
M&A:IH8>S4G<-``7.!78%((^8<VQR1(QT@"\<T%!VT*<J<(4UHJ!,$*`#EP-'
M%#XD$`57Z`9F``<:`!M#\0UVB`F3D`@4"J062BA-TP#_`W;V@@>UIZ=T!``S
M($X?,`4J)D1FM&<9P`9IB`1;0#J*6D&*IR\5P&W-019U`Z'81QD4,*$CP:D<
MB307PP93<(\%4`+!1CG$)6]WP`)3T%-(@`1MQE4:H`FE,I%-<`6V"O\^';`"
M0O!F3)`L&C`=CQ&.D8$,%A()Q.JF)%(@'4DQ0(`#SR4#7!.HE0,`>$!R+-!L
M+,!9?/`!12`!:)!1"2``5<`%1D`Z*[.HY9H$_PD'U[&NL9F`F)JI9E"8YABD
M?H(T#2`"-("()3`#>H`'W(0'#54]`&`'?,`'#L`!#L`"1X`$.4(CDQ)<NR)4
M%?1C.><##/(<OAJ.C!"A>T$9B="QY/FF>CAT:U<"]E(`*;M`R78'(8H'>*`'
M85,`TE4#?E0$2=`$3]"EN^)'YC0I?I0!#%(=E/JK"Q&>3;&Q$UJ;8<$<?;(@
M)R`":L99=Z"U+8L'9U:3R(8'.""9&,`%.=#_!$V`!$&P!5M0<UQE3B3@<8CD
M)`D`&TL9#.Y`CITA)_":"QX;'6L@(B$@!4_`0&KV;"K+5B4J`QSX=0P55P[P
M`Z7C/2!(!53P!->:!*+(,CF7(F[[&.>@IG=((9\KK&D@"(5IF.MD$36@``)6
M`-6C!RW[0RF`DG3P=227`A#`>T$0!3<'6==:*;3453&P("*2N:X!F(')HT%R
M'GM!"4O;O`1S`WTP`!$0!'7``L[E;,T&=DI@!3E`!*`V1!90`Z-3!!T0-\O2
M`"10;6_68-"7!&_@)_71JVA1-\6+@*(W#^=Q"<I;OR-A!J-`%WX0!RW0.?KZ
MMX++`37@!2G@`"F@_P5:$(A&4&K!QR-DL0$:0`42)`2I`Z82@+FJL<'@(([8
M]QL4$L+O&KH9<\)V,0($P`<EP'7XQDT%4`,\4))W<*<.P`=C`W!&L#*;HB#V
M>05M8TY9.B)'[!:NH\1!F!<@_+F@"PDW``UTT0-\#`(E0`!73+W;-(\F``'*
MI3E9QV,R9P4^NP-Q\`9/>(6D&`/I:Q^SX:OB<("RJ61VP<3R"Q$GX`=^0!<G
MP,0W$`$U(`8-E*)\`&T0\`,D\W4O2W)`*:!C2&++X@-%8`//N2P=$#26_!C?
M>8#M\&JB$!R=(+]Y3`9]\`?0\`FF/``^@`4Y=K)W,`,S<"\.<&R""S8S\/]9
M/=M@K.D$-`!0Q^),;7NQ=>(6P6"'3'$D=C$/(,#,?T`1=.$)XK4!:Z5FD)F5
M]J('-B;++(LR-7RVX+,E))`$9S)B/K"^]N&K(M'!1_MS>DS*(.`'$4`&6"7*
M&3T`>XS/>8P#%P`!`M9U,P"9?RN<RK4\=E"S<A5D-,"-YK0#%\<$%$`JZ=P<
M&_R@XN@.3.','AT-I]#,TB#*%I&_I6S*9!`$"W`]G)7-4NL`+4=<R]-O,Z`$
M-;`%U>9'<=->,;(#9S`&7<!833*\$?V##'=A6)45&2W*;KW1?0`#S5S*\Y#'
M&6``#S"P5_P![7F,@6HY5UL`HC-J2,#`,<`$>N?_!#[0!R_P`F.P!(,T`9F+
M%@^*UCY]":?`S$8MREC%'A$`!A'@T70\#R%@!PM`<A^@`DI`!%-P!%S7E6!3
M>!]P!&6L8%QRV(B3`4Z@!F#0V(T]!B\0!C?P.D+!T^Z,">U1"MSB!\Z\UJ@`
M!G)]S""\U`L@!BS@0$1`!$?02CQ0`"5Z/4KP2D%0:I>W+'(P*S$8`++@V,#M
MVTMP8NF6R9OLE*0@6V[M!U3T!Z@@!3`0`?4\VD,``FS```:`!==]!%/`B"JP
MX#^``P<\44V0!%6P3UMD,1G@>.O-WK[=V%FP!%VP6!3`BNZZ`7#-V=%`11@-
M`Z"-WZ)=USU0``M@`'4`_U'A1`0+[DJ!.#H3?*Z'@UM11@+B!`-9\-MC4.2^
MG05(CN0?+CQ-B0F;7=]07@K/'0'XC=\??<I(L`!?8`!VD`+@Q.!!5`.*2V>Y
M!CGG!2D9P&C:,P!([MM%WMX<GN1(#MJW!`_,W=GU+<K;,N5DX-%'PL1D(``,
M\`6$?@`I4(BM9)I:4$YNR7U2U3^L1P,8,$0W\`)#WMYO#N=RGN3OK3.7<.=`
MO='XG15DP`JH,,HV4<JAW`-WL`"#_@4%@#:R?@1I8P%J_%WGQ6I.4`7_-`7T
MM0&6?N1OON%#+N>SH.1_,`0;'=1KW>QQW=^G?LQV\0=2<`6N/N@,P`$_"4%H
M@_\!XP0O6_0&94)B&=`!]#5$&_#8Q7[I<$[LFTX+4@#45*0AI8!5HP$#?<[<
M%GW1$6`&!'#M6VX'DS[IOBYJ0L!:*$0C,0`%0&`%DTY?-Z#NEC[D&N[NF][A
MLZ#'^5WO:^T'_=W?V\(^HV`*^FT$UX[M)ED##P]+6;I%0!`#7.(&3XC`%A#Q
MQY[D%;_A<6[L2S#O5-0'16WO_<W?^8L7HZ#1^FL&`&``#-#T@YX'/X`!*%"7
M7-#R,11\;D`"@4CS$8_Q.*_SQ#[Q2'[L\Q[J[0'T^EL-IXX7[#'R$6#R3M_T
M+F#@VA-:%P4'$-D!#=`!-O#PFV0!(`#<'2[G8+_S/)__!3Z/%9J-WQEM'$A_
M]*$>`6[0`DSO]!<@!EBPB&4\X6;R,4Y@-CF^235P`F-0[$M`^&!_\6/?\WB^
MT:A`!CC!T:C0S%C1![%E^U9@`%]@^6*`^07@!3E`ACL`!6?@!%8P+`I,7U.@
M!:1OZ;6`\U^O^K00#<TNY6U=ZO5L"K//W*%-$?6>`93O]"Z`^6*0UT7@R(72
M`490`_67_!:`FCW0V+;0YF*O^AB?\:2`%5B%#\P,"!%2?B`@`WUD9'U]A`,#
M?W]^?64F!@R7#&*:6`\E3U=:*1@6I*48&"A4)UDO2ZZN6;&RLB]9L+:OCWZ0
MNF019'X183`#)X:2?1$G)X\#_[MD-S0NEI<N%V(7USIG&0`E*BDI1"8F*"@F
M2#U+N*^WN+/PKR"[C))_B!'Y4ET1(,;.OY;Q<N1G0```U"YENV"@A(A#*^RP
M^/`!APHB1S(*N1'F59=VLFZM8]?.T#U)?E+ZR@>CRR"3?R(,\.?,T:,(95(8
M^(+)F@L7-"C<N`$BA8,2,EC@^`'.1)$-^\)T^=@.Y"N2\ISY8@0I7S(84F"0
M(1BACZ%C`Y6MP)+PYP(<9M(,[7&F1($2)29:-)&D@B`84J=.K=JN%6%#R7Y!
MBN0K+(RR(/[X,F1S,6,_"4HLP'2IA1`D`4(,D="CR`&[)3[P4($AB88!4@0%
MEBJ5\/\2PU69)0:V^&O8"(1BD@'1)Y)-7<E&"&&(:8&%'%><K!D1H,(&"QSN
MJDYA@80<"L`C@.D2!DQY\U1=U;)]+)^B2(L2PX#AAUD$2/&/TU.V!@*U!7A4
M0$('&9CA1QEMA!#'77IQUX$/`9P0C!1A5"B%%&!@.%@L2PC6CC'!>`4),OF4
M"$P?AZ144&7WE#5"$"Y<LD`3,/BP`AMG49#&!D$40!$.1-30@1,T3+"(>.5=
MJ"088-SFBH>"Z58B(\[@H\A7]^F2TA_'W>-+"!G<P<`"`(0@!0495.#("69X
M8(8;/$RDQ!%:K+`#$G"D)`B32B[)H6`>+H&8B2DMLE(BB,S_Q$LD*SKB93\)
M6#"F#@.0<8(&(FP`P@8BB(#&&DA`4!&=)%1QQ0Y<RI;AA?.!U84M@'[T460E
M_E*<)(FX!\Q,*S+Z!V6,Y5,!#2VDD$8&95P:``4@5`!'``TTL`,+)>!@0@TY
M5*%%%(Z0L<^JCH%%88<5QAI98F45A.NA9/SZR&(HL9C,F6^@$&T*'9P@0`,)
MW+"!$T#XL$,,%A1@K051[%##%#<<`MBJK8H+%KGE!3;/H8L@D\QN,VG):$&6
M?=5#`W($P,4=5$P@1`Y%!'"##SXXD8,10514#A([6/$!&GKR^=M\X79$7KE=
M/+*2K236ZNXA&=OS\9&/39#`"D%`_Y""#SE0$46$"3C!A!!$I(##!^0@P42/
M.]SG;881@Q5QD^0)=I-[C-1=ZUB.)J+(E8JHF"L8)TRP0Q$6I.!&!T9T$,(N
M$JR@`PH00%""!48(P404)7#1KB`NM1I!V_/!+5@DM?J!:(F/<=F+KK_\4B@^
M4OQ100`D<$'%&A(4X<;B@,=`PQ40'#"#%D$(T4$32AAA".>L@@[TN'&3[I[I
M1W]>'(KX5:\WHHBX3<$9,>000QL3-*#!"'Z$T8</2>3P@P,'0,##%$\T84$-
MS/C")!C.MZKA$A4R%-^LY(O'.(-1N=);K7ZQ$@J=8'9"@(,9)!``"3`+!C?(
M0!&$@(("'/?@`!Q@`1&>$`4C-*P/,#!/\R+VN;!@J$-@0$;?XM,ZEA2$$5=:
M(`,7"!B<K($$0###&Z!5`6:<(0`=$((6/G"`.QS`1QAH0A%&X`RPL*UM+'$;
MW,*P+K[I,!_90]<7:XBA,ZG!!T;8`1"("((;2.`-<LA:"@IPASLX``)*P%8:
M`%+&%8(.0UF8BJ$R5CW674^,+/D<ZSXWG@U4P`U"8,,;WL`&-?PA!!0H'PFH
M@((2\$$/=^#`!U!@A#/L0E5^_..3[H$(')IH>_DHE"*SF,@%[N.!9Y!`+BM8
@Q#9N2@-!J`$.'*`'.YR&"#9HP%@8R3\L?NYY3PH$`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>f27532cpf2753254.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753254.gif
M1TE&.#EA5@!N`.8``!P<'%145%!04+2TM,#`P.KJZE]?7[BXN%A86-#0T+N[
MNS0T-%M;6U)24MW=W=/3TS<W-TU-3;R\O*ZNKDQ,3+:VMJBHJ!\?'S`P,#X^
M/L/#P[*RLIJ:FL3$Q,W-S0P,#-G9V4!`0*:FIC@X.(:&AN;FYL?'QZRLK"PL
M+)Z>GHZ.CLS,S$9&1K"PL/O[^T1$1)R<G*"@H$)"0J2DI$I*2DA(2.[N[CL[
M.RXN+GQ\?"8F)LK*RA$1$3P\/"DI*8*"@LC(R'!P<!@8&("`@"@H*)24E**B
MHM;6UN+BXJJJJI:6EA86%GY^?G9V=G-S<WAX>(R,C)&1D82$A'IZ>HB(B/'Q
M\8J*BIB8F)*2DG1T=!,3$_3T]/CX^`4%!20D)"`@("4E)1H:&C(R,FQL;&MK
M:VIJ:FUM;6-C8V)B8E=75U965FAH:&9F9FEI:6%A865E961D9&!@8%U=76YN
M;F]O;UQ<7&=G9____]34U+^_OQ`0$",C(QL;&R$A(2(B(C,S,R'Y!```````
M+`````!6`&X```?_@%V"@X0?AGJ(/%J+6DN.0F$`DI(7E99??7Y[7IQ@.CI$
M/CXHI*0X&&)B?V(+$*XC(S>R-QFUMK8A,B\O,C*$A8>)C([$0D*3ELD7F)F;
MG3JBHZ:G&!A_"ZT0L+&TM[<AX+F[+RPLOX;HPL/$2Y#(RU_QF7Y]F)K.GZ*E
MU*C7K[$]`M8*!RX#N%[C=I6K,0B=0SV*&K%[)(0/I4I?[M'K4X^9'TWY]E5+
M]>??K&\$PRDLQY)%#89='![BH6@BQ8H7E^VAA\D+O3TZ//D@DD\:BI&L3/9`
MJ6M7+X0M7[ZD02/F0V$3C1D+8Q%CIGHX0E!P<P:!@``"(K#0!>&4&%.H_Y*^
MNK%T8(AQ+?%.I<J7`@69B6H6TVKL79\]?7R\B+/&"8D<3LR,86#V18:V./[@
M0.$6V]RZM9JV'%V#!H4(?D_[C9`.ZV"M7'-F[+.`#9TR;9Y`GM+$C)P(-&3T
M@+#@3S4?8(ZZ<B7K&SF6I6E(-7TZ@O7KUC\@@KB('>&*%B]FNM!C3I,V;IY8
M^3&%#ILW==*$&/$*`RD,.#YAH!\+U]V65*5&@6G6"2!``PT8J.!V$7D'&Q_A
M69+)%QBTX40<#+AAQA!10,$$&6VL@48`+,123378Z+!'<@N`9M!SY02(W6H1
MG!7`C3@&`%&##H;AXSN8[(0"'%,X0<89=FRH@O\*4`QAY!L,!%##9?B1\A91
M8("!P4`KQ7B:@=@I>*,:.0:@!DWKM+-5>$#NI`,</S3A1!-/_"`%"2J0\,08
M;+AA@!IIL7##"&)L-LHH1`"U`"S/14=#C0<JV`".:E2J1AJ88LJ(1(3%]LXR
MA_4AP!0Y,$'"#U!@L20)0T#F!@-R&!!`E#58-N@";Z'@!30^:`8!"]15=V``
MDXYYZ:68(L``90@TTMV#GX+JAQ>TY9###T,T004''*A`!1/6@AM$&TB^\88<
M:0A`03DR0(#"'D3<4`T*.HQ0':0VFEEIIFD@X"\#==2QK$0411+A)=-RXH,=
M*C0QA@%#B&!!#!Q@$47_$5&H$`4)K$)&QQQCG$$FL0*$\,<?++R``7(H4"`I
MI9?ZV^^_R]8AQ\UR<+KFP1AIX@48?F0`Q0]SJ.&&$A-L<((%$D^PM`@P*%&$
M"E)@^T039:!1!P)HE?A"`#?HX,<7(228X[[]4@:PS3>S??--$+*)44:;9(D"
M`TW0\>H/*6PP0`5Y=&#"X'D<,,#2*4B=9PZ]P5$'R;T8P((/?5S@0P3&(OMO
MP+$:$(<!H(=N@)K@30*`A`F#0008+#101QD"/,'!"2T0X$$"#QQQ!!X>`%&X
MTB(D7H05.03!QI]G49`!#2Q@<-@%$)`9,\TVA^[&]6A<'\?V6TG"YNF53.L)
M_R@HU$!!'&ZL,<,)`RB0P.YXX/'``QZ80(`$!RAM1,50Y'!D'&E`2P2F=`,(
M)&H/>XA`&M2@K&7=#'3;(PL:S@"',V0/?84QW>G`]X6ZA<('(ZA!'.9@@!3D
M(0\*L)WNXI<`#^P`"!HHW``V(`(.#"\'=HB#'+B&%@&4"!NCH$W:<`9!-$SP
M#&^``QS,54$+N@,9X%N&^$!!!#&PP``_@!,!-*`!`@#!`_/;70)6L`(@=(``
M"J@`#3F@A/Z5`0X&"&`/(_""XBR`%$2(0,!"ASXC4G")YF*#'>SP'CC$1AE>
MF18H1)&!"#@!AQ,P`1=-<#L\Z(Y^'EC!&64X@?T5H?]_<[`#&G@(*1J8;`0+
MP``1>E`'T+G!CV>@H+G>P(8UM*$,N%F#'2(118Q<(!,_^R`*7I`&)XR!"03(
M`P$$!T;YR6^,FBR<X4X0O"(\)@AOP!"9(K4N5USF*&EP)07?0\OWU/*6N"1#
M&=;`L[GY#!JD^$,#&)"%(%Q!`PK(@P9VD(#X69)^FI2``B10N`G,``8J&$)[
MX+BL;1I(>3>P3#4$L+T)LN&B@K2#+6V93C*,@0PYN<1A@BF-#&PM"SDXP/TT
MT`$@X,Z21TC`#B1YPC,>X`0Q2$%"IQ`$.YQA:UP#DP][4`X(8(`"%D3B137:
M!G0VM:ED\*@9HA@/>4Q1'QC_8$$:WO"#&>P`A?LTP4O%N`))$O2,`S!"#&(0
M!2;(J0Q]VF$/SU(R<LQ'`&Q0XE+7@,N^-A4W99!J%#GR$6<()9X!0`/?#O#5
M/)@`"/R<W_S&.-.5'B!X$VOK6T6)!@8DB*X^?`'S;A`!.P3RG(&-JCK1Z=$Q
MS$&DA>V$ZDH!`00TX0H<&,`*DOG"R,;O`63<00<4<``)#*`%%K#`%500)SJT
M80YF8`/7$E0L&O1`.B&@@6F7RMHQC*&ON/2N&>B`L(1Q(B2DN$$9GB"U"NP@
MAF2\W63'>#L3#!1_`TA""K!@!29DX39!",(:&!#`8DEI!/^IP1L(6<N.>M>O
MJ1V#_QEZ)KXL4=$H,L@;%*(0N&2N(`'TO1V(6]@!"9CX`!6HYF/D-(<L.,$.
M#!A9N@1`@T%E@`440(,N&UP&[WX4O`X&%0)_]@EAWJ<&3Y#"$U+0@0XH<P</
M&/&(HUQ6%*)P`!9(01&H,`2%-D%.TC43I@)`QQ[0@@41B`-N0G1+"4M&M7#V
MKCP,^T&CG((!C\F!!?1)``+P4\HO!;$FNZ@`+*?@"E&@`@F8\`0ZC,$-""!3
MOQJ@O%B,(`-C`1$Z`VN&3OO8QZTE+"=(:N?]V.$'J#:A,C4`A-PY\P@/D!_]
M:$J``TQ`!/OK4)S6`,<%,C!*%!@.+7YUACA'U<V2D<RGQ__@LV<8^2@8Z(%B
M40V#`QS`L6+5G;8O*=,.=!&-MM:OQ4C0A#7X:TP(`)WRB/,"HJ+AV.*=`W0[
M+>]DRYO9LEVD44XT`C8PP0E4*$+2]-D!,,8:IO%SX4R[R,D40.$)<X`TC2/0
M``8:@`TT@,4"7A`"`;S!Q\FFP\<Z+?)Y0Q??XR/"LZOQAQNDP;4D*,(`!D!P
M$<=:=RV<J1F366@1*"$+:F!!!A8041F(Y48,6$,$(%#`0=7@#":7L,@_-G61
M=[K35XV&2*QQ`S488`XD@,$`BKO%'=1O!;>KGP(&JL\\;&`"%K""$P*0@9)$
MM"`L.`NLEOX'%/0!#!"(0!GF??7_.4P=NG0(`LBP3FI]<.9$^SD0':2@!`M<
M6YDE?OL,4L`!(ZS/;[5>:PR>P(!U"0`.<$T#!4*0]QMQ31L+\`(&;K``.9A<
MWHD/`AU(KGCQOE/K]T$%BG:1="F<H`(2($`%<AH#%>3`#$[X0<QGD`3C;ED%
M;C`0':3_@S8PP(=HKE$`AWX#72S@`@$P0X]-'N#=N_9CWB7#[XURE%18`Q9B
M8<$:+)_""21:8\Q%*D]``AQ@`86F`D<B!W4`=G2P!G&@+@)0`SCF,@;@0PL@
M%G4$`"SP763@:1(F;R<G83]6-XL$%_V0"L4!!U@0!&9``O=E`1R0`IN':UB0
M`XE'`A;P_UXJ`"@!(`,(<`,X(`1=P!$84!IG00,&L`8!,`+`4D!+<`/?A6QO
M-EZ[)U4?M2*>$`K!1Q*KT`IE,`,*@"<&R#0ID`0S4`1F0`,H,`(!4`=V8'E8
MT`0!@`!9<@$-H`*J!S`LL`!Z)`<!D`;2)0,TQ@(AP`<9P($B^%U-Y68?%55E
M0(*.-Q(G<S*M8`!-8`%,4`0^9P&WE@*@\P)"H`4O(`#^X@3<8@4,T`,`(`04
M``480VYM,"(!8`!E$$!O,&`"@`(+D`$X$`'JY(A1%2*UY(AKU@;.5@J2V(7$
M,0=78`$_H`)&('`3D`(YH`+-ETUED!XJX`0'H`$QD(9$@`$,X/\$0V`%I\(X
MXX)$:M``9R`G-'`!2^`#+.`&QZ9.N+1C=G!+:["/NI0EXS,*U*`*E$@<)'`"
M&]`"*6`!,W!K'#`!MJ9<;D4";#4%DC0#.4`!&+``-0`'.4`%ZV$M>?,&(L..
MD$$#/J`'7R``:P!G(+(&A92/;<!@>?4)138*2.$/RQ$%8P<UR35S%3!#2J-E
M2F`$%H`%*>`!'2`"/X``%+``/N@$&Z9HK/)E09`@:U`\`H`!>M`'#=`&JM5C
MZY1$<,`&3>62%P4'=::%DN@9&A<$!#``30`%%E`!`W5<&Z`T,[!6G'A\[V4!
M),`UNZ"2)'`%5X`Q_?,#<>`R5TD':O#_!WJ``2J96H$U!FO`1&2)&X5T!L*D
M#]1P#:VP#30@`3!``B(0`VRG1A/@-#.PD-8V`1+@`1K@C-]'9@T`!T^@`C!0
MF%RV!FG1`(\4!`R@<N7P5(`%(GF%!G"0C[H$!Z]$/J7P>/WPF;"0`3`X`RW`
M`15P`,2%8A7PDP.`/TOS6!V0!#^0?0:B!FB0!3$W-3F@A!#8!,^G!GXP`@;"
MC_M8EFR05`MF6G!@1(X7?''A#]PP`AR0!$8P`!S0`MG)9RC&=@>0!%S49!,@
M!6R0!G04`@&P!DWP`]\2!&>0+IA#)V<0`**%`'4PEH2D4;HDDGZ41+$42_1W
M(JG`"MD0"Q"0_P,=4(`%N@':V6>%IIT;$`,;($F2-`%48`<!X!>UT(XD8`54
M4&X(8#9.$`1Q0"(4&$NS)$C'B3VQ9$1&M'5Q@8+8``N#$@<S%X,6,';))T-O
MEYK+U`'"U0(J,`8)8J%%.`<<J@)/4`91,BECT`9QA&/H^4>S9%HN:D$3E#V>
M8X(G2!+2:68L$`,[,`$P(`)^DT_)=&(3D`3+Y$4[L`%0P)L44!KO0@%SD`-#
MD`4#-B9O0`:==1:>@YP5I$3EE%?]:43:8P",.HG%@9,CL!0W0`(:L`$PL)#M
MHTSW4P$P6(:<Z&<3,`0,\`*CT`,^$(\($`1-$`1P8!:D.$B?,X?H0_\6+_I'
M2U1!1O0YH",'C*H*V(`K-=H-`I`")R"#QT=<>6!<%J`$4>!SI:<"*5">+/`N
M.H`#/E`)+U!L9"`KYXE$!@`?#&``7NJE$O1*78H&Z1HPZ^J9J\`*L+`4(7`#
M<K!Y,3`!,\>C-\4!4'`%[<,!=/!E`1`"/J`#1T$*HY`!"/`>=:`NF&,`^3@'
M&`*QB'H]GH.NGB.T!B`P#(",`=JN**@-M%`0:%"L)#MSU@:#2&-B^&,!,*"J
M3>FHU]!Q<I`]-$8#L])C5%H'<7"KBBHZ"A@Z"HBT(C&C&BN@'GL7(9`#EIJ=
M,W1K2L`!Q:4`=^DT5E,R=4$7N1``:1L`5"'_`'6@CT?K!DUT04.K@`!S,\O"
M+$JK"DW;JXN""QS'!A;0`F,W``95!#"07%/K-$;@5E0P!^IB2AG0`[$@`&WP
M!HI;(W*PGT>;MEUZ/:_D)\RR+/Z"``LD#2R'*^S*N9?&)2^``-0WM180!97'
M+2*0!!*3`BE`;BHP!5$"NPL`!@O``$\PHE^2;FYP+@_;I6?@)^CS.026+)@R
M,M+0&9S+J_VA$A10>22[`5H6`U=`!SE0!&NU>4KP&#^`!@+P`D;E=Y<3!#_@
M62Y#BK!B`&]K`&ZP/41+P921*3B"(/-[O+W:M+^*"[TP!*%[7"D0`R)@!=>S
M.$^@JEX)-L11#1`0_P(/VV4)4B,4\(?]D@%J0!DXTS8V(S#QBR-@LF_1N;&J
MP'3^871R$`/L8U`2XZ\G<&M4<RJGXF+GH0;6<8MKP`1!$,%D=B,-D`9^@`+#
M>[DU(S#$.S(D8QW/>9,GXZC=``[DP`L_8`&!.P,P.`'W4VA5O#0%W)X-@&9N
MT`;I%@1I0`,5!X%^$0`Z\`$H,#,RHRS#2R:?!281,`TR.HD"271V\1PV7("I
M:0%&D`(M0%`2L`%G2`5/0`;;DZ04P`!L(`>,RP;JLD"I83X1L`?:002,V\;Z
M8BES9!U^`6V0QPK78+_=D`%-P7%-D`(B,,TRR*/$50%)T"V0$6#D$@?K&_\?
M<L``+Y&D`$(!8/`!//`!82`&+_##;DS&8.(75`&=,MJN=N2T36QT$4`%,+!6
M"3EVQ#5#6LM?[-$$63`'9#`'YI:SK)?`K,<++T`!8H#.Z6P(?9`!`K!`Q/)9
MQDP5-4#/:XD-`DH7`V$0N9`!<*`",9@"1F#-:T>Z.34U=^)6XN(&:F!*Y%`+
M'`<.%'`#%+T=AK`$*`-:J#$@TO'1_+"T=O2H)7T0-DL%_KJ:+:"=$O"32C,Q
M2K`>=2(%.5`&<K`NA5L+/3`?#)`!VK$=0*T=?<"$'2V!Y9#4<KO48]H?)OTB
M@D@U5M!Y,3!VUO9V.%4$@*UDX#(&5<IQ_$$7@T+_'TP``6>-UFAM"#QP`5GE
MT>6`S#-*HYZA%+<@`X2(`5.@!%-``DJ@!"*0NKC&+1P0!4HF)V4A='6G#39J
M5`U0!)'LV+:-"$'M!U;$/`')A=FP''/1'`;1`V*P!T(0`!S@RJ@2!2,+=YRG
M.%SM!'3P!CX4`AE`'[`-`6(P>R1`!0#0V+=MVX8@!&!0*,GLF<#]#]R0`?+R
M!0!0#V)``ECP&$QP)P7HOY_T`U?S!#TE`"1=0*^@W?9Q!APP!N%]X!"A!^B`
M`_S@J.F]#;>"`E_P2YO@!SZ`)\PU!-CRC!U"`D[`!@E-!V<@`)?!WLL!"\8Q
M3`%7`^!]X#3QXB^N!W#M_^#J[2Y^<`'@DS!?@`(2T$90<"H_L,UD``=10C*6
M01_9L"B$8A\H$`11D`-"T.+A#>,PK@7T+)"^2A]$X-[)`!1@0"U[H``.0`)0
M\./@PE,/"+MF1AS$41+9D.)[@`!D[@92/N55WATFB.5O#@8X?@D9\3-?O@<`
M\`-W,`!2P"0*!7%Q%`$RP-ZRL.:NT`K;[7<T,`1WXM,(G@@[@B9+(!%*:PTB
MC0)\S@?),.$C]3,_<P%VP`55D`)0O3'Z308VO2XI8]VQB]W%,11IH.$D,`9+
M4.>.C28-(@1J$K>XXG<0<CH3'@^5L"M!\>5\[@8V<`<%H%.`G3%#,`>_42NQ
M6_^X!;0`H]`&5%`U)"`#P![L:*(SQB`2.+#E(74)RS`^G^`)HE(`6W`'):!E
MW`(#44`T9B$<$U@#'WM'+_",'/.DYVSG=T[LWQ$&I:`#??#N]``/A&5A@*X#
MLN<`6\`%U#X!^[Y?4M!39G+!WU<B&$`',+@D*F`%:A#E=KX(:/(=L$$O$8](
MS#`/F0`*-#D^JO,%.\`%&^\"6]#C'$`Q"?4$(!X$(9,&,D`!)A0\,,!&/R`#
M6J#PZ<X#WP$A7,'E$SXW\Q`D/K$B.D^31*$#%S``=\`%:N\"7)``:I4XS+5[
M+F8'L:,!"9`_3@,U3K``FT[EZ2X16`\>/Y+L'`0/$_[_$3V!&!=/DSL?!C"0
M]FK/!2YP!T@@`KA%!>W1LL:3`C;@``M7U1[?!CY`T52^*83!`^W`!P8#`%WA
M%1U1.1SQYW[@CXR_\SH@!#D`^9(O^=1^`#'0/XEWFPK`!27@`"#`._:U`5=@
M!GV@!S`O[,-`&(U@$=2/XP#0]?7P%3C_%2MR7J*@<I^P(F$@`!N_]BYP_FQ?
M`!I@,19P!/=N`P50`DAP_%_%OVY`,%KPX@2C)F$`"$)+6F$`AGR&`!<77WU?
M>WM^>UY^?9&6D9-@8#J;7IP`-P4N7%PNIZ=W!2I/*C-(=UQ5504E#B`>!!L6
M-3R"2X-:6D*_0GQA87Q"OH@`_\U\C95]TI)^?I2<D)N<.IV?8!<8#J2FJ'<N
M:WN=7QE'=UNTMB`)'15)&,1+Q,6"QL>%`/0I:N9L6J-)UBA-H_2IVZ9N#O=L
M\D/$7:ER+NY0X8'"BY`+2V04X&*CUJT')O)P<+9/2)B6`ODT$Z)ER2%G%P`8
MK&8MTI=*UB1]X]9)(K85L4JE\M#'!PX,8G2@$(+`A8T22&X=,6&"R1)E_IPE
M(P:03[`ER0[QN1#&VK1+D'KVN=#'"T-O7KR!\;*G3X>D&`5\0('A)X`%`+IL
MV))5ZXX.+%P2(P@-&4MA0@`D0Z2L4)A(UT!3DC2MTB.[8"#E?:C##P`%25,Y
M0/'!#_^&/@!X:.GR08<)>4<>)#CQI:5:12\'32XD\UAS0Y9(5\MTT-&%T),:
M-O03ID+LC")>7,"1H3`//5TX'B@``L21!"!(Z%LN4U%`7P/3_G-67^?//0<)
M14E<UGSQ2&J::"?$!.>@P@4;(RSP!0HHA,'#!Q\($8<#);@77`(!^.*29H@L
M`H`@SXB%3',RY53)@)!HXT5==MGE2%T)[37)'EK,T&!&"62P``0+T'5A%UT`
MT$0""3CP'AX#7-"/<\X8DM:(8AFW&723O!477YA@EZ-$G5SCAQX<_.B""B'4
MT,05`.#S`7I\D#&!!S8XL,,#1>BCSWXYU?=%&&@=(YEEB1C_<@V8<1$(&E"J
MZ9#@-5_H0<4Y7-S1@0`(0%'``WN@H(<6/'1Q`1I*'.'"%AYX`(>(SCUC6:!3
M;E;(!011&EI"?!'(JT2IV95)'WKDT.`=4:CQ!"Q(U'`!#YIU(00#4SQ`"@@K
MO`!K?296F>B4_"7JC#26>*E-0C'V.N!T?O`0Q#EW>#"&$R9D!,4?8@P&!H8O
M!$#`'24DD8(7^B#:+4&!)I=9,R8BTE=0/?G1B$($C@9:HWYHP<8=[U`1!&RC
M!/'%!UV`(01Z>X30@@L=4"'`?&3=FBAS;"&SS(IKB<5')CJ:Z0C$HN6X4%_%
M;7S'`4$840H(!02@`Y(_[:;'#1R4_U#$$",,\])DAN3$'V7$Z%'H6K'^9.8W
M?>PDE"1@5"+1(ZI)N<8=-I"`!2P%'*&$%XEU\84.8<R)@A,M/$$"#C!C:9^W
MN!I*:I6<K9CV=)08^/!;04U.L212CN'"`!:,PD4!47B!P1*\`>`#$0%=4(,9
M3=#1$C'(X6HE0,F\Y,L7.H,51MH*^0&&@:9-8[SE+[I=E]Q()+`%*7>LT,<2
MM'6Q!P`Z+#(,!`$TT8`>^=".4TXKJK6,%HAL>2(Q!T4#8+F3/](3Q9-?(Z4:
M!6#J0@$1=($!$4A:1-J^<*$1"*`-?_#39,J&*V,<(@Q:`%^B9+(U(93F9Q(S
M7FF^8*,PW?ZH)R<20`G(<0<L0,L'0D`2"GR0DR5<:`$OB$`?PK<PG`TD$2\1
M6WW&4D$AD.8G,XI.--(VB8/`!7BN$8(`'!"+.QQA*CJ@`.JZX`-.4`@8.+A!
M#Y0!#+0@(RTX<8TA:"(BYC2G@O"3SHSD0J-&U(6(];N`%@1@D3N0($,`D,$7
M>".&!8S`"W]8AA\6@,(NSHXSE"$4^`!E/O:9YA*D,9Y;BM>7`=+%#\]:(CFD
M"``PH&`)<^H#A8B!H3A)R9`M>8[73J2;FUCI&.OS8=K*]1,,2L-L<_&)@1@A
G,3T(8!0L^\):]H"!=OG09#9!CQ"(H`QA)$YQ7C,+?L3UQ0H&`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>f27532cpf2753255.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753255.gif
M1TE&.#EA5@!N`.8``,;&QDQ,3$]/3^7EY=[>WM34U#HZ.EY>7MS<W.WM[145
M%<[.SE!04&!@8"4E)7EY><S,S&)B8AT='1D9&38V-L3$Q/'Q\30T-$I*2LG)
MR5-34P@(""$A(1`0$#@X.+Z^OKR\O,'!P>#@X#`P,,+"PC(R,@T-#>GIZ:JJ
MJK"PL+:VMK2TM*:FIGY^?BXN+JBHJ&AH:+FYN8Z.CJ"@H+JZNGQ\?)R<G(:&
MAFMK:X2$A*VMK2HJ*N+BXI*2DJZNKK*RLHJ*BI24E)B8F"PL+)"0D)Z>GG1T
M=):6EFYN;H*"@FQL;(B(B'%Q<?KZ^G=W=Z2DI')R<IJ:FJ*BHH"`@(R,C"@H
M*`("`O?W]T%!065E94!`0%145#T]/4)"0D-#0SX^/D9&1C\_/UQ<7#P\/&1D
M9$1$1%55545%14A(2&9F9D='1UA86%965EM;6U=75UU=74E)25E965I:6F=G
M9]?7U];6UMG9V='1T=O;V]#0T,O+R]+2TM/3T]C8V`4%!0```"'Y!```````
M+`````!6`&X```?_@#N".T-#+B.(B!<4C(T&CY!C7)-<6F%:F)9:CQ1:75U8
M6%V>HJ&985]?7*IC8Y`&'HP7LR6)(RXN0X.[AH>V(XN-'@:MQ:NI7)=?85B6
M6)==M5I87EAE'K<&I9>:F*FJ7*ZPC;,7M8FYA;N^MB6SC13$E,=AJ/6JEI=G
M7EYA8SL7/G4QX$""!`X[XF&B-JW9/7!<'L4B-PL=+D*%V"5ZM\C#,$FIN'GR
MY*7+%P.,7)2@L`.8BRI?,.V8H&""004<*'0Y<V9A)DO(6D&:2,&<Q8P:1[@+
MQBC2L8;4O.SS2,&%H((=%$APX(`"%@H2%"CH,.&6A+)J0#6<]A-5.'$H_XL:
M_?5KZ;NFCR1-BOFI6A@,6QAH"&#`1<&;626,".-@K`D3-JN$55PFE.7+#E%]
M$3>1%EU$=HLR&B9O53U,7;R`"5,&!I(#;C#XH]"89M8)#DI,Z+"!K-C?9R^(
M`@4J5/%FSUC%E>LYD3MXCDHO@VH-2P`<:P($J%J%`I@R(\YVZ&`PK(FLO\?O
M-J&`0IDR)?N6Z5L<J"NBY<XI90K/P-[IEZ7&0`1D!/")`6=@0`$P7AA0A0.V
M=7">8QOT5N%C)G`P1%34@`$&3_'5%PXG%(%V5SPH#;/7)<9]4@8#;AR`00`"
M8(#%&%Y<8)4#.SC`P6X;^,$>;WY884*0%6[`GO\$[LVGFH??T6?*9B0V8N)H
MQ,#R2"H+N?B>8!HP<$89*%T`3`E<<6`030H$.0$';?I1H9QS*MD!!UR<H0:4
M8.S)$X@E:?'6.(QLA!=<DC`SG%1GP-%``%N`X<$%89'G0!55`!-6FT="UD&1
M0CXFX6,59K7#GGVJH:JJ?,X'BG*<;+3(*\2HHFA?'V[1@!@!C.#`J!.^N0-B
M1Y9JQ1]:G:6`J.B=U\$0:J`A+1K14@OE/I\\,Z@!)E[P$24A,9,:/_L<T(`<
M)6PEBXI:C/"@!*/*>>0?&Y2WZ6Z)P4N6`0($@`$<<$@;L)_\U*=<M_Z!JTDH
M7L#'CQDXP/"%"V/,R(#_&AX,:UM-E2)IA9R^&<2!9+_9M&3%V@4`,,#4[NFJ
M6F%,`LP[TG%CW'OP@6&$$V:<%$\8M/%X%KR=UM3!QU9\O"177,$KUIN_N5`&
MC?T"C,&_UK[LT!<SSZH7@*F5P1,871SP0`]L[.`+;96.E]ZH1";M!UF7.C`$
MF[OAU!A9%*3<[]4S8B#M=P6K-3.6E+#8\!FIPG$`$C=\X4&[A4E0;*DUL=EI
MD'[0R9[0ZRU9!9L.H-&O`/VFK#(<'HX)'RC[=23=-&%[Z,$8#,S!1%HCJ#'"
MLJ0N*=9XXUUH`JAS2W#!$!".]]@$,YW'@1<,,(#Z]2D+CBI/\Y4C^]<D2:6&
M_P$2E+1%'&=XH`%MHS^F@-KP&E\\J9WWMI6:O_VFX7B*@1EF]=;[F[2V5P;O
M-65%GNB"V-`P$P-<0`T1^$($X'"!,EB./4/H`@<D1+RQ.`9#0D+/5I3E-L74
M1@)GV((&5*B!%E8O=0/[T!F@0PR0))`?8-`";@RP`PR8*PMK8(,+Q"*!*@3`
M!1C*7WK2XRSR[(!D6<F*`RX`)P5<8(5;R&(+72A`5?&$`J1Y1.+$U3`T>&`#
M#G#7`>;0`L@)0#(M$4`9)J"D)-K$1R*#D_/H!J<FDN<18JD"`\R0Q4)R43L!
MLQ:*\F*:+BV0`AW@"A<:D(06"*$&94@C%@1@A!%(*/]99\F)%A9DE2J6T$=B
M$958=@"&'6CE#&P@)"$-R8"4)7)\8FPD5)ZD!@K@Q@48,,(#DM"#!J!$#0$P
M@A$LIY4J#,$`8*"`&G#0@!JUBWEL*L\$BB4Z.'BA1QZ0@QO8$,M"JC"`JX-#
MPG39HC)X"`T&($_OD`"%'CA!`&/0@!@@QP:QY.8"8Q!``XR`A!H`P0A,F(,<
M"M@C/(XE2?9S0!G<P)(+'*`-<5C#.&-9SA=J!P-Z289EY,,X9(X@0R5@`PYR
MX(3J-6`.8FC!`]"0$SC$*`T/`((-6#`#GO;@!BU@0@2VH(9V$>UX&'J3!PZ`
M!40PX`URD$-&-;I1%M8R`&/_"$E#QN7./K$N+"XPP..,\`4!9`$*;(@#%,A0
M2QRT``@]V&D*8O"!#Z@`!"O0@0YF0(0;&*%`'MA@\,;C`!=H0)U].X`8VL!8
M.:Q!H^4\IP`::1RI0"E:<#C#$"2P`P-$``F,28,2E&``'S:`#$:(*PM6$`,0
M?*`"``!`!@`0@@K@U:<Y2(,&1K`>)8VE+`$0@P%*((`#O&&QC,WH.&=Y3M.T
M,U74"M@1.?N%-`B``UAH0`3DX``LR($,-0C"$U"P@@_$%@"PU0,$:!N"#ZP`
M!4\0@@QJH(0`5`%X;NN`"\*P!@J,00R*%8.`VR#5()KAP(34@']B$KZ2K@P#
M9RB/_Q;D\*`MB&$-%@S#9V7P`M:"H`(9"'%L%W"']9+`KBB8P0R"D(,:-``+
MKL20V[QE`#3`P+C'%7"!-XK@+<AC&5%Q\(P$H`5EH0$#5M0`&F8H@2Y$H`4S
M4$%=0:P'/818O1FH0'L_D`+X2N$(.6@!#ACPA<;8\0+M\L`;&G"``"]6N;$\
M\!;,(`_%-:Q/:("#=L`R'C"$!PV$J<H.&``#(*0@!"0`@!X6L(!%W^$.&0B!
M:R7=Y1D((0A`9<(;!."!2IU'`F%]D``BT(`WY'BQD.VQCU=!NSM#5\\&&$L'
M#,`!%RA0-!)L`0M@"P!&YZ$`C&YT!6+06A#$(`4OF($->O^PA!H@`8@"X"V0
MH#<".%D4QV[.:&2SN.!60S>Z`?@"IWPU@H@`!`L,<,(,*L#H.M"!#@6(-Q_R
M```5W)4&-(C!#W@:!68[^\88+@@=%5"%&$]@"VU.^'$Q.LY"TCFKTQ!?M`"G
M'2X<+Y(<&`%*.AL`-P#A`W6P@QU$0``"X*$/>^##'0"`UWNK(`4\/4(/9-#&
M!K0A4M660&]V\"/VG"$""3?NFR$[9S905C5YGI'?QL!!G.B"(%S('0OV0``1
M#(#D=D```O8`;`!\``0T^`"Q*WT$(M`<"C@@PP&PZJZQ-&93`<@"FTTMAH7'
MP0T;-3K8P'!DU6DG#`H(U4$Z6P7_,*S!"1_``P'ZP'C%\P`!=8!T>R=M;!6L
M@`4V$`)0C1"!X[(AFN$Q0:66U048`+W-`A[Z8_&>#*B400UZ]GL9CE:J'5[@
M.C<`0!_H0-LLFW<!?)BMENU*;'NK``4RX!GK'*B2F%"``T/JC0(,,(<L1.#T
M"W?L8S5Z&LL@7>DI0X,"K!`D]G#@`EYX0PUZ```(_(`*-T@"Y]^`@RF@0+8G
MMO</=)""%?2@9VE21'C4'3O`+$IB`#"0!FE@?:1V7-I'50`2"N[4=ZBC'6@@
M`?32&U+T!5EP`T+P`3*0!#>P!`T0!PV@`6]P`"U@`S%0`;9U;"_@`S.0!5S@
M`EP0`*]W_P8E<!%%(6,20@$)F`8$D@5D4&H/B'<0=S-\IV?8`P<8*"3EMP,!
M\``]U6(],`,HH`(L\`*:!P0W<`,S\`$0@&+RQ03%U0)/T&4]P`1&IP45%W@@
M8P((N(#7EP76=U%WAW=NX!\-<6>PYW<!@(%S(B0C``,^$&+NA0(?L`!X8`<`
M4&E%D(49``%Z4`$ZT`+:90,D,`,18"!E`!@,T`5HL`9J(`%)0WX=<`8P8'UV
M:(=`)P9W1TYLT&T*Q#B`1C4I4P7D5R2],08]L`=V@`<#0`=\4``_L`1.@`$&
ML`66A`(D8`?$F`$I\``"``,S(`>,P`%_`#T2H#X8$"8G]0=_0/]^%Y"`=6B'
M10A5D#6+D\`,EI5G5',Z8V`"QR(D$P`'3P",!,`#)2<%'F!%<\,%`I`$1(`"
M)E<`&8`"2(`%C%,"J!6*>M8%(W`&`B`'<Q`&$R".22,!;U!]9&"'"BAW8N!8
MXX1`HJ`G@"8``20`:.``XR@D"A`'*%``53<`",`"-;`$+1`'7X`!;&8$19`"
M=U`'>0`!*0`#87![3``$,G`##Z`$2/``1G``:]``2!``#K`!XV@%"B`'K`B2
M"@AT;Z!<6N5M:H`!*EF!`5`"2>-;;_`"=8``!'`"`[`'7%=OFE<#Q'1_=;`'
M6;8"1L`39G!6-]"424`%1``$4'!:.!#_!W!RBARP1A_9B@J8CABU!J;!(M1@
MBP&PD@)P`>6W`0J0!BC`!S5Y=740`C2@`CJ0>3.0`AD`;!E``B&@`DP0`&S0
M`%F@!`_0`E\85T)@!`T``TR``]5V/!*070O8BEE0F:4&BVL`$G8V@?&(.F?0
M)A(R`E"@`S19<B+``W8@C2JF8B"0!_`V6[&E`D@`!QH0`3CP`#(@!/(I!#(G
M9E`)!5U`*1W@!0>0!A\9DLM9A(HE5:W`)5$A%4>FEBI9`NTQ!G+P`#IP!XI7
M<E5G!WIP?"P`FWR@<@N`GBE@!(#V!E$95YD7!#(`!$F`!#@`E35B%6W0G)39
MG&0PHY89G<4@_RXN\H>I0R,,$`:%J01&@`)W4'4F5W)]4`=CN`(J$`(9<`<J
M5V6/F`2"(P`K)0-!(`0]$`0_E03%B01($`><%G?+R9Q$^)'I&%4_QB*IP9E^
M9SU2<`,X@`-35W4(,')X4`!\L``DX%K`EP=\4`<9T*$JT`,,@`9A<`9,(`,]
M<`2*VI0M``5,P`1((`=@4%PA":.8NH!D\(IM\&.9$!6O!WZX^`(VP&(16G6[
M)Y=V0)3HM0"/>%Z]!@$Q\`2@504N0`%98*4S=Z(MX`1&,%K9\4.4J8!C2H1B
M*5S2.5(*!`:QIQU_LP*/6`0KL`<((`)UT`<EAP!],)M>!P0HD`%Z`/\"(;`'
M"P`"*-`"<.`"^="!3>F%2>`$D0H##>`&:Q`!S&FF9"J@QW4[[0@-_#"!2J>2
M#``',I`!ED<#=V`'!$`'$[JP>O`!+."!KY6G`!!O).`#0+`&:.`&`>`!:$`&
MO@D$868$<X`#=5>""TBL9=J*'WE];"8&\9`H_FI9F$4UM80$!=`'6K8'=)!U
M>.!N=K``(1`$.``$%0L"1:`#(2!;(*`#U-@@71`&:)";.9D##X`$`-8`:?!7
M<]"U<Z"R9DH@I-:`8)0P9$2STJ(=+R0&%8`'M'4'?:"P=G`'>9`!'V`#3'`#
M*E``(O<!69@"-F`#-Z!.VF`Q<P:R,H4#>*?_F\_FM3#0M9=*HZ36`&SF$0D3
M$Z(@-K9(@=4#!D>0=9/8!UI'!Y!6`4_P`$Q0!+H7MR1'```0!4EP`"7!A`S`
M!BS$!"U@!##P6)]I`!$#`\#KM2%III1+N0=`&C84<6.C*@E:2V>@`2N`!W0`
M`2%G!\$7`C$`!#!`!!6@<G=0`"$G`G10`2P`!#CP!F9P/1I@!H(1!U(9`>3D
M!6Z0!%`P!S`0,9"KLL:*8S`+"5K%,'H"7<X:3PR0`2>@!^99`*7[`O67`A!`
M8L6HL#Q0!UZ7`D%`7VW`!F'20C22`S=`!EO@!EAP`U+P!H\+O,'[M96YJ0,:
M!TTAG7TH-JG"=V-P_S<3H&PRD`)^2J[KQ0)0$`0ZL`!UBUZRM5XPMV)3@`1O
MP``-XE]PL`4G"@-F<`!PT%E9\+5>*[S#RZDN7+80MQ#4(,,>HDX0L@$,,`8C
M4+#`UZ&1!@1/,`-14`-.T`(R50.H^VQFH#+.IP#C:`!MH`1%D`01$"-8<`'&
MVIQ?VYS#:ZQSUP984BN:J4!=Y2'SL0/D%P9>,`(S``%[D`=6E@&O^0(.8`)+
M(&4L4&\?T`.^N09B!@4!0(]#L"LR,`-&T`9K\`8ET`751R#ZBXZ;>GVDIEB/
M7&=]Z#HRA`84X"P;8`5BL(AYL``0D`<A\`)],`,4``376@`60`!-8&4%(/\$
M(;`$<L!;'A`'<A=?BKMIV+6*8.G+,SJYD\MFP1!&Q*"F8O,>>@('7\`FO#$"
M+"#$T!QB0ID`/S`',A"X>A`""9`'6J9,ZZ,-`A`'!P`#*``$6;!FOA0`"3BL
M9?K.\6R\SU&VD8"YM?@>S`I//;)-"E`#39H'=X#`'6H'/)`"0$7'3G`#-8`#
M2&`&&B!5U6,&;A`',!`$G!<!:U`06U!]1(BI[OS.Q=L`^S',-B0*#>-.9XF#
MKK0L#""&P;8`?%L'^U@!-A`%,W`$0"7'\*K$MKP%<F`&;"2V:D!P;[#4DXFO
M'<W"":<(PI`7!4H['<)W`0`&$$)'(Y`"O>;2=T#_=7@@E^*K!P!``BKP!$?@
MA0^``\85!W$@!@-"!A)]`$-$`9/IRW0-S"Z+>FUP)8?2"IJI!33K!4.0&*('
MSD+,![N'![;=L/R8!S0`7YH75*9W+L5E!G4G`&(!!J%]KYMJO.;"OV+@"R<2
M"2Q".^YD5,^3%3>@`QG`LST;M](;C'@@`D$+V7O5`WU5V3`0)FXP(`W@`G?"
M`-H%S&&KW*;69J<V!,[QW%^L.#.T04IB&S+``C_`!ST;C`OK;A-:``\+<X+[
M``_@;+Q"2+D)!JMD!O.=<,JM6#EV:B.)"]TRS_6L!;:R$[]S'A/`)C(``3H`
M`GO0B`J[>R%'`'9`KB"@_^#SA0/^J9);P`9R@`8TH1A;0&"+)6`IF'H#AEQM
M,))Q8`CWS11B!!%:4`99O2EC,05TD`<^0`,(0`<I9[UU$&_?JP<TT&51(+)&
M`&V"D=Z6LQ4&0*^8'55'SEB,9>2-)4YIH^1=P^0UE"C?)&N>T@$XT`?\>']!
MVVOP!HT%L`?UI@,O(`5"``0/`,);D#H70!8CT`41C=EQ$%5R<.1$/F!1!6>#
MP`[E,,QBQ!B[(2</)0`9,``)4`!92%L@4+%WP&@/&P,Z@'E!T`)#54LE045:
M45IF$`<$!N>,I>&+56#DA'>#8.>Q@Q>1@`7M\S%9X0=BD`$\0)<9(`5!L%,`
M#O]B+/=R*%"J4T#%<!"U99"N80$]6*`!;-!801[GR"55RG5@Y%1P@L#L2R'2
M6^))$O(Q2F(%#+``(F`!":"S1]";VVX#Y*4#O`T$-2`&9W`2U!``&`DOY7$!
M9M!8<1[G\KYZ<89@E[+L[!#28!0/!7@A=++,8[#J)Y```U``)/`$,G#0/3`%
M3@"5.)`%;0!/C^`%K,,`(S`W(Z,4$]7FF/[I]+I<YB1+7&'O:F,+[Q`+#G0Y
M$!4D$E`!!)\`%C``=I`'?MM3-Q`!`@`&7A`1#?&\VJ$!5?`'?C!H]+I]>">+
M06U@<F9.A=3T(G_?\<`2;5+U$&4",7`%%I#U"UL`],;_FBV0'4-V`/`+(X(A
M`$]H!1<PDE2U;4"M]`C&7%G$-$[_]/MQG/7C]TEB!4'0!(-/\%?7LWBP!Q4@
M!4:0!DY0250@`[JU!F:P!E@@CD5B!24PEDJ_])F?^7;/`7B?]YMU//XN^J.?
M`Z9_^@D`WL58!PN@`SC=`SU`!9A&!NQ^/A2PE7XPC@[``+:L^7:?175O3L1_
M*057"%701Q^S^\H_^AB@]8.?`"[?Y04``2%0OC(`"$0R,CDY<PQK6VP7%WY_
M5E9_?R9#:FMN6UL:&IF;GIV<FAP<#E4[#A(*&U9^?JN05ANRL[2S,5<6%@D)
M`P1T=7PD*#8V0L4M#PT,9FQL_QP;DK"2?WX<9VMK;)J;#`S<GIZC#J@;?JRR
M)N6PM>S04+B[`R(BOG5U"P``(2`H5#E9G)HIF"9M&C47!LH(T&!&0[>'GKII
M$*>@E3E(LRZZ:D?+CP,`NDX,X$$``9Y>>A;DJ?`!18\I;\P(8*-F0P<3CR`9
M-&C%Q(0+`1HZ?$A4@H0.K0K&4D>-8RTK2$Z(+$FG0`$"(NS@(;#@PPH93`ZP
M$;"%RX94T2+M7&MB1X!,#P7(%6!"(R1ST9AN="K+BH04)/$L4)FGZH*4(%+,
M:(&CC08!`4:H3;NV\I\-'`P(,+-%;H``=S4F#1UI+U]H:`KTJ0,A'P0[=P!\
M2"%$AO^1-VX<!E"C(-9DR\`G[>`2X'$`<TDM6KP;::G3C7XDS,@#`=^'#`LR
M?%#QA$@2)`<<RBUSLPJTX.@E*?@B@$%RY1FE.3_MIXJ9%[(_T/@00D4*ES<X
M@40#G&@0P!D=Z)3>@E8H0(%R[\DR6E.G26B""6*\L!\-*JS`P@Q"Y."$$3C$
M8<8:!H[@R((L3@,A<B\V5^$L/3DP!0L_K)`""\0<L402+2"A01;*!-#!!"5,
MT"*+,;("86D5;F1%!U5H(0,+**!01`\]^).$$W-$L`0,:QP7!@P[$+0D<$W"
MF!2%STE9C1=.]/"?;4Y,<4,.1L#0`PI0L.&%!.6LN2"$ZH3_]J8KICUW&1HS
M2*%#"D$880000"S1P@T`5-`"!CMPL**AZ%E43J).CE9+HZM"H@`<*]@1PPPY
M/-!#,4?$(`(`-YPQP0YB2/`;J6N5`Q\LJ5Z4+%^M_-&!!P'4D<`>-M0`Q!&2
MUC%`!4O`H84`#JQBV;`MOEBHHGCEE.ISD#A01@H$B)3!CBC$0`<!(4@11!1;
MG$<L<,E:E)-RS2'+2CKMF&."`CLDH0<//(A`4A][$-#'2C.PH8$+`P%,*KJ%
M#ORFP>>8V]<C(US@!``1$V!'`7M8AT(2&AQ`09H>&^IF*^+"\N8C&AEK,EX<
M0`8$'Q(CX#($>GSP!!`X=/POF\@9_RNNR"OZ+/2+RSWB8!8JW&M''3`#X`,0
M:VC1VR-35[8<HU<CBQ=&6W.]*"55".!#`73L\7((*_3`Q@$E1/,Q<#0RVFQ:
MK#2GN-U/2N+%@7&@D($>=62@@Q-9&"!J3H>3>QFC3C9.4.F0I\YV@Q2PT8,/
M*OSPP!L,'S"0@H;B;E`ZKJ![NKFI/WF6.2VT@84:7AA@@!NE4'![VY5=*&&R
M:OG,,_"00S+$,PQ+4`(2(T@PPAA;A-$!VQ^+3HT)'9S;M;JB/1Z\(QV@H448
MJ$S@4P`X!&'#'.=37WITQQ,_L.\5[Q,9NN;WIB_,`09(8$(+)GB#'JP@!DS`
)B0`':)E````[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>f27532cpf2753256.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753256.gif
M1TE&.#EA5@!N`.8``&1D9.+BXM+2TM#0T.[N[NCHZ-K:VM;6UNOKZ\S,S-_?
MW^;FYAT='4Q,3.3DY&)B8LG)R69F9L[.SG1T=/7U]<#`P!D9&145%5)24E96
M5IB8F%145,;&QNSL[,C(R/#P\$I*2L/#PT9&1I:6EL3$Q+"PL%A86*RLK*:F
MIE]?7[R\O%M;6YZ>GI.3DTA(2+.SLXJ*BJFIJ;Z^OJ.CHZ*BHKBXN)"0D*JJ
MJH*"@EY>7I*2DK:VMEQ<7(6%A9N;FZ"@H)J:FH>'AZZNKD1$1#`P,'Q\?(:&
MAGAX>$)"0BPL+$!`0"@H*!`0$#8V-BHJ*BXN+GIZ>HR,C#P\/+JZNC,S,SX^
M/CHZ.O___WY^?B0D)'9V=HZ.CK2TM("`@"8F)OCX^"`@(/KZ^C0T-"(B(C@X
M.!(2$O+R\OS\_&QL;'!P<&]O;W%Q<6YN;FIJ:G)R<FUM;5%144Y.3FMK:T]/
M3VEI:7-S<U!04&AH:-34U.#@X-C8V.'AX=G9V=W=W0T-#0P,#"'Y!```````
M+`````!6`&X```?_@&""@F-9AEY+B4M.24E/1$145$U-5E)2555*2DA#(B(N
M(`UQ<7-S=G"H&!L9&2:O*[&Q/#DIMBD/N0\`$1%WO7=M;73#Q')RPH-CA899
MBDN-CI&28I674IQ(G9XBHJ.G<.$8JZRNLCSHM+BZN0#NP'3QPG3(Q\AM<F!C
M8,V(BM&-($FB9`T3IR$(/X'P=FK<N`WES*U`EZ-BK7:ZW+V[(^\8/GQRT-A#
MLZR?/VB.GCR*5(V2)8/;/H%J0+,4''(06[4R(:O6K78:-<(C!K)>2#1(D3(S
M](S12H'5R)"Q\O(@-X4U&Y:+^(JGQ749@_+R%4R8L'HBDZ;MIXB1-$@L_YM,
M?8FMDTQ0HDAIU?EJYRR+NX`&!7:GK,>/2$.^68ST4-M&*ZE,DTOUI2:[,O.>
M0L5J`X8X#40UQ)!!7>!=@R/$ZWCT&-(W:-ZPF8W4RTFWCR3I=GD-V\%/H1BJ
MPC#'!1(K3:B0D=)I$Y(Y)G"Y0]VK%]%B:M4NGLW]3=.`4%O*O98I6V::WVZ*
M0$ZII14E588H06[)A8GI[^#9<\WX-9OM:K`1H'>+1`-7)`111IY5P'G3`"H@
M-!&0%60,),8E2"A!T"1*V)'"6+[$$Q)(VLDF('=JI#C;(KC!185X5"V(&5XU
MV0&"%$DL@2`2(@S1"1(N?%+%)10NIP0()O@2(O\=B;VV&&.SI:&B@`&R@=);
M`[D4XR67819*30U(L0087E`QA`MSI+`":3>9D$,<5;Q$U51#@)`!`'08IAUW
M_\F68AHHJO&&4RZV-%=OSL7T90-S-$"$!?PDH<2==1AQA!MLX.++"@WXZ)P4
M[X6&`0!%,69BBE7^*24;4DH)7ER4T74)@WAY,\02D"[11`,/&*$!"C>P,,((
M,!C10Q!8I,%#HP[6"8((&$0`FY.SJ2$EJ@*FL48:W+::Q($OQDK>90DI9&L6
M@B1110HXQ%`!!R%4((,*-=2P0PDHS-!"#VBLD,$&;KKB0IQ*`,!&;%1:J^VV
MJJZQ;;=J/#705+WY%E/_K:.(@&X67D@!``T50)``!`.47+('')!000DWZ'N$
M&G2\@2H/51"1A15T!-BMMFFXX8;#?SX<8(HN3E()79ID<]67<XBPA"%$@'#$
M#!PD8+(`6..!]<@<5%##"S%H8$,/191=Q!$`#)%$%E6TP:W#<-<A=QUKJ(JM
M&M,,9(DE26LSXTR@$4%F$DATH4("5@MPP`$"X+'XXB4GX$$%*N!+@P8P!($#
M#E@<\0`58#"`!*MP.^S&!'5,\#.WJ%:I6[B(:N/CC$Q7L4290[#!!1X#./[X
M[XMOG0`',M1P`@HL^&!#$#WT@,,1&#R]!`9NO&TZZG6XD7WIUU)3357.);3T
M_T)Q@!`0$G>@\+@![+=O`!\'X*'U`(A#$,+7Q]/@0Q1&P,"Y&A$B0A/HX#.X
MG6X""$1@`1TFI2P51&E7:9`W<$0$)<"A!QSH@QX,T(<^*"`/>\A#'C3(.`$,
M#V4A4,&]3C`#'[3`!C!H7A$>4+,DQ$%U!3Q@`N7FLYV)QQI5D-U=S.4@*52"
M5S'@H`<_&,(]!"``"N@#_`0@`0AP`%XJ+,'Q6*"!$42A>3W00AS$(,`(\/!G
M"42@W-90O6X1Y%"_&6(WO`&:2B"A`4?(H`$^&``G]M&)>XBB'@1`/Q063XLQ
M^,&P8-@\'```5$^P`^I\ID,U_DQH:I#+H>IR%Q<$J?\;67%!$SB!`0TH,0]/
M#,`"'-#'#RH@BEK#V@`\D,(7:/%R(VA!L7`0A"/$04,BR*'VTDC)AW&K,C$*
MXO@6\B6]B*`)4FA`$4(0@#PP<0\+*$`!LEG-$4Y1EL.KP!1LB;PN1B$(08@A
M`)1`!2OTS&%SFULQ(28K3'C)&PL1C2E<H`01M*$$!G``"/>`S6PBH`,$*$``
M/&@`QM%/9%VS5PEBT$)B90X&42B"':1`!CIL;PWQY"$#6T4>F'AB4>CYAAWB
M((+0="$!K!1A`!R@3000@``?2"@4-6A"D8V,!#*X%T59\,(8PD`','C`$*P0
M`=7!4XW8NV2WN)0)96(LI8S_"L<<AM"`',R@#PY@Y1X<L("#XO0#:.W``A2@
M!\8A#G&T]-I$:<!%&T0!HR\L0@.L``#4L3%U.Q3IPPR2J),Z**5SN$FC>`"%
M"N0AK$]T@$UOBM.;(J``"G!H`B3`M0K(=8L:>&$4HJ`#7:Y`"2GP*TC3*,^Z
M<<MB<5Q4*4@1!U6$Y@T:@(`"%K"`F1;`I@BE[&6A:(#YO35E]V/9#+@X`AW8
M8`LZ:.X#1+`"O_8LI`6\EAKZ)D24TI84=AA'2XLP`PA@<YN\[4!.+7M9A>:A
MH80<F?T\JX(7L)"++7BA#6R@`0VP(0X84"T;%SC2*G4I)H?]+C@VX((-U.$$
M$'AB_S:U6=D.=*"]O=V#`?1`/\3!BW(JO`%=N_C"+?#7!U#(P!S6H+J%9:^-
M?YK-&V2'$&YHIA1V,(4JX#"$#4"A!![(@T$1,%D"=$";VG2``O;`4\[^5%Y?
M$S%SNVB#%OC@!T'@E!I:O*T!_TQG5;H8<&J"8SOD^"89:(`(4M`%%%2@#S6]
M,$)M2N3++L":&N0=9ZU(N:_%@`5`Z"*)6\""&8P```UX@U,?-F"&04P)$:11
M*4ZA8PRDHD</"((/*A"`W]:9R)2]Z9%'N.$#1.[#*JAOL'P0VA%T<00L`/0$
M[""'%J_.RV];U=^",PHSAP,5<%A!%W+0``#`8-,T);(V@_][5C-\`+-]:*C6
M//SA*6BQG+EL@:M_P$4<K*`-3B6P]HP9H&4NI-?A^/4<6-"'"K2!#?PE@:<O
M6^0/F,'9.HVV9D<6@GA-80<GH*L/<EE:%J"`!CKH00[H,`$O_VR!K9*23%!:
MHW1C(+PW.($"-%"'((Q@`)Y&<H8+4%F%2C%K';9BJJ,L\%SFTN`ST`$6OCW/
M+K^M=6J08%8V<Y-QY!@%(T`<%KI`@P.(/`]\T)K(#M"'/KZ/D(ZCWQ4KL(,:
M6#L&=!W!?EU-@QF@H`58L`,;H##2565K:+*Y:E9O(HYQP*$!*$"!"A9@`RR@
M``\3=L#3$Y#J%Z"@!%RH@0Q"4#7_K7E`!C*PY;4O%X7G'2$(O_*Z#KQ=932T
M*D7;.=%VU!Z'GCO$TAB`NYL1\`(<G$`/O%6H`HHK@1"4P`==*`(.8*"!&)2@
M!`D00`AV((0_M\!2;[@#`!Z0@P@<(0HS\#H,BC"!(V@A8=W9#FP60R/A?-XS
MEFZ`#2IP``(,``8OZ`-OB6MJ%:``!FF0@SMZ\(,9".$%5JO`G^O^A@=D0`3Q
MF<,*(J"%*+0?!4%0!&M@?"8B&]/7'[$A!W.$'C9Q?=AG!P\P``O`!Q#P`R%`
M4]OD``<0`BB`!470`VYP.R"P`3BP`R20`(M3`2P0!5#0!O;7*2(`!Q_R!D>`
M`QK0=<CB_PY'$'W9H19R0'$-2`ZM`!'CP`$+4`([4`$2.&$+P&$J*'AL``92
ML`8"P@(#H``!8``5X`,]H`89@`1BD`2"T`0ND`-M('LPT`(TT'B]-`%\TH-)
M@0S--&F^)H0Z01JY1S5ZP`>J]%L$X``,A0<<H`%I4`0M<`0P4`-X(&0*$`(L
MT`,I(`8,(`4B``86L`$Y4`49\`9HV$(P``11,"6"DACV<!8_N'-FI@H1,809
MD``A<`(%L&'85&0+$$@*,``J<`)$!00J(`!]D`<%D`>#>`1V((8+D05-T`9O
MT`!P8`(3$`1;@#S'`@,R\R2,<0\?@0]T9`KIAF8ZP1<0L#(%T/]6NT59']`!
M3,8X$*`"0E`"*L`!?+@'!;`'(:`#7@@"]L$&;1`!;/!7=8`%6S`"6#<!:=`#
M,M8GTV(6<K`:>5%;;;<*W\@7&?0"!]!0`559.859@Y0`0%4!$M!T,[56(6`#
M$P``%7$'-8A.&`4#,&!B+:"+#<`#78B0KR$2Q2`/#)%8;9<3$9D!-4``?7``
M@V0``7!6&<E6O(,XOHA*V!0`!U`!(U`$;@`S<G`$/6`#KM9?5*8#NB@%&5`$
M?=*#R+`:OE`CX/`0WV@".@$'*&`&"*`X>$"4"(!6:$4`""!0#<4'';1'8Y4'
M`J`"&O`\:K`&16`$_$4#^?(#K)9?)^#_`R*@!D4@!]/B@V-9&+V0%W4(D1&I
MEB8`!T90`,\&/P905CAU;QD9`/`3;1^$2DHF`%#9`R_S>#;@`S,0`S%P<('F
M:C'@`XAX!$?Q&ON1)[]PF>B&ECW9%QB0!GE@9'H0EY)U4V9``12@4_`C`2'C
M04\4E*^)!<WG<2P0`R=P`UB7FSYP`L2R!1/@&HD!$GE2';VP<S>QBJ[0%6KY
M``*@308@`'P@CP6@7LZ&``M@``F@@D%0`QV$2D$9`CX0!%W@!@!0!U'@`RAP
M`B<P5%UD<,-"B/5@%O-`!^[I#JC8<VE)GZVP`T>V`/J)A63U6_,HH"^@`6H0
M!+J%G0K@FC^P_WPEV0`3H(:VF2_)`VLH\&IH,`]E(9R_(!;P*:+S.9]=@0%=
MP`<%``$2H)>K&47J^`(PP`:)*``AA(4*D`!3\`-1@`4X4`16@`%8<(-Q)W`:
MP&TMN07#T`:_P!'#*1;#1V;@``=\P9DK0*)'P`(34`%*M'?V\P)1$`%=4`&-
MTP<$%:`<\`(LL`4]X#^@`@"0]P-T%6AMJ@%!D%&J,9S5(1;LP(!YRA6P$`L\
MX2\9L`(EX$$\-0#V4P(PT`8X4`-,UP=XL)\3Z'H_L#Q!X`;/%`?'IP&L-BRP
MYJOZ.`RA:J>ZD`)X&EZ:V16R,*T\T*=`P$%(1T@>(`12.0(5X`%XH/\'430`
M>N"4%0"I.)H#&/`)$0"0^[5?+0`$19`]'-H+8\&LN4`3.A:?(TJMZ9`#)G`$
M'YD''*9[4-`N(<`'?/`^@X0U`L`!.W!^$Q!\`)`")C"";]`%FW,L5<8&'-&A
M]FJGT[$+*@5LIIJJYV`1/*`%":`'T:8X4T!>=Z`#`@!%JV=JD].8,'`'*9`G
MNY`#GI$!A%DV.#`VUT$,'BJRPQ<4M&5QT7JJLT`1*>`"#Y![)Z<'*D`#,5`'
M,)`#.."1&_24,0`$-H`#=(`GDCFD)CD'#X`%;GN56E"D\5"GS#JR>C$<I-&O
MZ4`+G)(%&(`X\).KX5@"&L`!14`%&L!W)##_`"2`2.?G?$=0!%!0DA4A!YHS
M>]1(I,(9LJ(ZJCC6<R>;JA5QL6+P-"XP/`+05AP&`5P@!(HS-@.P!_/R`B\0
M+(%9!S##*30!`&HP>QJ[?,&P&I:YK$&1"[=PM]":ECV1`W!@!3FB"$U``AP`
MKHYC0O1R`$Y9`C10,K%(`BP0!!.`!G?P`):(!"F0`W5PE0&(`U'@!F8AO/8:
M`1IQ&@]@"\3VN9S!%Q/!`PT@!ANS""A1`@.@A+(4CHH*17QGGD(`9P>@`B,0
M!'?@*#JZ!FC@*V5;!-38`#$SI'3;N<9KO\BKI#RQKDW@!0P`!HD`&42P!"Q@
M`%=D,E;$`5<8`!SV_XHT\`([,`4S4)))<@<34`1I<`1;@#FRUP4,\`=9H`0;
M0"I'*JK#]\'GFQX6YPIV4`5BR`_.`!".D`0:-Z`<(*4>``$0D*+ZQ@'6%G=!
MFDY2V04-!P5&$(`3@`-(\`=T_`=,D`5(L`$/$`_R^\1/7+_':Q/BD`%P(H:%
M(`C.\!A$D`2.];#O4C\#H#CLHXZ5`Y[X,@)&4`>1*R61>P1KX#EU',IVG`52
M``(KP`LC6[\5<;YW.PZ_Y`3Z<`A9,`97XA:+G``(@`?6^2YB#)=[6$7W@SR*
MJ0-LK`52R09'T&*LL@2BW,Q,8`%/,`1ZN@+K8!%O@F,1,B:(S!0IO,C?`O\)
M3Y`$''`&!U!%*E`!TJLXP3,`'%`"/U!:+3"FU8,Z:-!\;B"^1>`"?^`'?B#*
M_>S/%\`/2V`%=L`#Y[LLQ2$AZ#((B(#".;+%3['(.W`%!5`R5/?(0AE+`UP"
M+%"V.\@&V:,&FCRQT@(#3K#/_]S,*NT'3/#,2S`I.:`$I9L(7K`/^X#"LPP-
M!Q(05)`$-'`%7X`'B%-?)##&01E+`@`!-0!TQ>*!6-`#W/D&$2`'O'0!**W2
M6$W'_\P$8-`$S%`2-QTZSA`I![+(`O0$47`%9X``$%5U(2`!80N7`VPO8XM4
M+X0%=7`,11`%$]#/_/S76<W/=2S8==P,^C`(H6/_`;3,`%GPS0=2#400`6H=
M!@IP18FW`V_-!PT[//?B=V(S6F13!S2(`R!HQRW-!"D=RH3=S"EMTXBM#PQ@
M`8S-`%[0")(!SD30$GUP!6'P!4_)`?7U`BI`,A+`SDL]H2S4`EUP!,S]R5B@
M!3C@!E>]VEGMS_]\TR?,`-J=V-N]"!&M$LJ1!6G=VP1`/(<D!)A->#)P`SY`
M`T)P`S>:S`3I!LR-!AI`!R@-V-6]TOP\RX.@W0`NV]J-$GE##373`!0`U%^P
M`"M7NW$7>">@`5L`!!2J`5B@!DCA,$>`!FYP`SFPSZA-W?L]V/WMWP`>VQ8@
MV[(=$%%A!6)0#4;D!1K`_]O2V0<KUWM<-'#^$P6A!07NP"1L@$``8`,E,`<@
MKM\CKM6"[0<TC2X!;@$7D.)@8"!B(`D"00E.H`0$`-3.-@!<4%_'HSRPF0:I
MTP:X$#-O\,DKX`;N5P5T'.(B7MU+[@>"<.(J?N)CD`2,,`TOCB!-0`0,,-&]
MG5,)4`)?@R^@B-=R(+^J$1+T;0LOB0)>H-4AOL_[3=A^3>=/GN(7T.DI7MM[
M3@3LD1QRT01@T``?`-3320`0,`-5!S9`L`51?0R+H09'0`<Y@'PEH`-,0.)_
M'><D?M7[7.<H[NF>;@%.T,V3T!+5(!E+,`9<P-M?,)T(P`$TL`/T<LD!Z`9I
M3O_?;;`!/>`#-U`"1:#:2&[IP#[==9[B4![E4)[B>J[3`K0AR4$$3I`%<$``
M9]#;U)X`,\`%E',O,U"V6L#<#[`"-CBA)1`!6JWDOP[8J6WN^SP&VLWN%@_E
M#/"\22`9XC$)5.`$BSP&)<#;O6T&=@D!+%`"*50#,=`"G`,%U,QU-R`$0I`!
M2I[?#X_I#:_D+9W8[-[I0`\I7L`4`F'E9[T$D@$&$T#R7_`%)E\`"?`#)U`Y
M'8T#=6`"4)!(WWD"0H`"(N#P?]W2.2_L*`WGH1/;40[T0)\('./=WRP)SOO-
MNH('TM[TTSF.'G`\&E`$.=`%+S``.^!U,]^58)_S<R[_V&+_\!7_[NU>!IW.
M]O[`TW`O$(O,`%A0]TT_[080!&?(!D5P`U]\`,:3<14N!86?Z3AO^!"_^)P.
M]&5@`;?#%+:,(&:M$FM#!@9`\F=P!1U``O92`3K0!C8P`T;@`F@P]11:X4-`
MZ7">^K^.\W#N!ZSO^A?`U3GB#$X1T8X=SDE@`4&@UE=P!7P@O37``0>0`"R`
M`SL:!)S``C4@!!3J`PV0WZ@=_6/O_'^-]FI_`64`"&5E7DM964M.24]$C$1+
MBHN+1`PB9E<402)X9@<U/B00%6\9,%I-5CU<)2<T*W]^3'ZR3+&PL[)_K["T
MM;`,#!87PA>"3!:%AH2/28E._UZ*24F-A@<4;7\@+1P("S<Q,5-",&AH&2!6
M02\G*!&[O+'PM[FR[O2T%OCYQ&5,#(5@AI8L2U(H&C-)1)PPD+,B2Y(F;%B\
M($`A@88@+'S8,)&"308R$U9IX<>/UZQX?N;%H^7.`@-A@H8Q`9,D"\!#RY:,
M<<@,&J,G62PDL0+"Q)L8+(1P"'!`A@8W&M3(*:)F18,Z+XQ<8%+LG==8\^JU
M#$9LGR`&3@P%7.8%C$"!B9XX>2+7@A,Q4AKPB+%C!P<.`PIP69-F`A0<12;<
M:0"@!P.N)7E%?F>O%R]]98B9+,/`2T!E;@L1ZAGM21(&8(B0T5N"3PT\'(3L
M&*"B2/\*'#`03X@P1,22KN\T>^67TATO8&0%33:V%MDSSX@(2B,(Q@*1*ACD
MG`C01\:"!.MFC'AP9$ON(EI2#'&"3SBMY<M/7FZ?.7)FS1<>V<RR<PET@Z:E
MQ<`3(F#@Q@QX%)!`#03L4<(:74#!!@PVG$?'!D3`I!QDPTE&W"OOZ>,>5\+@
M(X@%8``T1F@X&21-%A=XT8`)$VC``1\(L##%!P?@`$`$1_10(0Y'M+%"$V9!
M!MQ['M*2"XF83<9/B<',E.(8.V6A3"+2$!&4!4.8<(0-.R2@``<UJ,#!"U&D
MX`9NN1VA1@I2!".E<,9QQ=(KF>'SBX;OW.?2+S:AEJ4R`C'_XA\893AAQP18
MT"##``<DD$,*0(P`Q1U'X&`$D1.H84>5@=;W560I,3$,<G8N225JOZ2HUB%:
M1H/($F!<P,`0;$!A`Q<AC$"#%G#<4$$-$P`P01>(U3%!'&5U9=^I7*6J7'7T
MG2H,K"Y=:=--`SFADP5E$!%!'46@<$(0"13Q1!V=3'#I!$5`,0$;4BBY'$NP
M*+<5$T^6!<8OY"X)V04#!X/:E6#LY$1:`A&2!0.<V1$!&C9$<0`>.2011``H
MX!#$!BNTT08=*3CAQ[[O"5+<??SP>1^N`^]#&2TIYC/HPF-XYAE.A0!31A4\
M`%!$#`D$T<`21R!U0PL/K)`!#RE@_P#&'TN2Q&0M&\HL#,W`V.RD,0GG$ZNL
M_-$JL4WD/@''"B.H,$,+`$AA`PL<)&##&EC8@4$&(C"PLL$M2_NAJC.O6-V_
MQ?SADCY^+EQHBJ*IM3@82@!0`@W?9)#!%#`<NT80,/#@@@A-6##X5QWJ61R)
MPHC+GYV4Z1Q,Y"G^PO.L;9%%10HH"'``#!GT,$4/'H2`!0LV1`!"$TM<@#7K
MI4*&R^##9"'N$F&S5(OM?N8NOJR%8+DBN6"L@((>/FQP!PP^O*`"#!K4H`46
M`!12QA_4%[[URS#1E5N2@*U_X4)7?MJ9[F(%*\^8KSK\H(,$:M"#(F`A72I@
MP0D&4`$Y^$.@"*B17I[ZMR?^W0<F#'#(Q$C5B\?ISFP#6R!JDC&&L/W!!"6P
@`0U8T(8Z)"!8-4A`%(XP@R+`:'_](B&37G?""P0"`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>f27532cpf2753257.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753257.gif
M1TE&.#EA5@!N`.8``+2TM-+2TDY.3M[>WEU=72PL+"$A(;&QL3@X.)B8F(Z.
MCJBHJ(*"@I&1D0T-#>GIZ:^OK]75U7]_?Y*2DJZNKC0T-'Y^?I24E)Z>GI:6
MEIN;F];6UC$Q,>+BXJ:FIIR<G(:&AJNKJT1$1"4E)82$A.7EY:*BHJ2DI*RL
MK.WM[8R,C-C8V(F)B8B(B!@8&$)"0GIZ>A04%'Q\?*"@H/CX^$!`0/S\_'9V
M=AP<'!$1$3T]/3P\//7U]7AX>'1T=/3T]/'Q\1`0$&IJ:OKZ^F)B8G)R<AX>
M'F9F9FAH:%]?7W!P<&QL;!H:&F1D9&YN;MO;VPD)"5M;6P0$!!<7%U=75U-3
M4TI*2EA86%)24DQ,3%%144A(2$M+2T='1TE)24U-35!04$9&1EE96<+"PKN[
MN[V]O<'!P<;&QLS,S,G)R<[.SK:VMM'1T<O+R____\/#P[BXN,_/S[^_O\C(
MR,3$Q+>WM\W-S<7%Q;FYN=#0T+Z^OL#`P%5555145%965A86%B'Y!```````
M+`````!6`&X```?_@`6"'(2$%14(B8H[.SJ.-2\O(I.4(F%=6UY>5E9<65E<
MGEE?`J4"8&!:6%58JU5]?'VRL7RUM;*PL;*L5;Q5@X4<AXK$C3HUD)*5DV%A
MF9N=GZ!<7Z.DIZBJN[-^MMU\?N%^N;>Z?;WG6`7!AHB+"(S'R)',EI==F)RA
M^Z+37]>GM+R"Q0T<N'!4$-JZE0O7N5^%#@TK%B\9O4E=FN';DJ]3)WY9/$:[
MENW5P6[BJ*CTLW*A+8>X(DHD!L_8/&48\6%ZIFD31WQ93ODA0F1)$@'5@I9:
M=9)E0I505W[[1G";L)DTC3G2<9'9O2U@>5H1<.7(#08*)B18``'"@04-_R3<
M(!+E%5-Q3IVJO'(E83B7YLY=G9B(D=9YE<*(V`D6DY=,!&!D0!$"Q0$`%`Y`
MH,"V#AP4'T!8L'#$I-ZG5/CVA=J-7.`^A(MMO9GX4J:P7C#Q@8'AA`D/)V;\
M_M!``0D&("Y@F*'A0H8,"N8B9)U:]6J_Y1C*BEW8)N)*&\/>IB+#1)TU`.J\
M78!!`P8%+!JP0$XB;=H+"C0H6!+%:5_5U5V7T$(P<6?8(UTQ@\]CF'11Q1(?
MD"''&&?,,<8:;@&P@`8<3B"?!!+((`$(:#4P@08-W$``2ZJ)X>*+`O[UFCN+
M'&:15QF%UP4!+"R`W@%PE$$&`.@!<,`!'IB`0?\"\(%`XF@P6*#"!!<DD`$#
M1/C1XHM1`"B5C+C0!,\C%N%DFTY;6$%``RA0$,(!$LI!QI%UU`'!`IPE<,$%
M'DZ@`(DR1*F66AB`L.(5,+JX5U]XM::+F-XEF!,^5G1!A0J_44`&'7/(`<<>
M%MXQ1AEK4)"D!QY@L*>?)/B@!!)"J)#`!!B8`$(45(B!*(S6_24.0S5&BI."
M.FDB``,FF`"G&620@4>S9.RA!QX`H``!`-7.2B(++;``@A-TB9&<<AK<D%JB
MUC'*TC>/UN1=,I1HI`E8N=UP)P5X2(O''6F,H<<8;Y0!AQYHG$&!E1/X"0()
MQXUVPU%<1,&`<BH0L>O_Q7REAMU?86IUS`LW-G-/3U9X$44"E<%A!GN;^FO&
M&V/<$<`&=V!VP!IO+3F!"O/)<$,10ESQ!1$2?)!`$5WRFK%?OIH3#X*1T*.1
M8QYYD04#(2P``!D0)`#`&'+0<48:;$2P`1MWR''''6:4<4`()LR0@(E_6@`#
M#$8)H00+"5B0Q*Z\KH3=2WT\_7'4.#XFTA8$G'#M'ER34<:_:=C!!AMHM('&
MYFG<\<:<"WC`GI\7-"#::$H<80%:$C0!N*ZZ?BFC+D_3YI4S:7XT%M8'T,%L
M"`#L<<;F;:2!AAIVJ)%''&A8J`<`68?@@08)-]""W1+`(`0,+/`LQ(O@4_=K
M_VM];'6X,B+OY!$75BP1.AEGR($!!&;,47R%>;"A!O-I]'^&&7I0SP(&:((/
M*(P!%A#1#98PI0M@"5'6$1]>=#$;2(#G*UX(!2?Z<`$/`*`-9_!`!BC4OS;,
MP0X!2&$<[%"P,]!!3MB"`*H*")T6(%`&"13"#3(P@^@0@"^Z6MI4:D$^,EDP
M7AO9!/M"403@S$$->%``'LXPMC;$@0T!B(`6\[`__S$+`'"H5JIT-A\+@,@"
M2B""`D*@`1!\KT5"G.`M#F=!Q2@F'YK0X*4H```TQ`$%"T@#I])PQ;*E<`,I
MS$,:SN`Y.=2!#'`PE082,,GY2(`!('H8#.`V`0E8+/^"K/G5+6XBM8Q<`AH9
M_,01,+``.40@#P#0PQSXI0;]97%F*TAA`)Q7AC$T"S/32X`PYX-),Y(&"298
MP-Q\T*4(IF1=WRC3I#B2NTZ0H@=:L\,3V`"_SIU0#3/+X@I6D+\(M.%S93`#
M'/!P`!1X@#E[4@$#YBF!U2EA30?`P'N:$"!U^65PTK0$-<%2,H\(@`4A*,,*
M!J`&.)AP;,J[90"2-X<SV*%?S0H@SCBCS]+]"9,@DDL2&!"Z!&``!GUQT6H:
MQ;&HF6F@FT`E`>:7A@%T@`Y[4`,5_0C.`*PP#CH=&T;)\$5LF6I)"E#!PD`T
M3Q@0X0:L%(X"?JC24#:*#Y+_:A"].*$/(<S@``.P*1G2D(>=*H^+^0L`&^8`
M0,@]BPSH@0/.D(2B/QT'DPA$@A(2\!O1^4!+&8/F[+`Z+-O0"QH?$<(%]O"$
M%`R`#%B\PPFQ6,X(K&`#96T6>M;@&3#:Z4ZJ@@]>+RF!)2AA`LE:P`%4<)HO
MO02KB<&-$KG:B1L$\@D\",`=7DDA-%`V`..\K!WN0(<R4.MF>(`#)*6G)`\I
M=77S9("K6/`;U6(@"5H*I4'*4=BMZF,?HP#!6!^0@@V<`7-O2,/^++>!".BR
M#6(;@[3"2`8]#`EN'2T."T**226<10,+`!X*;M`'=8GR)8E9$&)#\0DK7,$$
M9`A`_PH>$($S1``-G&J#'>+@7B[:(0]MV,,>RL`V^G)M`07<DXD.&%TGG*4!
MR;P,`ZHPG0F2(\&9X&H_KDF_)Y1@`,MCPR)!"$XT"/(,;\`#!#`0@CK<80]X
MH!8`3*`?"Y`(!CVP,@ONR@`G+($$LO+``?"@`0+P06-,HX4L;D<UKDHC"U%0
MP`'2L((G;`"1%WT#(]4`@`SP%0!)N@`(&N`!"*RA60LX05R4<`4KWT`,8?"#
M$D@T3R$(`01I.0&<0B`$/L217>?`49N7:(T^J*`,/04N&NPPAS<(KPX,@($"
M%&"!%L!'!6EA91D`@!\6^"`)5$A"&J\@`!$(0`CS!,$1"/\`@KG-H,D+$$)V
MI4*X/E@"39D`25"^0`4-F*$-5LQ#`"S:+R%AH`55JH\&,H!K!30``W.&@P)@
M,)=<':$'\_0!$7ZX!`:0H#06>,]:UC#@/D2%8^:X]F$_8HUM$^`#9A`5&A!Y
M!A`"4-$+(`.%ZK``%IQ%5F/E9@9\T(<:"(`(/I!`!DZ0``8(@0!'@`$#E(`%
M'RPI`QYX)`,,SA=1.N3:;;9F*4@!ABHP8,2078$:TLLV/"13#GHP`0P(P($"
M6*$)-R"!'K"XAQG<0`<C>($8JH```W!A"2"`P1&2X`,+J$@("C!!`CPP,!:<
MN>=@VH7"GZ$/@`A`"U\0PK/V`%S_-8CM#7+8=1U"``(?./4%6EC"I2=`!B.3
M`0,R*'L%4*Z#`G"D#THH`A&40.\C^(`!Z];`(TE@<*@8!":+<8P2/>%WI"0!
M!0`PPYW7VC;AG:$,[Y,#`#"@`@F0(.-D@-D:$B`!,+P@#$?PE@5\(/HJ"`$)
M19!+$:Q,R0E<"P3@H+9#>J%P38S$%*4`@P"6<"0\:#$`:2A#&=+;!C-8-`]Y
MD(,'9IV``\C!#'M@!KSF25'0!$>P!%G',R0``T[0`R20/2\6=PH08#<P':^W
M"^3G#(K3#^B'"F!@6WR4!QL0!_%7/Q0E5'3`<6P!!_\G!R(&`'TC>5Y6!#*'
M:QE0'$H%_P*!,@$GD%0K=P$_M%*S$`N]4`6+04W1\`E$EPI8``9)T`!'T@8;
M4#"]A`9Y,%QPM0;)M09!,@9C`(")!X,RX`,^<`,]4(,-H`%*PB3>$FMKD0![
M=0%%@&8#<@M%:(1?P0G20'2JT`I^P`+H\08@1@=Z<`9=]#]P<"3*I0?WXR^)
M=P`30&\](`,,P`)I85(8\`$98$,DL%]K,0$^T`-',&WBMPNM@!%;-0K6$!"M
M``8,("%SL$CRU3^KECETT"PO(XAJ`#ER`'40P`(^<P,RIP`9\`'Z]`'X(1HR
M,`$@8(PL4`2'0H?D8XIXJ($?\0^FP(15H`5(\$%4Y"\4,@?,4_]Q!3,&=(!X
MS5(GSO(\#0`#:=0$/:``E,0A*&)#(=(`[X8!$@`NU2$X?C`0#]$+EW!*&41[
MIJ`%?=@'48`!;7`'S6-H=*!>C-0_=N`['`=OV+(&AT8&,^!R38`$!"`!"?`!
MU'.#(``B,#`E)R(!K\(B*\4'KQ"3O8`%]^`8.T9TK6`7+&`&>&`';1"(LE@Y
M/OD&`/`!*I!SZ?$L>G``?0,T,)`$6-`"E#0K"H!`"40B>U):!+`7K&$.1=@*
M.T$UM(>-8)"3O;`$E5%N9"!9`!.+2+8&':D`D$0!10(''7<#H0<#2(``3:`6
M^*%4,(!#)&`!3*)V"`%-VC&38-D8.2;_"F2I"@.!!3+@`?U37&OS?W2`4WC@
M`22R!@%C`L6Q)PQ0!$G`!TF`!%>P`U[``#>H@%$R(@R@*CZP(HBY$%_)"EBP
M$R3C"0;Y=ZL@"UA`!"9`!^<T(;<X.9"$`I&X`/Q2!YPQ`Q?`DD1@;'SP!5Y0
M;$Z0,!_UFC:4`"IP!&*09@SQE:L`ED&W8Z4`F3&9!!<P!E:4-FFC60>@`220
M`60P!VB@!XG(3AJ@!"D'`Q)0!$<@!%E``"J`'RT@%S+'+1G``D>09@WQE:K0
MA[)74/V@%)")"U%@`0#07G>0+VU3!G6``I2D7&_P.1@":`IP6B9``E6B`@)*
M!3!0'&G7`STP_R(JT`!^PRY>29X(J05@<%CF-Q)D^9NY<`0+$`?PIP<`F$XG
M=@#R=1E:>`(4<`'RI`%L-)(-H#=1$"OS@64WL#HGX@,#4A5WB)L_F@KJ0UN.
MB8T9V@=80``:`$YQ<`<N)%_I6`9T,`9O0P'J\0'NQ@"TP@)+4"4#"BN5&&MF
M"`,DP"&EH1WG$)"M\*,(N:8,IX39:)95<`4LH`:YQ&IK@W@`^&0A$`)RLR26
M6)6A=P-'<$G75X:4*!HVRCT><`%B8*9GBIN3ZH&W,7MO!A!]B`X?.`=/X%-4
MA&1ZE@9SL`!VPZBR(G?%AS=(8(!"0`1)T`,@,!^`,HP0<`'C\!"NX/\*K#"A
M6G`*`M`3L_6K)"&N?:`%1%`&B(0\:F`\;:`&:#`&$R`"(X``,U`&-?4$9H`>
M&7!/?=`%+]`',%`EWB(:*0F%"7"'K3"I$8L%"$FQZG>N!>5FM#<*Z2>NL4``
M(:!%$7`Y;,!%$9`&9-`"?7`$6*`$[W8MI;(&%Y`$4<`!,6``5_!N%P!F\H06
M%X`"(*">%$NN$9NFIB`2^K"'G]"QZ*`2,\4&&Y!+9A,!5V1_,`H'(M0"-Z`"
MA2*,1Y`%-;`%85`#?/`!^30WLV9K&$`!$B`0.5FQE$JI%RL`;+ICH,"QO@D.
M7<`!"*``5Q0`;1`!Q6H_#NF=(@H!*,`G*(;_(FYG`:+'!5H@15-FE`K0`BHP
M0$L@`!$[KA5KL1Z("J5@H0RFA-50NG]7!5U0`#G@`#AP`_AIKX++:F^`81\0
M`M!B7W"3+.R6=DK0!`)@<\]C4E2)*1=P!66IF$,;MY^K?J+;IO^@A&!@!0C`
M!`X@!7^``U=@!I<3!U$[;F1%!@L`,#!$`51&21?``N[X/6)``IH&%_G8`)@"
M`P(!G!.;O`BYO'2[FZ1[D%E0`480`U`@!3%@!#B``"A@A2`6`,JC!A66!B,F
M,(@K-^[1'"#0NT2@6+]A`AE`*\+D)V*`!0_1N9-ZO\NK?NC*<-7P=V"P`P8P
M!7]0O0.,`T9@``O@_T=Y<`=L$`<ZO`$#$`%C`$83\@;.B0%K8+L>T`(PX'@'
M8`*54;DF8HPW4'3E.<5Q"Z2@>[0E,WO4(`!<L`,CX`(N#,,R;`!&X`(+T`%=
MI$6>.@`E\`1J,`;*Y4)A]";`TT/S-`/0\S8)``-2:0(30`03.K'*B[^F$`H]
MX0ETR\(NX`),$`,.X``Y,,,&,,E_0`(\\&%JA4@KT`$=<%EY(#DX!3/0PQP9
M,&C]!SW0DP%9IP$G0*#`*;?98,7HAWXZ5@UA4':+S`0XP`2K&P0X,,DC8``C
MP`1\0`.VA$M/T`$#\`0#P`8!Z$)M,`9:0V7,R$?IH5H0H(,,,#<BX``%X/\%
M,)D*)*Q^<SMTI)`45B`".L`!9<S(N\P$+K"Z`RS,(U#/!H``$T9([659G1Q6
M`4"<:6!_(DH&%#`#B29?>@`!F9)V$Y`!1S`"`1P$'+`%X_JYLXP4_U`-ZSP"
M.`#&+H`#[\P$C1P$#L`$DCS)P)P&;K`"5[0Y9K,!3_`$4MMJ:#`G9D`!)V`P
M6S,&IF*,*J`"&B`$4^``)!W1(Q`&VTC.LVP-2>$"?S`%\`S2NMS1B^S(.3#&
M*#W)1N`!;O``0*6L6!2U/&QG=G"R1T(&@&0'<54GF2@?%^`#'``%1%W44@`%
M.?#-VSC+S_N\6>#.N[S+B[S(4Q`#,9`#URO)]5S_SSC``&Y``RQ-!W=@16:S
M4,V<166``I?M(RA+)'PD3+.&`14`!20]UU!0VJ4=`P5@<F"0T:R=%']-U5,0
MV['M`H3]!Q^-U<$\`D9``&[0U5,(@&>@P#"]`F63!U)V`K;[PV^3)!NL`CA7
M`'8]VD5MVJ7M``90`^J7%!G]"8$=V'\0`[+MU']PV">=V/LZ`&Y@`R40!_5'
MG&<@@G9P9VD@!TCB%I<1.LFB)]"A`B'``7/]R`!.W7)MUZF]Q7R=!;/MW>,M
MV^,=`U.-V(F-`PK0VS3P!!<%0G1P/.>%!B+Z-F/F%A30'`V@WR)Y``7PWP#^
MR-2=XC&``R.P`U;PO%PP_P7=3=NR'=OC?;T@#>'U;`1-T-MND`(7-:^#=`8D
MB"UE(&9X\"8]5!][,IB840!!D`.C_<A5;MH`'@1:WN(C4`/_4./B[<*V[<(M
M;@1F#LSFC0`=0.$=`$*M9E\4(B<$IUH>8%(_30+9VG@8@`<+8`!37N4I+M<I
M/M<Y0.5!$`-='M@T'N8+/MA3`-*X;=Y&L`"];0,\\`![.BIXH#9K4%+RX22S
M5GPY!`(`@`<?P`133N6#ONI9GNJ%'@2VS<BSS>`T/M@F#>D\/LP]4.E#8`,=
M<``GH#+V=2=PP:#G>V5`HP0A<&@*4-BOSNK0KN6NG@.Y'.OC[=%.'0,N0,`R
MG/_K1B``-)#>-!#N)<`>)K`U>,!12+5E/B`$2V!:,X`>96`!D/SLT,[J6E[H
MA>[=B_S43EWK9;[C:)[8!E``Z.T&0S#N7:U,&B!FGOXD[W@$2H`!V!)+1&#7
M]G[O@R[M^>[=-)[C_C[8,HSK`V_/8U#I-,`#X?X`$&`BD]0`#/`SDF>M1.`$
M7E/Q9``&&"_M&K_Q'$_M_?[Q3^WO,?`'W([5`V\`3(`!*,\#*N\&/R`'DX0!
MS'@#2+!V8D``-G<9%5\'.[#S6M[S*2[M^N[11#_TMJWM1__+]&S>3"``#U#I
M3J_R-F`#&Q`"1J,"/2`$1[!O/7#N&0E&!S`"]<[S8F__Y41=]OUNVPM>]+0]
M\B0OS&T_R1!@`[T]!'//`T/@!B40`G/#`$M`%Q(P9G`@5^KH`4.M[R0-Z-'.
M\:FNZ$\MYD7_W9`.Z5DM^62,`R"0`I9O`PD_]^/>`290&C50=0FP`O,-2>LD
M!RI@Y7_.^JW_\T`/QM?^W45/V+4O\,`L^4;`!$7P`#^`\BFO\C3P`$20V%7'
M`1BP`I\#+72@!%*0^*\>]F%/U*WN^J\OV(M.YM\-"%-&.(2%1@:(B09,?0,T
M-&XV0X\T-BDW-5P(%3L(!2,-$7)D97IF5E(.03FL.4&OKSD.L["JL:XY,2XN
M4W]3OW]_,3$Y.(.%QHJ*.`AS_VX\-I$VTVXP%5LOFQP<GP4><65R8P<&J:NX
ML+%!M.GGK;J[O+^]Q#''R#C*!D9&3`8H;B:Y&3A00P$L4;QT>O&B`(<1",R<
MD?-&`10HJEIIU,B.E3N-\7[)$Q9$T#U#^G#P4C'P!Z2!90SH2$*`RPL..D1L
M*V!`B!TS;XY(P?AQHT=;1M\Q82(OGK!B)_GQ4X9C:0PB0"(!&>(F19@_(JY@
MP<)G1X$"%;;I0-"@#1X.J3)J',9J6`RY<^W&8.I"V*XI+F($<2&5T+%#B`;Q
MC2%BQ4`>60]4&+$#"8PF7])R*X#@A0X!9!(XP(BT'MU<=!ULI&LWWC`73*<0
M"Q+#F/_APXA4JN15@$(T-S]2-.&D@PB(&P(VZ7#XHH8(,&2$#.VHM_JP5];U
M[A)66Z7LTRYN2S6PFU#?$1.R#BQQ!4$8$5U\W*BR#0'.+B^V"*&C8[K<['K)
M`N!K]/RA6(&!E20>>?$PX1T.$G3@!A`T`'%$#0(0(8(6-XBA&0=6=+&%`""0
MXU]>,7"7HC`8#1C#=[KPP\0O\/1"FV'F`;;+8DFPX<8#*:20A`!+9`!"%TEL
ML4D%81#@A1548`!"#*2]HU<P*U()!6I8ICA,ES%6Q8LO.E*9PR`Z^K+C+CF(
M\`8-'0"A!Q$2)&!&`E40-T(%23A1$P$8W)`#4:A5YXN7HSG_\&(P6#9*3"Y,
M\+.;2+S<)44.@>FB(V`JQ5#``C_8\,01(*01AQE$O&#`$5\P$T4+$AR!A`E%
MR%+HE5_^L<XLN8SI2S"]/)6+,<?T]8=K#ES*W9CQ[+(7"`_P8(($!P!Y@A<&
M()`J#C7T,0$#-S#@@06J9`=F$(1^^5=3]-25S""^_H)NH6H&T^P?.0A!!@5O
MQ&''`S^PP`$.`ASQ0A`<B""!!1*HP(`/V%GW:R^R9#3,INO^\DX^^WB')2ZF
MJ=D+8(#]X<`7!]#Q0`D1E)`"$@840(`0!X^@@Q`,@-"`P:[@NB*CUZUR\5+-
MNN8N8D9LAR]J7*88$B]].5#!&FV4__#`"@,LL$,-61!PA`Y,("!"'R"HT(`0
M-41\)7=LXROT%`ZJQ%>E=867V(RR%<IE7Q@'F\,((=C1P0-/!&"!#EU0042>
M!KP@0A@,*'"V#JK9U3:9POA-&Z>%S/WH,/[D%IC>7(Y<,C#X_I%`!(,/,$83
M?(A!A`]$Z#""%0+48,$$.R-0N:&_,AJL;+2%1XB#?,T5J>A?GO8EC;^^:)<#
M%K2QP@,='$!%$DD(4403-11P!1<BP-"`"D1PL*6+*<X#]+#(Q*;1'\DP*%AU
MN<@F3/3TW$7$&VS`'@:BT(<H+*$)6;!/&,*``"4T``0$*,"6FN8EZ1TK6,#"
M%V$ZUY>ZZ*.B?DF;`FU88[G`9/!0=]$!&?(P@`<H0`!1(((8NE"#"E1`!%O@
M`!$:P(`K&&!]N#HAZD:&+WL@8W1?BMLAX!4@>O6O0,-PP`@HT(8(/*`!!+A!
M$JB@I&UHH0\%(,*W^H`#(%HN5\(;(C$,=`\D^@(E3!RA!^T"Q1<1+P8)0`,:
F2J"`([2`"%?0@A6V(08_R(R'6F#"[\Z(1C49BWA3L(V88A`(`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>f27532cpf2753258.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753258.gif
M1TE&.#EA5@!N`.8``+JZNHJ*BH*"@N#@X/7U]8B(B+^_OQ$1$2$A(=[>WL+"
MPK"PL*VMK<;&QJ*BHOGY^55557IZ>L3$Q'9V=GQ\?)J:FK6UM86%A:"@H*2D
MI*>GIYZ>GG1T='Y^?JRLK#DY.>3DY("`@!P<'%!04#4U-4U-3>KJZN?GYT5%
M14%!09R<G#T]/7)R<DE)21@8&.SL[#$Q,7!P<&YN;AH:&BDI*6MK:RTM+>CH
MZ`H*"O+R\N_O[V9F9N[N[F1D9&EI:24E)6IJ:EA86&)B8F!@8%M;6UY>7EQ<
M7/[^_A\?'Y24E)*2DI.3DY&1D9:6EIB8F(:&AGEY>8^/CY>7EYF9F8>'AXR,
MC)65E9"0D'AX>(V-C:BHJ(Z.CMC8V*NKJ]K:VM;6UKV]O=W=W=+2TM#0T+.S
ML\W-S=34U,C(R,[.SL'!P<G)R;>WM[FYN>+BXK:VMM'1T=O;V[BXN*JJJJFI
MJ;*RLM/3T\O+R\K*RM?7U\#`P-G9V1X>'A<7%Q04%!86%A45%2'Y!```````
M+`````!6`&X```?_@"2"'X0K*RDI*"@M)24C$!!!041&0T)"/3T[/C4R,3$L
M'!.CI*6D'!PLJJBJK:J?,C(U0#X[MCU"0T-%O$9$DD&0@X0?AXB*C(Z0DD1%
MEIFVG)^AHU@3UJ18VJ:CHJ:HJ;`UL[4[F9>ZN[[`PX6(B8N-CY&3SIK1G:"H
MHU!0VMI0(@CL!Z44-FX3PL60)8O6+5RY=A7Y%01&.T/'XBFC1^F9+2#YJ&6#
M0B%"P`@42@X\21!+/Y?^NK'X),[A+702B5@D00PCO&3SF#G#9"O?-!;7(DR0
M`<2<#%436/C@8-(?2H%8L6)+]:JFK9L1B^SL:0R9O&64BF#2Q,D3AQ`!_Z(T
MP9`!`X8-%98PB1("BRRJ%*AT&-PAI>&4)@^RFAFKAH]RYW3!&%NLK,:@'8EN
MJC&A0Y8*#KK$42`FP8`V;>#HL0/&@H,K5;),V5"@0(`+`@00-CSP8,*9"\>5
M,W=I\L6,0-$.91LC0I4F%>88&).@S8D3`P;`^3*FC!H)!M8PF*.APMXH6P(\
MR:U[,.*5I+HV'-[#^##+R2-EUL3API(%#<#Q0@XOG!#&&&AT)\8;=J2QQ@(,
M>""'!60XD($43%CA!!,!4,%>>X6I])),P3E6SF24^;0((T$%881:/<CPA!9W
M#&""#B8,\$6#:UA`!P-=:."`A4-BX,04#KCA1O\7&R2A!!--)+$>;KF%$$*(
M*UFCT'P[H'@?1F8I,TDS.T1@11YAM&&""2!X488"<<B1P09..+'$%4PDX40%
M?$*7@18>=*$%!E;HN<$2!3QQP:+L7?E>!-N$TY@/7O)4R"%A/C)F#QTP\,8`
M(*PY`!YH&+"``Q5,8<45`01010!++)'$K%%(H8$<&VR@P0(95%#K74Q0\82B
M'SHJXE:,U6"#?63]Q"(]/5!A`1<@G'!#&PEX8<8=;J"Z@0I;V)9%JUM4L1X%
MJ0B0A*I7,,``!E)8`1H&K`Z[**/MO1>3I,ON9"F89LU#Q`5LZ'&""=B%X848
M8YS!:UT=CDL%%;@1-D'_#3WX0$$`632Q@84;2.%Q!@XTD:BPBN)K;&*_Q="O
M(/_BY\@(13P!AIHWA&%:&WA\\84:`/":7K"*AH@%!2$(0`$6$5R@A`-:9$#'
M`KC:M>L<5@10P,03IUSE>UJR8,/+]R'7"`0!@#'`"S>`>@,(:89AAAT&>(!A
M$QVR9Y(`'9H[;!9*R`$&`'&0(8<#&%C8!0-:**&U;5L+2Z6C`R4TMGW_9K1(
M$%2PX<6UH>H``@@%'DAW!BI@P`032KPJ0`0"Q!;K%E&X:H4<>:B1AP4:8`":
M!G,LP"N'K1:?*+&Z(68-#9>GB*DB(T!!1AUMA`&"#CF`T(8./(``!QYFY+&X
M_^\9.%D%;E%48-<&4RP1`!.VLJ'`FPOX/D4&7=`QM0-,5.&_\9+[6DDFP#RR
M92X1)>A!!13`!3W<(`<Y\,+U<*2]`7#A#GE@@QP6,`>\["4)1,J`'#"0A"HL
MH752L(`$%""!-<S!"4V8`QU\M``5,&$+62A7\5!&I0Z8I("5NE0*2@"!"P!H
M#"=X@0[$<`("$(`')G@!V[13!PDT``!D($,&/"8'.LB!`53K51(T=)LD8$`.
M;C"``BP@!15T04EN8$`%KD"[+>#P55HC5@A20@,@4J88*"B!#%*H-FN](0P$
M>$`.;N1$`ID@6W5H@!H:(`<-,&!P%G!#&.U2`3I-[/\*4Y`#`!K0@`5,00-T
M8,,:XE"^*+@2/5G(PJL253$*]+%Y,'/'P#9`ACO`@0MC^((."$`@"#K1B3@Z
M@1[T`(([L$%^7U!`:QBG@2YX8`YUF0+%HK"!2][A#(=;P!K8@$75X>D*5W"E
M+/-8L3[Z,9<K*,$$K*`%,-P!#&XHP]IPA+T<\`""BR10J$R@!CO8H0YOD"89
M!+4`"\0A#J?"@.,NL(4I7#*A@"+GX!@@A1.N+IVP9*<`W(G+0;1@!U0X)1L8
M!X`Z).`%(."!#OJ9`P*8H*8FX`$!3F`'+]3!#&I(@ZF"!P`#I`%.77#`%)ST
MA"MHP`UJ&(/AW``&,!@```[_2()>E*`$=$8AEAW"S0](2C84#&$"6QB9%!AP
M!CVT@5J+U($2(6B"!Q!@F#HPPQ>\@(8S2$`";.C"`@QP!CM\QP`6Z""?E/`$
M7J;A"PT`8U7SD(<%Y"563_*J+&DYUEOV"P8?",($+C"L*#C!`0`H`Q[\BK`;
MW&!-!+(K!'F`!P7H`0U67.,&%3"&-W3G#&E@`QW*TX0F;"$)'@!#&;X`ACG$
M`0QI`(\68N71<^J08IV])8I6T`,H*.T"9F2``<J0ABY0RSJDJ]8+B(FC`1A`
MDF#(PQHU8($&O,%G#"M#`PS@!@]LX(94J`(&%J``.(PA>`;(0P/6V#[JKFXO
MXTK4_P^RVSSN1H4"3[""`Y(;!P?D00]U.`V;M`?%[@U``9>D0Q:UH`$VH,%G
M/JN#&,IP!@4`X%TES(T3&."&,`Q@H6!0P!ETE]59G?!)-XSPA-W)O,FL0`C-
M>0(5K("!.635`J42PQ<&X.,VO*T-(.`".(.4@;IHP0!F"$,8],`%+GQ!#'U5
M@*DPT(0LZ.8"6G"#'EX`ABY80`$-0)`<DE#<0G&UJ^,*P)+)"H,4&$$&'0A`
M<2N@@@VX@0V#?7$8OI``'W-!1W9XF`,V@`$RE($+IN$R'+R`!QF_*0V\JT`6
MGL"T"L2!"SEHP*X,$-4Q6*`)4A!9E#SZU0`@8-':14%W!?\`."=\;%`.6`.O
MNV,&'8VA#F,`F@9R!;4\2!`UJ%FS%]Q<!S3LUPUS4$&K(A`#*M!ASPT0+!O4
M@`8T`&`*3@BVR+3:51P>.[NW1($^J!`%.HZ+EV0`@`+2T``WDY*\*Q5A0QM@
M(X2-CLM>T`,>P#>&!5O@<$JX`!1V((`N9*<!/P*`'<8PACA40-_%Y3<=JX"`
M?S.9!F;=`0=BP8%(1YL,<V#`&A1PASNDH:A!"QX8)+!<&[W`XACW@A>^(&,[
M-"`/<2Q/`"80!`XX``1X:(`%WH@&+IC!`E.`>1,,;?":([N/0[R$$7HP@2JH
M0$Y*:((&TG!T+/YHU'*X`Z=?6ZW_T6&+U<NT0]`\(,(>!<D!4I!!$6(@!1"\
MH0%QH"\:MH-V?.=[[4YB`AUK;G-WDD`9S9A`"*)0@`XL(0/"6P`9O(B!)3C!
MU'"PW@VPDQV%41VR&J#8!:J0!-QL0`M%XL`0:F`!$)2A#&#0@JFY4`8RJ,#S
M,+2"H?>"!-(#O-&+&($0,'R!`BC!"A]S0#4UT`3<:*`!=>""U.&@FHR_>0QB
M4$``6+"Q),QA#73@!%4@!7;A`!>P`R$`!V5P;0:@!1906"C'/E.`;_%B9'NQ
M!Z1W;.X$`RNP.1&@%^:"!1U0`+/A`$M``5``*R)3!5J`(/AG!N!3!G>P8%,0
M`4J0`6L0_VAC,(,+`$,?(P59$%Q=4`=E8`!^ME^\(X$4&"7\Q@1[T'UN1U(=
MB`)$`"NM,@%"L`-/4"=90`4:<`9GH$48L`5,L`!@@`9:9G9E(`%@L``:8`"^
MY5LRF`<`0`<=E#@;)@$*U'%@X`$`D`9N@'SLPR=I!WH>)0)/Z'WN%$@HX`/G
M$P`"0`0I,`(",&H;T`"DDR-X,`:Y90!WD&;?8VX6X`%EH##V-BBHQ`!"0CX,
M8`$",`)ST`"`=4ELT#L8H`)\DBIUPH0G)`(B`(4V]P,I``$CH`FCQ0(H0`,E
M$`57=0>&=QW5\P5O,#<-\`4@,`!ZT#`+T`5O@`9LL`1`$`Q$,/\!2J`^=,$X
M'0`!$\``;)`'XE&+38`J$YB+^&:(2N"+P/AO/[`"P"`$45$"'P`#03`%OE4'
M7Y![;@8T%@`&?A4':#`Z<G,&)/0@>+,!,=`!$P`!1E`%0V)-3H`%.T`!VV@`
M4T,&%>!LNK@GGK=OO8B(2`",$V8#*``)$``$$)`"@B`$&Z!E7_!\"J`%%Q`#
MXD<!%>`!J&4]8<`%:<`A#I`%>Q<%$P`:2E`#`I`!N](%%1`"-?`$>L<&6A`U
MG82+V%<GV:=53."++IF!$_8!)8`"XH<"`9D",:`%8H`'7&`'#'`!,D`$/?`!
M*<@!`I8&<'"-7&``2Z`"$`5=&B`%K\+_!+!'(0O@`1A``3WP&7*`*Q*(%[JH
M;[M8*'<R`[Z8B&HIDRLP`D&P`B1@`_)$!F;@!7!P!U/0`668!`70!%V@`KU4
MEVU@00#@!%J@!F:04-UR6F"@!OJ%10S@``(P3P28!:85!4E`C_FF;\$&>DS@
M`J"9EFH)/1"P`A8Q`A0`!BXU*F>`!A1B*KJ2!V50EY^F(P:P8<#Y!6UF!@C%
M<N;&!A;`05$0:9#(`53`,1,X@;LH;,5EB"Z`G6B9CPAP>H[P`39P>B&0!H>4
M';LI-QUGG'4`!PE`?]GA!;K6!8'V!F*`;;W%,&=@`!`%(5*0$!,`"B$P`5>0
MDM6I?=H7<[%R_Z#9B8@9>&R36`(K8`,?T`+A>4AA``?9@7%?`(-Z<!K:X6-P
MT`!S,`=I,`9Z)6-Z]07FYB!@1`<.P`%&$`09$P,"0(%D&2^%,BN\J`0'BJ"A
MF8\T4)HI8!$H``5Q,`;+Q`5&.@"LUD#6<W&YIZ>AI@6DX06=IF9<`&<G.G:M
MZ`!08)/+QP)+0)W3&7.S8F0GQ`<XFIU[@($92`,MT`*"($\68`=:I@?6<P+7
MF!VC<W&$RF5BD'D`,`:$6JAZ8`8-@UCNX@88`#M#4";/805K5Z`U>J:5>JF8
M.@,Y*IJD!Z3%T`(RH`$8Z@4#<#!?ICW58D'2.@`)$$TEPP"ET6FJ8?^K:H"K
M8.0`'1`%)9$%3D)=Q=JN1O8D?.`'F1J:REIS-$`"BP`$4G`&ZXEJ)P!%J`HW
MI/(&>&`]VJH'#>``!2``=*D'K(90-&8J$,(K`>`X47`GK*,$U(59AT9=F>4'
M?("I!XJ6VAF%D^@#3,!T]V4]:W(";Z4`^`.*T%B8'10`-:`!ZYE?WQ$TL:<!
M2>!*5A`%#Y:Q7%5=>,)5'_4'(2NR.:JC._H!1@`$`9`&=Q!,T@J1;P`&2C`!
M"Z`P9:`'VWH'C"=11<`"&4!TDW1UXA%['J`"'I,UKG2TA\8ZHH=.=IM.?_`'
M?@"R.(J6]8H`-#`".W`!A%4&\><%"C,&>8#_`36P!-Y8B6=P=710`1V`%+9@
M1`JP<$='!N[B`1RT!*C2*CFT!><D>D,+4J^T!7FKMWS+IBX)DRL0`TD0!Q)0
MGEIFJS\9`E`P'08@!170!1FP)Q=0$BS0%!,P!<]%.)P[!Q)"!W.R`1-3/%5@
M1Z_D5:EK1[&4MWN[MTSKM\I*`T;0!5:5.\^G7Q9@!2S@`"^(!V7@!ED)!1R`
M@@E1`RS@A?G).%8)/&L@!9(9`E+VGZT2&W:$O3@TP#B4!:O+NDRKJ?7Z`<;Y
M3`RW8,W5`3ZP!L%DEVUF!Q:@!(-1)0(1.Q@@B'CH7-!I`1VP*%)F&P$<&[$A
M2_[SPE70!WVPNGN[_Z;(ZK=0N`<?P%_X9`$`0(<+L`5$(`#]FGLZDY1VT`5-
M('HXE"@"<`&XR">)\W\WI`$=D!ND%;W%L\5<W"HRG,`U;,,XC`!(8`,3D#9!
MLTIRP`1%``%T8)#V-C72Q@884`4A(!#GF@0!$`$!H(H.D#JAL0!/(*84<,5/
M3%HIW,5=+,,SS+H@V[UM"H4I@`5%M08`X`8;P`$M(`1,4`%4<#$RT',4$`M2
M82(CP(\7P%9I<"H6PBLQX(\HT0%)<\A97!NV_#B/P\A?K,!]Z[V23`?[!0"7
M/`4LD!LD@`!0``#T]@9PD(-W\%P9<`4.2@$.8`!B@')#H@5TD`0RP*(!4?_(
MADS+]S(L7:,HNOP',[R]K=NT&(B!4R"+5=4`9\".7^``*!`"8Z`##W`$BB0Z
M8>`&/E`"1;`!XF0':*``]>,`02<`]"L2WRS+'Q+1][(H!W``YZR]W-O+;2H"
M$P!H0D5T"J`&7Z`'"_`J#E"-D%6'2;`4'4#0=)`&SY<'@_(G&L#0GN#0*%'(
M5E(ELQS1%6W1Y[R]"TRR>^`"*"`'@"9?:J`&!#MU"P!"\AR9<[(AC05&;%"[
M#5`AZN<!!<`"2N`#I.P-3)/3X$P8LKS3`O#3NKS+&2W&B/B+(<"0X`%H:3AU
M8`![6N`Q35`%?",U#35*5]0[4",'DJ@A.Q`2HN#_$@)Q&(5AUE;RTQ5]T4)M
MPYHZ`RO@`$=%.`KP8C"VB6LP:KBX`;#W(*FD1@:@`94&-5I0`C`0`1+@&"&!
M%!/0#UAQ&"E!&)`=V8SLR"'KUHC(!SNPD&`0!^IY7V;`,`TC9VO@!G%PR7(\
M.*W!)\^F!2U``Q?P!10@!&UQTXD-$UEAV[FMVVS=VVM*LB)``P*P!E;5`&7P
M!C^57PT@5`\ES)HDW&Z06'A!:E$3IQF0``Y0!)O0%OK`#_]`VX<1WN*-T>3M
MNB+`!R20!.0T/^[=,\%Y!VQ85`8`W6E`AZJX`=JG/G41I`J@+1P`X)MQTR)1
M"@0A$`@.U(VLO0ONNBZP_P)6P&-Y@`:'JS,;JAIX@*@&)0%:5`&.$Z.)@P$?
M``0P&`9:0`1#<`\^``2Q<!2KX`VCT.()SMLBR^`?B`%N<`;WM4P^5D%R8U!E
M8`=YT+:(\@1+T$D8,`4?H`1NEJ0UP.1$\1CC$`M1#@I3;N4NGL[<F^5LZ@(3
MD`$78`5T`)QX``=>EJH)L"W?!.0E(QA5H"'J$XE@(`8S]@47``'-T.31P`GC
M<.>>0!,XP.=!/=GE#9H7L`9,<,9=<`?QUZ$_1816)P&NX01V5K'0Z00J@++/
MMX-OL`0E(`F5D(6?_AA/W@E1C@.E;N6[3<,+/@,NL`>#-0=;)P`80'2D9&-+
MM_]P-S8%'"(`!9`>%;LA$\`&=U!O[-T$0\`1,/(5QPX2L<#L]-[BSP[M(LL'
M2%#FO/,ZSI$!'5X!EK1M6_#$2C."'1(7*WW2:G`'^J4`$=`$P\X1SW`/7X'L
M-4#OS&[JN\S;+N`'"#`&_QP'*M`!!8$*,3`.2)'RW5P26``7B1(`6Y`0A"5)
M58L!P0T#*!`,^E'L:P$-T:#Q&^_L7^P'>JNW!XH$8)`#`"!<31`!+%`#0A`$
M(]`(1+0#$Z`4(M@JP[)U0S`'5B1)"Q@$+*``-"`")&":[JX+EP#T.R#T0V_O
M7RS#QSH#"+``!'`&A&-9(9#R/>`+D:!S6('P5+`U$3#_!%;PAX"V<A;P`5;I
M`@?P!PC`EO0P"2]B"6OQ]G#/\5_,!R*PIC_0!2\`!U1E`<F9!`+``CLP!$8@
M!#70<TGS!%I#,1-`B45U5`VP<D)`!&50`"[.!Y/?`I5O^4,A!'!?[^&]V]BY
MI@?Z`QD@!CI@`&P`45\D!^UW,5-!`50B^^O!`B6`!61056I46&OP`1AP!Q"`
M`XP,LG:O\Z8)#$20%L>/_+KMR,R__#0`X=<SW'8("!H,71A13Q$=`@(A`D\!
M`CX0`@L``&!Y"@UO(3%E5P<'?7]_?GPN(B)[/R0E0:Y!1$0XL[2UH`>C?KI_
MIBZ^OS1/#F\Y(!9D<QI=71E3_UD7T`(=B0([1%=D%FMQEWD28"A::B4XHJ2F
M,S.H>R(('R.O0;6TM^9^I+Q\?BZ]OR(5&PS`T3$`F99E&2HPJ1+@$840$SA0
M80"`C1LW<2H9:.!#2)D.?7"5ZJ<.%9(]2&A\:`%!GJU0N/J$%,5'7Y]2_/CQ
MF7&@@(H,:@80`,'`PP(&&C`X6:*DRJ()'1;8:0`&@`5MV_(H29%'PQY<^GR5
M9+<N%0(D2&"TJ"535-M[NT;J]-6K#P0P2]+4,?%@P(*_6AQ,F6(E0(@(2]!P
M04/5S3$R9.)T*;&AP0H<N4R)4+>'76=4(I`@0+`'P:R0N$;A:]NGIKY]<W\A
MR.,`0/^9,"8(O%CC08Z#W\X"-#`!`H^=-&#B6%B0+<.'"V-B'-`%.QWH=2A/
MHFR'I)R+MJI'W21U;]0O4ZYG^,&P0(4:,0-.$#B104X&!QN:"'_P(L$7Q@:`
M00<E#'P@@QA*^'%33;Y<YV`J9(76G0M^A/('>+M<J.`?OYS'CWHMF`$%`&/`
MT49N93CA0!-)1"'!`SJ<D``>;]R1QQIK*#`%"E"8D<$/!^1D75FI$.F99S55
MZ!9Y"BJX8)(=HG>*"VP`,,$==0P`0FY6%&"%%`L\D`-Q`_SWC0%C7&`#%5XH
ML$*0##Y89"HGD:9=*A3.E*$HNB2)3R^`:M:'#$=,5$<8;=S_0``8.RSAP``/
M\'!"&V%\448#=Z@Q`0H6@-``"@?,T.&#GV$7FH.ZR$0>>4E2)PI==$$Y`Q\T
M!,5"`W@,8$(.`T#0@Q0O$$!F&&:\P84!$$!0Q@N?!BFJJ`^>%-J1VD6X&I^O
M]7D/'_GTPRULJ/B1@@D,R%#B"2^\`,$/'8AIP@D@M''"&RR@H,$))F0`0Q\N
M0'M=A)T%W!E:GH&FZGBN7JCAJJ64HAI)??CP@!("###`"SH(<0`'8KZ00PYA
M*#$"!6,(^X0(?SQ;DDFE7H?6R]I)Z]9-(XTWGC[9TO7P+R5%04`43(!P`@\^
M'-#!$6("0$4-$X#Q``$+$.%O.BO/_SGMP-D1++`(,EFHX7BYG..P*:/@W`O5
M+FR00PQ6[(K%`36`X`$602P!Q]-G8,$U:%17#5IG9Y%V5LQ%LM.UPDSRHNJJ
M."OH&DDBN(#``B_4D,0;!8CP`0<4K,'#`R=($`$-?Q39]]^HTRD:2@'#K%T]
M]L#UK=BM<ML:@_V6Y`(-79B@00<[J.0%?W@H@0("*9>J3H.;&3DGZZ*-]C([
M2,#$VH7VK$9=PPJ[QK,Z?/P0!5\*I+#"&!H(08(N*^\A5K^G-$]:A!*^/)K@
M)[U<CWBLE6+.D^'9%H=J4K53%,$)*@@"##[`A^G`KU^H2,?[VD>_TD#/?H-#
M0BKVIR`+_?\/+OCX@]=>@Y[E;494J`E"#UP0"A(^D&>CLAK+"E>:^XE&@]5#
MC6H6AST!8N\M3<)).GB!$U_\@03'@Y.39#*E#D%03E;+W\#J5!H1P&0ZYA"/
M:J@3GH/Q8BYI@8$-:/"#,J*"!!_X@0C$6`(H8`$*B;"!'TS8/"*YC&`QJ^%9
M]L`34"SN?UE4&`B!V(M2*,%2=H@!"A3HAQ*,``<_2,$'@&`'$P1+!REP5OQ(
M11:4S"\[>\P.*OP8BIF%+3RKTF)Y_.<'RIW`"Q`800EH<(`)3``'-FB!#P+`
M`15TB0(P.(5UGF5'"'DR?S=$RUE&V;7R+$F0Y>$?(>DBKA)`@`C/*TG!#/H@
M#1SLX0,H8.`5Q0(MJI&J+*.9HC+/<HI;E/*';EEB*<%C#K+=PYWA`Q(?T!BD
M/*E#@D[,71WEA+6ME08)?/B*'Z_7OX/!SAX4VH<@;<(O%N*`#R+03(1$=9Y]
M^.V$\3LFP$:S&00\U&LR6>)-%HJP5(U$=GRH:`,UPSS01(EG_X+BM*Y#TM`\
M-)`J!<\/&Z</?*QR'_Z[B3^NTR_OX91O)W2>RQ!P"I.2DC4SHZ=03XFSLO7)
7%/[KQQ-1$:6=$/-!8R$H:4Z!A$```#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>f27532cpf2753259.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753259.gif
M1TE&.#EA5@!N`.8``'IZ>FEI:6!@8'1T=-#0T!$1$7=W=^+BXH2$A"DI*:BH
MJ"TM+<C(R)J:FJ"@H):6EH"`@%Y>7LO+RYZ>GEA86'Y^?EM;6V-C8Z2DI+2T
MM+Z^OJJJJJ:FIIB8F/'Q\9"0D(*"@L+"PL#`P%965KBXN)24E+:VMH:&AI*2
MDIR<G`T-#:RLK,7%Q8J*BL3$Q%Q<7+R\O,S,S"4E)8B(B"$A(1T='>CHZ,[.
MSK"PL+*RLE!04.KJZE145`0$!**BHDQ,3(Z.CN7EY;JZNN3DY$Y.3O;V]E)2
M4DA(2$I*2@D)":ZNKHR,C$9&1D1$1!@8&/O[^SHZ.A86%NWM[3X^/C(R,D%!
M034U-4!`0.[N[C8V-C@X.!H:&C`P,#P\/!,3$VUM;6]O;VQL;'!P<&YN;F5E
M969F9FMK:W-S<V1D9&=G9WQ\?')R<GAX>'U]?6IJ:GEY>7%Q<=C8V-?7U]+2
MTMK:VM;6UN'AX=_?W]W=W=G9V=O;V^#@X-75U=[>WMS<W````"'Y!```````
M+`````!6`&X```?_@$=(/T0Z/#PC%!06C"\"%V1H90$!;FYF86::7YR:FI64
M:6F4I*5I965H:!<7`JX1$8P6BK0C(X<Z.C\_1T=-55-34%"]/[E&B(L6+Q81
MCV2C`9IA7V-?U-><V%]F;I27W>!AF=T!J&5D%ZNO+^V,M!2V/$:ZO$R_P<1'
MQH:VB^V.U)&AA*D:F#$(K7&R!N;@N''5.%5+:"U3@%-D(JUSQ>Y=K1'TB/`Z
MP@38%$'\_/V#]6R4&VICQ"`4<]`:0C!B:(YQ&'%GSH8'KX4QEU%5)%8<83'S
M*$^'R%[X]AE#EFBE*TBCS!@$FO,GT)ABX/P<([8AG+-POG[Q)JK,J%2L_UJ]
M4CI+T2VG(W])-91L$4MU;@/`Q"DV)YPU:PS3#)HV+!L`;`P`4`.!S1HX:S]]
M\W;NJ%P!L)B"%(F$Y%XC*IM=O3#)C<&PB,_(/C,@\8`!F"N-"2/&P)HV:M08
M,%`!@H$`%YQ)^^+0#*A3Z)""CK`TWKQZ*`M15:2:%9JLS'.NH7V[_)HQ`]JP
M>6P`S)F&7\X88'.&S``V`]`(,/+#`KI)$F7"5AI%R45=7;?0L\L^A?3#W6K0
M2+-3;.7==@8<`W0#1AAK0`#!&P8,\`4<LL5D!AHOD1&!$4CP@$8S9%"CTS7.
M$15)4DPIN)>#?EW56AB$C5?A&VTD%@`%KJ3!QO\)$`Q@@!H`-!G&*;.`QD-)
M/`B`"("7I04&-Z&@LM&!=O&@PVFI.2.`),O-%)M\(*#PP!EE6*!#!!1<L`8`
M!E`S7!L`#"#`"#K08X01P!S!PP]&H'B&&&O<EE-%;$4W%X(\[)CF(VP.9M@9
M;"#0P`9`A&'!"$>,X(P89@CP`@4OC(+A&0+\P`021)@)114_-/%#!+J]$>AX
M98W#63H&OH/J((7TU1UK;9J%(0(<;+!$&JU&4%H$`PTE``4ZC.#*>V:,T`03
M/"@R16E3&"-``&V<@("3(7JY6Z5CUE5,LU5UU^E"A$'@@`\G#$!4&1&(:\9M
MCXG!D0!I#."&!48P(6[_!(1<`84N.GR!0`L5S!?B98E]Z1R!1X'&2#'&..L,
M))-`A!`<$#0P`0HG``"&&Y*,TR$"2WS0`@0!"&`!)A6P`48$9EY#P1%03$%!
M?P,$"FF%%J9ES471R?4"$R@5VN_+$6(#Y`D#._#`#`"DX4H`:YPPP08K;*!`
M"B6T:L$%"(`PPQMAO*"#&&T(P(0638SP@P!LN!W&86>L,=QPC^XT%%'K1`#V
M((6FVR/,6G'S10L3^.!#"<8%X$P:-6>@008K-'#"&A>,@.L1(#P`A!AIQ#-`
M"VOHT"XR,1%AQ`MP.PGB?`,\VASFK32Q+X\!0?.2&V>4\$'N0+0QQK<7A-&"
M_Q)";/!!`+S@VL045G21A045O#'H/FX\``<%Z1(1`1R\]!>`&`-00P4@,[D+
M!64H!%K%N1@4KD0LPQ7?J80!A`:`%B"`=I(8`P`^H``8K```$6@"%[A@A2OP
M@@I9H`(4%B&\J%&@`6C0`1HH8(0Q4*!=$4!#&$#TAC<$)S+#J<V,*(&.*DB/
M<XA(A".>$0`V?.`$;8#`"=0P`/=(I@4;R(`"$/`T]I$0"C]07$FZ<`0=-$$+
M5+#"$<9P)I&0H0Q50)(K7'.A)T%I.)%I7F+N90XC%J-S2GP$*\3P,0@@``$0
MJ$`;DG8&`*"``TI(@1ER080C7,$(`E@+&-9@-`M<J?\**9R"!4!)A2;,(`TO
M*`.TOL`&]9SA#150@WJ"&*+*A<$-:3`BV*;BN>X$0(H5E!<$)@.!*+:@!!AH
MP`6.,`5?D0$!&,@!#A2@`"4D$P40"(.62(($-"[@!V8P9*UT\*[?M:`-DHGB
MAT16RR_=L@I^1*(#7R8&*;;`@B#P$`*8U`(@3$`!<*@"%+0P`B!DX`9YZ`,>
M\L`'.N1A#A)P0>P^H(8`H&H*6>#5HWXPA2KH(`UK4,,'/N`A158@?NO)XQH<
MTM$%IN1!`7C#(1%9G/68@14!0$#>F!`U-#2``7:P0Q"&>H`##&$/=_!#'@C`
M@!"0``/`>UH7D*"#+E2!"5G_.$($!G""%NBNJ_N$@!IZN)YZ?:FETB-$N+AC
MAGA]X`$.4(`#'%""H45N@\%CP@_0X(`;"#4(-@A"40]@ASWTH0]ZH,,<"!`#
M!L!``2WXP@BPF@`JZ$)18#@!"DK0`""T8`F>%2L``/"&R.PQ&+K<A]A&@`8U
MH,!F<_T``OBD!D3.@*1DV%L;%$"``]C`!E*0@@V&4%C#^D&I=5@L`1CK@@Q,
M``("J,("%@`%%B%!`(YL0`,>4-=^M@`$4"(M?A*#VJLR,%UM^$`)?*``#I0`
M`/51D`Z0]"(>&,`$!.B##7:P`RE@00J"1>H>\*"'./!!N4QU[`HF<((`=$$&
M5$`"_Q/F2X82/"`%VNT`"H#P,?".%D2UZ4)'XVF,$0R@`0Y`,0X<L(39DF%1
MH)P"$00PWQ)(``]#W2\6/."!'0PWJ'?(0QT.K-S&AL`$L4/`"*A@V1^D:P1L
M:,`'4C"!%#_@`S-``*`^'"(HB-B/#!+`"3#``0=LP`?<!8'#='`%*G#A!P%X
M<0!6,`??`G8'._:`<`E[@#WH00Y\(,!B;Q"#B))@!73E'S&,@0;D>+4%':AR
M`^K*I"V7U@##F,(5S$M5-91``1A(@0\XD$P`A$%S5LA"$\*Y(A"$@`X'"`)_
MI8!G+.P@"'M`:E(-+&C&2D`"(=!BJ!$@`-66$:0&D-.44?_<`9(F<K3BU8*7
M.PJV(YBA!0Y803(;X(,5G\`-/Z!"`F2P@(_6T`$,\,.=9TUK&Q!VP'$H\(%]
MS0`6'!G4=`7#$52(!"/L[0Q>Y2Z*DSDT$,1RM&S(PC!$+#TBO*$$)%AQ7%=P
MZ#/L.P&5+6,<3X`#`N!AO_WEKX^'<(`[(#8/>0#T8B7```:XX'4;P$"*`?"#
M!22`NK^ZP``L;.$+JTU>^034&[(@;88S(0(<?VH'<,!T#4"@"5:`0A:XH(5<
M3"$"0-!`'7P+<A\'EKA^H(-#XQ`'0!.`Y4V%`0XV0&H?M(`"5K`Y%TX"K#:\
M=KL-P``&ZDI3**5ZVE58XP1@D`/_O5L3!@XPXQ&JH,)TV>H'"-``'[C^V]\:
ME;AZR`,=RD[V0,<@!O8FO-W:6X(R>-$*5O@!!=``AC8\8+N13O$3$^GWOVN:
M"&W(0;!7H(`29#L,X((""IO@E"PLH`LS$`$=\$!YRS._#W&H@QSD$`>'SKNQ
M+-"`"4:O@`:$`0I<4.$4F'"T34*@!)S5[G81*58UH)[H4&@"&EI``NWC`,T<
M0,`7T,!3*W"A"T^S`#+0!`_``'C@![GF!X>%!W:`!W1`?7S`!W50?8HU:#$0
M`AIP:-34?6;0!39G!57``R\P!N\Q``@P4I&V71;D(6V01O#W`VOP`1H@!!FP
M`0^`36=@_P%(@`17$`Q&(%D"^`(F,&02P`(NP`(YP`$<D`,Q,&1S$(%U$(5R
M<`."5H082`(9H`2\YP!KD$)4L``D1`1H```S,$4GL`0M0&4/,#0EE4:IE@4Z
M8`8^$`(PD`$.\`&F-@^NH#B#H#D)4`4.0'TBP`)WP%\,T`"&-`$,L%@12&1S
M0&B%Q@`:T``ML&'_A`$&8`4),$(?^`-DX%H/<`)`\`'^-`%`X"&)%'XN^`)G
MH``8:#YM\`6P,@,S@`8_('PJ](5L4`=ZH`=S<`<V@`58L`<Q@`.OAP,N(`$$
M,&2?%U$P0`)/U0)\@@"T^``*``&:2$*IU@5,0`%FH`9`H#U7EO\"R21,$*"*
M7%`%95`!&R`".3`!:I!;+S!,/T`#3K`%,I`%76`%4^``=J!Y?@",!U`'P98#
M,)"!&A`"<[!Y344"W4>*(F(`+8`!.(`!#]`!)T`%,A!^6=!1JO<X$+`$<@($
M#T!F)=`W$`"&;C8"?$,^*_`!8S`+9$`!<K<`5"!M7S@"+G`'<A!V<T`";:`X
M5-`%:K`"&B`"+E`'=Z`'#$`"#L!A'X-,.%!_$1<[,Y`%-,`%H51&%N`&<%!!
M'^`#*!"6'!"*'@*&)#0"9&!03ED!%V`('&4%3&8%8J@#X=<&<@!]"Z4`\2``
M4+`%5'!B4^D">F`'?2`!)!"*,V!F)$#_AQD`C76C``^`E?DH#$>`20$@&;DC
M5RC@`*3F;#=GDQ00`!"W`B5@`"_P>,QT55=P)Q9P!02X4'2P!W0@`B+@E#,P
M!FOP3QN``S$0:P,)`RD``A.$`T!``4A``6#P3PJP`1,`!30@`S(`@G<B`&%P
M!AZ"`G3#6=34`'V#<0L`AW#@`"3@`T!P!H)3"(O`'6X@,86@``NE;G8`:SXF
M!R$@33B0`0P0!T(U!'Q``A/P!GR#`F"0`#00?Q:`-@HP`54@`QBWB4R@)Y)!
M)$"@`,;H>RDV-.!)!3]P!AA@ARTP`(JP)FY0!B^0+F$``&3P*TI08,!H`WL@
M!\M7!Z"G`1K`_P!\D`=WT&<Q\(X0H$%Z!QH7\`5-P`,@(%='L)'3-5U$8(+W
MI`8S4$U2-@$8MCT/^F9F,`'.53`14`9AH$HO4A*+@R=N0`*]*%3#M7D'1H5S
M,`<]>0=V<`=QP``K-@,0L`(NX%0K\``B.303@`%&`)ZJF`4C4`$?T`%#0V:=
M]7J=A0!7"F<-4&;SXI4Y409&<$;$D"5H\`;*IP>Q%EA]L'D&-@?QU@=V4')]
M4`=-B680T`$Y(`1'J79GY@`8X`,\(*CA-PR0]WI+0*L3,%(6A@*.BG'I:`:/
M]`#$&08&4#!=E`!6@"07``$/P`)QX`>Q!EA!L)2;-WTZ:G)YX`=\T/^4$P!;
M"F`"!VD"L$--VD8$`D@#E:5"PW`$!M`!#^`#=#4#+3!2PNJ@FY@%`H!MG?4&
MK/,!8*`E58!Q%]`[#8`##%`'S!=K/G8`B"4'=?"M?1!V,DH`+)`!#9`"M$IQ
M1RD$)("N.9`!&*`#&">=&*<%ON!1)]`!,H=-)R`T%J2RHOD&%_8`;S`&#_``
M1*,#62`#-$`!:@`&#R`$,<`'?8!4OG5K?H9RRQ=4!4:C(;!B5<8!&1`"#,!R
M(7"%)OL#7/"@X_:'Q0`'#[`!=UA;^(0`T>F@Y09P$S`G`+"@0``&/V`%]G@%
M.(L#&K",QW4'0[!?,)IY9D<`8\<'-Q!LM4K_J\BXM45XFTSG`$QP<V*;`%4W
M"&%@C2D@C6%E2#30M@MP!&<P`Q-0`CO7G#Y@`#H`!08J`V/P`8U)`#)*!SN*
MK7B07!>8`2R06`](`/>)`:7;`$;)`L0;`C3(=`TP!0[*KQC'H:CA!I&*.FH`
M`E-T2)_[N0O`!,_TE+FS`74(`1;0!%_H!%`P`@T``P00!WE0K7#:@'R0N\*+
M!Q=;<G.PL=T'&0]@`B+0M2*0A2M@C%F`CT);`RJ;*B]P8FXW6RQHO==;2A8`
M`1@@-`W0028P`\4&!0M``UT``<I'JE+8BPP5`QI@/A\0`KM&7/5;@QAP`A8P
M``H`JS!`@RNP`CG0_P)4L`4"3`,$+`-'`!H`@&'%01FAPL#1F0!98`0#@#<=
M4"V/>0+?H@4.V@(VX`$VX*9NR@=F)P$:L$4&P`)]<`.PNHP2(`0<D'<8\`(C
M@``*`(T11S<9T`9_J0(U<+WN"@4"4`9MX``H,%K"`0`S-<?7&[IN``0S$&DI
MD`,D\`9H0`97X*XX4`0VT`=8W*:/R'(BL`(M<`$3L*-[T*8L9X,M<$7H@P9+
M8*%K5RU*8`964`!)4`"?J[)0,*0(P&#KD1@SA0`U`,@TL`!-(``>TE4+:P)K
MX!8B1`-G@(4A('V+-0?U5K4M$`$(0`!PN@=]1@`9<`+%D4\(H+H4\,/M-?\P
M=F,!->`%*E``!`R>4R``$OD`?#(&;A`O?YS+V-L%/-!(8T4ZF&B=.J`%6S`%
ME-$`6*QRDN@``V`$"#!YU&RJG<P`.=!L8SDTKW(&*"!S5`9J1U`#3E``7G#.
M8-@$$5`!0``$!B`&9"!3,P4"6Y#+<PQA/0P'EN''%*4#0P$%TMG#`""[97<#
M#*``<$P!(J"`?-:`3`5L*R9E"*!-;``$&!9IDBD`4U`#&ET#-\=D/U`&,SL#
M!@`'%7#+?8/#*IV5HD0&+CT<'F(T8F`$`UP#/R`!ZCN%3;D$JY<%$=``KG,#
MC[BUH`<[>W<";&`!!@`$'1#8<?568A`%KKS+44?_J&"0K^QWRR"03SB<TG-,
M=#I@`6A@`&_@)&WS"&F@!9_;`UR@`607!\PEK'YP!EFP`8B):*\WKGC7L[IS
M`:1YD2AVC3<DQP8:GDP@2@:P!#,``DOPV#-54O<8V4:<5>E2!H1S&T;C##H0
MG4Y0`QL`:-%W=LE$7"FP`<!U`#%``A\@++N1$Q9U!%WP`RB6`AZ[`0$@`U$@
MU0;:D;H0K:1X2*B(BL#A!,6-CS8)!;F"26%0`5\20[#2!.-&!;R%Q6N*KO+K
M!S`@`C$P!U+@`7-PHQC0`5J6`$F0`$=``1N@!'.E=T>P!>YJ<V0;#V&``$"P
M!,612"8%'`"`WUMPCU(=_W[H<B8ZH'.1`"XCD)I60`;Z:<6+I;4#AEB?QP+Z
MJ[49B`,JJ@.+/0800(=ZMP$H8(\.R@7A&4:R/0!/E#.RU.7`$1SX'>92S61:
M8`Q@PP2/8`&U4J0O,`4MH`$LD+2!QE1S8)AX0&!U0`<24)8=L%TG>0(6]MT8
MP`!VB`$?%`4C;G-7H"H+DU[R,A_!`27!,1E1$.;WF`"[,GYE)`Q5<*)(T`10
MH$8_H``9T%A/J%R>JFM'5;\;X.<]JUU7%HXA(`(+R@$KP`-.0&[3]:QW_"2B
MB`!]/!G0!FU14.GXG956P%H"(&%($$HZL-OBI@5G0``X@+X2<.I\8*U#3EAT
MX/^[Z>H`2SU2'^``3F6O&U`"K5M9!-4*A(/B+8#5`R`LPD):/?0&Q1[F5*=&
M%]`JPB`,*03JTLD$&"`%$K`!0Q`"!!"!<<!\=W#G=UX'16A_9;9=L$V>$K<!
M.A`%5<ZR0OH&(#"*$!"B:0!`F%WOZU'LQ3Z=FX@$DY`&JYNKV6AS2!`"1>`!
MDJ?33U@'"!BGQ^4'<7`#+T<".1!SVC4!X^H`T_2G,Y#+[[HQK<!*7K5(1^VE
M8'`?;'!I!H#R3O"%--`$+B\`:V`!O=!,`O6%7'`$&1`'D*P!=\`"."JCU&R8
M8A?":3=-S0EJ5`:\5$8%7L"O_#A?(^`Q)0`"PF(`)2K_&/<A&Q;B!5'@!5N0
MV^7R?Y4=`&C@#)<J@)6%\`3P!-+G!S?*!W&PM`,V=LO55-I'ZL*F-@T`LV1@
MSLT+!:U)!$1K00#0!F^P(9G`&X=Q%I'C!;[O!)\[!5]#=$UP`?D*`#P0M`[Z
MN4JP`PXP!S;``@?PGPH9;WA@6'10!X16]Q17D<"+`J\%!HROLOH8>!_U(154
M`5]P$:M`"4`R$>+_^]&)>E.01JT)!@AP!E3PRD(+"%$###@D?"0207,9,#%\
M>G9V?00,E2XP*THY&#X.'1\H85X%430R"5!04TTC9P,O<!\(8P(1M@)N7V4!
M9FYN7L!1-34R,EP+7%Q64%8R_S0)Q30U3E8P<RPP)@H'>W%"&2%\='AY$B$L
M#"$P.$H*#A,-'R<6,E$%*L\)75E31Q=?;BP$"-`&`H`O$2@("$/FPL"!P()M
MD49#FI,H%Z.<BE:#A@H,-B1D<'`BQ!XZ=228P!%"`@,1&4R$$$$"!X8.#V2U
MX5&@8I(D3A)P80:%2)H+9LZ,8**#!Q$D1XS@$D`FS<`T!0IX<;)E6(TM3C+:
M*]6QXD058HI($;$!R(0^>N34(3`RQ82<)39L2+&D10L$%0`86*!B@0P52;PD
MH)*%"I019<B($4/A"),K7:;\L)!&@(`R:4)C==+QJ]BP856H^,JZHQ<9<O`H
M@*$``?\#/7SDR)FC04$'`*'!K%D#X,0,"!74B/&B@IF7)!JI6%E01:&9+P$$
M_-A.1(<%`2]X"$!#ICR9TJC#1EF/T4F2'EV_=J6Q)0D*%AM":(B7.T\>.02P
M$$(&0+0!QAMM?/#`$L@!P$0/!?#C42D+4)'`$2-P%L`%`O#P@PXCO&`!!3]0
M<,$%:*!XGGKJL8<16"KT(,P68)76`Q0*:("';`9P@(<>?N3!ATL,8'`"`GX]
M\$`+$+1!Q'L%4&%!`D!M(50"2/S``P5EO&"$#DQDJ0,232CDF6<GIM?BBZBI
M\$<!\M6XA0I>@#'''78P\`$9!.BAAY`2!+J"@A\H^,`)`/#_U,,?7E3!0P(]
M.%%1`A=6<4031!A!1!--''&%%E!<04$$%EA@2P0"@(4:>V&IZD0!?U1)XQ91
M>+%>`B#,$<<!#(@!0AYUS!$@"RS450(*\1CPPW.+>M%$!)"J0"FE36@YA72I
M0"$=%37`^5BI%%!@`5>KMI>>/;&21:,]*I#V`PX:^.D`#7!HP,<-&N2;`08/
M`('"`VT<\5P2?_0@0W4T%%P`%XVQ,AX3R'311!574!'%>_B4.2(%Z;E*KGJP
M)O;QJRI0"`$#,*`\Q8UBH)"#"#`HT0`0+7Q@`!0#+YJ$#MK%V$,/JU%QA`4C
M"#``&4>`FDH63OS<0Q(%),!$N!VW_^JQ/3_7RN8H6QA#@4L:9#"#:NUV(<82
M)9Q0P1D4R/`38G_\L<4`$.CPD].Q+G!$%5`P\8(."]"7P`(%./TTU%S\T&K5
M+8ZR:`&ODCO*I!;`0((&#*P`:5:J=;U``EL4D`1B,<8-!1`.,#'ZHDX78(R%
MPU"T0--.__2V:>2:RZH]!$<:N1/,U2`4!1G400(,=X@1ZSVJV>[\W;&>`0,,
M%(S^7JQ/"R/#`H&?P@4-[]7^--D>GXM1K:(7'`586S&W1154F!$'#)B[D($,
M?Y"-6/B'7R^W`C:(`0^:MZA8D4Y[W$M`#7QFN.>5CT;I&47Z(*0>6ZE&6VTP
M1P:$$`,2Z/^@8-;CG^U^5K`+'*`(-S@"`>-6L)^-+BOW>)KA9OB3D=G0'IQ;
ME`H@1ZM1J.`4#<"<!'*`.03$K7^UX]\?K,""(CP!!G-2#0E9V,(9RM"*3B--
M^7('P\(M;ST7N8>5-B`$%_B!`0HH$OY<R+\9_@$,6/#`$Q0`M152L8K]&Z$+
M^S<K^5PD+,!03598MT.0944&.,"!L"20!P:0P`)XQ&+</O`$#Q0A`SA$3`&I
MN,?GW<UY3UN<FFI%NJST+BOKJ4&MDE"##%PN`WS`0J`^T+LD*K$''*BD!V+`
MA!UJ<I-'=-[^/.F\+:YG%%#2"JSRIY6MP$@%,U@!!C(@A1TP0`G_+8`"'I]7
MP`8\`0M28`$%?!B^.QZ.;*-#I_X0(TJQB.YG6L':\DC!%>:H(`(9<*0&8/`!
M$H0``:QSH?Z@-@`)%,$#LK0`<^[A/Q:.KWGKC&B[S.=#0@+#BQ!ZD0\+L(`&
M$&`.&YC`!APPDBA4,9V#_,$.=N"!`\Q%`/;4)">!IDZ)ZL]\I"28PB180"]`
MD'E?00(L"7`'`H3@`RW(PC9]V0,M2,`.'E```!A@AH$"TX##3"?9F$>V]F!$
M@O[+J./BMA4:.$$U7H!"%*B@``!]-`8,T$`9:(B8`K2`!`]`01$TX`81`*".
M,J7B"S$64<[Y\EP7#2LIQOJF]5'I'@OH_PH^77"\$.A!`R5PPDD7M0`I>&`#
M"'B"!`R0@1-`S7I3C!O4WOFVK1I6-:L"GBD=JDPO,I-YHN-*#9JP`0U<S@$A
M4$<3"L9"+GRA`@20@P(VX`$1&*`!IKW'.X&Y0]:VMHN&_>,QD4E;SNFT!\A\
MVVMDT(0V)%(_)L!`"%J@V9XDH0%%P((`CB"`.WA``B5H@!O8I<0C5C=\U^TB
MV5!ST=D>L9EP4U@,0TDI**QA`QG``3HXH``,3"`!.L!``]*8AP3\X01!Z(,"
M9M"""T2!@*F%D"EU)D@![Z]5$6'.)H%FJ_3%32O[4\T"EG&!#^0`P@Q@@0,:
MD`$#E($#!#""&?\$`#0?D,`$`!``!9``N<+A[<`Y+%AUL1LCH'RUBS/>H0]9
MN%K2!4UO`CA!"DC@!Q(`00%@D)8`ID!%&0!@`RN`008NH,HY&:Z[@P1A5B2X
M8N@<$X:E\R^BNTNZ)&S!,%GHD0+D\0$A;``$+KSC`@:P@CMHX`-$F$9]'$K;
MBQ9PM0(F6&+.9UCJ*E.G"B:=C*B@A1\`0`,$H$UO,Z`$;=[Q#SIX@`DT``$+
M#",L[UG&C&M[:F5*L'1BS61#F<E=%OI2BOB``@6^T(`0N""N)/@`#@9P1!+V
M0`#`C<$&V+`^>WB!"&SXP1VK^QS5#AJ&UU,QEX$)M3$[]-H_\4(6*/"T`0>0
M``-S$,*G,0`!UK&P``[0P!PDH($!A/%&/`"?JPV,:GPKNIGV!*:^$QUK31;`
M"CHH`3@<L((,T$0!.?`P%1.P`@;480=S>,-Z[O&J*W_\NX2.H6I5_&R2[U3H
M6":@$ZCP@Q:$0"9/5D`,5K`!)MQQ"FW])@'60`K(6<%-J57M"B'T;/^]I^-(
L_[C1Z<10\.KM#!IP`1\$)&Z;5`"81T@9;QYP!%+\D'9AU_(]L$S.<@<"`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>f27532cpf2753260.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753260.gif
M1TE&.#EA5@!N`.8``/3T])J:FAD9&2@H*"(B(MG9V79V=KBXN&AH:#P\/+*R
MLI24E+JZNHJ*BG!P<):6EGY^?FQL;(V-C:BHJ'1T=%A86*:FIFYN;BPL+$Y.
M3F!@8&IJ:KV]O7)R<JZNKE)24JRLK,+"PGQ\?#@X.)B8F$I*2F1D9)"0D%I:
M6HZ.CB`@(+6UM:*BHL#`P"XN+J"@H)Z>GGEY>4Q,3'AX>#HZ.E!04/KZ^F9F
M9EU=75Q<7)R<G)*2DF)B8C4U-;Z^OC(R,JJJJO#P\#0T-*2DI#`P,!45%3\_
M/T%!0?;V]E555<;&QAX>'E965L3$Q/CX^/S\_.[N[LC(R.+BXLK*RLW-S=#0
MT.CHZ-34U-?7UPH*"MS<W.#@X.OKZ\[.SN3DY!P<'-[>WN;FY@,#`]+2TNSL
M[!$1$?___R<G)RLK*RHJ*D='1X2$A$1$1$A(2(6%A49&1D-#0T5%14)"0DE)
M28.#@XF)B8B(B(:&AH*"@H>'AX"`@(&!@28F)O/S\R0D)"4E)2'Y!```````
M+`````!6`&X```?_@"Z"1$0_AD(]B2.+(S0)CX]&DD='<G!REG!LFW"7F)]R
MDJ)&D*4)-*BHC(N)0JZ&AH(8:&D#`V<8@X6'BHNHI:*4F6QQFW%O<<7%G9UL
MGI]'HZ:E-*N,K4*PLAAIM8(NA+"(/;Z.D)/#QLAO;VK'[,C)\L6<T-&2TX_5
MUB.)L#]$7&#@ED:7N%Z-S"60A$F3/'9J(K9K$[%-&XCPU+"3Q\D3)6G45*WJ
MD<U00(%H<H'[AU`APV;)(%:,J+%-B3ES2K"CJ!%>O&2;G'624TF4*9']2,(*
M.##7+EZK@%D*>FRF1789DC"IH"%'!1P52I2048*F1(GP@#(C:I3:R)(`_P6N
M/(2(D<LCFHBUJV@19P83'6X@T&"B`A,-&C[@'"N6KT6>-($ZP_215*EK/;0-
M.DC.USDYZJS.:?/AA@$("%!40,$D@XP,%3YD<#<6QP>R-W/BM&@6V29H;4]=
M*[F95^=&D2K!B:FF;YL,&B+$H)":"8H<MTO(GJ.F1`;7,BJ(__[:]>C'$H]U
MO(1/WW`A3@]&C90I3L3=;>8D0;!A0^(D*/"0@VKBK9;$=V/%05$-VL6&X!RX
M\>:36IA8)APK/13W0UV,0(*77O<ME@1B)@S&0XD1..```B9TI=H'LI5`F1'W
MS$'>=^3=!%E/Q<QHV3X9"B*?70N!5E5S.,GP`?\"3&X`F!XBW)%''A`XT$$$
M&GQE`@I)'#C'&W*,\,,?+L@Q!XPUI)GC><U))-1'D"RB2R$<(E<DB!:54,%@
M#AC@``40Z(''`B\\D(<>,U!P08DK:H`##B8D(4,;1P@Q``;D*%G#!YO6@"-9
M;&I4SSV/C/#-+AS^<J=]2%;@@`D\S"!"#'B<<,<"++"P0`P74.!`!!$80($!
M?D9P`PH?E!"'$3_@,D("&<`H+:<X9I`;11MQ$LTC*CW5F4O+[=5&#1H@$,&P
M%$BP0``O6`"$!SJLX4`,+?:9AQUTZ.$`#UEF,`<<D6`P`AO=?9#$M-0^R)M&
MRX1B1+?&+9(<GB64:P+_$S=0($(`.E@`P@3O3K"`OH11X(8$$AQ*@0DWV.9O
M'/H,0!*T!Q\\+8YBC4:3;Y><"I7$"QU!C$3DF@"C"3,T\,`+('P,A`6%-@`!
M!"+8<<(")]B!QPP1;,`#E]:R\2RS/PC<I6$VH_EISA(6X[,AQ]$W=$2KV58!
M!0T$8,$0$WC@`0A#P!``"S!@_<`#)#P@`1TSJ&@"6++)(/:91KAP1@DH9(YV
MV@F;!UD<;V_X;9'+-5<"I+(A<`<)+TPP`0@>K+#"`1PPL,($'+^@0P`+-+"&
M"!U<J0%KG);@S,$)_&`$"C@,2"`3G"?,MAK?_),JZ<?(8,(%%=10P1[KOO"N
M_P(''!`"%6-4$0(#!RA@@06\-T`'!#-TL"A83"3;AA'6]N#(5\W+P8#$TZ6T
M>0IG;8"8Z#HSL6(PP0$HR$`-#""!!["@;[%K@1*Z4(4N4$$)ZVO?!![0.SJL
M`0)^:E'FF#`ILH3I""/(P*-FZ#RT(>R`UE+@.(!F!"/!`0$#U(`;UF4!#RA@
M!0PX7Q6H,(4H**$%Y7,?"4X@@0;<002*0L`-AA>;G&1@(8LX`@H00\;F:0YZ
MG%-32H2T0,_T4!-J:!$"7'6"I<7N``QH012JD+XJ3.&#M7-?`$YP`BMB\0(1
MN%]L)M4<&I`BAAK@`;\0\Z@:5B!Z-5@CJJY'(TUDH/\__(D!H28@.]J%X(]]
M9&(46N`#!>!N!X7,`Q[\9*7!1+`$;8##!RJ0@!$8`0Z$,8$P)_FHS*D&>M,:
M`!J*<[T$X`4.&;C!!0P@`@C`X(*SHUT+0J`$)41A"DW@P`%FIP`6!"``$JB#
M!.P`@0Y8R4D:D-0<V"!!.)!"C$RZP0V&24DS&@:9'U!F?$37H85H8D\02`$$
M3L`"IN&Q=AQ0PA2Z&840<$`!L`.!.75U@AW400^T9%&_Q"*;.'Q'#DGH&I/R
M":M^:NZ2`4W#0'_0B^3(H5PHA`#K6$"^%C"``3X(00NVV<T0',"(KH0!_!;P
M@!30(0:_8AD.6B,6"<XA!SS_2$(-@`6L#:P45OPR(X&28`M-_BP2O]S`!42@
M!PDH=0A'9%\>6=D"#FA0"0R`'0,\\#[!#=(-B>K`8'+0FN^PP4RPP0$*4O2K
MKK*T18X2H&IL(=.Y[-`1-'K#:>B0!T+Y+78_]<$V0T#:N@;2`^/T&PB@IM!J
M[F$&<\S.'(Z0`#7`J`)J59$#+H!(E3))F(Y2+`HHJY(A10(.';B:!`(``P4H
M`+4<B*X/E$"%*URA"JN$HG/+-TX0O.`$>#`A.QV0F,4HZPW>6^P-.D`!=ZJ(
MJU[=9XLJ2=Q<&+=(#EC7`\[9M+@&U9M=N((6M'"%,4P!CSYPHD45,(0`/`"6
M$+@`_U@JX*^;P($T3,C!!1`P+&'Y2D6]_2HE*6M6@CX+OR]XP2!9``+GKB"H
MWZ2N@*4@A0)0(;IZ!"<'^%HH"5#'!+/1CFR2I22N=*W#Q/KP;ATK4@W88@"5
M7<EE#6H`$)"`8P$P(G1#L`(0K$`)5<#"=9?H`R0.E<$7G``+3M`!',A@GB5(
MPE<H+(,<X"!6PB*6GBF@9":WZ`Q/7J,+?N9(.1A`S>9\`%*=NX!YT8$.0VRH
M!3C@@_)][`$@5=$&PN+,)$2#*T9+%J1X4,T9Z/G4PMIMB/=Y!D`+E(TT=2,"
M@(`[%I``=D?$`ZQ$D`(L5:!>(!"J`AZLAXMM*@DXB($;]O^`@!)`JROBT=-@
M(F`"`\3@VC$P]9YUJ](;\*'54(:8*QB8`!X,`5?,G<`182`"%2&&>9>L0`2&
M$((FK.`!;J"V`1;@`;N6LP$&T$!.:C;D$LEQ:B*8U;7W[%Z5?MO5)>;0(RIP
M`,(1R@*N4W$`0%`['2QN#Q"0@`(XL,H70(`'%7!#*X'P70@<*UF*,4)V*N8G
MLDSMYE2+`<.7O($_?/O)`ZW3"#[`OA>D(`!J'J0.#C"%*S#@`>VVM@@FX(,P
MKZ`!&GB#"$YPPCW$@``_2$`/$O"&.?!/!FK(``_:Z>QJXIQJ(M!V>QOK<W"'
MV[+',<("0C"!$PP.G2?@FP76T('_#!A!+"E]`0.B0(4#G``'"?A`N130@@\L
MH0(&.,(9A*`,'*%`!!%PM@'VH(?2Z^'F"D\U(@E0=X@7IQ=LJ$,3%'#.PEUM
M!S,X&`+2\`.7C^`&J/5!$PY``A/((0%PJ(-0(Y`!".`!!488@1R2(0,&)8$"
M'VA##S:PACW@`0][`/G-LZUZUC^<N&RL2P(T\("+ON#*'%M`!$:PAP.@@`@U
MT$$>(G""[9*6!2)@>',@`4"P`(2G0G-@)#9A+2C@`!_`!C]@`G<07FM`!Z1'
M>CE'+.Y$`'[`!S\'9<LT:`O$!K_B96NV7RQ@`3&07![0=^QD`'4P.['3!$H`
M`BF@`6DG_WD;L$7B,59BH209P`3,]P9_P`1Y4(%K4(&/%GX9V%X$P(&M=W>;
M)`>X`@0*\%U+TV)`,`1,,P$Z\%H2L`)&=43;!`(+@`#A$5PF`"P7T"=7PD(V
M<B#,ESPH4`=(F(1T\'UX<'HZ)RQ/:'YV%X)/D0&Y8@&T5P<+8(@K<$1^8P$Z
MH`,3$%$<L(@*P`##%P`.8!UK&`'\`0%K<(3MQ@06$1[[801_``<14`=ND(1X
M6('@!R7:I@)/V(&N=G<BZ`(1(#+D,P%VL`/JEDVV$U<T&$(8A40>``,Q@`,U
ML!]4LR(=<'JO4@%)`A8.,`)H8`0.8$5WX`;;N`:K^&AX``'D]_^'K&=W:;!&
ML!``#49:'J`N?2,[V71$'%!OVN5B7?:%*#`:-8`'4P15*C(8%3`I%5,!'?`P
M1H`W4Y('=["-W;@&>RB.,Z`"LLB!'WAW`-$#`<`Z5=`""K`#)/`Z?D.)Y!-1
M%>5*Y`-"Y:0'^8,`R+8`,'`"=$`!G(ARUB(#T;$!D6``#6`'=C`E"[F0WPAR
MLR*1?UAWZ`<.&+`!OC@&"N`#@O,Z?>-<\M@$J_0Q+;8"4R`%(<`":X`#"``!
MQI=\6!.36W1+L.$`D#<"1X`'.UD'/OF3J^B0IR<"2T"43QB%488&3+``Y",!
M(0`".Y!F=V1*380['G!*!Z`$7!`%+[#_!C<0+&CX!24@`504DX5A+=[3`2:0
M""5@!VW)DWG@!J(9EP])EQ(YD;3H>H*0`"<`!`&P!QQ@`2?0+D4T5]S$=PS5
M8@Q0.U6P`B0``3B0`3UP#`/`!PB`,G<``1%`9QF0`S+Y"":03G50!Z`)E'&9
MAZ>W!'4YD>4(;C*5"VC@`+;6`"\P!'['`D/@`4E45""@-!ZP`Q4P`AW0-RQ0
M!R9@!$60!7[0#Q@P!VO0`,L&01GP'!K0*Z1`0=-)G=4YFM^XA]IIEQ3Y@94U
M`!]@02>0`@^`B"_`8@<P72'0D3'P``=@!VUP?<O5:&KP!U\P`$00-"7@`/>B
MG#F0`6Q0,7]R_P1MP)8-H*`\V9-WD(2K^'UZ\*`0Z@=_X)TI(3!7`P,IT'W+
M-3CD4V8Z,$M8R0!6V#Z8F`1\L`0"PP9@(@,\@``&\%01@`-)H`D\,"Q)X``I
MT``[2IW3"9IQZ8IZ\`5$RIVI>7=I8`#PLS%W8`=,U5RR,P$[0`$DX$25M@)^
MLP!Y@'VQD7W.!!TQ$`$S,*E9H@9&0)#DA3)NFJ!V`*<*.:?@9Z?:69?D>*3@
MEA)H<`0P``/[10=W<#4/T#>XPY9BN#Z&R%>]@S4G4`<;\`%O8'C-1QTQX!])
M,%MK2@%T0$6<FJ!OZJ/7B0<"0*K;>:KFB`$#@`!&%`!XX`8-D`(GH/]4LFD`
M`0`$BGI$*\`T,``!NX,U].(HT.<`8+DB/)`L<B"$%(0R$I`"592@GAJ:WT@'
MTTJJIWFJ'X@&RY0'B^@&>I`'E*F.,`!8"Z`#A)-E?-50^U8X5$.I&X`"/?`!
M$+`!U)$8):!+IM$`5<2I.]F3/=J3U[D'`WNG!NMJ,C4`;P`#/G`"RE8'*;``
MB:,'W'@U"^`&'K!R)U`U*L8UD>1FO:0B!@!$_@)-!%E%*$NU;KF0"0FP%0BS
M,5N7U3J+YU>S<%!(!J`'=]``0EL')P`!#8`U,(`[#.623L4]WZ$&"8`&`D``
M&D`LJ1$VFQ(!;AJXG;J-H@F7#2H`B$NMV\G_G5%X*6G0`T9P`Q#@!G6PHX0D
M-;QB`O.R`0[`ECJK`27`+-^P!$6`BSHW1[B4=C*P`6_JKVXIFM[(C3\:I(B;
MN'=:I#Y77VC0!AW`EE/2LQ*0G.C2)P80&Q'T'>)A=KV4`!60+_2B&!>!#*EX
M+Z#)DX0;NX3[C;7;M:<)H48IA2@0`W5P!^KRDI^Z`!-@`?SJ2A)P;7G0JYF(
M2Z2AD^)H`C)`#W!P.MPHNPIYO:RXBJ*9A]L[K:6ZN*@9MKF``6RP`=UJ-3JP
M`':0`CIP.XX8`'H$`^F*!YL&(V61;&ZP@J`K"KHD!!\`H+"[OZSX:":$A]*Z
MO5^@N`7[A^=W*1CP_P-KFH>`&@`8JFX<T#1%5&MU`'I@82U)D#%0=0-)8+>/
M``<5,`!9$`%VX(VQ.Z=*F,(M/,`P3)2RF*=):@0((`+>2)D2X%#CY#Z$<SBH
MD1IG@P/1L2+!60IOH`$)(`8#``%1#*14;$(K+,`#W+6W>Y>M!F@I001,`"BD
M=P=U\+;;I:BX@S5N@$(7,$F(P2(H4`-&H`@)T`:#(0990`,4@"]Z'%YYJ,)Y
M"'Y%T,=^W+U%^8&SD`#G0C5`:T$M-DZ*:@&"LP!.I9Q-]C4TFADT17:SPLD"
M,``F()KA5WJDIP?AM\QZ4`2GW,<O7,!?"X@@Z`+E0BPQL%`\M5W!6$X!L/\#
M6N,G.]@5#R@FAO`L;R`E92`&2X"XKGP'%GAZ-V=ZI^?,J.S'B[O*?`!E`S`'
MG'@!["4"MQ97>!1%0P!+><`K3$)8;9`\*^$(2:`X7R`&B%L&65`$'P#&=X"!
M;P<!SOS,J$RMJ@RV-%LB.,"Y,,@"1D140L4`(]2K!D!M/$"C8B<DY$`#UI0"
M*B`&96#169`%[,R\\NI]#TDU'PW26)S%!PQH?D``'Q`!/``I&P`!GM6AI-4^
M+/``1WLEE6Q/(T`$&%`(8L(&ZR(!._W3:`W48L#3?Z`\T10#I7?42.W"(NV]
M`T``*L`';_`K=J:Y=+`##P`#5NA*YB0!$98:^[/_"/!QBRY``>=D!Q.]UFJ]
MUI1=V5E``$,GUW/MPM+,G7B-UQL35I,,`0JI+EJ]3M21`S7`!F*7#>`P:"XP
M`!7@8`$``>M<V;B=VYQ\T9J]V:FL`@]ZEP0P`0403`&T`=2D<[/B)SS`!,K;
M2YFQ"[%]!'FS7QTPV;J-VS_=T[WMV]&,U]KY!1SXA%#6`F:@`*,F3`CP)S+)
MB2V2!&41!P#CRR8Q$`[@8/N%`]FMVUE0!MTMUUA,E%\PK03@@48J4U'P!$[P
M`C@@7^;R7H]S2;,AWY?<"B:1!A]P`HE#0G&PWY;=W_8L`/[=W;4;S04KBX'\
M;2FA!#:`!``@`7O")(RU_R42K@9P$`U`XLMHD`![0`(+P%1T@`$>+MD@GKA?
MP-V:;;O!#85^X&JIF@8'\`1]@`1!P`(FL`'`XDY:-#RWH08.(QR9,1`70$(_
M?@(F$-G\O=;<C;BEVM-N?LKB'<-,[@=T?@:U8`L#\0<@8`9],.5/H``//BR_
M,CQ,P"!?4B']0`1G4`&W]^-XH`:W3=D_O=L_'>)V*I%K_@6>38ZL1^=-O<_=
M$&X80``+P.=]#@`VP`$I8FTR^34'DA^B$GU"X`=JH#0_CC4;T`.WG=9HW=,7
M';-$R>:</NR=3N<$(,C=\)T$T`$V``!]W@>HC@4Q?6VOHAH#BBVT-0)^\`:V
M?O_K:U`#+N#3:?WFSEP&)@ZAQ%Z4=/X'[-Z!W4`+`H4&!)`!0>#LS]X'-E``
M>!`L3]LO:D`PQS<"!&`$:[#A)'0"!@`Z;K[P(_[,6:#IIIKNL^CI'L@'[,[N
M4':."+M,V-H#!>`$]][G-B`%)Q`LU$9A-N[5:/`!$O"(Y^1@=7`#:O`#_UWB
MSHS7FS[>$W_Q%5_Q=EY628H21,#B(2_R4G`'P`*UG)``1!`!1D1K%D`X)+`&
M1M,#V[O9I%H&2R#Q[0ZV/=]J?_!D,H6P"5S#45[T(K\%=L`D&B`Y\AT',&!C
M>/5<28?T)C`"TQK2!'O*3=WW?F_QZVZD7W\&80^"30'_GICB`5*.]OCN!2<G
MC6*!`E1@`U8`!F.`5^VC4>`%`0D`\0/^PJ!/I*2;UYX^BP7^!Q%JI."&I+1`
M]N#I`C0P`8O/^$Y@!0O`&AIP`E[`YT%08U1@4:EE3@$P`J<IS08LBP)0!&?0
M@9[^!X$O^!8/:.9XC@,A:`/@`@G``K-?]`"`!`?P`F"`!;<S!2[>^P6`72!D
M4;(3`/*.\Q)YNQ.I`D7P!0;N_(#?_.SN@8$L]M\)"!@8+BX#&`DO3WV+C(PV
M!4DK8!YV%@N)4%M855V<5%$A4R(J!`0JI*>II*6E2V5^?'Y_?[*S?+2U?`.[
M`VF]:&B"@X481HF-C4Y>"@H@_P\6#P8Q*!-]6EA76-I78UU7$01_K*:JIZ5^
MI0("L7[M[;.U?WQGNKMI:<#X@BX8`VB(BI#U`="'CH058U90@'#G0@4<'+P4
M**!%"\4"V7CX2>,'5;E4XU244<&'@*Q:LF[16\FK%[Y@@_JE20##AL`^3X9H
M@,#"0@H8,WC@^(#"P!4O8+9L`0/&XI4/9Z*:(@?2W+D_KDQJA>>.S[P_9UJ^
MQ!",7]@1-04^Z3(TP@,E+TQ4B)!A3A()+:QXD<)WZ98K<':=Z>B1JM5V!`04
M.9?+EM=Y`\+Z`D9V&(9Y/6`$9.1$2PP3>!188+!`@P8$,C+LF5*E3Q"]?:50
M&8$FC?^XJ5/+G6,EP&2N6/,>"W8)#*8@-/.$:$X61`^/"5R"-+$``<&-)!40
M*`ESQ0D7+URL\/72XL>]DJQ6A=3*WB18>&"_S@OKK[BPF%Y_+%^$!,D0$W58
M84,8.W211P44H*!!`&1840`27FS1!Q1[6:$`$;Z<P0HZXZ17BCP<$G"++";=
M(@\]8-T33%G[9.@""38-Y!^`6SB!A!0,[!$!!3B8L`862'S7AQ16$`2%%%Q,
M`,P`L6QXVWHB_J%"%N[%\Q583'JURXHP\4.6+@O8!,`3#-PPPQ4V(:%%"`:8
M@(`)#G`P$!1<'`G%(@!`$40`?_B"SBJPW-(A*7X((`:5[LC_X]5*9\Q"GS_'
M"9+&<1J>8`-!'/Q4!1(`=!H""PT@8-T#5B#A&A?A!8%G$$'<00`:3(X#"STA
MFN1*%HM9&14]NHB#Y9;&08I!&K$T8`8`2G"@11!.X-D'!Q!88(!U%@1!T&M6
M6,$(`$%(P<,?L&KH9#N/E?+%H00T*@\M)[(D#F3VP#06K+-8&H6`!#52P`$K
M;*!!!"9X8"VW2&J[*A8E]#+`DUJE1`\!2^"Z+BV/T1(6K[/\*BQQ9"WL@@@L
MH(F,FBE8``0%UVU`A:EY:D$&%]L&,=L]C=;Z&X@"+&&B.(AE7`^*\Q'W"V7]
M$$!#&\<@8T,4"E!!AQT(:&!`"&)"_U$`%'>NRL$/PS;ZH6_D4GS+$DN<Q![%
M&L;7KL+UC34L`494H$",C=@P'0LZB("#`2=(,#`46M2Y;1\*<!V9S;APY14Z
M7ZB`SN/DHN<'KRV=P65M@@R@@A$:@$`W?U:TH,`+("!@@`04=(#%I8#7F6^G
M++@`*WJ,9>PST!"K]XZZ'-(WV!^2WG-/QRH<8<($,:K:APU3Z-"%$C&\4,<>
M>SBP`NM;6`'%ZT@\X$^L[,$2-GPJ=32.SR:6L@LL^*B8#_%&')^\\F`HH(02
M$"BP`P0>(!!`IYFP@K7PA(0\^*$?DGL'5W`1#D71XD.)8Q2'_L`VX0VO-II+
M@/P6P:H\L9B``1.P@!+H$(,3Q(`":RA5$+1@L%5=@`^S@YS/$C>B!CXN'.A0
MU*)^=S%[^.*"D5&!!I''02@@80L+8``#%,""`#1@`0YP0`P*8(,@8*&%?4""
M%6K0"UJA!!;K2DFB&,88H+'$%_:HX(HT-P($6"!Y1@Q!%0*@A2LTX``3B($'
;8F"`*51Q#&'(5Q8+D``,X@(QD7/,`VT7"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>f27532cpf2753237.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf2753237.gif
M1TE&.#EAU`%G`>9_`']_?[^_OS\_/S`P,!86%DQ,3._O[Y^?GR\O+U]?7P\/
M#\_/S]_?WT!`0')R<H^/CQ\?'Z^OKZNKJV]O;T]/3X"`@#DY.<C(R-;6UKJZ
MNE5559V=G4='1V1D9"HJ*IB8F+Z^OB8F)MO;VQP<'#T]/4)"0M'1T30T-+6U
MM0X.#GEY>86%A5)24FAH:#X^/J*BHB$A(7M[>UE968Z.CBPL+&UM;4E)24Y.
M3F5E95I:6EQ<7#(R,E145#<W-T1$1&QL;"<G)RXN+F=G9R(B(AX>'EY>7E=7
M5_#P\%!04!`0$'=W=]#0T&EI:4I*2@D)"3P\/*"@H&IJ:G1T=!,3$^#@X#HZ
M.K"PL&!@8).3DZ6EI9"0D/CX^!D9&>CHZ,/#PR`@('IZ>L#`P'Q\?#8V-JBH
MJ'U]?>OKZ_;V]N;FY@0$!&-C8_/S\_+R\HB(B,W-S9*2DOW]_9J:FBDI*8*"
M@E%14:VMK>[N[OKZ^HJ*BH2$A$9&1KN[NP```.7EY?_______R'Y!`$``'\`
M+`````#4`6<!``?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GHM'
M5A4-I*6FIZBIJJNLK:ZOL+&RL[2UMK>XN;J[O+V^OZU(%4N.1Q5)?,G*R\S-
MSL_0T=+3U-76U]C9VMO<W=[?X.'BX^377U"+5LCE[.WN[_#Q\O/T]?;C#4>(
M4,P("0```PH<2+#@0#X*#`9\XJ"APX<0(TJ<2+%B1`L3%&K<N)&"LHP<0XH<
M2;*DR9,H3RKXF+*ERY<P!U)8J2P)L4)6E@E8X*>GSY]`@PH-RH"/@*$^5?19
MRK2ITZ=0HTJ=RE0$"!!8'B#=RI5KT60'NHH=2[:LV;-HTZ(-H"R!VK=P_^/*
M'7H`@K(O^@8=6<<G[%RD;`%PG4"UL.'#4A,4*.#B+UD$R2@XGDRYLF6A!GXR
ML(N0P>7/H-\:2*`,":$KROR"!L`G`M<'%Q#+GCWUQ6(/GD/_?*`LL^[?P(-/
M4#`AP`$!S!3D#LZ\N<=D800=4299M\?E0P-LH,V]>Q\3BTMH#?Z5S_CFZ-/#
M+0_-K?KWEPW0-/V'7S+LGR$H$-O!NW_9+2PV@7/)(`#?@0AN1=HT^"7H(%JL
M):,/:GP8J)L!1HGUPW\<%O;!8BPT=X`R#3YH8G,"!*#BBBRJ^,!Y)\8H5GG1
M-9",8+JQ-6!7!TC0X8]0H5``!SL&AV$R,,JH)/]H"Q2YU5%+1CD49Q7\82,?
M.(;&FFI<Y8`!D&`NA0('0Y08VG,02*EF9<;U%(!G"_#D1P`^N;?FFLCQ4>65
M68+FD9Q=+="$CV'^&$,(=*(W8C*`WNFH6FTF,`$$#R"`0`0))%"=DX\JF>>>
M-_X&F5D)$%JH?S$44$(()73`Y6\T<=KIK&(%()@"!^1*`041\.&'KWY`2:N,
MGUH9JFX9FH7#J?\%N-AMC>JV8)K#5LN5`4>U!L$$":3HJZ]-6AMCL7SFR(>L
M72G%K']6?5@`#+X!URNCXM8;E`";,8``!!%,\``$F_F10*+V)DCNL:#Q]JI8
MZJ[;+`<=H$>3G077&\#_P`(`L``%"1@008KZ5NS@P5A*RP?!9#7A\'\@%!""
MF3X9`-`#,)\U03+[B5QO42@#14'/.J='<I^7C7I6!/VMW)T#!<C0E04EJ.J!
M!0NCM8`RK@5=+7(*1-N3I%H?.#2R%IYUP`-*TW;!8CS$',`#`#S@&P,YI/JL
M!4,DB19G%(?MZ+Q\\/N3`12@ZW=P8X/&5M]EE9JV;+850$((E(<`M>1$9!:`
MCR)\H-AB%KC@=5DW(Q3OX6H:P)ER$P@0@:V7HOY>XI_QIG=913R.V`6?:^#`
M#!]XOA@)6C%005,2:/`L#+>/55[5LL<885\],0!WUM$+G0RH)8-V,]!E1;"=
M_^[^?8ZC`TZ)8'<!_J@%&1_59:]D><+*+_;VQG;_&7)Q+4N^=^ZR@:W0]A0)
MW(UQ8^%-,DYGOP?EB0^C:R"*\%<NT%0H+@"(S?^XXZY2:1`J%U`>^Q#8I!NP
M@&C52XW.`F"IYIUH4>?J"@`.<+%@,2``*?)#N/QP`,E,8`%'R94`A@@]"0:+
M@@BSS-40:!8#&&&#W#&!`V(`@L*$<#$(R)(!#A`$!'!@>&T+ROO*5J_13"`S
M#\!7C!;@(@#0!`*G8\!*G!20;_FA=0/"84]8@T.V^`$@P0*?$7M".\N,"(5H
M.1L4'6;`Q9S`!@"0P1@J@((+H$"$).#!FWX"PYHY"O];V-/A3IIS0^,`I%L"
M>.,0$\"9U@"%+<GJR<<H((!*^2&+!M+C'_WAK3\*)H>#%$HA*_.]N2ARD<QJ
MY&(<8*JE7'%(%O``Y4IP@]*9IXP(\)H!LCD9`Z@H`J<<XNJ&2(&9J0@_['F5
M'&/H$WUE,5,8^I4WH000""#`CX`$9C"!,DS*((>!;SDF,@ME@A=(P`11N<`*
M'."L9PUI"@6JUPR'PH#XD>6;`&F=`-YGE"&:,P`15-`RBOB3"O4*`!%00"I?
M1T\`?,]7^13D(/LYF<!-Y@#H&ZA.02"!%2B/HZ&DE8$V"C`>GDQ@T5I10(;X
M0`1X%"`KJHP"DV&XGPB``E?_N]B`N!4`E8(DJP"PE&?TN4^?T/0O1;&H,?VG
MT[9*(`=I2(83@OHH!@S,5QGS@UWH%`&GIK)`0P3)ZP(`4-W`D`],+.O^D*B_
MRIRT,H+Z8%L'6@"Y-F98MNJ)ZL#)QSD-;),Q.@!-$%M8Q5KFK'/I[%:\"=(F
M3J`#&9CL0#>@#`)4*P"NV6;'X'C4/TII`:-%0&EC]B)O0M67`&``0,*B(ID-
M=Z:,1>1?_HD4!G0`!A:(I@T\290#Z*`"7Y+M!E.`L]O2B99S4@8]U01<90AW
M*^7D%@`2D-)?K>B>/`%(X4S+S^A^1@$Y&\H"AO#%Q7"`""'="@,F@(/8BE=W
M&BAO_Z<,X)GB%,6I?NFM=$^D+V5`(*2^8L`!`"+'7[E)6&&%(W^MZE_+%*5^
M0F&`"PH\)")P=R@&>(`,FOG@=;T`:X]*Z;X@<`#6@I:P?E#NG;:IC*X-!5A_
MM.>`.MI5`0R(-2I>,2%;G)V!I>6QU[)!\@SL@N?R:,<]=M@+G)",Q,J(,UB%
M,5#B]LD'*@!\"I@G0.()+%W^L74;#N99"9<`Y5+`S$)A3=88$`3*40TH!\B`
M"9Q%)IH%%,UI+E0"8"!AH+#6,U%5$4\8`.I2+L``<F+CF^C$@`3SB`$I34::
M*@6`%KUM5X@^T8+`$I0)4``!(Q;,MZ`*@8E"-<^SDJE<:/^Z@'OZI-FN!DJS
M^9";`%C@;A8`U`)\]$S)><`&T=X*`'`0WDQWR(!#`/(KBPTP+`D[K,$&0(J*
M34,H">`?F^DK217,-7[A6K.F#,@#0#NK75-/VJ,&M9%9F_`YW=A$P'TX6OH)
M1`9NDZX_6<`!6A<XN^"(`2%P*`=@@"/8.%.$!@[!&=7"@"(<S]P<2L"EX!P4
M/>X$RC#5KW)TJ4M@RAO9:#G2P5$W578VD(5NALLPMUE8IF=\X\B!0#F1+$?E
M]$0*>&#:W8)P@!LTQ00^=2@)@J#LKD3`".6&.6T^0(*(396!7;74KX8X=^6P
M)I=>[;E33VWTB]X3`30)M,@.F_3_H!4EI657RS#/]FPG;1SJ@9MZ85D#)0-X
M"02?6XP2),L4"63>92M/"P,*X&"UR^8"'"ASDE7X$SUF$^<"@QL%B,QS>Q.,
MK&*!H6"*8S_1MB77]>JA'&TEY[D,DP*YJ4O]Y"-YL4`F:Y;'@`AF\*PJ1J5S
M8@]"N'%<@]*;OC`BR(&-??(^M;(P`NU6D8D%4A<6@M3]0!QX9G"_6J,F(_%A
M:V^!@%^M'G:+UE;G$Q@W<5S6$_&S`-W"3V;!%EEF`*37!R`0`QH@`E1Q`0WE
M,@#`?YY6`&GW?5)1`PBV&R2B&0#A&@'A6[BE?BBU7,HU0\'F&0=P8Q4E=0K@
M$6HT.&_C_P<4EF,\81P18``RHWXW%!:ODV0/D"M'&`$\<0`1T(0T=$,10&JX
M)841D"O6(W%FH7\5HH&.TFP*$`%I!`$!,`%.PD)9IG0%&"P_(6\*2"I]!P`.
MT(%4X2[#LP,#V!7&XX%4H00N@!]"YT*((VN9L3`+(!A:X650\@`_>$9!Q(1^
M\``_%(1OHR+(!VH:$P"'=FIQ0VJ;N&#&85>?T6&RMGUJ<AQ:$3>T1H;+EP`)
M,5UI6#]L:%5G(1\0I!D)(`0.8'*%@7D.A0`V4&041A8),#YZ^!0/4`#2]1QD
ME!ZB2&U#<6@]@8!OXA[0Z#JU!HHZY!Y'H3$&^!/5<11T@HGA^/\SMX1JN0(:
M3(8SI+@D5]4K6V0@1`9LNU&#6-@5A80M:PACQ<<CL?1*#Z`#Q"@5T^=0DD,Y
M"!`"0"`##Q!!#'`#/%:,2R%`6]%)8X%DD^%&W"(X0E&(/C%?QN$7D@&&_@*&
MB:*(?@!.`N,F7.(6.?@F%16%+[E-AUB/06=G^!<EB/>%M_1KV&&&X!-6Z\AB
M>I(_6:)\K?<J^VB/UX04!Y`T%:AU!/DL)8``0.`JN:%<-%`#$.D4GN,#UZ(,
M@M<3D`%T<L%"W`2$U66(85%KF9A9A68@&D<G,T0GA9:2?[0<;5)KJ$8G+\*7
M1Z@50*1#)L-Z6T-D7YACRS$:K1@4A%/_*=1R%F-CAGW%%<M(%E=#EHE&0+NX
M/E'Y+"3@`3#0`ZRB`2BPE4P1.21@`<J&)F*A##=Y+<,!B$`Q<'LV0_0U8KG"
M1K>98T58A3R!DJ.Q'"B59#248Q3V-L<Y`2/6+POY&P:W;S%B5ZE&;1$`C3[Q
M`/1(%WUQ-6$I3(RE*0HP'CTT.AM353*$6%QQ`#^@`BH@!;(!`B\0=IU9`"W`
M>1!I`B+$`=\V@(`3;:21E.$#`3>H95M1=.9Y(@^P*V4#-JUG*4"38Q#0,3.A
MF-!Y+XR%):<SADRUH;R7%OH'4N\U&B3$5J?W`E!9``GP`:;Y%&#G4!X`/;'R
M&X2CDP2:>\M0_W@(0I)P1&2:%2^*V3R%-B+X<BX;0Y.HY1A`A(`((0`'@``3
M<"D'T#%!L0`DJC8@8)\KRA0F0'V+`038D2E*&CBCQBV6@9U26J-CX7MMQH7,
MD:!9E#$!\)C7J0!GFG%T4FQW1&VM$Y1FE8:5H2^^$4?767P'$)!96BB1`S$^
M`4O1<(<>*@!BB*99&%QLJAM`Y%)%<37!N*@.NI&0<3$0A"&H]A9'^A?(QQ5>
M)A1,<*@.HW4OLV724)EOP1H9**EGH87OY2#;!%Q7`T0$IX.LJ#?>9%.0NAE?
M*)MB4:IS`89<D91EL`$2@*6LRC+A43P"NJ'8*DY\*A1Q.DJVBA;-^/]A"*(O
M,T2GN4(<<T:GA54X;$%#YN%-VVJA0UE!WE-VIYH=`:`#<CBMS;(8-\!#T,FL
MHA&;WRH:'.5D[Y%2B"=:C!.GS@84(J8O>3:A,A>OWCFO2609^-ALYW4I'.M9
M7!$`+\>O/Q(Y(5)K`%=M\:)D:I%2]UJP:H$M3?::<G%#P'IG_,*&=:$9,W$>
M<=(3(V8>19%<-6B1QN>GE'&$/"2&ODH![2>69J8#)`LD+5,`)TLG\C$<S<9*
MRX&C,383C@JSC3-2OX%^VQ*EDX)^VR1B**:NT0@`=N$:^P%X,G,RR>5/2#L9
M\9,B?704/E=VD3:U'5*U5YM>P4(:P3(>''G_%M@9>F(K%\]I'<D%A#U42\#D
M&PY+,+0J'X6V$XW;5S1;%B3S648[&<*2(DT;2'M4=GG8%!=`*!D0&Q+`;;.[
M%+,;NQ>``0]IFE4;,0+KI,"&5SC">&71;`_[N']AH*&QLPL&`!S#*145GD&A
M'PS`I(0$JA6J>(PU`MEU`B%``S?0G*;J&SFT473RMUW!5AC0`1?0'["U`>T;
M6R&TOGU@`1A0`<G3![N[E54K&/@8IW'*&L&"(R_;%77;G<AK-C?J8EF#`'+#
M!P;P0^E:IZV'$)!Q:"L1N@2(L7P0<@19`A[@`MG;%4K;%;(:%`W#`5^2`0]P
M/!+@`!:P%"]2OWW@_P&Y*P$QO+\0^2$6D#4#PX;WYBNQ4[T7):`TF<!I.EJ[
MDEO'X1?568];]#'16(.5V:W*AAR@2BD:O,'<@P#S60`6L`,CC!3;U!4UE"[.
MU`&ZFP$:$!L5\``<L!0:\"46(`$<X,(.,+*L2GTGD"CZ4KU#M&!.-7_A]J-(
M_!E:*`T`&A1-:!Y99K,\BRM3BC(7QD-AZQ@DDU,\)9_/<@(\4*F[X6:;D6O^
MDP'H8[]Q7+]O'!LQO`$5T`'P>P$9@,-0E+M,@0$?A,NTP30A$,I#`4@\4H.@
M?,B6.5K2@']QXL`(,'O0@Y$`A7ZN5">+"1R9_!0HP)D<H'UP(6_SY53_8O]E
MPR&G2+$`FED!&Z`!?9`!&\!,'/``L,P!ZWP!(R`!'>``;@Q%'I`"]=P!Y.4[
M_#P"^SH5B@$#0,$M#$0:LEF]&DG,H+$9V?K0A1=67:,`P.;`-2>@H^-&P7*&
M1489MB)3U0P54O0L!V:QU;-).T2)C344$Q#0W^<`TY!3B`$BC"R/)\D9)[Q'
MQ#',#&T6BTQ(W`IJW5*(6#7-[303?H&7":!Q0KO2DV$K(V(F(1T58S8D0<#3
M"@9@-6-=;74!#K`!#A:[X*6+4#$"TY`"L@$>5HL9\I8Q4T6>EI)@MI(;*-M<
M&9@EF?5'"Q"QQ\70:C44<N94X=D:\A9/`.7,Q"G_.%5H3P*39\/AJ(YH%@M&
M..444E.=4/GIE99!>63L)501K4N!`1CP`+=;NQR"`3$<PP^`/NBLPQE`NK:V
M(A-@J%-1M?_:%3$Z.,,A>,V&?G,BH+ZT7U`&J72"6'UT3^)*S(+AD_M"0T[5
MC1D'+@.\3>T#%.CGK<$"A*YQ3ULB1ZXS7+GB,9(=-V1X5*TEK]PCTP+Y.1:`
MK.X3S9YV`MYGC*2]'<PTNU_]U7KL'2W\`!N``0W1!_`\%15PR0&@WE31OV(Q
M+3]QW27RLWOT2[8BP"F6&3@'2('S,7H$S(=\%/35A)>R*SC$$W+&HR]B==%2
MO9+\$PJP+0NI,3V$*Q.`_QUP!WBX119H9"'R01S[>-E2\4Q`@-6`$3AP-P3[
M[10OW`>YBWH2<+]-;K_SW1T:\,894`$5@#ZP-14.D"BS=&J:`BCH?!B-U)W]
MJ8-(K9T'%U.NP]U$;F)S<BG9PBTILHT(7*-^^VN.J>'ER\AP]%6>QAJ.ZQ.'
MA2GEY+205GEM;5?H:<#(D2M'%84N55H^+A5"HBIU?A:D420,P`,>T`(4*!5S
M/,L8L,X^$N8C`%X=,@)]<,ZOR]I4L>4]\87R15]E$^:&X2ZWC=MM9J;#%2$E
M]TM7`W@9E5?`XD:C0FU&H4?^PM!+S2NTBD,_LQ-G#!0RM]`"B-%;81S+?#-!
M)?\W6^)+/909K&%FFX&)>09XOJ:4'(S@4V$W-'#$8D&+<@(`'.#I5!'']#S+
M&E#JJZ[&TBH;=OS"[!O/<ZSE6<,O<EYK?48/^[8`$)#<F_&DOMVDQX8A`"&/
M_"+$\P:W\*Y8%V.69@GBDH%5V8%.J;1OL#8G`X(?W+[1,^H:##"(=_@F)\6Y
M=K74ZI[>B"$"RM,JER&D/;$#,_#I4\'"&G#.&*`!_CW'=VS/R"0!.U+M.*3P
M/5%T\>"DI.A-2<83WD1J#L<BF;'7K'9JS=73JIL=?XUC@)YKQ28W@)TF0]LK
M'7.W$3P4"3`BX$1MM$H6DSX5[N(!6SP6R`$W+R"X-*#_0S!%2[66,ZU4#]L2
M^&8?L[GJ:2O.%==-*6.Q`([*G7^DITC2$^D^.")V*6<D'RGBWGVZ[K+!\XLQ
M!$(N8`AQY+7\U1EPOV!]OQ?@W^.CN\=CS@&9BX?',0F:[DTYN\9__,AO_&`<
M37P;VRQB<,U`IY<<^7,!;=*V$F<88Y#*7)@)L:5E:3*S>\K!?)DQ7!N#*TO9
M+[4JNHS%[E21J"=0&5O$!7Q@ZU&ANZ`]R[$URZ\+"!)]@Q@2&!D2@H.+C(T8
M%GV0DI%]'!@;&QD=?0Y]'GT/C54,#``'?GX'#P8&1!B-L+`7&@4%"*>HN;JH
M"WR^"0D*OL/#%`<&N\G*R\S-_\[/T-'2T]3/#`(`R`8`$,,`R]M\V;D)%,L`
M"@G)"]O("0]\$0;I?@\"`;KRN@OIJQ`*!P#@J^9'@*\*?QKXZA2KX2`'M4AT
M(,@L0@<8)#A,X:/(H85'H!YTR/#@P2P,FQQ(<(#!P88*#F$]J/!@PTH)#S11
M6@FI#X9''1=E<(%LEP$7&6(Z1%&K`!`&SQ#X,N<G0H)NQ(H]@$JQJ]>O8,-6
M.T"A7(2"OA1PS0=!P%I4\P;F"H"5CUP&%!`88!`A@H!Y$.J)DXMJPH-3`28D
MB(```:^\#[H:Y(-0(1^&2AN9H%6`A(6W!+?M0%!+`XH-?$;$Q.`!@X9**%U?
M*!E)9?^?I!^39AZD@::F#C`K9.K4X0'+"A(V:`C5R`$?!6?G!M&]&]:'6APF
M/(/GJRBO"76S(GBP0*SY\^C34PLP3%VN:Q"B)SL`H:@!"N)S+4C`1R_Y@+V\
M$UDR".!S#0/0L8<+6)-5ME!UC3"%'0WC5+,-#264-H,(@W!PF4/*/2"(![9!
MHL$K%G#01R)]C%#!*]6I]I('.JFH$@8<7-")B1E<`&,?%WA`C``'^'4BA`VU
M4`L+U@RSH"X,/"!55KY`,$%YZF6IY99@\><+/N%4N(T""F!9D'9^3$`E'P.B
MPM]X?C`0#P44>+<+!42BLY4?]P$45H,)/8CD(A(T54`)-,C_\`!AS@2P`PFU
MQ(!"(Q>DD,(%#76P020;.`#)!9M`\I*-F'2``::[2<"!!,*=J($FL[#Z"B85
M7+`J9A6D0$RM,Z$Z*"R%DL`#-%,*T$R4^*T)P6)<-NOLL\G,XPL"$;2UE@&-
M!>#7>V7R&5Y:;P'@2YP*.-:,F@?T8HX!#P@4E@&`6H;9KRAPUE0))X3@PBK-
M'!!"`1I\8$)#SO5$Z0C&;<"!<<8)QT&G?6#R$0<5..#KKX/B2`R-&"N500@5
M.G.`-W8J8P!9PE"9SC'0MNPR>N)6*1\J9=&,)BH`F!O!FE3E,K*!S!@PP5D"
MU*<F!'J)A0Y6#G[8<1\BK&"HH1;0_W"E,A,@H$%0#0FYZ=-@ARV!KL.8&G8L
M$NA@YC,&$*-`R,U8E3*5QI3\\MUXLYVR`B6_D\W:J,")%I6,%ME,8O@%(.<W
M"^@#%ET%QBLHV":\$$,"4Q?``0(]=&#*`Q/T8,$*'&8F06H_GJUZ9B@1D\+7
MJQ-B1)O2>#D,!$\V"MZ:_>V9]^_`^USN,#?#1><"`=2I2P!JQ:GL-`:TY4=C
M:8IC-T'7^#EXT_.>+0(*4F?>688%<*V4!GQLLGHAB;3??NI/9R#D,);$O@@6
M-X`F30"3W9Z[,PO(&>\0<+7@&1!:"R@:T8:AOP.,YP'NR<4$C.6'F&7E&\Y@
MP`0FP)=XL/_G,+0S"@&A$8X)>$=R3K-?'TPP`\QESC09TY4#9B@B][6O4S.<
MH094P$,53```0`1`!`)`Q"(2$8@_8((#J(.D"K@.)BIT`PM"2!#^B8=1UI`2
M[ZR$Q0-Z\5UJJI"<?$%!7=SC*B;4Q3S.$CV5Z<\OWQ`:/]12-'@E0']S00`%
M,-@O!;AE%RCLG@HO\($5S#`&+RC=H.!!0>09T8CG.9D.8,<Z"VR,B:M3%>"\
M0I>LW,-"9.%=.F;VQ5(2Y`!^!(V:?$'*!2#@;3G;103XY@?V4*F,J(C`-[Y!
MGUKRX4J_Q".?`B`T-C4*`1#H8B!5R$Q..,>8+CL`#G:S`;)-+G;_(E""#Z[W
M%?IDY8ZAD1OOZF;*<D(C@?%!1;NP)"T^!&87#ZB6`#9X)S0E*RLS$T`$>_$-
M8!B`E'%"A08GH)9@<),!P>!C,I;9S-B!H#-JHJ7+`B!(1KB&&",PW]E,D(!A
M?<6(H'G`W'R11HI8Y5M:$:8Y2RFTMQ7%EN9*A3>280R\2%2@"C#02!400@%(
M%%Y\.,`!NEC!>";@AY%!4`*PB(X$<!,5#&VHZF90``^4@@\1W`4#C-BN(`K@
MJT7#:C5JX)`,C(`8]1ND!D+PU&0$("`R8$$/0D#7$UC@KAZ@:P]8,(%TH<-M
M"B7(`G:WIO%L<J4'1"4%W@)374SIIKE`_T=?8ZI.<UG0J<D0ESW9Y:YE=,,`
M_"G/`JZ1.WG*90$],^-!`I5"J89-227P%A_`VC_>K8E,=J'&`33Z3%^D@#G,
M5-()_C>7@-R`!B$X`:1JD</FVJLI)/"`"R:8%=R!)4I3HI*5#@N7I:(B>;A`
M+7<12Q%T=G&=RVM/,LA#%W,\"0$8A$`RP=&-4P@Q:!%@`#][02VGV@F=N8O+
M0E<K+]=ZKQ9HLMVT:!M$4QC13CNC+#0"P+4@$<,"%U-A4TY0@A\"L0-R32ZD
M'+""#Z``!(KT2?L6<0$4?``B]TKN+8E*#61MD5F[4'!AR6L>;%##=E@,QE`-
MLY9>0$6EO.A&`O^(^YUR58\!!Q!`@=081N\0LR!%&S!E6%M1`R.)*1:(CD$8
M!,UH4)@1#[!F:YM9*/$5@,0?`,'`%E&("G1`!3\`(A%UF8-:+4($*S%4"*8P
M4JPB&7HHN^V2D3%&V[*2QWA#$!G=BE">,@H`N`1@,^:Q*#;-XQ;K5<!B<\&8
MQL@)7@(I8U2]C#&JPJ`H8_Z*G"#;*$5H;!@CP&1#10""#_CZQ"E&A`/N7`.!
M(+D4,J"D"<*G.2"$=1@N/8\X>29EVEH;K*F%=,LL^#\]^J4^:K1N5]A%GCH:
M=+!V"@`R&54S!11$B&62SZI9/:@$E&`BJ.A/6,25[<-M2@)G+1O\7.O_`B!&
MH8<JB`(0A]I69AS@"<`%$HQMP8._W@Z@CR.LVXBE[;NU\3DE"U.4=\&\AN]B
M/Q0TUK(6AR#EO8<"/%6&G(J&`'Y0"Y`$OB:](02"NWIGMN_J!HV3,6S74=*U
M(OB`!/1@\JX<H`E!>0%T?;`?3QZZO`*<]#,XV/&7[<P7@:W'5I=%TWXS`R^I
MT&]0,:BFOJA1LR4C(LX<(X#%ZF_>J],1<VBC(_:5U3A"^,&3Y&3V*KHS&ORX
M\,"E*O7.X%M+!["!KV91BQ*X`'FUM5Z6L&NL*`M@`5$^`%XPV-F59JWF?I"O
M+P.(02E#(#(C.\68Q?76QB"/#ZQ?1O_T%XR2_U!@;0*&!C=RT38*+BJ$]/F\
M4;0(E>@=@ZAX5]WK*-8'2ZV(33.4!0YJD*YEL"?L7<$/^.$Y4BCN7`2<$9R6
MML&205Q`2<T^"RJ)D4XM&:NS?)#38A``E0*NE`\&0$0,8&KLD0!`!%5$9"S`
MH`X^Q3\Y51]648`'J`R]H'7+,X`"4"WP!&[/0'MP(2[ZE#OH!%`!@`ZZ1$$1
MP&10E7-KMCHI\"(K<E>),`(DTCU>H`,-MS/CASUDHE)`-0P<LW,LUA0>H(+F
ML0"3-`@B,'$>H!W%1`RCIAX*6#3[827W\$F95DY%8T)D80S\`P$3J$]$DGJ]
M5'</T!;L44M7"(8[N/]*N;4+9+$-$O9N$Z9O%?160Z-&"544I1`!`10!QE`?
M]><,T7<V&W!6G=(!':`2%N`!&H`9(M`"J*<+AJ,+'F@>_+8,LT0,52"$P-(4
M(X!QZ?$`1@`CUQ$1%B!:M15SZ3$T[```>3$/5Z@XA5=*#K2`P,`_5]%ZH'-'
M=I%_V`!6:<@_N@B&09,R[P0E__!'6H5[T(`?ZI`8H09.<`&&:@%?[F9835>(
M8=,)%7!7(S`"%B`!%@`/F"$U3[`+,4,[EV@>0F<4;O@<`?`#GF@=&]8#'A9$
M-L`")4!7_CA=5[<,#%`$7P,"G,$!,(!!\S<,S&@>US`!>5$M$_0`>5%!1GC_
M0``(B,MR%?S#3PC(/_3!#5'V??=0<Z#3D>+0#-R1DD9A)@CE'9A&0@8A`/PR
M%TC#*`C""GSR2GXX7EK&/<WD`1W``1W`!Q=P`7RP`1^10DMR)V"G"_@1D-/`
M'ASH!ZX$A<@``(LGA!_P7&X&?_<B72Q3#:3X"B(0`TUQ5V!R3\\ABEVQ&*,U
M3+RP%^[&8WY!`=M2$!&@'<90&`NP'Z:0"@!P)83YEV5A`(/E!WW9#(_U5.@P
M3[KP>M'``':2/4SF8W4S0M/`C6*3`84P"!)P`4G1(X/P4`7P>+Q0=V\1:^@A
M?CCC-@MR9O78"+SF:[XF`2"`8K0I`6@)7330`5()_R4ZP!SUTA0A`)RU%!Z8
M)1;8@D?8PI)=AS>V)%9NU0V1P0?+TSS0`W?PB!AE<H``D%70P)E>)@)9L`<!
MV0WJ(2U6-`S\MSP:-9M((@(OX$*:XP$V,'3>IP-)$35-P0$4PB<*]IYBL0`0
M`#@#Z"31F3?WM$E[!!@2!I'3@$H-*5"55A2H])[ZJ0SD&0LZX@`E,4.8HB.8
M4A.<('&A8!)ZUP=;$!!048(J!73JL9(SI57F)Y]@`P+,9@L6<)'*4`.Z`0(3
M9P$[@`^;F!8^66/84!12,C)(NJ!W(VDR:A1T@D5K-&%%@T6,D4PY)18="BP>
M(`$98`$58R,CL".JP0?5I_^4#S".TU<!;1"(KJ2!RS"EZ9%=\Z4,78:CO[)L
M]H(`<N"CN_`$C"`!]MF$<9)=76H>GD>3J."D[M1T4`HS"JJ.=8(MXEDM;55I
M80=E!DB3,?DG++BG#D&.@S".#Z`B%N`ID3`"J&&JB>"F,&@!^!!$!=%%[%$\
MZ#&=M4BJ?#HH2?>G^2D-!\!$(D!5$8%O"B:H7N&&<SBI7/)Q50D7"%)SDY@+
MD'D.Z6`WF`80N/=YR_D57]H(8V,!'="(KMH'1JFFYHH^IGJJR8&(M(HSW_!)
M;@6=Z@%DRZ`^*D2:GABL38$`/A"0LLD(!ED+%H!!"J:KZ7%/X@FM7`*I89=`
M-A?_E]RBI6AH%,<0'[!X%5GH%>-:J#TQCDIY.I9$C@#'!_+C3./HC19@`V?!
M)O5Z6"-#19&$C,N@`LRD,&(ZF_Z)'0G9<`7+")17`#2`H<00KNGQG+Y@LQ";
M);L7:D#$BI%%6?#Q)+^7/,N":7(B=^<1LH0RLK':`:^A`><J`47I"1V0:^,H
ME!S@`&2@1W=D)<]:06^H)2MILU$0.Y_Y,"B!HR8P<210I,U0`UO9>&$F/.XI
MJ3PX#&[YM.=1@7S0;R>3+5/F6'%493[3%^VB%SGU2K"8'F!+"+KAF85`FJ)I
MNHH0FK?Q"CV[!5L%%S2F)AL*%HV965OY*^TW`C[RJWV`_P*'*@56IDL18!PQ
MX4(*E7A5DJ1>(;G=`KE<HJ]:M0K\(9[\@`Y1**#,PP#Q@3M24D&+^;6CRJ?F
MF05DT"B?U2S3^;`1<'1/<PD<<"+)41SDBZR=<7D'``0(8`$:L`+QN0C(>@-:
MI:B/VTVWP[C0&QHXZU;;ZJC$)U]8A`T4T%?=&X"UQ+P$,;HJ9)I,`@X3O!\E
MM27WA$6^BB0X(AR=\AH^P:<@8)\<D`,?,`,.,"FFTY142@QMXK566<!;YYX)
MO"5Y&RU$9&KZ(6IQMR@Y!8R!R24:;#\<O`RN9"8=R252&G8JO#JD&;_NEU;R
MZ9\T/"A/K`P#F@!30D!2H9V2H?]>/YPE6$%K5LE39!$=H#<7?Z-'^O2I?^DL
M3>Q0-BQ+?Z%5RK<EDQ%V.FL_./(:A9"J*^R[&/-0);"#D.IH#TL-3%MF^]-9
M[D)N`1A$)>@NI5"[7S2=#!LG5^%`;P$O>;$8?Q$?T,'#/3:^.!K&:I0TT5*W
MK_Q+R5#(]I,!F(`;/M)^C#PHA7*TS5!HO(/`%#@WKJP?7#IVQK)'L(A=);@8
M[A8?UZIM#9H,W'LR$$"99@0`]L"]`1%/R"RNL"R?LIP+AZ$?Q;/.6G([N=Q,
M&9`4%9,)P8PQGK*#5>&TNA!/CP-M&$RO:0=$V%D67,$_%00`"(+0$]AQC?:Q
MR`2&-S?_%Y-+4'3QQRZSQZN3SE"%H=+S'I,L%E_G"X"CR\R$`>G*8KE[SP9;
M`$'@#*7'#"48%I`ZK<W0T!E8(`F$RPR--!/`T/IL3A:$<7OY-@3J)G62?WFC
MT:K#T06A'PF0:;5(9L2S"R8]2*EC*R5\SUVP!G6@GPIME0#PBF<1`#49U+7C
MP]``.K?:'V\C>KV@A@G=-@E45`O:3E6Y*+6T6+,T,Y_&K%![SK/IU+@4JMB:
M)2M)4,F("E?=4"@1IB?*T@V!!G<0#>X"$*+&#>HVF'&"UM+0/R&M55;2O:E`
M0!-L+$#M!]A)0-T,I1++)U0H4`J4#(ZSU()=CX1MB9GVL6!1_].@%0^ZT-B#
MU`$>4!+(<0$WRDR-2!R2`'#?.`C5U!(9A5<><`%H``:89H!YH0`3Q"C^7!;O
M@"=^@=`SS9S9Q<]J1$SZ)9?(`Q?E00JUA`Q7IAZ>1S2I<``3]'F)>=]DD2:`
MT]XX]QRH%*ZE4,[/PM1G8YH"#$BZS>`"A9>Y-(9[S;PG4UM&2IVHH`->]@"O
MD!0/<*:ZAL60D`(M@F%WQ8B\48[.\8WCV`%M``=`Y%-Z9BSV"M4#6"W4@CM7
MZ-^1J\R3"D3ST#8)?0_C34%!9!<U7A4D17+$L,P'A.!A8YIAATMOY>"#8UN\
M_:ALZ0L+0B:6R&H_\>$8!AML!@E&N?^J;4H9[YI1CZ@!'G!7$:`"NY3=\(70
M21XX!EHMW6N@0*X]YC&=S^MPM4H*8>VUHD>OWT`>"X#>77&`]X"=,0XZJ8;H
M"!#5A!$S62B]V@;E8--F86?+@<,+CN:XM!T,*D,8_"$?6LEJ&I`C"&.V#14D
M*/WACEB.K_,I*6`!9^H`'E`%3Q``2S;D.FCG^,`./B,0"OW)M;0*ZX@>OGW3
MOEA!QAB&`V$7^*`81Z4>CIZ&,5X.BV+D0723:A3;1I$RH&Y*G/XTIQAV$(E'
MJ,5VUQ;O/3-MXE&3I(;A`>"^L9Y]0A'BW6@!+V$(9IL!,W17O=$'O?$&'[!!
M\X0,0D68Z:+_'?GM?P7!79*+X6)A.Z#.&.KV;O?7>M7.+6A\'@?8S9".:0F(
MT`D-1+0K#=S6<>G>,>NN#`<0U8T!#%_E75`UGO1.#..A4EZ>"U?L99I2$AOP
M`$'(IUL`#L$)+YN40#2*T5ZJQB8C#MJ1?R>/@/GV530SU5[!#2.4,_PG90GB
M1_DXUG<+#6ULX'<3\Q@S\S*-KV8$#3I6)12_#*F>"S608:ZE`9CB`+D&W?:C
M(RN"$R#ZH3]!$WW0!6(@$`$1UCCCQD&SI%4KWW-SU&!1R?PL7T,U6W9![?EF
MB9Y-7J*\Z;?MB7"OB7)_V`YTH%>Q5`A@Y/1W]_KA<F^U,Q,,)CE@_Q/T=@$`
MEQ3(;3"J4P$T4O`5X"(D8K8.\##J.DNN9.^QIUL$-)'[4!>!#A;*"]QBG'^*
MX0='A6FI9H"+0WJC3UY1RV-N_RNIKPSMR.!7,K4M-\7\L5W-D$";'=7`(."@
M5DM\!@@5%WV$A8:'B(F)&AD7$A<6%Q@9BI65%@Z9#A8:'AL>#AH6$IE]?!,4
M?@(!?JU^!@H"KK.TM7X+"[8&"'R]"@>VP<*N`;U\"KFU#*P+#'X,S0$!T-(&
MTJS/SL/;W-W>W`S&LM_DY=P"O15_#;T.EN_P\1\%%MC!`'SVL[NM"Q`,%!!,
M6+5*5;)A`008:!4@V8(`"PTD`#:+`0`C$O_B:5Q$Z8&#"QLR;K3$1U0F"Q5&
M/!A1`<.H4GR@0%"EST\"/MK,!9-HC,\#G<$.&$.P$*C1HTC)X>L5(:G3;>CX
MJ&/'Q]W(J_#F6:`8#%W.!0<2\,KG[Z$L/A02-DO%C1_4@[0.V!B$-1Z&/AA2
M;,B008*$NW4+21B5XN3@380J</!`B8\IFK0BH(7XM-6$G@DJW^PUKK+GS^5@
M]9H)^G/4J>T"JSXTKP"`8>@"`!"@H"=G"A`$'!"``$`$!*D2U!0V`:ZMSKH`
M.`"\6M&##7TX6'@@80-TU1<&\;V081+?0HT(9<RXH*BK!STA)'A@'*A08Q3,
M(XW*)_,PL/)+ZS__^I[/Z_U.G;9.:LVMUMI_P=1FVX+#N;(`<E#E%`P"W"Q0
M`"4%*E*!57UDH$&&=9E!RP(+&B.A40$HR`=13NUB#%>U%%,?@#0:-98")]98
MCH!4<0CB50<.4R(?`OAFP"[MO2)`CL$LD%D$"KR"``(,0-D*`#`2]\"/AWQ8
MR"`:,,?E.RO$491HO?0&P)H`,*G3`BI"D*0Y<!K3H!_H$0D@`!,XPT`"">1B
MT00ZVB+CC(7JQ".!8VX4I#!#K==>62,*,*<M@?J!#YYK/K"IE-T`(%*C%WC4
M$2@8-EJ)"0640-%8#R`0I7XN^G(I.8<BHPL%!>EWZ)#Y)$K+9L%6)H``_Q$$
ML!L$!P00P;$[IC-@5:HZ6H!KPRCXDS`&%!G1;+?6TAD?FK+I![FM0&@+`SXV
M.LD&(RR'@08/B%EM(4%>ID!3Z#5%*WV_.-4?B\*F"ZPX!;O"@((4/M4?L%E"
M)6V/]\IS+8+']8)Q,!%0P&O$Y[A"KJ<`_(2N'X1N,X&]C680"2$=5-"'S!4;
MTEH'?B@@9ROA6`H@L7R`;`ZQZM;(0&[')JWTL?\D?.6+3XUU,&G>+$IMS98\
MVI7&-([[S)0+G5PT+2I@C==S?8SBB-F$M-8#GN:1V(O03RW52\I(26U?H@?0
M[4H$VSH-@2_YZ<1`D6PFGKC/54_,*-NL70P;U_\`4N`F+0W/4HTK";"LZE\9
MI-"'1PYLB34*UR)@7`+[3D/CPWL;9<#@<PL+P)T5;2RL9)0?]8"_PP"^[C72
M'#";XU=#'GD!-TSNW^NZU[(;+2Z<8`$,,AS`P`&CUDQ*!AQP0`D&R]4LPK4<
MX#P++OL<<`,,(8300P?A?@,E?(674V<ON(-V>\X"*`X$Y!00?['%::HPT5$"
M(!QPY$9%![-:NY37!PE<BP7.BYYI;E4G\QR``]>ZEA(<0#/(;8!#&2A?S6)P
MK1!<[@%#T(`#0E@`#H2`!Y<CQ_Y6E#]R\.X8]0.*LP#`*_[1Q``/F,`$$K"*
M5)!(`13X7\'"P9EK1$#_<0-9VI!8$0L!RND!$/C/P8"%FN11D!`@N.`P-G/`
M_73K=DR<P`$HD(`('``X07/%!/I@@@\X(`$H.&,%1W6!#G#`=/=*8PU]8*@F
M?$`$A4#!"D+(@0$$[B@[)!AL*!`!L"``60MX5D\T:91E\$D`M%O0`P`R`00$
M``',(H@?'I8F.0:Q'\0+`,G8Q$2EI7*,P&30$9,X@0=$*4J_&B-MD#=!Y2FR
M!,-8RMA``[A</"`S#'C``0Q`HLXP09")V(`&-K"2>F'@.O>:(3UBQX`BE/`0
M)E`G/7S00W+4:D4YI&6)4CE-82B+B%(#YI*`0239\"H`P3E8+&:CQ6`Z]*$.
M_UTE!5KYRG^0BUQA*5DNDR1!<**QA=%,$P)KP0MG&*"9'@4?8#+0@9J90`/7
MLH`-#A"!&JBP$B^`::M<4,]OW%-7P?CED'ACC-@I0S8#@:!`H]BL.O+&-U,Z
MG"L/9U"E0O2J#EU:`!67+.(=B4H$7<6:CJF*GM*BHQYE50%"@!!CC)06Z/G)
M`5+E44/4BQ`KH6NU+J#3`I`@!I",QP5:@#XBY-`;W3(&4"NEN,8"0'6IY,H_
M`P+1W!33=;1@0.:.HX\J#02KMD%:TJ*8N`?D\I6$,XI3>_,;*@$``J8UJL2D
M,BV40JZ%]3S480L5#@K5H*Z*V$`'1O`R0NAU3"9XP?\'/F""JXB`L#7DJ5.(
MM5A72'$8?=OA,A\J@"@FRQO7#$82$?(`7DV`J[G<+3<.)=MO:+:>2R('6CT:
MT_[9Z:VS*&G9@!L/"7B@>_PUQ'.O50(>/(6ZJS.K'U)4V0":5KW!`%0MEHC?
M6E#@OD")0'MMXK>,T99B=4T`/?I'.PTF+*[[#;`B+K`82:!3Q848<`%.T.%O
M('@6LN@6`NH(')NH9\'*]&[_=')'?R7DDA7FF8+ZR8W=R,<`%*BQN)@)W!F6
M`,FTN#!:DOR,%?T6QH>0@"@D\`#%V):_%PCA#C2CV/(HRU(+(%30X)2SA0'9
M&+FI#V8!9``B3A3"";.;E/W_V1L&]-F5BJ)R7=5I8DV-ALM^X`4`7@SF/K1T
M9GNI-"):HSHVEX@B"2`4M`)"*`#4\2!@5#"D0;.,?=`.`JK&KL<&[>$RGMEL
MK9%!6WL!:!K%50::-L0F/'"7#&S@G6`^'SV`-]T2R4+"KRG26<IJX3:NVFB]
MB-T/&UVH^8*S-1CD%M22W-L#4+K2%:B`<`=#B7,'6)TV^`S0B`1;(@7PDZKH
M#0-U`=MK%XIW$*)/KTOC;4$JD@;;&,N&G5;2(GA.Q<8>W0@Z$B9-3Y(>W![:
M4`R@66Z1<GT*8`48$Q!K?X>&-EF2VY;?6O`SIGFM/;T,'ZB&WV(HX$A-."Z8
M\]H'_T@4N](O31VMO:'E+8<EPLR67BQ^DI"DFQQ`,B\6`EM^QOH&3X'XG1T?
M_`6`%.@<XM`93`6JXV[@6E#HGKEG9HCX9-ULXS<2"O73=80FFB>,ZA04,0>X
M;0PL)^S">$./UX--"`QP0`-T(7P%0RB0M*OH)[_9YJ&'_)O"'7WNON[[2/&N
M/!8R;[;63IAD8.T*`ZS(!5\/,`82K_C%QY2>E=DA,`PPQRAWX^.<&S+FDT*[
MFT]=T75]00MSF*>3.6UA?##.A=N)R-8['P4ZY0`0AKX-E>?1A]J<DO8@@&^`
MX/=!18IS*W;C]@<H1%-%4I)<4U&<I-$T_7-$V4'8^_L//_\.G"_G@'2;9`RG
M)PH=NB,4/T$!E^9\SF<"T$4/07!+3=830R=`SM(;9\$*3%8C"3$[YG<E"/))
MR4(A@?(L%((/"4&!$`%KG"2"O=(*1<>`GL%YRJ-.',!(PD`["Y=YF^4@>*87
MK&>`A)=3(00#U"<,_5%=4'$NSH(N)+(0H5<P%PA;XV!JTV!Z?!(.Q8$R^'!H
M3$2""5$NCY6%%8$P=P=\=25C6[$N$Z`@LU(P3]0>6K<@*?!P/*AB(G!Q!;!C
M#M-F5>,'N,$+MQ`PFL*"H)$B1;*%Z'<[S_)*"W9AK]1T:\)]6B@+B>.(M"!H
M86A_9E1705<`+A`7M#$1XR8LO.#_=_21&Q#@`19@`:D7ARIV=GZE/DEA-T38
M%;?0++`61M:E>P!"B(2X)I:19P%`*$I$;^?%)\&R"ATG1VMR&371AJ0G+"Y(
M0:WA`7YRA@BP3:U`.Q7X&?A0-$L!2S-A;JH8AR"@4R3@BDAQ8T7X6`$D%,>2
M"]?E-+K81:^E&Q#0%`A@?D]%(1$01@!`(B2(,I_49_TH=:[0'QEG&F((7&IU
M9:I``<;1'[CX%#97.+R3&9?Q$+<6CC#&5]=2C@>V<45X"X)R#0OQCKNW'U&!
M(\Z8D,`%7;IV7K:`C86B=?Y7&]L2#L*1D1JI8AS9BA^9)CWED,-@=R>I'RJW
MA"C)DG75_QHPH"EX,PO]X7^@<1,;5D>E9PQEMY.:UI,>&2`@&0PI<CNGM1M!
M6)0Z02P1Z966J).0\W(GD"QC\VHU,GJJ=AFM!&!:J7A<:8ZR(S4WB&,GV%C:
M8Y9TQS#_IY1UI5,3@(BV8)!\5AL1V3=^D`-YJ8H]:0$UZ%-Z@RFX1Y@%8S=^
M1W"(Z5$7!TW&=U:^,'#D`'CEP"Z5:9DZU1LMLIFS8$PEYYG[T7NW:13/>$9G
M%P*PX"8JEXTZ@1Y_"67Q81`/TBVS9(H=<(HRXS*CPP@=``+IPU*&QP'G-!WS
M(C[A"(>-HDAU6);*H")[<P"QB)L)<RA/F91K"70Q=8C$H7F?@?]\[=$I[[>8
M04,N->`8IH`!CO&<)^033Y``GU`!F$!"*W$!*?``'2!.@M07T4D)%=`(U\$(
M?8!XY]0'#A`S+$9F&*!N@"%<%<I7)8IX&B`!-!,2R\$!9!9F(11N2;%#KP$G
M4ADCLE`0`Z0I#@E%6#(3.(&3FL)]:1$+YZ>>"=0+@)AH[UEI(E8`J!":K]![
MJKD-X4"4MZ`>!B!'KK1CY"($?#`=?.`!'^(!#KH)''`LXX&*(Q`F_ID)@R%(
MVDD)+CHS'=`=A#`*$L`!,^,`W<$(+%9!VIFA>#5VZF:HI)`V'%I(%!JH>"E\
M!="43T&C?GA4\K&%QAA5.)D`?'*%&)7_`#/!B_GP;.19852D)UTSFJ1)8+SH
M3V#H&1?F=-K#J5.R=0)P$PQ0`?[)!WD!H!X`"@XP`@)P`Q(0,]/!5PX@.BCA
M`'LJ2`Y:01TP'G7:(0^Z(1>P(7U`3M-)'2UE>(1P2!V``=$:KLRJHI;F$87P
M`/22""\GC;&G(F-#19LEB"%7>\"`JPEQJ[-A$\9D$;<J')!XD$]G-S?Z%+WI
MFRT4?\,0=5(J1*@*E=SG#S8Q$)(1`1*PJZ:@KGTP`AW0H2[P":,P'2/@`1<0
MK!_QJUEY+W>!BA60HG]J.J0`I^GF#N&:H7S!K*-#,R.PJ!;``8/`IW>:-LS*
M8GSU'8E@=97Q_S`@<RB:DZ,,!"A/0B&S$T8!Y`>P58VF=@`0L(6MBJ1UEZI-
M"F9J=0+[.@QMF)Y'P0LL"`#QT`5GT'K043H<ZA>C`[,?X:(8D*A>X@'96AWS
M4FQ\R@'B]`!;PJ<64+?5P5=]P+=E-T-[AY`81@L#`2.8&@#J`:H+-@ZQ4`RK
MY!_Z^AJCJ@H%>Y*.Z9ZV%FPP50*7L5Y?>8=&Q0#0`+L/T1#ED0"&P!T5E+<9
M<0$HX`7BL7H20`E^@9<4Y`@JB@'/84[:\0@E*PAD=JUYJVX986R`468;4"H/
M4"K/.W8B\;PJ&A**<''MB13&5'QH.R+`^"SI`@TI<UZ'$TJ$L@!1!O\,!)%^
M2(ICJ6FZM15LZM0!IQD,43>^2%$;\K$FW65JH+H;"6$(HF`*$C`"A^<``O!?
MZ1,O%F"F#G")KXEK:N0PNF*^2WJ_@5A4^@MBE09NB,8-4C.ZY8`/&&/`"G!>
ME2L`A@#!&<`'_A4*#@`&,>,8IZ@!AV0*&WQ&J-,JM6`-IY7$N00EP(..(CQ2
M:*D?!TO$UP(#R-(-R'<,5;H3QS`+!CP!833#X$&FNOK`'+`A;0J@:7.*HR#$
M@J2[9*8)<CS'=$S'HL#&>)S'>IS'(P!:"Z)5@`S(64(LS?C$3H,F?VFPJNI1
M+Q<",-D-`^,9-\$5!AR6F%I>B#<SG,`!.!S_LBI@%9[`L9K@QO?B%Z1SBBG0
M"VS,`77<RJ[,O<,;R[(\R[&<BH:@5FRU'\32F8:L(Y0(&E-<=?10M=Y`+)FI
M0RM"#,JR/=,`#,8S`2,P"-?;IZ5R`7G0%X10LK$<MQG2%R?D`-+1QV/:LYD0
M$K9L@"!5.:W;R\*BF\"\R!XE8A:`2A%Y3Z4Z91%)`<UW"&=@!C]BO)D@'1[0
M"\25H-1QSI69SF[DE[O)SDGQ0P(\'_`,3IO`!=HS4:J6Q>=;#I*!E+8``#)0
M.JQG!VR`%;J[(7?<"REPBAW+O4-<%PJ]T"3LT"O):Y![NL'&`<G9"L^B7C]4
MR$@Q.`.W``\@`PCM_Q<;\IP6D,IAR@DDY!?@^=)7<2UO4R-J1].)<JK$^0W!
MK#P:,+Z4P@UVL]4,`3+H$=';8`!%0!=]<<H6(,ZFR,KENH-2K2K7HFN%.=-8
M72-1Q\+R-=$4)`%(^2"-DVW><#@&;!RPX'L5,D0`Q=3$)=?F7-?@E$:/6R@[
M=,Q[G11?:RR`K3P<D!.2R3E!9,_<\"S)<#A9<AE89A&]Y`O'LB;-<@.4?<++
M)BRRM]FO8PP"VPU=S3:9<X88<T7>L$.W$A;Y(6$*,W,5096F11FVL$>U#6.3
M9`%^[1FYK=O[<2,-O35ARY-X\TH8(Q'VHUAN@E#W<$FQFKDQK%XI-MW\I?].
M:+T?/W1]VCW"AJV6.`UC$H`Q]NL*9%U\G;DDLL$*%O$`"X$<Q?!)"@``L68`
M!0C?P'5Q,'#=GO$P%G[?Y!#%2?';6-/?.+8Q9&T3KUIZ#KFUR!!&=(0R]O`>
MO3U^Q"OA5)PZ+M`FPC*$(:SAPY#%(^[=^[V*_BWBYD";Q&#`JN`I%I$*@--G
ML4"5Y0!L,AY@,T!#'#`$!8/C.NX9OWP4'NX]&-,L9V4.;>@3LQ`!=H3B-;HO
M"R8KO4+`W\`]4:YB)B`!GG<":?D44;?166Y/[LSEG\TV%]!/^T8G*D+)$`$H
MA>:'"2$A+OP-.A#GR093)'#/0$%=W;WGM;!M$OW_W2H6`IE""[37:3J1*[B`
M4-.@$%L;$`VQ8!MC>FF8UA$.Z?$M.0FSRY>.Z?AKT[SYYV9C040P&X.3-.M1
MI<MP1^E!SX6H"L="*+)1"Y/<#18KZS`VY=CB-+:.ZYA4XN;0Y163`#0F)?.M
M"T,T$(,3"U%4=$1Q``U+W"/"0V(M[3"F-05S3[R,[=T0=7>.FIP.7!\0@U*2
MF=)@P&,1VV+I[$,1ULJ0POINE<+`MI9@O%$-[P6B%?F>=E+CT?:>U@J"I87]
MXPJI`4.0X&WT$)Y21"NR5<D2:WKC)(&<%L'``&`\&GWRT95P`3;PW!.``Q$O
M\8$QY?7P5E>=\>90?`WK_SP>7U<M$`*L<!-+M$RYP:G-LL6M$/09MLO66)`Z
MMP'[QS/$RO.-,D,_#_2II-E"CSFIM>V\?B\?8`&O(1919%HYKO&\C12A[@L-
M]`HX<`@BX.T`O,]>WQPS9.<5EMEECRMZ_=?[+D@H0`(&UJ\ZDMU($6<;WR;J
M7@@F@`1;+SU^__>!,4.Y//B/5_C?L()HG_C%B_FTI^?8[8"5T3'P00$R0!WT
M$"Z5S_G-(6*?#_J?*/H[OF2E?_04)`)JP%.2$??NT1/&KPQ@Y`OW>$NU;UQ^
M@="VWP<Q/?BLS_LJL_N^G?9<(OQ$@`N5>N-X^!E.PC`(#NU1H`(U@"7%4P,X
M0/_7TV\(U5]A2HO]PK!#X3YEIL\V2@`(00L+"@=^AXB)BHN,C8X/?)$*$0<(
M`@<!$0(4CIV)!@<"D7P4$9Z=!@!2&'VMKJ^PL;*SM+6VM[BV!04AI[Z_P`>C
M"@O`QL?(R<B$HPG(HGP5?PV1#KG7UR)*%@8&$`#*X8L4H^7FIN*'#``0DA,,
MR@LYK-CU]O?XM;LA!NG^C,(D%?M'L*"X``J:)8,FC1H?:_GR9;``S@`"9P:3
MM3/'$8'!``E&(3C0[YB!'!%3JEPI:Q<)<!G_`1@V,*;-FXD"1L+X+%+#:BRQ
MX7C0SR)/G*<6"`#`M*E3I@+@&02%H%F`8P"":MU:+\'_KA,=D(8+*4FJV+/^
M=/*9$([A-*!<:4DH<?50`@0ET3H"4+=3A`<W&4Q(R.>;64\!*L1=S/B5A%T%
M2)S(J]<763YX*VLVIM906Y]O'S:&-:,$3#\!(%#>G`C`:D8!3M^,0"[2)5\3
M%(_>K?6"AETE7+QFO>AR9N+(%75.Y]8AQ-TH"M#(JRFYHHH"+AZ`@/?!-]2R
M<1KP+BG!\$019&S@S5ZEB1:[.)RP[JAJI./T62]G#MHY^P0<L(4(4_D=PM<"
M;)$2`0*$^*$`>)HMD$!""O3ER`$Z=)!!>QS:(P)\D4E1H"(6B31B3(<=!LDH
MGO$736C/-18=@XDD`%B!!WB6_\`$#R#@$1]^`/D`.IH9,$$DX37"P`,_:/#`
M!1U&:8L)OQ7@@84CEKC3B04%P,<E$80DP)"U1=*BBS^)MEL,TBDB`);),2"`
M'PDX`^2;#SZ(WV81)!05,`$P*80#&VPHY:&M@`"9#5PBHB4?1S6J##0<F7,F
MFC#RMHL,BBAP&'TV?KF4)7ZP\T!JYZ$E)Q^3)!/``0#\H,*LLY;1E`X2(,K8
M"KMX\.F(S&PIJ3)>5FJ.@`0U!U=CBA8@FP%`GBBG(]Y@EBI:,ZUU;3@U&*KK
M5B;L8@&<P!+&1Y+#6H9)`.RVZVX`<Q:DK)J-O5"`!42B%N^)!T2*R&40U$0<
M0I@)3/_02=_&!=^XZ?H1+!^7-NS)OIV8)V]_R^YZKX4'<-)HQY09,*9]K!J\
MF0'D*'#C1S$FO)(#&TO\<,02-Q(O`U<9$$!1`_%U\8O^C0:SKZVAFU\`"+BV
M#@(YETD,?2M2L"TR`*SG,DLP,RSQ?C5W,B<#"%`PP44>A0V8S\EB3"]C\/62
M"`4TC]@QW(I<]K1U"U0%`;GB`"#$`_1<G4_6?'.IELE=)S+G`PD`P``$E<`+
MKQ_O_)QFRW'MHPC3B1='$WT&D&6T.`@:D:O@]V2=;\,ZW=VY(A2L0P$`FTQ`
M@>1S4NS/O)ASI7DB?$R=KMV(\^FG\,@<(`/J]L#L;.<KEOS_NG(`]!L!=P9X
MBD"8(!G$^VZ_J_/@]'5_3A_8K*Y.$`4:,G_-#+N,+BGQY!^2?>@4+$"[*0#$
M+D#QDU);[[82/GW5KWP"*5"VD#65`_R@?>ZKQ0?B-SV`(>]$)?(7(B+`P']\
M;S0%9-P!$6BF`A&,1C893P$J`*4(QF*"!0A+!45RP?S,C!%*J:$O/MB87:"P
M5/)[W64@5B"4L2IN!%E2#ECH0E?`D`7UH]2>&O:PBU@,$3W2X0X%N)O?:,T/
M`E#?"*-'Q`)%38O'$(P,A,`$!WA+<,WJ0?T>-45)/<QB"^)+QX+X&:!E;#&$
M0\3>1@B0<B!Q,PMH1\`J,YX.,*]9_VXCWZ,T>*([4H\H..$A8V#&@=-$BY"+
MX%H*)W!%5(A.,P]X8\)$\)7"26R2Z;(D:S2Y&#8]SV$0`&4C1)F1J/WB`,?3
M2P!.)[C?E&!EDC07)?&F3.30,BXPO,$A)J?+0K+H)BM:YB+0UZJS'$"5"7.>
M!0AYQTQ00&7LFA`:TZ$6;8KEF5RQ5P%V8*`.5A,1:D&F01[@FF,<:2UG`4#@
MKB9/#P"P:P\S%J0VTT[KP',KD#S$!/A(R(:>Z(2_,@@#<,"\<!6``\(AY!`5
MNLYDY),^#]4**PMP@JN\Z9X7*H<[3R:*0B!E`3(@ILN<QX$0T$`&KDQ7TIY"
M5!OIA9?$2?^I5GY#`D-X"J:.D.6)LEG24X`B0QN0@`0>0*B!MD<$SH.,!^PI
M,[*2R&-B06I2N;@;YR4(JIV0*K`4>5""M*L8!QB!KB[`*Y?(,'&O\@5:<:+6
MM?IQ;8R!7P'HXA&X1K69OOC2WMAQB>R,I'';"9)@+&&`O(TD2-E!G!'YL+((
MY*4O@RA(#1[P+1!4"0'Z;%@F_+`=ID$@8-Z!R4S3\<\2CDBI07D,+ZKCV,<J
MY!1`<LHAWO0X`$PT>'P`&^6LYXT@T7:9P/P2*"C`W`1\0V>6..0Q#F`U1%T`
M,D#(J*1BXX=27&0"/,K3<I$R1/%N!K@L\>@)EE+<N$*V$^=B$.W_^/)2/L!+
M`(U[TYR@<A4@`8F:C<A;89PAF`288H_=N`U!F)`P>9;@KQ)C`"=ZQ#0$0(`!
M#G:86?]AMZ#.DJU=_.A"^VO<2$@-P/""50("(*<&>^,;`IC`Y!ALW0?KCA%'
MVE;>#B8$EX%H.HL(5*/P<B<#,T6^$Q`CB\W')?RRQ)9!@,!+:8Q#<]41$<EM
MRG+9Y1$%O(FTWD`9!Q^PY.2N.!$/B&W=ZOH+`Q3`JX>*3F3.%(`.>,`"]M4,
MK`!@B04A8!T0($IC8T(_27EY)?*$P7C<S&>H)I*&-J/M`T)QB0ELHA@3E5,Q
M-%&1!.0/C`@6'GL[<6-_3`"<B/)*`6#`_P,`R*`!#D#"+AC590"6PB:5MC2,
M1W/>>YDB%0I(@'J+2\>J4OHJ"[A*H/J1;=I2U!,,&&`K,,#5\HY&L;M(P`=$
MT`<8PJ!1.03(;DU"*=<I^[#BYHJN_QHZ2%F[<]4>T;2`Z9JD38#@ASBS,00Z
M"PPXH`97.0!K>7,!$("@A:UH=DL_MLA$D#(FC[+WO2_7GKX"01$,F%`_R6P_
MDBD<R3[JL0`4`%MBS$X90S(0@8<,DYSW3187>/AA)H!Q*3$UT8S<B+1I"UN0
MN[S3#EWV:`3]0T0H164L;SFH3_$XRM'.I5>I4W25L7*FX`Z(T_RV(R*@FU9D
M``>5(Y$-=.4\M?^CI;=U&M._%Q'PFEV:)?$Q*[P@E_6^=P+"+WTIBN?-",?I
MW!L$(A"$TA&!'#A`"#\@R5Z*WB'%<FI$$3"1>%R^][/\?26V//F%;NMB4#ZJ
MXXZ8'+L27Y?MA6/4T]0V)MEEH-87Q`"./-03LT28I][$\'Z7^FB$>P(MXU/,
MOC]@R`]Z/[C1?LWAF-8I3KR9(B"J630849GT3)!/WZ?T:#G]2JH$XD9`.W8T
M'JWTUAYD(Z%Z(!.`>B-V[`E(=/.HN,8;$94?.C%8&5%%Z)=^RC<:?:5IOI`*
MD#)MNI1L-/5LN)=G_=`CV5)*8F$`^09"5B*!JE)\"9@(#U-KKZ-^*M'_+*8!
M#"EW+B4X(A18)*96"@"@,AW#7ZC1#E6'%!QV*.(2?3=!*<Z7#G*5@@LX&KI&
M3\8@8@JP<G`U@\BA7D:$=6<Q`8@"'RV8'-D"4#9QA$B(;U$B7(B&#(.'=#.4
M0!+S``D!?TCQ38?B/`C@`Z;%&@LP"JKQA?\514G8&")0)4QHAK>%AITCA?!F
M'V-F$\,4:)#!4B%0`C=@=CN#%(\BA,#0)\<U0BJX$C!4AL"P`+`2`:\"?5%H
M2%VS'?=!B,#@@;2``1(`:$%A`C,`(HW(`19@`2$``RS0`726$;UE=\$@4[JT
MB2KQA[NP`\+#`#[@`200&2<``S*``)P&5?4%_UC0`#DEV&1`EP,1L%J[87$?
M\`$.$%:040((T`,)H'^')WH9H19WUCG$J!(P]!*>D`H)@`4?$`.Z]A53L!,B
M^#J%M5YD\83HEV>PX!L34!(25PL7(`1SL!4B``+Y6"4?A0`V8(DDLA$B]P\!
M.3WQF!+&N&L`E!ZJ9`(?L(\6,`0)P8$598J=DW*$L73_\`!&,(X=$`4/\"D+
M*0L94`2IP'E:@0)]M0\=L$[C%Q,=Z9%]N!O"!5*O$0`Z,'&S(`'[Z`$^<$Y0
MV)+7]#K09F,8J0P[Z0KG)4,!8&YQ80)#60(TD)6^$'JV@90N>4\?J1+.0P(\
M<%HUX`"P"`LB`$/."/\O5@A*22DIH+`1871W4GD!)R`;'\@2($"+:LF6CL``
M))@175A&,#67(*EK)(`O`,`!8K"7L^`;P.$#^D)X@AF7TQ,*D8":]*48$D`#
MJ].8P;6/P?$+1)@1U0A7FID2I`D<6,!N'@(B)^`9VS%(6AD)Y-<U`5`;!(D4
ML:%YBA!\[4&5/E2$AQ`]!N@/=J.*B=.;(!F.*.";@)@3I#A"%G5`+\@J<:<9
M*A`E(=E^BQ`L>5@0AEA-X'DU,%2<GW"#[[@U>U@_ZQ"3ZN@/[QDE?15^G4`R
M7^D(]XF?2]E$M!"2XX1R8S="8"A)Y/$E#8H,!]HA@N8"G="%_VD,#PJA8BC_
MH?:@6)QS'4<V/1E:/ZA8&-[IH5(2+OS9",6"&;_G-`5*/OEY-1Y5`,3V"14"
M2C$*.@"`G8H`+ZV)23?QH1SR`20@GXZR$7SPH^Y',AOI6$%Z-7V5HW@V:1@:
MH`52&P4J(9+@>#&!A1UR`?*1*I<!C-1",K!'9E_J,E2R"T#P&JY9IIGX6Y'P
ME3#IC^W(6AG`50Z@4UPA`DAPEVLW"B^:#,B'IQ&JHK0`0W':I`H0@XAD+BAH
M0T$F#EU)"AT*$-4S$-H8%^=U9]E3%O]0J9::HIAJ#R`B&6:1"DY`IW9D9IY*
M'S.J83$AI5KA!6,@7F52HWQ'>EFG.)=:J[(0DAPP_P(=```=0`,D0`(7BJ3,
M6ER:T)K261#$RA(/8`$BJ)W_@#[GUZS.2JO0B@U@U8@.X%J[``/;*7W=6ES-
MN:;H-ZXI@0%TP$>4*0G_AH#LVJXD]Z[W<`$O(`$MU"P<D`:GBD'YVH$)<)B2
MXW5@I!0"\#]UD@[K&6W_Z`LUH!4OP`*=QJ#^8+`'BPAYBJF*%0*3.D<5BQ/.
M)3*4,ZHS!RV'`"0_]F^ERG\_MQ(78`3+>1VC4**>D*19][(J*@*ZY@3*2I@U
M:Q/`E)-^D#0>D1W"T+-^H`F'&:L;FHC($`&,:@\.EY"_<(>M:6U,V[3/JK"Y
M(&@G4)_5)*M(*8TH%B0B\_\`HN"U$^5<[6@??^J";7</%7`#(VL_6*JE)FBF
M+0M&<2NWN.`\4\"KZ?)ZCOM+AH``@S%SFH`TT0(D/N(CBGB-DND)''4/#Z`#
MEOB+Z4`PPA*Y;C*YE&L+S4("QG=/TX<3>=.Q.T(Y%QLHHXMBW;"M&1&R;.H+
M/U`/05<$&+FC9&I2PDB[B^"TM>H\(\!XB=-O:GBP@A&3(PN'MD!N./`#6(L,
MK\HJB[M+U6N]M>NNMQL1S/=)U,AE!YL*AAE4!K"ZHPEWFWL(1QD.@WFPV%NK
MO\$!]GN_WZM1.5,3.)-[`Q'!BK81G[47`9@!(<5.HW"OP;B5\'N]MCN_M6!+
M3C#_L<.#O_^P(,.[+^10#`%F""_,&M]*H\-Q$EX%5E`&LI4)EJH9P@B;*20L
MC[N0`BB<P@WL#\>F8(CPA("19@X"`$<+G0,IF0M0!0/5`A3A0:/`I#$%PD`<
MOPD[Q!'1+*1%9B=Z#&-&38G4,:#E*6WLP?Y0/5PW(8;Z"370`5I5`6LYDX%Z
M#+L9QB(LOV1L#X_A`3I(8X','&`7+]XQ(=9E(X\\/C%A8GUV@SN!)3K#>__`
MMH6Q3HLLR$$<-(6,#RLP5B+$<J&,<Q30(T@3``L@-@AQAT`DRUTZQP:VBL'J
MQ<J@LLG08J)L,R-<RAO`"B^P`Z8`8616P*<`*P:P#M7C_WB8``Z9(,U'O$TS
MQAG7.+6.`+N_K,+![++#3,88D``UD'DED1KLRLPI2,G'X*2LDKJNPHZ`#,[A
MO%SC/+\@,`.GP@@+O,SET)[5-!,0T,H8&;("3:F-^\U)?,_B3,BE/`ML\D7`
M\ZN2HA816$T#:PY)DT:8#"F;.\#&T+LC%!O%L`[<[#7Y?+N!=+W7G#@8G=$C
M]"CFX,ZKR`ZV@9%N^27JRZ4!7"`["T:9M-*4V])N\M*)LYXRU;Y<0A;M,,6<
M8<%HN+Z[VV<NQ]3I@F!X,;.[0]1R:]0>A[F@I-3-@-50LR4TEQ'P'&E3DYLC
M7;4'-"=W,;W>X]4*"S/'U'ABK?]+9)W32>U;1V+625'%J8*N;[UU^"G`_VPY
M0AS1MF!+Z.+&0-S7'%HSE-D77A)M-E&H,OVX;7O8ZWI/&8LR0PW1C@T+,&2E
MRAS"I2JI2`URSMJQ@OV`'WT[B>#+:^NKU/9.=OVNPS>?JD$[,@F_K>W777/!
MWF28AD"BQL"RCL6]"]';T"IH<N3/GY5C85S<F)'29V'1NW2-B)T4RN3=R0$M
M/STQTEVK`Z@<>_*QV?W1>,C=C@7/@_J)D`M3H:>T`63:LN"*#CMNCG$!&2`!
M`^ZP%_#??9`!WN**K^"*!ZY5K!#AN2+@*=%*RJ%!_2+*XX&EX.K0O<4JPUUC
MV=Q?%TO_UW7-W[)@`1C``7VPXJU0`5GU`!O0`;YQ`<7L`7VP`8"C`:WP`(YD
M#1A0`1+@`!=@`1F@&Q;0"A:P'F=;#\:$3!;AH*]=41Q.H\&\TTM!H"(.W?63
M-,B;$:>'XTE>KGV@QWUP`1C0`3J>2CFNYA"Q(1B`XWVPJ"J>X'V@5QNR`7+N
M`&:>$LX#8CGB*/:;<@X]HW@(I<1=?/"PX<:=$_?M:;.#F3'Q=QO``17P``ZK
MXBSN"GJE`1M@#1H@`4G^"I_>"I;>=I7>`1B``1N0Y+GB`4U>#S!4W78A%=GE
M)@Y]"(;.KZ+*%DI!.:/6(OFW/RAS.QVKBLG*WC:6$^]+9J,V_Q-RW-4H#@MJ
MW@IT/N1N!Z=]@.,;(N9N9^VY$N>+VN(7H.9H+N0XGBL<()7Y(&A$,U^(X"6X
MGNNZ3C*\GAQODHZFI@G?<!J7@!?]SCA<W0B&'655@1%JL=<IN`ZL4MIC?`MR
M/G$J[DA;50$LQ.,)SN(\GN:M(`'KX>E;-><7,`*NR$1CW@<P7HS`L3)'(>\>
M1^^)0-_WKA_?,1*FM@G^3CM!DD@6-HV_L-&=2BT)D2,_''\>D2U3CL_3+I9$
M'G0"7@$8<.!/(N0ZWN.LY8I/X@H9L`$M-."IM*@6[[!"?O5`>0\@(J(&$O,+
MK/#L*O/Q/-M]8Q&AYR.7<"ZH`2]^Z_\@!Y!R':O&7;RTYN);S<I!I1()^NWW
M2W_:?2!/+2H;+C\@,`\;E%+6FG$78>0,W($TU.PC(I,TM05,PNH)S'T*'R[?
MA7@5_Y1+-G'`$32DQ'84.J,(AR_*;M_9,.7)=MO-Y0#5<)5+._KE:9/XBM]7
M=HDT`!3ED3^9(V7[>L$`.--9.`/+I_HH?#92+^=8L9Q(J:&<JY_>[[JG'V4!
M",`%0O8N@8+<R:\DRQ_B`343?MLOD+/8P.#-%3,,M$$*!RO%G\4,T0X(?H*#
MA(6&`GQ\%7\-B0Y]D)&2DY25EI>8F9J;%Q\Q&@6A'@H`I0@(``$&AJRMKJ^P
ML;*SM+,,"8G_N7P"`;6^A:6[O`$"?GR_@P&Y"+&XB0H+?@8(?`G(U]C9@P@0
M`,F)VJV(BHR.F^?HZ>KK?2(?H04DUGX!"JOA^/GZU[>ZB;S[6@6;`"$`,6/7
M#"AX%NV5,S[0!BGD<R"@Q7`&JA4ZP">"Q7&+&O%YQ*ZDR9.;0(`J@,"C'P'>
M+LJ<N8\!@(6Z`,X,MH"/P6(^%\2D12'7`U@/(Q):L-`ES:>P#B"X1RC!O'T@
MRXU$R;5K5Q#P=@AB2A6JV;.Q#-STI].B06\`&#"H6.K`4%D1<A5S9:`H0U9Y
ME:(=/*%LU8^)0IKSRKAQNG<%3KA,,&&PY<N%U.+46Q&S+9SV^%+[_]N*8VC/
MJ"]F%4G2L>O7E$2L[""(`1\&J7-#U>P/0N=L`2H>"%"*`?&C-@/8C%OJ[J%<
M3@U-RP6AH2M<4W5KU[9Z,>SOL%>$8C'(ZO;S%@T\@-#[-S(*Q6"BH@`@`06I
M$2!$F*^L5ZL'N5PEW6A\9!=+412@IR`MW6T%WH..H3#>(+;AMN"%VAS`GBZ^
M70-!`L0```$%#]1WWS$PC7C4,:WTE`@$ADE$H(%I42,@AC@*TF!K$/:($E@%
MD%?>C3D6*8N&[<7X2@`0P"1??0`(4!&*`*!B#8NL$.C?@,LHR=="[AFYX(X^
MEGD2D)5)I("%8K89U8:YD.*E(0!,<(``3O^&&!,%!!%S$);`Y)*F(0O,.*<K
M3'7DYIB):<6CF9">(Z%DP.RUZ*6L(*F+G+$LL$H`"S#@J7)LJF+`J/2PHDPB
MS+"2**N'OA*8=9CF1F:DN&XB7@_2*;!EK<#2,TZ<`,2JCP%PTCK(J[L8^XII
MS@8[TZVY5FN)!AP,2DB4TG9+C#^</O70481N1B0RV$7;;4#46NLN)!*P]*N:
M\ZY[Z;?^)-#<OOSVZ^^_=1+KK[GZ(&BO9>V^:VT,!<#@R@.6'EPKOOY4;/'%
M&&=\\;G83,>QQ(B1PYK""H,B9"OZ@1SL`@]I[/+++W_<,9@J/Y4PR9%>$(JV
MAFA8<["WX"GTT$3_%VVTT=0<333/^B0:W<]8-3HRSM5*6(!SAJ0,]=;73)!@
M:K-R';7(WE$=*618%_*`S&*W34B%ND'K=C@WF^TCVK`P-??>K9BG7;I\7U.W
MW1#B#4MU@<]M@'_UJ`N5P8G[,CCAX!GN4-J1@[S?!`B$6,@"]:+E<>8,2ETV
MY3U:[LI^I/_<5TQ]\5$61WQ@;M9$8;;.RN2HOP;9#;+<IKO$!K0ER`,44`5`
M(E][YO3PKO#>NV/Q%@"$+/=!;Z\`R@IR0/,,P->]96%K7XCTTS,&I`=L/MR\
M^;7:Y8=<?H!ND!\)C.]]7(*D0L]1!V#37.C!/YL(ISBSD!O\=&0Z!Z4/_T*A
M($'N#&&;!0(K>:_SPP0$@``%^"$"F$->!#S(I&(LCP%M(4:A\N,'!42`1`)X
M@"IH`;@%HN^!76E!*&0@BY98$%/Q(45Y8A(Q0CP``0T)AA]$M,$MZ>DE]7C`
M*HPW"\C![X8X1,D,0@$#8TV`:3\LTEY@4AO9"8)C!L#.2_9#'(*D$";>X$5^
M.L)![M5B=%=LX*.RZ!J=Q6."GX-`&!<UQIAX;1#O(X1!D*6,#C8'%[V8"S%*
M]!*A^`%B5)P%[O)(-@?R$38)"`5M8B&808I11S%!Q2"*.(C]B,AG4BE%7B(Y
MH@DP``*<\P,"O!8E?;5O%L_3'A8_69(M!DD6"?\@ERE/^9*8^&25KC".`40E
M#5+1XQ[&$<3BDA$-^SFNE1#17^*&2<QU6,UAL;C3,HW$RO,928&Z&\TBD)`(
M#I03-B8(10ADD9%OKA-AH?,>V[930])E)!%6^(,6<H&!>[Y&G[.0TC]Q%+Y=
M\BL!`DB`/SUCQ<S1C@]4^`,5<M$!A[H&HK)8VT1QI*'%&621E\)CYC8T@#_8
M]`JYD(!)&Q,*&@#3@RN]D-:ZM<G(/00*-A5I+E*@TYUV94*S*$A0%<2M@P63
M;P^I:5(5J@L'--2I)D$3+;XXU?,H)*#`*I_;4)B+)"QAJS?510HXX``)V/6N
M>,VK7O?*U[[Z]:^`#:R[!%9@`0^DXJ6(3>Q;.J?8QCKVL9"-K&0G2]G*6O:R
MF&TLYS++V<YB%A>^\JQH1TM9$!*(#VZ%:U(7"K/6NO:UL(VM;&=+V]K:]K:X
MS:UN=\O;WOH6ME]XJVJ3N@21_/:XR$VN<I?+W.8Z][G0]6T2*G"$X:J6"A5H
MP`"BR]WN>O>[X`VO>,?[,@$@`0K5M:YZU\O>]KKWO?!U;UGG2]]9Q/>^^,VO
8?O-;W_[ZMQ#[#;"`!\S?_QJXONL-!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>f27532cppi29-75.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cppi29-75.gif
M1TE&.#EA*0`G`/<``/___\S__YG__V;__S/__P#____,_\S,_YG,_V;,_S/,
M_P#,__^9_\R9_YF9_V:9_S.9_P"9__]F_\QF_YEF_V9F_S-F_P!F__\S_\PS
M_YDS_V8S_S,S_P`S__\`_\P`_YD`_V8`_S,`_P``____S,S_S)G_S&;_S#/_
MS`#_S/_,S,S,S)G,S&;,S#/,S`#,S/^9S,R9S)F9S&:9S#.9S`"9S/]FS,QF
MS)EFS&9FS#-FS`!FS/\SS,PSS)DSS&8SS#,SS``SS/\`S,P`S)D`S&8`S#,`
MS```S/__F<S_F9G_F6;_F3/_F0#_F?_,F<S,F9G,F6;,F3/,F0#,F?^9F<R9
MF9F9F6:9F3.9F0"9F?]FF<QFF9EFF69FF3-FF0!FF?\SF<PSF9DSF68SF3,S
MF0`SF?\`F<P`F9D`F68`F3,`F0``F?__9LS_9IG_9F;_9C/_9@#_9O_,9LS,
M9IG,9F;,9C/,9@#,9O^99LR99IF99F:99C.99@"99O]F9LQF9IEF9F9F9C-F
M9@!F9O\S9LPS9IDS9F8S9C,S9@`S9O\`9LP`9ID`9F8`9C,`9@``9O__,\S_
M,YG_,V;_,S/_,P#_,__,,\S,,YG,,V;,,S/,,P#,,_^9,\R9,YF9,V:9,S.9
M,P"9,_]F,\QF,YEF,V9F,S-F,P!F,_\S,\PS,YDS,V8S,S,S,P`S,_\`,\P`
M,YD`,V8`,S,`,P``,___`,S_`)G_`&;_`#/_``#_`/_,`,S,`)G,`&;,`#/,
M``#,`/^9`,R9`)F9`&:9`#.9``"9`/]F`,QF`)EF`&9F`#-F``!F`/\S`,PS
M`)DS`&8S`#,S```S`/\``,P``)D``&8``#,```````@("!`0$!@8&"`@("@H
M*#`P,#@X.$!`0$A(2%!04%A86&!@8&AH:'!P<'AX>("`@(B(B)"0D)B8F*"@
MH*BHJ+"PL+BXN,#`P,C(R-#0T-C8V.#@X.CHZ/#P\/CX^```````````````
M`````````````````````"'Y!`$`````+``````I`"<`!PC_``$('$BPH,&#
M"!,J7,BPH<.'$`?*LX(NW+>+Z-#)B[B0GA56UT**'+E-(T>#Z+*-7,FR'+V3
M`.2!9$ES9#9W'%>H''FQYS>0K+ZQM`)1I\T5!>E]PPG`Z$BB#>7M%(G.8""D
M`]$-;3A3Y#:#[,H9W)9M:K:-"K6N9#?V:\$5[%9^4TAO:LBY!=5")2AT)=.#
M:D?^%2@UI-N!5FCB/;B-ILN!@42R0@N@;DW*!.75O):MJCN2/F>RLGNMJL'$
M(8/VG+FM*\UM1`.'#`=8Y,V!EC=S1O=28&/)!_N&Q"I0-DWB`C^/#"XR4-+?
M-9T7#+?<H'#,E5%O1AZS^O34!LL)M*^Y>.#,;+5##E:N.R1;B2++#XQ[ER!T
MFEVW]98I4JQ!>B.]9]Q*V[@#73CH!#+>>P;E%Y-_!8G$8$'09=/;:2.A\YA!
MLR$DFW0(50AAA&<=I-E(V!6DW37R#112B@",-R)"XW$G4(<%T6?8A0GE=LTV
M[+@CY)`BN4//D.R892-"3K4'6TT3,M2D;J1Q-IA#2K6'WY(.67$?E:;!A-AX
8++'"FY@'T<-.11<A:`6,:,8IIY@!`0`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>f27532cpf27532a2.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf27532a2.gif
M1TE&.#EAM0`<`.8``(V-C#P\.R0D(N+BXKJZNHF)B+*RL;Z^O<+"PBLK*8*"
M@?GY^#0T,^[N[GY^?>?GYNGIZ>SL[*FIJ?3T]+:VM?#P\'EY>-34U-C8V&YN
M;>#@X/O[^^3DY(6%A%I:6<G)R9*2D965E%965/+R\J*BH=O;VW9V==+2TDU-
M3,W-S%Y>75)24&-C8<K*RG)R<6]O;NKJZM#0T,7%Q$9&1::FI1X>'$M+29F9
MF#@X-MS<W$)"0'AX=TE)1]?7UG]_?FAH9B$A'V=G95!03L?'QHB(A]_?WFMK
M:E144S`P+C\_/2@H)IN;FL;&Q7%Q<+BXM_?W]_W]_?[^_I^?GOS\_)R<F[R\
MN_;V]IV=G,[.S924DZ^OKIB8EZZNK:VMK-[>W4Q,2V1D8[2TL^;FY41$0]#0
MS];6U:"@GXN+BG1T<X^/CO?W]L#`O\3$PWQ\>W-S<K"PK\C(Q\_/SH2$@VQL
M:YJ:F9Z>G<O+RZBHIZ2DH^#@WU=75>?GY]C8UZJJJ1P<&O___R'Y!```````
M+`````"U`!P```?_@'^"@X2%AH>(B8J+C(V.CY"1DHH`?I:7F)E^*YA-DY^@
MH:*CI(25FJA^"2&=BD],L+%8$X4:;S<A?0.1#;&^3`V'4#T'3G!/I<F*#0,#
MM)^GJ9D>2ZV)=IH"1QB"$VD,F#A5A5YW!0HD$(42J`(IAFPL"98U'MS*^(0O
M.#AVH-'2+@&H=LE3(B*I`OQY\N*2@$LUU/V94J`&IB1%""E`9>/9H`.H?D3)
M5VJ"ET'@_$3X%Q!3#00$+1E$-,-2D`MV`EQ:D(7>.P.7"`CJ8$D$@I1;!D7Q
M8$G!A:<7=A$J8M%/DP%I+`780U(4APQ`2`B"(D%"EU```WZ9$--J(BA`_RQ1
M$73FTA0<EFX(&G#)B:!Y##)FL'1GD)>4:Q01]:,#&4C&*[M^@J+$4@ME&UM:
M\O&G[4Q#)2P!02"HC24&0/T`&;&WB6L-@AXFL//AH0V)?YQ<XHHHPAA+$@01
MF#'#`I0_6$!8V)&FC*`&2Y;T*9'%#-LE%$X0V2%6T!0[:2Q8V'(/^A(#&`!0
M^,.!B@\3"B0@NQ`-0)P_5:)C>:Y%C@L%;[#V!Q[1B7&#"04X)X@/FEGR1F?6
M'**;'P$\\(<5.OEAP1R6\*`("I:L@(0?2B0V"`B6*-%`!2Q:44@559WTQP(M
M1E%'99<@<1("ENB0A(98:#6B'S6$(0@`\UP2@/\8?VAA21+@2`%'AI>X\,=B
ME]#P1TU^^#6`'E41V<9"<=7`B25"#,)@@QQ`6%`BI_#@1!A?B"9&AB8HP@0F
M2%Q0B!&HI%$(BB1*>%H'-EB2Q1]49!)&7:ID(80E1@QH"0YG9*C`'R8XRH,E
M7!B`XQ-2Z&`)"DWD,,5#0&P0Q:=^!*&`10)L4(8E`A0PF"IJ-FB#()XE\ALJ
M(:A151]_[,`//UP(`L&PEI3PQQ7$+;`E*GX2\D-1AFS`E!_OL..'E6C@&H88
M&\!ZQA]L4/H'.#6TN:8G(*J"``1.\./!'R6,6,-QVW8I2&A^S/#'$);L^P=>
M?@S0DQ\9_'%"A[UJUEW_L(=$@`H*!TA,CXNF7@+''P<\A(F'3"GT1%Q^%!!=
M=,@0$K(4AL@05P+'L>('"$_42]H?4+`JPQ\/*X#!J8(T88D#?^`8`R%,=&#!
MMTG\$4'(4J7VPA_?)O4'JU!,ZL=<5UABY8(-*HAQS9>PT<P>(_TAA5:"F%"O
M'PU@@10-+'=1F95AB&8M(BM;DBTA.NLAB`L.DE$9$&H(XH4E8P1SY@&G6"!(
MG7YTP9<?50O"1**9:,Y&7$I,,90E(5"F&AM_B/&DZZ/](8(E7O^Q9D!*#+YV
M(23@.C@ANXHP2`&6(/&'!9:H,(45`5=6PSNF@:Y("I<$(_<11VS!N!]Z3<!Y
M_QE=T"V<37]$,8\`5H@]%^T-4&`)"X)L\%L-"AC`^3C!^_&K(/<CP`.T8B'Y
M^8$%LJ.0A>91@W&@K24J&,3O",$\/_S@$$>8WR#`T+P_D,X??^A!F,`@B-O%
M2A%]N(0@U'`F+IAP/W!X2*WD8`DT#"(K+?N#!BSQJR%UC&`>XE`._]`_A85L
M)14L@"`TY@<&:.`#"1.$"BP!@L?0;P^7DHKN-.-`-\GD$!O(H!^Z4P@QHF`0
M&0I.AN@@B`5,D4@.3!((%.$D2^RB#Q:I00.XM`OD^<$-?WCCS_X`JR7\P0R6
M&),,R?`'-UA"B0PS@"``E4,R)$\09V+D'V30O"A,:/]K5I#-";9@"0#\@4<'
M/*44]N"#&1S!!E5A`!'>6`./2&%9#/C,(,J0I`\<XF&,\0"53L(">HC``RFQ
MQ`69J(F($:(!+$O`"DP6@C_HP28*J(P`@I&2R#3@$B(`P4.4X,N4L,`!%@D`
M!T:0O'L4TP\HN$)*C+<P2X!A"(RRA!S^@(TF$N&:?NC`'\XDR1M8@@@G`(`;
M0.`#)@A"#!Y@P>!0Y*%!^*4UAZ@CW@XQ`K%E0@"J2P&7'*(`<`#!#@1(A1D,
M40"3X4H!JN-"DBXU#@Y81'F"0)@?D#"DL8V$;YC0@3^PYP<1#*YL*:+DV8)P
MB7%TJG,S.A,]W,"BJG#C6UK_T(`/KE"'AO[A!E$@`,T4`($>),`-5_`!#:S@
MEPH`P`>Z%,0)HD.SWM``KDU`D!1@MY<EF""O:?!E?I8@@QB\[+!+P,T@GD``
M!;BF`!WS#ALZT`0++$%:.HQ.LP31OQ>LP0$FZ,,&!!$%"CC6`E3@31&B$]D9
M+0$-"H##7)>`S]B9`0``@$%NHM.F/S2`#CMP00<H8"WS+,%:)"C0'U+P`0AX
MU0\0P(`6%I:&+21@(SKI@I>^*)GN2J*"6O)N5YY;`3Z<A6$,8$<<9L`%OT#@
M"*@2KWP9$49+[&>^^/"J+PTP%Q4,H`P`@(`?/%`!#EST#P.(*WX7;%9+>&3!
MI/#JDP4(H`-#BF!%;,C`/'20`+]$@`4>4#"$Y5L%?J1IQ*7P:@(L8D@<,.$)
M$[O"8#J,8.ZB>,$C>-N-(^S02^AE!4_+@1],*0(:OS>^.TZRDB?Q7'L6@H-*
M$`"-,;KD*EM9$4-@4A^VW(=[M!$!6S9`'@8Q`5\:(@Y<3K.:U\SF-KOYS7".
2LYSG3.<ZR[FU5\ZSGDD1"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>f27532cpf27532a3.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf27532a3.gif
M1TE&.#EAM0`<`.8``']_?JFIJ;FYN?;V]C0T,_#P\.[N[K:VM=[>WIZ>G:&A
MH=34U(J*B7%Q<&UM;)*2D7EY>*:FI?KZ^IN;FNOKZU554U]?7<;&QJ^OKN;F
MYL'!P/3T]/+R\H*"@>'AX,W-S$I*2+^_ONGIZ6-C8=G9V?CX^+"PL$9&1$Y.
M36IJ:(:&A<_/SNKJZBHJ*(V-C-K:VM?7UBXN+#HZ.-#0T!X>'-S<W%I:6):6
ME<+"PF]O;C@X-LC(R%)243X^/$-#02PL*D%!/R0D(EA85C$Q+W1T<V9F9;.S
MLB$A'X"`?TA(1F1D8R`@'GM[>JBHIWAX=R8F)#L[.E96541$0VEI9Y"0CW9V
M=2@H)N+BXL;&Q?W]_?S\_)B8EZ2DH]+2TKBXMU%13\O+R^3DY(B(A\3$PV%A
M7[N[N^;FY=C8UTM+2O[^_M_?WY24D\3$Q-;6U;2TM,G)R;*RL??W]X2$@\[.
MS:&AG^?GYUM;6M34TZNKJVMK:MO;V\#`O^_O[ZJJJ1P<&O___R'Y!```````
M+`````"U`!P```?_@&H+@X2%AH=\?XJ+C(V.CY"1DI.4E9:7F)F-%7Z=GI^@
M3T"??9JFIZBIJJN3G*"OGA4GI)(?`;>X`@B+62('5$1,6UT2CG$%!5J.,[C-
M`@..`UUNMP)F6:S9DA(S6&\;J*ZPH#0JLYZED4JO-"!JBF!%H`0AC!(F'0T-
M#V:-#;`HP#'BPX``#4\6=FE;V*A.#S\Q2(0;]VJ(@'.=TCTRX*-3D!8'.Y'1
MHD%'IQA`@G3Z$4?1C(<T0@*1J(@#BDY/6NAL`:`1!S0>AWCJP%";`2Q=7#[Q
M(R71*7$4.X$0@=&/1D<OA`81LT##CTXG"D3IU&,&!16>KOR1\/`(`S8J__U@
M6?0!2J<(A>HPTI)@900]0/V0*;JJ0`(?02XH*H`%*;:G43\Y^5/U:J,0!V6\
M4>0*A`!/*Q0%2/MG1B<A838(C1%:40*5$2.1Z.C'1<L\G1P05H4CKL!L4"G2
M:$*9%B0J4D7\T3+*SP@'9)7]":&O0<LVG7R4>=#)B8%%`#H!81')1,BD?YA4
MJ)#@CYH$#6Q8D--ZA0L7!P(X.*#A/IX'(XS`A4#O$5&!$@S,@<T8]\'!10XX
M&'!`%78(T<`6B9@@CQ]/N*#''P_<5\`?&^RA@A(5-*#`=Q[<MX4;1`B!1!N+
M!#?.$#,4ATXD=G0R@B*8=;(%;0U$LL%2?LAP$/\4[RS2HQ_N7"'E;XITL%(Q
MC8C`0TB=0"&"!`QT0L!28ZSCAU!BEO&'""APZ0<*[Z3092<X,("D)V)D`<(G
M3X!1@$?%3(`F3B[\P85'1W1"@VZ<1=:)$N15!HD$<=DQ01YQ0=%&"WX$H4`6
M=4@I94M_9(&$)S0H0<$&!7"@R*"?U+.(!&/Y460C!>20VPT/^>%&'19X\H0.
M''621!DR=.+"`#SXL80="1#`H0(%8/0$`1-\)8,>6Z@4%@9V^:&"&WQ@T0D:
M?]RQD@).9)<&;GY`$<)-?@A1HZ-^K(&-I(^0,`X!97AQD`Y8&""$#@C+$-H`
M"@Q*PRXYG/!C!N-`L\C_;)T$X,@>*@7!`1^Z6@5#KV1@<84>JQGQARLNK."M
M!UDT6YL:TOKQQ0P>X*$/%VF\Y@<:`V#<P@***-!)'A($6\X?"W2BPP9[!G'#
M'QO>NC*^'RC"KR,F>$2`#C*@T`$,?YSZ9@%GQ.#)$'H8$/(/2(Y@P%)3&.I1
M'WCWX48C;JC]1(Z-H&7K'\!V4D89G1RAW!]L'(0",K/$8(+@DQ7;0A]@)"I%
MDQ+@H((#!W="Q!\FJ-V#<ANT&\0$-/M!\!^?^7$"`M(2S$$2G4YP;V0M6+RU
M/6':O,<@:EA<ZX\($%'S"7P\L!0!)@"@T@],Y/X'$>))\L#`'JPER`*%^X$'
M_],F^:''#9V@L`AW?N3@GK10?'".`G_0[OH8$W0R!39:J*`##4$P2"?&QX"#
M5*`8'F@6/2Z0J*G\P4I^*`(#H20"#YB$`!K8752*L(C?+8("&V*"Q1B!)B8L
MX@N=L$`6>O6`+*@A,.(Y0QSHQ<%(M(LIB?"`!1"V!=P%(32(XU`)L"<N)W7B
M`7_X@$I00#$_T""#F:,@&3K!`$6LX"`Q4,`>D!0&JG6B)W]8@=I.<(4(^&@M
MG*"!"^AP1B7Z(0G]:%14:("!#AJG$2/K!'$<X8DJ+N<K?I@`!3Q!GC]@("Y'
MF%KK:(#$2/Q#=B,*0:+\P(4+OB-X4[")$W>@"$IUPO\$?W!!=]30)1I!D`A9
M`.0!EC-%&HCA#S40DR*2Y0<UD4XD?WCD*ST@+0+L(5A^0&)?G+,<9=@(%#$@
MF];NR`@<A$0Q?-1?,6+9B0]0TP\:@YW:_/"#K+F,FULHQ.(6\4@"(,``(SC7
M&$RB@RNPR0]'"$%=('(&1>C!$UB00,V:\(9S(4"?G<#`%3J!HS]4RP\M:((6
M(-")*/PA#B$1B"B+^,A"->$@-A@`DN#P!^CX00P&4`(3U*"$(C0@#T)Y`@!<
M8`&5@.`W=JC.%RRCB/QU@DJ+V!`-8D"`23Y!$>&B@12@,,DO2H"-KUA=([J%
M$TY!9`4P&,41R(""1%E@`Q'_L`(.%>&&6`"S`E<P@*)L@$(_$,$`7CA-%P]*
M@PI,(2X]\5<G[/"A=/H!E,&#@@.^T@(OD-(/!$@*(-T0`2>,(`),:(,!6%`&
M%*A@`R*H`VZ0P($OI:<`(KC"%FCZ!P#H!%V/6`$/[@3/'UA`-">(BQ^LD`3_
MM0`$'X#`3F8+A`PR(@,-V&:G?(`!"8!)MS&P@$08\(,6*$$9$I@H$*1%`WE)
M(`L0`"1$+'`%+4Q`)QV`A@2<<)`C\*`"+8A!>P:`!MC`H`X\:,$0YO`'&(`@
M)$OH@0(XH`&=6"`,==")#E:@@0X0H0P`.%D$#(6#*]3-:`F`P`CP((&>>*$!
M,WT$_P[P-H9(A$$!<M"'"K:``:(I8@$38$(#.A`!-<3!"WW`PQD$D+<6'^`[
MC3``/AK`A`1XV*`F$$,#7."&$?WA#7AK#0@[,0$X`(`!8%C$!C"@`@@PP`W@
MD,`'\'9C`SP``%L(0PCZ@($FG2$!+AB0A+CLE#NL@0D`N`'@U("W-TC``'CS
M0@$D<+@2!!@+,OC#!2ZP@!9`>`A1""`4P-"3B7)V-XBNQ!F:@YY$[^;.(/B#
M!OCL5#N@(`A]Z(`>'`SA0SOZTXX8PR1)!6J&!+@`9B@!`_@\@2LD8`W<`0#>
MP/@'O)7ZUI"P*6AQK8U38P$`(.`S!#9P`2[(``TQ&$(%>HH2@`KTP-.\=O0-
M3G""1D:;%7=V&J7#JH`8+*`";2UT1JX=;0-(R57D7D6V`1L"#]C@.R9X@A'D
MM^P_-/O9Z<ZWOD^Q;AH0(0T6HP`!6J"#)]1;$;;>M\(7+HD50+;%35($']YP
H`39\H#5K&B<CMMSBCGO\XR`/N<A'3O*2F_SD*#_Y9AC.\I9K(Q``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>f27532cpf0445131.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f27532cpf0445131.gif
M1TE&.#EAVP`F`/<``"$8(4(Y.4)"0EI24EI26FMK:WM[>X2$A(R,C)24E*6E
MI:VMK;6MK;6UM;V]O<;&QM;6UM[>WN?GY^_O[_?W]___________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M_____________________RP`````VP`F```(_@`K"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA33IRPH*7+ES!?.H`)0:7-
MFS@E0@#`LZ?/GSX3_&20LZC1HP(C`%T*=,'/!0P?Q%SP@$)!"@\2&-C:8`+%
MJ2X34H#@$H)7I!8A1(`@0>1.IG`-./79@.$`I@(@6*WP0`!0`6T+9MV:X(%!
M"7`'(%S@UR=@M!01\TP@4BE<I@WF]H2JD,)EQ7P3$X00`*@"P7`1'!2ZU`#D
MAX$KO`7@P.UEIA(T\ZRK\$'/`9GO]IPP@6X$!SX#SP;0F&=!U@`09,[,H&9!
MS0(4*/#Y>B%+`90%_C[8:B#V1\NW'5?0#8!S0@8]>7ON&0'Z:8$%Z`L\P%-`
MU>8%Y<=3!`M1T!R!%7#7'4*SU9;2<ND!0!E[O"5D0$_6)=C3?#SM54%S9UWH
M'`7"J4:0@KWUY)I`*`HT@8<)F7?2=@.JA%Z$`!C&GGL(@2C0;`/XQI.)/T:P
MUD`BYB@@``C^V%,!#"'0DV$54+!`9E0^L*2$>VD&P5T0C+?5`Z4!4("'6OJ$
MP%YB&@!!?K6EV1,"!$I@0)D`&'!:!.11::5P``S@()];.<":?PU!F)Y5%"HD
M6:`"4;"D`E+RY&!"R`%%Y4"91J<6!&H=Y!.,!$$7E$!);IBJ3_?1^-.*_M"5
M"8&I/0D0VD^G"9ECE5M.>>M29RET8WI0KO=4BCP-L(`"@`HP`:`R&L1A?QD.
MQ-]2MA;T*&@&=8H`!`!JZ)-BS370J6NS%2`G`%[URF1/"4Q0*9.SJMA`3=!Y
M99^KKKGZ[8$,*7H9;XTFY.I2#Q37$WX_63?!JK41:B*@KW8++T+"@>9J!8]*
M&($$Z*VH8@4B"L"H?FJ"ZJI7FGFEZZ8"VJJPA`()YUJ25B79T+"W!;:C0JO^
M5M-L(O\DD`1X_E9!IJYQ*`!Y8QH$W:6CQ8?JPKK>]VMM'"HP<W@K$WW56@L(
MEVV^`XW<*8(CCRSNB@L)C-=`!2-$UY4/Q*;9_FD00CD!G@XTYX"`M8F]T))-
M$J09@L)!"5ULKK8UVP,O7^V<EP/9V1K#S`TT6UTZ5S"S`I]7@)[6PN(8'=W'
M,O@D0O->VBEE\QK6J8^:$;40BBRUQ.?"HE\<,T%+"J29!)&SR)-K\^YE8*U+
M\N:VL3S5Y/;+G=94.5]4D>HDCIO6;?%D""79Y-0<%DMRQ>M7OU#'`[D:.$_%
M-OCVB<M;#D#[^W/<TVD9&PAT#*.KH5E-(,T[G4`BA[9\2>H`#%B``;S',[@$
MZV<(F5KY]%.SGDC`</ZKU5E\E+K^#`10,S-1ODKW/0#<9V2-65'V'D6DQA0+
M;8L[8;),UQ,'!3"`_A48W@(<H*<#&,H@<@.*^JAWP(,L*5KZ"P_\9N,L\30'
M-(_*RZ="I:WD,-$U_ZM2F5R3/4Y935>U<5L`[1<\GD#E>9"J0/,B-2?98,B.
MN^&0B49F@(<=0#5P&T@%S62`YJ`.@])JT7,NT[3FY"EI/"&@:`SBR)^TI58+
M0%P%K@4`#T%'68TQ604`I8`DZ8B#0,JDVY*4``*A$8]F8DQ_QF*UTAT``@;(
MRL.0"+<(Y,=/(DH<CS+CNOPA9`*59)5XF%*`QBCF8#\A$D%T]1,J03.2'8QC
M-C5EO*6$)W0"<22@>&,JP\"G1J/\2TUR6,8WT6X`U4I*TZSR)H'4!C&V_F*+
M\8XV*QY-DSQ4DU8I:V4`!#`@-A%`@-D00$#R0*"44(/:I@H"`00X,UZ*$]``
M6HFDK6A-CPKP"SPSVI]O#00!A)GF7<!#@3Y%*@$%&$!Y*@!1N,FK5ABE*7D8
MM=,?%<``ZO(>+F4#&G3U#P`'B!E++*>[!:F$A4[UR%"5LL\;;6<`8.*,B/P9
MU9+DL*L=&>JL4`5+`.Q$4`M8*O?D`E:4@+.M&AGJ7J;*&<7<I3`M45Q3X3H2
M&_)U(W*50%_0!;;M^,4OG"FELOXZDJ\Q-B-B'1E50T@BGNANJX_-+%RG.C+$
MI&U_$D"LY;BJV=*B);*SY!B2HB-!`.SU2J:--^UK.#LG\WRG/SS*ZT'(`I;>
H^O:WP`VN<(=+W.(:][A3:0@%H"C;YCKWN="-KG2G2]WJ6G<C`0$`.S\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
