UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

-------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

THE COMMONWEALTH OF PUERTO RICO, 

et al.,

 Debtors.

1

-------------------------------------------------------------x

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

SUMMARY SHEET ACCOMPANYING SECOND INTERIM FEE APPLICATION

OF MCKINSEY & COMPANY, INC. WASHINGTON D.C.

AS CONSULTING SERVICES PROVIDER TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, FOR THE PERIOD 

FROM OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

Name of Applicant: McKinsey & Company, Inc. Washington D.C. 

 (“McKinsey”)

Authorized to Provide Services to: The Financial Oversight and Management Board for 

Puerto Rico, as Representative of the Debtors

Pursuant to PROMESA Section 315(b)

Period for which Compensation

and Reimbursement is Sought: October 1, 2017 through January 31, 2018

Monthly Fee Statements Subject Consolidated Second Monthly Fee Statement

to Second Interim Fee Request: for Compensation for Services Rendered 

From October 1, 2017 Through October 31, 2017,

dated January 16, 2018

 1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) 

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax 

ID: 9686). (Title III case numbers are listed as Bankruptcy Case numbers due to software limitations).

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Exhibit A Page 1 of 104
2

Consolidated Third Monthly Fee Statement for 

Compensation for Services Rendered From November 

1, 2017 Through January 31, 2018, dated March 16, 

2018

Total Fees Requested for Second 

Interim Compensation Period: $6,550,000.00

Total expenses requested: $0.002

Total fees and expenses: $6,550,000.00

Second Interim Holdback: $655,000.00 (10%)

Total payment requested for

Second Interim Period: $5,884,000.00 (90% of unpaid fees totaling 

$5,229,000.00 plus 10% holdback of $655,000.00) 

Total fees and expenses paid to date 

or subject to an Objection: $1,998,000.00 paid to date (90% of requested fees 

of $2,220,000.00)

Type of Application: Second Interim Fee Application:

Commonwealth Title III Support 

Deadline for parties other than notice 

parties to file objections: April 9, 2018

 2 McKinsey provides services on a fixed fee basis, and as such, seeks no reimbursement of expenses.

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

-------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

THE COMMONWEALTH OF PUERTO RICO, 

et al.,

 Debtors. 3

-------------------------------------------------------------x

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

SECOND INTERIM FEE APPLICATION

OF MCKINSEY & COMPANY, INC. WASHINGTON D.C. 

AS CONSULTING SERVICES PROVIDER TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, FOR THE PERIOD FROM 

OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

McKinsey & Company, Inc. Washington D.C. (“McKinsey”), strategic consultants to 

Debtors in the above-captioned cases, respectfully represents:

INTRODUCTION

1. By this second interim fee application (the “Second Interim Fee Application”), McKinsey seeks 

the allowance and payment of compensation for professional services related to Commonwealth 

Title III support for Puerto Rico (the “Commonwealth” or the “Debtors”) rendered pursuant to

 3 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) 

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax 

ID: 9686). (Title III case numbers are listed as Bankruptcy Case numbers due to software limitations).

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the First Amended Order Setting Procedures for Interim Compensation and Reimbursement of 

Expenses of Professionals, entered on November 8, 2017 [Docket Number 1715] (the “Interim 

Compensation Order”), the applicable provisions of Title 11 of the United States Code (the 

“Bankruptcy Code”), the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), the 

Local Bankruptcy Rules of the United States Bankruptcy Court for the District of Puerto Rico 

(the “Local Rules”) and Appendix B of the U.S. Trustee’s Guidelines for Reviewing Applications 

for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. §330 by Attorneys in 

Large Chapter 11 Cases Effective as of November 1, 2013 (the “U.S. Trustee Guidelines,” and 

together with the Interim Compensation Order, the Bankruptcy Code, the Bankruptcy Rules and 

the Local Rules, the “Code and Rules”). Pursuant to the Bankruptcy Code, the Bankruptcy Rules 

and the Local Rules, the Certification of Tyler Duvall, a Partner of McKinsey, regarding 

compliance with the statutory and legal authority cited above is attached hereto as Exhibit A. 

2. By this Second Interim Fee Application, McKinsey seeks allowance of compensation for 

professional services performed by McKinsey for the Commonwealth for the period from 

October 1, 2017 through January 31, 2018 (the "Compensation Period") in the aggregate amount 

of $6,550,000.00, representing 100% of fees incurred during the Compensation Period. 

McKinsey submits that allowance and payment of this amount is fully warranted given the actual 

and necessary services rendered to the Debtors by McKinsey, as described in this Second Interim 

Fee Application. The Debtors have not previously paid any amounts in respect of the foregoing 

requested fees and expenses.

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BACKGROUND AND JURISDICTION

3. On May 3, 2017 (the “Petition Date”), the Commonwealth of Puerto Rico (as herein defined), 

by and through the Financial Oversight and Management Board for Puerto Rico (the “Oversight 

Board”), pursuant to section 315(b) of the Puerto Rico Oversight, Management, and Economic 

Stability Act (“PROMESA”), filed a petition (the “Petition”) with the United States District 

Court for the District of Puerto Rico (the “Court”) under Title III of PROMESA.

4. On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (“COFINA,” and together 

with the Commonwealth (the “Commonwealth”) of Puerto Rico, the “Debtors”), by and through 

the Oversight Board, as COFINA’s representative pursuant to PROMESA section 315(b), filed 

a petition (“COFINA’s Petition,” and together with the Commonwealth’s Petition, the 

“Petitions”) with the Court under Title III or PROMESA. The filings of the Petitions constitute 

orders for relief under Title III of PROMESA.

5. On May 9, 2017, the Debtor filed a motion seeking the joint administration of the Title III cases 

(the “Title III Cases”) for procedural purposes only, pursuant to PROMESA section 304(g) and 

Bankruptcy Rule 1015, made applicable to these Title III Cases by PROMESA section 310. On 

June 1, 2017, the Court ordered that the cases be consolidated for procedural purposes and be 

jointly administered. 

6. On June 15, 2017, an Official Committee of Unsecured Creditors and an Official Committee of 

Retirees was appointed in the Title III case by the United States Trustee for Region 21.

7. On November 8, 2017, the Court entered the First Amended Order Setting Procedures for 

Interim Compensation and Reimbursement of Expenses of Professionals (the “Interim 

Compensation Order”), which directs that professionals in the Title III Cases be paid interim 

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compensation and outlines the procedures by which professionals are to submit, at four-month 

intervals, “an application for interim Court approval and allowance of the payment of 

compensation.” 

8. This Court has subject matter jurisdiction over this matter pursuant to PROMESA section 306(a). 

Venue is proper in this district pursuant to PROMESA section 307(a).

THE RETENTION OF MCKINSEY

9. On or about July 3, 2017 and as amended effective November 1, 2017, McKinsey & Company, 

Inc. Washington DC (“McKinsey”), a management consulting firm that serves the federal 

government, state and local agencies and the private sector, was retained by the Board to provide 

consulting services in support of the Title III litigation (the “Consulting Agreement”). The scope 

of this Second Interim Fee Application relates to the Consulting Agreement’s Scope of Work for 

Commonwealth Title III Support (“Commonwealth SOW”). 

10. At the Board’s request and consistent with how McKinsey serves its federal, state, local 

government, and commercial clients, McKinsey’s fee structure under the Commonwealth SOW 

of the Consulting Agreement was constructed on a deliverable-based monthly firm fixed price 

basis, as set forth below:

Period of Performance Fee

October 2017 $740,000.00

November 2017 $2,220,000.00

December 2017 $1,650,000.00

January 2018 $1,940,000.00

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February 2018 $1,940,000.00

March 2018 $1,940,000.00

11. On December 15, 2017, McKinsey Washington filed its “First Interim Fee Application” for the 

period from May 3, 2017 through September 30, 2017 [Dkt No. 2073] (the “Application”), 

requesting $5.12 million in fixed fee compensation (and no reimbursement of expenses) for 

services provided during the months of July, August and September 2017. The Fee Examiner 

reviewed the Application, and, by letter to McKinsey Washington dated February 13, 2018, 

outlined “Confidential Comments on the First Interim Fee Application”. On February 16, at 

McKinsey’s invitation, the Fee Examiner met with McKinsey Washington leadership and 

counsel in Washington DC to discuss the questions raised by the Fee Examiner’s letter.

12. These fixed monthly rates are similar to rates that McKinsey charges for professional services 

rendered in comparable matters. Such fees are reasonable based on the customary compensation 

in a competitive market.

13. There is no agreement or understanding between McKinsey and any other nonaffiliated person 

for the sharing of compensation to be received for services rendered in the Title III Cases.

SUMMARY DESCRIPTION OF SERVICES PERFORMED –

COMMONWEALTH TITLE III SUPPORT

14. Set forth below is a brief summary of the principal matters on which McKinsey provided 

services in connection with the Commonwealth SOW during the Compensation Period. The 

summary is intended to be just that – a summary – and not a detailed description of all the work 

performed during the Compensation Period. The complete details setting forth the day-to-day 

services provided by McKinsey professionals is included in McKinsey’s Consolidated Second 

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Monthly Fee Statement for Compensation For Services Rendered from October 1, 2017 through 

October 31, 2017 (the “Second Monthly Fee Statement”), and in McKinsey’s Third Monthly Fee

Statement for Compensation For Services Rendered from November 1, 2017 through January 31, 

2018 (the “Third Monthly Fee Statement”), attached hereto as Exhibit B. A list of McKinsey 

professionals who rendered services during the Compensation Period is attached hereto as Exhibit 

C.

Commonwealth Title III Support

October 2017:

During the month of October, McKinsey’s Commonwealth Title III team drafted and 

engaged with the government and its advisors to refine a seven quarter liquidity need estimate for 

the government of Puerto Rico through Q4 FY 2019; coordinated the review of monthly reports 

produced by AAFAF relating to cash flow and disaster relief funding; assessed the PR government’s 

estimates of cash balances; commenced planning for Creditor and Public Listening Sessions in 

November and December 2017; and refined the FOMB’s internal financial projections related to the 

ongoing Fiscal Plan revision process. 

The work consisted of three primary workstreams: (1) financial planning related to the 

revised Fiscal Plan (2) cash balance and cash flow analysis related to the PR government’s postMaria liquidity estimates (3) stakeholder engagement related to the FOMB’s obligation to engage 

all relevant parties in an active, transparent manner and to respond to ongoing litigation and 

mediation.

The October work set the stage for numerous creditor and public engagement sessions in Fall 

2017, a more accurate understanding of the post-Maria cash flow trends of the Puerto Rico 

government, and a review of the upcoming Fiscal Plan revision in January 2018 and beyond.

The core activities related to Commonwealth Title III support during the period included:

■ Presentations and documents for public listening sessions, creditor sessions and other 

stakeholder engagements

– Commenced planning for Creditor Session, Creditor Economist Session and public 

Listening Session in November and December 2017

■ Project management lead, including managing overall calendar

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– Participation in and coordination of cross advisor meetings regarding Title III matters

– Drafted and revised Section 205 letters in conjunction with FOMB staff

– Supported ongoing Fiscal Plan litigation process by collecting answers submitted in 

response to prior mediation and coordinating the posting of the responses to the FOMB’s 

online data room

■ Financial model(s) and analyses requested by the FOMB 

– Conducted research and preliminary analysis related to the revised Fiscal Plan that is being 

produced by the Puerto Rico government, including details relating to a baseline, fiscal 

and structure reform measures, macro factors and expense/revenue projections. 

– Developed high-level milestones and plan for submission of revised Fiscal Plan based on 

FOMB guidance

■ Ad-hoc analyses and Board meeting support

– Prepare ad-hoc analyses regarding possible updates to fiscal plan assumptions (macro 

assumptions, revenues and expenses)

– Preparation for and attendance at the Public Board Meeting on October 31

■ Report(s) regarding liquidity performance and strategic choices on liquidity related to Title III 

proceedings

– Participated in several cross-advisor meetings to assess on-going liquidity performance 

and prepared various ad-hoc analyses 

– Prepared updated post-hurricane Commonwealth liquidity needs assessment to incorporate 

greater detail and refined assumptions for FOMB

– Participated in discussions with US Treasury in support of FOMB/government analysis 

regarding short-term liquidity financing needs for Puerto Rico

November 2017:

During the month of November work performed by McKinsey was segregated into three 

primary workstreams: fiscal plan measures development and analysis (measures), fiscal plan 

macroeconomic and baseline assumption development and analysis (baseline), and Title III Advisor, 

Stakeholder, Litigation Support & Fiscal Plan Model (stakeholder engagement and modeling).

The measures team conducted deep, agency-level measure analyses to develop the Board’s 

perspective on the how the fiscal reforms contained in the March 13th Certified Fiscal Plan might 

be revised to reflect both magnitude of impact and feasibility of implementation post-hurricanes. 

The work consisted of two major categories of analysis: (1) adapting certified measures for both 

revenue enhancement and cost containment to reflect both the magnitude and timing feasible in a 

post-storm environment; (2) beginning the process of developing new measures identified since plan 

certification, including those made possible by demographic shifts and structural damage as a result 

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of the storms. 

The baseline team conducted research, driving deep macroeconomic analysis, and worked with the 

FOMB and government economists to estimate the future macroeconomic projections for the island. 

This included analyzing impacts on revenue and expenditure projections in order to arrive at a postMaria fiscal plan baseline. 

The stakeholder engagement and modeling team refined the seven quarter liquidity estimate of the 

Puerto Rico government through Q4 FY 2019; coordinated the production of monthly reports by 

AAFAF relating to cash flow and disaster relief funding; refined the PR government’s publicly 

disclosed estimates of cash balances; began a Fiscal Plan Entity Mapping assessment; executed a 

Creditor Session and two Public Listening sessions; and refined the FOMB’s internal financial 

projections related to the ongoing Fiscal Plan revision process. The work consisted of three primary 

workstreams: (1) financial planning related to the revised Fiscal Plan (2) cash balance and cash flow 

analysis related to the PR government’s post-Maria liquidity estimates (3) stakeholder engagement 

related to the FOMB’s obligation to engage all relevant parties in an active, transparent manner and 

to respond to ongoing litigation and mediation.

The core activities related to Commonwealth Title III support during the period included:

• Independent Board perspective of potential revised fiscal reforms, including measure-specific 

targets and initiatives to capture fiscal value

– Evaluated revenues measures in the post-Maria context, adjusting models to account for 

lower baseline revenues and identifying the most relevant initiatives that might be applied 

in a post-hurricane context; 

– Identified new potential measures for revenue enhancement, such as linking disaster fund 

allocation eligibility to proven tax compliance;

– Performed analysis to estimate potential extent of K-12 school consolidation over the 5-

year period using school-specific enrollment data, current district definitions, emigration 

assumptions, and standard benchmarks e.g., class size;

– Performed analysis to estimate potential extent of prison consolidation over the 5-year 

period using prison-specific capacity and utilization data, standard benchmarks for 

utilization, and assumed inmate to FTE ratios;

– Compared contracted prisoner healthcare costs with standard benchmarks in other states to 

identify opportunity;

– Reviewed healthcare measures for likely adjustments from original fiscal plan, including 

incorporating updated PMPM data from government actuarial advisor, interviewing 

experts on likely changes in need to the system in a post-hurricane environment;

– Reviewed Government’s plan to improve the operations of ASEM including revenue cycle 

improvement;

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– Interviewed experts on mergers and acquisitions on best practices for synergy capture in 

agency integrations; identified specific levers and examples that may demonstrate 

opportunity in various agencies;

– Assessed the potential reduction in Government spend that might be attributable to a future 

consolidation of Government agencies by creating logical groupings of agencies and 

calculated reductions based on a tiered system (in absence of “New Government” plan that 

has not yet been provided);

– Adjusted the anticipated implementation timelines for each measure based on reasonable 

assumptions for recovery following Hurricane Maria; 

• Presentations and documents for public listening sessions, creditor sessions and other 

stakeholder engagement on fiscal measures

– Generated list of potential speakers to share with team organizing listening sessions for 

measures;

– Developed high level narrative of approach to redeveloping fiscal measures, based on 

learnings from the first fiscal plan, to be shared in creditor sessions;

– Provided information about measures in first fiscal plan based on creditor requests for 

additional detail in specific areas;

– Held informational interview with Secretary of Education and supporting advisor team to 

understand long-term strategy, medium-term fiscal opportunities, and short-term plan for 

the Department;

– Participated in review calls with AAFAF advisors to understand progress against and plans 

for measures in the upcoming submission of the fiscal plan;

• Support models and documentation for sizing of specific measures levers

– Developed model to estimate anticipated K-12 school consolidation;

– Developed model to estimate anticipated prison facility consolidation;

– Developed model to estimate potential capturable value from healthcare measures based 

on PMPM data, projected population and enrollment changes, and feasible measures;

– Developed model to estimate potential reductions for each agency grouping likely to be 

integrated;

• Determined the core macroeconomic and demographic factors that would impact the new 

Fiscal Plan baseline in a post-Hurricanes Maria and Irma environment

• For each major macroeconomic factor (including, real GNP growth, population, inflation, etc.) 

and baseline driver (e.g., disaster spend, impact of GNP on revenues, etc.) in conjunction with 

Board and Government economists:

– Identified and evaluated key data sources to understand early insights into potential 

changes in major drivers of the baseline (e.g., IMF Climate Lab Report, Hunter College 

Report, FEMA reports, PREPA contracts, etc.)

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– Identified and evaluated comparable disaster events to compare to Puerto Rico (e.g., 

recessions in Ireland, Greece, Spain, U.S.; storms and natural disasters in New Orleans, 

New York, Grenada, Haiti), and used data to pressure test assumptions

– Conducted scenario analysis to identify macroeconomic sensitivity to a variety of drivers 

(e.g., tax revenue elasticity, projected disaster spend and pass-through rate, hurricane 

impact, etc.) in order to drive the conversation regarding potential assumptions to use in an 

uncertain environment

• Determined resulting real GNP, population changes, and impacts on revenues and 

expenditures, e.g., 

– GNP impact on all tax revenues and other consumption based revenues 

– Population impact on Medicaid, payroll, pensions spend 

– Inflation impact on all expenditures 

– Potential increased cap ex and op ex costs due to scarcity of goods and services as well as 

damage on island to core infrastructure 

• Using March 13 Fiscal Plan baseline as a starting point, updated each model line item to 

reflect new factors 

• Worked with a variety of McKinsey experts, prominent economists, and demographers, to 

pressure test model assumptions, refine approach, and finalize methodology (e.g., moved 

from time series analysis to Vector-Auto Regression/ Seemingly Unrelated Regression; 

pulled in Puerto Rico specific population data)

• Tracked real-time indicators to provide a sense for “what is happening on the ground” in a 

data poor environment, including 

– Conducting 100 airport interviews at San Juan airport to understand demographics of those 

leaving the island, as well as intentions to return

– Utilizing dynamic, real-time social media data to understand connectivity within the 

island, as well as population flows between Puerto Rico and other cities

– Conducting an online social media survey to test sentiment in the Puerto Rican population 

in the U.S. who had left as a result of the storms (e.g., status of family members, desire to 

return, etc.)

– Conducted interviews of industry leaders (e.g., real estate, healthcare, retail banking, etc.) 

to understand industry dynamics in short and long term post-hurricane 

• Tracked non-hurricane related factors (e.g., Act 154 policy, Federal Tax Reform, ACA 

discussions) and analyzed as necessary to understand potential impact on revenues and 

expenditures in the future 

• Prepared and led Executive Director and Board interactions to share insights and tee up key 

policy decisions related to baseline 

• Conducted scenario analyses to measure impact of fiscal measures in time of economic crisis, 

to inform Board perspective on fiscal plan measures and structural reforms

• Presentations and documents for public listening sessions, creditor sessions and other 

stakeholder engagements

– Prepared documents and coordinated all aspects of logistical support and planning to 

facilitate an all-day Creditor Session on November 9 focused on macroeconomic planning 

factors, disaster relief assumptions and baseline revenue/expense projections

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– Prepared documents and coordinated all aspects of logistical support and planning to 

facilitate an all-day public listening session on November 16 focused on macroeconomic 

planning factors and disaster relief assumptions

– Prepared documents and coordinated all aspects of logistical support and planning to 

facilitate an all-day creditor session on November 30 focused on fiscal measures

• Project management lead, including managing overall calendar

– Participation in and coordination of cross advisor meetings regarding Title III matters in 

order to monitor key concerns, align on expectations for Fiscal Plan, and provide forum 

for communication and sharing 

– Revised Section 205 letters in conjunction with FOMB staff

– Supported ongoing Fiscal Plan litigation process by collecting answers submitted in 

response to prior mediation and posting the answers to the FOMB’s online data room

• Financial model(s) and analyses requested by the FOMB 

– Conducted research and preliminary analysis related to the revised Fiscal Plan that is being 

produced by the Puerto Rico government, including details relating to a baseline, fiscal 

and structure reform measures, macro factors and expense/revenue projections. 

– Developed high-level milestones plan for submission of revised Fiscal Plan based on 

FOMB guidance

• Expert testimony and analytical support

– Prepare ad-hoc analysis regarding possible updates to fiscal plan assumptions (macro 

assumptions, revenues and expenses)

– Served as moderator during and provided expert testimony for Creditor Session and public 

Listening Session

• Monthly report regarding liquidity performance and strategic choices on liquidity related to 

Title III proceedings

– Participated in cross-advisor meetings to assess on-going liquidity performance and 

prepared various ad-hoc analyses 

– Updated the post-hurricane Commonwealth liquidity needs assessment covering the 7 

quarter period ending Q4 FY2019 to incorporate greater detail and refined assumptions of 

the FOMB

– Participated in discussions with US Treasury in support of FOMB/government analysis 

regarding short-term liquidity financing needs for Puerto Rico

December 2017:

During the month of December work performed by McKinsey was segregated into three 

primary workstreams: fiscal plan measures development and analysis (measures), fiscal plan 

macroeconomic and baseline assumption development and analysis (baseline), and Title III Advisor, 

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Stakeholder, Litigation Support & Fiscal Plan Model (stakeholder engagement and modeling).

The measures refined the assumptions and other input to inform deep, agency-level measure analyses 

to develop the Board’s perspective on the how the fiscal reforms contained in the March 13th 

Certified Fiscal Plan might be revised to reflect both magnitude of impact and feasibility of 

implementation post-hurricanes. The work consisted of two major buckets of analysis: (1) engaging 

expert input, a dedicated research team, and independent research to identify information, 

benchmarks, data, and other evidence to build confidence in assumptions about pre-existing and new 

potential measures; (2) further developing new measures identified since plan certification, including 

those made possible by demographic shifts and structural damage as a result of the storms.

The baseline team continued to research, driving deep macroeconomic analysis, and worked with 

the FOMB and government economists to estimate the future macroeconomic projections for the 

island, as well as their impacts on revenue and expenditure projections in order to arrive at an 

accurate, post-Maria fiscal plan baseline. In addition, the team identified core areas of structural 

reforms needed to drive economic growth, and for each area (e.g., energy, infrastructure, job creation 

and ease of doing business, human capital and labor, and healthcare), identified overall aspirational 

outcomes for Puerto Rico, as well as potential five-year targets. The team then developed a list of 

potential initiatives the government could pursue to drive such outcomes. Finally, the team provided 

thought partnership on the overall framing of the fiscal plan given the economic situation the island 

was in – and the need for a transformational roadmap in addition to a focus on fiscal discipline. 

The stakeholder engagement and modeling team continued to refine the seven quarter liquidity 

estimate of the Puerto Rico government through Q4 FY 2019; coordinated the production of monthly 

reports by AAFAF relating to cash flow and disaster relief funding; refined the PR government’s 

publicly disclosed estimates of cash balances; completed a Fiscal Plan Entity Mapping assessment; 

executed a Creditor Session, Public Listening session, and Creditor Economist Session; and refined 

the FOMB’s internal financial projections related to the ongoing Fiscal Plan revision process. The 

work consisted of three primary workstreams: (1) financial planning related to the revised Fiscal 

Plan (2) cash balance and cash flow analysis related to the PR government’s post-Maria liquidity 

estimates (3) stakeholder engagement related to the FOMB’s obligation to engage all relevant parties 

in an active, transparent manner and to respond to ongoing litigation and mediation.

The core activities related to Commonwealth Title III support during the period included:

• Independent Board perspective of potential revised fiscal reforms, including measure-specific 

targets and initiatives to capture fiscal value

– Refined education model to estimate anticipated K-12 school consolidation with updated 

assumptions including refined benchmarks, e.g., school size;

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– Refined corrections model to estimate anticipated prison facility consolidation using input 

and updated data received from the government, reviewing recent court decisions to 

inform potential constraints on the consolidation;

– Integrated input from Board and McKinsey experts to refine assumptions in healthcare 

measure value estimates as well as identify a new measure to evaluate;

– Researched benchmarks on police spend per capita, per crime, and per land mass in other 

states, comparing to Puerto Rico spending and other metrics on an adjusted PPP basis;

– Revised agency consolidation model to reflect Board guidance on groupings, agency tiers, 

and degree of proliferation to establish annual fiscal targets by grouping through FY22;

– Adjusted the anticipated implementation timelines for each measure based on additional 

information;

• Presentations and documents for public listening sessions, creditor sessions and other 

stakeholder engagement on fiscal measures

– Participated in review calls with AAFAF and advisors to understand progress against and 

plans for measures in the upcoming submission of the fiscal plan, including reviewing 

preliminary presentations on corrections savings opportunities and procurement 

transformation approach;

– Participated in a roundtable discussion via webex and phone with various MCOs to gather 

their perspectives on the recovery of the healthcare system;

• Support models and documentation for sizing of specific measures levers

– K-12 school consolidation potential assessed at both campus and classroom level, for all 

districts and regions, respectively;

– Prison facility consolidation model based on utilization reality in Puerto Rico compared 

with other US states;

– Healthcare measures savings potential for emergency liquidity measures, mid-term fiscal 

stabilization, and long-term structural reforms;

– Agency consolidation model to establish groupings, tiering of agencies, and generate 

savings targets for each based on degree of proliferation

• Updated, maintained, and conducted ongoing quality assurance on hundreds of inputs to 

macroeconomic models forecasting the future course of the economy of Puerto Rico

• Sourced new data and inputs into baseline model of the economy of Puerto Rico, including 

inputs from the Government, independent research, listening sessions, among other sources 

• Identified areas of structural reforms that could contribute to growth across the economy 

(e.g., labor market, energy, tax, etc.)

• Conducted outreach and interviews on potential structural reforms with Government, private 

sector stakeholders

• For all structural reforms, identified core aspirational end states as well as potential five-year 

targets to drive within scope of fiscal plan 

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 15 of 104
16

• Created synthesis of potential issues for Puerto Rico coming out of US federal tax reform, 

incorporating inputs from other Board advisors, external tax academic experts, and 

stakeholder in Puerto Rico

• Refined key estimates that influence the baseline projection of economic activity in Puerto 

Rico (e.g., projected federal disaster spend, population / demographic shifts, etc.)

• Attended and conducted input sessions with economists to pressure test macroeconomic 

baseline

• Launched corporate survey to better understand the impact of the hurricane and federal tax 

reform on local and multi-national corporations 

• Conducted in-depth literature review of other jurisdictions’ experience post-disaster in terms 

of impacts on GDP, revenues, expenditures, etc.

• Facilitated weekly Board interactions, supported FOMB staff on an ad-hoc basis with key 

analyses

• Presentations and documents for public listening sessions, creditor sessions and other 

stakeholder engagements

– Prepared documents and coordinated all aspects of logistical support and planning to 

facilitate an all-day Listening Session on December 4 that focused on capital spending and 

structural measures

– Prepared documents and coordinated all aspects of logistical support and planning to 

facilitate an all-day Creditor Session on December 6 that focused on fiscal and structural 

measures

– Prepared documents and coordinated all aspects of logistical support and planning to 

facilitate a Creditor Economist Session on December 7 that focused on all aspects of the 

revised Fiscal Plan projections that were under development at the time

– Commenced planning for a listening session in February 2018

– Supported FOMB in preparation for and attended public Board meeting on December 5

• Project management lead, including managing overall calendar

– Participation in and coordination of cross advisor meetings regarding Title III matters in 

order to monitor key reports, align on expectations for Fiscal Plan, and provide forum for 

communication and sharing

– Supported FOMB’s response to Rule 2004 inquiry from GO bondholders

– Supported ongoing Fiscal Plan litigation process by collecting answers submitted in 

response to prior mediation and posting the answers to the FOMB’s online data room

• Financial model(s) and analyses requested by the FOMB 

– Refined research and analysis related to the revised Fiscal Plan that is being produced by 

the Puerto Rico government, including details relating to a baseline, fiscal and structure 

reform measures, macro factors and expense/revenue projections. 

• Ad-hoc analysis and analytical support

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 16 of 104
17

– Refined ad-hoc analysis regarding possible updates to fiscal plan assumptions (macro 

assumptions, revenues and expenses)

– Served as moderator during and provided expert testimony for Creditor Session, Creditor 

Economist Session and Listening Session

• Reports regarding liquidity performance and strategic choices on liquidity related to Title III 

proceedings

– Participated in cross-advisor meetings to assess on-going liquidity performance and 

prepared various ad-hoc analyses 

– Updated the post-hurricane Commonwealth liquidity needs assessment covering the 7 

quarter period ending Q4 FY2019 to incorporate greater detail and refined assumptions 

– Refined cash inventory analysis and facilitated the FOMB making the cash inventory 

publicly available 

January 2018:

During the month of January work performed by McKinsey was segregated into three 

primary workstreams: fiscal plan measures development and analysis (measures), fiscal plan 

macroeconomic and baseline assumption development and analysis (baseline), and Title III Advisor, 

Stakeholder, Litigation Support & Fiscal Plan Model (stakeholder engagement and modeling).

The baseline and measures team continued to develop and refine the FOMB’s perspective across all 

aspects of the fiscal plan, including the baseline, fiscal measures, and structural reforms. In addition, 

it involved driving analysis of the Government’s fiscal plan submissions to date to pinpoint key areas 

of divergence. The team drove towards finalization of FOMB baseline and measures models, 

developed structural reform initiatives to drive economic growth, and produced content to support 

the FOMB in its working sessions with the Government. 

The stakeholder engagement and modeling team developed analyses to quantify and evaluate the 

financial impact of FOMB fiscal plan assumptions, reviewed and analyzed the draft fiscal plan 

submitted by the government, and supported creditor mediation/listening session preparation. The 

work consisted of two primary workstreams: (1) financial planning and analysis related to the FOMB 

perspective regarding Fiscal Plan assumptions (2) review, analysis, response to draft fiscal plan 

submitted by the government.

The core activities related to Commonwealth Title III support during the period included:

■ Facilitated weekly Board sessions to align on Fiscal Plan perspective and supported 

FOMB staff on an ad-hoc basis with key analyses

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 17 of 104
18

■ Led Board preparation for sessions with the Government on major topics of discussion 

related to the fiscal plan 

■ Updated, maintained, and conducted ongoing quality assurance on hundreds of inputs to 

macroeconomic models forecasting the future course of the economy of Puerto Rico

■ Worked towards finalization of data and inputs into baseline model of the economy of 

Puerto Rico, including inputs from the Government, independent research, listening 

sessions, among other sources, as new data became available

■ Refined key estimates that influence the baseline projection of economic activity in 

Puerto Rico (e.g., projected federal disaster spend, revenue collections, Medicaid PMPM 

estimates, etc.)

■ Refined analysis of Board’s perspective on core fiscal measures (e.g., government 

rightsizing, procurement savings reductions, subsidies, pensions, healthcare, education, 

etc.)

■ Developed potential structural reform initiatives to contribute to growth across the 

economy (e.g., labor market, energy, tax, etc.), and sized impact in collaboration with 

economists

■ Conducted outreach and interviews on structural reforms with Government, private sector 

stakeholders

■ Led diligence of Government Fiscal Plan submissions, including analysis of hundreds of 

discrete data sources and inputs, comparing with FOMB perspective baseline, measures, 

and structural reform scoring; scored Government Fiscal Plan and worked with FOMB 

staff to identify key recommendations and requirements 

■ Conducted multiple sessions with Government advisors to pressure test assumptions, 

refine data, discuss core ideas underpinning the fiscal plan 

■ Financial model(s) and analyses requested by the FOMB 

– Continued development of macro baseline assumptions to include effects of disaster 

recovery funding

– Updated FY18 baseline revenue projections to include fiscal year-to-date actual results 

– Developed analysis bridging FY18 projected expenses to FY18 budget

– Processed general model structure updates as required 

■ Review and analysis of draft fiscal plan submitted by government

– Developed dynamic variance analysis highlighting key areas of difference between 

government and FOMB perspectives

– Reviewed and analyzed entities covered in government fiscal plan to ensure all 

required entities accurately reflected in fiscal plan

■ Presentations and documents for public listening sessions, creditor sessions and other 

stakeholder engagements

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 18 of 104
19

– Commenced planning for public listening session discussing the future of Puerto 

Rico’s power market and creditor mediation session discussing the draft revised 

Commonwealth Fiscal Plan 

– Successfully conducted public listening session discussion the future of Puerto Rico’s 

power market

■ Support related to liquidity reporting and related matters 

– Commenced process of transferring regular liquidity reporting to FOMB staff on a go 

forward basis

– Continued coordination with government advisors to understand municipality paygo 

payment status 

– Continued support and coordination with FOMB staff and advisors related to ongoing 

Commonwealth cash balance analysis

SUMMARY OF PROFESSIONAL COMPENSATION REQUESTED

15. Pursuant to the Interim Compensation Order, on December 12, 2017, McKinsey served on the 

Notice Parties (as defined therein) the Consolidated First Monthly Fee Statement for services 

rendered from July 1, 2017 through and including September 30, 2017 (the “Consolidated First

Monthly Fee Period”). On February 2, 2018, McKinsey was paid $1,332,000.00, representing 

ninety (90%) of its requested fees of $1,480,000.00,

4 in connection with McKinsey’s services 

related to Commonwealth Title III support during the Consolidated First Monthly Fee Period, 

leaving an outstanding ten (10%) percent holdback (the “First Interim Holdback”) of 

$148,000.00.

16. In accordance with the Interim Compensation Order, on December 15, 2017, McKinsey filed its 

First Interim Fee Application (the “First Interim Fee Application”) for the period May 3, 2017 

through and including September 30, 2017 (the “First Interim Compensation Period”) [Docket 

 4 Of the $5,120,000.00, $1,480,000.00 represents requested compensation for professional services related to 

Commonwealth Title III support, of which 90%, in the amount of $1,332,000.00, was paid on February 2, 2018. The 

balance of $3,640,000.00 represents requested compensation related to other scopes of work performed during the 

Consolidated First Monthly Fee Period under the Consulting Agreement. 

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 19 of 104
20

No. 2074]. Pursuant to the First Interim Fee Application, McKinsey sought (i) an interim 

allowance of $4,608,000.00, representing ninety (90%) percent of its total fees of $5,120,000.00 

incurred during the First Interim Compensation Period and (ii) payment of the outstanding ten 

(10%) percent holdback (the “First Interim Holdback”) in the amount of $512,000.00. Pursuant 

to the Court’s Order dated March 7, 2018, the hearing on the First Interim Fee Application was 

deferred on consent to April 25, 2018 [Docket No. 2685]. 

17. In accordance with the Interim Compensation Order, on January 16, 2018, McKinsey served on 

the Notice Parties (as defined therein) the Second Monthly Fee Statement for services rendered 

from October 1, 2017 through October 31, 2017 (the “Second Monthly Fee Period”). On 

February 28, 2018, McKinsey was paid $666,000.00, representing ninety (90%) of its requested 

fees of $740,000.00 in connection with McKinsey’s services related to Commonwealth Title III 

support during the Second Monthly Fee Period, leaving an outstanding ten (10%) percent 

holdback (the “First Interim Holdback”) of $74,000.00

18. In accordance with the Interim Compensation Order, on March 16, 2018, McKinsey served on 

the Notice Parties (as defined therein) the Third Monthly Fee Statement for services rendered 

from November 1, 2017 through January 31, 2018 (the “Third Monthly Fee Period”). 

19. As reflected in the Third Monthly Fee Statement, during the Third Monthly Fee Period, 

McKinsey incurred $2,220,000.00 in fees related to Commonwealth Title III support and sought 

payment of ninety (90%) percent of such fees ($1,998,000.00) in accordance with the Interim 

Compensation Order. To date, McKinsey has not been paid any fees for services rendered during 

the Third Monthly Fee Period.

20. Pursuant to this Second Interim Fee Application, McKinsey seeks an interim allowance and 

payment of $6,550,000.00, representing ninety (90%) percent of its total fees ($5,895,000.00) 

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 20 of 104
21

incurred during the Compensation Period along with payment of the outstanding ten (10%) 

percent holdback (the “Second Interim Holdback”) in the amount of $655,000.00, for a total of 

$6,550,000.00.

21. All services performed by McKinsey for which fees are requested herein were performed or 

incurred for and on behalf of the Debtor and were not for any other person or entity.

THE REQUESTED COMPENSATION SHOULD BE ALLOWED

22. Section 331 of the Bankruptcy Code provides for interim compensation of professionals and 

incorporates the substantive standards of section 330 to govern the Court's award of such 

compensation. Section 330 of the Bankruptcy Code provides that a court may award a 

professional "reasonable compensation for actual necessary services rendered ... and 

reimbursement for actual, necessary expenses." 11 U.S.C. § 330(a)(1). Section 330 sets forth the 

criteria for the award of such compensation and reimbursement:

In determining the amount of reasonable compensation to be awarded ..., the 

court should consider the nature, the extent, and the value of such services, 

taking into account all relevant factors, including-

(A) the time spent on such services;

(B) the rates charged for such services;

(C) whether the services were necessary to the administration of, or 

beneficial at the time at which the service was rendered toward the completion 

of, a case under this title;

(D) whether the services were performed within a reasonable amount of 

time commensurate with the complexity, importance, and nature of the 

problem, issue, or task addressed;

(E) with respect to a professional person, whether the person is board 

certified or otherwise has demonstrated skill and experience in the bankruptcy 

field; and

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 21 of 104
22

(F) whether the compensation is reasonable based on the customary 

compensation charged by comparably skilled practitioners in cases other than 

cases under this title 11 U.S.C. § 330(a)(3).

23. As demonstrated by this Second Interim Fee Application and the exhibits attached hereto, the 

services that McKinsey rendered during the Compensation Period were reasonable, necessary 

and appropriate. McKinsey expended its time economically and without unnecessary duplication 

of effort. In addition, the work conducted was carefully assigned to appropriate professionals, 

according to the experience and level of knowledge required for each particular task. 

Accordingly, approval of the compensation sought herein is warranted.

CONCLUSION

WHEREFORE, McKinsey respectfully requests that the Court enter an order (i) awarding 

McKinsey an interim allowance and payment of compensation for the Compensation Period in the 

total amount of $6,550,000.00, (ii) directing payment by the Debtor of any and all outstanding 

amounts allowed but not yet paid by the Debtor pursuant to the Interim Compensation Order, 

including the Second Interim Holdback in the amount of $655,000.00, (iii) authorizing and directing 

the Debtor to pay McKinsey the total amount of such interim fees, and (iv) granting such other relief 

as this Court deems just and proper.

Dated: March 19, 2018 McKinsey & Company, Inc. Washington DC

Washington DC

 s/ Tyler Duvall 

Tyler Duvall, Partner

McKinsey & Company, Inc. Washington DC

1200 19th Street NW Suite 1100

Washington DC 20036

Telephone: (202) 662 0078

Email: tyler_duvall@mckinsey.com

Strategic Consultant to the Debtor

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 22 of 104
23

Certificate of Service

1. Notice of this Second Interim Fee Application has been or will be provided by overnight delivery 

to:

FOMB:

Financial Oversight and Management Board

40 Washington Square South

Office 314A

New York, NY 10012

Attn: Professor Arthur J. Gonzalez

FOMB Board Member

Co-Counsel for FOMB:

Proskauer Rose LLP,

Eleven Times Square

New York, NY 10036

Attn: Martin J. Bienenstock, Esq. and Ehud Barak, Esq.

 And

Proskauer Rose LLP

70 West Madison Street, Chicago, IL 60602

Attn: Paul V. Possinger, Esq.

Co-Counsel for FOMB:

O’Neill & Borges LLC, 

250 Muñoz Rivera Ave.

Suite 800

San Juan, PR 00918

Attn: Hermann D. Bauer, Esq.

Counsel for AAFAF:

O’Melveny & Myers LLP,

Times Square Tower, 7 Times Square

New York, NY 10036

Attn: John J. Rapisardi, Esq.

Suzzanne Uhland, Esq.

Diana M. Perez, Esq.

Office of United States Trustee:

Office of the United States Trustee for the District of Puerto Rico

Edificio Ochoa, 500 Tanca Street

Suite 301

San Juan, PR 00901

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 23 of 104
24

(In re: Commonwealth of Puerto Rico)

Co-Counsel for the Official Committee of Unsecured Creditors:

Paul Hastings LLP 

200 Park Avenue

New York, NY 10166

Attn: Luc. A. Despins, Esq.

Andrew V. Tenzer, Esq.

Michael E. Comerford, Esq.

G. Alexander Bongartz, Esq.

 and

Casillas, Santiago & Torres, LLC (Proposed)

El Caribe Office Building 

53 Palmeras Street, Ste. 1601 

San Juan, Puerto Rico 00901-2419 

Attn: Juan J. Casillas Ayala, Esq.

 Diana M. Batlle-Barasorda, Esq.

 Alberto J. E. Añeses Negrón, Esq.

 Ericka C. Montull-Novoa, Esq.

Co-Counsel for the Official Committee of Retired Employees:

Jenner & Block LLP

919 Third Ave.

New York, NY 1022-3908

Attn.: Robert Gordon, Esq.

 Richard Levin, Esq.

 and

Bennazar, Garcia & Millian, C.S.P.

Edificio Union Plaza, PH-A Piso 18

Avenida Ponce de Leon #416

Halto Rey, San Juan

Puerto Rico 00918

Attn.: A.J. Bennazar- Zequeira, Esq.

Fee Examiner

Brady Williamson

One East Main Street

Suite 500

Madison, WI 53703-3300

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 24 of 104
EXHIBIT A

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 25 of 104
UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

-------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

THE COMMONWEALTH OF PUERTO RICO, 

et al.,

 Debtors.

-------------------------------------------------------------x

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

CERTIFICATION OF TYLER DUVALL IN SUPPORT OF SECOND INTERIM FEE 

APPLICATION OF MCKINSEY & COMPANY, INC. WASHINGTON D.C. 

AS CONSULTING SERVICES PROVIDER TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, FOR THE PERIOD 

FROM OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

I, Tyler Duvall, certify as follows:

1. I am a Partner in the firm of McKinsey & Company, Inc. Washington DC (“McKinsey”). 

I submit this certification with respect to the second interim fee application of McKinsey 

as consulting services provider in the above-captioned case (the "Second Interim Fee 

Application") for the allowance of compensation for professional services rendered 

during the relevant application period.

2. I make this certification in accordance with the First Amended Order Setting Procedures 

for Interim Compensation and Reimbursement of Expenses of Professionals, entered on 

November 8, 2017 [Docket Number 1715] (the “Interim Compensation Order").

3. In connection therewith, I hereby certify that:

(a) I have read the Second Interim Fee Application;

(b) To the best of my knowledge, information and belief formed after reasonable inquiry, 

the fees sought in the Second Interim Fee Application are in substantial compliance 

with the Interim Compensation Order and the United States Trustee Guidelines for 

Reviewing Applications for Compensation and Reimbursement of Expenses Filed 

Under 11 U.S.C. § 330, adopted on January 30, 1996; and

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 26 of 104
(c) The Debtor, the United States Trustee, the official committee of unsecured creditors

and the official committee of retirees of the Debtor have been provided with a copy 

of the Second Interim Fee Application simultaneously with the filing thereof, and 

will have at least 10 days to review such Second Interim Fee Application prior to any 

objection deadline with respect thereto.

Dated: March 19, 2018

Washington DC 

 /s/ Tyler Duvall 

Tyler Duvall, Partner

McKinsey & Company, Inc. Washington DC

1200 19th Street NW Suite 1100

Washington DC 20036

Telephone: (202) 662 0078

Email: tyler_duvall@mckinsey.com

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 27 of 104
EXHIBIT B

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 28 of 104


	
		
 	






  

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 34 of 104


	
	 	





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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 36 of 104




 

	

 

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 37 of 104
	




 

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 38 of 104


	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 39 of 104


	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 40 of 104


	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 41 of 104


	



 !"#$%&'(#))%*+,#-. /$-0)'1&&2-.-&,&$-3/4-0&5&)#6&4.+)&%74/6#5&5/$/4+&3/4&-0&8-05.' /3&.!0!.)&$5.4,/$-09  Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 42 of 104


	





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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 43 of 104


	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 44 of 104


	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 45 of 104


	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 46 of 104




	 



 



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 47 of 104




	

	



	

 








 










  
 
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 48 of 104






	


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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 49 of 104




	

	



	
 		
		 
	

	 		

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 51 of 104




	




 

	




	



	 

  




	
	
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 54 of 104




	


	
	


 
		

	 

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 55 of 104




	 




 

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 56 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 57 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 59 of 104


 	

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 60 of 104


	
	
					
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 61 of 104


 	


	
		
	
	

	
	

	
	 
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 62 of 104


	



			
	
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 63 of 104


	

	
			
	
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 64 of 104


	
	 	





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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 65 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 66 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 69 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 70 of 104


		 	





   Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 71 of 104


	

	

	
	 

			
	

	



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 72 of 104




	 



	
 

  

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 73 of 104




	


	 

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 89 of 104




	

	



 



	
 



 

	
	
	

	
 	
	

	 


	

 
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 90 of 104




		

	

		


	
 	



	
	 	
 		




	
	 
 	






 
	

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 91 of 104




	


				
	
	
	 
		
	

		
 	
	

	
		
	
	
	 
	
	

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 92 of 104




	

	
	




	



 
	
		 		
	
	
	
	
	

 	


	



 
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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 95 of 104




	


			
			
	
 

	



		 	
	
			



	
		 

	
			
 		

	
	




	
 	

		 
	

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 96 of 104




	

		



 	
  

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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 97 of 104




	

	



 




		


 	


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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 98 of 104




	
	
	

	
		
	
			


 
	
	
	
	
			
	

		 		



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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 99 of 104




	 







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Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 100 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 101 of 104
Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 102 of 104
EXHIBIT C

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 103 of 104
EXHIBIT C

LIST OF McKINSEY PROFESSIONALS

NAME OF PROFESSIONAL TITLE

Peter Bailinson Analyst

Kevin Carmody Senior Partner

Bertil Chappuis Senior Partner

Justin Collins Associate 

Jonathan Davis Partner

Thomas Dohrmann Senior Partner

Tyler Duvall Partner

Sarah Esty Associate

Adam Gerard Analyst 

Kari Hernandez Engagement Manager

Zarif Jamil Senior Business Analyst

Auden Laurence Analyst

Irfan Mahmud Analyst 

Andrew Mayock Associate

Elliott Neal Engagement Manager

Sara O’Rourke Engagement Manager

Avery Rasmussen Analyst 

Justin Reed Senior Associate

Jennifer Rost Partner

Ojas Shah Senior Vice President

Alexey Sosnovskiy Engagement Manager

Julien Truchon-Poliard Associate

Dean Udom Associate

Todd Wintner Associate Partner

Case:17-03283-LTS Doc#:2756-1 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit A Page 104 of 104