PG&E Corp.
Lazard Fréres & Co, LLC
January 29, 2019 - May 31, 2019

Komu Kumar (Vice President)

Date Description of Work Hours Code
2419 Call with Justin to review current work plan and modelling approach 05 9
2/2/19 Model build and review 35 5
2/14/19 Presenation creation and review 3 9
21519 Presenation creation and review 2 9
2122118 Client discussion 1 9
212619 Analyze and assess Company plan 4 9
2127119 __ Client discussion 1 9

[L Feb-19 Monthly Subtotal 15.0 ]

3/4/19 Capital expenditure analysis 1 9
3/5/19 Capital expenditure analysis. 4 9
3/6/19 Sum-of-the-parts financials review 4 9
3/1119 Sources and Uses Analysis 9 9
3/1218 Sources and Uses Analysis " 9
3/2019 Sources and Uses Analysis 8 9
3/2119 Sources and Uses Analysis 6 9
3/2119 Call to discuss sources and uses analysis 1 9
3/25/19 Sources and Uses Analysis 5 9
3/25/18 Call to discuss sources and uses analysis 1 @
27119 Call to discuss sources and uses analysis 1 9
3/28/19 Sources and Uses Analysis 5 9
3/28/19 __ Review legal separation considerations document 2 9

[mar-19___ Monthly Subtotal 58.0 ]

4/419 Call to discuss financial model review 9
4/419 Call to discuss financial model review 9
4/5/19 Claims financing analysis 24 3
4/8/19 Call to discuss forecast model 07 1
4I1M9 Call to discuss forecast model 07 1
4/15/19 Call to discuss forecast model 07 2
469 Cail to discuss forecast model 07 1
4ATN9 Call to discuss Customer Harm Threshold 07 1
4118/9 Cail to discuss forecast model 07 1
4/18/19 Call to discuss securitization assumptions 07 4
4/2219 Develop emergence financing analysis and presentation 24 6
4/23/19 Develop emergence financing analysis and presentation 24 2
4124119 Refine modeling assumptions 24 4
4/25/19 Refine modeling assumptions 24 4
4/26I19 Refine modeling assumptions 24 3
4/29/19 Analyze emergence financing scenarios 24 6
4/30/19 Analyze emergence financing scenarios 21 6

(L_Apr-19___ Monthly Subtotal 23.7 ]

5/1/19 Analyze emergence financing scenarios 24 6

5/2119 Preliminary valuation analysis 18 7

5/3/19 Preliminary valuation analysis 18 4

5/6/19 Preliminary valuation analysis 1.8 5

SITII9 Emergence credit rating analysis 24 3

5/8/19 Emergence credit rating analysis 241 5

5/9/19 Emergence credit rating analysis 24 2
S5M0M9 Emergence credit rating analysis 24 6
5/139 Net Operating Loss review and analysis. 24 5
5/149 Net Operating Loss review and analysis 24 7
5/15/19 Dividend reinstatement considerations 24 5
5/16/19 Dividend reinstatement considerations 21 3
5/179 Dividend reinstatement considerations 24 2
5/20/19 Assessment of debt reinstatement/refinancing analysis 24 5
5/2119 Assessment of debt reinstatement/refinancing analysis 24 6
5/2219 __ Client meetings to discuss forecast model 04 10

[- May-19___ Monthly Subtotal 30.8 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 20
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Liam Fine (Financial Analyst)

Date Description of Work Hours Code
4/30/19 __ Internal PG&E check-in to discuss Chapter 11 filing and next steps 3 A

[ Jan-19 Monthly Subtotal 3.0 ]
216/19 Created timeline for Plan of Reorganization 6 2
2I7118 Modified timeline for Plan of Reorganization 3 2
228 — Review of PG&E financial model 3 9
2/15/19 Update ability to finance liabilities analysis 3 9

[- Feb-19 Monthly Subtotal 45.0 |
3/6/19 Update ability to finance liabilities analysis 4 9
3/7/19 Update ability to finance liabilities analysis 3 9
3/8/19 Update ability to finance liabilities analysis 3 9
3/11/18 Update ability to finance liabilities analysis 8 9
31219 Update abilty to finance liabilities analysis, 6 9
313/19 Update ability to finance liabilities analysis, 5 9
314/19 Update ability to finance liabilities analysis, 8 9
31519 Update ability to finance liabilities analysis, 8 9
3/16/18 Update ability to finance liabilities analysis 6 9
3/18/19 Update ability to finance liabilities analysis 4 9
3/19/19 Update ability to finance liabilities analysis 8 9
3/2019 Update ability to finance liabiliti 10 9
3/2119 Update ability to finance liabilities analysis 4 9
3122119 Update ability to finance liabilities analysis 4 9
3/25/19 Update ability to finance liabilities analysis 2 9
3/26/19 Update ability to finance liabilities analysis, 6 9
312719 Update ability to finance liabilities analysis 5 9

[__Mar-19___ Monthly Subtotal 94.0 ]

4/18 Update ability to finance liabilities analysis, 4
41219 Update ability to finance liabilities analysis, 2
4/3/19 Update ability to finance fiabilities analysis 6
4/4/19 Update ability to finance {iabilities analysis 4
418/19 Update ability to finance liabilities analysis, 8
419/19 Update ability to finance liabilities analysis, 6

408 Update ability to finance liabilities analysis 2

4/19 Update ability to finance liabilities analysis 5

4/249 Update ability to finance liabilities analysis 4

4/519 Update ability to finance liabilities analysis 8

4M6/19 Update ability to finance liabilities analysis 8

4749 Update ability to finance liabilities analysis 6

4/18/19 Update ability to finance liabilities analysis 4

4919 Update ability to finance liabilities analysis 2

ONNNYNNOOCLCOCLCOCLHOKHOOCOCLOO

4122/19 Update ability to finance liabilities analysis, 8
4/23/19 Business plan analysis 12
4/24/19 Business plan analysis 16
4/25/19 Business plan analysis 18
4/26/19 Business plan analysis 10
4129119 Business plan analysis 12
4130/19 __ Update ability to finance liabilities analysis, 12.5

(Apr13___ Monthly Subtotal 157.5 ]
5/119 Update ability to finance liabilities analysis, 875 9
5/2/19 Update ability to finance liabilities analysis 875 9
5/3/19 Update ability to finance liabilities analysis 875 9
5/4/19 Update ability to finance liabilities analysis, 8.75 9
5/6/19 Update ability to finance liabilities analysis, 8.75 9
5/7/19 Update ability to finance liabilities analysis, 8.75 9
5/8/19 Update ability to finance liabilities analysis, 8.75 9
5/9/18 Update ability to finance liabilities analysis, 8.75 9
5/10/19 Update ability to finance liabilities analysis, 8.75 9
5/12/19 Update ability to finance liabilities analysis, 875 9

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 41
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Nathan Mooney (Associate)

Date Description of Work Hours Code
5/14/19 PG&E advisor recurring call 1
5/14/19 Internal modeling discussion 1
5/1419 Preperation of board materials 2
515/19 Debt refinancing analysis 2
5/15/19 Discussion with Company regarding debt refinancing analysis 2
5/15/19 Tax modeling discussion 2
5/16/19 PG&E advisor recurring call 1
5/16/19 Call with UCC professionals 15
5/16/19 Regulatory asset discussion 15
5/17/19 Preperation of board materials 3
5/18/19 Preperation of board materials 2
5/19/19 Preperation of board materials 3
5/20/19 Diligence team meeting 18
5/2019 Board meeting 1
5/2019 Preperation of board materials 5
5/219 Travel to San Francisco 9
5/2149 Tax Attributes Meeting 05
5/218 PG&E advisor recurring call 1
5/21/18 Diligence team meeting 18
5/21/19 Preperation of board materials 5
5/22/19 Internal discussion regarding Company model 28

5/22/19 Discussion w.r.t gas storage facility 1
5/22/19 Preperation of board materials 1
5/2219 Call with Equity Advisors 1
5/22/19 Meeting with Advisors 4
5/23/19 Wildfire Safety Plan Meeting 5
5/2319 Meeting with Company 1
5/23/19 Discussion on Tax Attributes 05
5/23/19 Exit Financing Discussions 1
5/23/19 Advisor Meetings 4
5/23/19 Exit financing analysis. 4
5/2419 Travel back to New York 9
5/24/19 Regulatory asset discussion 4
5/24/19 Preperation of board materials 2
5/25/19 Exit financing analysis 2
5/28/19 Preperation of materials for Guggenheim meeting 6
5/28/18 PGRE advisor recurring call 1
5/28/19 Exit financing analysis 5

5/2918 Exit financing analysis 85
5/29/19 Preperation of board materials 1.5
5/30/19 PGBE advisor recurring call 1

5/30/19 Call with UCC professionals 15
5/30/19 Discussion with PJT 18
5/30/19 Exit financing analysis 7
5/319 Contract analysis 2
5/31/19 Discussion regarding regarding contract analysis, 1
5/31/19 Exit financing analysis 6
[L May-19 Monthly Subtotal 217.5 ]

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Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 37
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Date Description of Work Hours Code
4/14/19 Regroup with AlixPartners
4/15/19 Internal team game planning discussion
4519 Diligence team meeting
4NSN9 Analysis of precedent cases
4/15/19 Emergence financing analysis
4/16/19 PG&E advisor recurring call
469 Development of new board onboarding materials
47ND Development of new board onboarding materials
4/1749 Analysis of precedent cases
4/17/19 Discussion of wildfire claims with legal advisors
479 Preparation of board materials
4/18/19 Internal game planning discussion
48g PG&E advisor recurring call
4/18/19 Business plan financial analysis
4ngig Diligence team meeting
4/19/19 Diligence team meeting
449/19 Emergence financing analysis
4/19/19 Business plan modeling discussion
4/2019 Development of board materials
4/2119 Development of board materials
4/229 Internal game planning discussion
4/229 Diligence team meeting
4/229 Analysis of precedent cases
4/22/19 Emergence financing anlysis.
4/229 Capital structure analysis
4/2319 Sources and uses analysis
41239 PG&E advisor recurring call
412319 Travel to SF from NY for client meetings
41249 Emergence financing analysis
4/2419 __ Internal advisor game planning
412419 In-person modeling session
4/249 Emergence financing analysis
412519 PG&E advisor recurring call
4/2519 Diligence team meeting
4125/19 Travel from SF to NY to return from client meetings
4/2519 Emergence financing analysis

i

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@OL OOS A DOTHOSSH AANA OHA DHMOOSHFOONMAANGHSOKHKDOOHFSOHIH

4/26/19 Preperation of board materials 10

4279 Credit rating analysis 4

427119 Emergence financing analysis 6

4/28/19 Emergence financing analysis 8

4/28/19 Credit rating analysis 3

4/29/19 Internal game planning discussion 1

4129119 Diligence team meeting 2

4/29/19 Emergence financing analysis 6

4/29/19 Preparation of board materials 2

4/30/19 Policy reform meeting with PG&E 1

4130/19 PG&E advisor recurring call 1

413018 Analysis of SoCal Edison wildfire fund proposal 3

4130/19 Emergence financing analysis 45

[- Apr-19 Monthly Subtotal 223.5 ]

5/1/19 Preperation of board materials 5 9
5iM9 Credit rating analysis 3 6
S5IM9 Exit financing analysis 2 8
5/29 PG&E advisor recurring call 1 1
5/29 Call with UCC professionals 15 1
5/2/19 Diligence team meeting 15 1
5/2/19 Managing dilgence requests 5 1
5/2/19 Exit financing analysis 2 8
5/3/19 Company model development and capital structure analysis 5 2
5/3/19 Exit financing analysis 2 8

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 46
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Christian Tempke (Director)

Date Description of Work Hours Code
1/29/19 Hearing Prep 20 4
1/2919 Review of Kurtz declaration 1.0 4
1/29/19 Status Conference, travel 25 1
1/30/19 Hearing Prep 45 4
1130/19 Several emails re retention application 05 10
4/3149 First Day Hearing 3.0 1
1/31119 Travel back to NYC 8.0. 1

[Jan-19 Monthly Subtotal 21.5 ]

2H/19 Call with management and Alix re POR steps, summary to team 2.0 2
21219 Review of draft retention application, comments 1.0 10
214/19 Call with counsel re retention application 05 10
21419 Call with management and investor 1.0 1
215/18 Outline of stakeholder mapping 18 2
215119 Call with Alix re workplan 05 2
215119 Review of draft retention application, comments 1.0 10
2I519 Call with Rating Agencies 15 8
216/19 Review of stakeholder mapping, comments 35 2
2719 Call with Rating Agencies 15 8
2719 Several emails re hearing and retention application 0s 1
217119 Several emails re earnings release, research 1.0 1
2/719 Internal call re workstreams 05 1
218/19 Catchup with Alix re POR workstream 05 1
218/19 Internal catchup re POR workstream 05 1
218/19 Review of emergence scenarios, comments 4.0 2
2isi19 _Catchup call re stakeholder mapping 08 1
21919 Review of stakeholder mapping materials, comments (several turns) 6.0 2
20/18 Review of stakeholder mapping materials, comments (several turns) 40 2
219 Internal call re stakeholder mapping document 0.5 1
211/19 ‘Several calls with Cravath and Weil re governance: 15 1
2119 Various emails re coordination of diligence efforts 05 2
211/19 Review of stakeholder mapping materials, comments 15 2
2/12/19 Call with management re stakeholder mapping 05 1
2N2M9 Review retention application, comments 08 10
2219 Review of diligence process materials 05 2
2M2M9 Call re Redwood diligence 05 1
2/13/19 Review of restructuring update materials 0.5 2
214/19 Internal catchup 0s 1
214119 Preparation of diligence materials, various coordination emails 2.5 2
2n4ng Call re governance Os 1
26/19 Call with Perella re status update 05 1
2I15/19 Review of diligence materials, various coordination emails 15 2
2I5/19 Call with Guggenheim re status update 0.3 1
21519 Update call with Alix 05 4
2519 Call with UCC advisors 15 1
2116/19 Review and comments on working group list 05 2
2M6/19 Review of diligence materials, various coordination emails 1.0 2
2478 Diligence planning call with Weil and Alix re NDAs 08 1
2M7M9 Various coordination emails re NDA 15 2
211819 Various emails re coordination of diligence items 2.0 2
2118/19 Various coordination emails re NDA 1.0 2
2118/19 Diligence call with Alix Os 1
2/18/19 Review of POR workstream materials, comments 15 2
29/19 Review of legislative ideas 20 2
29/19 Various coordination emails re diligence meeting 1.0 2
29/19 Call with Weil re NDA issues; email coordination 15 2
2120119 Review of legislative commentary, comments 25 2
2121118 POR update call with management and Alix 1.0 1
2121/19 Review of legislative commentary, comments 20 2
212118 Various coordination emails re diligence meeting 15 2
21218 Travel to SFO for diligence meetings 8.0 1

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 14
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Chris Lu (Analyst)

Date Description of Work Hours Code.

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 56
of 56


PG&E Corp.
Lazard Fréres & Co, LLC
January 29, 2019 - May 31, 2019

Bryant Wang (Fi Analy

Date Description of Work Hours Code
4/2918 Valuation modeling 8 5
1/30/19 Valuation modeling 8 5
13119 Valuation modeling 4 5
1319 Valuation modeling 6 5

(E Jan-19___ Monthly Subtotal 26.0 ]
anne Valuation modeling 8 5
212/19 Valuation modeling 5 5
213/19 Valuation modeling 5 5
2/4/18 Valuation modeling 8 5
2/5/19 Valuation modeling 8 5
216/19 Valuation modeling 8 5
2/719 Valuation modeling 6 5
218/19 Valuation modeling 4 5
2/8/19 Valuation modeling 4 5
2N1M9 Separation Valuation Model Meeting 2 5
2M19 Valuation modeling 3 5
2419 Search for Regulatory Filings 3 9
212518 Comparable companies analysis 4 5
2126/18 __ Comparable companies analysis 2 5

(__ Feb-19 Monthly Subtotal 70.0 ]
3/8/19 POR Financing Modei 4 5
3/1119 POR Financing Model 5 5
3/12/19 POR Financing Model 5 5
3/13/19 POR Financing Model 4 5
3/14/19 POR Financing Model 3 5
3/15/19 POR Financing Model 8 5
3/16/19 Inbound financing proposal review 2 2
3/719 POR Financing Model 5 5
3/18/19 POR Financing Model 7 5
3/19/19 POR Financing Model 5 5
3/20/18 POR Financing Model 3 5
3/22/19 POR Financing Model 2 5
3/25/19 POR Financing Model 2 5
3/26/19 POR Financing Model 3 5
2719 POR Financing Model 1 5
3/28/19 POR Financing Model 1 5

[__Mar-19___ Monthly Subtotal 60.0 ]
4/4/19 Call to discuss financial model review 1 9
4/49 Model Audit 4 5
4/8119 Emergence financing analysis 8 9
419/19 Emergence financing analysis 6 9
4/0/19 Emergence financing analysis. 2 9
4/11/19 Emergence financing analysis. 5 9
4112119 Emergence financing analysis 4 9
4/15/19 Emergence financing analysis 8 9
416/19 Emergence financing analysis 8 9
4I1719 Emergence financing analysis 6 9
4118/19 Emergence financing analysis 4 9
4/19/19 Emergence financing analysis. 2 9
4/22/19 Emergence financing analysis 8 9
4/23/19 Business plan analysis 12 2
4124119 Business plan analysis 16 2
4/25/19 Business plan analysis 18 2
4/26/19 Business plan analysis 10 2
4/29/18 Business plan analysis 12 2
4130/19 __ Emergence financing analysis 12.5 9

[Apr-19__ Monthly Subtotal 146.5 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 54
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Caroline Sambuco (Analyst)

Date Description of Work Hours Code
2125/19 __ Preparation for Investor Call 08 1
Feb-19 Monthly Subtotal 05
3/27/19 Creation of Investor Profiles for CEO onboarding 2 1
3/28/19 Creation of Investor Profiles for CEO onboarding 4 1
3/28/19 Creation of Investor Profiles for CEO onboarding 2 1
3/31/19 __ Creation of Investor Profiles for CEO onboarding 4 1
Mar-19 Monthly Subtotal 12.0
Apr-19 Monthly Subtotal 0.0
5/249 Dividend Analysis Presentation 5 6
May-19 Monthly Subtotal 5.0

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 52
of 56


PG&E Corp.
Lazard Fréres & Co, LLC
January 29, 2019 - May 31, 2019

Date Description of Work Hours Code
4/5119 Preparation of board on-boarding materials
418/18 Discussion of wildfire claims with legal advisors
418/19 Diligence team meeting
41819 Advisor fee analysis
4/919 STIP hearing
41919 Emergence financing analysis
4019 Diligence team meeting
409 Board on-boarding materials
4019 Emergence financing analysis
419 PG&E advisors recurring call
4/119 Meeting with Advisor to Subrogation Claimants
4/119 Internal discussion regarding credit rating
4/119 Financial modeling discussion
4249 Credit rating analysis
411219 Internal meeting to discuss credit rating analysis,
4112119 Analysis of Governer Strike Force Report
4/4319 Analysis of Governer Strike Force Report
44/18 Regroup with AlixPartners
4/5419 Internal team game planning discussion
4/519 Diligence team meeting
4M5/9 Discussion of five-year model
4/159 Emergence financing analysis
AN6M9 PG&E advisor recurring call
4M6/9 Development of new board onboarding materials
4/1718 Development of new board onboarding materials
4/17/19 Discussion of wildfire settlement scenarios with Cravath
4/17/19 Discussion of Customer Harm Threshold with Advisors
417/19 Preparation of board materials
4/18/19 Internal game planning discussion
411819 PG&E advisor recurring call
448/19 Business plan financial analysis
448/19 Securitization Discussion with Advisors and Company
44919 Diligence team meeting
49/19 Emergence financing analysis
4919 Business plan modeling discussion
412019 Development of board materials
412149 Development of board materials
4/229 Internal game planning discussion
412219 Diligence team meeting
4122119 Analysis of precedent cases
4/229 Flight to San Francisco
4/23/19 Sources and uses analysis
4/23/19 PG&E advisor recurring call
4/23/19 Modeling Review Session with Advisors and Company
4/249 Emergence financing analysis
4/249 Internal advisor game planning
4/24/19 In-person modeling session
4/249 NOL Discussion
4259 PG&E advisor recurring call
4/259 Diligence team meeting
4/25/19 Travel from SF to NY to return from client meetings
4/25/19 Emergence financing analysis
4/26/19 Preperation of board materials
4/279 Credit rating analysis
4/279 Emergence financing analysis.

4/28/19 Emergence financing analysis
4/289 Credit rating analysis

4/29/19 Internal game planning discussion
4/29/19 Diligence team meeting

4/29/19 Emergence financing analysis
4/29/19 Preparation of board materials

NVONAOAMARANYNSGNAANDANANENESANANNASZONOAAANONINTANNNOFNAORNANTN OO
OMOADADACGCANOADHADFAANOOKHOHOBROFOFFOFHFOOHDOOO+OOHDHAOTD++H9OOTHROOO

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 24
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Liam Fine (Financial Analyst)

Date Description of Work Hours Code
5143/9 Update ability to finance liabilities analysis 8.75 9
5/14/18 Update ability to finance liabilities analysis, 8.75 9
51519 Update ability to finance liabilities analysis 875 9
5/16/19 Update ability to finance liabilities analysis 17 9
5/1719 Update ability to finance liabilities analysis, 7 9
5/20/18 Update ability to finance liabilities analysis, 63 9
5/21/19 Update ability to finance liabilities analysis, 58 9
5/2218 Update abilty to finance liabilities analysis, 17 9
5/23/19 Update abilty to finance liabilities analysis, 84 9
5/2418 Update ability to finance liabilities analysis 49 9
5/28/19 Update ability to finance liabilities analysis, 56 9
5/2919 Update ability to finance liabilities analysis, 63 9
5/30/19 Update ability to finance liabilities analysis 7 9
5/3119 Update ability to finance liabilities analysis 7 9

[___May-19_ __ Monthly Subtotal 188.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 42
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Mary Ann Deignan (Managing Director)

Dat Description of Work Hours. Code
2/9/19 Call with Investor 1 1
2/21/19 IR Discussion re marketing 1 4

[__Feb-19 Monthly Subtotal 2.0
3/30/19 _ Review of Shareholder profiles for CEO onboarding 2 1
[__Mar-19 Monthly Subtotal 2.0 ]
AITN9 Review of proxy fight outline for Board review 1 1
[Apr-19___ Monthly Subtotal 1.0
[__May-19___ Monthly Subtotal 0.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page5
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Nathan Mooney (Associate)

Description of Work Hours Code

PJT Diligence 05 9
Past Chapter 11 Case Analysis 08 3
Lazard Internal Call 0s 1
Monthly Subtotal 144.5 ]

419 Exit Financing Analysis 2

49 Diligence / VDR 05

4lM9 UCC Meeting Materials 1

41219 Exit Financing Advisors Call 05

41219 PG&E Advisor Call 1

41219 Exit Financing Analysis 18

4/219 New Board Onboarding Materials 1

4/3/19 Exit Financing Call 05

4/3/19 Board Materials : 1

41319 Past Chapter 11 Case Analysis, 05

4/3/19 Diligence Requests 05

4/3/19 Exit Financing Analysis 2

449 Call with Diligence Team 2

4/49 Exit Financing Analysis 1

4/413 Diligence Requests 05

4/5/19 Lazard Internal Catch-Up 1

4/519 Shareholder Analysis 05

4/5119 New Board Onboarding Materials 05

4I749 Shareholder Analysis 18

41719 New Board Onboarding Materials 1
4/819 Meeting at Cravath 2
4/819 Call with Diligence Team 2
4/819 Exit Financing Analysis 1
418/19 Past Chapter 11 Case Analysis 1
4/8/19 Diligence Requests 05
419/19 PG&E Advisor Call 1
41919 STIP Hearing 2
4I919 Exit Financing Analysis 2
40/19 Call with Diligence Team 2
4/019 Exit Financing Analysis 2
4M0M9 New Board Onboarding Materials 05
4019 Credit Rating Analysis. 1
4/1119 PG&E Advisor Call 1

4/119 Call with Rothschild 1

4/119 Exit Financing Call 1

411119 PG&E Modeling Call 1
4IM1M9 Exit Financing Analysis 2
4/119 New Board Onboarding Materials 0s
4/19 Credit Rating Analysis 1
411219 Credit Rating Call 1
4112119 Exit Financing Analysis 1
4249 Board Materials 1
429 Credit Rating Analysis 1
4112119 Diligence Requests 1
4/14/19 Credit Rating Analysis 1
4519 Call with Diligence Team 2
45119 Exit Financing Analysis 1
4519 Diligence Requests 1
416/19 PGE Advisor Call 1
4/16/19 Newsome Strikeforce Analysis 1
46/19 Claims Analysis 1

4/16/19 Exit Financing Analysis 1

COCOAMOL OHH DODSOSHOHB+A ASA MDOMHMAAOHHAAOMRODHOBAMOHWOHOMBSA0O@

4/6/19 Past Chapter 11 Case Analysis 05
4n6ing Rx Subcommittee Materials 1
479 Past Chapter 11 Case Analysis 1
4A7N3 Rx Subcommittee Materials 15

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 35
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Eli Silverman (Vice President)

Date Description of Work Hours Code
1/29/19 Deposition preparation for first day motions hearing 6 4
1/29/19 Scheduling hearing at courthouse 2 4
1/30/19 Deposition preparation for first day motions hearing 40 4
1/30/19 Meetings with debtors’ advisors to prepare for first day motions hearing 8 4
1/31/19 First day motions hearings 9 4
4/31/19 __Advisor regroup/prep 35 4

(LJan-19 Monthly Subtotal 38.5 ]

29 Capital structure review and analysis. 6
213/19 Analysis of credit agency rating methodologies 6
214/19 Analysis of credit agency rating methodologies 6
214/19 Review and distribution of research materials to internal team and client 9
214/19 Retention application work 10

5
5
5
1
3
214/19 Analysis of Plan of Reorganization steps 2
215/18 Analysis of Plan of Reorganization steps 5
2I518 _ Review/analysis of key stakeholders 2
216/19 Review/analysis of key equity holders 3
216/19 Stakeholder advisor mapping 2
21719 Stakeholder advisor mapping 2
2I718 _-Review/analysis of key equity holders 3
2/719 Capital structure review and analysis 6
217119 Review and distribution of research materials to internal team and client 1
218/19 Shareholder advisory analysis 2
2/8/19 Capital structure review and analysis 2
219/19 Stakeholder mapping analysis/presentation 3
208 — Stakeholder mapping analysis/presentation 6
21119 Stakeholder mapping analysis/presentation 5
219 Debtors’ advisors regroup 3
2218 Organization of diligence tearm 4
2112119 Preparation of data room and diligence materials, 1
211219 Call with Company investor relations 3
2H2H9 Stakeholder mapping analysis/presentation 3
2113/19 Preparation of diligence materials. 5
211319 Rating agency presentation 4
2/13/19 Prepatation of data room 2
214/19 Prepatation of data room 15
214/19 Preparation of diligence materials 4
215/19 Call with Bondholder Advisors 2
215/19 Call with UCC Advisors. 2
2519 Organization of debtors advisors working group list 1
25/19 Preparation of diligence materials 4
2M6M19 Preparation of diligence materials 4
279 Organization of debtors advisors working group list 18
2179 Preparation of data room 1
2719 Preparation of diligence materials 3
2M8M9 Stakeholder advisor mapping 3
289 Preparation of diligence materials 4
2/18/19 Preparation of data room 1
2M8/9 Organization of responses to inbound diligence requests 1

OA OB BA OOCOS OS OOB BBA DOB WOOD OBB OEHHA ANN

2919 Call with diligence team 45
2/19/19 Revision of debtors advisors working group list 1
2N9M9 Preparation of diligence materials 5
2N9/19 Preparation of data room 1
212018 Preparation of responses for inbound diligence requests 35
2/2018 Call with diligence team to discuss preliminary diligence meetings 2
2/2019 Preparation of diligence materials 1
2120119 Diligence calls with UCC advisors 4
2121/18 Data room management 1.5
212119 Preparation of diligence materials 2
2121118 Call with Company to prepare for governors meeting 3
2/2119 Call with diligence team to discuss upcoming meetings and status of requests 1.5

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 21
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Andrew Wood (Vice President)

Date Description of Work Hours Code
2115/19 Analysis of Benefit Corp structures 2 6

[- Feb-19__ Monthly Subtotal 2.0 ]
3/27/19 Review of Investor Profiles for CEO onboarding 05 1
3129119 Review of Investor Profiles for CEO onboarding 0s 4

[ Mar-19 Monthly Subtotal 4.0 ]

[Apr-19__ Monthly Subtotal 0.0 ]

[L__May-19___ Monthly Subtotal 0.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 27
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Eli Silverman (Vice President)

Date Description of Work Hours Cot
3/16/19 Emergence financing analysis 4

3/1519 PG&E advisor regroup 1

3/15/19 Flight to NYC. 7

3618 Emergence financing analysis 78

3/17/19 Emergence financing analysis 8
3/18/19 Diligence team meeting 2
3/18/19 Meeting to Discuss Cost of Capital Submission 2
38/9 POR discussion 3
3/19/19 Internal game planning discussion 1
3/19/19 PG&E advisor recurring call 1
3/20/19 Diligence team meeting 2
3/20/19 Preparation for meeting with Bondholder Advisors 2
3/20/19 Meeting with Bondholder Advisors 2
3/21/19 Analysis of precedent cases 4
3/21/19 Emergence financing analysis 1
3/219 Meeting with Advisor to CPUC 2
3/259 Tax considerations analysis 2
3/259 Tax considerations meeting 1
3/259 Diligence team meeting 2
3/258 Emergence framework analysis 3
3/26/19 PG&E advisors recurring call 1
3/26/19 Call with UCC Advisors 3
3/26/19 Flight to San Francisco 7
3/26/19 Call with Bondholder Advisors 1

312719 PUT financial model meeting 15
3/2719 Diligence team meeting 2
3/2719 PJT, Company, and Company advisor catch-up 15

3/27/19 Tax considerations meeting 1
3/27/19 Emergence financing analysis 1
3/27/18 Call regarding STIP Motion Diligence 2
3/28/18 Diligence regroup with Company 2
3/28/19 __ Diligence team meeting 2
3/28/19 Data room management 4
3/28/19 Analysis of upcoming workstreams 2
3/28/19 New board onboarding materials 4
3/28/19 Power Purchase Agreement Analysis 4
3/289 Flight to NYC 7
3/29/19 Wildfire claims analysis 3
3/29/19 Emergence tax discussoin 3
3/29/19 Preperation for PJT meeting 2
3/29/19 Emergence capital structure analysis 2

AO RM OCONGDOHOCOCOCOBROLOF2NA2ADOOCOHHOHOOFFOHFOHON+D

3/31/19 PG&E retention discussion 1.5
3/31/19 Claims Discussion with Cravath 3
[__Mar-19 Monthly Subtotal 234.0 ]

Anis Diligence team meeting 2 9
4g Analysis of PG&E's shareholders. 1 9
4/19 Emergence financing returns analysis 4 6
4/119 Emergence capital structure analysis 2 6
49 Tax analysis 2 9
4/29 Inbound financing proposal analysis 3 6
4/249 Emergence financing analysis 3 6
412119 Claims Structuring Discussion with Cravath 2 1
4/29 Flight to San Francisco 7 2
4/39 Emergence financing analysis call 1 1
413119 Emergence framework analysis 3 6
4/39 Emergence financing returns analysis 1 6
4/3/19 Tax Analysis with PWC and Company 2 1
4/4/18 Diligence team meeting 2 9
4/419 Emergence framework analysis 2 6
4/4l19 Flight to NYC 7 2

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 23
of 56


PG&E Corp.
Lazard Fréres & Co, LLC
January 29, 2019 - May 31, 2019

Nathan Mooney

Date Description of Work Hours Code
4NTN9 Claims Estimation Advisors Meeting 05 1
479 Call with Diligence Team 2 1
48g Rx Subcommittee Materials 1 9
4neing Claims Analysis Os 5
4/18/19 Exit Financing Analysis 1 8
4/18/19 Modeling Call with PG&E 1 1
418/19 PG&E Advisor Call 1 1
4118/19 Exit Financing Call 0.5 1
48g Call with Diligence Team 2 1
499 Credit Rating Call 05 1
49g Exit Financing Call 05 1
499 Past Chapter 11 Case Analysis 1 3
49/19 Rx Subcommittee Materials 1 9
4/20/19 Past Chapter 11 Case Analysis 1 3
4/20/19 Rx Subcommittee Materials 16 9
42119 Rx Subcommittee Materials 3.5 9
412419 Call with Diligence Team 2 1
4/2519 Call with Diligence Team 2 1
4125/19 PG&E Advisor Call 1 1
42713 Rx Subcommittee Materials 1 9
4/28/19 Rx Subcommittee Materials 1.5 9
412919 Rx Subcommittee Materials 3 9
4130/19 Rx Subcommittee Materials: 4 9
Apr-19__ Monthly Subtotal 95.5

5/1/19 Preperation of board materials 4
5/119 Credit rating analysis 3
5/19 Exit financing analysis 2
5/2/19 PG&E advisor recurring call 1
5/2119 Call with UCC professionals 18
5/2119 Diligence team meeting 1.5
5/2/19 Managing dilgence requests

5/2119 Exit financing analysis,

5/3/19 Company model development and capital structure analysis,
5/3/19 Exit financing analysis

5/4/19 Preperation of board materials

5/5/19 Exit financing analysis

5/5/19 Preperation of board materials

5/5/19 Internal advisor discussion

5/6/19 Board presentation

SI6/19 Diligence team meeting 1.5

5/6/19 Emergence considerations analysis 5
5/6/19 Historical equity price analysis 5
5/7/19 Board meeting materials follow-up 4
5/8/19 Discussion with AlixPartners regarding company model 2
5/8/19 Internal discussion regarding company model 4
5/8/19 Board meeting 2
5/8/19 Capital structure analysis 1

5/9/19 Diligence team meeting 15
5/9/19 PG&E advisor recurring call 1
5/9/19 Preperation of board materials 3
$/10/19 Securitization analysis 2
5/10/19 Advisor call regarding securitizatoin 1
5/10/19 Board meeting 1

N@ODA*B®B2SBOKAZDANNOODAAADMOONDAAAA ODO

S119 Debt refinancing analysis 35
51219 Debt refinancing analysis 35
5/13/19 Diligence team meeting 15
5/13/19 Meeting with PJT to review model 2
5/13/19 Regulatory asset discussion 1
5/13/19 Debt refinancing analysis, 3.5
5/14/19 Modeling check-in with AlixPartners 2

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 36
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Christian Tempke (Director)

Date Description of Work Hours Code
5/10/19 Preparation of exit financing materials 4.0 8
5/10/19 Restructuring sub committee meeting 16 1
5/10/19 Return travel to New York 8.0 1
5/13/19 Regulatory asset discussion 0s 1
5/13/19 Meeting with PJT re exit financing 16 8
5/15/19 Exit financing discussion with management and counsel 1.0 8
5/19/19 Review of board module materials 1.0 2
5/19/19 Internal catch up call 05 1
5/20/19 Review of board module materials 0.8 2
5/21/19 Follow ups on board modules and scenario analysis 1.0 8
5/21/19 Restructuring sub committee meeting 15 1
5/22/19 Update call with PUT 1.0 1
5/24/19 Business plan discussion and precedent search 16 2
5/2449 Regulatory asset discussion 0s 1
5/25/19 Business plan discussion and precedent search 1.0 2
5/28/19 Business plan discussion and TOC 05 2
5/28/18 Comments on stakeholder presentation 1.0 2
5/29/19 Comments on stakeholder presentation 0.5 2
5/29/19 Call with Weil re rights offering discussion 1.0 8
5/29/19 Call with management re asset review 05 7
5/30/19 Call with PJT re status update 1.0 1
5/31/19 Call re stakeholder materials 0.5 1

[L May-19 Monthly Subtotal 60.3 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 18
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Ken Ziman (Managing Director)

Date Description of Work Hours c
4/22/19 Internal Call 05 1
4/2319 Recurring Advisor Call 0.75 1
4/239 Committee Meeting 2 1
412419 Update Call os 1
4125/19 Recurring Advisor Call 0.75 1
4125119 Board Call 1 1
4128119 intemal Call 05 1
4/29/19 Travel to San Francisco for Company 3.75 1
4/30/19 Recurring Advisor Call 0.75 1
4/30/19 Committee Meeting 1 1
4/30/19 ___ Board Materials Preparation 1 1

[ Apr-19___ Monthly Subtotal 112.5 ]

5/119 Decision Board Benefits 1 1
5/2/18 Recurring Advisor Call 0.75 1
5/2119 Call with Company and Committee 1 1
5/2/19 Board Meeting 4 1
5/219 Board Meeting 1 1
5/3/19 Internal Call 05 1
5/3/19 Call Regarding Emergence Considerations 1 6
5/6/19 Call Regarding Emergence Considerations 08 6
516/19 Committee Meeting 15 1
5/6/18 Call Regarding Board Meeting 1 1
5/719 Board Materials Preparation Cali os 1
5/8/19 Scenario Development 1 1
‘5/8/19 Retention Application 1 10
5/8/19 Committee Meeting 15 1
5/8/18 Recurring Advisor Call 0.75 1
5/8119 Cost Reduction Opportunities Call 2 1
5/9/19 Internal Call 05 1
5/9/19 Committee Meeting 15 1
5/13/19 Intemal Call 05 1
5/13/19 Regulatoy Asset Discussion 0s 1
53/19 Model Review 1 1
5/13/19 Board Meeting 1 1
5/14/19 Travel to San Francisco for Company 6.25 1
5/14/19 Recurring Advisor Call 0.75 1
5/15/19 Capital Structure Considerations Disussion 1 1
518/18 Recurring Advisor Call 0.75 1
5/15/19 Committee Meeting 1 1
515/19 Regulatoy Asset Discussion 1 1
51719 Discussion Regarding End Markets 1 1
5/19/19 Intemal Discussion 1 1
5/20/18 Recurring Advisor Call 0.75 4
5/20/19 Call Regarding Company 1.25 1
5/2119 Travel to San Francisco for Company 3.25 1
5/2119 Internal Call 05 1
5/2149 Committee Meeting 1.25 1
5/22/19 Call with Third Party Advisor and Company 1 4
5/22/19 Internal Call 1 1
5/23/19 Return flight from San Francisco for Company 45 1
5/23/18 Meeting with Third Party Advisors 45 5
5/23/19 Call Regarding Company 1 1
5/23/19 Capital Structure Discussion 0.5 6
5/2419 Regulatory Asset Discussion 0.5 6
5/27/19 Internal Call 0.5 4
5127119 Scenarios Discussion 08 1
5/28/19 Slides for Third Party Advisor 1 1
5/28/19 Travel to San Francisco for Company 3.25 1
5/28/19 Recurring Advisor Call 0.75 1
5/28/19 Diligence Meeting 2 1

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 10
of 56


PG&E Corp.
Lazard Fréres & Co, LLC
January 29, 2019 - May 31, 2019

Nathan Mooney (Associate)

Date Description of Work Hours Cot
21218 Call with Diligence Team. 1 9
2/2119 Diligence Presentation 2 9
2/2119 Call with PG&E to Prepare for Governor Meeting 1 9
2/22/19 Diligence Presentation for Guggenheim 2 9
212249 Diligence Meeting with Governor 4 1
2123/19 Diligence Presentation for PUT 2 9
2124/19 Diligence Presentation for PIT 8 9
212519 Diligence Presentation for PIT 5 9
212519 Pre-Call with PUT 08 1
2126/19 Diligence Presentation for PUT 3 9
2/26/19 PG&E Cap Table 2 6
2/269 Restructuring Huddle 1 1
2126/9 Call with Diligence Team 1 4
2/2719 Travel to San Francisco 9 1
212719 Call with Diligence Team 1 9
212719 Meeting Prep / Diligence 2 1
212719 Meetings with PUT 4 1
212719 Lazard Advisor Catch-Up 3 1
2128/19 Lazard Pre-UCC Advisor Call Os 1
2128/19 Diligence Meeting with Alix 2 1
212819 Pre-Call and Call with UCC Advisors 1 1
2/2819 __ Diligence Requests 3 9

[__Feb-19 _ Monthly Subtotal 253.0 ]

31/19 Lazard Advisor Catch-Up 3
3119 Meeting with PG&E Management 3
3418 Capital Structure Analysis, 3
3/2118 Diligence for Upcoming Advisor Presentations 1
313/18 Diligence for Upcoming Advisor Presentations 1
3/3/18 Travel Back from San Francisco 9
3/4/18 Call with Diligence Team 2
3/4/19 Exit Financing Analysis 2
3/4/19 Case Timeline 1
3I418 Contract Review 1
3/4/19 Diligence Meeting Prep 2
3/5/19 Reorganized PG&E Discussion 1

3/5/18 Meeting with UCC Advisors 75
3/5/19 Exit Financing Analysis 2
316/19 Meeting with UCC Advisors 15

3/6/19 Lazard Advisor Catch-Up 1
3/6/19 Business Plan Analysis, 1
3/6/19 Call with Diligence Team 2
3/6/19 PJT Meeting Prep 2
3/619 Exit Financing Analysis 1
3/719 Call with PG&E Advisors 1
3/7/19 Call with Diligence Team 2
3/8/19 Call with Diligence Team 2
3/6/19 PWP Diligence List Discussion 1
3/8/19 Contract Analysis 2

POOCBRMAA AAA RODE MOBNAS DHA OORMOH OOD

3/9/19 Lazard Catch-Up 05
3/0/19 Lazard Catch-Up 05
3/11/19 Lazard Catch-Up 05
3/249 Lazard Catch-Up 05
3/39 Tax Diligence Call 1
3/49 Lazard Catch-Up 05
3/159 Lazard Catch-Up 05
3/5/19 Exit Financing Analysis / S&Us 2
3/16/19 EMC Proposal Analysis 25
3/16/19 Ducera/ PWP Diligence Meeting Prep 2
3116/19 _All-Advisor Diligence Presentation Deck 25
3/4719 EMC Proposal Analysis 1

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 33
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Dan Katz (Associate)

Date Description of Work Hours Code
4/2219 Develop emergence financing analysis and presentation 6 6
4/23/19 Develop emergence financing analysis and presentation 6 2
4/2419 Refine modeling assumptions 6 4
4/25/18 Refine modeling assumptions. 6 4
4126/19 Refine modeling assumptions 6 3
4129/19 Analyze emergence financing scenarios 6 6
4/30/19 Analyze emergence financing scenarios 6 6
Apr-19 Monthly Subtotal 82.0
S119 Analyze emergence financing scenarios 6 6
5/2/19 Preliminary valuation analysis 5 7
5/3/19 Preliminary valuation analysis 5 4
5/6/19 Preliminary valuation analysis 5 5
5/719 Emergence credit rating analysis, 6 3
5/8/19 Emergence credit rating analysis 6 5
5/9/19 Emergence credit rating analysis 6 2
5/10/19 Emergence credit rating analysis 6 6
5/13/19 Net Operating Loss review and analysis 6 5
5/14/19 Net Operating Loss review and analysis 6 7
5/15/19 Dividend reinstatement considerations 6 5
5/16/19 Dividend reinstatement considerations 6 3
5/1719 Dividend reinstatement considerations 6 2
5/20/18 Assessment of debt reinstatement/refinancing analysis 6 5
5/21/19 Assessment of debt reinstatementirefinancing analysis 6 6
5/22/19 Client meetings to discuss forecast mode! 1 10
5/23/19 POR Scenario Analysis 5 9
5/24/19 POR Scenario Analysis 5 9
5/24/19 Regulatory Asset Discussion 1 1
5/25/19 POR Scenario Analysis 5 9
§/26/19 POR Scenario Analysis 6 9
5/279 POR Scenario Analysis, 8 9
5/28/19 Guggenheim Meeting Prep 1 1
5/29/19 Business Plan Review 1 1
5/30/19 POR Scenario Analysis 4 9
5/319 POR Scenario Analysis 9 9
May-19 Monthly Subtotal 133.0

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 30
of 56


PG&E Corp.
Lazard Fréres & Co, LLC
January 29, 2019 - May 31, 2019

Ken Ziman (Managing Directo

Date Description of Work Hours Code

1/29/19 Meeting with Third Parties 1 1

4/28/19 Deposition preparation for first day motions hearing 6 4

4/30/19 Meeting with Third Parties, 2 1

4/30/18 Board Update Call 1 1

1/30/19 Meetings with debtors’ advisors to prepare for first day motions hearing 8 4

4/3149 First day motions hearings 9 4

41/31/19 Discussion Regarding Transaction 0.75 4
[L Jan-19 Monthy Subtotal 27.8 ]

2M/19 Capital structure review and analysis 5 6

2419 Call with Board 1 1

218 Board Call Follow Up 08 1

2/4/19 Meeting with Company and Third Party 1

214/19 Review and distribution of research materials to internal team and client 1 9

21419 Retention application work 3 10

2/5/19 Discussion Regarding Rating Methodology 15

2/5/19 Analysis of Plan of Reorganization steps 5

21519 Review/analysis of key stakeholders 2

216/18 Review/analysis of key equity holders 3

216/19 Stakeholder advisor mapping 2

216/19 Travel to San Francisco for Company 65

21718 Internal Situation Update Call os

2719 Call with Board 1

2I718 Discussion Regarding Rating Methodology 15

2I718 Return fight from San Francisco for Company 5.25

218/18 Shareholder advisory analysis 2

2/8/19 Capital structure review and analysis 2

21119 Internal Situation Update Call 05

2M49 Internal Situation Update Call 08

229 Organization of diligence team 4
2/42/19 Preparation of data room and diligence materials 1
2M2M9 Call with Company investor relations 3
229 Stakeholder mapping analysis/presentation 3
23/9 Rating agency presentation 4
249 Call with Board 1

Bees een nnn snore nnn ans isos oworstariassiasino

259 Meeting with Third Party Advisor 05
2N5/9 Meeting with Third Party and respective Advisors 2
219/19 Meeting with Committee 0.75
2/2018 Meeting with Board 1
2122118 Call Regarding Transaction 05
2/229 Diligence Call 2
2124/19 Situation Update Call 1
2125119 Meeting with Third Party Advisor 05
2126/19 Restructuring meeting with management and advisors 2
2126/19 Diligence presentation for Third-party advisor 4
212619 Meetings with Advisors 2
2/26/19 Advisor regroup/prep 3
2/27/19 Travel to San Francisco for Company 65
2/27/19 Meeting with Third Parties 25
21279 Situation Update 1
2127118 Meeting with Company and Third Party Advisor 3
212718 Diligence Call 0s
212819 Diligence Call 05
2128119 Preparation for DIP Diligence Call 08
2128/19 Call with Third Party Advisors 0s
2128/19 __Call with Third Party Advisors 0s

[ Feb-19 Monthly Subtotal 95.5 ]
3g Capital structure analysis 1.5 8
3g Return flight from San Francisco for Company 5 1
3/419 Capital structure analysis 2 8

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page7
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Tomer Perry (Managing Director)

Date Description of Work Hours Code
3/5/19 Work around post-emergence capital structure and equity financing alternatives 1 6
3/7/19 __ Work around post-emergence capital structure and equity financing alternatives 1 6
[Mar-19__ Monthly Subtotal 2.0 ]
[-Apr19_ Monthly Subtotal 0.0 ]
5/2/18 Work around post-emergence capital structure and equity financing alternatives 1 6
5/31/19 __ Work around post-emergence capital structure and equily financing alternatives 1 6
[E May-19_ Monthly Subtotal 2.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page6
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Charles Kim (Vice President)

Date Description of Work Hours Code
3/2718 Review of Investor Profiles for CEO onboarding 0s 1
3/29/19 Review of Investor Profiles for CEO onboarding 0s 1
3131/19 __ Review of Investor Profiles for CEO onboarding 1 1

(-Mar-19 Monthly Subtotal 2.0 ]
4I6i19___ Review of proxy fight outline for Board review 4 1

LApr-19_ Monthly Subtotal 4.0 ]
5/2419 __ Review of Dividend Analysis Presentation 1 6

[__ May-19 Monthly Subtotal 41.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 19
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Ken Ziman (Managing Director)

Date Description of Work Hours Code
3/28/19 Analysis of upcoming workstreams 2 9
3/28/19 New board onboarding materials 4 9
3/28/19 Power Purchase Agreement Analysis. 4 9
3/28/19 Request from Committee of Tort 05 1
3/28/19 Diligence Meeting 2 4
3/2819 Strategy Meeting 2 2
3/2919 Wildfire claims analysis 3 9
3/2919 Call Regarding Claims 05 2
3/2919 Emergence tax discussoin 3 9
3/29/19 Preperation for PIT meeting 2 9
3/29/18 Emergence capital structure analysis, 2 6
3/28/19 Call with Board 1 4
3/30/19 Call with Board 1 1
3/3019 Internal Call 1 1
3/31/19 Internal Call os 1
3/31/19 Claims Discussion with Cravath 3 4

[__Mar-19 _ Monthly Subtotal 156.0 |

4/18 Analysis of PG&E's shareholders 1
4/19 Emergence financing returns analysis 4
4g Emergence capital structure analysis 2
49 Tax analysis 2
4/2/19 Inbound financing proposal analysis 3
4I219 Emergence financing analysis 3
41218 Recurring Advisor Call 0.75
41219 Travel to San Francisco for Company 65
4/2119 Prep for Call with Committee 0.75
4/3/19 Emergence financing returns analysis 1
413/19 Tax Analysis with PWC and Company 2
41319 Committee Meeting 4
4/4118 Board Materials Discussion 1
4/419 Strategy Meeting 15
4/819 Company Wildfire Discussion 1
4/8/19 Advisor fee analysis 1.5
4/8119 Travel to San Francisco for Company 65
4/919 Recurring Advisor Call 0.75
419/19 Situation Onboarding 85
4M0M9 Situation Onboarding 7
4ning Recurring Advisor Call 0.75

4/11/19 Third Party Advisor Call 0s
4/119 Credit Rating Methodology 08
4/11/19 Company Model Os
4/218 Credit rating analysis 2
4/2/19 Internal meeting to discuss credit rating analysis 2
4/29 Analysis of Governer Strike Force Report 2
4/4119 Internal Call 05
4/15/19 Internal team game planning discussion 1
4115/19 Discussion of five-year model 3
4/15/19 Emergence financing analysis 2
4116/9 PG&E advisor recurring call 1
4/16/19 Development of new board onboarding materials 4
4/47/19 Development of new board onboarding materials 4
4117/19 Discussion of wildfire settlement scenerios with Cravath 3
4/17/18 Discussion of Customer Harm Threshold with Advisors 2
4/17/18 Preparation of board materials 3
4/18/19 Internal game planning discussion 1
489 PG&E advisor recurring call 1
4/18/19 Business plan financial analysis 4
4118/19 Securitization Discussion with Advisors and Company 2
4/19/19 Business plan modeling discussion 2
4/2219 Call with Third Party 0.5

BO LOA AOA A OOBMOONOCTDONDAA AAA OBEA ADAH DOOTDBO

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page9
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Eli Silverman (Vice President)

Date Description of Work Hours Cot
4/30/19 Policy reform meeting with PG&E 1 9
4/30/19 Restructuring meeting with management and advisors 2 1
4/30/19 Analysis of SoCal Edison wildfire fund proposal 3 9
4/30/19 Flight to San Francisco z 2

[L Apr-19__ Monthly Subtotal 230.5 ]

5/1/19 Preperation of board materials 4
S19 Credit rating analysis 3
51/19 Exit financing analysis. 2
5/1/19 Attendance at mangement meetings in San Francisco 4
5/49 Call with Weil to review capital structure alternatives 1
5/28 PG&E advisor recurring call 4

5/29 Call with UCC professionals 15
5/2/19 Diligence team meeting 18
5/2/19 Managing dilgence requests 5
5/219 Ext financing analysis 4
5/2/19 Attendance at mangement meetings in San Francisco 4
5/3/19 Company model development and capital structure analysis 2
5/3/19 Exit financing analysis 4
5/3/19 Travel to New York 7
5/4/19 Preperation of board materials 5
5/5/19 Exit financing analysis 2
5/5/19 Preperation of board materials 2
5/5/19 Internal advisor discussion 1
5/5/19 Travel to San Francisco 7
5/6/19 Board presentation 1
5/6/19 Diligence team meeting 15
5/6/19 Emergence considerations analysis 5
5/6/19 Historical equity price analysis 2
5/6/19 Meetings with management 4
SI79 Board meeting materials follow-up 4
SI749 Meetings with management 4
5/8/19 Discussion with AlixPartners regarding company model 2
5/8/19 Internal discussion regarding company model 4
5/8/19 Board meeting 2
5/819 Capital structure analysis 1
5/9/19 Diligence team meeting 15

5/919 PG&E advisor recurring call 1
5/9/19 Preperation of board materials 3
5/10/19 Securitization analysis 2
5/10/19 Advisor call regarding securitizatoin 1
5/10/19 Board meeting 1
5/10/19 Flight to New York 7
5/11/19 Debt refinancing analysis 4
5/12/19 Debt refinancing analysis 4

5/13/19 Diligence team meeting 15
5/13/19 Meeting with PJT to review model 2
5/13/19 Regulatory asset discussion 1
5/13/19 Debt refinancing analysis. 3.5

5/13/19 Call with management to discuss strategy 3
5/14/19 Modeling check-in with AlixPartners 2
514/18 PG&E advisor recurring call 1
5/14/19 Internal modeling discussion 1
5/14/19 Preperation of board materials 4
5/15/19 Debt refinancing analysis 2
5/15/19 Discussion with Company regarding debt refinancing analysis 2
5/15/18 Tax modeling discussion 4
S618 PG&E advisor recurring call 1

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5/16/19 Call with UCC professionals 1.5
5/16/19 Regulatory asset discussion 3
SA7N9 Preperation of board materials 6

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 25
of 56


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EXHIBIT B

DETAIL OF HOURS EXPENDED

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Pagel
of 56



PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Kevin Hatch (Financial Analyst)

Date Description of Work Hours Code
[ May-19 Monthly Subtotal 476.5 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 48
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Christopher Couveliet rector)

Date Description of Work Hours Code
3/2719 Review of Investor Profiles for CEO onboarding 05 1
3/29/19 Review of Investor Profiles for CEO onboarding 05 1

[_Mar-19 __ Monthly Subtotal 4.0 ]
4/6/19 Review and Creation of proxy fight outline for Board review 2 1
4/719 Review and Creation of proxy fight outline for Board review 2 1
4115/19 Review of slides for Board meeting 0.5 1

[Apr-19____ Monthly Subtotal 45 |

[L_ May-19 Monthly Subtotal 0.0

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 12
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Keni Ziman (Managing Director)

Date Description of Work Hours Code
5/29/19 Third Party and Company Meeting 18 1
5/29/19 Third Party and Company Call 0.75 1
5/29/19 Business Plan Discussion 05 2
5/29/19 Committee Meeting 0.75 1
5/2919 Capital Structure Discussion 1 1
5/29/19 Return flight from San Francisco for Company 55 1
5/30/19 Recurring Advisor Call 0.75 1
5/30/19 Call with Company and Committee 1 1
5/30/19 Meeting with Third Party Advisors 4 1
8/31/19 _ Internal Call 05 1

(L May-19 Monthly Subtotal 75.0 |

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 11
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

in Hatch (Financial Analyst)

Date Description of Work Hours Code
2/2119 Call with diligence team to discuss upcoming meetings and status of requests 18 1
2/22/19 Diligence calls with Governor's advisors 35 1
212219 Preparation of diligence materials, 2 9
2/2319 Call with Company to discuss upcoming diligence meetings 15 1
2124/19 Preparation of diligence materials 65 9
2125/9 Diligence presentation for PIT 2 9
21259 Meeting preparation 2 1
2/258 Managing diligence requests 3 9
2/258 Data room management 2 9
2/26/19 Diligence presentation for PUT 2 9
2/26/19 Meetings with PUT 2 1
2/26/19 Advisor regroup/prep 3 1
2127119 Preparation of UCC materials 1 9
2/2719 Capital structure analysis 1 6
2/28/19 _Diligenoe requests 15 9

[_Feb-19 Monthly Subtotal 227.5 ]

3/1/19 Capital structure analysis 15 6

3/2119 Diligence for upcoming advisor presentation 1 9

3/4/19 Diligence team meeting 2 1

3/4/19 Capital structure analysis, 2 6

3/4/19 Emergence financing analysis 3 8

3/419 Case Timeline 2 9

3/5/19 Meeting with UCC Adivsors 78 1

3/519 Analysis of Company strucutre 2 9

3/519 Diligence Requests 05 9

3/6/19 PUT diligence prep 3 9

3/6/19 Meeting with UCC Adivsors 18 1

3/6/19 Business plan analysis 15 9

3/7/19 _ Diligence team meeting 2 1
3/7/19 Managing diligence requests 6 9
3/7/19 Data room management 4 9
3/8/19 Contract analysis 2 9
3/8/19 Objection discussion 2 1
3/8/19 Managing diligence requests 1 9
3/9/19 Emergence financing analysis, 5 8
3/10/19 Emergence financing analysis 5 8
3/11/19 Emergence financing analysis 8 8
31448 Sources and uses analysis 2 8
3/119 Advisor management disucssion 15 1
31149 Diligence team meeting 2 1
3129 Emergence financing analysis 10 8
3/12/19 Liquidity diligence meeting 2 1
3/2/19 Liquidity diligence meeting follow-up 1 1
32/9 Contract analysis 2 9
31129 PG&E advisor recurring call 1 1
3/13/19 Tax diligence meeting 1.5 9
3/13/19 Governor advisor call 1 1
3/13/19 Diligence team meeting 2 1
313/19 CPUC advisor meeting 0s 1
3/13/19 Final DIP hearing 6 8
3/13/19 Diligence requests 9
3/14/19 PG&E advisor recurring call 1 1
3/14/19 Meeting with PWP 18 1
3/14/19 Diligence team meeting 2 1
3/14/19 Emergence financing analysis 8 8
3/15/19 Emergence financing analysis 4 8
3/15/19 PG&E advisor regroup 1 1
3/16/19 Emergence financing analysis 7.5 8
3/17/19 Emergence financing analysis 8 8
3/8/19 Diligence team meeting 2 1

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 44
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Nathan Mooney (Associate)

Date Description of Work Hours Code
1/29/19 Travel to San Francisco 9 1
112819 Deposition Prep for David Kurtz 4 4
1129119 Scheduling Hearing 2 4
1/30/19 Deposition Prep for David Kurtz 10 4
1/30/19 Meetings with Debtor Advisors 6 1
1131/19 First Day Hearings 9 4
1131/19 __ Advisor Re-group / Prep 3 4

[L‘Jan-19 Monthly Subtotal 43.0 ]
2g Travel to New York 9 1
219 Capital Structure Review & Analysis 3 6
213/19 Anaysis and Presentation of Moody's / S&P Ratings Criteria 3 6
214/19 Anaysis and Presentation of Moody's / S&P Ratings Criteria 4 6
21419 Capital Structure Review & Analysis 2 6
2149 POR Steps 2 9
21519 POR Steps 7 9
215/19 Review of Key Equity Holders 3 9
21519 Conflicts Check 1 40
215/19 Capital Structure Review & Analysis 2 6
21619 Review of Key Equity Holders 7 9
216/19 Conflicts Check 2 40
216/19 Stakeholder Advisor Mapping 2 9
2I719 Stakeholder Advisor Mapping 2 9
2718 Review of Key Equity Holders 3 9
2749 Capital Structure Review & Analysis 5 6
2719 Shareholder Advisory Analysis 2 8
2/8/19 Conflicts Check 2 10
218/19 Capital Structure Review & Analysis 3 6
219/19 Stakeholder Mapping Presentation 9 9
20/19 Stakeholder Mapping Presentation " 9
2119 Stakeholder Mapping Presentation 13 9
211119 Redwood Catch-Up Call with Advisors 1 1
2112M9 Stakeholder Mapping Presentation 4 9
24249 Call with PG&E Investor Relations 1 1
211219 Organization of Diligence Team and Associated Prep 4 9
239 Conflicts Check 2 40
211319 Rating Agency Presentation 2
21319 Diligence Presentation 5
2419 Diligence Presentation 7
249 VOR Prep 2
2519 Diligence Presentation 5
2115/19 Preparation of Working Group List 2
269 Diligence Presentation 8
2469 VOR Prep 2
26/19 Preparation of Working Group List 2
279 Call with Diligence Team 2
279 Diligence Presentation 9
27/19 VDR Prep 2
279 Preparation of Working Group List 1

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2118/19 Diligence Presentation 10
2/18/19 DR Prep 2
218/19 Research on Proposed Legislative Solutions 2
2H9/19 Calls with Diligence Team 3
2919 Call with PG&E Investor Relations 1
2M9/19 Diligence Presentation 3
2H9/19 Research on Proposed Legislative Solutions 6
219/19 Preparation of Working Group List 1
2120119 UCC Diligence Calls 4
2120/19 Diligence Presentation 2
212019 Research on Proposed Legislative Solutions 2
212018 Call with Diligence Team 1

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 32
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Michael Hinz (Analyst)

Date Description of Work Hours Code
3/6/19 Creation of proxy fight outline for Board review 2 1
3/719 __ Creation of proxy fight outline for Board review 2 1
[Mar-19_ Monthly Subtotal 4.0 ]
4IN5M9 Creation of slides for Board meeting 2 1
[- Apr-19 Monthly Subtotal 2.0 ]
[___May-19 Monthly Subtotal 0.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 49
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Alexander Lotz (Associate)

Date Description of Work Hours Code
2/25/19 Preparation for Investor Call 05 1
[L Feb-19 Monthly Subtotal 05 ]
3/279 Creation of Investor Profiles for CEO onboarding 1 1
3/2819 Creation of Investor Profiles for CEO onboarding 1 1
3/319 __ Creation of Investor Profiles for CEO onboarding 1 1
[__Mar-19 Monthly Subtotal 3.0 ]
416/19 Review of proxy fight outline for Board review 1 1
41718 Review of proxy fight outline for Board review 1 1
4115/19 Review of slides for Board meeting 41 1
[_Apr-19___ Monthly Subtotal 3.0 ]
[ May-19 Monthly Subtotal 0.0 |

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 31
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Ken Ziman (Managing Director)

Date Description of Work Hours Co
3/5/19 Call with Third Party Advisors and Management 75
3/6/19 Call with Third Party Advisors and Management 15
3/6/19 Travel to San Francisco for Company 3.75
3/6/19 Business plan analysis 15
3/6/19 Financial model discussion 4
3/719 Meeting with Third Parties 15
3/8/19 Contract analysis 2
3/8/19 Objection discussion 2
3/8/19 Meeting with Third Party Advisor 05
3/9/19 Catch Up Call 1
3/11/18 Call Regarding Capital Structure Altematives 0.5
3119 Call Regarding DIP 1
3/11/19 Emergence financing analysis 8
3/11/19 Meeting with Third Party Advisor 08
3/1219 Emergence financing analysis 2
3/1219 Liquidity diligence meeting 2
3/12/19 Recurring Advisor Call 0.75
34249 Call Regarding Transaction 05
3/139 Meeting with Third Party Advisor 0s
3/13/19 Tax diligence meeting 15
3113/9 Governor advisor call 1
3/13/19 Final DIP hearing 6
3/14/19 Recurring Advisor Call 0.75
3/14/19 Meeting with Third Party Advisors and Company 15

3/14/19 Call with Third Party Advisor 1
3/14/19 Emergence financing analysis 8
3519 Emergence financing analysis 4
35/9 Call with Third Party Advisor 05
3/15/19 Call with Third Party Advisor and Company 15
3/16/18 Call with Third Party Advisor and Company 15
3/1819 Diligence team meeting 2
3/18/19 Meeting to Discuss Cost of Capital Submission 2
318/19 Meeting with Committee 1
3/18/19 POR discussion 3
3419/18 Internal game planning discussion 1
0.7!
05

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3/1919 Recurring Advisor Call 5
3/2019 Sources and Uses Call .
3/2018 Preparation for meeting with Bondholder Advisors 2
3/2019 Meeting with Bondholder Advisors 2
3/20/19 Call with Board 1
3/20/19 Follow Up Call with Third Party Advisor 4
3/219 Recurring Advisor Call 0.75
3/21/19 Committee Related Call 4
3/21/19 Analysis of precedent cases. 4
3/21/19 Sources and Uses Call 05
3/22/19 Valuation Related Call 0s
3/2219 Tax Related Call 1
3/24/19 Board Call 1
3/25/19 Tax considerations analysis 2
3/25/19 Emergence framework analysis 3
3/2519 Tax Related Call 1
3/26/19 Travel to San Francisco for Company 1.75
3/26/18 Call with Bondholder Advisors 1
3/26/19 Call with UCC Advisors 3
3126/19 PG&E advisors recurring call 1
3/2719 DIP Hearing 2
3/2719 Meeting with Third Party Advisors 3
3/2719 Sources and Uses Tax Discussion 1
312749 Tax considerations meeting 1
3/2749 Emergence financing analysis 1
3/278 Call ragarding STIP Motion Diligence 2

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 8
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Eli Silverman (Vice President)

Date Description of Work Hours Code
2/22/19 Diligence calls with Governor's advisors 38 1
2/2219 Preparation of diligence materials 2 9
2123/19 Call with Company to discuss upcoming diligence meetings 18 1
2124119 Preparation of diligence materials 3 9
212518 Diligence presentation for PIT 2 4
2/25/19 Meeting preparation 2 9
212519 Diligence requests 3 9
2125/19 Data room management 1 9
2/26/19 Restructuring meeting with management and advisors 2 1
2126/19 Diligence presentation for PUT 4 9
212619 Meetings with PUT 2 4
2126/19 Advisor regroup/prep 3 1
21279 Preparation of UCC materials 1 9
212719 Capital structure analysis, 1 8
212819 __ Diligence requests 15 9

(L Feb-19 Monthly Subtotal 183.5 ]
3g Capital structure analysis 15

3/2/19 Diligence for upcoming advisor presentation 1
3/219 Tax and liquidity analysis with advisors 2
3/4/19 Diligence team meeting 2
3/4/19 Capital structure analysis 2
3/4/19 Emergence financing analysis 3
3/4/19 Case Timeline 2

3/5/19 Meeting with UCC Adivsors 75
3/5/19 Analysis of Company strucutre 2
3/5/19 Diligence Requests 05
316/19 PJT diligence prep 3
3/6/19 Meeting with UCC Adivsors 15
3/6/19 Business plan analysis 15

3/6/19 Financial model discussion 4
STNG Diligence team meeting 2
3/7/18 Managing diligence requests 6
3/719 Data room management 1
3/719 Call with Lincoln Intemational 1
3/8/19 Contract analysis, 2
3/8/19 Objection discussion 2
3/8/18 Managing diligence requests 4
3/8/19 Call with Advisors to Bondholders 2
3/919 Emergence financing analysis 5
3/109 Emergence financing analysis 5
31118 Emergence financing analysis 8
31119 Sources and uses analysis 2
3/11/18 Advisor management disucssion 15
3/1118 Diligence team meeting 2
3/1118 Flight to San Francisco 7
3112119 Emergence financing analysis 2
3/129 Liquidity diligence meeting 2
3412119 Liquidity diligence meeting follow-up 1
312/19 Contract analysis 2
32N9  PG8E advisor recurring call 1
3/13/19 Tax diligence meeting 1.5
31319 Governor advisor call 1
3/1319 Diligence team meeting 2
31319 CPUC advisor meeting 3
3/139 Final DIP hearing 6
311319 Diligence requests 1
31419 PG&E advisor recurring call 1

DPOALORAO©LOBOOOBDNOFBFAAAAOKROHAOOHOCOSCOOOB®BOLO®

3/14/19 Meeting with Bondholder Advisors 15
3/419 Diligence team meeting 2
3418 Emergence financing analysis 8

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 22
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Matthew Strain (Associate)

Date Description of Work Hours Code

5/22/18 Work on internal model refinements with analyst 3 5
5/23/19 Review output of modeling refinements and redone module 6 6 5
5/24/19 Update ability to finance liabilities analysis. 3 9
5/28/18 Work on internal model refinements with analyst 4 9
5/29/19 Work on internal model refinements with analyst 7 9
5/30/19 Work on internal model refinements with analyst 6 9
5/3119 Work on internal model refinements with analyst 6 9

(EMay-19_ Monthly Subtotal 39.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 39
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Luke Cummings (Analyst)

Date Description of Work Hours Code
5/3/19 Update ability to finance liabilities analysis 15 9
5/5/19 Update ability to finance liabilities analysis 5 9
5/6/19 Update ability to finance liabilities analysis 12 9
5I719 Update ability to finance liabilities analysis 8 9
5/8/19 Update ability to finance liabilities analysis, 9 9
S419 Update ability to finance liabilities analysis 14 9
5/15/19 Update ability to finance liabilities analysis 14 9
5/16/19 Update ability to finance liabilities analysis 12 9
5/1719 Update ability to finance liabilities analysis 10 9
59/19 to finance liabilities analysis 1 9
5/20/19 to finance liabilities analysis 12 9
5/2119 Update ability to finance liabilities analysis 8 9
5/22/19 Client Meetings to Discuss Forecast Model 1 10
5/23/19 Update ability to finance liabilities analysis 9 9
5/2419 Update ability to finance liabilities analysis 5 9
5/28/19 Preparation of meeting materials, 8 9
5/29/19 Update ability to finance liabilities analysis 8 9
5/30/18 Update ability to finance liabilities analysis 9 9
5/3119 Update ability to finance liabilities analysis Zz 9

( May-19 Monthly Subtotal 163.5 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 40
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Bryant Wang (Financial Analyst)
Date Description of Work Hours Code
5/1/19 Emergence financing analysis 125 9
81219 __ Emergence financing analysis 125 9
[i May-19 Monthly Subtotal 25.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 55
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Garrett Deutsch (Associate)

Date Description of Work Hours Code

3/5/19 Work around post-emergence capital structure and equity financing alternatives 5 6

3iT119 Work around post-emergence capital structure and equity financing alternatives 3 6
(Mar-19 Monthly Subtotal 8.0 ]
(-Apri9 Monthly Subtotal 0.0 ]

5/2/19 __ Work around post-emergence capital structure and equity financing alternatives 3 6
(LMay-49 Monthly Subtotal 3.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 28
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

David S. Kurtz (Vice Chairman)

Date Description of Work Hours Code
1/29/19 Meeting / Preparation with Third Parties 1 1
1/30/19 Meeting / Preparation with Third Parties 1 1
4130/18 Call with Board 1 1
4/31/19 __ Discussion Regarding Transaction 1 1

(L Jant9__ Monthly Subtotal 4.0 |
2119 Call with Board 1 1
2M/19 Follow-up Call with Board 05 1
2719 Call with Board 1 1
2M1M9 Discussion Regarding Transaction 0s 1
21418 Call with Board 1 1
2122119 Call Regarding Transaction 08 1
2124118 Discussion Regarding Transaction 1 1
2/2719 Discussions with Third Parties 25 1
212719 Meeting Update 1 4

(L Feb-19 Monthly Subtotal 9.0 _|
3/6/19 Meeting with Third Party Advisors and Management 15 1
3/9/19 Call Regarding Transaction 1 1
3/279 Meeting with Third Party Advisors 15 1

Discussion Regarding Transaction 1 4

Monthly Subtotat 5.0 ]
4/26/19 Flight to Raleigh Durham from New York 4 1
4/26/19 Management Meeting and Flight 4 1
4126/19 Flight to New York from Raleigh Durham 4 1

[_Apr-19___ Monthly Subtotal 42.0 ]
5/20/19 Board Call 1 4

[_ May-19 Monthly Subtotal 4.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 4
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Kevin Hatch (Financial Analyst)

Date Description of Work. Hours Code

5/4/19 Preperation of board materials 5
5/5/19 Exit financing analysis 7
5/5/19 Preperation of board materials 7
5/5/19 Internal advisor discussion 1
5/6/19 Board presentation 1
5/6/19 Diligence team meeting 15
5/6/19 Emergence considerations analysis 5
5/6/19 Historical equity price analysis 5
5/719 Board meeting materials follow-up 4
5/8/19 Discussion with AlixPartners regarding company model 2
5/8/19 _ Internal discussion regarding company modet 4
5/8/19 Board meeting 2
5/8/19 Capital structure analysis 1
5/9/19 Diligence team meeting 15

5/9/18 PG&E advisor recurring call
5/9/19 Preperation of board materials
S018 Securitization analysis

5/10/49 Advisor call regarding securitizatoin
5/10/19 Board meeting

511/19 Debt refinancing analysis

5/12/19 Debt refinancing analysis

5/13/19 Diligence team meeting

5/13/18 Meeting with PJT to review model
5113/18 Regulatory asset discussion
5/13/19 Debt refinancing analysis,

5/14/19 Modeling check-in with AlixPartners
5/14/19 PG&E advisor recurring call
5/14/18 Internal modeling discusston
5/14/19 Preperation of board materials
5/15/19 Debt refinancing analysis,

5/15/19 Discussion with Company regarding debt refinancing analysis.
5/15/18 Tax modeling discussion

5/16/19 PG&E advisor recurring call
5/16/19 Call with UCC professionals
5/16/19 Regulatory asset discussion
51749 Preperation of board materials
5/18/19 Preperation of board materials

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5/20/19 Diligence team meeting 1.6
5/20/19 Board meeting 1
5/20/19 Preperation of board materials 5
5/21/19 PG&E advisor recurring call 1
5/2119 Diligence team meeting 1.5
5/21/19 Preperation of board materials 45

5/22/19 Internal discussion regarding Company model 1
5/22/19 Dsicussion regarding gas storage facility 1
5/22/19 Preperation of board materials 1
5/23/19 Exit financing analysis 4
5/2419 Regulatory asset discussion 1
5/2419 Preperation of board materials 2
5/28/19 Preperation of materials for Guggenheim meeting 6
5/289 PG&E advisor recurring call 1
5/2819 Exit financing analysis. 5

BOBBLE MMA DMTDODON DAA DHA DTH AHHH GON ANODH HOTA DOOHHDANNOOTDH+A+000

5/2919 Exit financing analysis 85
5/29/19 Preperation of board materials 15
5/30/19 PG&E advisor recurring call 1
5/30/19 Call with UCC professionals 15
5/30/19 Discussion with PUT 15
5/30/19 Exit financing analysis 7
5/3119 Contract analysis 2
5/31/19 Discussion regarding regarding contract analysis 1
5/3119 Exit financing analysis 6

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 47
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Date Description of Work Hours Code
3/18/19 POR discussion 3
3/19/18 Internal game planning discussion 1
319/19 PG&E advisor recurring call 1
3/2018 Diligence team meeting 2
3/20/19 Preparation for meeting with PWP 2
3/20/19 Meeting with PWP 2

3/21/19 Analysis of precedent cases 4
1
2
1
2
3
1

3/2119 Emergence financing analysis
3/25/19 Tax considerations analysis
3/25/19 Tax considerations meeting
3/25/19 Diligence team meeting
3/25/19 Emergence framework analysis
3/2619 PG&E advisors recurring call

3/27/19 PJT financial model meeting 18
3/2749 Diligence team meeting 2
3/2719 PUT, Company, and Company advisor catch-up 16

3/2719 Tax considerations meeting 1
3/2719 Emergence financing analysis 1
3/28/18 Diligence regroup with Company 2
3/28/19 Diligence team meeting 2
3/28/19 Data room management 2
3/28/19 Analysis of upcoming workstreams 2
3/28/19 New board onboarding materials 4
3/2919 Wildfire claims analysis 3
3/2919 Emergence tax discussoin 1
3/2918 Preperation for PJT meeting 2
3/29/19 PJT cost of capital discussion 1
3/29/19 Emergence structure analysis 2

APROOCHHLOOS+ POHL AFOOMOBOB+0

3/31/19 PG&E retention discussion 1.5
[_Mar-19___ Monthly Subtotal 182.5 ]
4g Diligence team meeting 2 1
4/9 Analysis of PG&E's shareholders 2 6
4/119 Emergence financing returns analysis 4 8
4/119 Emergence structure analysis 2 6
41219 Inbound financing proposal analysis 3 8
4/2/19 Emergence financing analysis. 3 8
4/3/19 Emergence financing analysis call 4 4
4/3/19 Emergence framework analysis 3 6
413/19 Emergence financing returns analysis 1 8
4/3/19 Analysis of PG&E's shareholders: 2 6
4/419 Diligence team meeting 2 1
4/4/19 Emergence framework analysis 2 6
4/519 Preparation of board on-boarding materials 5 9
418/19 Discussion of wildfire claims with legal advisors 3 5
418/19 Travel to and from Cravath office 05 1
4/8/19 Diligence team meeting 2 1
418/19 Advisor fee analysis 1.5 9
4/9/19 STIP hearing 2 1
4/9119 Emergence financing analysis 4 8
4nong Diligence team meeting 2 8
409 Board on-boarding materials 4 9
4/10/19 Emergence financing analysis 3 8
419 PG&E advisors recurring call 1 1
419 Meeting with Rothschild 4 1
419 Credit rating meeting 1 6
41s Financial modeling discussion 2 5
4/1219 Credit rating analysis 2 6
429 Internal meeting to discuss credit rating analysis 2 1
42g Analysis of Governer Strike Force Report 2 9
4/13/19 Analysis of Governer Strike Force Report 6 9

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 45
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Date Description of Work Hours Code
21229 Diligence Meeting with Guggenheim 40 1
2122/19 Return travel from SFO to NYC 8.0 1
2/23/19 Call with management re PJT diligence 08 1
2/25/19 Call with PUT re upcoming diligence meeting os 1
2125119 Internal update and workstream coordination 05 1
2125148 Various emails re NDA coordination 05 1
212619 Flight to SFO for diligence meetings 8.0 1
2126119 Review of diligence materials, comments (several turns) 25 2
2127/19 Preparation for diligence meeting 20 2
212719 PAT diligence meeting with management & Alix 3.0 2
2128/19 Return flight to NYC 80 1
2/28/19 Call re UCC advisor diligence 05 1

(Feb-19 Monthly Subtotal 109.3 ]

3/9 Call with management and Weil re Business Planning / treatment of debt 1.0 1
3119 Review of separation materials 08 2
31/19 Review of various news articles and diligence materials 20 2
3/4/18 Coordination of upcoming workstreams 05 1

3/4/19 Travel to SFO for UCC advisor diligence meetings 8.0 1

3/4/19 Review of UCC materials, comments 1.5 2

3/4/19 Meeting with UCC advisors 6.0 1

3/5/19 Review of equity financing materials, development of draft materials 15 8

3/519 Review of 2019 filing and creation of summary 15 2

3/59 Return travel from SFO to NYC. 8.0 1

3/719 Review of analyst commentary and news 1.0 2

3/719 Review of equity financing materials, comments 25 6

3/719 Internal call re equity financing alternatives 05 8

3/9/19 Review of equity financing materials, development of draft materials 2.0 6

3/9/18 Review of DIP objection, comments 25 8

3/9/19 Internal Call re DIP objection 08 8
3/9/19 Internal Catchup and Strategy Call 1.0 1
3/10/19 Review of DIP reply, comments 1.0 8
3/119 Call with Cravath re DIP reply os 8
311/19 Intemal meeting re equity financing alternatives 05 6
31118 Additional Research re DIP hearing 0s 8
3/11/19 Review of sharing protocol 0.3 2
3119 Call with management and Cravath, Weil re capital structure alternatives 1.0 6
329 Call with Guggenheim, internal coordination of additional info 1.5 1
312119 Preparation of Onboarding Materials 5.0 2
3/13/19 Call with management and Weil re tax 1.0 2
313/19 Internal Call re cost of capital 0s 1
3/13/19 Preparation of Onboarding Materials 3.0 2
3/13/19 Call with Alix and internal follow up re financial analysis 15 2
3/13/19 Preparation of talking points with creditor advisors 1.0 2
3/4/19 Preparation of financing materials 15 6
31419 Call with management and PJT 10 4
3/14/19 Strategy call with management and Weil 4.0 4
3/14/19 Review of rights offering analysis, comments 25 2
3/15/19 Review of capital structure alternatives presentation 3.0 6
3/16/19 Review of capital structure alternatives presentation, multiple turns 3.5 6
S719 Review of cost of capital filing, comments 1.5 2
3/17/19 Review of investor proposal, analysis and comments, several turns 5.0 8
31719 Review of PJT presentation materials, comments 08 1
3/18/19 Meeting with PJT re status update 15 1
3/18/19 Review of investor proposal, analysis and comments, several turns 25 8
3/18/19 Meeting with management and certain creditors 1.0 4
3/19/19 Standing Advisor call 08 1
3/19/19 Call with management re capital structure alternatives 05 6
3/19/19 Call with management and Guggenheim 1.0 4
3/19/19 Review of emergence capital structure alternatives, comments 1.0 6
3/1919 Review of RO precedents analysis 1.0 6

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 15
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Christian Tempke (Director)

Date Description of Work Hours Code
459 Travel to SFO for meetings 8.0 1
4/1619 Onboarding meetings 1.5 1
416/19 Outline of board materials and team coordination 25 2
4/16/19 Equity offering precedent analysis 4.0 8
4/16/19 Review of scheduling presentation and multiple set of comments 15 2
478 Various emails re securitization, analysis 15 2
479 Call with Cravath re scenario analysis 05 1
47M9 Call with management re regulatory filings 05 1
479 Retum travel from SFO to NYC 8.0 1
4/17/19 Email communication with counsel re retention application 05 10
4/18/19 Equity offering precedent analysis 08 8
4/18/19 Standing Advisor call 05 1
4819 Bi-Weekly committee call 08 1
4/18/19 Comments to working group list, multiple reviews 1.0 2
48/19 Various emails re securitization, analysis, 05 2
4/22/19 Development of board materials, review and comments 3.0 2
422/19 Review of board Q&A 05 4
4/2218 Review of board module, comments 2.0 2
4123119 Standing Advisor call 05 1
4123/19 Review of board module, comments 35 2
41239 Rx subcommittee call 15 4
4123/19 Call with management re future board calls 0.5 1
4/23/19 Preparation of board slides, 1.0 2
4/24/19 Internal call re workplan 05 1
412419 Rx subcommittee call 1.0 1
4/24/19 Coordination with counsel on board materials: 05 2
412519 Review of draft regulatory filing, comments 20 2
4125/19 Standing Advisor call 05 1
4/259 Call with management re NOLs 08 1
4/26/19 Coordination on business plan preparation 05 2
41279 Review of board module, comments 25 2
4/28/19 Review of draft regulatory filing, comments 1.0 2
4129/19 Travel from LAX to SFO 3.0 1
4/29/19 Internal calll re Status Update 05 1
4/30/19 Standing Advisor call 05 1
4130/18 Review of board materials, comments 2.0 2
413019 Rx subcommittee call 1.0 1
4130/18 Catchup with management re upcoming module 1.0 1
4130/19 __ Call with Alix re business plan due diligence 05 1

[C Apr-19 Monthly Subtotal 112.8 ]
5/1/19 Review of board module, comments and coordination 25 2
5/2/19 Drafting of board module 1.0 2
5/29 Standing Advisor call 0.5 1
5/3/18 Call with Company re exit financing 05 8

5/4/19 Review of board module, comments and coordination 2.0 2
5/5/18 Internal model call 05 2
5/6/19 Travel to SFO for sub committee meeting 80 1
5/6/19 Meeting with Company re emergence considerations 1.0 1
5/6/19 Restructuring sub committee meeting 15 1
516/19 strategy meeting re asset profile 1.0 1
516/18 Review of board module, comments and coordination 15 2
5I7/19 Review of board module 05 2
5/8/19 Call with Company re strategy development 1.0 1
5/8/19 Review of exit financing materials, comments. 15 2
518/19 Review of board module, comments 18 2
5/8/18 Restructuring sub committee meeting 18 1
§/9/19 Standing Advisor call 0.5 1
5/9/19 Coordination of creditor due diligence 05 2
5/9/19 Internal discussion re scenario analysis 0.5 8
5/9/19 Preparation of exit financing materials 25 8

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 17
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Kenneth M. Jacobs (CEO)

Date Description of Work Hours Code
4/26/19 Flight to Raleigh Durham from New York. 4 1
4/26/19 Management Meeting and Flight 4 1
4/2619 __ Flight to New York from Raleigh Durham 4 1

[-_Apr-19__ Monthly Subtotal 42.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page3
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Matthew Strain (Associate)

Date Description of Work Hours Code
1/29/19 Meetings with Company about financial forecast and Feb/Mar workstreams 5 9
1/29/19 Model review with internal team 15 5
1/29/19 Travel to courthouse 0.2 4
1/29/19 Observed court proceedings/scheduling 2 4
1/2913 Individual work on financial model 4 5
1/30/19 Meetings with Company about financial forecast and Feb/Mar workstreams 2 9
1/30/19 __ Internal team debrief on meetings with Company 2 9
1/30/19 Individual work on financial model 6 5
1/30/19 Meeting with Company about executory contracts 1 9
1/31/19 Flight from SF to NYC inlouding transit to and from airport 9 1
113119 __ Internal meeting on CHT analysis 2 9

(E Jant9 Monthly Subtotal 347 ]

219 Internal team work on financial model 8 5
219 Kick off meeting with Compay and advisors on workstreams 18 1
2/29 Internal team work on financial model 12 5
213/49 Individual work on financial made! 6 5
2/4119 Individual work on financial model 3 5
2/4/19 Call with Company and status of financial forecasts and workplan 1 9
214/19 Call with legal advisors on CHT filing 15 1
215/19 Individual work on financial model 4 5
2/5/19 Team review of weekend progress on financial model 5 5
216/19 Individual work on financial model 4 5
216/19 Workplan creation for LAZ financial analysis workstreams 2 2
21149 Model review with internal team 2 5
21119 Model review with VP (deferred taxes) 1 5
2/119 Individual Model cleanup work 1 5
2114/9 Internal call on sourcing documents for potential diligence requests 0.25 9
211449 Review of regulatory documents sources for diligence requests 1 9
2115/9 Internal Review of Benefits of B Corp Os 9
21549 Internal Review of POR workplan 0s 1
21229 Call with Strategic Investments and Analysis team at PG&E to discuss a 100% FCF funded dividend os 9
2/23/19 _Intemal call to plan framework for analyzing 100% FCF funded dividend policy 0s 9
21279 __ Call with client to discuss 100% FCF funded dividend and capex 05 9

[C Feb-19_ Monthly Subtotal 55.8 ]

3/119 Call with client to discuss legal and business seperation of ElectricCo and GasCo os 9
3/5/19 Modeling work of "phantom equity" and creation of output materials 4 5
3/6/19 Internal call to discuss "phantom equity" analysis, 1 5
3/6/19 Modeling work of "phantom equity" and creation of output materials 5 5
3/11/19 Team meeting to discuss phantom equity 1 5
3/13/19 Clean up of Phantom Equity Presentation 3 5
3/1449 Clean up of Phantom Equity Presentation 5 5
3/18/19 Clean up of Phantom Equity Presentation 3 5
3/159 Phantom Equity Model Review 2 5
3/2119 Phantom Equity Model Changes 4 5
3/26/19 __ Expansion of summary financials shown in phantom equity modeling 4 5

(Mar-19 Monthly Subtotal 32.5 ]
4/49 Review Pamela Jean Model 1 9
4/2119 Refine debt schedule in PG&E Model 6 5
4M5/18 Review debt schedule with internal team 5 5
4/17/19 Continued review of debt schedule with internal team 3 5
4126/19 Create pro forma credit stats for financial model 4 9
4128/19 __ Refine credit states from internal team feedback 2 9
[_Apr-19___ Monthly Subtotal 24.0 ]
5/2/19 Redwood model review 1 5
5/6/19 Generation divestiture meeting 1 5
5/9/19 Module 6 review call 1 5
5/13/19 PUT model review 1 5

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 38
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Eli Silverman (Vice President)

Date Description of Work Hours Code
5/18/19 Preperation of board materials 6 6
SI9M9 Preperation of board materials 6 6
5/19/19 Travel to San Francisco 9 1
5/2019 Diligence team meeting 15 1
5/208 Board meeting 3 1
5/20/19 Preperation of board materials: 5 6
5/2119 Tax Attributes Meeting 05

5/2118 PG&E advisor recurring call 1
5/2119 Diligence team meeting 1.5
5/2119 Preperation of board materials 5
5/229 Internal discussion regarding Company model 25
5/2219 Discussion w.r.t gas storage facility 1
5/2218 Preperation of board materials 1
5/22/19 Call with Equity Advisors 4
5/2219 Meeting with Advisors 4
5/23/19 Wildfire Safety Plan Meeting 5
5/23/18 Meeting with Company 1
5/23/19 Discussion on Tax Attributes. 2
§/2319 Exit Financing Discussions 1
5/23/19 Advisor Meetings 4
5/23/19 Exit financing analysis, 4
5/24/19 Travel back to New York 9
5/249 Regulatory asset discussion 1
5/2419 Preperation of board materials 2
5/2519 Exit financing analysis 2
5/28/19 Preperation of materials for Guggenheim meeting 6
5/28/19 PG&E advisor recurring call 1
5/28/19 Exit financing analysis 5
5/29/19 Exit financing analysis 85
5/29/19 Preperation of board materials 15
5/30/19 PG&E advisor recurring call 4

POLE MOOAMODH+ B+ OHA AA DONDAS

5/30/19 Call with UCC professionals 15
5/30/19 Discussion with PUT 15
5/30/19 Exit financing analysis 7
5/31/19 Exit financing analysis 6
[ May-19 Monthly Subtotal 272.5 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 26
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Summary of Services Rendered by Project

Code Project Description JanA9__Feb-19__Mar-19__Apr-19__May-19_ Total

1 Interface with Professionals, Official Committees, and Other Parties-In-Interest $53 3113 3725 3235 3630 14155
2 Business Operations Planning, Monitoring, Reporting and Analysis, and Projections - 825 703 2621 1275 5323
3 Preparation and/or Review of Court Filings - - 75 212 18.2449
4 Court Testimony/Deposition and Preparation 136.7 - 190 © 26.2 68 188.7
5 Valuation Analysis 3751165 8.808 SBT 338.2
6 Capital Structure Review and Analysis ~ 1045 156.0 1883 201.3 651.1
7 Merger & Acquisition Activity - 1.0 - 184 16.4
8 Financing Including DIP and Exit Financing - 16.0 124.0 81.8 183.0 404.8
8 General Corporate Finance, Research and Analysis, and Other Due Diligence 37.0 445.3 484.0 428.0 819.5. 1,913.7
10 Fee Application, Engagement 05 16.3 05 08 3424
11__ Employee Retention Program = - = 2.0 = 2.0

Total 267.0 1,082.3 1,3288 1,355.0 1,482.5 5,525.4
# Name (Title) Jan19__Feb-19__Mar-19__Apr-19__May-19__ Total
1 Kenneth M. Jacobs (CEO) - - = 120 = 120
2 David S. Kurtz (Vice Chairman) 40 9.0 50 12.0 10 31.0
3. Mary Ann Deignan (Managing Director) = 2.0 20 4.0 ~ 5.0
4 Tomer Perry (Managing Director) - - 2.0 ~ 2.0 40
5 Ken Ziman (Managing Director) 278 «= 95S 188.0 1125 75.0 466.8
6 Christopher Couvelier (Director) ~ - 1.0 45 - 88
7 Greg Hort (Director) ca 13.8 38.5 38.0 70.0 160.3
8 Christian Tempke (Director) 215 109.3 132.8 112.8 60.3 436.5
9 Charles Kim (Vice President) = ie 2.0 1.0 1.0 4.0
40  Komu Kumar (Vice President) = 150 $80 237 308 1275
WW Eli Silverman (Vice President) 38.5, 183.5 231.0 230.5 272.0 955.5
12 Andrew Wood (Vice President) 2.0 1.0 - - 3.0
13 Garrett Deutsch (Associate) - S 80 - 30 110
14 Dan Katz (Associate) 250 400 1430 820 1330 423.0
15 Alexander Lotz (Associate) ~ 05 3.0 3.0 - 65
16 Nathan Mooney (Associate) 43.0 253.0 144.5 95.5 217.5 753.5
17 Matthew Strain (Associate) 34.7 558 = 825 21.0 38.0 188.0
18 Luke Cummings (Analyst) = - = ~ 1635) 163.5
19 Liam Fine (Financial Analyst) 30 18.0 94.0 187.5 = 188.0, 457.5
20 Kevin Hatch (Financial Analyst) 435 2275 1825 «© 228351765 853.5
21 Michael Hinz (Analyst) - - 40 2.0 = 60
22 Dan Liotta (Financial Analyst) - = ~ 760 11.0 870
23 Maxwell Lubkeman (Analyst) - = 8.0 = = 8.0
24 — Caroline Sambuco (Analyst) - 0s 120 = 5.0 17.5
25 Katherine Tobeason (Analyst) - = 8.0 = 90 17.0
26 __Bryant Wang (Financial Analyst) 260 70.0 60.0 1465 25.0 327.5

Total 267.0 1,092.3 1,328.8 1,355.0 1,482.5 5,525.4

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 2
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Dan Liotta (Financial Analyst)

Date Description of Work Hours Code
4115119 Credit Rating Analysis 1 6
4/16/19 Credit Rating Analysis 8 6
417/19 Credit Rating Analysis 4 6
4/18/19 Credit Rating Analysis, 4 6
4N919 Credit Rating Analysis 10 6
4/9119 Credit Rating Analysis Call 08 1
4I2019 Precedent Case Research 9 9
41219 Credit Rating Analysis 7 9
4122119 Precedent Case Research 9 9
4123119 Emergence Planning Materials 7 9
4/2419 Emergence Planning Materials 4 9
4/259 Emergence Planning Materials 3 9
41269 Emergence Planning Materials 3 9
4/269 Call with Banking Team 05 1
4127119 Emergence Planning Materials 5 9
4129119 __ Matket Update Slides 4 9
Apr-19___ Monthly Subtotal 76.0
5/9/19 Call with Banking Team 05 1
5/13/19 Regulatory Asset Discussion 08 1
5/14/19 Capital Structure Considerations 7 6
5/1419 Modeling Call 1 1
S69 Regulatory Asset Discussion 1 1
5/29/19 Business Plan Call 1 1
May-19 Monthly Subtotal 11.0

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 50
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Nathan Mooney (Associate)

Date Description of Work Hours Code
3/1718 All-Advisor Diligence Presentation Deck 15 9
3749 Exit Financing Analysis / S&Us 3
3/17/19 Coc Presentation 2
3118/19 Call with Diligence Team 2
3/18/19 Exit Financing Analysis / S&Us 3
3/18/19 Coc Presentation 0s
3/18/19 EMC Proposal Analysis 2
311819 PWP Meeting Prep 1
319/19 PG&E Advisor Call 15

31919 Exit Financing Analysis / S&Us 2
3/1919 EMC Proposal Analysis, 2
3/19/19 GGP Bankruptcy Analysis 3
3/20/19 PWP Meeting 1
3/20/18 Call with Diligence Team 2
3/20/19 Ducera Diligence Follow-Up 1
3/20/19 Exit Financing Analysis / S&Us 2
3/20/19 EMC Proposal Analysis 2
3/21/19 PG&E Advisor Call 1
3/2119 UCC Diligence Call 1
3/21/19 Exit Financing Analysis / S&Us 4
3/21/19 Ducera Follow-Up Call 1
3/21/19 Call with Diligence Team 1
3/21/18 Call with PG&E Team 1
3/23/19 Contract Analysis 0s

8
1
1
8
9
6
9
1
8
6
3
1
1
1
8
6
1
1
8
1
1
1
9
3/24/19 Exit Financing Analysis 1 8
3/2519 Lazard Advisor Tax Structuring Call 1 1
3/25/19 Call with PG&E Team on S&Us 1 4
3/25/19 Call with Diligence Team 2 1
3/25/19 Diligence Presentation Prep 05 9
3/2519 Exit Financing Analysis 05 8
3/25/19 Emergence Credit Rating Analysis 05 6
3/25/19 New Board Onboarding Materials 05 2
3/25/19 Rothschild Meeting Materials 05 9
3/2619 PG&E Advisor Call 1 1
3/26/19 Claims Analysis 1 1
3/26/19 New Board Onboarding Materials 05 2
3/26/19 Ducera Diligence 1 9
3/26/19 Past Chapter 11 Case Analysis 05 3
3/27/19 PJT Modeling Session 1 2
3/2719 PJT Meeting 2 1
3/2719 Lazard Advisor Tax Call 1 1
3/2719 Advisor Call with Weil on Trust Structures 1 1
3/27/19 New Board Onboarding Materials 05 2
3/27/19 Shareholder Analysis 1 6
3/27/19 Exit Financing Analysis 1 8
3/2749 Claims Analysis 0s 5
3/2719 Rothschild Meeting Materials 05 9
3/2749 Liquidity / Cash Flow Analysis 08 2
3/28/19 Call with Diligence Team 2 1
3/2819 PG&E Advisor Call 2 1
3/28/19 Exit Financing Analysis 05 8
3/28/19 Rothschild Meeting Materials 05 9
3/28/19 Past Chapter 11 Case Analysis 1 3
3/2919 Claims Estimation Discussion 0s 5
3/2918 Lazard Advisor Tax Call 1 1
3/29/19 Call with PUT. 1 1
3/2919 Go-Forward Business Analysis 0s 2
3/2919 Exit Financing Analysis 15 8
3/2919 Past Chapter 11 Case Analysis 1 3
3/30/19 PUT Meeting Materials 05 9
3/30/18 Board Materials 05 9

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 34
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Kevin Hatch (Financial Analyst)
Date Description of Work Hours Code

1/29/19 Travel to SF from NY for client meetings 9 1

1/29/19 Deposition preparation for first day motions hearing 4 4

4/29/19 Scheduling hearing at courthouse 2 4

1/30/19 Deposition preparation for first day motions hearing 10 4

1/30/19 Meetings with debtors’ advisors to prepare for first day motions hearing 6 4

1/31/19 First day motions hearings 9 4

1131/19 __Advisor regroup/prep 35 4

Jan-49___ Monthly Subtotal 435

219 Travel to NY from SF 9

21/19 Capital structure review and analysis 3

213/19 Analysis of credit agency rating methodologies 35

2/4/19 Analysis of credit agency rating methodologies

21419 Review and distribution of research materials to internal team and client
2/419 Analysis of POR steps

2/519 Analysis of POR steps

2/519 — Review/analysis of key stakeholders

2/519 Review and distribution of research materials to internal team and client
2/619 Review/analysis of key equity holders

2/619 Stakeholder advisor mapping

2/719 Stakeholder advisor mapping

2/719 Review/analysis of key equity holders

2719 Capital structure review and analysis

279 Review and distribution of research materials to internal team and client
2/8/19 Shareholder advisory analysis

218/19 Capital structure review and analysis

2/919 Stakeholder mapping analysis/presentation

2/10/19 Stakeholder mapping analysis/presentation

2/41/18 Stakeholder mapping analysis/presentation

219 Debtors’ advisors regroup

2/129 Organization of diligence team

2219 Preparation of data room and diligence materials

2/12/19 Call with Company investor relations

22/19 Stakeholder mapping analysis/presentation

213/19 Preparation of diligence materials

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2/13/19 Review and distribution of research materials to internal team and client 08
211319 Rating agency presentation 2
2/1319 Prepatation of data room 2
249 Prepatation of data room 1.5
2114/19 Preparation of diligence materials 8
25/9 Organization of debtors advisors working group list 1
2N5/19 Preparation of diligence materials 12
2N6M19 Preparation of diligence materials 13
24749 Organization of debtors advisors working group list 15
24749 Preparation of data room 25
217/19 Preperation of diligence materials 9
218/19 Stakeholder advisor mapping 3
211819 Preparation of diligence materials 7
218/19 Preparation of data room 2
2118/19 Organization of responses to inbound diligence requests 1
29/19 Call with diligence team 45
219/19 Revision of debtors advisors working group list 1
2/19/19 Preparation of diligence materials 5
2919 Preparation of data room 1.5
2/20/19 Preparation of responses for inbound diligence requests 35
2120119 Call with diligence team to discuss preliminary diligence meetings 2
212019 Preparation of diligence materials 1
212049 Diligence calls with UCC advisors 4
212149 Data room management 18
2121119 Preparation of diligence materials 2
21219 Call with Company to prepare for governors meeting 4

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 43
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Dan Katz (Associate)

Date Description of Work Hours Code

1/29/19 Attend status conference on First Day Motions 3 4
1/29/19 Working group sessions to prepare business plans and financial statements 8 9
1/30/19 Working group sessions to prepare business plans and financial statements. 8 9
1/31/19 Working group sessions to prepare business plans and financial statements 6 9
[L_Jan-19 Monthly Subtotal 25.0 ]
2N9 Review financial analysis and regulatory filings 4 9
21419 Create and review financing model 4 6
2/519 Review and analyze Customer Harm Threshold proposals 5 6
21619 Create and review financing model 2 6
2/79 Create and review financing model 2 6
218/18 Client call to discuss workplan 1 1
218/19 Create and review financing mode! 2 6
2N 19 Create and review financing model 4 6
219 Client call to discuss workplan 1 1
21229 Client discussion 1 9
2/259 Analyze and assess Company plan 5 9
2/26/19 Analyze and assess Company plan 5 9
21279 Client discussion 1 8
2128/19 Capital expenditure analysis. 3 9
[ Feb-19 Monthly Subtotal 40.0 ]
3/19 Capital expenditure analysis 5 9
3/4/19 Capital expenditure analysis 1 9
3/5/19 Capital expenditure analysis 5 9
3/6/19 Sum-of-the-parts financials review 4 9
3/719 Sources and Uses Analysis 5 9
3/8/19 Sources and Uses Analysis 10 9
3/19 Sources and Uses Analysis. 10 9
3112/9 Sources and Uses Analysis 10 9
3/13/19 Sources and Uses Analysis 8 9
3/14/19 Working session at PG&E to review sum-of-the-parts financials 12 1
3/15/19 Sources and Uses Analysis 8 9
3/18/19 Sources and Uses Analysis. 8 9
3/19/19 Sources and Uses Analysis. 8 9
3/2019 Sources and Uses Analysis. 5 9
3/2149 Sources and Uses Analysis. 7 9
3/21/19 Call to discuss sources and uses analysis 1 9
3/22/19 Sources and Uses Analysis 8 9
3/25/19 Sources and Uses Analysis 5 9
3/25/19 Call to discuss sources and uses analysis 1 9
3/26/19 Sources and Uses Analysis 4 9
3/2719 Sources and Uses Analysis 5 9
3/2719 Call to discuss sources and uses analysis 1 9
3/28/19 Sources and Uses Analysis 5 9
3/28/19 Review legal separation considerations document 1 9
3/29/19 ___ Emergence financing analysis 6 8
[Eimar-19 Monthly Subtotal 143.0 ]
419 Credit metric analysis 6 5
4/29 Credit metric analysis 6 4
4/319 Claims financing analysis 6 6
4/4/19 Call to discuss forecast model 2 1
415/19 Claims financing analysis 6 3
4/8118 Call to discuss forecast model 2 1
4I19 Call to discuss forecast model 2 1
4819 Call to discuss forecast model 2 2
4116/19 Call to discuss forecast model 2 1
4/17/18 Call to discuss Customer Harm Threshold 2 1
4/18/19 Call to discuss forecast model 2 1
4/18/19 Calllto discuss securitization assumptions 2 1

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 29
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Date Description of Work Hours Code
219 Board Materials Preparation 4 2
2149 Financial Analysis Discussion 0.75 2
21129 Board Materials Preparation 1 2
25/9 UCC Call 2 1
2/19/19 Board Materials Preparation 2 2
2122/19 Call with Governor's Office/Guggenheim 4 1
2/27/19 __ Preparation and Discussion of Financial Analysis 3 2

[__ Feb-19 Monthly Subtotal 13.8 ]

31/19 Call with Management 2 1
3/8/19 Calls with client re: analysis, 2 1
3/9/19 Internal Organizational Call 1 1
3/129 Phone Call for Model 2 1
3/13/19 Phone Call for Wildfire Relief Fund 2 1
3/14/19 Modeling Session and Travel to/from Meeting 16 4
3/16/19 Analysis Phone Call 05 1
3/25/19 _ assorted callls with advisors/management 3 1
3/26/19 assorted calls with advisors/management 2 1
3/2719 calls with advisors/management 6 1
3/29/19 calls with advisors/management 2 1

[Mar-19 Monthly Subtotal 38.5 ]

41219 calls with advisors/management 2 1
414119 calls with advisors/management 2 1
4/8/19 calls with advisors/management 1 1
419/18 calls with advisors/management 1 1
4/15/19 calls with advisors/management 2 1
4/16/19 Board Materials Preparation/Travel 16 2
4117/19 calls with advisors/management 1 1
4/18/19 calls with advisors/management 2 1
4119/19 calls with advisors/management 1 1
4/23/19 Preparation and Discussion of Financial Analysis 4 4
4/25/19 calls with advisors/management /preparation and discussion of financial analysis (Module 4) 2 1
4130/19 _calls with advisors/management /preparation and discussion of financial analysis (Module 4) 4 1

[_Apr-19___ Monthly Subtotal 38.0 ]

5/2119 calls with advisors/management /preparation and discussion of financial analysis (Module 4) 4 1

5/3/19 calls with advisors/management /preparation and discussion of financial analysis (Module 4) 2 1

5/5/13 calls with advisors/management /preparation and discussion of financial analysis (Module 6) 2 1

5/6/19 calls with advisors/management /preparation and discussion of financial analysis (Module 6) 3 1

SIT9 calis with advisors/management /preparation and discussion of financial analysis (Module 6) 2 1
5/8/19 calls with advisors/management /preparation and discussion of financial analysis (Module 6) 3 1
5/9/19 Board Materials Preparation/Travel 16 2
5/10/19 Board Materials Preparation/Travel 16 2
5/13/19 calls with advisors/management 2 1
5/14/19 calls with advisors/management /preparation and discussion of financial analysis (Scenario Developr 4 1
5/16/19 calls with advisors/management /preparation and discussion of financial analysis (Scenario Developr 3 1
5/19/19 calls with advisors/management /preparation and discussion of financial analysis (Scenario Developr 3 1
5/21/19 _calis with advisors/management /preparation and discussion of financial analysis (Scenario Developr 4 1
5/22/19 calls with advisors/management 2 1
8/23/19 calls with advisors/management 1 1
5/28/19 calls with advisors/management 1 1
5/30/19 calls with advisors/management 1 4
5/31/19 calls with advisors/management 4 1

[May-19 Monthly Subtotal 70.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 13
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PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Maxwell Lubkeman (Analyst)

Date Description of Work Hours Code
3/27/19 Creation of Investor Profiles for CEO onboarding 2 1
3/28/19 Creation of Investor Profiles for CEO onboarding 4 1
3/29/19 __Creation of Investor Profiles for CEO onboarding 2 1

(LMar-19 Monthly Subtotal 8.0 ]

[_Apr-19___ Monthly Subtotal 0.0 ]

[may-19 Monthly Subtotal 0.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 51
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Katherine Tobeason (Analyst)
Code.

Date Description of Work Hours

3/5/19 Work around post-emergence capital structure and equity financing alternatives 5 6
316/19 ___ Work around post-emergence capital structure and equity financing alteratives 3 6
[Mar-19___ Monthly Subtotal 8.0 ]
[Apr-19 __ Monthly Subtotal 0.0 ]
5/219 Work around post-emergence capital structure and equity financing alternatives 5 6
5/31/19 __ Work around post-emergence capital structure and equity financing alternatives. 4 6
[L_May-19___ Monthly Subtotal 9.0 ]

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 53
of 56


PG&E Corp.
Lazard Fréres & Co. LLC
January 29, 2019 - May 31, 2019

Chi in Tempke (Director)

Date Description of Work Hours Code
3/20/19 Review of emergence capital structure alternatives, comments 18 6
312119 Standing Advisor call 05 1
3/21/19 Review of emergence capital structure alternatives, comments 1.0 6
3/2118 Call with management re capital structure alternatives 0s 6
3/22/19 Call with management re certain assets / process 05 7
3/22/18 Tax call with management and Weil 1.0 1
3/22/19 Review of certain asset analysis, 08 7
3/25/19 Tax Structuring call with management, Weil and PWC 1.0 2
3/25/18 Tax Structuring call with Weil 05 2
3/25/19 Call with management re emergence capital structure 05 6
3/26/19 Standing Advisor call 05 1
3/26/19 Travel from NYC to SFO re creditor meetings 8.0 1
3/26/19 Internal summary on recent and upcoming meetings 08 1
3/26/18 Preparation of onboarding agenda, multiple turns 25 2
3/27/19 Preparation of onboarding agenda 08 2
3/27/19 Modeling call with PUT 1.0 1
3/27/19 Review of emergence capital structure alternatives, comments 25 6
3/2749 Call with PWP re STIP motion 05 1
3/279 Meeting with PJT re case update 15 1
3/279 Tax discussion with management 1.0 1
3/27/19 Meeting with management and advisors re emergence capital structure 1.0 6
3/28/19 Meeting with Rothschild re case update 0s 1
3/28/19 Review of PCG media coverage 05 2
3/28/19 Rothschild management presentation 2.0 1
3/28/19 Return travel from SFO to NYC 8.0 1
3/29/19 Call with Cravath re claims 05 1
3/29/19 Review of emergence capital structure alternatives, comments 18 6
3/29/19 Call with management and counsel re emergence capital structure 1.0 6
3/30/19 Internal strategy call 1.0 1
3/30/19 Preparation of onboarding agenda, distribution 1.0 2
3/31/19 Calll with Katten re retention application 05 10
3/319 Review of shareholder summary and analysis, comments 2.0 2

[ Mar-19 Monthly Subtotal 132.8 ]

4/249 Standing Advisor call 05 1
4/29 Strategy call with management, Weil and Alix 1.0 1
4/2/19 Travel to SFO for meetings 8.0 1
41319 UCC meeting 3.0 1
4/3/19 Review of capital structure alternatives, comments 15 6
4/4/19 Meeting with management, advisors to discuss board materials 1.0 1
4/4/19 Strategy meeting with management, Weil, Alix 15 1
4/4/19 Retum travel from SFO to NYC 8.0 1
4/6/19 Various emails re shareholder analysis, coordination and review 41.0 2
4/7/19 Review of board materials and comments 25 2
4/8/19 Preparation of board materials and comments 35 2
4/8/19 Claims meeting with Cravath 20 1
4/9119 Standing Advisor call 05 1
4/10/18 Capital structure analysis and comments 45 6
4/1119 Standing Advisor call 05 1
4/11/19 Capital structure analysis and comments 20 6
4/1119 Review of credit rating materials, comments 18 6
4/11/19 Status call with Rothschild 05 1
411/19 Call with management re credit rating 05 6
4/11/18 Internal meeting re emergence modeling 1.0 6
4/1218 Review of Governor's report and speech 35 2
4113/19 Review of Governor's report 1.0 2
4/12/19 Internal meeting re rating materials 05 6
414/19 Coordination call to address diligence items os 2
4115118 Various emails on coordination of future committee meetings os 1
4115/19 Review of scheduling presentation and multiple set of comments 23 2
4115/19 Review of board materials 1.0 2

Case: 19-30088 Doc# 4034-2 Filed: 09/30/19 Entered: 09/30/19 13:24:54 Page 16
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