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Leroy T. Barnes, Jr., Named Pg&E Corp. Vice President And Treasurer

07/10/2001

(San Francisco, CA)- PG&E Corporation (NYSE: PCG) announced Leroy T. Barnes, Jr., 50, has joined the company as Vice President and Treasurer. Mr. Barnes brings to his new position more than 20 years of financial management experience and expertise, including, most recently, five years as vice president and treasurer of Gap, Inc. In his new post, Mr. Barnes will oversee all treasury operations at the Corporation, which is the parent company of both Pacific Gas and Electric Company and the PG&E National Energy Group.

"Mr. Barnes's talent and track record make him an excellent addition to our officer team, and will position him to make an immediate contribution as PG&E Corporation manages the financial challenges associated with the energy crisis," said Robert D. Glynn, Jr., PG&E Corporation Chairman, CEO and President. "We are pleased to welcome him aboard."

At Gap, Inc., Mr. Barnes oversaw all treasury functions, including cash management, debt financing, equity issuance, capital structure, and commercial paper, hedging and investment policies, among other areas. He led Gap's first major public debt issue and managed the Gap's $1 billion common stock repurchase program.

Prior to joining Gap, from 1985 through 1997, Mr. Barnes held a number of financial management positions at Pacific Telesis Group/SBC Communications, including Assistant Treasurer from 1991 through 1997. His experience also includes positions at the University of California Press, where he was Chief Operating Officer and Chief Financial Officer, and Deloitte & Touche, where he was a management consultant. Mr. Barnes has also been a financial consultant to the U.S. Departments of Treasury, Agriculture and Defense.

Mr. Barnes is an alumnus of Stanford University, where he earned an MBA in finance, a master's degree in administration and a bachelor's degree in psychology. He currently is a member of the boards of directors of the McClatchy Newspaper Company and The California Endowment.

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