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<div style="font-size:12pt"><p>Available-for-Sale Securities <br />Sempra Commodities recorded purchases of available-for-sale securities of $1 million in the first quarter of 2008 and $12 million in the year 2007. Sempra Commodities had no sales of available-for-sale securities in 2008 prior to the formation of the joint venture. Sempra Commodities sold $20 million of available-for-sale securities in 2007, yielding proceeds of $54 million. The cost basis of the sales was determined by the specific identification method and pretax gains of $34 million were realized as a result of the sales in 2007. There was no impairment of available-for-sale securities in 2008.<br />In June 2009, we reclassified into earnings a $7 million loss associated with available-for-sale securities held by RBS Sempra Commodities.</p><p>The following table shows the fair values and gross unrealized gains and losses for the securities held in the trust funds.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="650" align="left" colspan="10" style="border-top: 1px solid #000000;" height="19"><b>NUCLEAR DECOMMISSIONING TRUSTS</b></td></tr><tr><td width="650" align="left" height="19" colspan="10"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="33" align="left"> </td><td height="14" width="285" align="left"><b> </b></td><td width="83" align="center" height="14" colspan="2"> </td><td width="83" align="center" height="14" colspan="2">Gross</td><td width="83" align="center" height="14" colspan="2">Gross</td><td width="83" align="center" height="14" colspan="2">Estimated</td></tr><tr><td height="14" width="33" align="left"> </td><td height="14" width="285" align="left"><b> </b></td><td width="83" align="center" height="14" colspan="2"> </td><td width="83" align="center" height="14" colspan="2">Unrealized</td><td width="83" align="center" height="14" colspan="2">Unrealized</td><td width="83" align="center" height="14" colspan="2">Fair</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="33"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="285"> </td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Cost</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Gains</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Losses</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Value</td></tr><tr><td width="318" align="left" colspan="2" style="border-top: 1px solid #000000;" height="16"><b>As of December 31, 2009:</b></td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">Debt securities:</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">    U.S. government(1)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 141 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 12 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> (3)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 150 </td></tr><tr><td width="318" align="left" height="16" colspan="2">    Municipal bonds(2)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 85 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 3 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (3)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 85 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Total debt securities</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 226 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 15 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> (6)</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 235 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Equity securities</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 238 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 188 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> (5)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 421 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Cash and other securities(3)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 21 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 1 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 22 </td></tr><tr><td width="318" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Total available-for-sale securities</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 485 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 204 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> (11)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 678 </td></tr><tr><td height="16" style="border-top: 3px solid #000000;" align="left" width="33"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="285"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="318" align="left" height="16" colspan="2"><b>As of December 31, 2008:</b></td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">Debt securities:</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">    U.S. government</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 127 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 28 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> - </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 155 </td></tr><tr><td width="318" align="left" height="16" colspan="2">    Municipal bonds</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 69 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 1 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (9)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 61 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Total debt securities</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 196 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 29 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> (9)</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 216 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Equity securities</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 251 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 105 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> (36)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 320 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Cash and other securities</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 40 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 3 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (2)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 41 </td></tr><tr><td width="318" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Total available-for-sale securities</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 487 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 137 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> (47)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 577 </td></tr><tr><td width="650" align="left" colspan="10" style="border-top: 3px solid #000000;" height="12"><i>(1) Maturity dates are 2011-2039.</i></td></tr><tr><td width="650" align="left" height="12" colspan="10"><i>(2) Maturity dates are 2010-2057.</i></td></tr><tr><td width="650" align="left" height="12" colspan="10"><i>(3) Maturity dates are 2010-2049.</i></td></tr></table><p>The following table shows the proceeds from sales of securities in the trusts and gross realized gains and losses on those sales.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="436" align="left" colspan="7" style="border-top: 1px solid #000000;" height="19"><b>SALES OF SECURITIES</b></td></tr><tr><td width="436" align="left" height="19" colspan="7"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="145" align="left"><b> </b></td><td width="291" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="14">Years ended December 31,</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="145"> </td><td width="97" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="97" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td><td width="97" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2007 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="145">Proceeds from sales</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 224 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 458 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 578 </td></tr><tr><td height="16" width="145" align="left">Gross realized gains</td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 6 </td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 18 </td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 18 </td></tr><tr><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="145">Gross realized losses</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> (33)</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> (40)</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> (12)</td></tr></table><p>Net unrealized gains (losses) are included in Regulatory Liabilities Arising from Removal Obligations on the Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. <br />The fair value of securities in an unrealized loss position as of December 31, 2009 was $110 million. The unrealized losses of $11 million were primarily caused by a negative market environment. We do not consider these investments to be other than temporarily impaired as of December 31, 2009. <br />Customer contribution amounts are determined by the CPUC using estimates of after-tax investment returns, decommissioning costs, and decommissioning cost escalation rates. Changes in investment returns and decommissioning costs may result in a change in future customer contributions.<br />We discuss the impact of asset retirement obligations in Note 1. We provide additional information about SONGS in Notes 15 and 17.</p></div>
Available-for-Sale Securities Sempra Commodities recorded purchases of available-for-sale securities of $1 million in the first quarter of 2008 and $12
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