Re: SEC timing

Enclosed is a memo setting forth a schedule for obtaining the outstanding SEC
approvals before the end of April.

Without concluding that the SEC will necessarily renotice the merger
application, we believed it necessary to allow for the possibility.

The result, as you see, is a tight, albeit doable, schedule. In particular,
it underscores the need to develop our story for the SEC as quickly as
possible, consistent with the other impossible demands that folks are placing
on Sierra's time.

If you have any questions or there's anything we can do to help, please call
me at (202) 986-8281.

Best

Joanne

- #189265 v1 - Sierra-PGE timing.doc