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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et 

al.,

Debtors.1

PROMESA

Title III

No. 17 BK 3283-LTS

Re: ECF Nos. 1063, 1150, 1715, 

3269

(Jointly Administered)

SUMMARY OF FIRST INTERIM APPLICATION OF ROTHSCHILD INC. FOR 

ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND FOR 

REIMBURSEMENT OF EXPENSES AS FINANCIAL ADVISOR AND INVESTMENT 

BANKER TO THE PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY 

AUTHORITY FOR THE PERIOD FROM APRIL 1, 2018 THROUGH MAY 31, 2018

Name of Applicant: Rothschild Inc.

Authorized to Provide Professional Services 

to:

Puerto Rico Fiscal Agency and Financial 

Advisory Authority (“AAFAF”) as the entity 

authorized to act on behalf of the 

Commonwealth of Puerto Rico

Period for which compensation and 

reimbursement are sought:

April 1, 2018 through May 31, 2018

Amount of Compensation sought as actual, 

reasonable, and necessary:

$2,020,000.00

 

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); (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); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy 

Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747). (Title III case numbers are listed as 

Bankruptcy Case numbers due to software limitations).

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Amount of Expense Reimbursement sought as 

actual, reasonable, and necessary:

$0.02

This is a(n): __ monthly X interim final application3

Prior Monthly Fee Statements4:

Compensation Period Fees Requested5 Expenses Requested2

April 1, 2018 – April 30, 2018 $1,210,000.00 $0.00

May 1, 2018 – May 31, 2018 $810,000.00 $0.00

TOTAL INCURRED: $2,020,000.00 $0.00

Payments Made to Date:

No payments have been made to date on account of prior Monthly Fee Statements.

TABLE OF SCHEDULES AND EXHIBITS

Schedule A - List and Summary of Hours by Professional (April - May)

Schedule B - Summary of Hours by Matter Code

Schedule C - Expense Summary

Exhibit A - Certification

Exhibit B - Time Records

 

2 Rothschild continues to reconcile its expenses incurred during the compensation period and reserves the 

right to seek allowance and payment for any expenses incurred during the compensation period that have 

not been included in this Interim Fee Application.

3 Rothschild’s fee and expense totals in this interim application do not differ from the sum of previouslyserved monthly statements.

4

In May 2018, pursuant to Rothschild’s Engagement Agreement, Rothschild agreed to a fee concession 

whereby the amount of the monthly fees payable to Rothschild was reduced to $1,210,000.00 for the month 

of April 2018 and to $810,000.00 for each of May and June 2018.

5

Fees shown represent 100% of the amount sought. Monthly fee applications represented 90% of 

Rothschild’s total fees for services rendered during the applicable period. 

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Schedule A

LIST AND SUMMARY OF HOURS BY PROFESSIONAL (APRIL - MAY)6

 

6 During the Compensation Period, Rothschild expended significant time providing financial advisory and 

investment banking services to instrumentalities and public corporations of the Commonwealth in 

accordance with its engagement contract, which entities include PRASA, GDB, PBA, PRIDCO, UPR, 

PRIFA / Ports, AMA / MBA and PRCCDA. As these entities are not debtors under Title III of PROMESA, 

Rothschild professionals’ hours associated with providing such services to these entities are included only 

in aggregate herein. Non-Title III time detail will be given to the Fee Examiner upon request.

CW General

Name Dustin 

Mondell

Victor 

D'Agata

Jonathan 

Brownstein John Kang Ethan Sufian Benjamin Meisel

Sophie Von 

Bomhard

Lauren 

Weinberg Ethan Coy Total

Case administration 3.1 – – – – – – – – 3.1

Court hearings / filings – – – – – – – – – –

Creditor discussions 27.3 6.2 – – – 0.7 – – – 34.1

Due diligence 0.8 2.5 – – – – – 2.0 – 5.3

External calls / meetings 22.6 13.0 – 2.3 – 4.8 2.2 13.8 – 58.8

Fee statements / monthly invoices – – – – – 8.5 – 6.3 – 14.8

Financial analysis / modeling 0.3 48.7 – 29.2 – 47.5 42.2 41.3 – 209.1

Financing 4.6 – – – – – – – – 4.6

General presentations 13.0 44.5 – – – 100.0 68.5 18.7 – 244.7

Internal calls / meetings 56.2 28.7 1.3 1.3 1.0 16.8 22.3 14.5 0.8 143.0

Other – – – – – – – 3.3 – 3.3

Travel time 49.5 53.5 – – – 13.7 29.0 28.2 – 173.8

Total hours 177.4 197.0 1.3 32.8 1.0 192.0 164.2 128.2 0.8 894.7

HTA

Name Dustin 

Mondell

Victor 

D'Agata

Jonathan 

Brownstein John Kang Ethan Sufian Benjamin Meisel

Sophie Von 

Bomhard

Lauren 

Weinberg Ethan Coy Total

Case administration – – – – – – – – – –

Court hearings / filings – – – – – – – – – –

Creditor discussions – – – – – – – – – –

Due diligence – – – – – – – – – –

External calls / meetings – – – – – – – – – –

Fee statements / monthly invoices – – – – – – – – – –

Financial analysis / modeling – – – – – – – – – –

Financing – – – – – – – – – –

General presentations – – – – – – – – – –

Internal calls / meetings – – – – – – – – – –

Other – – – – – – – 0.3 – 0.3

Travel time – – – – – – – – – –

Total hours – – – – – – – 0.3 – 0.3

PREPA

Name Dustin 

Mondell

Victor 

D'Agata

Jonathan 

Brownstein John Kang Ethan Sufian Benjamin Meisel

Sophie Von 

Bomhard

Lauren 

Weinberg Ethan Coy Total

Case administration 0.4 – – – 1.9 – – – – 2.3

Court hearings / filings – – – – – – – – – –

Creditor discussions 6.3 – – – – – – – 1.8 8.1

Due diligence 1.5 – 5.2 – 3.0 – – – 10.8 20.4

External calls / meetings 8.1 – 1.8 – 1.5 – – – 2.0 13.4

Fee statements / monthly invoices – – – – – – – – 3.0 3.0

Financial analysis / modeling – – – – 19.3 – – – 16.5 35.8

Financing 7.9 – 7.8 – – – – – 4.8 20.5

General presentations 1.3 – – – – – – – 6.0 7.3

Internal calls / meetings 11.7 – 9.3 – 2.6 – – – 9.9 33.5

Other – – 1.3 – 3.4 – – – 9.5 14.1

Travel time 6.0 – 28.0 – – – – – 30.0 64.0

Total hours 43.2 – 53.4 – 31.6 – – – 94.2 222.4

ERS

Name Dustin 

Mondell

Victor 

D'Agata

Jonathan 

Brownstein John Kang Ethan Sufian Benjamin Meisel

Sophie Von 

Bomhard

Lauren 

Weinberg Ethan Coy Total

Case administration – – – – – – – – – –

Court hearings / filings – – – – – – – – – –

Creditor discussions 1.0 – – – – – – – – 1.0

Due diligence – – – – – – – 0.5 – 0.5

External calls / meetings 1.5 – – – – – – – – 1.5

Fee statements / monthly invoices – – – – – – – – – –

Financial analysis / modeling – – – – – – – – – –

Financing – – – – – – – – – –

General presentations – 5.2 – – – – – 32.5 – 37.7

Internal calls / meetings 1.0 0.7 – – 2.8 – – 3.0 – 7.5

Other – – – – – – – – – –

Travel time – – – – 14.2 – – 14.2 – 28.3

Total hours 3.5 5.8 – – 17.0 – – 50.2 – 76.5

Subtotal hours 224.1 202.8 54.7 32.8 49.6 192.0 164.2 178.7 94.9 1,193.8

Non Title III 229.3 71.7 92.1 52.7 204.3 184.0 116.2 58.2 290.0 1,298.4

Total hours 453.4 274.5 146.8 85.5 254.0 376.0 280.3 236.8 384.9 2,492.2

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Schedule B

SUMMARY OF HOURS BY MATTER CODE7

 

7 During the Compensation Period, Rothschild expended significant time providing financial advisory and 

investment banking services to instrumentalities and public corporations of the Commonwealth in 

accordance with its engagement contract, which entities include PRASA, GDB, PBA, PRIDCO, UPR, 

PRIFA / Ports, AMA / MBA and PRCCDA. As these entities are not debtors under Title III of PROMESA, 

Rothschild professionals’ hours associated with providing such services to these entities are included only 

in aggregate herein. Non-Title III time detail will be given to the Fee Examiner upon request.

Task Matter description Total hours

Case administration This category includes time spent by professionals communicating with the 

client and the clients' other advisors regarding case logistics 5.4

Creditor discussions This category includes discussions with creditors of the client 43.2

Due diligence This category includes due diligence regarding the case, including facilitating 

due diligence requests from creditors and potential creditors 26.2

External calls / meetings This category includes calls / meetings with other parties 73.7

Fee statements / monthly invoices This category includes time spent by professionals preparing fee statements 

and reviewing monthly invoices 17.8

Financial analysis / modeling This category includes time spent by professionals preparing financial 

analyses 245.0

Financing This category includes time spent by professionals related to raising capital 

for the client 25.1

General presentations This category includes time spent by professionals preparing presentations 

for both internal and external use 289.6

Internal calls / meetings This category relates to meetings conducted internally related to the case 183.9

Other This category relates to other items not mentioned herein 17.8

Travel time This category includes time spent by professionals traveling for purposes of 

the case 266.2

Subtotal 1,193.8

Non Title III 1,298.4

Total hours 2,492.2

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Schedule C

EXPENSE SUMMARY8

 

8 Rothschild continues to reconcile its expenses incurred during the compensation period and reserves the 

right to seek allowance and payment for any expenses incurred during the compensation period that have 

not been included in this Monthly Fee Application.

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et 

al.,

Debtors.9

PROMESA

Title III

No. 17 BK 3283-LTS

Re: ECF No. 1063, 1150, 1715, 

3269

(Jointly Administered)

FIRST INTERIM APPLICATION OF ROTHSCHILD INC. FOR ALLOWANCE OF 

COMPENSATION FOR SERVICES RENDERED AND FOR REIMBURSEMENT OF 

EXPENSES AS FINANCIAL ADVISOR AND INVESTMENT BANKER TO THE 

PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY AUTHORITY FOR 

THE PERIOD FROM APRIL 1, 2018 THROUGH MAY 31, 2018

Rothschild Inc. (“Rothschild”), as financial advisor and investment banker to the Puerto 

Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”) as the entity authorized to act 

on behalf of the Commonwealth of Puerto Rico, the Puerto Rico Sales Tax Financing 

Corporation, the Puerto Rico Highways and Transportation Authority, the Employees Retirement 

System of the Government of the Commonwealth of Puerto Rico, the Puerto Rico Electric Power 

Authority (collectively, the “Debtors”), and certain other public corporations and 

instrumentalities of the Government of Puerto Rico, pursuant to the authority granted to it under 

 

9

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); (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); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy 

Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747). (Title III case numbers are listed as 

Bankruptcy Case numbers due to software limitations).

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the Enabling Act of the Fiscal Agency and Financial Advisory Authority, Act 2-2017, makes its 

first interim application (this “Application”) for allowance of compensation, under sections 316 

and 317 of PROMESA, of $2,020,000.00 and reimbursement of expenses of $0.010 for the period

from April 1, 2018 through May 31, 2018 (the “Compensation Period”) in accordance with (i) 

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

Expenses of Professionals, dated November 8, 2017 [ECF No. 1715] (the “Interim 

Compensation Order”) and (ii) the Memorandum Regarding Fee Review – Timeline and Process, 

dated November 10, 2017 (the “Fee Examiner Guidelines”). In support of this Application, 

Rothschild respectfully states as follows:

BACKGROUND

1. On May 3, 2017, the Commonwealth of Puerto Rico (the “Commonwealth”), by 

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

Board”), as the Commonwealth’s representative pursuant to section 315(b) of PROMESA, filed 

a petition with the Court under title III of PROMESA.

2. On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (“COFINA”), 

by and through the Oversight Board, as COFINA’s representative pursuant to PROMESA 

section 315(b), filed a petition with the Court under title III of PROMESA.

3. On May 21, 2017, the Puerto Rico Highways and Transportation Authority 

(“HTA”), by and through the Oversight Board, as HTA’s representative pursuant to PROMESA 

section 315(b), filed a petition with the Court under title III of PROMESA.

 

10 Rothschild continues to reconcile its expenses incurred during the compensation period and reserves the 

right to seek allowance and payment for any expenses incurred during the compensation period that have 

not been included in this Interim Fee Application.

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4. On May 21, 2017, the Employees Retirement System for the Commonwealth of 

Puerto Rico (“ERS”), by and through the Oversight Board, as ERS’s representative pursuant to 

PROMESA section 315(b), filed a petition with the Court under title III of PROMESA.

5. On July 3, 2017, the Puerto Rico Electric Power Authority (“PREPA”), by and 

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

filed a petition with the Court under title III of PROMESA.

6. Through Orders of this Court, the Commonwealth, COFINA, HTA, ERS, and 

PREPA Title III Cases (together, the “Title III Cases”) are jointly administered for procedural 

purposes only, pursuant to PROMESA section 304(g) and Bankruptcy Rule 1015 [ECF Nos. 

242, 537, 1417].

COMPENSATION REQUESTED BY ROTHSCHILD

7. AAFAF has retained Rothschild pursuant to an engagement letter dated July 13, 

2017 (the “Engagement Letter”).11 On May 18, 2018, an amendment to the Engagement 

Agreement (the “Engagement Amendment”, and collectively with the Engagement Letter, the 

“Engagement Agreement”) was entered into. Pursuant to the Engagement Agreement, payment 

of all fees and expenses detailed in this Application are made exclusively by AAFAF.

8. Rothschild seeks allowance of compensation for professional services performed 

during the Compensation Period in the amount of $2,020,000.00. Rothschild is not seeking

reimbursement of expenses incurred in connection with the rendition of such services, as it 

continues to reconcile its expenses incurred during the Compensation Period12. During the 

 

11 A copy of the Engagement Letter has been provided to the Fee Examiner.

12 Rothschild continues to reconcile its expenses incurred during the compensation period and reserves the 

right to seek allowance and payment for any expenses incurred during the compensation period that have 

not been included in this Interim Fee Application.

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Compensation Period, Rothschild professionals expended a total of 2,492.2 hours in connection 

with the necessary services performed.

9. Pursuant to the terms of the Engagement Letter, AAFAF agreed to compensate 

Rothschild $1,270,000.00 per month during the course of the engagement13. In May 2018,

pursuant to the Engagement Agreement, Rothschild agreed to a fee concession whereby the 

amount of the monthly fees payable to Rothschild was reduced to $1,210,000.00 for the month of 

April 2018 and to $810,000.00 for each of May and June 2018. 

10. Senior level professionals with extensive experience in the area of 

investment banking and bankruptcy services have directed Rothschild's team. The investment 

banking services set forth herein were performed primarily by Dustin Mondell, Victor D’Agata 

and Jonathan Brownstein (Directors), John Kang, Benjamin Meisel and Ethan Sufian 

(Associates) and Sophie Von Bomhard, Ethan Coy and Lauren Weinberg (Analysts). 

Rothschild's general staffing policy is to assign senior bankers and experienced junior bankers to 

each restructuring assignment. The senior bankers, in these cases Dustin Mondell, Victor 

D’Agata and Jonathan Brownstein, have overall responsibility for the cases. They are primarily 

responsible for developing strategy with respect to the cases, directing negotiations and 

interfacing with the other senior professionals involved with the cases. Dustin Mondell, Victor 

D’Agata and Jonathan Brownstein are responsible for day-to-day coordination of the cases and 

the review of all financial analyses. The experienced junior bankers, in this case John Kang, 

Benjamin Meisel, Ethan Sufian, Sophie Von Bomhard, Ethan Coy and Lauren Weinberg, assist 

in the day-to-day coordination of the cases and guide the financial analyses. The senior bankers 

 

13 Under the Engagement Letter, Rothschild’s monthly fee is allocated as follows: $200,000 for advisory 

work related to PREPA, $200,000 for advisory work related to PRASA, $750,000 for other advisory work 

(Commonwealth, GDB, UPR, HTA, PRIFA, ERS, PRCCDA, PRIDCO, MBA, etc.), $60,000 for municipal 

advisory work and $60,000 for P3 project support.

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and the experienced junior bankers coordinate their actions so as to not duplicate efforts. Given 

that the senior bankers and the experienced junior bankers have different roles in the cases but 

have overlapping responsibilities, there are frequent times where it is appropriate for two or more 

bankers to be present at a meeting.

11. The amount of fees and expenses sought in this statement and Rothschild's billing 

processes are consistent with market practices for investment banking firms both in and out of a 

bankruptcy context. Rothschild's policy for all engagements, in or out of bankruptcy, is to 

dedicate the appropriate number of professionals to the assignment to complete the work as 

efficiently as possible with constant focus on delivering the work with the highest level of 

quality and professionalism.

12. Rothschild’s fees are appropriate for complex corporate, securities, litigation, and 

restructuring matters, whether in court or otherwise. Rothschild does not bill its clients based on 

the number of hours expended by its professionals. Consistent with market standard, Rothschild 

bills clients on a retainer basis (generally monthly), plus a completion fee or other transaction 

fee. Rothschild’s fee structure for this project, which notably excludes a completion fee, is not 

market standard and reflects special consideration for the Government of Puerto Rico’s particular 

circumstances. Given that Rothschild bills a flat monthly retainer, Rothschild does not have 

hourly rates for its professionals and Rothschild’s professionals generally do not maintain time 

records for the work performed for its clients. The fee structure reflects that such complex 

matters typically involve great complexity, high stakes, and intense time pressures. Rothschild

submits that the compensation requested is reasonable in light of the nature, extent, and value of 

such services provided to AAFAF.

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13. During the Compensation Period, Rothschild did not receive any payments or 

promises of payment from any other source for services rendered or to be rendered in any 

capacity whatsoever in connection with the matters covered by this Application. There is no 

agreement or understanding between Rothschild and any other person for sharing of 

compensation to be received for services rendered in these cases.

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SUMMARY OF SERVICES

14. During the Compensation Period, Rothschild provided important professional 

services to the Debtors in connection with the Title III Cases. Schedule B details the time 

records of Rothschild, which provides a daily summary of the time spent by each Rothschild 

professional during the Compensation Period by project category, and a summary of the services 

Rothschild provided to the Debtors during the Compensation Period is set forth below.

15. Rothschild has established subject matter categories (each, a “Matter Category”) 

for keeping time records of the work performed for the Debtors and certain Non-Title III entities.

The following is a summary, by Matter Category, of the professional services provided by 

Rothschild during the Compensation Period.14

a) Case Administration

16. This category includes all matters relating to time spent by Rothschild 

professionals communicating with the Government and the Government’s other advisors 

regarding case logistics and performing other miscellaneous administrative and supportive 

services. 

b) Creditor Discussions

17. Rothschild spent considerable time preparing for and participating in conference 

calls and in-person meetings with creditors and creditors’ committee, and their respective 

advisors to provide updates with regard to the status of the cases and negotiate various items 

within the restructuring process. These calls and meetings included discussions pertaining to, the 

Debtors and non-Title III cases, the Commonwealth Certified Fiscal Plan, draft and certified 

 

14 Several of the matter categories do not appear in this summary because Rothschild did not spend a substantial 

amount of time under those categories during the Compensation Period. Schedule B provides a complete 

summary of hours spent by matter category by Rothschild professionals.

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agency fiscal plans, Rule 2004 Discovery Requests, Adversary Proceedings, mediation and 

general case developments. In preparation for these calls and meetings, Rothschild created 

analyses and presentations that were provided to creditors and creditors’ committees and/or their 

respective advisors.

c) Due diligence

18. This category includes all due diligence efforts Rothschild undertook in 

connection with the Debtors and non-Title III cases. Rothschild facilitates due diligence requests 

from the Debtors’ creditors and their respective advisors. Rothschild has spent considerable time 

coordinating with other advisors, the Government of Puerto Rico and locating documents, 

preparing financial analyses, drafting presentations and coordinating conference calls to fulfill 

various due diligence requests. Rothschild professionals traveled extensively to Puerto Rico to 

meet directly with Government officials and advisors to discuss and compile requested due 

diligence items.

d) External calls / meetings

19. Rothschild spent considerable time preparing for and participating in conference 

calls and in-person meetings with creditor advisors, FOMB advisors, the FOMB and other 

involved external stakeholders to provide updates with regard to the status of the cases and 

negotiate various items within the restructuring process. These calls and meetings included 

discussions pertaining to the Debtors and non-Title III cases, the Commonwealth Certified Fiscal 

Plan, draft and certified agency fiscal plans, Rule 2004 Discovery Requests, Adversary 

Proceedings, mediation and general case strategy. In preparation for these calls and meetings, 

Rothschild created analyses and presentations that were provided to the FOMB, FOMB advisors, 

other involved stakeholders, advisors for other involved stakeholders and creditor advisors.

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e) Fee statements / monthly invoices

20. This category includes all time spent by Rothschild employees preparing its fee 

statements, including aggregating expenses, hours and exhibits. During the Compensation 

Period, Rothschild spent time preparing its monthly fee statements for April 2018 through May

2018.

f) Financial analysis / modeling

21. Rothschild spent significant time analyzing matters related to the fiscal 

plan, including any amendments and / or revisions thereof and financials for Title III and nonTitle III cases. With respect to the fiscal plan, Rothschild worked directly with the Government 

and the Government’s other advisors in the development of the Commonwealth’s Draft Fiscal 

Plan, including design, collecting key input sources, preparing supporting analyses and proposed 

measures and other documentation that supports the plan. In addition to the fiscal plan, 

Rothschild created financial analysis relating to historical and forecasted liquidity, debt 

sustainability and implied recoveries for creditors in Title III and non-Title III cases. The 

analysis performed includes building financial models, determining debt sustainability and 

analyzing implied recoveries to creditors based on certain restructuring scenarios. Rothschild 

also assisted in developing liquidity projections for Title III and non-Title III cases that were 

used with other Government advisors, creditor advisors, within mediation and distributed 

publically.

g) Financing

22. This category includes time spent by Rothschild professionals related to capital 

raising activities. Rothschild spent a considerable amount of time analyzing and developing 

presentations on a potential Community Disaster Loan from the US Treasury, as well as 

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emergency loans from the Central Government to PREPA and PRASA. Rothschild discussed 

CDL loans with the Government and PROMESA Board’s advisors. Rothschild has pursued a 

third-party financing process for PREPA, requiring Rothschild to manage a dataroom, aggregate 

and respond to due diligence requests, reach out to financial institutions with the wherewithal to 

complete complex and large financings and discuss available options and proposals with the 

Government and its advisors. Tasks performed by Rothschild included reaching out to a number 

of third-party capital providers to solicit financing proposals and assisting the Debtors' 

management and other professionals in analyzing these proposals. Rothschild participated in 

numerous calls with representatives from other Government advisors to discuss key terms of a 

potential financings and the executed TSA loan to PREPA. With regard to PRASA, Rothschild 

has conducted numerous financial analyses and held discussions with the Central Government on 

liquidity requirements. Additionally, Rothschild actively worked with the Central Government to 

attend to PRASA’s financing issues.

h) General presentations

23. This category includes time spent by Rothschild professionals preparing 

presentation materials for both internal and external use. Rothschild has spent a considerable 

amount of time creating materials which are used to aid in discussions with the Government, 

other advisors to the Government, creditors, the PROMESA Board and other stakeholders. 

Additionally, presentations have been used to address strategy recommendations, key dates and 

timelines, complete due diligence requests and fulfill requests for information. Rothschild relies 

on its professionals to create presentations that can be used to convey status updates and 

pertinent information in the decision making process across all aspects of the restructuring 

process for both Title III and non-Title III cases.

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i) Internal calls / meetings

24. Rothschild spent considerable time preparing for and participating in conference 

calls and in-person meetings with the Government and other Government advisors and lawyers 

to develop strategies, updates with regard to the status of the cases and develop 

documents/analyses for use in negotiations and to determine the path forward. These calls and 

meetings included discussions pertaining to Title III and non-Title III cases, the Commonwealth 

Certified Fiscal Plan, draft and certified agency fiscal plans, Rule 2004 Discovery Requests, 

Adversary Proceedings, mediation and general case strategy. In preparation for these calls and 

meetings, Rothschild created analyses and presentations that were distributed to the Government 

and other advisors. These discussions have been instrumental to synchronize efforts and analyze, 

among other things, the Debtors’ overall reorganization strategy, strategic alternatives, 

appropriate next steps, timing of future actions, discussions with creditors and their advisors and 

general preparation in advance of meetings with other third parties.

j) Other

25. This category relates to other items not otherwise categorized herein.

k) Travel time

26. This category includes all travel time in relation to Rothschild professionals 

traveling to and from meeting locations and the office or residential home. Travel time includes 

car trips to the airport and/or other ports of transportation, actual flight time, car and train time 

and travel to the final destination upon arrival at the required location.

CERTIFICATION

27. In accordance with Puerto Rico Local Bankruptcy Rule 2016-1(a)(4), the 

undersigned has reviewed the requirements of Puerto Rico Local Bankruptcy Rule 2016-1(a)(4)

and certifies to the best of his information, knowledge, and belief that this Application complies 

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with Puerto Rico Local Bankruptcy Rule 2016-1(a)(4). In this regard, and incorporated herein by 

reference, the Certification of Dustin Mondell in accordance with the U.S. Trustee Guidelines 

is attached hereto as Exhibit A.

NO PRIOR APPLICATION

28. No prior application for the relief requested by this Application has been made to 

this or any other court.

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WHEREFORE, Rothschild respectfully requests that the Court enter an order: (a) 

awarding Rothschild’s compensation for professional services provided during the 

Compensation Period in the amount of $2,020,000.00; (b) reimbursement of actual, reasonable 

and necessary expenses incurred in the Compensation Period in the amount of $0.015; and (c) 

granting such other relief as is appropriate under the circumstances.

Dated: July 16, 2018

New York, New York

Respectfully submitted,

/s/ Dustin Mondell 

Dustin Mondell

Rothschild Inc.

1251 Sixth Avenue

New York, NY 10020

Tel: (212) 403-5526

Financial Advisor and Investment Banker to the Puerto 

Rico Fiscal Agency and Financial Advisory Authority

 

15 Rothschild continues to reconcile its expenses incurred during the compensation period and reserves the 

right to seek allowance and payment for any expenses incurred during the compensation period that have 

not been included in this Interim Fee Application.

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Exhibit A

CERTIFICATION

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et 

al.,

Debtors.16

PROMESA

Title III

No. 17 BK 3283-LTS

Re: ECF No. 1063, 1150, 1715, 

3269

(Jointly Administered)

CERTIFICATION OF DUSTIN MONDELL PURSUANT TO PUERTO RICO LOCAL 

BANKRUPTCY RULE 2016-1(a)(4)

Dustin Mondell, under penalty of perjury, certifies as follows:

1. I am a Director at Rothschild Inc. (“Rothschild”). I make this certification in 

accordance with Rule 2016-1(a)(4) of the Local Rules of Bankruptcy Practice and Procedure of 

the United States Bankruptcy Court for the District of Puerto Rico (the “Local Rules”) regarding 

the contents of applications for compensation and expenses. 

2. I am familiar with the work performed by Rothschild for the Puerto Rico Fiscal 

Agency and Financial Advisory Authority (“AAFAF”), acting for or on behalf of the Debtors.

3. I have read the First Interim Application of Rothschild Inc. for Allowance of 

Compensation for Services Rendered and for Reimbursement of Expenses As Financial Advisor 

 

16 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); (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); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy 

Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747). (Title III case numbers are listed as 

Bankruptcy Case numbers due to software limitations).

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and Investment Banker to the Debtors for the Period From April 1, 2018 through May 31, 2018

(the “Application”), and the facts set forth therein are true and correct to the best of my 

knowledge, information, and belief. 

4. To the best of my knowledge, information, and belief, formed after reasonable 

inquiry, the fees and disbursements sought in the Application are permissible under PROMESA, 

the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Interim Compensation 

Order, and the Local Rules of Bankruptcy Practice and Procedure of the United States 

Bankruptcy Court for the District of Puerto Rico.

 

Dated: July 16, 2018 /s/ Dustin Mondell

Dustin Mondell

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Exhibit B

TIME RECORDS17

 

17 During the Compensation Period, Rothschild expended significant time providing financial advisory and 

investment banking services to instrumentalities and public corporations of the Commonwealth in 

accordance with its engagement contract, which entities include PRASA, GDB, PBA, PRIDCO, UPR, 

PRIFA / Ports, AMA / MBA and PRCCDA. As these entities are not debtors under Title III of PROMESA, 

Rothschild professionals’ hours associated with providing such services to these entities are included only 

in aggregate herein. Non-Title III time detail will be given to the Fee Examiner upon request.

Date Project Category Activity Hours

Dustin Mondell

5/31/2018 PREPA External calls / meetings Call w/ Citi re PREPA transformation 0.5

5/30/2018 CW General External calls / meetings Call w/ Phoenix 0.5

5/30/2018 CW General External calls / meetings Meeting w/ Citi and Proskauer re GO COFINA negotiations 2.5

5/30/2018 CW General Creditor discussions Meeting w/ Sr COFINA advisors 1.5

5/30/2018 PREPA External calls / meetings Meeting w/ Citi and Proskauer re PREPA 1.0

5/30/2018 CW General Creditor discussions Meeting w/ PREPA creditor advisors 1.0

5/30/2018 CW General External calls / meetings Meeting debrief with Citi and BAML 2.0

5/29/2018 ERS External calls / meetings Meeting w/ Proskauer and OMM re ERS 1.5

5/29/2018 PREPA Internal calls / meetings Call w/ PREPA team re liquidity update 0.3

5/29/2018 CW General Internal calls / meetings Meeting re fee application process 0.5

5/27/2018 CW General Creditor discussions Call w/ Zolfo 0.8

5/25/2018 PREPA Creditor discussions Mediation group call re PREPA 0.8

5/25/2018 ERS Creditor discussions Due diligence call re ERS 1.0

5/23/2018 PREPA Internal calls / meetings Meeting w/ AAFAF staff re PREPA 0.5

5/22/2018 PREPA Financing Call w/ potential PREPA DIP lender 0.5

5/22/2018 CW General Internal calls / meetings Call w/ AAFAF re GO / COFINA analysis 1.5

5/21/2018 CW General External calls / meetings Call w/ Citi and BAML re GO / COFINA and PRASA 1.0

5/21/2018 PREPA External calls / meetings Call w/ Citi re PREPA transformation status 0.6

5/20/2018 CW General Case administration Correspondence w/ team 0.8

5/19/2018 CW General External calls / meetings Call w/ Citi and BAML re GO / COFINA 1.0

5/17/2018 CW General Internal calls / meetings Call w/ AAFAF team re GO / COFINA negotiation 1.5

5/17/2018 CW General Internal calls / meetings Internal meeting re PR workstreams 0.8

5/17/2018 PREPA Internal calls / meetings Call w/ GT re PREPA process 0.3

5/16/2018 CW General Creditor discussions Call w/ COFINA creditor 0.5

5/16/2018 PREPA Creditor discussions Mediation session re PREPA fiscal plan 4.0

5/16/2018 CW General Internal calls / meetings Call w/ AAFAF team re GO / COFINA negotiation 0.4

5/15/2018 CW General Creditor discussions Mediation session 4.0

5/15/2018 PREPA Creditor discussions Call w/ PREPA vendor financier 0.5

5/15/2018 CW General Internal calls / meetings Call w/ AAFAF team re GO / COFINA negotiation 1.0

5/14/2018 CW General Internal calls / meetings Meeting w/ AAFAF team on creditor GO/COFINA proposal 2.5

5/14/2018 CW General Creditor discussions Call w/ Miller Buckfire 0.5

5/14/2018 CW General Travel Time Travel from San Juan to NY 7.5

5/13/2018 CW General Internal calls / meetings Call w/ BAML 0.8

5/13/2018 CW General Travel Time Travel from NY to San Juan 7.5

5/12/2018 CW General Creditor discussions Call w/ Miller Buckfire 0.4

5/12/2018 CW General General presentations Call w/ team re GO COFINA presentation / analysis 1.0

5/12/2018 CW General Internal calls / meetings Call w/ BAML re financial analysis 0.5

5/11/2018 CW General External calls / meetings Call w/ Citi re restructuring workstreams 0.8

5/11/2018 CW General Creditor discussions Call w/ GO holder 0.5

5/11/2018 CW General Internal calls / meetings Call w/ BAML re COFINA proposal 0.5

5/11/2018 CW General Due Diligence Review of due diligence schedules from fiscal plan 0.8

5/10/2018 CW General Internal calls / meetings Call w/ AAFAF team re POA analysis 0.8

5/10/2018 PREPA Case administration Call w/ team re dataroom access 0.4

5/9/2018 CW General Creditor discussions Call w/ Phoenix 0.5

5/9/2018 CW General Creditor discussions Meeting w/ GO & COFINA advisors 1.5

5/9/2018 PREPA Financing Call w/ potential PREPA DIP lender 0.5

5/9/2018 CW General Case administration Review of CW General fiscal plan information 0.8

5/8/2018 CW General Internal calls / meetings Meeting w/ AAFAF re GO / COFINA mediation 1.0

5/8/2018 CW General Creditor discussions Meeting with mediation panel re GO / COFINA mediation 6.0

5/8/2018 CW General Internal calls / meetings Call w/ AAFAF team re restructuring strategy 1.0

5/7/2018 CW General Internal calls / meetings Call re P3 project analysis 0.5

5/7/2018 CW General Internal calls / meetings Call re mediation session preparation 1.0

5/7/2018 PREPA External calls / meetings Call w/ Citi re PREPA transformation 0.5

5/4/2018 PREPA Internal calls / meetings Call w/ PREPA Board 0.6

5/4/2018 CW General External calls / meetings Call w/ mediation creditor group 0.5

5/4/2018 CW General Internal calls / meetings Call w/ AAFAF staff re P3 project 0.5

5/4/2018 PREPA Travel Time Travel from San Juan to NY 6.0

5/3/2018 CW General Internal calls / meetings Internal meeting on workstreams status 0.5

5/3/2018 CW General External calls / meetings Meeting w/ Citi re creditor negotiations 1.0

5/3/2018 CW General Internal calls / meetings Meeting w/ AAFAF team on COFINA process 0.5

5/3/2018 CW General Internal calls / meetings Call w/ OMM re mediation 0.3

5/3/2018 CW General Creditor discussions Call w/ UCC advisors re mediation 0.8

5/3/2018 PREPA Financing PREPA due diligence meeting w/ Goldman 4.0

5/3/2018 PREPA External calls / meetings Meeting re PREPA transformation 1.5

5/3/2018 CW General Creditor discussions Call w/ GO holder 0.4

5/2/2018 CW General Creditor discussions Call w/ GO creditor 0.4

5/2/2018 CW General External calls / meetings Call w/ Phoenix 0.5

5/2/2018 CW General Internal calls / meetings Call w/ AAFAF 0.3

5/2/2018 CW General Internal calls / meetings Call w/ BAML re COFINA slides 0.5

5/2/2018 CW General Internal calls / meetings Meeting w/ AAFAF staff re budget analysis 0.5

5/2/2018 CW General Internal calls / meetings Call w/ OMM re GO COFINA mediation 0.5

5/2/2018 CW General Travel Time Travel from NY to San Juan 6.5

5/2/2018 CW General Creditor discussions Calls w/ COFINA creditors 1.0

5/1/2018 PREPA Internal calls / meetings Internal mtg re PREPA analysis 0.8

5/1/2018 CW General Internal calls / meetings Call w/ AAFAF team regarding economic report 1.0

5/1/2018 CW General General presentations Work on POA presentation 1.0

5/1/2018 CW General Internal calls / meetings Meeting w/ BAML on creditor negotiation strategy 1.3

5/1/2018 CW General Internal calls / meetings Call w/ AAFAF team and advisors re COFINA issues 1.0

5/1/2018 CW General Internal calls / meetings Call w/ team re GO analysis 0.8

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Date Project Category Activity Hours

Dustin Mondell (cont'd)

4/30/2018 CW General Internal calls / meetings Call w/ BAML on COFINA analysis 0.5

4/30/2018 CW General Creditor discussions Call w/ GO creditor 0.3

4/30/2018 CW General Creditor discussions Call w/ AAFAF team re COFINA analysis 0.5

4/30/2018 PREPA External calls / meetings Call re PREPA process update/status 0.5

4/30/2018 ERS Internal calls / meetings Discussion of ERS due diligence update 0.5

4/30/2018 CW General Internal calls / meetings Call w/ OMM and BAML re COFINA structure 1.3

4/30/2018 CW General Internal calls / meetings Call w/ AAFAF re financial data for PR legislature 0.3

4/30/2018 CW General Financial analysis / modeling Review of financial data for PR legislature 0.3

4/29/2018 CW General Internal calls / meetings Call w/ OMM and Ankura re GO issues 0.5

4/29/2018 CW General Creditor discussions Call w/ Paul Hastings & Zolfo re GO issues 0.5

4/29/2018 CW General Internal calls / meetings Call w/ AAFAF team and advisors re GO issues 1.0

4/29/2018 CW General Internal calls / meetings Call w/ team re GO analysis 0.8

4/28/2018 PREPA Internal calls / meetings Call w/ OMM and Ankura re 205 letters 1.0

4/27/2018 PREPA Due Diligence Creditor due diligence call re PREPA 1.0

4/27/2018 CW General General presentations Work on POA presentation 1.5

4/27/2018 CW General Internal calls / meetings Call w/ BAML re POA analysis 0.3

4/27/2018 CW General Internal calls / meetings Meeting w/ OMM re fiscal plan 4.0

4/26/2018 CW General Internal calls / meetings Call w/ counsel re court proceeding 0.5

4/25/2018 CW General Creditor discussions Meeting w/ Sr COFINA holder 1.0

4/25/2018 CW General External calls / meetings Call w/ Phoenix 0.5

4/25/2018 CW General General presentations Work on POA presentation 1.5

4/25/2018 CW General Internal calls / meetings Work session with AAFAF team, BAML and counsel 6.5

4/25/2018 CW General Internal calls / meetings Call re POA slides 0.3

4/24/2018 CW General Internal calls / meetings Meeting re fee application process 0.3

4/24/2018 PREPA Internal calls / meetings Call w/ PREPA management 0.3

4/24/2018 CW General Creditor discussions Call w/ Miller Buckfire 0.3

4/23/2018 CW General Internal calls / meetings Correspondence w/ AAFAF team 0.3

4/23/2018 CW General Internal calls / meetings Internal call re court hearing / testimony 0.5

4/23/2018 CW General Internal calls / meetings Call w/ DevTech 0.5

4/23/2018 PREPA Internal calls / meetings Internal meeting regarding PREPA due diligence 0.3

4/23/2018 CW General External calls / meetings Call w/ PMA regarding court hearing 1.0

4/23/2018 PREPA Internal calls / meetings Call w/ GT, Ankura and Filsinger regarding PREPA fiscal plan 1.0

4/23/2018 PREPA External calls / meetings Call w/ Ares re PREPA project analysis 0.5

4/21/2018 CW General Internal calls / meetings Call re PMA litigation items 0.5

4/20/2018 PREPA External calls / meetings Meeting w/ Citi and BAML regarding PRASA and PREPA creditor negotiation 1.0

4/20/2018 CW General External calls / meetings Meeting with FOMB regarding certification of fiscal plans 3.0

4/20/2018 CW General Travel Time Travel from San Juan to NY 7.0

4/19/2018 CW General Travel Time Travel from NYC to San Juan 6.5

4/19/2018 CW General External calls / meetings Meeting with FOMB regarding certification of fiscal plans 5.0

4/19/2018 CW General Internal calls / meetings Meeting w/ BAML and Conway regarding fiscal plan revisions 1.5

4/19/2018 CW General External calls / meetings Meeting w/ Citi regarding fiscal plan 0.3

4/18/2018 PREPA Financing Meeting with RBC 1.0

4/18/2018 PREPA Internal calls / meetings Meeting with BAML regarding PREPA restructuring 2.0

4/18/2018 PREPA Internal calls / meetings Call w/ Filsinger & GT regarding PREPA funding needs 1.0

4/18/2018 PREPA Internal calls / meetings Internal meeting regarding PREPA analysis 0.5

4/17/2018 CW General Creditor discussions Call w/ GO creditor 0.3

4/17/2018 PREPA Internal calls / meetings Call w/ Filsinger & Ankura re PREPA 0.5

4/17/2018 CW General Internal calls / meetings Call w/ AAFAF 0.3

4/17/2018 CW General Creditor discussions Call w/ COFINA creditor 0.5

4/16/2018 CW General External calls / meetings Call w/ Miller Buckfire 0.5

4/16/2018 PREPA External calls / meetings Call w/ Citi re PREPA 0.5

4/16/2018 PREPA General presentations Preparation of PREPA financing memo 1.3

4/16/2018 CW General Case administration Update of time records 0.5

4/16/2018 CW General Internal calls / meetings Restructuring strategy call w/ AAFAF team and counsel 1.0

4/16/2018 PREPA Internal calls / meetings Call w/ AAFAF team re PREPA memo 0.3

4/15/2018 CW General Internal calls / meetings Email correspondence 0.5

4/14/2018 CW General Internal calls / meetings Call regarding GO / COFINA financial analysis 0.5

4/14/2018 CW General Internal calls / meetings Email correspondence 0.5

4/13/2018 CW General Financing Review of CDL credit agreement 1.3

4/13/2018 PREPA Creditor discussions Call w/ PREPA mediation creditors 1.0

4/13/2018 CW General Financing Call w/ AAFAF team and counsel regarding CDL financing 0.8

4/12/2018 CW General Internal calls / meetings Email correspondence 0.5

4/12/2018 CW General Creditor discussions Call w/ Phoenix 0.5

4/12/2018 CW General Internal calls / meetings Meeting w/ AAFAF staff 1.0

4/11/2018 PREPA Financing Call w/ GS re PREPA financing 0.3

4/10/2018 PREPA Internal calls / meetings Call w/ Filsinger re PREPA DIP process 0.3

4/10/2018 PREPA Financing Correspondence w/ potential PREPA DIP lender 0.3

4/10/2018 PREPA External calls / meetings Daily liquidity call with PREPA management 0.5

4/10/2018 PREPA Financing Call w/ RBC re PREPA DIP process 0.5

4/10/2018 PREPA Internal calls / meetings Call w/ Ankura re forecast modeling 0.5

4/10/2018 CW General Internal calls / meetings Call w/ AAFAF regarding COFINA hearing 0.5

4/9/2018 CW General Internal calls / meetings Restructuring strategy call w/ AAFAF team and counsel 1.0

4/9/2018 CW General Internal calls / meetings Call w/ OMM on multiple creditor issues 0.5

4/9/2018 CW General Creditor discussions Call w/ COFINA creditor 0.3

4/9/2018 CW General Internal calls / meetings Call w/ OMM 0.3

4/9/2018 CW General Internal calls / meetings Meeting re fee application process 0.5

4/9/2018 CW General External calls / meetings Kobre & Kim conference call 0.5

4/9/2018 PREPA Financing Call w/ GS re PREPA financing 0.5

4/9/2018 CW General Creditor discussions Call w/ COFINA creditor 0.3

4/9/2018 CW General Internal calls / meetings Email correspondence 0.5

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Date Project Category Activity Hours

Dustin Mondell (cont'd)

4/8/2018 CW General Internal calls / meetings Email correspondence 1.0

4/7/2018 CW General Internal calls / meetings Email correspondence 1.0

4/6/2018 CW General Creditor discussions Call w/ COFINA creditor 0.5

4/6/2018 CW General Creditor discussions Call w/ creditor meditation group 0.5

4/6/2018 CW General External calls / meetings Call w/ Phoenix 0.5

4/6/2018 CW General Internal calls / meetings Call w/ Miller Buckfire 0.5

4/6/2018 PREPA Due Diligence Due diligence call w/ Goldman Sachs 0.5

4/6/2018 CW General Internal calls / meetings Meeting w/ OMM re creditor strategy 1.5

4/6/2018 PREPA External calls / meetings Meeting w/ JPM 1.0

4/6/2018 CW General Internal calls / meetings Email correspondence 1.5

4/5/2018 CW General Case administration Email correspondence 0.5

4/5/2018 CW General External calls / meetings Meeting w/ Barclays 0.5

4/5/2018 CW General External calls / meetings Call w/ Jefferies 0.5

4/5/2018 CW General General presentations Revisions for CDL presentation 2.0

4/5/2018 CW General General presentations Review of bi-weekly creditor update materials 1.0

4/5/2018 CW General Financing Review of CDL credit agreement 1.5

4/4/2018 CW General Travel time Travel from San Juan to NY 7.0

4/4/2018 CW General Creditor discussions Call w/ COFINA creditor 0.5

4/4/2018 ERS Internal calls / meetings Call re ERS due diligence 0.5

4/4/2018 CW General External calls / meetings Call w/ Citi 0.5

4/4/2018 CW General Internal calls / meetings Call w/ AAFAF and counsel re CDL 0.5

4/4/2018 CW General Financing Call w/ UST re CDL 1.0

4/4/2018 CW General Creditor discussions Call w/ creditor 0.5

4/4/2018 CW General Case administration Email correspondence 0.5

4/3/2018 PREPA Financing Call w/ GS re PREPA financing 0.3

4/3/2018 PREPA Internal calls / meetings Call re PREPA fiscal plan preparation 1.5

4/2/2018 CW General Travel time Flight from NYC to SJU and travel to office 7.5

4/2/2018 CW General General presentations Preparation of CDL presentation 5.0

4/2/2018 CW General Creditor discussions Call w/ Zolfo re fiscal plan 0.5

4/2/2018 CW General Internal calls / meetings Restructuring strategy call w/ AAFAF team and counsel 1.0

4/2/2018 CW General Creditor discussions Call w/ GO creditor 0.5

Subtotal 224.1

Non Title III 229.3

Total 453.4

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Date Project Category Activity Hours

Victor D'Agata

5/31/2018 CW General Financial analysis / modeling POA presentation review 3.5

5/31/2018 CW General Creditor discussions Meeting with creditor 5.7

5/30/2018 CW General Internal calls / meetings POA presentation review 1.7

5/29/2018 ERS General presentations Asset overview presentation review 1.0

5/29/2018 ERS Internal calls / meetings Asset overview discussion 0.7

5/28/2018 ERS General presentations Asset overview presentation review 1.0

5/27/2018 CW General General presentations POA presentation review 1.3

5/27/2018 ERS General presentations Asset overview presentation review 1.7

5/25/2018 ERS General presentations Asset overview presentation review 1.5

5/24/2018 CW General Travel time Travel from San Juan to New York 6.8

5/23/2018 CW General General presentations POA presentation creation 4.7

5/23/2018 CW General General presentations POA presentation review 0.5

5/22/2018 CW General Travel time Travel from New York to San Juan 6.8

5/22/2018 CW General General presentations POA presentation review 4.7

5/21/2018 CW General General presentations POA presentation review 1.3

5/17/2018 CW General Internal calls / meetings POA presentation discussion with AAFAF and advisors 3.0

5/16/2018 CW General Financial analysis / modeling Fiscal plan model review 2.0

5/16/2018 CW General General presentations POA presentation review 2.2

5/15/2018 CW General External calls / meetings Mediation session 9.2

5/15/2018 CW General General presentations POA presentation creation 1.8

5/14/2018 CW General Travel time Travel from San Juan to New York 6.2

5/13/2018 CW General Financial analysis / modeling POA analysis of proposals 1.3

5/13/2018 CW General General presentations POA financial analysis of proposals 2.2

5/13/2018 CW General Travel time Travel from New York to San Juan 7.2

5/12/2018 CW General Financial analysis / modeling Fiscal plan model adjustment review 2.2

5/11/2018 CW General General presentations POA presentation creation 3.7

5/10/2018 CW General Financial analysis / modeling Review POA proposal financial analysis 1.5

5/10/2018 CW General Financial analysis / modeling Fiscal Plan model reconciliation 0.8

5/9/2018 CW General Internal calls / meetings Meeting to discuss POA with advisors 4.7

5/9/2018 CW General Financial analysis / modeling Financial model review 0.8

5/9/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 2.2

5/7/2018 CW General Financial analysis / modeling POA financial analysis 2.7

5/7/2018 CW General Financial analysis / modeling POA model creation 2.5

5/4/2018 CW General Creditor discussions Bi-weekly creditor call 0.5

5/4/2018 CW General Financial analysis / modeling POA financial analysis review 2.3

5/3/2018 CW General Internal calls / meetings POA financial analysis review 8.2

5/3/2018 CW General Travel time Travel from San Juan to New York 7.3

5/2/2018 CW General General presentations POA presentation review 7.0

5/1/2018 CW General Travel time Travel from New York to San Juan 6.3

5/1/2018 CW General Internal calls / meetings POA internal meeting with AAFAF 4.7

4/30/2018 CW General Financial analysis / modeling Responding to creditor DD requests 2.5

4/29/2018 CW General Financial analysis / modeling Update Fiscal Plan model 8.2

4/29/2018 CW General Financial analysis / modeling Review of POA financial analysis 1.2

4/28/2018 CW General Due diligence Draft responses to creditor DD 2.5

4/28/2018 CW General Financial analysis / modeling Draft POA presentation materials 7.0

4/27/2018 CW General General presentations Draft POA discussion materials 6.3

4/26/2018 CW General General presentations Edit and review POA presentation materials 6.7

4/26/2018 CW General External calls / meetings External advisor call 1.3

4/25/2018 CW General Financial analysis / modeling Review of Fiscal Plan analysis 6.5

4/24/2018 CW General General presentations Review of POA presentation 0.3

4/24/2018 CW General Internal calls / meetings Advisor discussion of POA presentation 0.2

4/24/2018 CW General Financial analysis / modeling Proposal financial analysis 1.5

4/23/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 2.0

4/23/2018 CW General General presentations Review of POA presentation 0.2

4/23/2018 CW General Internal calls / meetings Advisor/AAFAF strategy update call 2.5

4/20/2018 CW General Travel time Travel from San Juan to New York 6.8

4/19/2018 CW General Travel time Travel from New York to San Juan 6.0

4/18/2018 CW General External calls / meetings External meeting 0.8

4/16/2018 CW General Internal calls / meetings Advisor P3 discussion 0.2

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 1.2

4/16/2018 CW General General presentations Draft letter regarding hurricane damage 0.3

4/13/2018 CW General General presentations Review presentation 0.5

4/12/2018 CW General General presentations Review presentation 0.8

4/9/2018 CW General Internal calls / meetings Advisor/AAFAF update call 0.5

4/9/2018 CW General External calls / meetings External advisor strategy call 0.7

4/6/2018 CW General External calls / meetings Call with creditors 1.0

Subtotal 202.8

Non Title III 71.7

Total 274.5

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Date Project Category Activity Hours

Jonathan Brownstein

5/29/2018 PREPA Internal calls / meetings PREPA - cash update call 1.0

5/25/2018 PREPA External calls / meetings PREPA - creditor call 0.5

5/25/2018 PREPA Due diligence PREPA review of diligence materials 0.5

5/24/2018 PREPA Financing Review of PREPA materials 0.5

5/17/2018 PREPA Internal calls / meetings PREPA - weekly update call 0.5

5/9/2018 PREPA External calls / meetings PREPA - P3 call 0.5

5/9/2018 PREPA External calls / meetings PREPA - potential DIP lender discussion 0.5

5/9/2018 PREPA Due diligence P3 materials review 1.0

5/7/2018 PREPA Internal calls / meetings Internal P3 discussion 0.3

5/4/2018 PREPA Travel Time Travel from San Juan to NY 7.5

5/4/2018 PREPA Internal calls / meetings P3 Meeting 0.5

5/4/2018 PREPA Other Review of P3 materials /desirability study draft 0.5

5/3/2018 PREPA Financing PREPA DD meeting w/ potential lender 4.0

5/3/2018 PREPA Other Review of P3 materials /desirability study draft 0.8

5/2/2018 PREPA Internal calls / meetings PREPA - P3 calls 1.0

5/2/2018 PREPA Travel Time Travel time to PR for PREPA DIP DD meeting 7.5

5/2/2018 PREPA Internal calls / meetings P3 Meeting 0.8

5/1/2018 PREPA Internal calls / meetings Internal meeting re PREPA analysis 0.8

4/25/2018 PREPA External calls / meetings P3 advisor meeting 0.3

4/24/2018 PREPA Internal calls / meetings Call regarding cash position 0.2

4/23/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 0.5

4/23/2018 PREPA Internal calls / meetings Internal P3 discussion 0.5

4/22/2018 PREPA Due diligence P3 materials review 0.5

4/20/2018 PREPA Financing Advisor meeting 2.0

4/20/2018 PREPA Internal calls / meetings P3 strategy meeting 0.5

4/20/2018 PREPA Travel time Travel from San Juan to New York 6.0

4/19/2018 PREPA Travel time Travel from New York to San Juan 7.0

4/19/2018 PREPA Due diligence Advisor meeting on due diligence items 3.2

4/18/2018 PREPA Internal calls / meetings Advisor/management strategy discussion 1.5

4/18/2018 PREPA Financing Advisor call 0.8

4/17/2018 PREPA Internal calls / meetings Advisor/management liquidity call 0.7

4/16/2018 PREPA Internal calls / meetings Weekly call with advisors 0.3

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy update call 0.8

4/13/2018 PREPA Internal calls / meetings Advisor/manaagement update call 0.8

4/10/2018 PREPA Financing Call regarding process 0.5

Subtotal 54.7

Non Title III 92.1

Total 146.8

Date Project Category Activity Hours

John Kang

5/15/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 8.3

5/14/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 3.5

5/11/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 2.8

5/11/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 0.5

5/10/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 2.5

5/9/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 1.2

5/9/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 2.2

5/1/2018 CW General Financial analysis / modeling Fiscal Plan review 8.2

4/26/2018 CW General External calls / meetings External advisor call 1.3

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 0.8

4/9/2018 CW General Internal calls / meetings Advisor/AAFAF update call 0.5

4/6/2018 CW General External calls / meetings Call with creditors 1.0

Subtotal 32.8

Non Title III 52.7

Total 85.5

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Date Project Category Activity Hours

Ethan Sufian

5/30/2018 PREPA Other PREPA - data room uploads 0.5

5/25/2018 PREPA External calls / meetings PREPA - creditor call 0.5

5/23/2018 PREPA Other PREPA data room uploads 0.3

5/22/2018 PREPA Financial analysis / modeling PREPA - financial analysis 3.5

5/17/2018 PREPA Internal calls / meetings PREPA - weekly update call 0.5

5/16/2018 PREPA Other PREPA - weekly data room uploads 0.3

5/14/2018 PREPA Case administration PREPA - data room management 1.0

5/10/2018 PREPA Other PREPA - data room management 0.5

5/10/2018 PREPA Other PREPA - data room management 0.5

5/9/2018 PREPA External calls / meetings PREPA - P3 call 0.5

5/9/2018 PREPA External calls / meetings PREPA - potential DIP lender discussion 0.5

5/9/2018 PREPA Other PREPA - data room management 1.0

5/9/2018 PREPA Due diligence P3 materials preparation 3.0

5/7/2018 PREPA Internal calls / meetings Internal P3 discussion 0.3

5/3/2018 PREPA Case administration PREPA weekly upload 0.9

5/2/2018 PREPA Internal calls / meetings PREPA - P3 calls 1.0

5/1/2018 PREPA Internal calls / meetings Internal meeting re PREPA analysis 0.8

4/25/2018 ERS Internal calls / meetings Advisor meeting with management 2.8

4/25/2018 ERS Travel time Travel from San Juan to New York 7.0

4/24/2018 ERS Travel time Travel from New York to San Juan 7.2

4/23/2018 PREPA Financial analysis / modeling P3 financial analysis 2.3

4/23/2018 PREPA Financial analysis / modeling p3 financial analysis 1.5

4/18/2018 PREPA Financial analysis / modeling POA financial analysis 4.0

4/18/2018 PREPA Financial analysis / modeling POA financial analysis 5.2

4/17/2018 PREPA Financial analysis / modeling Build financial model 2.8

4/16/2018 PREPA Other Privatization call with advisors 0.3

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy update call 1.0

Subtotal 49.6

Non Title III 204.3

Total 254.0

Date Project Category Activity Hours

Benjamin Meisel

5/31/2018 CW General General presentations Bi-weekly creditor call presentation creation 6.3

5/30/2018 CW General General presentations Bi-weekly creditor call presentation creation 1.7

5/29/2018 CW General Fee statements / monthly invoices Fee application process review 1.8

5/29/2018 CW General General presentations Bi-weekly creditor call presentation creation 4.5

5/29/2018 CW General Fee statements / monthly invoices Fee application creation 3.0

5/22/2018 CW General Financial analysis / modeling POA financial analysis 3.3

5/21/2018 CW General External calls / meetings POA meeting with external advisors 1.2

5/17/2018 CW General Internal calls / meetings POA presentation discussion with AAFAF and advisors 2.8

5/16/2018 CW General General presentations POA presentation creation 4.3

5/15/2018 CW General General presentations POA presentation creation 13.7

5/14/2018 CW General External calls / meetings GDB diligence discussion 2.7

5/14/2018 CW General General presentations POA presentation creation 7.8

5/13/2018 CW General Internal calls / meetings POA presentation creation call with advisors 0.7

5/13/2018 CW General General presentations POA financial analysis of proposals 6.7

5/11/2018 CW General General presentations POA presentation creation 11.2

5/10/2018 CW General Financial analysis / modeling POA financial analysis 13.3

5/9/2018 CW General Internal calls / meetings Meeting to discuss POA with advisors 5.0

5/9/2018 CW General Financial analysis / modeling Financial analysis of POA proposals 4.8

5/8/2018 CW General Financial analysis / modeling POA financial analysis 1.7

5/8/2018 CW General Internal calls / meetings POA discussion with advisors 3.0

5/7/2018 CW General Financial analysis / modeling POA financial analysis 4.0

5/4/2018 CW General General presentations Bi-weekly creditor call presentation creation 2.0

5/4/2018 CW General Creditor discussions Bi-weekly creditor call 0.7

5/4/2018 CW General Financial analysis / modeling POA financial analysis 5.8

5/3/2018 CW General Financial analysis / modeling POA model creation 6.2

5/3/2018 CW General Travel time Travel from San Juan to New York 7.3

5/2/2018 CW General Financial analysis / modeling POA recovery analysis 1.0

5/2/2018 CW General General presentations Bi-weekly creditor call presentation creation 2.5

5/2/2018 CW General Financial analysis / modeling POA financial analysis 4.3

5/1/2018 CW General Travel time Travel from New York to San Juan 6.3

5/1/2018 CW General Internal calls / meetings POA internal meeting with AAFAF 2.0

5/1/2018 CW General General presentations POA materials creation 2.5

4/30/2018 CW General General presentations POA presentation slide adjustments 5.0

4/30/2018 CW General Internal calls / meetings POA advisor call 0.8

4/30/2018 CW General Financial analysis / modeling POA financial analysis 3.0

4/29/2018 CW General General presentations POA presentation slide adjustments 10.8

4/28/2018 CW General General presentations Draft POA presentation materials 4.8

4/26/2018 CW General General presentations POA presentation creation 6.5

4/16/2018 CW General Fee statements / monthly invoices Fee application review 1.5

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 1.0

4/10/2018 CW General General presentations Draft restructuring process summary 9.2

4/9/2018 CW General Internal calls / meetings Advisor/AAFAF update call 0.7

4/9/2018 CW General Fee statements / monthly invoices Fee application process review 1.3

4/9/2018 CW General Internal calls / meetings Advisor/AAFAF update call 0.8

4/9/2018 CW General Fee statements / monthly invoices Fee application process review 0.8

4/9/2018 CW General General presentations Review weekly agenda 0.5

4/6/2018 CW General External calls / meetings Call with creditors 1.0

Subtotal 192.0

Non Title III 184.0

Total 376.0

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Date Project Category Activity Hours

Sophie Von Bomhard

5/30/2018 CW General General presentations Bi-weekly creditor call presentation creation 1.5

5/24/2018 CW General Travel Time Travel from San Juan to New York 7.7

5/23/2018 CW General Financial analysis / modeling POA financial analysis 10.2

5/22/2018 CW General Travel time Travel from New York to San Juan 7.7

5/21/2018 CW General External calls / meetings POA meeting with external advisors 1.2

5/17/2018 CW General Internal calls / meetings POA presentation discussion with AAFAF and advisors 3.0

5/17/2018 CW General General presentations POA presentation creation 3.0

5/16/2018 CW General General presentations POA presentation creation 6.0

5/15/2018 CW General General presentations POA presentation creation 13.8

5/14/2018 CW General Financial analysis / modeling GDB recovery analysis 6.0

5/14/2018 CW General General presentations POA presentation creation 7.7

5/14/2018 CW General General presentations POA presentation creation 2.0

5/13/2018 CW General Financial analysis / modeling POA analysis of proposals 8.0

5/9/2018 CW General Internal calls / meetings Meeting to duscuss POA with advisors 4.8

5/8/2018 CW General Internal calls / meetings POA discussion with advisors 1.7

5/5/2018 CW General Financial analysis / modeling GDB recovery analysis 2.5

5/4/2018 CW General Financial analysis / modeling POA financial analysis 3.5

5/3/2018 CW General Travel time Travel from San Juan to New York 7.5

5/3/2018 CW General Internal calls / meetings Update call with AAFAF and advisors 5.8

5/2/2018 CW General Internal calls / meetings Update call with AAFAF and advisors 5.0

5/1/2018 CW General Travel time Travel from New York to San Juan 6.2

4/30/2018 CW General General presentations POA presentation slide adjustments 9.5

4/29/2018 CW General General presentations POA presentation slide adjustments 4.0

4/28/2018 CW General General presentations Draft POA presentation materials 6.2

4/27/2018 CW General Financial analysis / modeling POA financial analysis 5.7

4/26/2018 CW General General presentations POA presentation creation 6.7

4/23/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 0.5

4/23/2018 CW General Financial analysis / modeling POA model revision 6.3

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 1.0

4/14/2018 CW General General presentations Creating restructuring process summary 2.0

4/10/2018 CW General General presentations Creating restructuring process summary 6.2

4/9/2018 CW General Internal calls / meetings Advisor/AAFAF update call 0.5

4/6/2018 CW General External calls / meetings Call with creditors 1.0

Subtotal 164.2

Non Title III 116.2

Total 280.3

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Date Project Category Activity Hours

Lauren Weinberg

5/30/2018 CW General Due diligence Dataroom management 0.2

5/30/2018 CW General Internal calls / meetings POA presentation review 0.7

5/30/2018 CW General Fee statements / monthly invoices Fee application creation 4.5

5/29/2018 ERS General presentations Asset overview presentation 1.0

5/29/2018 CW General Fee statements / monthly invoices Fee application creation 0.5

5/29/2018 CW General Fee statements / monthly invoices Fee application process review 0.5

5/29/2018 ERS General presentations Asset overview discussion 1.3

5/29/2018 CW General Fee statements / monthly invoices Fee application creation 0.8

5/29/2018 CW General Financial analysis / modeling Fiscal Plan analysis 0.3

5/29/2018 ERS Internal calls / meetings Internal update call 0.2

5/29/2018 ERS General presentations Asset overview discussion 2.2

5/27/2018 ERS General presentations Asset overview presentation 2.0

5/27/2018 ERS General presentations Asset overview presentation –

5/27/2018 ERS General presentations Asset overview presentation 6.5

5/26/2018 ERS General presentations Asset overview presentation 3.5

5/26/2018 ERS General presentations Asset overview presentation 2.0

5/25/2018 ERS General presentations Asset overview presentation 8.2

5/24/2018 ERS General presentations Asset overview presentation 2.3

5/24/2018 CW General General presentations CW update pages 2.2

5/24/2018 CW General Travel time Travel from San Juan to New York 7.5

5/23/2018 CW General General presentations POA presentation creation 6.3

5/22/2018 CW General Travel time Travel from New York to San Juan 7.0

5/22/2018 CW General Financial analysis / modeling POA model scenario update 6.2

5/21/2018 CW General External calls / meetings POA meeting with external advisors 1.3

5/17/2018 ERS General presentations Asset overview presentation 0.5

5/16/2018 CW General General presentations Weekly status update creation 0.8

5/16/2018 CW General General presentations POA presentation creation 1.2

5/15/2018 CW General External calls / meetings Mediation session 8.2

5/15/2018 ERS General presentations Asset overview presentation 3.0

5/14/2018 CW General Internal calls / meetings Mediation advisor prep 3.7

5/14/2018 CW General Financial analysis / modeling Financial model reconciliation 2.7

5/14/2018 CW General General presentations POA presentation creation 0.8

5/11/2018 CW General Financial analysis / modeling Financial model reconciliation 1.5

5/10/2018 CW General Internal calls / meetings Mediation advisor prep 0.8

5/10/2018 CW General Financial analysis / modeling Fiscal Plan model reconciliation 3.8

5/10/2018 CW General Financial analysis / modeling Fiscal Plan model reconciliation 0.8

5/10/2018 CW General Internal calls / meetings Mediation advisor prep 1.5

5/9/2018 CW General External calls / meetings Mediation call 0.7

5/9/2018 CW General Due diligence Due diligence responses 1.7

5/3/2018 CW General General presentations Bi-weekly creditor deck 2.7

5/3/2018 CW General Travel time Travel from San Juan to New York 7.3

5/2/2018 CW General Other Dataroom management 3.3

5/2/2018 CW General Financial analysis / modeling Bi-weekly creditor call presentation creation 6.8

5/1/2018 CW General Travel time Travel from New York to San Juan 6.3

5/1/2018 CW General Financial analysis / modeling Fiscal plan model adjustments 2.2

4/30/2018 CW General Financial analysis / modeling Update POA model materials 0.5

4/30/2018 CW General Financial analysis / modeling Model update / revision 1.8

4/30/2018 CW General General presentations POA presentation slide adjustments 1.0

4/30/2018 CW General Financial analysis / modeling Model update / revision 1.7

4/26/2018 CW General External calls / meetings External advisor call 1.3

4/25/2018 ERS Internal calls / meetings Advisor meeting with management 2.8

4/25/2018 ERS Travel time Travel from San Juan to New York 7.0

4/24/2018 ERS Travel time Travel from New York to San Juan 7.2

4/23/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 0.5

4/23/2018 CW General Financial analysis / modeling Capitalization analysis 0.7

4/23/2018 CW General Internal calls / meetings Advisor/AAFAF strategy update call 2.2

4/18/2018 CW General External calls / meetings External meeting 0.8

4/18/2018 CW General Financial analysis / modeling Capitalization summary 3.0

4/18/2018 HTA Other Upload dataroom documents 0.3

4/17/2018 CW General Financial analysis / modeling Capitalization summary 1.7

4/17/2018 CW General Internal calls / meetings Advisor/AAFAF status update call 2.3

4/17/2018 CW General Financial analysis / modeling Capitalization summary 2.0

4/16/2018 CW General Financial analysis / modeling Capitalization summary 2.3

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 1.0

4/15/2018 CW General Financial analysis / modeling Capitalization summary 3.3

4/11/2018 CW General Internal calls / meetings Advisor/AAFAF financial modeling discussion 1.0

4/9/2018 CW General Internal calls / meetings Advisor/AAFAF update call 0.8

4/9/2018 CW General Due diligence Dataroom management 0.2

4/9/2018 CW General General presentations Advisor/AAFAF update call 3.7

4/6/2018 CW General External calls / meetings Call with creditors 1.5

4/4/2018 ERS Due diligence External advisor due diligence request call 0.5

Subtotal 178.7

Non Title III 58.2

Total 236.8

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Date Project Category Activity Hours

Ethan Coy

5/31/2018 PREPA Fee statements / monthly invoices PREPA - fee application preparation 3.0

5/30/2018 PREPA Other PREPA - data room uploads 1.0

5/25/2018 PREPA External calls / meetings PREPA - creditor call 0.5

5/25/2018 PREPA Other PREPA - data room uploads 0.5

5/23/2018 PREPA Other PREPA data room uploads 1.0

5/22/2018 PREPA Financial analysis / modeling PREPA - financial analysis 3.0

5/21/2018 PREPA Other PREPA - data room uploads 0.5

5/17/2018 PREPA Internal calls / meetings PREPA - weekly update call 0.5

5/16/2018 PREPA Other PREPA - weekly data room uploads 1.0

5/15/2018 PREPA Other PREPA - monthly data room uploads 0.5

5/11/2018 PREPA Other PREPA - data room management 0.5

5/10/2018 PREPA Other PREPA - data room management 0.5

5/9/2018 PREPA External calls / meetings PREPA - P3 call 0.5

5/9/2018 PREPA External calls / meetings PREPA - potential DIP lender discussion 0.5

5/9/2018 PREPA Other PREPA data room uploads 2.0

5/9/2018 PREPA Due diligence P3 materials preparation 3.0

5/7/2018 PREPA Internal calls / meetings Internal P3 discussion 0.3

5/5/2018 PREPA Other PREPA - data room uploads 2.0

5/4/2018 PREPA Travel Time Travel from San Juan to NY 7.5

5/3/2018 PREPA Financing PREPA DD meeting w/ potential lender 4.0

5/2/2018 PREPA Internal calls / meetings PREPA - P3 calls 1.0

5/2/2018 PREPA Travel Time Travel time to PR for PREPA DIP DD meeting 7.5

5/1/2018 PREPA Internal calls / meetings Internal meeting re PREPA analysis 0.8

4/30/2018 PREPA Internal calls / meetings Status update call 0.5

4/26/2018 PREPA Internal calls / meetings Advisor strategy call 0.5

4/25/2018 PREPA External calls / meetings P3 advisor meeting 0.5

4/25/2018 PREPA General presentations Draft model review materials 3.0

4/25/2018 PREPA Due diligence Dataroom upload 2.0

4/24/2018 PREPA Financial analysis / modeling Proposal financial analysis 3.0

4/24/2018 PREPA Internal calls / meetings Advisor strategy call 0.5

4/23/2018 PREPA Internal calls / meetings P3 meeting 0.5

4/20/2018 PREPA Financial analysis / modeling Work on financial model 1.0

4/20/2018 PREPA Travel time Travel from San Juan to New York 7.5

4/19/2018 PREPA Internal calls / meetings Advisor meeting regarding next steps 5.0

4/18/2018 PREPA Travel time Travel from New York to San Juan 7.5

4/18/2018 PREPA Financial analysis / modeling Financial model adjustment 2.0

4/17/2018 PREPA General presentations Create operational overview presentation 3.0

4/16/2018 PREPA Internal calls / meetings Advisor/management update call 0.4

4/16/2018 CW General Internal calls / meetings Advisor/AAFAF strategy call 0.8

4/14/2018 PREPA Financial analysis / modeling Adjust financial model 6.0

4/13/2018 PREPA Creditor discussions Advisor call with creditor 1.0

4/13/2018 PREPA Due diligence Data room uploads 1.0

4/11/2018 PREPA Due diligence Upload dataroom documents 2.0

4/11/2018 PREPA Financial analysis / modeling Draft financial analysis 1.5

4/8/2018 PREPA Due diligence Upload dataroom documents 0.5

4/6/2018 PREPA Due diligence Upload dataroom documents 0.8

4/6/2018 PREPA Financing Due diligence call 0.8

4/6/2018 PREPA Creditor discussions Due diligence follow up call 0.8

4/4/2018 PREPA Due diligence Data room uploads 1.5

Subtotal 94.9

Non Title III 290.0

Total 384.9

Case:17-03283-LTS Doc#:3561 Filed:07/16/18 Entered:07/16/18 19:38:22 Desc: Main

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