  It is shown that the large-N approach yields two energy scales for the Kondo
lattice model. The single-impurity Kondo temperature, $T_K$, signals the onset
of local singlet formation, while Fermi liquid coherence sets in only below a
lower scale, $T^{\star}$. At low conduction electron density $n_c$
("exhaustion" limit), the ratio $T^{\star}/T_K$ is much smaller than unity, and
is shown to depend only on $n_c$ and not on the Kondo coupling. The physical
meaning of these two scales is demonstrated by computing several quantities as
a function of $n_c$ and temperature.
