EXHIBIT D

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 1

of 51
Category Date Name Hours Description of Task(s)

3 9/1/19 Alex Gebert 0.9 Revised operating model based on internal communications 

3 9/2/19 Matt Merkel 1.1 Researched responses to capital structure questions from senior banker

3 9/3/19 Alex Gebert 1.2 Review of operating model and inputs

3 9/3/19 Alex Gebert 2.9 Update operating model for capital structure assumptions to Electric and Gas Comparables

3 9/3/19 Alex Gebert 1.2 Additional updates to operating model for free cash flow generation assumptions

3 9/3/19 Alex Gebert 0.6 Review hedging report and internal discussion/notes re: the same

3 9/3/19 Alex Gebert 0.5 Review exchange report and internal discussion/notes re: the same

3 9/3/19 Brent Williams 2.0 Review financial models and recapitalization scenarios

3 9/3/19 Matt Merkel 1.1 Prepared for and discussed capital structure summary with senior banker

3 9/3/19 Matt Merkel 1.7 Made direct edits to capital structure summary materials

3 9/3/19 Matt Merkel 1.9 Reviewed cash flow analysis from junior bankers

3 9/3/19 Sherman Guillema 2.2 Review, discussion and comment on materials re: capital structure authorization

3 9/4/19 Erik Ellingson 0.8 Review and summarize hedging report

3 9/4/19 Erik Ellingson 0.4 Review and summarize exchange motion

3 9/4/19 Naeem Muscatwalla 2.5 Research, review and distribution of sell-side research on PG&E re: value analysis

3 9/5/19 Alex Gebert 1.6 Prepare cash flow analysis in operating model

3 9/5/19 Zack Stone 1.0 Summarize relevant industry equity research reports

3 9/5/19 Zack Stone 1.2 Research preferred equity structures - case study 1

3 9/5/19 Zack Stone 1.0 Update equity research report presentation for internal comments

3 9/6/19 Brent Williams 2.1 Review and comment on updated operating model

3 9/6/19 Peter Gnatowski 0.9 Reviewed and commented to analysis of preferred equity structure comparable

3 9/6/19 Sherman Guillema 2.5 Review and comments on revised financial model

3 9/6/19 Zack Stone 1.0 Research preferred equity structures 

3 9/7/19 Brent Williams 1.0 Review financial model on plan alternatives

3 9/7/19 Matt Merkel 3.5 Made edits to financial operating model

3 9/9/19 Matt Merkel 2.2 Made edits to financial operating model

3 9/9/19 Riley Jacobs 2.3 Review and revise sources and uses in model

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 2

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

3 9/10/19 Alex Gebert 1.0 Read, circulate, and review Debtors' diligence responses re: segment level reporting

3 9/10/19 Riley Jacobs 2.0 Review model- rate case and revenue build up

3 9/10/19 Riley Jacobs 1.8 Review model- regulatory assumptions

3 9/11/19 Alex Gebert 0.9 Analysis of Debtor IB fee as requested by counsel

3 9/11/19 Brendan Murphy 0.8 Analysis of Lazard's fees re: Debtors' POR

3 9/11/19 Brendan Murphy 1.4 Review and comment on updated waterfall analysis for TCC

3 9/11/19 Peter Gnatowski 1.1 Reviewed Debtors professionals fee analysis

3 9/12/19 Erik Ellingson 1.1 Operation integrity and Supplier Review

3 9/12/19 Matt Merkel 2.4 Made edits to financial operating model

3 9/12/19 Riley Jacobs 0.9 Review Operational integrity and shipper warehouse lien

3 9/12/19 Riley Jacobs 1.4 Review historical positioning for member(s) of PGE shareholder group for Counsel

3 9/13/19 Brendan Murphy 0.7 Review and comments to rate base analysis for Counsel

3 9/13/19 Brent Williams 1.0 Internal communication re: third party holding research

3 9/13/19 Matt Merkel 1.8 Made edits to financial operating model re: CoC

3 9/13/19 Matt Merkel 3.0 Made edits to financial operating model re: financial forecast

3 9/13/19 Naeem Muscatwalla 1.0 Internal coordination related to sell-side research analysis

3 9/13/19 Peter Gnatowski 1.2 Reviewed and commented on presentation of equity research observations 

3 9/13/19 Peter Gnatowski 2.5 Revised presentation re: equity research and other value related observations; internal discussions re: same

3 9/13/19 Peter Gnatowski 1.6 Reviewed various equity research reports for PG&E 

3 9/13/19 Peter Gnatowski 1.8 Reviewed various equity research reports for other CA utilities

3 9/13/19 Peter Gnatowski 0.3 Reviewed operational integrity supplier report and internal observations

3 9/13/19 Riley Jacobs 2.3 Review equity research reports on PGE

3 9/13/19 Riley Jacobs 2.1 Draft presentation from equity research reports re: valuation methodologies and internal discussions

3 9/13/19 Riley Jacobs 2.2 Review operating model- regulatory assumptions

3 9/13/19 Riley Jacobs 1.1 Edits to summary of equity research reports 

3 9/13/19 Sherman Guillema 3.0 Review and provide comments on financial model

3 9/13/19 Zack Stone 1.5 Equity research report analysis re: historical PG&E reports

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 3

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

3 9/13/19 Zack Stone 1.7 Prepare historical rate base analysis

3 9/13/19 Zack Stone 2.5 Equity research report analysis re: historical selected public company reports

3 9/14/19 Brendan Murphy 2.0 Reviewed amended internal financial model and assumption change(s)

3 9/14/19 Peter Gnatowski 1.2 Incorporated additional edits to the equity research and value presentation

3 9/14/19 Peter Gnatowski 0.6 Various internal correspondence re: subrogation holders; research re: same

3 9/15/19 Brendan Murphy 1.6 Reviewed and commented on presentation of historical research reports analysis 

3 9/16/19 Brendan Murphy 1.8 Internal comments and changes to the waterfall model

3 9/16/19 Matt Merkel 1.2 Reviewed and commented on updated waterfall analysis

3 9/16/19 Matt Merkel 2.8 Made edits to financial operating model re: financial forecast

3 9/16/19 Riley Jacobs 1.8 Review of operating model re: debt assumptions and schedule

3 9/16/19 Zack Stone 0.5 Equity research report analysis re: review recent PGE reports

3 9/17/19 Matt Merkel 3.0 Made edits to financial operating model re: financial forecasts & Debtor business plan assumptions

3 9/18/19 Alex Gebert 2.3 Updated debtor IB fee analysis for counsel

3 9/18/19 Brendan Murphy 1.4 Internal comments and changes to the waterfall model

3 9/18/19 Brent Williams 0.7 Reviewed and commented on updated waterfall analysis

3 9/19/19 Alex Gebert 2.2 Edits to make-whole analysis

3 9/19/19 Alex Gebert 2.0 Prepared summary presentation of Debtor professional fees

3 9/19/19 Matt Merkel 1.9 Researched credit markets considerations for similar transactions

3 9/19/19 Peter Gnatowski 0.5 Reviewed and commented on updated analysis of professional transaction fees in Debtors' plan

3 9/20/19 Alex Gebert 2.5 Updates to make-whole analysis

3 9/20/19 Alex Gebert 1.5 Further diligence/edits to Lazard fee analysis

3 9/20/19 Brendan Murphy 0.9 Review of Lazard fee analysis, as requested by Counsel

3 9/20/19 Brent Williams 1.5 Review financial models regarding plan trust

3 9/20/19 Erik Ellingson 1.7 Stock Analysis/response and equity research review pending exclusivity termination

3 9/20/19 Matt Merkel 1.6 Reviewed updates to make whole premium analysis

3 9/20/19 Peter Gnatowski 1.4 Reviewed and provided internal comments to junior bankers on bond make-whole analysis

3 9/20/19 Riley Jacobs 2.5 Review model and assumptions re: post bankruptcy adjustments

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 4

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

3 9/20/19 Riley Jacobs 2.0 Review model re: DIP payments and emergence fees

3 9/20/19 Sherman Guillema 0.9 Conducted research and review materials regarding make-whole premiums

3 9/20/19 Peter Gnatowski 1.1 Reviewed Debtors' IB retention motion and order; updated fee analysis re; same

3 9/21/19 Matt Merkel 2.0 Updates to operating model based on senior banker feedback

3 9/22/19 Matt Merkel 1.4 Made edits to PGE operating model re: interest rates

3 9/22/19 Matt Merkel 2.0 Made edits to PGE operating model re: various operating assumptions

3 9/22/19 Matt Merkel 3.0 Made edits to PGE operating model re: sensitivity

3 9/22/19 Matt Merkel 2.9 Made edits to PGE operating model re: various operating assumptions

3 9/23/19 Alex Stevenson 1.3 Review summary and detailed shareholder 2019 statement

3 9/23/19 Brendan Murphy 0.6 Review of updated 2019 summary of holdings

3 9/23/19 Erik Ellingson 1.4 Equity research to prepare for discussion around potential financing commitments

3 9/23/19 Peter Gnatowski 0.6 Reviewed equity holder disclosure filed by Jones Day; internal discussions re: updating analysis

3 9/23/19 Peter Gnatowski 0.6 Reviewed and commented to shareholder and subrogation holders analysis

3 9/23/19 Riley Jacobs 1.4 Internal communications and assistance on rule 2019 summary updates

3 9/23/19 Sherman Guillema 2.8 Reviewed and provided comments to junior bankers on operating model

3 9/23/19 Zack Stone 0.5 Preparation for and internal discussion re: equity/subro holders analysis

3 9/23/19 Zack Stone 2.5 Prepare equity holders analysis

3 9/23/19 Zack Stone 2.0 Draft equity/subro holders presentation

3 9/23/19 Zack Stone 2.6 Address internal comments re: equity/subro holders analysis presentation

3 9/23/19 Zack Stone 1.0 Review relevant equity research reports

3 9/24/19 Alex Gebert 1.3 Review updated shareholder and subrogation claim holder listing

3 9/24/19 Brendan Murphy 1.0 Review of updated 2019 summary and analysis of holdings

3 9/24/19 Matt Merkel 1.1 Made edits to PGE operating model re: financial forecasts

3 9/24/19 Matt Merkel 1.0 Prepared for and discussed operating model with senior banker

3 9/24/19 Peter Gnatowski 1.7 Reviewed, commented, and provided summary on updated shareholder and subrogation holder analysis 

3 9/24/19 Sherman Guillema 1.2 Preparation for and internal discussion re: operating model

3 9/25/19 Alex Gebert 0.3 Review operational integrity and shipper warehouse lien filing

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 5

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

3 9/25/19 Brendan Murphy 1.8 Scenario analysis and updated waterfall for Counsel

3 9/25/19 Erik Ellingson 0.9 Operational Integrity and Warehouse Lien Reporting Review

3 9/25/19 Matt Merkel 2.5 Made edits to PGE operating model based on new capital structure assumptions

3 9/25/19 Riley Jacobs 0.8 Review Operational integrity and shipper warehouse lien filing

3 9/25/19 Sherman Guillema 0.6 Review and analysis and of Subro group holdings for counsel

3 9/25/19 Sherman Guillema 0.7 Review of updated 2019 summary of holdings and analysis

3 9/26/19 Alex Gebert 2.2 Analysis of pro forma financial impact of plan proposals

3 9/26/19 Matt Merkel 2.1 Made edits to PGE operating model re: various operating assumptions

3 9/27/19 Alex Stevenson 0.5 Review responses to diligence and email with MM re model implications

3 9/27/19 Matt Merkel 3.6 Made edits to operating model re: various operating assumptions

3 9/27/19 Matt Merkel 1.0 Prepared for an reviewed operating model with senior banker

3 9/27/19 Naeem Muscatwalla 2.2 Revisions to operating model re: senior banker feedback

3 9/27/19 Naeem Muscatwalla 0.9 Internal coordination regarding operating model

3 9/27/19 Riley Jacobs 1.6 Review and revise assumptions in operating model re: rate case increases

3 9/27/19 Riley Jacobs 2.7 Review regulatory component of operating model

3 9/27/19 Sherman Guillema 2.1 Review and discussion of exit scenarios for financial model

3 9/29/19 Matt Merkel 2.2 Made edits to PGE operating model re: senior banker feedback

3 9/29/19 Matt Merkel 2.0 Made edits to PGE operating model re: various operating assumptions

3 9/30/19 Alex Gebert 0.6 Review August hedging report

3 9/30/19 Alex Gebert 0.5 Review August exchange motion report

3 9/30/19 Alex Gebert 1.9 Review equity analyst report

3 9/30/19 Alex Gebert 2.3 Review PGE 2001 bankruptcy for case precedents re: value

3 9/30/19 Matt Merkel 2.6 Made edits to PGE operating model re: various operating assumptions

3 9/30/19 Peter Gnatowski 2.3 Reviewed updated financial model based on new information provided by the Debtors

3 9/30/19 Peter Gnatowski 0.4 Reviewed hedging and exchange motion reporting; reviewed observations from junior banker

3 9/30/19 Zack Stone 0.6 Review relevant equity research reports re: value analysis

4 9/3/19 Brendan Murphy 0.3 Review of bi-weekly variance report via dataroom (ending 8-24-19)

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 6

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

4 9/3/19 Peter Gnatowski 1.8 Reviewed and comment to June MOR summary and analysis 

4 9/3/19 Riley Jacobs 1.8 Internal discussion and edits to June MOR presentation

4 9/3/19 Riley Jacobs 1.9 Additional edits to analysis and presentation for MOR per senior banker comments

4 9/4/19 Alex Gebert 0.9 Prepare DIP variance analysis and summary

4 9/4/19 Alex Gebert 1.5 Draft DIP reporting presentation

4 9/4/19 Brendan Murphy 0.5 Comments to internal DIP presentation 

4 9/9/19 Alex Gebert 0.7 Review July MOR analysis

4 9/9/19 Alex Gebert 1.8 Revise DIP analysis for internal comments

4 9/10/19 Peter Gnatowski 1.0 Review and comment on 13 week cash flow analysis and presentation

4 9/13/19 Alex Gebert 0.7 Additional review July MOR analysis

4 9/13/19 Alex Gebert 1.8 Edits to DIP analysis and presentation based on internal comments

4 9/14/19 Brendan Murphy 1.5 Review of DIP Variance Reporting Package 9.13.19

4 9/16/19 Alex Gebert 1.5 Review results of latest DIP variance analysis and prepare analysis

4 9/16/19 Peter Gnatowski 1.0 Reviewed Debtors bi-weekly DIP variance reports and analysis

4 9/18/19 Alex Gebert 0.8 Summarize key points from liquidity/variance analysis

4 9/19/19 Alex Gebert 2.5 Prepare 13wcf / DIP variance presentation

4 9/20/19 Alex Gebert 1.2 Edits to 13wcf/DIP variance presentation based on internal comments

4 9/20/19 Brendan Murphy 0.8 Review of DIP presentation and provided internal comments

4 9/20/19 Peter Gnatowski 1.0 Review and comment on DIP analysis

4 9/20/19 Peter Gnatowski 0.6 Reviewed and commented on DIP presentation

4 9/30/19 Alex Gebert 1.6 Assist in analysis of August MOR

4 9/30/19 Brendan Murphy 0.4 Review of August MOR

4 9/30/19 Erik Ellingson 1.8 MOR review and reserach re Wildfire Liens

4 9/30/19 Peter Gnatowski 0.8 Reviewed and analyzed August MOR report; internal discussions re: analysis 

4 9/30/19 Riley Jacobs 1.5 Preparation for and internal communications re: August MOR

4 9/30/19 Riley Jacobs 1.2 Analyze Debtors August MOR filing

4 9/30/19 Riley Jacobs 1.5 Draft summary presentation on August MOR

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 7

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

5 9/3/19 Alex Gebert 1.0 Review outstanding diligence requests for the Debtors and consolidate

5 9/10/19 Alex Gebert 0.3 Read, circulate, and review Debtors' diligence responses re: insurance policies

5 9/10/19 Brendan Murphy 0.7 Review of diligence response(s) from Debtor re: insurance and P/L's

5 9/10/19 Matt Merkel 1.7 Drafted list of discussion topics for diligence call with Debtors

5 9/10/19 Peter Gnatowski 0.3 Reviewed Debtors insurance diligence responses

5 9/11/19 Peter Gnatowski 1.0 Research and emails with counsel re wildfire insurance in 2020

5 9/17/19 Alex Gebert 1.5 Comparison/analysis of amended real estate and asset filing schedules

5 9/17/19 Brent Williams 0.8 Review PG&E insurance policies

5 9/17/19 Matt Merkel 1.4 Reviewed and provided comments on internal diligence materials re: financial statements

5 9/17/19 Peter Gnatowski 1.2 Reviewed and modified summary to counsel re: observations of amended schedules; emails with counsel

5 9/17/19 Peter Gnatowski 1.0 Reviewed amended A,B and G schedules from the Debtors

5 9/17/19 Peter Gnatowski 0.4 Reviewed Debtors' insurance diligence responses; internal correspondence re: same

5 9/17/19 Riley Jacobs 1.0 Prepare summary on Debtors responses to diligence questions

5 9/17/19 Sherman Guillema 1.4 Reviewed and provided comments on internal diligence materials for the Debtors on financial statements

6 9/3/19 Brendan Murphy 1.3 Review Debtors response re: Response to Federal Monitor Report

6 9/3/19 Brent Williams 1.2 Review PG&E response to Federal Monitor Report

6 9/3/19 Peter Gnatowski 1.5 Reviewed Debtors' response to monitor's report; internal discussions re: summary

6 9/4/19 Alex Gebert 0.4 Review and circulate Debtors' press release re: Wildfire Assistance fund

6 9/4/19 Peter Gnatowski 0.3 Reviewed press re: wildfire assistance fund

6 9/17/19 Peter Gnatowski 0.2 Reviewed status conference and wildfire update from the Debtors 

6 9/20/19 Brendan Murphy 1.2 Review of Regulatory Proceeding Filings re: Wildfire Safety

6 9/20/19 Brendan Murphy 1.3 Review and comment on Wildfire Safety Plan presentation for the TCC

6 9/20/19 Erik Ellingson 2.8 Review Wildfire Response Update from Debtors

6 9/20/19 Erik Ellingson 2.1 Review Response to Monitor's Letter Report & Update

6 9/20/19 Erik Ellingson 2.4 Review and provide comments on draft WSP deck for TCC

6 9/20/19 Peter Gnatowski 1.0 Reviewed and commented on updated wildfire safety plan presentation; internal discussion re: same

6 9/20/19 Riley Jacobs 0.5 Internal coordination re: wildfire monitoring report presentation

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 8

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

6 9/20/19 Riley Jacobs 1.8 Assist in drafting presentation on wildfire monitoring report

6 9/20/19 Zack Stone 1.0 Preparation for and internal discussions re: WSP update deck

6 9/20/19 Zack Stone 1.0 Review Debtor's WSP update deck

6 9/20/19 Zack Stone 2.0 Draft presentation on Debtor's WSP update deck

6 9/20/19 Zack Stone 0.5 Address comments on presentation on Debtor's WSP update deck

6 9/21/19 Brent Williams 1.8 Review and provide comments for Wildfire Safety presentation for TCC

6 9/25/19 Alex Gebert 1.2 Review news and reports re: Debtors' PSPS

7 9/3/19 Brendan Murphy 0.6 Preparation for and discussion with Debtor re: operating plan, projections and Plan

7 9/4/19 Brent Williams 0.5 Communications/Emails with debtor regarding meeting to discuss plan

7 9/4/19 Brent Williams 0.5 Discussions with debtor re: business plan meeting

7 9/5/19 Alex Gebert 3.5 Audio attendance and notes on Debtor business plan meeting and presentation

7 9/5/19 Brendan Murphy 4.0 Preparation for and in-person meeting with the Debtor re: Business Plan

7 9/5/19 Brent Williams 4.0 Preparation and Meeting at Debtors for business plan review

7 9/5/19 Matt Merkel 4.0 Prepared for and attended diligence meeting on business plan at Debtors

7 9/5/19 Peter Gnatowski 4.0 Preparation for and in-person meeting with the Debtor re: Business Plan

7 9/5/19 Zack Stone 3.5 Prepare, listen, and take notes for business plan diligence meeting

7 9/6/19 Brendan Murphy 0.3 Correspondence with Debtor re: Business Plan questions and additional diligence

7 9/6/19 Riley Jacobs 3.5 Preparation for and attendance on (telephonically) business plan meeting

7 9/9/19 Brendan Murphy 0.3 Follow-up correspondence with Debtor re: Outstanding insurance questions

7 9/10/19 Brendan Murphy 1.2 Preparation for call/meeting with Debtor re: summary of questions, issues etc.

7 9/19/19 Brendan Murphy 0.8 Preparation and call with Debtors re: outstanding diligence requests, insurance information

9 9/4/19 Brent Williams 2.0 Prepared for and participated in meeting with interest parties regarding plan alternatives

9 9/6/19 Brent Williams 0.6 Preparation for and calls with interested parties re: term sheets and proposals

9 9/7/19 Brent Williams 0.5 Preparation for and call with interested party re: potential financing for plans

9 9/11/19 Brendan Murphy 1.9 Preparation and analysis for meeting with key creditor group

9 9/11/19 Brent Williams 1.3 Preparation for and call with interested party re: plan of reorganization

9 9/11/19 Brent Williams 1.9 Preparation for and meeting with stakeholders re: Debtors plan

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 9

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

9 9/12/19 Brendan Murphy 3.1 Preparation and meeting with key creditor group (re POR)

9 9/12/19 Brent Williams 3.0 Meeting with stakeholders re: plan of reorganization and financing

9 9/12/19 Brent Williams 0.7 Preparation for and Preparation for and call with interested party re: key provisions in term sheets

9 9/13/19 Brendan Murphy 0.9 Correspondence and discussion with interested party re: key terms in term sheets

9 9/13/19 Brent Williams 0.9 Preparation for and call with interested parties re: term sheets

9 9/14/19 Brent Williams 1.3 Preparation for and calls with interested parties re: proposed term sheets and financing sources

9 9/14/19 Brent Williams 0.5 Prepared for and participated in call with interested parties re: financing

9 9/14/19 Peter Gnatowski 0.5 Prepared for and participated in call with interested parties re: funding sources

9 9/17/19 Brendan Murphy 2.0 Preparation and meeting with key creditor group re: potential plan of reorganization

9 9/17/19 Brent Williams 2.0 Preparation for meeting with stakeholders re: plan of reorganization

9 9/17/19 Brent Williams 0.7 Preparation for and call with interested party re: potential financing for plans

9 9/17/19 Brent Williams 0.6 Preparation for and call with interested party re: wildfire liabilities and term sheet

9 9/17/19 Brent Williams 1.0 Meeting with stakeholders regarding plan proposal

9 9/19/19 Brendan Murphy 0.9 Preparation and call with key creditor group re: treatment of claims

9 9/19/19 Brent Williams 1.0 Preparation for and call with interested party re: treatment of wildfire claims

9 9/19/19 Brent Williams 0.5 Preparation for and call with interested party re: term sheets and related topics

9 9/20/19 Brendan Murphy 1.0 Preparation and call with Counsel and key creditor group (call #1) re: plan or reorg

9 9/20/19 Brendan Murphy 0.8 Preparation and call with Counsel and key creditor group (call #2) re: plan of reorg

9 9/20/19 Brendan Murphy 0.8 Correspondence and discussion with interested party re: key terms in term sheets

9 9/20/19 Brent Williams 1.0 Correspondence to stakeholders regarding plan process

9 9/20/19 Brent Williams 0.5 Preparation for and call with stakeholders on plan process

9 9/20/19 Brent Williams 1.8 Preparation for and call(s) with interested parties re: process for developing term sheet

9 9/21/19 Brent Williams 1.5 Preparation for and calls with interested party re: term sheets

9 9/21/19 Brent Williams 1.0 Preparation for and call with plan stakeholders re: treatment of claims

9 9/22/19 Brendan Murphy 0.7 Preparation for and discussion with interested party re: plan of reorganization

9 9/22/19 Brent Williams 0.7 Preparation for and call with interested party re: plan term sheet 

9 9/23/19 Brent Williams 1.0 Preparation for and call with interested party re: RSA agreement

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 10

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

9 9/23/19 Brent Williams 0.7 Preparation for and call with interested party re: funding sources 

9 9/24/19 Brent Williams 0.7 Preparation for and call with interested party re: key factors in plan of reorg

9 9/24/19 Brent Williams 0.5 Preparation for and call with interested party re: debt financing for plan

9 9/25/19 Brendan Murphy 0.5 Preparation for and discussion with interested party re: plan of reorganization

9 9/25/19 Brent Williams 0.4 Preparation for and participation in call with interested party re: term sheets

9 9/25/19 Brent Williams 0.5 Preparation for and participation in call with interested party re: proposed term sheet and treatment of claims

9 9/25/19 Peter Gnatowski 0.5 Prepared for and participated in calls with interested party re: updated term sheet and assumptions

9 9/26/19 Alex Stevenson 0.5 Correspondence re: meeting with stakeholders

9 9/26/19 Brent Williams 0.6 Prepared for and participated in calls with interested party re: treatment of wildfire claims

10 9/3/19 Brent Williams 0.5 Review and respond to emails from counsel regarding plan alternatives

10 9/4/19 Brendan Murphy 1.5 Meeting with Counsel re: strategy, Plan, term sheets, creditor meetings

10 9/4/19 Brent Williams 0.5 Correspondences with counsel regarding meeting with debtor

10 9/4/19 Brent Williams 0.5 Call with counsel regarding plan alternatives

10 9/4/19 Brent Williams 1.5 Meeting with counsel regarding plan alternatives and strategy

10 9/4/19 Peter Gnatowski 1.5 Meeting with counsel and team re: case strategy and planning

10 9/5/19 Brent Williams 0.5 Call with counsel re: business plan

10 9/6/19 Brent Williams 0.5 Correspondences with counsel regarding plan value

10 9/9/19 Brendan Murphy 1.3 Communications and discussions with Counsel re: Debtors' POR

10 9/9/19 Brent Williams 1.3 Communication with counsel re meetings with stakeholders

10 9/10/19 Brendan Murphy 0.8 Communications and discussions with Counsel re: Debtors POR

10 9/10/19 Brent Williams 0.8 Calls with counsel re: debtor plan 

10 9/11/19 Brendan Murphy 1.4 Communications and discussions with Counsel re: Debtors' POR, Strategy

10 9/11/19 Brent Williams 1.4 Discussions with counsel re: plan process

10 9/13/19 Brendan Murphy 0.6 Strategy discussion with TCC Counsel re: Subro settlement

10 9/13/19 Brendan Murphy 0.8 Discussion with Counsel re: Settlement with key creditor group

10 9/13/19 Brent Williams 0.6 Correspondences with counsel regarding Subrogation settlement 

10 9/14/19 Brent Williams 1.2 Call with counsel regarding plan proposal 

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 11

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

10 9/15/19 Brent Williams 0.5 Correspondences to counsel regarding stakeholder meetings 

10 9/16/19 Brent Williams 1.0 Correspondences with counsel regarding plan proposal

10 9/17/19 Brendan Murphy 0.9 Preparation with TCC Counsel re: TCC Committee call

10 9/17/19 Brent Williams 1.2 Meeting with counsel on plan proposal

10 9/17/19 Brent Williams 1.8 Prepared for and participated in meeting with counsel re: plan values, impact of settlement, strategy

10 9/18/19 Brendan Murphy 1.5 Calls and Correspondences with Counsel re: Plan negotiations and settlement discussions

10 9/18/19 Brent Williams 1.5 Correspondences with counsel regarding plan term sheet

10 9/20/19 Brendan Murphy 0.4 Correspondences with Counsel re: plan negotiations 

10 9/20/19 Brent Williams 0.4 Correspondences to counsel regarding plan process

10 9/21/19 Brent Williams 0.7 Correspondences with counsel regarding Subrogation proposal 

10 9/22/19 Brent Williams 0.4 calls with counsel re: Subrogation proposal

10 9/22/19 Brent Williams 0.5 Correspondences to counsel on plan process 

10 9/23/19 Alex Stevenson 0.7 Call with counsel re: response to discovery request

10 9/23/19 Brendan Murphy 0.6 Calls with Counsel re: PG&E RFPs regarding Motion to Terminate Exclusivity

10 9/23/19 Brendan Murphy 1.1 Call and correspondence with Counsel re: Discovery answers

10 9/23/19 Brendan Murphy 0.7 Call and correspondence with Counsel re: 2019 holdings

10 9/23/19 Brent Williams 1.7 Preparation for and call with counsel re: discovery request 

10 9/24/19 Alex Stevenson 0.4 Email correspondence with counsel re: potential declarations

10 9/24/19 Brendan Murphy 0.4 Call and correspondence with Counsel re: analysis of 2019 holdings and observations

10 9/24/19 Brent Williams 0.5 Call with counsel regarding updates from status conference

10 9/27/19 Brendan Murphy 0.9 Calls and Correspondences with Counsel re: TCC Meeting

10 9/29/19 Brent Williams 1.0 Correspondences with counsel regarding meeting schedule and agenda topics

10 9/30/19 Brendan Murphy 0.9 Call and correspondence with Counsel re: depositions

11 9/19/19 Alex Stevenson 1.2 Review joint motion to terminate exclusivity and provide comments

11 9/19/19 Brendan Murphy 1.7 Review comments to counsel on motion to terminate exclusivity

11 9/19/19 Brent Williams 2.0 Reviewed and commented on exclusivity motion draft

11 9/19/19 Peter Gnatowski 1.0 Reviewed exclusivity motion draft; internal correspondence re: observations

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 12

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

12 9/3/19 Alex Stevenson 1.1 Prepare for and participate in call with TCC sub-committee

12 9/3/19 Brendan Murphy 1.1 Call with TCC sub-committee re: plan

12 9/3/19 Brent Williams 1.1 Call with counsel and committee members regarding plan alternatives

12 9/4/19 Brent Williams 0.6 Meeting with committee members regarding plan alternatives

12 9/5/19 Brent Williams 0.4 Call with committee members re: plan values and competing plans

12 9/6/19 Brendan Murphy 0.9 Review of TCC Materials uploaded to Opus site from Counsel re: Confidential

12 9/6/19 Naeem Muscatwalla 2.3 Research and review of documents and memos posted to TCC's data room; internal distribution 

12 9/7/19 Brent Williams 1.0 Correspondences with counsel and committee members regarding plan alternatives

12 9/9/19 Brent Williams 0.3 Emails with committee members regarding meeting with stakeholders

12 9/9/19 Brent Williams 1.2 Calls with committee members and counsel regarding Debtors' Plan 

12 9/11/19 Brent Williams 0.9 Correspondences to counsel and committee regarding Debtors Plan

12 9/11/19 Brent Williams 0.6 Emails to committee regarding plan process

12 9/12/19 Alex Stevenson 2.1 Prepare for and participate in telephonic meeting of TCC

12 9/12/19 Brendan Murphy 0.9 Internal discussions re: scenarios, analysis, assumptions and strategy for TCC Materials

12 9/12/19 Brendan Murphy 2.0 Preparation for and call with TCC

12 9/12/19 Brent Williams 2.1 Participate in TCC meeting

12 9/12/19 Brent Williams 1.0 Internal coordination re: TCC materials for meeting

12 9/12/19 Peter Gnatowski 2.0 Prepared for and participated in TCC weekly call

12 9/13/19 Brendan Murphy 0.8 Discussions with BW, re: negotiations with interested party and key creditor group

12 9/13/19 Brent Williams 0.9 Internal discussions with BM re: negotiation with creditor group and other interested party

12 9/14/19 Brendan Murphy 1.3 Internal discussions re: scenarios, analysis, assumptions and strategy for TCC Materials

12 9/14/19 Brent Williams 1.2 Internal discussions with BM re: negotiations and materials for TCC meeting

12 9/14/19 Brent Williams 1.0 Call with committee members re: value under plans

12 9/16/19 Brendan Murphy 2.1 Comments and changes to TCC presentation materials re: settlement discussions

12 9/16/19 Brent Williams 1.0 Call with committee members re: plan values and Subrogation settlement

12 9/17/19 Alex Stevenson 1.5 Prepare for and participate in call with the TCC

12 9/17/19 Alex Stevenson 0.8 Review / comment on discussion materials for TCC call

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 13

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

12 9/17/19 Brendan Murphy 2.3 Preparation of TCC materials re: meeting with key creditor group / summary

12 9/17/19 Brendan Murphy 1.3 Internal discussions re: scenarios, analysis, assumptions and strategy for TCC Materials

12 9/17/19 Brendan Murphy 1.5 Additional preparation and telephonic meeting with TCC

12 9/17/19 Brent Williams 0.5 Meeting with committee members re: competing plans and financing proposals

12 9/17/19 Brent Williams 1.5 Prepare for and participate in TCC meeting 

12 9/17/19 Peter Gnatowski 1.5 Prepared for and participated on Committee call

12 9/17/19 Sherman Guillema 1.7 Preparation for and dialed into TCC call

12 9/17/19 Zack Stone 1.5 Preparation for and notes to TCC meeting

12 9/18/19 Brent Williams 0.5 Emails to committee members re: TCC strategy and plans

12 9/19/19 Brendan Murphy 0.9 Call with Counsel and TCC members related comments re: term sheet discussion

12 9/19/19 Brendan Murphy 2.1 Preparation of TCC materials re: meeting with key creditor group / summary

12 9/19/19 Brent Williams 1.0 Correspondences with counsel and committee members regarding plan term sheet.

12 9/19/19 Naeem Muscatwalla 1.7 Review and circulation of files and articles posted to TCC's data room

12 9/19/19 Peter Gnatowski 0.6 Reviewed new documents posted to TCC data room

12 9/20/19 Alex Stevenson 1.0 Prepare for and participate in calls with the TCC negotiating committee 

12 9/20/19 Brendan Murphy 1.0 Preparation and call with Counsel and select TCC Members re: case strategy, call with key creditors

12 9/20/19 Brent Williams 0.5 Preparation for and call with counsel and TCC members on plan process and strategy

12 9/20/19 Brent Williams 1.0 Preparation for and call with committee members re: plan updates

12 9/21/19 Alex Stevenson 3.5 Prepare for and participate in calls with the TCC negotiating committee 

12 9/21/19 Brendan Murphy 3.7 Calls and Correspondences with Counsel and TCC re: Plan negotiations and settlement discussions

12 9/21/19 Brent Williams 3.7 Calls with committee members and counsel re: plan and financing updates

12 9/21/19 Brent Williams 1.0 Call with counsel and committee members

12 9/22/19 Alex Stevenson 1.5 Prepare for and participate in calls with the TCC negotiating committee

12 9/22/19 Brent Williams 1.5 Calls with committee members on third party proposal

12 9/22/19 Brendan Murphy 1.5 Participate in call with TCC sub-committee re: plan term sheets

12 9/24/19 Alex Stevenson 2.8 Participate in discussions with TCC negotiating committee regarding strategy

12 9/24/19 Brendan Murphy 2.8 Preparation for and correspondences with Counsel re: Plan negotiations and settlement discussions

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 14

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

12 9/24/19 Brent Williams 2.8 Preparation for and calls with committee members and counsel re: plan proposals

12 9/25/19 Alex Stevenson 2.0 Prep for and participate in call with TCC negotiating committee

12 9/25/19 Brendan Murphy 2.1 Prepared for and held calls with Counsel and TCC Members re: Plan discussions and negotiations

12 9/25/19 Brent Williams 2.0 Prepare for and held committee call re: status of plan negotiations

12 9/25/19 Brent Williams 1.0 Review and comments re: committee presentation

12 9/27/19 Alex Gebert 3.8 Dial into Committee Call 

12 9/27/19 Alex Stevenson 3.8 Prepare and participate in meeting with TCC

12 9/27/19 Brendan Murphy 1.5 Calls and Correspondences with Counsel and TCC Members re: Plan discussions and negotiations

12 9/27/19 Brendan Murphy 1.1 Preparation and analysis for TCC Meeting

12 9/27/19 Brendan Murphy 3.8 Preparation for and participation (telephonic) on TCC Meeting

12 9/27/19 Brent Williams 1.5 Calls with subcommittee re: plan negotiating

12 9/27/19 Brent Williams 5.5 Committee meeting (in person)

12 9/27/19 Peter Gnatowski 3.8 Prepare and participate in committee call

12 9/30/19 Alex Stevenson 1.0 Prepare for and participate in call with TCC negotiating committee

12 9/30/19 Brendan Murphy 1.0 Prep for and correspondences with Counsel and TCC Members re: Plan discussions and negotiations

12 9/30/19 Brent Williams 1.0 Prepare for and call with committee re: competing plans

13 9/2/19 Brent Williams 0.8 Review media reports AB235

13 9/3/19 Brendan Murphy 0.6 Review of public news / articles on PG&E matter re: AB235

13 9/3/19 Matt Merkel 0.5 Review of recent docket filings re: Subro settlement

13 9/3/19 Peter Gnatowski 0.6 Reviewed various motions including fee examiner protocol and Public Advocates Objection

13 9/3/19 Riley Jacobs 1.5 Researched, summarized and circulated relevant dockets internally

13 9/3/19 Zack Stone 0.5 Review and distribution of public news / articles on PG&E filing

13 9/4/19 Riley Jacobs 0.8 Researched, summarized and circulated relevant dockets internally

13 9/5/19 Brent Williams 1.0 Review media reports re: PG&E and regulators

13 9/5/19 Riley Jacobs 0.8 Researched, summarized and circulated relevant dockets internally

13 9/6/19 Alex Gebert 1.2 Review public news re: PG&E and bond securitization

13 9/6/19 Alex Gebert 1.0 Review pleadings re: Abrams letter to the court

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 15

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

13 9/6/19 Brent Williams 1.0 Review media reports regarding ghost ship ruling

13 9/6/19 Sherman Guillema 1.0 Review of recent docket filings re: Subro settlement

13 9/6/19 Zack Stone 1.0 Read, review, and summarize relevant filings re: business plan

13 9/9/19 Brendan Murphy 0.2 Review of critical dates memo from Counsel

13 9/9/19 Brent Williams 0.5 Review media reports bondholder plan

13 9/9/19 Brent Williams 0.9 Review of media reports regarding Debtor Plan

13 9/9/19 Naeem Muscatwalla 1.4 Review and circulation of Debtwire articles related to the Debtor and the case

13 9/9/19 Riley Jacobs 0.7 Researched, summarized and circulated relevant dockets internally

13 9/10/19 Brent Williams 1.6 Review media reports regarding bondholder plan

13 9/10/19 Naeem Muscatwalla 1.1 Review and circulation of articles related to the Debtor's plan

13 9/11/19 Brendan Murphy 0.3 Review of Knighthead Schedule 13D

13 9/11/19 Brendan Murphy 0.4 Read PG&E Plan Profile from third party news source

13 9/11/19 Brent Williams 0.5 Review additional media reports on Debtor and Bondholder plans

13 9/11/19 Riley Jacobs 1.2 Researched, summarized and circulated relevant dockets internally

13 9/11/19 Zack Stone 1.0 Review and circulation of public news / articles re: WSJ / BLMG

13 9/12/19 Alex Gebert 1.2 Review news articles re: impact of Subro settlement

13 9/12/19 Peter Gnatowski 0.3 Reviewed critical dates memo from counsel

13 9/12/19 Riley Jacobs 0.5 Researched, summarized and circulated relevant dockets internally

13 9/12/19 Riley Jacobs 0.7 Review and summarize materials on subrogation settlement

13 9/12/19 Zack Stone 0.6 Review and research certain terms in subro settlement per senior member request

13 9/12/19 Zack Stone 0.5 Read, review and circulate relevant news re: BLMG

13 9/13/19 Alex Gebert 0.6 Review news and reports of subro settlement

13 9/13/19 Alex Gebert 0.9 Review of subro settlement disclosures

13 9/13/19 Alex Stevenson 0.3 Review correspondence on subrogation settlement

13 9/13/19 Brendan Murphy 0.6 Review of public news on Revised Plan and Settlement with Subro

13 9/13/19 Brent Williams 1.5 Review PG&E settlement with SubRo

13 9/13/19 Erik Ellingson 0.7 Press release review re: Subro agreement

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 16

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

13 9/13/19 Naeem Muscatwalla 0.8 Review and circulation of articles related to the subrogation claim settlement

13 9/13/19 Riley Jacobs 0.9 Researched, summarized and circulated relevant dockets internally

13 9/13/19 Zack Stone 0.5 Review and circulate public news / articles re: subro settlement

13 9/14/19 Peter Gnatowski 1.0 Reviewed RSA for subro settlement; internal correspondence re: same

13 9/15/19 Brent Williams 1.6 Review debtor 8k on RSA agreement

13 9/16/19 Brent Williams 1.0 Review media reports on SubRo settlement

13 9/16/19 Riley Jacobs 0.2 Researched, summarized and circulated relevant dockets internally

13 9/16/19 Sherman Guillema 2.0 Review various articles/ publications re: subro settlement

13 9/16/19 Zack Stone 0.5 Review and circulate public news / articles 

13 9/17/19 Alex Gebert 0.4 Review PGE status conference order and relates news

13 9/17/19 Alex Stevenson 0.3 Review pleadings and news releases regarding plan discussions and exclusivity

13 9/17/19 Peter Gnatowski 0.2 Reviewed critical dates memo from counsel

13 9/17/19 Riley Jacobs 2.6 Researched, summarized and circulated relevant dockets internally

13 9/17/19 Naeem Muscatwalla 0.9 Review and circulation of articles related to the Tubbs Fire case

13 9/18/19 Alex Stevenson 0.1 Review TCC status conference statement

13 9/18/19 Matt Merkel 0.6 Reviewed Lazard's fee app

13 9/18/19 Naeem Muscatwalla 1.2 Review of news articles related to movement in PG&E's stock price

13 9/18/19 Peter Gnatowski 0.4 Reviewed TCC and other statements for status conference 

13 9/18/19 Riley Jacobs 0.9 Review TCC statement on status conference scheduled for September 24th

13 9/18/19 Riley Jacobs 1.5 Researched, summarized and circulated relevant dockets internally

13 9/18/19 Zack Stone 0.4 Read and review relevant news re: WSJ audio

13 9/19/19 Peter Gnatowski 0.7 Reviewed motions to lift exclusivity by TCC and UCC and related declarations

13 9/19/19 Alex Gebert 0.6 Read and review public news releases re: joint plan

13 9/19/19 Alex Gebert 1.2 Review TCC/Bondholders motion to terminate exclusivity

13 9/19/19 Alex Stevenson 0.4 Review pleadings and news releases regarding plan discussions and exclusivity

13 9/19/19 Brent Williams 1.0 Review exclusivity pleadings and related docs

13 9/19/19 Brent Williams 0.5 Review media reports regarding SubRo settlement and plan term sheets

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 17

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

13 9/19/19 Matt Merkel 0.5 Review of recent docket filings: bar date motions

13 9/19/19 Naeem Muscatwalla 0.5 Review and circulation of articles related to PG&E investor meeting

13 9/19/19 Riley Jacobs 1.2 Researched, summarized and circulated relevant dockets internally

13 9/19/19 Riley Jacobs 1.8 Review and circulate of other professionals fee applications

13 9/19/19 Zack Stone 0.5 Review and circulate relevant documents / filings re: stock price

13 9/20/19 Alex Gebert 1.3 Review news articles on PG&E exclusivity/impact of alternative plan

13 9/20/19 Riley Jacobs 0.6 Researched, summarized and circulated relevant dockets internally

13 9/20/19 Riley Jacobs 2.0 Review fee apps from other advisors for analysis

13 9/21/19 Peter Gnatowski 0.5 Reviewed reply by subrogation holders re: status conference statement

13 9/22/19 Brendan Murphy 0.8 Review of pleading re: subro holders response to the status conference update

13 9/22/19 Riley Jacobs 0.6 Summarize and circulate pleadings

13 9/23/19 Alex Stevenson 1.0 Review Debtors statements on TCC/Bondholder plan; internal correspondence

13 9/23/19 Alex Stevenson 0.4 Review Baupost statement related to exclusivity and comment

13 9/23/19 Brendan Murphy 0.8 Review of Reorg Research articles on pleadings and case updates

13 9/23/19 Brendan Murphy 0.7 Review of document from Counsel re: PG&E RFPs regarding Motion to Terminate Exclusivity

13 9/23/19 Brent Williams 0.7 Review statements filed on exclusivity and subro settlements

13 9/23/19 Naeem Muscatwalla 0.9 Review and circulation of articles regarding subrogation claims

13 9/23/19 Peter Gnatowski 0.5 Reviewed Debtors' reply to Bondholder plan

13 9/23/19 Riley Jacobs 2.2 Researched, summarized and circulated relevant dockets internally

13 9/23/19 Zack Stone 0.5 Review relevant documents / filings re: WSJ bondholder proposal

13 9/24/19 Alex Stevenson 0.5 Review Debtors statement in advance of status conference

13 9/24/19 Brendan Murphy 0.7 Review of Reorg Research articles on pleadings and case updates

13 9/24/19 Brendan Murphy 0.8 Review of Debtors' RSA pleading

13 9/24/19 Brent Williams 0.5 Review Debtor's statement on TCC / Bondholder plan

13 9/24/19 Erik Ellingson 1.8 Review Debtors motion to Enter into RSA with Subro

13 9/24/19 Naeem Muscatwalla 2.5 Review and circulation of articles regarding bondholders and TCC's proposals

13 9/24/19 Riley Jacobs 2.1 Researched, summarized and circulated relevant dockets internally

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 18

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

13 9/24/19 Zack Stone 0.6 Review relevant documents / filings re: WSJ bondholder proposal

13 9/24/19 Zack Stone 0.5 Review relevant documents / filings re: court hearing

13 9/25/19 Alex Stevenson 1.3 Review motion to extend exclusivity and related declaration; correspondence with Lincoln team

13 9/25/19 Erik Ellingson 0.4 Preparation for and call with AG regarding general reporting updates re: debtor reporting updates

13 9/25/19 Matt Merkel 0.6 Review of recent docket filings re: exclusivity

13 9/25/19 Naeem Muscatwalla 0.9 Review and circulation of articles regarding shareholder disclosures

13 9/25/19 Riley Jacobs 0.5 Researched, summarized and circulated relevant dockets internally

13 9/25/19 Sherman Guillema 0.7 Review exclusivity motion and declaration

13 9/26/19 Alex Gebert 0.7 Review Debtors' extension of exclusivity

13 9/26/19 Alex Gebert 0.6 Review news and articles on extension of exclusivity

13 9/26/19 Alex Gebert 0.5 Review news and articles on latest term sheet proposals

13 9/26/19 Brent Williams 1.0 Review pleadings and media reports on extension of exclusivity

13 9/26/19 Naeem Muscatwalla 0.7 Review and circulation of articles regarding revised Bondholder proposal

13 9/26/19 Naeem Muscatwalla 0.8 Review and circulation of articles related to California utility regulator's investigation

13 9/26/19 Peter Gnatowski 0.7 Reviewed Debtors' motion for exclusivity extension and Boken declaration

13 9/26/19 Riley Jacobs 1.4 Researched, summarized and circulated relevant dockets internally

13 9/27/19 Riley Jacobs 1.2 Researched, summarized and circulated relevant dockets internally

13 9/27/19 Zack Stone 0.5 Review and circulate relevant documents / filings re: WSJ amended bondholder proposal

13 9/30/19 Peter Gnatowski 0.2 Reviewed joint status conference statement from TCC, UCC and Subro

13 9/30/19 Peter Gnatowski 0.3 Review of various fee apps including Lazard and others

13 9/30/19 Peter Gnatowski 0.2 Reviewed critical dates memo from counsel

13 9/30/19 Riley Jacobs 1.7 Researched, summarized and circulated relevant dockets internally

14 9/4/19 Erik Ellingson 0.9 Motion review re: leases - extension deadline review #3726 and comments to team

14 9/4/19 Erik Ellingson 1.2 Declaration review re: lease extension #3727

14 9/4/19 Erik Ellingson 1.8 Declaration review re: land and environmental leases #3728; comments to team

14 9/8/19 Peter Gnatowski 0.5 Reviewed nonresidential real property lease motion

15 9/9/19 Alex Gebert 0.5 Circulated and reviewed latest board resignation

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 19

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

15 9/9/19 Brent Williams 0.5 Review PG&E 8k regarding board resignation 

16 9/4/19 Alex Gebert 0.9 Review and circulate Debtors reply to lifting stay on Tubbs

16 9/4/19 Brent Williams 2.0 Review Debtors notice of appeal re: Tubbs

16 9/4/19 Brent Williams 1.5 Emails and document review regarding Calfire and FEMA claims

16 9/4/19 Peter Gnatowski 0.3 Reviewed Debtors' appeal to Tubbs order

16 9/5/19 Erik Ellingson 1.1 Review of PG&E historical claim settlements & financial impact

16 9/5/19 Zack Stone 1.2 Research disclosure statements re: claims 

16 9/6/19 Brendan Murphy 1.1 Review of pleadings re: Estimation Procedures

16 9/6/19 Peter Gnatowski 0.7 Reviewed status conference statements wildfire estimation procedures

16 9/9/19 Matt Merkel 0.5 Review of recent docket filings re: estimation proceedings

16 9/10/19 Alex Gebert 0.5 Review Judge Donato's decision re: Tubbs/estimation

16 9/10/19 Brent Williams 1.0 Review of Judge Donato’s proceedings and discussion with counsel 

16 9/12/19 Matt Merkel 1.8 Analyzed wildfire exposure liability cap

16 9/13/19 Alex Gebert 1.5 Review Wildfire Estimation minutes and schedule

16 9/13/19 Brent Williams 0.5 Review Superior Court decision regarding Tubbs

16 9/13/19 Matt Merkel 1.4 Additional analysis re: wildfire exposure liability cap

16 9/16/19 Peter Gnatowski 0.3 Reviewed court ruling on Tubbs and related press

16 9/17/19 Sherman Guillema 1.0 Review of recent docket filings re: estimation proceedings

16 9/25/19 Zack Stone 1.0 Research, review, and summarize trust set up for fire victims

16 9/26/19 Peter Gnatowski 1.6 Research re: federal assistance and costs related to 2017 and 2018 CA wildfires 

16 9/26/19 Peter Gnatowski 1.0 Reviewed wildfire claims data provided by third-party; comments internally re: observations

16 9/26/19 Peter Gnatowski 2.0 Additional research into potential state and federal claims

16 9/26/19 Zack Stone 2.2 Research precedent governmental agency claims

16 9/27/19 Alex Stevenson 0.2 Correspondence with Lincoln team re: governmental claims

16 9/27/19 Peter Gnatowski 3.4 Additional research re: precedent state and federal claims

16 9/27/19 Peter Gnatowski 1.2 Research re: federal assistance and costs re: wildfires from FEMA; emails re: same

16 9/27/19 Zack Stone 1.5 Additional research re: precedent governmental agency claims; internal correspondence

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 20

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

16 9/30/19 Alex Stevenson 0.3 Review join statement on status conference related to estimation

16 9/30/19 Riley Jacobs 1.4 Review joint status update for estimation proceedings

16 9/30/19 Riley Jacobs 0.8 Review camp fire claimants brief on estimation

16 9/30/19 Sherman Guillema 2.1 Review of pleadings re: estimation

17 9/3/19 Alex Gebert 0.7 Review real estate transaction report and internal discussion/notes re: the same

17 9/4/19 Erik Ellingson 1.2 Review and analyze RE transaction report and observations from AG

17 9/6/19 Peter Gnatowski 0.9 Reviewed objections on de minimus asset sales; internal emails re same

17 9/8/19 Alex Gebert 1.5 Review of San Francisco proposal to PGE

17 9/8/19 Alex Stevenson 1.2 Review and analyze San Francisco offer to acquire selected assets

17 9/8/19 Brendan Murphy 0.8 Review of public news on SF PUC interest to purchase PG&E’s electricity assets 

17 9/8/19 Brendan Murphy 0.2 Review of Tentative Ruling on De Minims Asset Sales and Settlements of Certain Claims

17 9/8/19 Riley Jacobs 1.4 Review and circulate analysis on de minimis asset sale pleading and settlement of certain claims

17 9/10/19 Alex Gebert 1.5 Additional review of letter from San Francisco to PGE re: proposed asset purchase

17 9/10/19 Alex Gebert 0.6 Review news articles and analysis re: San Francisco proposed purchase of PGE assets

17 9/10/19 Brendan Murphy 0.4 Preparation for and internal discussion re: de minimis asset sales and claims

17 9/10/19 Riley Jacobs 0.7 Review San Francisco's offer to purchase assets

17 9/11/19 Alex Gebert 0.5 Review news articles re: San Francisco asset purchase

17 9/11/19 Alex Gebert 0.2 Internal discussion with senior member on SF asset purchase

17 9/11/19 Alex Gebert 1.4 Drafted presentation of SF offer to PGE

17 9/11/19 Alex Gebert 1.8 Analysis/preparation of presentation outlining financing and key assumptions of SF offer

17 9/11/19 Alex Gebert 2.0 Benchmarking of SF Offer to the market

17 9/11/19 Alex Gebert 2.3 Drafted benchmarking presentation re: SF offer

17 9/11/19 Brent Williams 1.0 Review of San Francisco asset proposal

17 9/11/19 Matt Merkel 2.1 Review of San Francisco asset proposal and related analysis from junior banker

17 9/11/19 Matt Merkel 2.6 Reviewed SF offer letter summary presentation and made direct edits

17 9/11/19 Sherman Guillema 1.0 Review of San Francisco Asset proposal and related presentation; comments to team

17 9/11/19 Sherman Guillema 2.6 Comment on summary of SF acquisition offer

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 21

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

17 9/12/19 Alex Gebert 1.7 Address internal comments re: SF offer letter summary presentation

17 9/12/19 Erik Ellingson 2.8 Review, summary, and proposed questions associated with SF asset purchase term sheet

17 9/12/19 Erik Ellingson 3.2 Review of historical context/information provided on SF term sheet 

17 9/12/19 Erik Ellingson 0.6 Preparation for internal call re: additional analysis

17 9/12/19 Matt Merkel 2.1 Made edits to SF offer letter summary; internal call re: analysis

17 9/12/19 Matt Merkel 1.7 Incorporated changes to SF offer letter summary from senior review

17 9/12/19 Riley Jacobs 1.3 Prepared additional analysis re: SF offer to purchase assets based on internal comments

17 9/12/19 Riley Jacobs 2.0 Drafted summary analysis of additional research on SF offer

17 9/12/19 Zack Stone 0.5 Preparation for and internal discussion re: SF Proposal

17 9/12/19 Zack Stone 1.9 Read, review, and prepare summary deck re: SF Proposal; revised summary analysis and presentation

17 9/13/19 Erik Ellingson 2.4 Review and analysis around SF public IOI

17 9/18/19 Alex Stevenson 0.5 Email correspondence with Alix Partners re: SF proposal 

17 9/18/19 Alex Stevenson 1.7 Review/revise analysis of SF proposal to municipalize SF

17 9/18/19 Matt Merkel 0.5 Discussed SF proposal summary with senior banker

17 9/18/19 Matt Merkel 1.5 Made edits to SF proposal summary presentation

17 9/19/19 Alex Stevenson 1.5 Finalize analysis of SF proposal to municipalize SF

17 9/20/19 Matt Merkel 0.7 Made edits to SF assets offer summary

17 9/25/19 Alex Stevenson 0.3 Draft email to BH re: San Francisco proposal to acquire assets

17 9/30/19 Peter Gnatowski 0.3 Reviewed real estate transaction reporting's from the Debtors

18 9/9/19 Alex Stevenson 0.4 Review financing commitment letters

18 9/9/19 Riley Jacobs 0.9 Research equity backstop / offering

18 9/9/19 Riley Jacobs 2.1 Create presentation on equity backstop / offering; edits based on internal feedback

18 9/10/19 Peter Gnatowski 2.3 Reviewed equity backstop agreements and debt confident letters

18 9/10/19 Peter Gnatowski 2.5 Prepared equity backstop and debt confident letter analysis

18 9/10/19 Riley Jacobs 2.6 Reviewed and summarized key terms from confident letters

18 9/11/19 Alex Gebert 1.6 Review Knighthead filed 13d and compare to previous filings

18 9/12/19 Alex Gebert 1.0 Review amended equity backstop terms

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 22

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

18 9/13/19 Alex Gebert 1.8 Review and analysis of Debtors' revised equity backstop terms

18 9/13/19 Alex Stevenson 0.3 Review amended equity backstop terms

18 9/13/19 Brendan Murphy 0.7 Review of September 13, 2019 8K re: Amended equity backstop Terms

18 9/13/19 Peter Gnatowski 0.8 Reviewed amended equity backstop Commitment Letters filed by the Debtors; internal corresponded re: same

18 9/18/19 Alex Gebert 2.0 Drafted analyses on Debtors' equity backstop commitment presentation

18 9/18/19 Alex Gebert 1.7 Review Debtors' equity backstop Commitment presentation

18 9/18/19 Alex Stevenson 1.1 Review equity backstop discussion materials provided by Debtors

18 9/18/19 Erik Ellingson 2.0 Review and summarize of PG&E provided equity backstop discussion materials

18 9/18/19 Matt Merkel 2.3 Reviewed highly confident letters

18 9/18/19 Matt Merkel 1.7 Reviewed and summarized equity backstop commitment letter

18 9/18/19 Peter Gnatowski 2.3 Reviewed and analyzed equity backstop presentation from the Debtors; internal discussions re: analysis

18 9/18/19 Peter Gnatowski 1.3 Drafted key observations and issues on the equity backstop materials

18 9/18/19 Peter Gnatowski 1.5 Reviewed and commented on analysis prepared by junior bankers on equity backstop materials

18 9/18/19 Peter Gnatowski 1.8 Revised and updated equity backstop analysis; internal correspondence re: same

18 9/18/19 Peter Gnatowski 1.0 Reviewed and commented on draft presentation of equity backstop comparison to other plans

18 9/18/19 Peter Gnatowski 1.5 Revised equity backstop presentation analysis 

18 9/18/19 Riley Jacobs 1.9 Review equity backstop presentation from Debtor and prepared requested analysis from senior banker

18 9/18/19 Sherman Guillema 1.2 Review of discussion materials re: equity backstop

18 9/18/19 Zack Stone 0.5 Review relevant Debtor documents re: equity backstop

18 9/18/19 Sherman Guillema 2.3 Review and internal discussion re: financing letters from Debtors

18 9/19/19 Brent Williams 1.5 Review equity backstop presentation materials from Debtor

18 9/19/19 Erik Ellingson 2.4 Equity backstop funding; research and review

18 9/19/19 Erik Ellingson 2.5 Review analysis of confident letters

18 9/19/19 Matt Merkel 1.3 Reviewed commitment letters and equity backstop template

18 9/19/19 Matt Merkel 2.2 Made direct edits to commitment letters and equity backstop presentation

18 9/19/19 Peter Gnatowski 0.8 Reviewed and commented on updated equity backstop presentation analysis 

18 9/19/19 Peter Gnatowski 2.5 Reviewed debt confident letters and equity backstop agreements for certain terms and conditions

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 23

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

18 9/19/19 Peter Gnatowski 2.0 Reviewed and commented on analysis and summary of conditions in debt confident letters and equity backstop

18 9/19/19 Sherman Guillema 2.7 Reviewed research re: capital market conditions for confident letters

18 9/19/19 Matt Merkel 2.0 Added content to financing commitments summary

18 9/19/19 Matt Merkel 2.4 Made direct edits from senior review to financing commitments summary 

18 9/19/19 Sherman Guillema 0.8 Review and comment discussion materials regarding exit financing commitments

18 9/19/19 Zack Stone 1.3 Review equity commitment proposals

18 9/19/19 Zack Stone 2.0 Summarize equity commitment proposals

18 9/20/19 Alex Gebert 1.4 Edits to Debtors' equity backstop presentation

18 9/20/19 Alex Stevenson 1.0 Review and analysis of financing commitments

18 9/20/19 Peter Gnatowski 1.0 Provided internal comments on key observations of highly confident letters

18 9/20/19 Peter Gnatowski 1.2 Made revisions to equity backstop presentation analysis; internal emails re: same

18 9/20/19 Peter Gnatowski 1.7 Reviewed updated presentation on analysis of confident letters; comments to internal team 

18 9/20/19 Peter Gnatowski 1.5 Reviewed and commented on subsequent draft of the presentation on confident letters 

18 9/20/19 Brent Williams 2.1 Research debtors equity commitment letters

18 9/20/19 Matt Merkel 2.3 Refined commitment letters summary

18 9/20/19 Matt Merkel 2.0 Made edits to commitment letters summary from senior review

18 9/20/19 Matt Merkel 1.6 Additional edits to commitment letters summary from senior review

18 9/20/19 Zack Stone 0.8 Address internal comments on equity commitment proposals

18 9/21/19 Sherman Guillema 2.7 Reviewed debt confident letters and equity backstop commitments and internal correspondence

18 9/21/19 Peter Gnatowski 0.5 Internal correspondence with senior bankers re: confident letter presentation analysis

18 9/21/19 Alex Gebert 1.5 Consolidate and review Debtors' commitment/financing letters

18 9/21/19 Matt Merkel 2.2 Compiled and analyzed latest financing letters

18 9/21/19 Matt Merkel 1.3 Made direct edits to commitment letters summary from senior review

18 9/21/19 Riley Jacobs 2.0 Review and analyzed commitment letters from bondholders based on request from senior banker

18 9/21/19 Riley Jacobs 1.5 Summarized key terms from bondholder commitment letters

18 9/21/19 Sherman Guillema 0.5 Review and comment on materials regarding financing letters

18 9/22/19 Alex Stevenson 0.9 Review and analysis of financing commitments

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 24

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

18 9/22/19 Brent Williams 2.0 Review and comment of PG&E equity backstop presentation 

18 9/22/19 Peter Gnatowski 0.8 Reviewed updated presentation analysis of debt confident letters and equity backstop agreement

18 9/22/19 Brendan Murphy 0.9 Review of internal materials re: Debtors Plan Equity Commitments

18 9/22/19 Brent Williams 1.6 Reviewed and commented on commitment letter presentation

18 9/22/19 Matt Merkel 1.9 Reviewed latest financing letters for additional terms requested

18 9/22/19 Matt Merkel 2.3 Made direct edits to commitment letters summary from senior review

18 9/22/19 Sherman Guillema 1.2 Discussed and commented on exit financing summary

18 9/23/19 Alex Stevenson 0.7 Review and comment on analysis of bank letters in support of Debtors POR

18 9/23/19 Alex Stevenson 0.4 Correspondence with Lincoln team re: analysis of equity backstop letters

18 9/23/19 Alex Stevenson 1.9 Additional review financing commitments

18 9/23/19 Peter Gnatowski 1.2 Comments to MM re: additional changes to confident letter analysis

18 9/23/19 Riley Jacobs 1.7 Reconciled revised bondholders commitment letters and term sheet

18 9/23/19 Zack Stone 1.0 Reviewed and summarized Bondholders' commitment letters

18 9/23/19 Brent Williams 1.5 Review updated and amended financing commitments from bondholders 

18 9/23/19 Matt Merkel 2.8 Updated commitment letter summary and analysis

18 9/23/19 Matt Merkel 2.6 Made direct edits to commitment letters summary from senior review

18 9/23/19 Naeem Muscatwalla 1.2 Developed presentation that summarizes bondholders and debtors commitment letters

18 9/23/19 Naeem Muscatwalla 0.9 Internal coordination regarding presentation summarizing Plan and Bondholders financing letters

18 9/24/19 Alex Stevenson 0.9 Review and comment re: financing condition presentation

18 9/24/19 Riley Jacobs 0.9 Review and summarize filings from debtors and Abrams / Knighthead re equity backstop

18 9/24/19 Riley Jacobs 1.6 Additional review of equity backstop pleading re: claim distributions

18 9/24/19 Alex Gebert 0.8 Review Debtors' commitment/financing letters

18 9/24/19 Alex Gebert 2.2 Summary of Bondholders' commitment letters

18 9/24/19 Brent Williams 1.7 Review updated comparatives of financing commitments 

18 9/24/19 Matt Merkel 0.8 Responded to senior banker questions on revised bondholder commitment letter

18 9/24/19 Naeem Muscatwalla 2.5 Revision to presentation that summarizes bondholders and debtors commitment letters

18 9/25/19 Alex Stevenson 0.3 Draft email to BH re: financing presentation

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 25

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

18 9/25/19 Alex Stevenson 1.6 Finalize financing presentation

18 9/25/19 Matt Merkel 2.4 Reviewed equity backstop discussion materials

18 9/25/19 Matt Merkel 0.9 Reviewed equity backstop commitment letter filing

18 9/25/19 Naeem Muscatwalla 1.1 Review of equity backstop commitments and equity backstop language in Debtor's filings

18 9/25/19 Riley Jacobs 0.5 Internal communications re: equity backstop commitment presentation and analysis

18 9/25/19 Matt Merkel 2.4 Reviewed additional content added to financing letters summary

18 9/25/19 Matt Merkel 0.5 Prepared for and discussed edits to financing commitments summary with senior banker

18 9/25/19 Peter Gnatowski 0.3 Reviewed updated presentation re: commitment letters

18 9/25/19 Riley Jacobs 1.4 Review internal presentation and analysis re: bondholder and Debtor financing commitments

18 9/25/19 Sherman Guillema 1.3 Review and comment on materials re: updated Plan term sheet & commitment letter

18 9/26/19 Brendan Murphy 1.4 Review and analysis of debt confidential materials from Counsel

18 9/26/19 Brent Williams 1.8 Reviewed and commented on backstop analysis and presentation

18 9/26/19 Matt Merkel 1.8 Made edits to financing commitments summary based on senior review

18 9/27/19 Alex Stevenson 1.5 Review and comment on presentation on capital market implications

18 9/30/19 Brent Williams 1.8 Review of debtor highly confident letters and other financing commitments 

18 9/30/19 Brent Williams 0.8 Internal discussions re: analysis of various financing commitments

18 9/30/19 Matt Merkel 0.6 Review of recent docket filings re: Debtors' replies to Bondholder plan

19 9/9/19 Riley Jacobs 2.0 Prepare interest rate analysis

19 9/9/19 Riley Jacobs 1.2 Revise interest rate analysis per internal comments

19 9/9/19 Riley Jacobs 0.6 Internal communications re: capital structure and interest rate analysis

19 9/10/19 Peter Gnatowski 0.8 Reviewed historical interest expense for Debtors

19 9/15/19 Brent Williams 1.8 Review debt capacity of PG&E and interest rate implications

19 9/18/19 Brent Williams 1.2 Review debt capacity of plan term sheets

19 9/23/19 Alex Gebert 2.0 Revised interest expense analysis

19 9/23/19 Alex Stevenson 0.5 Correspondence with Lincoln team re: analysis of capital structure issues and S&P ratings

19 9/23/19 Matt Merkel 2.3 Researched S&P credit rating criteria

19 9/23/19 Matt Merkel 1.1 Preparation for and internal communication with junior banker re: S&P credit rating analysis

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 26

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

19 9/23/19 Peter Gnatowski 0.8 Reviewed various Debtors' filings re: interest rate analysis; emails with team re: same

19 9/23/19 Peter Gnatowski 1.5 Reviewed and commented on interest rate comparison analysis

19 9/23/19 Sherman Guillema 1.3 Reviewed illustrative post-reorg credit rating analysis

19 9/24/19 Alex Gebert 1.6 Sensitivity analysis re: pro forma interest expense

19 9/24/19 Alex Gebert 2.0 Credit rating and related analysis

19 9/24/19 Matt Merkel 2.4 Made direct edits to illustrative S&P credit rating analysis

19 9/24/19 Matt Merkel 2.2 Reviewed pro forma interest expense analysis

19 9/24/19 Matt Merkel 2.1 Reviewed prior accrued interest analysis

19 9/24/19 Matt Merkel 3.0 Researched accrued interest analysis inputs and credit agreements

19 9/24/19 Matt Merkel 0.7 Provided guidance to junior banker on accrued interest analysis

19 9/24/19 Naeem Muscatwalla 3.0 Calculated projected interest expense that would result from the Debtor and Bondholders' proposals

19 9/24/19 Naeem Muscatwalla 1.7 Drafted presentation summarizing Debtor's presumed credit rating score

19 9/24/19 Naeem Muscatwalla 2.3 Calculated pro-forma Debt, EBITDA and FFO metrics for various exit scenarios

19 9/24/19 Peter Gnatowski 1.8 Reviewed and edited interest rate analysis 

19 9/24/19 Peter Gnatowski 1.2 Research into interest rate information from the debtors per public filings

19 9/24/19 Peter Gnatowski 1.4 Reviewed credit rating analysis prepared by junior banker; edits re: Same

19 9/24/19 Riley Jacobs 1.9 Summarize and review interest calculations in potential plans

19 9/24/19 Zack Stone 0.3 Preparation for and internal discussion re: revisions to interest expense analysis

19 9/24/19 Zack Stone 0.8 Review PG&E documents for interest rate assumptions

19 9/24/19 Zack Stone 2.2 Updated interst rate analysis per new assumptions

19 9/25/19 Matt Merkel 2.0 Reviewed accrued interest analysis from junior banker

19 9/26/19 Matt Merkel 2.1 Reviewed interest expense comparison analysis

19 9/26/19 Matt Merkel 2.1 Reviewed capitalization under various plans

19 9/26/19 Naeem Muscatwalla 0.7 Review revised Debtor and Bondholder term sheets to identify interest expenses associated with debt

19 9/26/19 Naeem Muscatwalla 4.7 Compiled spreadsheet with accrued interest calculation for Debtor through Bankruptcy exit

19 9/26/19 Naeem Muscatwalla 0.8 Internal coordination regarding accrued interest calculations

19 9/26/19 Naeem Muscatwalla 2.5 Revision to accrued interest calculations

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 27

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

19 9/26/19 Naeem Muscatwalla 0.6 Internal coordination regarding Debtor's accrued interest

19 9/26/19 Zack Stone 0.4 Preparation for and internal discussion re: interest expense analysis

19 9/26/19 Zack Stone 1.2 Revise prepare Interest Expense Analysis per internal comment

19 9/27/19 Alex Gebert 3.0 Credit profile analysis of PG&E based on various plans

19 9/27/19 Matt Merkel 0.9 Preparation for and internal communication on illustrative credit ratings analysis

19 9/27/19 Matt Merkel 2.1 Made edits to illustrative credit ratings analysis

19 9/27/19 Matt Merkel 2.1 Reviewed and provided comments to junior bankers on illustrative credit rating analysis

19 9/27/19 Sherman Guillema 0.9 Preparation for international discussion re: PG&E credit ratings

19 9/27/19 Zack Stone 1.0 Preparation for and internal discussions re: illustrative credit rating analysis

19 9/27/19 Zack Stone 2.5 Prepare illustrative credit rating analysis re: term sheets

19 9/27/19 Zack Stone 1.0 Prepare illustrative credit rating analysis re: comparable company

19 9/27/19 Zack Stone 1.5 Revisions to illustrative credit rating analysis

19 9/28/19 Alex Stevenson 0.9 Review credit rating calculations and supporting documents

19 9/28/19 Matt Merkel 3.0 Reviewed illustrative credit ratings analysis re: calculations

19 9/28/19 Matt Merkel 2.8 Revised credit rating presentation per internal comments

19 9/28/19 Matt Merkel 2.5 Additional edits to illustrative S&P credit rating analysis re: research, calculations, formatting, comparable 

company

19 9/28/19 Peter Gnatowski 0.8 Reviewed and comments to updated illustrative credit rating analysis and bond raises analysis

19 9/28/19 Zack Stone 1.0 Update illustrative S&P credit rating presentation

19 9/28/19 Zack Stone 2.0 Update illustrative S&P credit rating analysis

19 9/29/19 Sherman Guillema 1.7 Review and comment on illustrative credit ratings analysis

19 9/30/19 Alex Stevenson 0.7 Preparation for and call with MM re: credit rating calculations

19 9/30/19 Brendan Murphy 0.8 Review of financial analysis of bond interest

19 9/30/19 Matt Merkel 2.1 Made direct edits to illustrative S&P credit rating analysis

19 9/30/19 Matt Merkel 2.8 Reviewed and made edits to interest expense analysis

19 9/30/19 Matt Merkel 1.8 Made edits to interest comparison analysis

19 9/30/19 Peter Gnatowski 1.5 Updated interest rate analysis and comparison of plans; internal emails re: same

19 9/30/19 Zack Stone 1.2 Preparation for and internal discussions re: illustrative S&P Credit Analysis

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 28

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

19 9/30/19 Zack Stone 2.8 Update illustrative S&P Credit Analysis re: Bondholder Plan

19 9/30/19 Zack Stone 2.6 Update illustrative S&P Credit Analysis re: Debtors Plan

19 9/30/19 Zack Stone 1.4 Update illustrative S&P Credit Analysis re internal comments

20 9/2/19 Brent Williams 0.5 Reviewed and commented on benchmarking analysis

20 9/2/19 Naeem Muscatwalla 1.7 Research of precedent transactions in the Utility space

20 9/2/19 Naeem Muscatwalla 2.2 Revision to precedent transaction analysis

20 9/2/19 Naeem Muscatwalla 3.9 Revision to public comparable companies analysis - Updated 3 of 15 names for Q2 Metrics

20 9/3/19 Alex Gebert 2.6 Prepare average cost of capital analysis for Electric, Gas, and E&G comparables

20 9/3/19 Alex Gebert 0.5 Edits to cost of capital analysis for Electric, Gas, and E&G comparables

20 9/3/19 Alex Stevenson 0.2 Correspondence re: comp analysis

20 9/3/19 Brendan Murphy 0.8 Review of comparable companies and related analysis from Advisors' materials

20 9/3/19 Matt Merkel 2.6 Reviewed precedent transactions analysis

20 9/3/19 Matt Merkel 2.1 Reviewed comparable analysis from junior bankers; internal correspondence

20 9/3/19 Naeem Muscatwalla 0.4 Review of public comparable companies used in third party analysis

20 9/3/19 Naeem Muscatwalla 4.8 Revision to public comparable companies analysis - Update 4 of 15 names for Q2 Metrics

20 9/3/19 Naeem Muscatwalla 3.7 Revision to public comparable companies analysis - Update 3 of 15 names for Q2 Metrics

20 9/3/19 Naeem Muscatwalla 2.0 Internal coordination regarding public comparable benchmarking analysis

20 9/3/19 Peter Gnatowski 0.5 Internal discussions re: updating trading comparable

20 9/3/19 Peter Gnatowski 2.5 Reviewed and commented on updated trading comparable

20 9/3/19 Sherman Guillema 1.0 Provided comments on transaction comps

20 9/3/19 Zack Stone 0.8 Preparation for and internal discussion re: Precedent Transactions

20 9/3/19 Zack Stone 1.0 Drafted comparable benchmarking analysis template for new additions

20 9/3/19 Zack Stone 2.5 Reviewed and analyzed other advisor comparable benchmarking analysis re: financial analysis

20 9/3/19 Zack Stone 1.5 Continued review and analysis of other advisor comparable benchmarking analysis vs internal companies 

analysis

20 9/3/19 Zack Stone 1.8 Updated other advisor comparable benchmarking analysis vs internal companies analysis

20 9/3/19 Zack Stone 0.6 Precedent Transaction analysis updates

20 9/3/19 Zack Stone 0.9 Summary of other advisor benchmarking analysis

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 29

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

20 9/3/19 Zack Stone 1.0 Preparation of revised comparable analysis 

20 9/4/19 Alex Gebert 0.5 Discuss benchmarking model with senior banker

20 9/4/19 Alex Gebert 2.3 Review third party analysis for valuation treatments

20 9/4/19 Alex Gebert 2.1 Continued review of other third party analyst reports for valuation treatments

20 9/4/19 Brendan Murphy 1.3 Review of comparable companies and related analysis from Advisors' materials

20 9/4/19 Matt Merkel 2.9 Reviewed benchmarking comparable analysis from junior bankers

20 9/4/19 Matt Merkel 1.8 Reviewed revised comparable analysis from junior bankers and provided comments

20 9/4/19 Matt Merkel 2.5 Reviewed revised precedent transactions analysis

20 9/4/19 Naeem Muscatwalla 3.0 Revision to public comparable companies analysis - Update 2 of 15 names for Q2 Metrics

20 9/4/19 Naeem Muscatwalla 2.0 Revision to public comparable companies analysis - Update 3 of 15 names for Q2 Metrics

20 9/4/19 Naeem Muscatwalla 0.6 Internal coordination regarding public comparable benchmarking analysis

20 9/4/19 Peter Gnatowski 1.8 Reviewed updated comparable analysis including other advisor comps

20 9/4/19 Peter Gnatowski 2.3 Researched various comparable re: rate base assumptions

20 9/4/19 Peter Gnatowski 1.5 Reviewed updated comparable analysis; internal emails re: same

20 9/4/19 Riley Jacobs 1.6 Review materials and internal conversations on PG&E comps

20 9/4/19 Riley Jacobs 1.9 Research adjusted EBITDA for comps from Bloomberg

20 9/4/19 Riley Jacobs 2.3 Edit PGE comparable companies analysis; review work performed on comps and make adjustments 

20 9/4/19 Riley Jacobs 1.8 Create internal analysis comparing internal comps to other advisor comps

20 9/4/19 Riley Jacobs 2.1 Internal conversation and edits to analysis comparing internal comps to other advisor comps

20 9/4/19 Riley Jacobs 0.7 Additional revisions to internal comps vs other advisor comps based on senior banker feedback

20 9/4/19 Zack Stone 2.2 Precedent Transaction analysis re: mergermarket data

20 9/4/19 Zack Stone 2.0 Precedent Transaction analysis re: electric only (mergermarket data)

20 9/4/19 Zack Stone 2.5 Summarizing and preparing deliverable for third party advisor benchmarking analysis

20 9/4/19 Zack Stone 2.0 Internal comments on third party advisor analysis deliverable

20 9/4/19 Zack Stone 2.0 Precedent Transaction analysis re: gas only (mergermarket data)

20 9/4/19 Zack Stone 1.5 Benchmarking analysis for comparable companies - internal comments

20 9/5/19 Alex Gebert 2.1 Precedent analysis of MCP in bankruptcies

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 30

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

20 9/5/19 Brendan Murphy 0.7 Review of industry guidance analysis prepared for TCC and Counsel

20 9/5/19 Erik Ellingson 2.8 Final review / summary and CFRA Industry Guidance 

20 9/5/19 Peter Gnatowski 1.5 Reviewed CFRA industry snapshot and research

20 9/5/19 Peter Gnatowski 1.2 Reviewed and commented on comparable analysis versus other advisors

20 9/5/19 Riley Jacobs 1.4 Internal conversations and analysis on comp companies results

20 9/5/19 Riley Jacobs 2.4 Updates to Utility Industry Comps

20 9/5/19 Riley Jacobs 0.6 Internal communications and formatting revisions to Utility industry comps

20 9/5/19 Zack Stone 1.0 Internal comments on third party advisor benchmarking analysis deliverable

20 9/6/19 Alex Gebert 1.5 Review precedent transaction analysis (gas, electric, combined)

20 9/6/19 Alex Gebert 1.5 Edits to public comparable companies

20 9/6/19 Alex Stevenson 0.5 Review comparable analysis and comment

20 9/6/19 Brendan Murphy 1.4 Review of comparable companies and related analysis from Advisors' materials

20 9/6/19 Brent Williams 2.0 Review utility company comparable metrics

20 9/6/19 Erik Ellingson 1.8 Electrical Utility Comp Set Evaluation & Update

20 9/6/19 Erik Ellingson 2.0 Electrical and Gas Utility Comp Set review and comment

20 9/6/19 Erik Ellingson 2.4 Internal comps vs third party advisors comps analysis review and comment

20 9/6/19 Matt Merkel 1.9 Reviewed revised comparable analysis from junior bankers and provided comments

20 9/6/19 Peter Gnatowski 1.7 Reviewed and commented on updated trading comparable

20 9/6/19 Sherman Guillema 1.2 Review and discuss comparable

20 9/6/19 Zack Stone 2.5 Revised and reconciled third party benchmarking analysis deliverable re: rate base

20 9/6/19 Zack Stone 2.5 Revised and reconciled third party benchmarking analysis deliverable re: multiples

20 9/6/19 Zack Stone 1.6 Internal comments on third party benchmarking analysis deliverable re: presentation format

20 9/7/19 Matt Merkel 2.3 Reviewed revised comparable analysis from junior bankers and provided comments

20 9/8/19 Peter Gnatowski 2.2 Revised updated comps analysis for new rate base assumptions

20 9/8/19 Zack Stone 2.9 Internal comments re: forward rate base updates on benchmarking analysis

20 9/9/19 Brendan Murphy 0.7 Review and comments to updated (proprietary) comparable multiples analysis

20 9/9/19 Brendan Murphy 1.1 Review of comparable companies and related analysis from Other Advisors' materials

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 31

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

20 9/9/19 Brent Williams 1.5 Review of PG&E base rate comparable

20 9/9/19 Erik Ellingson 2.1 Pref Equity Historical Research - Comp 1

20 9/9/19 Erik Ellingson 1.7 Pref Equity Historical Research - Comp 2

20 9/9/19 Erik Ellingson 2.2 Pref Equity Historical Research - Comp 3

20 9/9/19 Naeem Muscatwalla 0.6 Internal coordination regarding public benchmarking comps

20 9/9/19 Zack Stone 0.5 Preparation for and internal discussion re: benchmarking analysis

20 9/10/19 Erik Ellingson 2.3 Preparation for an call and Review of Pref Equity coupon and summary preparation

20 9/10/19 Erik Ellingson 0.4 Preparation for and internal call on pref equity materials

20 9/10/19 Erik Ellingson 0.9 Preparation for and internal call regarding comp strategy and pref strategy materials

20 9/11/19 Brendan Murphy 0.9 Review and comments to updated (proprietary) comparable multiples analysis

20 9/11/19 Erik Ellingson 3.6 Comparable analysis research on pref equity deal structures proposed

20 9/11/19 Zack Stone 1.0 Preparation for and internal discussion re: preferred equity structures benchmarking

20 9/13/19 Erik Ellingson 1.4 Review key observations on third party benchmarking analysis

20 9/13/19 Erik Ellingson 3.2 Final Review of mandatory convertible preferred security comps

20 9/13/19 Naeem Muscatwalla 2.1 Research, review and distribution of sell-side research on Edison International

20 9/13/19 Peter Gnatowski 1.5 Reviewed and commented on updated trading comparable; internal discussions re: same

20 9/13/19 Peter Gnatowski 0.8 Reviewed updated trading comparable 

20 9/13/19 Zack Stone 1.5 Comparable company analysis re: multiple selection

20 9/16/19 Brendan Murphy 1.2 Review and comments to updated (proprietary) comparable multiples analysis

20 9/16/19 Erik Ellingson 3.4 Comps analysis re: rate base and EV EBITDA 

20 9/16/19 Erik Ellingson 4.5 Build-out of comparable Adj. EBITDA figures

20 9/16/19 Zack Stone 2.0 Comparable Company Analysis - public filings reconciliation

20 9/16/19 Zack Stone 1.2 Preparation for and internal discussion re: updates to comparable based on financial adjustments

20 9/17/19 Peter Gnatowski 0.5 Reviewed updated trading comparable analysis re: third party advisors; internal discussions re: same

20 9/17/19 Zack Stone 1.2 Additional review on comparable company analysis re: third party advisors

20 9/24/19 Erik Ellingson 3.2 Market comparables analysis and equity research update

20 9/26/19 Peter Gnatowski 1.1 Reviewed and commented on comparable debt analysis from junior bankers

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 32

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

20 9/27/19 Alex Gebert 2.3 Update market/pricing analysis of comparable debt securities

20 9/27/19 Alex Gebert 1.5 Prepare debt comparison presentation

20 9/27/19 Erik Ellingson 3.4 Third party advisor comparable analysis and spreading of LTM and adjustments

20 9/27/19 Erik Ellingson 2.4 Comparables EBITDA analysis and add-back calculations

20 9/27/19 Naeem Muscatwalla 1.1 Internal coordination regarding debt comparable analysis

20 9/27/19 Naeem Muscatwalla 1.6 Review of updated debt comparable analysis presentation

20 9/27/19 Naeem Muscatwalla 1.5 Revision to debt comparable analysis presentation

20 9/30/19 Peter Gnatowski 1.0 Reviewed comparable company analysis and internal discussions with team re: EBITDA adjustments

20 9/30/19 Zack Stone 0.6 Comparable company analysis re: market refresh

20 9/30/19 Zack Stone 0.6 Preparation for and internal discussions re: comparable company analysis

21 9/3/19 Brent Williams 2.5 Review of third party analysis of Proposed PG&E Recapitalization

21 9/4/19 Brendan Murphy 1.7 Review and comments to TCC Presentation re: Term Sheet Analysis / Comparisons

21 9/6/19 Brent Williams 1.5 Review financial model and presentation re: updated proposals 

21 9/6/19 Peter Gnatowski 1.2 Drafted presentation to TCC based on updated proposal terms

21 9/6/19 Peter Gnatowski 0.5 Edits to updated proposal presentation to TCC based on comments from BW

21 9/9/19 Brendan Murphy 0.9 Review and comments to waterfall model and scenarios presented

21 9/9/19 Alex Gebert 1.1 Internal discussion re: other stakeholders' proposal (confidential) and emails re: the same

21 9/9/19 Alex Gebert 2.9 Update Waterfall analysis and related exhibits for latest other stakeholders' proposal

21 9/9/19 Alex Gebert 1.3 Prepare side-by-side comparison analysis of Debtors' plan to other plans

21 9/9/19 Alex Gebert 2.2 Review Debtors' filed reorganization plan

21 9/9/19 Alex Gebert 1.5 Review and summarize reorganization plan provisions

21 9/9/19 Alex Stevenson 3.2 Review and analyze debtors draft POR; internal correspondence re: POR

21 9/9/19 Brendan Murphy 3.6 Review and analysis of Debtors' POR and related pleadings and internal discussions

21 9/9/19 Brendan Murphy 1.1 Review and comments to TCC Presentation re: Term Sheet Analysis / Comparisons

21 9/9/19 Brent Williams 2.5 Review of Debtor plan of reorganization

21 9/9/19 Brent Williams 1.1 Internal correspondence re: analysis and summary of Debtors' POR

21 9/9/19 Matt Merkel 2.8 Reviewed Debtor plan of reorganization

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 33

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/9/19 Matt Merkel 2.1 Reviewed summary and comparison analysis of Debtor plan proposal from junior banker

21 9/9/19 Peter Gnatowski 3.2 Reviewed Debtors plan of reorganization

21 9/9/19 Peter Gnatowski 2.7 Internal conversations and review of summary of Debtor's POR

21 9/9/19 Peter Gnatowski 1.9 Reviewed and commented on updated presentation and analysis of the Debtors POR

21 9/9/19 Peter Gnatowski 2.5 Incorporated addition edits to debtor POR presentation based on comments from BW

21 9/9/19 Riley Jacobs 3.4 Initial review of debtors plan of reorg for analysis requested by senior banker

21 9/9/19 Zack Stone 2.1 Term Sheet Analysis re: review Preferred Equity Structure

21 9/10/19 Alex Gebert 1.8 Updates comparison presentation re: Subro and other stakeholders' plans

21 9/10/19 Alex Gebert 0.8 Address comments re: summary plan proposal presentation

21 9/10/19 Alex Gebert 1.5 Address comments re: plan proposal comparison and analysis

21 9/10/19 Alex Gebert 2.0 Review and update recovery model re: equity backstop

21 9/10/19 Alex Stevenson 1.3 Review and comment on discussion materials re: Debtors POR

21 9/10/19 Brendan Murphy 3.4 Review, comments, and changes to summary/analysis of Debtors' POR for TCC

21 9/10/19 Brendan Murphy 2.3 Review and analysis of Debtors' POR and related pleadings

21 9/10/19 Brent Williams 2.5 Reviewed and commented on plan summary analysis for TCC

21 9/10/19 Brent Williams 2.0 Review and comment on comparison of plans for TCC

21 9/10/19 Matt Merkel 2.0 Made direct edits to debtor's plan summary

21 9/10/19 Matt Merkel 0.6 Internal communications re: debtor's plan summary and related analysis

21 9/10/19 Matt Merkel 1.4 Made edits to debtors plan summary deck based on comments from counsel

21 9/10/19 Naeem Muscatwalla 2.0 Review of Debtor's plan and related filings for requested analysis from senior banker

21 9/10/19 Peter Gnatowski 1.0 Reviewed and commented on comparison of MCP in debtors vs subrogation plans

21 9/10/19 Peter Gnatowski 1.1 Reviewed updated MCP comparison of plans

21 9/10/19 Peter Gnatowski 1.5 Incorporated edits to TCC presentation re Debtors and other plans based on comments from counsel; internal 

discussions re: same

21 9/10/19 Riley Jacobs 2.3 Updated analysis of Debtor POR

21 9/10/19 Zack Stone 1.8 Term Sheet Analysis re: Preferred Equity Structure Presentation

21 9/10/19 Zack Stone 1.5 Preparation for and internal discussion re: Preferred Equity Structures

21 9/11/19 Brendan Murphy 1.6 Review and comments to waterfall model and scenarios presented

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 34

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/11/19 Brendan Murphy 1.8 Review and comments to TCC Presentation re: POR, and Comparative Analysis

21 9/11/19 Brendan Murphy 2.1 Review and analysis of Debtors' POR and related pleadings

21 9/11/19 Brent Williams 2.2 Review and comment on presentation of Debtors Plan

21 9/11/19 Brent Williams 1.5 Review of plan comparison presentation

21 9/11/19 Erik Ellingson 1.4 Evaluation of Subro Pref Equity Structure

21 9/11/19 Erik Ellingson 2.3 Evaluation of Debtor proposed Pref Equity Structure

21 9/11/19 Matt Merkel 2.6 Drafted summary of plan consensus recommendation

21 9/11/19 Peter Gnatowski 1.8 Reviewed and commented on plan proposal

21 9/11/19 Peter Gnatowski 2.2 Edits to plan proposal based on comments from BW and counsel

21 9/11/19 Peter Gnatowski 2.4 Updated waterfall analysis based on updated plan assumptions

21 9/11/19 Riley Jacobs 0.8 Review external publications re: Debtor plan

21 9/12/19 Brendan Murphy 1.6 Prepared analysis for meeting with key creditor group re waterfall (as requested by Counsel)

21 9/12/19 Peter Gnatowski 1.7 Edits to TCC waterfall analysis based on comments from BM

21 9/12/19 Alex Gebert 2.0 Drafted side by side of plan proposals (Debtor / other stakeholders)

21 9/12/19 Alex Gebert 1.8 Prepared Illustrative sensitivity analysis of plan outcomes

21 9/12/19 Alex Gebert 1.0 Updates to plan sensitivity analysis based on comments

21 9/12/19 Alex Stevenson 0.5 Review and comment on plan discussion materials

21 9/12/19 Brendan Murphy 2.5 Analysis and preparation of TCC materials re: meeting with key creditor group / summary

21 9/12/19 Brendan Murphy 2.0 Revised plan analysis for key creditor group meeting

21 9/12/19 Brendan Murphy 1.2 Review of and comments to internal model re: proposals and waterfall

21 9/12/19 Brent Williams 3.0 Review of other stakeholder proposal structure; internal correspondence re: analysis

21 9/12/19 Peter Gnatowski 1.1 Reviewed analysis from third party re: plan and settlement; internal discussions re: analysis

21 9/12/19 Peter Gnatowski 2.2 Draft revised analysis of third party plan settlement proposal 

21 9/12/19 Peter Gnatowski 1.6 Updated analysis for revised recovery assumptions 

21 9/12/19 Peter Gnatowski 1.2 Various correspondence re: third party proposal and related analysis

21 9/12/19 Peter Gnatowski 2.5 Various edits to proposal presentation based on internal team comments and discussions

21 9/13/19 Alex Gebert 2.4 Recovery analysis based on latest assumptions

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 35

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/13/19 Brendan Murphy 1.6 Review and comments to updated settlement analysis and waterfall

21 9/13/19 Brendan Murphy 0.9 Review and comments to Counsel re: term sheet provisions

21 9/13/19 Brendan Murphy 1.2 Review and comments to TCC Presentation re: Term Sheet Analysis / Comparisons

21 9/13/19 Brent Williams 3.5 Review and commented on presentation of plan proposals

21 9/13/19 Brent Williams 2.0 Comments to term sheet analysis

21 9/13/19 Peter Gnatowski 2.0 Drafted presentation re: third party analysis proposal and revised counter

21 9/14/19 Alex Gebert 0.9 Internal discussion and updates to negotiated plan proposal

21 9/14/19 Alex Gebert 1.8 Update waterfall/recovery analysis based on negotiated plan proposal

21 9/14/19 Alex Gebert 3.0 Summary one-pager of negotiated plan proposal

21 9/14/19 Alex Gebert 1.6 Updates to one-pager plan proposal based on comments

21 9/14/19 Alex Gebert 1.5 Prepared detail of the key areas of plan negotiation

21 9/14/19 Alex Gebert 2.0 Drafted presentation re: negotiated plan proposal with comparison to prior proposal

21 9/14/19 Alex Stevenson 0.5 Correspondence with BW re: stakeholder discussions

21 9/14/19 Brendan Murphy 1.9 Comments and changes to TCC presentation materials re: settlement discussions

21 9/14/19 Brendan Murphy 1.3 Reviewed and analyzed term sheet and related scenario analysis

21 9/14/19 Brent Williams 1.7 Review of plan proposals and related filings

21 9/14/19 Brent Williams 1.3 Reviewed and commented on updated waterfall and recovery analysis

21 9/14/19 Brent Williams 0.5 Discussion with AS re: plan negotiations

21 9/14/19 Brent Williams 1.8 Reviewed and commented on updated plan proposal analysis

21 9/14/19 Peter Gnatowski 1.5 Reviewed and commented on updated presentation of new proposal for sub-committee

21 9/14/19 Peter Gnatowski 1.6 Updated recovery model based on new assumptions and proposals; internal corresponded re: same

21 9/14/19 Peter Gnatowski 1.2 Further revisions to recovery model based on comments from BM and BW

21 9/14/19 Peter Gnatowski 1.8 Revised updated proposal presentation; internal correspondence re:edits 

21 9/15/19 Alex Gebert 1.3 Analysis of Debtor plan and other stakeholders plan

21 9/15/19 Alex Gebert 1.0 Revised presentation comparing plans

21 9/15/19 Alex Stevenson 0.4 Correspondence with senior banker re: stakeholder discussions

21 9/15/19 Brendan Murphy 2.3 Comments and changes to TCC presentation materials re: settlement discussions

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 36

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/15/19 Brendan Murphy 0.7 Internal discussions re: scenarios, analysis, assumptions and strategy for TCC Materials

21 9/15/19 Brendan Murphy 0.9 Review and analysis of Debtors' POR and related pleadings

21 9/15/19 Brent Williams 1.5 Review of plan proposal presentation and related filings

21 9/15/19 Peter Gnatowski 0.4 Reviewed comments from counsel on new proposal presentation for sub-committee; internal discussions 

21 9/15/19 Peter Gnatowski 2.4 Drafted presentation to broader TCC re: third party proposal and modifications

21 9/15/19 Peter Gnatowski 2.1 Created comparison analysis of current vs prior proposals

21 9/15/19 Peter Gnatowski 1.8 Revised presentation to TCC: third party proposal based on comments from BM; internal correspondence re: 

same

21 9/16/19 Alex Gebert 2.8 Updated internal model based on other stakeholder plan proposal

21 9/16/19 Alex Stevenson 0.5 Correspondence with BW re: stakeholder negotiations

21 9/16/19 Brendan Murphy 1.8 Reviewed and commented on term sheet and related scenario analysis

21 9/16/19 Brendan Murphy 1.9 Review and comment on updated analysis of Debtors' POR 

21 9/16/19 Brent Williams 0.5 Internal correspondence re: plan proposals

21 9/16/19 Brent Williams 1.8 Reviewed and commented on financial /recovery models re: plan proposal

21 9/16/19 Peter Gnatowski 1.5 Reviewed and commented on updated recovery model and modifications

21 9/16/19 Peter Gnatowski 1.7 Revised recovery model based on internal comments and new assumptions & related internal correspondence

21 9/17/19 Alex Gebert 1.5 Review other stakeholders' previous proposal to latest for variances

21 9/17/19 Alex Gebert 1.0 Revise master waterfall model based on updated assumptions and proposals

21 9/17/19 Brendan Murphy 1.8 Prepared analysis for meeting with key creditor group (as requested by Counsel)

21 9/17/19 Brendan Murphy 0.8 Review and analysis of waterfall provided by key creditor group

21 9/17/19 Erik Ellingson 2.0 Review of TCC Committee Materials re: plan comparisons and related analysis 

21 9/17/19 Erik Ellingson 2.3 Comments to AG re: TCC plan comparison analysis 

21 9/17/19 Peter Gnatowski 1.8 Reviewed updated analysis from third-party re: proposal; internal correspondence re: observations

21 9/17/19 Peter Gnatowski 0.7 Addressed comments from counsel re: TCC meeting presentation on proposals 

21 9/17/19 Peter Gnatowski 1.5 Reviewed and commented on updated recovery model based on updated assumptions from third-party

21 9/17/19 Riley Jacobs 0.8 Review and revise internal analysis of Debtor vs other stakeholder plan

21 9/18/19 Alex Gebert 2.0 Summarize key differences between Debtors' plan and other plans

21 9/18/19 Alex Gebert 1.0 Comparison of Debtors' model assumptions to other filed/outstanding plan proposals

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 37

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/18/19 Alex Stevenson 3.5 Review and comment on term sheets from the Debtors

21 9/18/19 Brendan Murphy 1.9 Comments and changes to TCC presentation materials re: settlement discussions

21 9/18/19 Brendan Murphy 2.8 Review and analysis of Debtors' POR and related pleadings

21 9/18/19 Brendan Murphy 0.9 Amended and commented to draft term sheet requested by Counsel

21 9/18/19 Brent Williams 3.5 Review debtors updated POR and related financing letter

21 9/18/19 Brent Williams 2.5 Review and commented on updated tearsheet for third party

21 9/18/19 Brent Williams 1.5 Review and comment on changes to plan term sheet; internal discussions re: same

21 9/18/19 Erik Ellingson 1.1 Specific review of sources and uses to the company provided plan

21 9/18/19 Erik Ellingson 1.8 Specific review of model build-up and comparison to previous term sheet

21 9/18/19 Matt Merkel 1.5 Additional review of commitment letter

21 9/18/19 Peter Gnatowski 1.2 Reviewed revised term sheet from counsel; internal correspondence re: observations

21 9/19/19 Alex Stevenson 1.7 Review and provided internal comment on term sheets and related analyses

21 9/19/19 Brendan Murphy 2.9 Amended and commented to draft term sheet requested by Counsel

21 9/19/19 Brendan Murphy 1.9 Analysis and mini-presentation for TCC Member re: waterfall and flow of value

21 9/19/19 Brent Williams 2.5 Review and discussion of term sheet revisions for third party

21 9/19/19 Brent Williams 1.5 Reviewed and commented on presentation for TCC member re: waterfall 

21 9/19/19 Brent Williams 1.8 Reviewed and commented on summary presentation of plan comparisons for TCC

21 9/19/19 Erik Ellingson 1.4 Review of Reorg Plan Provisions and analysis

21 9/19/19 Matt Merkel 0.8 Discussed sources and used of various plans with senior banker

21 9/19/19 Peter Gnatowski 1.5 Drafted summary recovery presentation for counsel to TCC member

21 9/19/19 Peter Gnatowski 1.2 Reviewed update term sheet from third party; circulated comments internally

21 9/19/19 Peter Gnatowski 1.0 Addressed comments to summary recovery presentation based on internal comments

21 9/19/19 Sherman Guillema 1.4 Review of pleadings re: debtors plan summary

21 9/19/19 Zack Stone 0.5 Preparation for and internal discussion re: term sheet

21 9/20/19 Brendan Murphy 1.1 Review scenario analysis and updated waterfall for Counsel

21 9/20/19 Brendan Murphy 0.8 Review and analysis of updated waterfall for Counsel and select TCC Members

21 9/20/19 Brent Williams 1.0 Internal correspondence re: new analysis on plan proposals

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 38

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/20/19 Brent Williams 1.5 Provided comments on drafting of proposal to third party

21 9/20/19 Sherman Guillema 1.9 Review of pleadings re: debtors plan summary

21 9/21/19 Brendan Murphy 1.0 Reviewed and commented on revised proposal

21 9/21/19 Brendan Murphy 1.6 Reviewed updated waterfall/recovery presentation for TCC member on revised proposals

21 9/21/19 Brent Williams 2.0 Review and comments on proposal to third parties

21 9/21/19 Brent Williams 1.8 Review of financial model related to proposal to third party

21 9/21/19 Matt Merkel 2.8 Reviewed and updated recovery scenarios analysis based on updated term sheets and assumptions 

21 9/22/19 Alex Gebert 2.4 Sensitivity analysis of net recovery from third party proposal

21 9/22/19 Brendan Murphy 2.9 Reviewed and commented on updated recovery analysis for TCC

21 9/22/19 Brent Williams 2.0 Review financial models re: TEV; internal comment re: various scenarios

21 9/22/19 Brent Williams 1.8 Additional review and commentary of model re: waterfall analysis

21 9/22/19 Peter Gnatowski 1.0 Reviewed updated analysis prepared by junior bankers re: recovery based on various TEV value assumptions

21 9/22/19 Peter Gnatowski 2.2 Edits to recovery analysis based on TEV values; internal emails re: same

21 9/22/19 Peter Gnatowski 1.3 Further revisions to recovery analysis based on comments from senior banker

21 9/22/19 Sherman Guillema 2.3 Reviewed, discussed and comments on recovery analysis

21 9/22/19 Sherman Guillema 1.7 Review of competing plan protocol and ad hoc committee proposal

21 9/23/19 Alex Gebert 1.6 Drafted side-by-side of plan proposals re: leverage

21 9/23/19 Alex Gebert 1.8 Review distributable value under competing plans

21 9/23/19 Alex Gebert 1.8 Waterfall analysis of Debtors' plan proposal

21 9/23/19 Alex Gebert 1.5 S&U of Debtors' plan proposal

21 9/23/19 Alex Stevenson 0.5 Review and comment on recovery analysis

21 9/23/19 Brendan Murphy 2.7 Reviewed updated recovery analysis based on updated assumptions 

21 9/23/19 Brendan Murphy 1.3 Analysis and presentation for TCC Members re: waterfall and flow of value

21 9/23/19 Brent Williams 1.5 Review debtor amended plan; internal correspondence 

21 9/23/19 Matt Merkel 2.1 Reviewed and compared updated bondholder commitment letter

21 9/23/19 Naeem Muscatwalla 3.1 Review of Debtor's plan and Bondholders' proposed term sheet

21 9/23/19 Peter Gnatowski 1.8 Edits to recovery analysis based on comments from senior banker

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 39

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/23/19 Peter Gnatowski 0.3 Call with senior banker re: additional edits to recovery analysis based on TEV values

21 9/23/19 Peter Gnatowski 2.2 Additional edits to recovery analysis based on call with senior banker

21 9/23/19 Peter Gnatowski 1.5 Reviewed updated plan filed by the Debtors; comments to team re: observations

21 9/23/19 Peter Gnatowski 1.5 Reviewed updated redline of filed bondholder plan 

21 9/23/19 Riley Jacobs 1.5 Review debtors amended plan of reorganization

21 9/23/19 Riley Jacobs 1.0 Internal Communications re: Term Sheets and bondholder plan

21 9/23/19 Sherman Guillema 1.6 Reviewed debtors amended POR

21 9/24/19 Brendan Murphy 1.2 Review of Debtors' Amended Plan and redline

21 9/24/19 Brendan Murphy 0.9 Review revised plan from the Debtors and internal correspondence

21 9/24/19 Brent Williams 1.4 Review Debtors amended plan

21 9/24/19 Peter Gnatowski 1.8 Prepared various analyses related to Debtors' Plan vs Bondholders Plan

21 9/24/19 Peter Gnatowski 1.8 Additional Edits to Debtors' Plan analysis and comparison

21 9/25/19 Peter Gnatowski 1.5 Updates to recovery model based on revised bondholder term sheet drafts

21 9/25/19 Peter Gnatowski 1.7 Additional edits to recovery model based on discussions with senior bankers

21 9/25/19 Alex Gebert 0.4 Analysis of Debtors' previous objection to bondholders' plan

21 9/25/19 Alex Gebert 2.3 Reviewed updated plan from Bondholders and updated recovery analysis

21 9/25/19 Alex Gebert 1.8 Update presentation to TCC comparing plans (debtors and bondholders)

21 9/25/19 Alex Stevenson 0.6 Review amended term sheet; correspondence with BW

21 9/25/19 Alex Stevenson 0.8 Review email correspondence re: amended term sheet between third party and TCC negotiating committee

21 9/25/19 Brendan Murphy 1.1 Reviewed amended term sheet from third party

21 9/25/19 Brendan Murphy 2.3 Analysis and presentation for TCC Members re: Plan comparison, waterfall and flow of value

21 9/25/19 Brendan Murphy 1.9 Review of and comments to updated Plan term sheet

21 9/25/19 Brent Williams 1.0 Internal communications re: financing plans and term sheet

21 9/25/19 Brent Williams 1.6 Review amended term sheet

21 9/25/19 Brent Williams 2.4 Review financial model of amended term sheet

21 9/25/19 Erik Ellingson 1.2 Review and comment on bondholder vs Debtors analysis

21 9/25/19 Peter Gnatowski 0.5 Prepared for and participated on internal call re: analysis of Debtors; plan

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 40

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/25/19 Peter Gnatowski 1.8 Updated financial analysis of Debtors' plan 

21 9/25/19 Peter Gnatowski 1.4 Reviewed various term sheet drafts from the Bondholders; comments to team re: same

21 9/25/19 Peter Gnatowski 0.3 Various discussions with BM and BW re: updated terms sheet and model

21 9/25/19 Peter Gnatowski 1.5 Drafted summary presentation for counsel re: updated term sheet

21 9/25/19 Peter Gnatowski 1.4 Edits to comparison analysis presentation of Plan term sheets for TCC

21 9/25/19 Peter Gnatowski 1.6 Additional edits to comparison analysis presentation based on comments from BM

21 9/25/19 Zack Stone 0.8 Review relevant documents / filings re: Amended Bondholder Term Sheet

21 9/26/19 Alex Gebert 0.5 Internal discussion re: plan waterfalls

21 9/26/19 Alex Gebert 1.8 Review sources and uses of bondholders' latest TS

21 9/26/19 Alex Gebert 1.4 Reconcile Debtors' capital structure in waterfall

21 9/26/19 Alex Stevenson 0.4 Internal discussions re: updated plan presentation

21 9/26/19 Brendan Murphy 1.2 Analysis and presentation for TCC Members re: Plan comparison, waterfall and flow of value

21 9/26/19 Brendan Murphy 0.7 Review and analysis of Debtors' POR and related pleadings

21 9/26/19 Brent Williams 1.1 Review of updated waterfall analysis based on amended term sheet

21 9/26/19 Brent Williams 1.0 Internal discussions re: analysis of term sheets presented to court

21 9/26/19 Peter Gnatowski 1.0 Reviewed updated plan comparison and analysis presentation based on updated proposal

21 9/26/19 Peter Gnatowski 2.0 Edits to plan comparison and analysis presentation

21 9/26/19 Peter Gnatowski 0.4 Emails with junior bankers re: additional analysis re: plan comparison

21 9/26/19 Peter Gnatowski 1.8 Incorporated additional analysis into plan comparison presentation

21 9/26/19 Sherman Guillema 0.7 Reviewed bondholder plan analysis

21 9/27/19 Brendan Murphy 0.8 Review of Debtors' Amended Plan and Supporting Exhibits

21 9/27/19 Brendan Murphy 1.9 Analysis and presentation for TCC Members re: Plan comparison, waterfall and flow of value

21 9/27/19 Brendan Murphy 1.0 Reviewed scenario analysis and updated waterfall for Counsel

21 9/27/19 Matt Merkel 2.4 Reviewed and made direct edits to competing plans analysis

21 9/27/19 Peter Gnatowski 1.0 Address comments from AS re: plan comparison and analysis presentation

21 9/28/19 Brendan Murphy 1.1 Review of Debtors' Amended Plan and Supporting Exhibits

21 9/28/19 Brendan Murphy 1.2 Review scenario analysis and updated waterfall for Counsel

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 41

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

21 9/30/19 Brendan Murphy 0.6 Preparation for and internal discussion with senior banker re: waterfall and related analysis

21 9/30/19 Brent Williams 2.0 Review comparative analysis of plans and funding sources 

21 9/30/19 Riley Jacobs 0.7 Additional research of TCC / Bondholder proposal for certain terms

22 9/9/19 Riley Jacobs 0.8 Review of 8.27.19 hearing (transcript) on discovery of third party contractors

22 9/12/19 Riley Jacobs 0.8 Review and summarize certain parts of Debtors' FA deposition for Counsel

22 9/23/19 Brent Williams 3.5 Work on Debtors 30(b)(6) discovery request, research documents and create questions

22 9/25/19 Brent Williams 3.5 Work on document production - Debtor 30b6 discovery (review topics to be addressed)

22 9/25/19 Brendan Murphy 1.8 Review of Williams' emails re: RFP discovery demands from Debtor

22 9/29/19 Brent Williams 0.5 Communications regarding scheduling deposition and topics to be addressed

22 9/30/19 Alex Gebert 1.2 Preparation for and internal communications re: preparation for depositions

22 9/30/19 Alex Stevenson 1.4 Preparation for and correspondence re: deposition prep

22 9/30/19 Brendan Murphy 1.1 Review of 30(b)6 notice and related documents

22 9/30/19 Brendan Murphy 2.7 Review and analysis of discovery documents for Counsel

22 9/30/19 Brent Williams 3.5 Review of discovery materials (produced by Debtors)

22 9/30/19 Sherman Guillema 1.3 Review of 30(b)6 notice and related documents

23 9/24/19 Alex Gebert 2.6 Omnibus hearing listen in and take notes

23 9/24/19 Alex Stevenson 2.5 Prepared and participated in telephonic status conference

23 9/24/19 Brendan Murphy 2.6 Prepare for and participate in status conference

23 9/24/19 Brent Williams 2.5 Status conference (attending telephonically)

23 9/24/19 Peter Gnatowski 2.5 Prepared for and participated in omnibus hearing

24 9/3/19 Peter Gnatowski 0.3 Coordination of meeting with Debtor re: business plan

24 9/4/19 Brendan Murphy 2.8 Preparation for 9/5 business plan meeting with Debtor re: read SEC filings and other financial information

24 9/4/19 Alex Stevenson 1.0 Correspondence to team re: business plan meeting

24 9/4/19 Brent Williams 1.0 Internal correspondence regarding meeting with debtors on business plan

24 9/4/19 Peter Gnatowski 2.0 Review various financial documents in anticipation of business plan meeting with the Debtors

24 9/5/19 Alex Gebert 1.8 Detailed review of business plan presentation

24 9/5/19 Alex Gebert 1.0 Detailed review of supplemental business plan presentation

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 42

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

24 9/5/19 Alex Stevenson 1.5 Review business plan documents and comments to team

24 9/5/19 Brendan Murphy 1.3 Internal meeting with team re: Next steps, TCC Materials, analysis needed, margins/projections on business 

plan

24 9/5/19 Brendan Murphy 0.4 Internal discussion with team re: business plan analysis and questions for Debtor

24 9/5/19 Brent Williams 2.5 Review of debtor business plan post meeting

24 9/5/19 Matt Merkel 1.7 Internal discussion with senior banker re: business plan analysis and questions for Debtor

24 9/5/19 Matt Merkel 2.5 Reviewed business plan materials and drafted diligence list

24 9/5/19 Peter Gnatowski 2.1 Review and analysis of financial information provided by the Debtors re: business plan

24 9/5/19 Peter Gnatowski 1.3 Drafted due diligence request list to the Debtors based on business plan

24 9/5/19 Sherman Guillema 1.3 Review and discuss business plan diligence questions

24 9/5/19 Sherman Guillema 1.7 Review of debtor business plan

24 9/5/19 Brent Williams 1.0 Post meeting debrief of Debtor business plan

24 9/5/19 Brendan Murphy 1.0 Internal meeting post business plan overview at Debtors (debrief)

24 9/5/19 Peter Gnatowski 1.0 Internal debrief after attending Debtors business plan overview

24 9/5/19 Sherman Guillema 1.0 Post meeting debrief after attending Debtor's business plan meeting

24 9/5/19 Matt Merkel 1.0 Internal debrief following in person meeting at Debtors office re: business plan

24 9/6/19 Alex Gebert 2.1 Diligence question preparation re: business plan

24 9/6/19 Alex Stevenson 0.8 Review supplemental diligence list and comment re: business plan

24 9/6/19 Brendan Murphy 3.4 Review and analysis of Debtors' Business Plan and related documents provided

24 9/6/19 Brendan Murphy 2.8 Review and comments to diligence questions for Debtor re: Business Plan

24 9/6/19 Brent Williams 3.0 Review debtor business plan and supplemental information; drafted questions

24 9/6/19 Matt Merkel 1.6 Drafted responses to senior banker questions on diligence list for business plan

24 9/6/19 Matt Merkel 1.9 Made edits to business plan diligence list

24 9/6/19 Peter Gnatowski 1.6 Prepared analysis of EBITDA bridge in business plan

24 9/6/19 Peter Gnatowski 1.6 Additional review of Debtors' business plan re: operating expenses

24 9/6/19 Peter Gnatowski 1.5 Additional review of Debtors' business plan re: capex 

24 9/6/19 Peter Gnatowski 1.4 Additional review of Debtors' business plan re: rate cases/COC; research re: same

24 9/6/19 Peter Gnatowski 1.2 Reviewed diligence questions from MM and incorporated into final list

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 43

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

24 9/6/19 Peter Gnatowski 0.5 Researched various AB1054 terms based on business plan meeting with the Debtors

24 9/7/19 Brent Williams 2.2 Reviewed diligence list for business plan and provided commentary on questions

24 9/9/19 Brendan Murphy 1.7 Review of Debtors' Business Plan and related documents provided (operating expenses)

24 9/9/19 Matt Merkel 2.0 Drafted content for Debtor business plan summary

24 9/9/19 Peter Gnatowski 2.4 Drafted presentation for the TCC re: business plan; internal discussions with junior bankers

24 9/9/19 Sherman Guillema 3.5 Reviewed debtor business plan re: operating expenses and capital expenditures

24 9/9/19 Sherman Guillema 1.5 Provide direction on comparison of business plan

24 9/10/19 Alex Gebert 2.2 Prepare summary slides detailing Debtors' business plan

24 9/10/19 Alex Gebert 0.4 Prepare for and discuss internally Debtors' business plan filing

24 9/10/19 Brendan Murphy 1.3 Review of Debtors' Business Plan and related documents provided (capital expenditures)

24 9/10/19 Brent Williams 1.5 Review presentation materials on Debtors Plan for TCC

24 9/10/19 Matt Merkel 1.4 Reviewed incorporation of edits to Debtor plan summary from senior bankers

24 9/10/19 Sherman Guillema 2.2 Review and comment on summary of business plan discussion materials

24 9/12/19 Alex Gebert 2.2 Prepare/edit model for various business plan outcomes

24 9/13/19 Brendan Murphy 1.7 Review of Debtors' Business Plan and related documents provided (rate base and CoC)

24 9/13/19 Matt Merkel 2.2 Analyzed business plan financial forecast

24 9/13/19 Peter Gnatowski 1.0 Revised EBITDA analysis based on Debtors' business plan; internal discussions re: assumptions and 

modifications

24 9/16/19 Brendan Murphy 1.4 Additional Review of Debtors' Business Plan and related documents provided (income statement)

24 9/17/19 Alex Gebert 1.8 Review of Debtors' diligence responses re: business plan

24 9/17/19 Brendan Murphy 1.6 Review diligence responses regarding the business plan

24 9/17/19 Peter Gnatowski 1.5 Reviewed and evaluated business plan diligence responses from the Debtors; internal discussions re: same

24 9/17/19 Riley Jacobs 1.2 Review debtors responses to Lincoln diligence questions re: business plan; created analysis on provided 

answers

24 9/18/19 Brendan Murphy 2.4 Review of Debtors' Business Plan and related documents provided (EBITDA sensitivity)

24 9/19/19 Alex Gebert 2.9 Updates to summary/analysis of Debtors' business plan based on internal comments/discussion

24 9/22/19 Brent Williams 1.0 Review additional financial info provided by Debtors in business plan

24 9/26/19 Brendan Murphy 0.6 Internal correspondence re: Debtors' due diligence on business plan

24 9/26/19 Brendan Murphy 1.5 Review diligence material re: Debtors business plan

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 44

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

24 9/26/19 Matt Merkel 2.8 Updated financial model for Debtors' business plan

24 9/26/19 Sherman Guillema 0.8 Reviewed and provided comments on diligence request for debtor re: business plan

24 9/28/19 Matt Merkel 2.0 Reviewed and analyzed debtor diligence responses re: business plan

24 9/28/19 Matt Merkel 1.9 Prepared additional diligence questions list for debtor re: business plan

24 9/28/19 Peter Gnatowski 0.6 Reviewed and analyzed Debtors' business diligence responses

24 9/29/19 Riley Jacobs 2.1 Draft summary presentation on Debtors responses to business plan diligence 

24 9/30/19 Brendan Murphy 2.7 Review of Debtors' Business Plan and related documents provided (forecasts and rate base)

24 9/30/19 Matt Merkel 2.7 Revised diligence questions list for debtor re: business plan

24 9/30/19 Riley Jacobs 1.0 Review Debtor's response to business plan diligence

24 9/30/19 Sherman Guillema 1.1 Reviewed debtor diligence responses on business plan

25 9/4/19 Alex Gebert 1.1 Review AB 235 legislation

25 9/4/19 Brendan Murphy 0.8 Review of PG&E 2020 Cost of Capital testimony and supplemental filings

25 9/5/19 Brendan Murphy 0.6 Research of AB235 and AB1054 funding needs and required liquidity

25 9/5/19 Erik Ellingson 2.1 Review WSJ Article of Regulators and Other CPUC FERC Interactions and subsequent impact

25 9/6/19 Brent Williams 0.8 Review AB 235 legislation

25 9/6/19 Brent Williams 0.9 Internal discussions re: CPUC and rate cases

25 9/6/19 Naeem Muscatwalla 2.6 Research of CPUC authorized metrics for California utilities

25 9/6/19 Naeem Muscatwalla 2.5 Compiled presentation summarizing CPUC authorized metrics for California utilities

25 9/6/19 Naeem Muscatwalla 0.8 Internal coordination related to CPUC authorized metrics

25 9/6/19 Peter Gnatowski 0.2 Reviewed press re: AB235 and bill timeline; internal emails re: same

25 9/6/19 Riley Jacobs 1.2 Review and summarize internal memo re: AB235

25 9/11/19 Matt Merkel 2.2 Researched regulatory filings for rate base info

25 9/12/19 Peter Gnatowski 0.5 Reviewed updated CoC analysis

25 9/13/19 Brendan Murphy 0.9 Review of PG&E’s Revision to the 2020 Cost of Capital Application

25 9/13/19 Peter Gnatowski 0.3 Reviewed and circulated updated CoC analysis based on internal comments and requests

25 9/14/19 Riley Jacobs 1.6 Sourcing and summarizing information on funding risk of AB 1054

25 9/15/19 Brent Williams 1.8 Review AB 1054 Wildfire funding requirements

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 45

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Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

25 9/17/19 Alex Gebert 0.3 Review and circulate CPUC 2019 GT&S decision

25 9/17/19 Alex Gebert 0.5 Implication/edits to forecast based on 2019 GT&S decision

25 9/17/19 Alex Stevenson 0.7 Review GT&S decision and discuss analysis with MM

25 9/17/19 Brent Williams 1.8 Review of future Wildfire Safety funding AB1054

25 9/17/19 Matt Merkel 2.3 Reviewed and analyzed 8-k re: GT&S 2019; internal discussions

25 9/17/19 Peter Gnatowski 0.5 Reviewed 8k from PG&E re: GT&S decision

25 9/18/19 Brent Williams 1.0 Review CPUC GT&S decision

25 9/19/19 Erik Ellingson 1.2 Business Plan Diligence Summary

25 9/19/19 Matt Merkel 1.4 Reviewed diligence responses from debtor re: regulatory proceedings

25 9/19/19 Sherman Guillema 1.1 Reviewed regulatory proceedings diligence responses from debtor 

25 9/19/19 Sherman Guillema 1.4 Reviewed GT&S and CoC filings

25 9/25/19 Alex Gebert 2.5 Research historical capital structure/ratio approvals

25 9/25/19 Matt Merkel 0.5 Internal communication regarding CPUC capital structure authorization

25 9/25/19 Matt Merkel 1.0 Prepared for and participated in internal discussion regarding CPUC capital structure authorization

25 9/25/19 Naeem Muscatwalla 0.6 Internal coordination regarding CPUC's cost of capital authorization

25 9/25/19 Zack Stone 1.2 Prepare CPUC Capital Structure Analysis

25 9/26/19 Alex Gebert 1.8 Research 2020 GRC and latest updates

25 9/26/19 Matt Merkel 1.0 Reviewed cost of capital applications of other utilities

25 9/26/19 Matt Merkel 2.1 Reviewed CPUC filings re: investigations

25 9/27/19 Peter Gnatowski 0.4 Reviewed CPUC investigation filing

25 9/30/19 Peter Gnatowski 0.5 Reviewed report regarding CPUC proceeding regarding potential PG&E violations

26 9/4/19 Brendan Murphy 2.2 Non-Working Travel from ORD to SFO for In-Person Meetings with Debtor, other parties

26 9/4/19 Peter Gnatowski 3.5 Non-Working Travel to SF

26 9/5/19 Brendan Murphy 3.1 Non-Working Travel from SFO to ORD for In-Person Meetings with Debtor, other parties

26 9/5/19 Peter Gnatowski 3.0 Non-Working Travel back to NY

26 9/11/19 Brendan Murphy 1.1 Non-Working Travel from ORD to LGA

26 9/13/19 Brendan Murphy 1.3 Non-Working Travel from LGA to ORD

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 46

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Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

26 9/16/19 Brendan Murphy 1.8 Non-Working Travel 

26 9/18/19 Brendan Murphy 1.6 Non-Working Travel

26 9/26/19 Brent Williams 6.0 Non-working travel 

26 9/27/19 Brent Williams 6.0 Non-working travel

26 9/28/19 Brent Williams 3.0 Non-working travel

27 9/3/19 Erik Ellingson 0.5 Internal strategy call 

27 9/3/19 Alex Gebert 0.5 Internal discussions re: open deliverables

27 9/3/19 Alex Stevenson 0.5 Preparation for and call with Lincoln team to discuss workplan

27 9/3/19 Riley Jacobs 0.5 Preparation for and call with Lincoln team re: Internal strategy

27 9/3/19 Zack Stone 0.5 Internal workstream and strategy call

27 9/3/19 Naeem Muscatwalla 0.5 Call with team re: internal workstreams and strategy

27 9/3/19 Sherman Guillema 0.5 Call with team re: intern strategy

27 9/3/19 Brendan Murphy 1.0 Internal discussions and correspondence w BW re: Debtor meeting 

27 9/3/19 Brendan Murphy 0.5 Internal strategy discussion and pending deliverables for TCC

27 9/3/19 Brent Williams 1.0 Internal discussions with BM – Timing of Business Plan and Debtor Valuation

27 9/3/19 Brent Williams 0.5 Project administration re: committee deliverables 

27 9/3/19 Peter Gnatowski 0.5 Internal strategy communications - outstanding workstream

27 9/4/19 Alex Gebert 0.3 Internal coordination re: upcoming court hearings

27 9/4/19 Brendan Murphy 0.4 Internal discussion with Accounting team re: billing, fee examiner, monthly statements

27 9/4/19 Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

27 9/9/19 Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

27 9/9/19 Alex Gebert 0.6 Prepare for and discuss case strategy

27 9/9/19 Alex Stevenson 0.6 Preparation for and call with Lincoln team to discuss workplan

27 9/9/19 Brendan Murphy 0.6 Internal strategy discussion and correspondence re: open deliverables for TCC

27 9/9/19 Brent Williams 0.6 Correspondence with team re: outstanding tasks and deliverables

27 9/9/19 Naeem Muscatwalla 0.6 Internal correspondence re: case strategy

27 9/9/19 Peter Gnatowski 0.6 Participated in weekly team call re: case strategy and outstanding tasks

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 47

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

27 9/10/19 Brendan Murphy 0.5 Internal discussion with Accounting Team re: project administration and billing

27 9/12/19 Riley Jacobs 0.5 Update internal calendars and summarize future proceedings

27 9/13/19 Brendan Murphy 0.7 Internal discussion with BW re: Subro settlement with Debtor, and related strategy

27 9/13/19 Brendan Murphy 0.6 Discussion with BM re: subro settlements

27 9/18/19 Alex Gebert 0.7 Internal discussion re: open workstreams

27 9/18/19 Brendan Murphy 0.7 Internal strategy discussion and correspondence re: open deliverables for TCC

27 9/18/19 Brent Williams 0.7 Internal discussions re: open deliverables for committee

27 9/18/19 Peter Gnatowski 0.7 Internal team call re outstanding workstreams and case update

27 9/18/19 Peter Gnatowski 0.7 Updated internal tracker of outstanding tasks and workstreams

27 9/18/19 Zack Stone 1.2 Internal case update and tasks discussion

27 9/19/19 Riley Jacobs 1.4 Update internal calendars and summarize future proceedings

27 9/20/19 Alex Stevenson 1.3 Preparation for and call with Lincoln team to discuss workplan

27 9/20/19 Sherman Guillema 1.3 Prep and participation on call re: internal Lincoln workplan

27 9/20/19 Brendan Murphy 1.4 Internal strategy discussion and internal task tracker review 

27 9/20/19 Brent Williams 1.3 Internal communications re strategy and workstreams

27 9/20/19 Peter Gnatowski 1.4 Prepared for and participated on internal call re: outstanding workstreams and case update

27 9/21/19 Alex Stevenson 0.5 Correspondence with BW re: case strategy

27 9/21/19 Brent Williams 0.5 Internal discussions with AS re: plan proposals

27 9/22/19 Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

27 9/23/19 Alex Gebert 0.3 Court call administration

27 9/24/19 Alex Gebert 0.5 Internal team call: case update and open workstreams

27 9/24/19 Alex Stevenson 0.5 Prepare for and participation in team call re: case strategy

27 9/24/19 Brent Williams 0.5 Preparation for and participation on team call re: workstreams

27 9/24/19 Naeem Muscatwalla 0.5 Internal team call re: case update and strategy

27 9/24/19 Peter Gnatowski 0.5 Weekly team call re: outstanding tasks and case strategy

27 9/24/19 Riley Jacobs 0.5 Internal team call on open deliverables and strategy

27 9/24/19 Riley Jacobs 0.6 Update internal calendars and summarize future proceedings

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 48

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

27 9/25/19 Alex Gebert 0.6 Fee app matrix updates

27 9/27/19 Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

27 9/30/19 Alex Gebert 0.5 Internal strategy discussion and open workstreams

27 9/30/19 Alex Stevenson 0.5 Preparation for and call with team re case strategy

27 9/30/19 Brendan Murphy 0.5 Internal strategy discussion and internal task tracker review 

27 9/30/19 Brent Williams 0.5 Preparation for and participation on team call re: workstreams

27 9/30/19 Peter Gnatowski 0.5 Participated in weekly team call re: case strategy and outstanding tasks

31 9/3/19 Brendan Murphy 0.4 Review internal notes from Fee Examiner Protocol

31 9/3/19 Peter Gnatowski 2.0 Continued review of May time detail

31 9/3/19 Riley Jacobs 0.6 Internal conversation and changes to March receipt reconciliation

31 9/3/19 Riley Jacobs 1.3 Read fee examiner protocol filing

31 9/3/19 Riley Jacobs 0.8 Summarize and circulate notes form fee examiner protocol

31 9/4/19 Brendan Murphy 0.6 Review of March fee statement support for Examiner

31 9/4/19 Riley Jacobs 0.4 Internal conversation and changes to March receipt reconciliation

31 9/9/19 Brendan Murphy 0.7 Review and comments to internal time tracker

31 9/9/19 Naeem Muscatwalla 1.6 Review June time detail

31 9/10/19 Riley Jacobs 1.7 June expense and receipt reconciliation

31 9/10/19 Riley Jacobs 1.4 Additional edits to June fee app excel backup

31 9/11/19 Peter Gnatowski 2.5 Reviewed June fee app detail

31 9/11/19 Peter Gnatowski 1.4 Reviewed and commented on June fee application

31 9/11/19 Riley Jacobs 1.8 Internal communications and edits to June fee app

31 9/11/19 Riley Jacobs 1.5 Additional review of to June fee app (receipts and expenses)

31 9/11/19 Riley Jacobs 1.6 Additional edits to June fee app (professional fees)

31 9/11/19 Riley Jacobs 1.8 Communications and preparation of final June fee app

31 9/11/19 Riley Jacobs 2.0 Revisions and quality control for final June fee app

31 9/12/19 Riley Jacobs 0.4 Internal communications re: July Fee app

31 9/13/19 Riley Jacobs 2.1 Edits to final June fee app (professional fees)

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 49

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

31 9/13/19 Riley Jacobs 1.2 Edits to final June fee app (expenses)

31 9/16/19 Alex Gebert 3.3 Preparation of July Fee application

31 9/16/19 Peter Gnatowski 0.3 Reviewed comments to June fee applications from BM

31 9/16/19 Peter Gnatowski 2.2 Reviewed and commented on updated June fee application

31 9/16/19 Peter Gnatowski 2.2 Began review of July fee time detail

31 9/16/19 Peter Gnatowski 1.8 Reviewed July expense detail

31 9/16/19 Riley Jacobs 1.3 Edits to final June fee app based on internal comments

31 9/16/19 Riley Jacobs 0.6 Internal communications re: final June fee app submission

31 9/16/19 Riley Jacobs 1.9 Additional preparation of final June fee App

31 9/16/19 Riley Jacobs 1.2 Internal communications re: July Fee app

31 9/16/19 Riley Jacobs 2.4 Initial preparation of July fee app (professional fees)

31 9/16/19 Riley Jacobs 1.7 Initial preparation of July fee app (expenses)

31 9/17/19 Alex Gebert 1.6 Review July fee detail

31 9/17/19 Riley Jacobs 2.5 Preparation of July fee app (professional fees)

31 9/17/19 Riley Jacobs 0.5 Internal communications re: July fee app

31 9/17/19 Riley Jacobs 1.7 Preparation of July fee app (expenses and receipts)

31 9/17/19 Riley Jacobs 2.2 Preparation of July fee app (professional fees)

31 9/17/19 Zack Stone 0.3 Preparation for and internal discussion re: July fee statement

31 9/17/19 Zack Stone 3.0 July fee application analysis re: fees

31 9/18/19 Alex Gebert 1.3 Prepare CNO for May application

31 9/18/19 Alex Gebert 0.6 Further preparation of May CNO

31 9/18/19 Brendan Murphy 0.4 Review and comments to June Fee Statement

31 9/18/19 Peter Gnatowski 1.0 Prepared July fee application package for fee examiner

31 9/18/19 Peter Gnatowski 0.5 Reviewed expense receipts for fee examiner

31 9/18/19 Riley Jacobs 1.8 Preparation of materials for June Fee App post submission review

31 9/18/19 Riley Jacobs 1.7 Edits to internal fee tracker

31 9/18/19 Riley Jacobs 1.6 Internal communications and review of advisor documents / fee apps

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 50

of 51
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD SEPTEMBER 1, 2019 TO SEPTEMBER 30, 2019

31 9/18/19 Zack Stone 1.5 July fee application analysis re: fees

31 9/18/19 Zack Stone 3.0 July fee application analysis re: expenses

31 9/19/19 Brendan Murphy 1.6 Review and comments to June Fee Statement

31 9/19/19 Peter Gnatowski 0.5 Revised May CNO for counsel

31 9/19/19 Riley Jacobs 2.1 Internal discussions and updates to July fee applications (expenses)

31 9/19/19 Riley Jacobs 1.8 Additional Preparation of post-submission materials for June fee app

31 9/19/19 Riley Jacobs 1.3 Review of advisor documents / fee apps

31 9/19/19 Riley Jacobs 1.8 Updates to July fee application (professional fees)

31 9/21/19 Peter Gnatowski 2.0 Continued review of July time detail and drafting of fee application motion

31 9/23/19 Alex Gebert 0.6 Coordinate/prepare CNO 

31 9/24/19 Riley Jacobs 2.5 Edits to fee application

31 9/24/19 Zack Stone 1.2 Continued review and edits to expenses

31 9/26/19 Peter Gnatowski 1.5 Additional review and edits to July Fee application

31 9/26/19 Riley Jacobs 1.6 Receipt reconciliation for April fee app per reviewer comments

31 9/26/19 Riley Jacobs 0.5 Internal communications re: April receipt reconciliation

31 9/27/19 Brent Williams 1.1 Internal Communications re internal time tracker and related processes

31 9/27/19 Erik Ellingson 1.3 Reviewed July fee application

31 9/27/19 Naeem Muscatwalla 1.2 Reviewed July time detail

31 9/27/19 Peter Gnatowski 0.5 Reviewed responses and Fee Examiner's April expense questions/requests; emails re: same

31 9/27/19 Peter Gnatowski 1.7 Continued review and edits to July expenses and receipts

31 9/27/19 Riley Jacobs 1.8 Review and summarize US Trustees response to Fee procedures motion

31 9/27/19 Brendan Murphy 1.5 Reviewed and commented on July fee application

31 9/30/19 Peter Gnatowski 2.0 Continued review of July fees provided by junior team

31 9/30/19 Riley Jacobs 0.8 Internal communications re: April receipt reconciliation

31 9/30/19 Riley Jacobs 1.3 Edits to post-submission April receipts

31 9/30/19 Riley Jacobs 1.9 Formatting and content changes to post-submission April receipts

Case: 19-30088 Doc# 4719-4 Filed: 11/14/19 Entered: 11/14/19 12:34:18 Page 51

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