UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

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

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

PUERTO RICO HIGHWAY AND 

TRANSPORTATION AUTHORITY, 

 Debtor.

1

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

PROMESA

Title III

No. 17 BK 3567-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, AS REPRESENTATIVE OF PUERTO 

RICO HIGHWAY AND TRANSPORTATION AUTHORITY, 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 Puerto Rico 

Highway and Transportation Authority (“HTA”), 

Debtor 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 Third Monthly Fee Statement

to Second Interim Fee Request: for Compensation for Services Rendered 

From November 1, 2017 Through January 31, 2018,

dated March 16, 2018

Total Fees Requested for 

Compensation Period: $1,025,000.00

 1 The last four (4) digits of HTA’s federal tax identification number are 3808.

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 1 of 45
2

Total expenses requested: $0.002

Total fees and expenses: $1,025,000.00

Second Interim Holdback: $102,500.00 (10%)

Total payment requested for

Second Interim Period $1,025,000.00 (90% of unpaid fees totaling

$922,500.00 plus 10% holdback of $102,500.00) 

Total fees and expenses paid to date 

or subject to an Objection: $1,944,000.00 paid to date (90% of requested fees 

of $2,160,000.00)

Type of Application: Second Interim Fee Application:

Title III Support for HTA

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.

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 2 of 45
3

UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

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

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

PUERTO RICO HIGHWAY AND 

TRANSPORTATION AUTHORITY,

 Debtor. 3

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

PROMESA

Title III

No. 17 BK 3567-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, AS REPRESENTATIVE OF PUERTO 

RICO HIGHWAY AND TRANSPORTATION AUTHORITY, FOR THE PERIOD FROM 

OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

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

in the above-captioned case, 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 Title III support 

for Puerto Rico Highway and Transportation Authority (“HTA” or the “Debtor”) rendered 

pursuant to the First Amended Order Setting Procedures for Interim Compensation and 

Reimbursement of Expenses of Professionals, entered on November 8, 2017 [Docket Number 

 3

 The last four (4) digits of HTA’s federal tax identification number are 3808.

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 3 of 45
4

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 HTA for the period from October 1, 2017 

through January 31, 2018 (the "Compensation Period") in the aggregate amount of

$1,025,000.00, 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 Debtor by McKinsey, as described in this Second Interim Fee 

Application. The Debtor has not previously paid any amounts in respect of the foregoing 

requested fees and expenses.

BACKGROUND AND JURISDICTION

3. On May 3, 2017 (the “Petition Date”), HTA, by and through the Financial Oversight and 

Management Board for Puerto Rico (the “Oversight Board”), as HTA’s representative pursuant 

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 4 of 45
5

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 

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.” 

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 5 of 45
6

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 

Title III Support for HTA (“HTA 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 HTA 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 $0.004

November 2017 $300,000.005

December 2017 $300,000.00

January 2018 $425,000.00

February 2018 $425,000.00

March 2018 $425,000.00

 4 Due to the slow ramp up of work related to HTA post-Hurricane, McKinsey did not perform significant HTA-related 

work in October 2017 and agreed to invoice $0.00 for that month.

5 For November and December 2017, McKinsey performed two (2) weeks of work per month, and agreed to invoice 

$300,000.00 for each month (based on McKinsey’s standard $150,000.00/week team bundle rate).

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 6 of 45
7

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 –

TITLE III SUPPORT FOR HTA

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

services in connection with the HTA 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 Third Monthly Fee

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 7 of 45
8

Statement6 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.

Title III Support for HTA

October 2017:

During the month of October, McKinsey did not render services related to Title III support 

for HTA.

November 2017:

During the month of November, McKinsey’s HTA Title III Team re-started its work on the 

HTA Transformation Plan, which had been paused since Hurricane Maria. This effort had two key 

components: 1) Developing an understanding of how Hurricane Maria had affected the original 

Fiscal Plan baseline (e.g., reduced toll revenues, increased construction spend); and 2) What would 

the components of a Transformation Plan be for HTA.

McKinsey’s HTA Team began with developing a perspective on how the baseline of the 

original Fiscal Plan has changed due to the Hurricane. The work in November was critical for the 

setting the stage in December for completing the perspective of how the baseline was affected by 

Hurricane Maria.

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

• Analysis regarding impacts to fiscal plan baseline in post-Maria context 

o Developed initial perspective on how revenues, operating expenses, and the effect 

of the original measures may have changed in the post-Maria environment

o Developed preliminary outside-in estimates of expected reconstruction spend, 

included the potential for cost premiums in a scarce labor environment

o Researched sources of federal reimbursement and estimated potential impact of 

reconstruction reimbursement

• Working group project management lead

 6 As noted herein, McKinsey did not render services in connection with Title III support for HTA during the month of 

October 2017, and thus, did not attach its Second Monthly Fee Statement for Compensation For Services Rendered 

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

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 8 of 45
9

o Estimated potential changes to Transformation Plan and impact on key 

stakeholders

o Organized and developed materials for working group calls 

o Participated in working session to discuss go-forward plan with Alvarez and 

Marsal (Nonmember 28, 2017)

o Participate in working session to discuss go-forward plan with broader working 

group of stakeholders (November 29, 2017)

December 2017:

During the month of December, McKinsey’s HTA Title III Team continued its work on the 

HTA Transformation Plan. This effort focused on furthering the analysis on how Hurricane Maria 

had affected the original Fiscal Plan baseline (e.g., reduced toll revenues, increased construction 

spend) and how to integrate it into the effort to develop a new fiscal plan for HTA.

McKinsey’s HTA Team completed its re-evaluation of the baseline in the wake of Hurricane 

Maria, stress-tested estimates received by HTA, and developed different models for what assets 

could fall under a reformed HTA. The work in December sets up January to be a critical month for 

the Board to make key structural decisions on the content of the HTA Fiscal and Transformation 

Plan.

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

• Analyses on updated fiscal plan baseline in post-Maria context 

o Further developed initial perspective on how the baseline has changed in postMaria environment

o Stress-tested HTA view of how baseline has changed post-Maria

o Developed different models for reforming transportation sector in Puerto Rico, 

indicating which transportation assets would fall under HTA in each model

o Developed perspective on different models for assessment by the Board

o Meeting with FOMB Executive Director and staff to give update and get direction 

on HTA work (December 11, 2017)

o Working session with CSA to understand their estimate of reconstruction costs 

(December 12, 2017)

o Review of different models for HTA with Citi and Proskauer (December 14, 

2017)

• Project management lead, including managing overall calendar

o Periodically checked in and met with Alvarez and Marsal to coordinate next steps

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 9 of 45
10

o Developed process for syndicating HTA Fiscal and Transformation Plan with 

Board

o Working session with Alvarez and Marsal, HTA, and other key stakeholders, to

discuss go-forward plans, progress on developing baseline adjustment estimates 

(December 7, 2017)

January 2018:

During the month of January, McKinsey’s HTA Title III Team focused its efforts on the 

HTA Transformation Plan. In addition, McKinsey’s HTA Team supported the January HTA 

mediations, continued to lead the HTA working group to ensure all stakeholders are working toward 

a common goal, refreshed the McKinsey Team’s estimates on the impact of Maria on the fiscal plan 

baseline based on new data, and developed a perspective on the set of infrastructure assets to include 

within HTA. Finally, McKinsey’s HTA Team developed a comprehensive set of materials for 

assessing the HTA FP including governance decisions and reform options for FOMB to consider.

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

• Prepared analyses supporting transformation plan for HTA Title III 

o Updated perspective for how baseline has changed in post-Maria environment, 

given new data passed along from Alvarez and Marsal

 Stress-tested HTA assumptions of how baseline has changed post-Maria

o Assessed different ways to organize transportation sector (e.g., which assets 

should fall under which agency), and developed independent perspective for 

Board review

o Revised process for syndicating HTA Fiscal and Transformation Plan with Board

• Lead HTA working group for Title III, including leading meetings, developing core 

materials, workplans, agendas and coordination with HTA, AAFAF and its experts and 

advisors 

o Led working session with Alvarez and Marsal, HTA, and other key stakeholders, 

to get update on (and receive) new data, prioritize go-forward analyses, and 

develop schedule for review of “ghost document” to ensure that HTA is creating a 

plan that anticipates and addresses Board’s viewpoint on how to transform HTA 

(January 31, 2018)

o Periodically checked in and met with Alvarez and Marsal to coordinate next steps

• Participate in and/or assist the Board with mediation sessions and Board meetings or 

conferences, which may include presentations

o Had multiple meetings with Board staff (January 15, 2018, January 16, 2018, 

January 17, 2018) and other stakeholders to prepare for mediation sessions on 

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 10 of 45
11

January 23, 2018; helped procure data, and evaluated, and gave feedback, on 

memos

o Attended and actively participated in HTA mediation sessions (January 23, 2018)

o Conducted follow-up on data requests and next steps coming out of mediations

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 $4,608,000.00, representing 

ninety (90%) of its requested fees of $5,120,000.00,

7 in connection with McKinsey’s services 

related to Title III support for HTA during the Consolidated First Monthly Fee Period, leaving 

an outstanding ten (10%) percent holdback (the “First Interim Holdback”) of $512,000.00.

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 

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]. 

 7 Of the $5,120,000.00, $2,160,000.00 represents requested compensation for professional services related to Title III 

support for HTA, of which 90%, in the amount of $1,944,000.00, was paid on February 2, 2018. The balance of 

$2,960,000.00 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#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 11 of 45
12

17. 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”). 

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

McKinsey incurred $1,025,000.00 in fees related to Title III support for HTA and sought 

payment of ninety (90%) percent of such fees ($922,500.00) in accordance with the Interim 

Compensation Order.

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

payment of $1,025,000.00, representing ninety (90%) percent of its total fees ($922,500.00) 

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

percent holdback (the “Second Interim Holdback”) in the amount of $102,500.00, for a total of 

$1,025,000.00.

20. 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

21. 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:

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 12 of 45
13

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

(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).

22. 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 $1,025,000.00, (ii) directing payment by the Debtor of any and all outstanding 

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 13 of 45
14

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

including the Second Interim Holdback in the amount of $102,500.00, (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#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 14 of 45
15

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#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 15 of 45
16

(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#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 16 of 45
EXHIBIT A

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 17 of 45
UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

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

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

PUERTO RICO HIGHWAY AND 

TRANSPORTATION AUTHORITY,

 Debtor.

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

PROMESA

Title III

No. 17 BK 3567-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, AS REPRESENTATIVE OF PUERTO 

RICO HIGHWAY AND TRANSPORTATION AUTHORITY, 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#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 18 of 45
(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#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 19 of 45
EXHIBIT B

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 20 of 45


	
		
 	






  

 !"#$ %#%&!$!'(!!) 

*+,+-*-./01 '(!!#23$ !"'!(!34567)8 8

$9-0:;





'!%" .-< 

*+0:=>&?@AB>" 


	
C
DE
DCF	
E
EG	FH 
E
FIJK
	DL
JJ

E	


 	M	
D

C
M	LD
E

LE N




I
		
M
DN
I
 
DLDK
F	

	



D
F 
D

MENOIPQORD
LDS
FTOIPQOU



*V01'01++.0*< %W?.+XY0V,*X)W:2*+Z.[-0$:: 45%W?.+X67 

\-Z0.]^-0'0/.^"/.W+-0 Z.*W.*</+.[Z-*^%**[V-&0*^10 '\-0!.W0)*+!,+-*-./01'\-0!.W0 .[Z_*X*^*+,0-*-.0\-Z0.-X)$9-0 '\+\*--0'!%""W-.0@=A497 '.0^10_Z.WZW0V,+*-.0 *^.V9\+V-.++0\[Z-  0/V9=)`a=>bc*\*X@=)`a=d 

V0\-01W0V,+*-.0+0\[Z- *+*W-\*<)*+0*9<*^W++*X eOIQPfIQQQJQQ 

V0\-01,+.V9\+V-+0\[Z- +0\[Z-*+*W-\*<)*+0*9<*^W++*X`eQJQQ 

X,01"-*-V-   0+0<.^*-^Z.^%0-Z<X"-*-V- .-<"\,,0-10@

 =Z<*+-10\4g7^.[.-+01h+1^*<-*.^-.1.W*-.0\V9*@dad: `%W?.+X,0/.^++/.W+0*1.^19*+.+)*^*++\WZ)+i+0.V9\+V-01,++: 

@0-.W01-Z.+0+0<.^*-^Z.^%0-Z<X"-*-V-4*+^1.^Z.7Z*+9+/^.*WW0^*W_.-Z -Z-.V0V,+*-.0^4*+^1.^Z.7*^09jW-.0+-0,*XV-01-Z*V0\-+^+W.9^.-Z.+ %0-Z<X"-*-V-+Z*<<9*^^++^.*WW0^*W_.-Z-Z-.V0V,+*-.0^:

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 21 of 45


 	

 !"#$%&& '(!")*%""&+,-
.
/01234567
89.015:;<=>?0@
0A	
?
B-CD3AAE?8
1EA
/?	?
	
FG?-H
	@
-<=I
9A8J@
-CD3K-
ELE	
FI
9A8J
8-<=I
9A8JLE	CD3-M
8
EI
9A8JLE	F
G?-H
	I
9A8J@
F
7?	?8
F
L?8
<=M
8
ELE	CD3N8O?	JP@
0A
J3>8Q
	?R
7@<=N8O?	JCD3	
R?88
	E
	
SK?
8?
EB/	?RT-N

R0I

-K

L?8
U
	A	
?/BF71
3
L?8
V?RW
J	T-S
	A

?
T
?J

<=VSTC3=71
C
=I

-CD31J	/	?	@
	
E?-
-S?-N
EJKH
0F
EE
W
8
F8
0A	
?
F

	

1E-8		
J	
R?88
	E?R	/?8	-	AA

N8O?	JA
/?---?R0
	
F.
/01453780145-X

J42<=K?
-CDA	

=S?E>>>HAA
F
VSTCH8
A
FQ
9
F8
	E?RR0-?
1WN8O?	J-I

-


1
-XEJY345F
8
	E?R	/?8	?	AA

FS?E>>>E??R
?
3	0--FF8?/.
/01345<=@
	E?RTR0CD-
8-
	Z[?1?T	

I
9A8J@
-3I
9A8JLE	-M
8
ELE	3@?F?8
?

FSJE7/
EE3

FN8O?	J3R
-?R8
0AE?
8W?	

J-ER
E

?J8?-1
/?	
8-
	Z[?1?I IJ?	@
	
E?-
-S?-N
EJKH
0\S?E>>>HAA
F
VST3N8O?	J	9	EE
W
8
F8
0A	
?
F
	/?8	---@
	E?RTR0-?RK?
-?0

F]^3:4444<W?8_
E	^4`
F8
0A	
?
	
R?3?88
-
8W?H8?
8
F>?0@
0A	
?
B-D

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 22 of 45






	


   !"#$%$$&$'()*+, -$./'0($(12'+-$(1 !$'2/'2$--' 13-$0+$-1-$4$-"$(5."#$6'1(1 ($23$+"$( "#$7' -3" !8!$$9$ ":+'/$'2;'<2'7' -'3(1"$(=#(*' "#3.%$$:"1"$9$ ">="3$???://'"2'@=8A

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

E=#$ 0'+$ +3($(1"BC#5"$23$+"-&$"'R+'G"##'3( !"1CNKLMO)G#+#-1//3+153$"'/1.9$ "-2'-$0+$-/$2'9$( &$"'R+'? 1++'(1 +$G"#"#$"$9-'2"#$7' -3" !8!$$9$ ")*+, -$.#1-+13+31"$("#$/'/'"' '22$$-1""5"153$"'G'</$2'9$( &$"'R+'1 (($"$9 $("#$1//3+153$"1C"'5$G"##$3(5."#$+3$ "2'/1.9$ ""'"#$&$"'R+'"1C1"#'"$-=#$$"19' "$23$+"$(' "#$ 0'+$"'5$+'33$+"$(5.*+, -$.-+' --"$ "G"#"#$"$9-'2"#$7' -3" !8!$$9$ "

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 23 of 45


 	


	
		
	
	

	
	

	
	 
!
 
		"		"
!
	#

$%&'%(%)*+*,-)(# #

. /	

	
	

	

	
01	2
	
	
	3
	4	

05
4	6665748	

	


	

	
	
01		

	9		
"
	
	
5:


		
"			

"	
9
32
9
;2<;2
6
	3
	
=

>-*,?%# #

@ A		3
	4	

05
4	6665748
"		

		


BCDEF# 0	

	=	


G/	

5:5=	HI8A"J92AJIGGIK8
18LM
NN0=

O-PO-Q)(%R#S-'#BCDEF# 19;<<1T
4	5:A"J92AJIGGHU

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 24 of 45


	



			
	
!"##$%&
!	

'()'(*+,-./0(1/23456/ 789
%%:
	! $;<
=	=
>?@>A	BC
	

'(*+,-./0(1/DD2D26/ 78%=E:E	F
B	FG	F
B	9GH	9H@I#J
	
<<K%C
	<

300LM-/(0/N+LO-P/QORO-,/S1*,O--6/ 7TT
TK
F	T	C
	
T	

T

7F	
I@?@U"	BBG%T	
V

'()'(*+,-./0(1/OW-/300LMLR./'(XXLOO--/(0/N+,-M*1-P/'1-PLO(1,6/ %A
!$	=9GH	9H@@##CJ
	G&F<	
%B	T	Y%Z	
!	<
%%
!:F		 U	JV%	
[7TT


%
!I%B		@#@	
?@\$]@?
%%E%C

%%\
		%[	;9!	^	
%%\9=

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 25 of 45


	

	
			
	
		  !"#$%%&'(')*+,-./012"$302(45567'48-99/:;"<9=","3>?@/;+#*A,%.+3>?@/A,ABA3=A#+AC+!!+A3D/E/&/>,+F+#+"G+"&!ABA3&H6-&+?"(8-.+,A&"#,%"IJ(HA!9";K3EALA&L9";+#"44'(8-99/:-//ABA6M@L+A3>?@/N		O	
 A,KP+!!+AQ?"R>A?9CA+E993EL+9S44CA,+?"3PTS7U4767744

PH>;>VR;>3C#W+?K?X#9FL!!K@L?9?XAKQ9<K9*Y<9""FZ'553S44/443X?9+['4\"F+9?F?+#L,,L+[9*V&+",A,@L?9,*+/YA9,:CA#*(354(8C#W+?KD"QXAK3T#/PA?*+[9"YDPA?*+[9"YD

]]]]] ^_`abcd]efghbb]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] )K!YL.A!!&A9C#W+?KD"QXAK3T#/PA?*+[9"YD(544('9*E90PI(444PA?*+[9"3YD5447)!X*":i545j567(44>QA+!:)K!kYL.A!!lC#$+?K/#"Q]

mndhncopq]rst^fbnhtn]ns]nuc]ecvnsd] 

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 26 of 45


	
	 	





 !"#$"% &'''())*&()+, 	

	

- -

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 27 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 28 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 29 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 30 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 31 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 32 of 45


		 	





   Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 33 of 45


	

	

	
	 

			
	

	



!"#$%&$&' "% "()" " *

+,-,.+./012()" " $34%"#( " ) "45678*9: :

%;.1<





(" &#/.=

+,1<>?'@ABC?D#	



		EF	GFF	 	

*H=%I0+==*J;HKL=+.J21==1M/NIK-+=.H12-OIH

><+P112.J&L@/,H(+.,-10/K/NL1,I=./N,0/L,=+.K.1.J+;10D L+-./1K/.=L+,<

Q<J+0-,1+==H-21PKP+H12.J-12,,/1+=,0/L,KK;H&L@/,H+,,.+.N/LL1,I=.+..1.J%;.1+K+P2+P/=/+M/.J+==1.JM1R-21PK1;J+=212.J%;.1;H.J(+.,*,,1L/+.,*+K1.J-,1,/.J/P<

A<J2+L.,,.21.J/.J21N1/N1,1=/K+.KJ/K&1.J=H#.+.P./.=#I--1.21+.I+KL1L..1.J;,.12PHR1M=KN*/21P+./1*+K;=/2<

S<J+00/MK.J./P1P-,+./1K+K;=/0.J+.&L@/,HT,1,1=/K+.KJ/K&1.J=H#.+.P./.=#I--1.21L1P-=/,.JM/.J<

(I,I+..1QU)<#<<V>?SC*KL=+IK-+=.H12-OIH.J+..J21N1/N/,.I+KL1L.<

%+.K&+LJ>C*QW>U3+,J/N.1*%::::: XYZ[\]^:_`ab\\:::::::::::::::::::::::::::::::::::::::: 

H=%I0+==(+.&L@/,Hc1P-+H*L<3+,J/N.1%

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 34 of 45




	 



 

  ! "#$%&'()*+,&(),-.,/*+0*$12345678%&9*:;9<=>=%(?*@@@=*A+$*B9(A$(*C%(9D,$E,&()* <=>=$A&9-,$+A(%,&F?A&5D)%7))AC0**&GA#9*C9%&7*<#$$%7A&*6A$%AH=)%9*--,$()AC(D,E*: 7,+G,&*&(9I3J"*/*?,G%&'A&#&C*$9(A&C%&',-),D<#$$%7A&*6A$%A)ACA--*7(*C()*,$%'%&A? K%97A?F?A&0A9*?%&*L*H'H5$*C#7*C(,??$*/*&#*95%&7$*A9*C7,&9($#7(%,&9G*&CJMA&C1JN)A(D,#?C ()*7,+G,&*&(9,-A=$A&9-,$+A(%,&F?A&0*-,$<=>H



678%&9*:;9<=>=%(?*@@@=*A+0*'A&0:C*/*?,G%&'AG*$9G*7(%/*,&),D()*0A9*?%&*,-()* ,$%'%&A?K%97A?F?A&)A97)A&'*CC#*(,()*<#$$%7A&*H=)*D,$E%&.,/*+0*$DA97$%(%7A?-,$()* 9*((%&'()*9(A'*%&"*7*+0*$-,$7,+G?*(%&'()*G*$9G*7(%/*,-),D()*0A9*?%&*DA9A--*7(*C0: <#$$%7A&*6A$%AH 

OPQRSTS
U
VPSU

 

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`()J ZXFA$(%7%GA(*%&D,$E%&'9*99%,&(,C%97#99',B-,$DA$CG?A&D%()0$,AC*$D,$E%&''$,#G,- 9(AE*),?C*$9L.,/*+0*$1a()J 

OPQRSTS
U
RV	RRS 

=)*678%&9*:(*A+DA9?*C0:=:?*$"#/A??A&C>A$,&b%*?*&0*$'5D),G$,/%C*C,/*$A??c#A?%(:

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 35 of 45




	

	




 					



	 !"	#
	

$	

 %&'() *&+		,
	,
 *&+		



-		

	
 	



	


$, 	,
 *&.
/	

 %&-,

) *&+		




0	!
	
	' 
 *&		'

	1	



		 
 %&

) *&(	
,





!#
',
 
	

	

/


 *&2				
.3



' 


	
,	

' %&"	#
 !) *&!	



	
			
 

		'
0	!




	


	
 	,'


 *&4		
,
	!#
'	 1	
0	!




 *&5	'		




'


		 /
 %&$	



) *&'0	!
/
,
	

 
1




			
 *&(	
	'
/
,
			 





	

,
 *&5	'


	

,' /		
,/
 6

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 36 of 45






	





 !"#$%&'(!)*+,*-./.0111.2!3*45 -./.2* 26027.*  !*3 220+**4-!2(22 232 !3208*!20602"2*0977'3!300:*'!2*3!*! *;3<2342 3:0;24 *!20;02 -./7 

(!)*+,*-./.0111.2!;03*=:202 "2*0425  -!2(22'***=*3*2*!:3"+-./'233:0;33 30*  422***!03 20032 3-./7.45!"*;>22+"2!!20  ?23255+*!203!**! -./8*!2023 .2* 26027 7@ABCDEDFGHGBIJKKKGIBJLHIBMBIBDJBMJNO/20+**;323 *!20;02"2*0;*=(22!P QO83:0;320;*;!:4"2*02*!23;*=(22 : QOR**=*3-./:4 4"2*02*!23;*=(22 QO:0;33 30*  2*;2*!6S!' 3!24!2*;22***403 2003-./2!30 QO:0;3;*;!:3 30* 2****"+?23 QO(48T(?UP!:!23*2 :;32233! -./459!"%%< QOV5***4WR/3*23*2 !*!!** 9!"%#< QOS:4 3 30* -./4W236*529!"%X< NO6Y!22023'!0322:200!2032 QO63!200+!!53234/0:2Z23(2*20!32P*;* QO:0;3;!** *+3!2-./8*!2023.2* 26024?23 QOV5***4/0:2Z23(2*20'-./'235+*2503*'3*!** = 423;02*';**3:0;"2*023Y**2*9!"&<

@ABCDEDFGHGBIJKKKGIBJCL[CIBIBCD

.(!)*+2!3"03"+.+0:200'23/2?0"'4;:33

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 37 of 45




	



 










  	!
"#$% 

&	 

'()	* +(




,!


 
 
-

  +(! ".
	
)

)
,/0
 '(1
,

* +(2


-# +(




,!

  +(3

 

".
	
)

 '(


* +(2

-#

	
 



 +(3

 

".
	
)




 


 ,
 '($% "#* +(#



	
 
	



,

 +(4	


54

,

 +(4	
,!

	 
 


 '(&	

* +(-

#
6

,
!
 

 +(
 

".
	
)

)
,/0 !	

 +()	
 

#
	

 

57 

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 38 of 45








	





  !"#$%&'()*!+*,-.-/000- (*1** ,-.- * 2/ 30 11&,-.- *441  !,-.1 *& (1/ 1,-.564* //* 6/1* 565 1*  ( /&*1* *4 ('  *( /4/ 7 */7 *1 51  & 118/41 4*4(8* *( ***(/15,-.3 9 //!&,-.- 18/41 (4*8*  /* ****,-.92 (/18 (1(** 14*9:';(*13 

<=>?@AB@CDED?FGAHHHDAIAF?GAJE=F?K?F?A@LIAG?KALGA

MN24 1  /!***44 * 4/ ,-.-/000 ONP41 14*4(857 */ *( 14*Q'  8&8 51  4 **1 /./8 R 1' * / ONS**Q*1,-. **4*57 */ *( 14*Q'   ON.****115 !* R *4 *(T33&5( ****/1 // 15( (!U& 118/411414*4(8; 185 ONV8*14(***!1( ,-.9*( / 1- * 2/ 5; 1 MNW 1,-.564-/000&(/1/ 1*&18/4(   /*&564/ *& 1 * 1(1 5,-.&..9.9 1*X4* 1 18** ONW156***5./8 R 1' * /&,-.& 16!* 6/1*& 41 T 1(8U51  &4RQ5 1  /!**& 118/4*(1/ 85Y*1(Z* ,-.*(  4/   (4 * 1 11***; 1+*8545 *,-.T  ![$*UON21( //!((61 15./8 R 1' * /(1 X*4* MN2 (4  1\ ***; 151 **** 1; 1* ((*&5( !(/14* * ON, 1/4/*5; 1* T  !$]&  !$^&  !$_U 1 * 6/1*44 1 ****"[1`/414(1  & 1 8 / 1& 1 817 (6&* ON.11 1 (8/!4 (4 1,-.1 ****T  !"[1U ONa1(1//5Q41  b** 1X*4*(1 *

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 39 of 45






	


	
		

 !"#$%&'("%!")*%(+,*+$$,-.)/&,,0&"*1&-("2!,"+-304(5-(/!** (/-&,,6)&,!%$("%-(,&"*#%&7(,*-'&"&3'"%0,,&#&"1##(!&%8&-%"-9:&-( ;(/"&"!&"<04(5-(/!**&**!%!("&,*!-%!("%(%4(-7!"3%&'=4(-7!"3%&'("#!#%* (>&>),,?%!'@"3&3'"%&"&3-9A&-* &%#>><&"*B"!(-2)#!"##1"&,$#%9.!#&C-'&<= 

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�#%&"*"#)-**&*,!"#4-'%0 #*),*7$'%!"3#0&"*&##!#%*!"%*/,(5'"%(>("%"%+$B"!(-2)#!"## 1"&,$#% GEB%)5&"*,*&,,#4!%&*/!#(-#9=3=01,/&-L&"*&-#&,<%(*%-'!"*&%& &/&!,&+!,!%$ GE8-(/!**&*(#)55(-%-/!4!"3'*!&%!("#9=3=0''(-/!4< DE.!#&C-'&91##(!&%<F GE1"&,$L*!'5&%(>&-!&("%J!#&,8,&"+&#,!"03!/""4*&%&>-(';10#%-##? %#%*;1#%!'&%# GEN5*&%*'&%-!&,#>(->!-#%2(&-*#)+(''!%%05->(-'!"3&,),&%!("#(>!'5&%#>(- *!>>-"%(/-*&##%'(*,%(*/,(5!"%-"&,5-#5%!/ GE./,(5**%&!,>(-5(%"%!&,3(/-"&"&,%-"&%!/#>(-;1!",)*!"3#%-)%)-&, ->(-'&,%-"&%!/#

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 40 of 45




	 







 !
" 



Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 41 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 42 of 45
Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 43 of 45
EXHIBIT C

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 44 of 45
EXHIBIT C

LIST OF McKINSEY PROFESSIONALS

NAME OF PROFESSIONAL TITLE

Tyler Duvall Partner

Aaron Bielenberg Associate Partner

Garo Hovnanian Associate Partner

Needham Hurst Associate

Jared Katseff Engagement Manager

Disha Verma Associate

Case:17-03283-LTS Doc#:2756-2 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit B Page 45 of 45