EXHIBIT D

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 1

of 56
Category Date Name Hours Description of Task(s)

3 8/1/19 Naeem Muscatwalla 1.9 Research on historical bond trading price and volume

3 8/2/19 Matt Merkel 1.4 Updated EBITDA analysis based on actual results 

3 8/2/19 Zack Stone 1.3 Summarize various June monthly reports provided by the Debtors

3 8/3/19 Zack Stone 2.2 Summarize historical financial reporting and related disclosure documents

3 8/6/19 Brent Williams 0.7 Reviewed draft analysis of financial earnings; internal discussions

3 8/6/19 Matt Merkel 0.5 Reviewed earnings presentation template and provided comments

3 8/7/19 Alex Gebert 3.0 Draft key slides for PGE latest financial results and earnings

3 8/7/19 Alex Gebert 1.7 Review and analyze analyst reports and GRC re: upcoming earnings release

3 8/7/19 Brendan Murphy 0.8 Review and comments to updated waterfall analysis for Counsel

3 8/7/19 Erik Ellingson 1.4 Review and prepare for upcoming Utility Earnings Release

3 8/7/19 Matt Merkel 0.7 Reviewed draft of earnings release deck template

3 8/7/19 Naeem Muscatwalla 2.0 Research on historical bond detail for PG&E

3 8/8/19 Alex Gebert 0.5 Circulate and summarize internal analysis re: PG&E financials

3 8/8/19 Alex Gebert 1.2 Prepare for and summarize key items/factors for upcoming Q2 earnings release

3 8/8/19 Alex Gebert 3.5 Created TCC Presentation and related analysis re: Q2 Earnings release 

3 8/8/19 Erik Ellingson 2.7 Earning release guidance review from analysts

3 8/8/19 Erik Ellingson 3.5 Earning release from PG&E review and internal evaluation

3 8/8/19 Peter Gnatowski 1.1 Reviewed and commented on updated equity holders analysis 

3 8/9/19 Alex Gebert 0.4 Internal communications re: earnings summary and presentation

3 8/9/19 Alex Gebert 2.2 Drafted summary presentation on Q2 earnings release 

3 8/9/19 Alex Gebert 1.5 Review and analyze PG&E share price volatility 

3 8/9/19 Alex Gebert 2.2 Draft Q2 2019 earnings report summary presentation

3 8/9/19 Alex Gebert 2.0 Additional edits to Q2 2019 earnings report summary presentation 

3 8/9/19 Alex Gebert 0.5 Edits to Adj. EBITDA analysis based on earnings

3 8/9/19 Alex Stevenson 0.4 Review and analyze earnings release

3 8/9/19 Brendan Murphy 1.1 Review of PG&E Q2 Earnings Release (Press Release)

3 8/9/19 Brendan Murphy 2.8 Review of PG&E Q2 Earnings Presentation and 10Q (Detailed Financial Results)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 2

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

3 8/9/19 Erik Ellingson 2.1 Financial Analysis - EBITDA reconciliation relative to historical (additional 8-k analysis)

3 8/9/19 Erik Ellingson 1.2 Earning report summary review and comment

3 8/9/19 Erik Ellingson 2.5 Stock Analysis and Equity research review of PG&E

3 8/9/19 Matt Merkel 1.9 Reviewed earnings release

3 8/9/19 Matt Merkel 1.6 Drafted content for earnings release summary

3 8/9/19 Matt Merkel 2.3 Reviewed earnings release analysis and provided edits, and internal communication

3 8/9/19 Naeem Muscatwalla 0.6 Research previous capital raise information for PG&E

3 8/9/19 Naeem Muscatwalla 1.5 Review and prepare analysis of Debtor's Q2 earnings report

3 8/9/19 Peter Gnatowski 0.6 Reviewed Q2 financial results; internal comments re: observations and analysis

3 8/9/19 Zack Stone 2.1 Updated preferred equity analysis 

3 8/10/19 Alex Gebert 2.4 Prepared comparison analysis of PG&E earnings to prior periods

3 8/10/19 Alex Gebert 2.2 Analyzed earnings release and compared to equity analyst projections 

3 8/10/19 Alex Gebert 0.8 Prepared for and participated in internal discussions re: analyses of earnings release

3 8/10/19 Alex Gebert 2.2 Edits to earnings report summary presentation based on discussion (content)

3 8/10/19 Alex Gebert 1.8 Additional edits to earnings report summary (formatting)

3 8/10/19 Matt Merkel 1.5 Made additional direct edits to earnings release summary

3 8/10/19 Matt Merkel 1.1 Reviewed and provided edits on earning release summary

3 8/10/19 Matt Merkel 1.3 Formatting and content changes to earnings release summary

3 8/10/19 Naeem Muscatwalla 2.9 Research on capital structure of other California Utilities

3 8/10/19 Peter Gnatowski 2.7 Reviewed and modify preferred equity analysis

3 8/11/19 Brendan Murphy 2.3 Review and comment on earnings summary presentation and analysis

3 8/11/19 Riley Jacobs 1.4 Prepared financial analysis based on earnings as requested by senior banker

3 8/12/19 Brendan Murphy 1.1 Addition review and comment of summary presentation of Q2 earnings release

3 8/12/19 Matt Merkel 0.3 Researched and responded to question on DIP from senior bankers

3 8/12/19 Peter Gnatowski 1.0 Reviewed various analysis and comparables re: equity offerings

3 8/12/19 Sherman Guillema 0.5 Review of revised presentation / analysis on financing comps

3 8/13/19 Naeem Muscatwalla 1.5 Research credit terms of comparable bonds

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 3

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

3 8/13/19 Naeem Muscatwalla 2.8 Research on YTW of comparable bonds

3 8/13/19 Naeem Muscatwalla 1.3 Internal coordination regarding financing comps and edits to comps

3 8/13/19 Naeem Muscatwalla 3.2 Revision to presentation / analysis on financing comps

3 8/13/19 Naeem Muscatwalla 0.8 Research fees on comparable bankruptcy cases

3 8/13/19 Naeem Muscatwalla 0.8 Prepared analysis of Debtor's current shareholders and debt holders

3 8/13/19 Peter Gnatowski 1.8 Reviewed and commented on insurance related analysis and diligence prepared by junior banker for counsel

3 8/13/19 Sherman Guillema 0.5 Internal coordination regarding financing comps

3 8/13/19 Sherman Guillema 2.0 Review of materials regarding comparable bond issues and relevant metrics

3 8/13/19 Sherman Guillema 0.6 Research on precedent backstop fees for similar cases

3 8/14/19 Brent Williams 1.5 Review and comment on financial update to TCC re: earnings 

3 8/16/19 Erik Ellingson 2.7 Research and analyze debt and equity prices of PG&E based on recent court rulings

3 8/16/19 Erik Ellingson 1.9 Equity Research review - downgrades and updated research ratings

3 8/19/19 Naeem Muscatwalla 2.3 Researched and review equity research analysis

3 8/19/19 Peter Gnatowski 1.4 Comments to updated waterfall analysis 

3 8/19/19 Peter Gnatowski 0.5 Updates to preferred equity analysis; internal discussions with junior team re: changes

3 8/19/19 Riley Jacobs 2.0 Research and summarize equity price volatility

3 8/19/19 Sherman Guillema 1.4 Reviewed analyst research reports

3 8/20/19 Brent Williams 1.5 Review financial model and claims treatment

3 8/20/19 Erik Ellingson 2.2 CARE Program analysis and rate reduction impact on financials

3 8/20/19 Peter Gnatowski 2.0 Edits to waterfall analysis for plan proposals based on comments from BW

3 8/20/19 Peter Gnatowski 1.2 Reviewed updated analysis of preferred equity; edits re: same

3 8/20/19 Riley Jacobs 2.3 Review equity research reports on PGE

3 8/21/19 Alex Gebert 1.5 Research equity price volatility and key developments

3 8/21/19 Brendan Murphy 1.9 Review and comment on Q2 Earnings Presentation for TCC

3 8/21/19 Brent Williams 1.0 Review equity research summary and analysis

3 8/23/19 Erik Ellingson 1.4 Reviewed and summarized equity research reports

3 8/25/19 Erik Ellingson 2.4 Historical ROE metrics, and underlying drivers analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 4

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

3 8/25/19 Peter Gnatowski 2.4 Various edits to waterfall analysis based on discussions with internal team members

3 8/27/19 Sherman Guillema 1.3 Reviewed crediting rating discussion materials

3 8/27/19 Zack Stone 0.5 Preparation and participation in internal discussions related to equity research analysis

3 8/28/19 Alex Gebert 1.0 Summary of latest SEC 8-k holding filing and circulate to team re: the same

3 8/28/19 Brendan Murphy 1.1 Financial analysis for Counsel re: TCC Committee request of recovery scenarios

3 8/28/19 Brendan Murphy 1.0 Review of PG&E Q2 Earnings Presentation (Detailed Financial Results)

3 8/28/19 Zack Stone 1.1 Research utility bond pricing and holders

3 8/29/19 Alex Gebert 1.3 Preparation for and internal discussion re: business plan operating model

3 8/29/19 Alex Gebert 0.8 Upload and input cost of capital tabs in operating model

3 8/29/19 Brendan Murphy 0.8 Review of team research re: Mandatory Preferred Equity Structure

3 8/29/19 Peter Gnatowski 1.8 Reviewed latest financial model draft

3 8/29/19 Zack Stone 1.2 Research comparable preferred equity structures

3 8/29/19 Zack Stone 2.2 Additional research and anlysis on comparable preferred equity structures 

3 8/30/19 Alex Gebert 3.5 Further setup of cost of capital analysis in operating model (electric, gas, combined)

4 8/5/19 Alex Gebert 1.6 Review bi-weekly CF variance report provided by Debtor

4 8/5/19 Brendan Murphy 0.7 Review of Bi-Weekly Cash Flow Variance Report 

4 8/6/19 Alex Gebert 1.8 Update internal analysis for Debtors' latest 13wcf

4 8/6/19 Alex Gebert 0.9 Update internal analysis for Debtors' latest CF variance report

4 8/6/19 Alex Gebert 1.1 Compare prior 13wcf to latest 13wcf forecast

4 8/6/19 Alex Gebert 0.9 Review of Debtors' liquidity relative to plan

4 8/6/19 Alex Gebert 2.0 Update presentation re: to 13wcf and CF variance

4 8/6/19 Brent Williams 1.0 Review and comment on 13wcf presentation

4 8/6/19 Peter Gnatowski 1.6 Reviewed and commented on 13wcf variance and analysis presentation from AG

4 8/6/19 Peter Gnatowski 1.8 Edits to updated 13wcf presentation 

4 8/6/19 Peter Gnatowski 0.8 Reviewed bi-weekly cash flow reporting from the Debtors

4 8/8/19 Brendan Murphy 0.8 Review of 13wk CF / DIP variance analysis

4 8/8/19 Brendan Murphy 0.7 Review and comments to presentation re: CF analysis and liquidity

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 5

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

4 8/8/19 Peter Gnatowski 1.1 Addressed comments from BM re: 13wcf analysis and presentation 

4 8/11/19 Riley Jacobs 0.8 Review internal presentation on 13wcf based on questions from senior banker

4 8/15/19 Alex Gebert 0.7 Review and analysis of June MOR

4 8/15/19 Alex Gebert 0.8 Prepared analysis of third-party claims on June MOR relative to previous claims recognition 

4 8/15/19 Brendan Murphy 0.9 Review of Monthly Operating Report for June 2019 

4 8/15/19 Erik Ellingson 1.9 Monthly Operating Report review and prepared summary from financial perspective; coordination with junior 

banker

4 8/15/19 Peter Gnatowski 1.2 Reviewed and commented on June MOR analysis and presentation

4 8/16/19 Brent Williams 1.5 Review June MOR and related summary re: changes

4 8/19/19 Alex Gebert 0.6 Review and circulate Debtors' DIP/13WCF variance reporting package

4 8/19/19 Brendan Murphy 0.9 Reviewed DIP/Liquidity reporting from the Debtors

4 8/19/19 Peter Gnatowski 0.8 Reviewed 8/16 DIP reporting package; internal comments re: same

4 8/20/19 Brendan Murphy 1.3 Review and comment on 13wk CF / DIP analysis and drafted questions

4 8/21/19 Alex Gebert 2.0 Prepared variance analysis based on Debtors' latest DIP/13WCF reporting

4 8/21/19 Alex Gebert 0.5 Prepare diligence questions re: Debtors' variance results

4 8/21/19 Alex Gebert 1.9 Summary slide preparation of CF variance results and emails re: the same to senior banker

4 8/21/19 Brendan Murphy 0.7 Review of and comments to Financial Analysis re: liquidity

4 8/21/19 Peter Gnatowski 1.3 Reviewed and commented on analysis of bi-weekly DIP reporting 

4 8/21/19 Peter Gnatowski 1.0 Reviewed and commented on summary presentation of DIP / 13wcf reporting

4 8/21/19 Peter Gnatowski 0.8 Reviewed and edited updated due diligence questions to the Debtors re: DIP reporting

4 8/22/19 Alex Gebert 0.5 Edit Debtors' summary CF variance analysis based on senior level comments

4 8/22/19 Brendan Murphy 2.2 Review and comments to presentation re: DIP and Financial Analysis

4 8/22/19 Peter Gnatowski 0.8 Edits to bi-weekly DIP reporting presentation for TCC based on comments from BM

4 8/26/19 Alex Gebert 2.0 Review and circulate 13WCF and DIP variance analysis and discussion internally with senior banker

4 8/26/19 Brendan Murphy 1.7 Review and comments to presentation re: DIP and Financial Analysis

4 8/26/19 Brendan Murphy 0.4 Review of 13wk CF / DIP variance reporting package from Debtor

4 8/27/19 Alex Gebert 1.0 Analysis of Debtors' CF forecast re: future disbursements per request

4 8/27/19 Brendan Murphy 1.2 Additional review and comments to presentation re: DIP and Financial Analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 6

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

4 8/29/19 Peter Gnatowski 0.4 Reviewed July MOR report

4 8/29/19 Peter Gnatowski 1.8 Reviewed and commented on summary and analysis of MOR 

4 8/29/19 Riley Jacobs 1.5 Create presentation and analysis on MOR

4 8/30/19 Alex Gebert 1.5 Analysis of Debtors' Bi-Weekly DIP budget

4 8/30/19 Brendan Murphy 0.3 Review of July Monthly Operating Report

4 8/30/19 Brendan Murphy 0.5 Review of bi-weekly variance report via dataroom (ending 8-24-19)

4 8/30/19 Brent Williams 0.5 Review of debtors bi-weekly variance report

4 8/30/19 Peter Gnatowski 0.6 Reviewed bi-weekly cash flow and variance report from the Debtors'; internal discussions with junior bankers 

re: analysis

5 8/1/19 Erik Ellingson 1.9 Review PG&E Updated response Real Estate Diligence Request Response

5 8/1/19 Naeem Muscatwalla 1.1 Review of new items posted to TCC's data room re: financial diligence

5 8/1/19 Riley Jacobs 0.8 Preparation for and internal conversation: re outstanding Debtor diligence

5 8/2/19 Brendan Murphy 0.7 Review of PG&E 8K re: revised 2020 cost of capital request

5 8/2/19 Brendan Murphy 0.7 Review and discuss due diligence files from Debtor re: real estate analysis

5 8/2/19 Peter Gnatowski 0.5 Reviewed real estate diligence provided by the Debtors; internal discussions re: analysis

5 8/2/19 Riley Jacobs 0.8 Prep for and internal discussion re: debtor diligence materials provided

5 8/2/19 Riley Jacobs 2.3 Review work and update materials re: debtor real estate diligence

5 8/2/19 Riley Jacobs 1.8 Review and summarize Real estate diligence presentation from debtors

5 8/3/19 Riley Jacobs 1.1 Preparation for and internal call re: Debtor financial audit diligence

5 8/4/19 Riley Jacobs 3.4 Review / summarize debtor financial audit diligence

5 8/5/19 Naeem Muscatwalla 1.1 Review and circulation of new diligence items in Debtor's data room

5 8/8/19 Riley Jacobs 0.7 Internal Communications: re outstanding diligence list for Debtors 

5 8/12/19 Peter Gnatowski 0.7 Researched and summarized Debtors' insurance policies

5 8/13/19 Brendan Murphy 0.6 Diligence for Counsel re: Insurance policies

5 8/15/19 Alex Gebert 0.7 Review and circulate various documents from Debtors' data room re: monthly reporting

5 8/15/19 Brendan Murphy 1.3 Review and comment on real estate due diligence files provided by the Debtors

5 8/15/19 Naeem Muscatwalla 1.3 Review of new items posted to TCC's data room in response to diligence request lists

5 8/19/19 Brent Williams 1.5 Review corporate assets including real estate and hydroelectric assets

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 7

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

5 8/20/19 Brendan Murphy 0.5 Researched SEC Filing (10Q), filed August 9, 2019 for Counsel re: Debtors' assets

5 8/20/19 Brendan Murphy 1.3 Review of PG&E Q2 Earnings Presentation (Detailed Financial Results)

5 8/20/19 Brendan Murphy 0.3 Diligence for Counsel re: Insurance policies

5 8/21/19 Naeem Muscatwalla 1.1 Review of new items posted to TCC's data room re: diligence requests

5 8/22/19 Alex Gebert 2.1 Research insurance policies and emails re: the same

5 8/22/19 Alex Gebert 1.0 Further discussion and research re: insurance policies

5 8/22/19 Peter Gnatowski 1.1 Research re: PG&E's insurance policies and plans; discussions with AG re: same

5 8/26/19 Brendan Murphy 1.1 Review of PG&E Q2 Earnings Presentation (Changes in assets and liabilities)

5 8/28/19 Brent Williams 0.5 Review of SEC form re: PG&E ownership

5 8/28/19 Naeem Muscatwalla 1.1 Review of new items posted to TCC's data room

6 8/1/19 Brendan Murphy 2.3 Review PG&E's response(s) to Judge Alsup re: WSJ Article; internal correspondence re: analysis per counsel's 

request

6 8/1/19 Brent Williams 0.5 Review media reports re: Judge Alsup WSJ Article

6 8/1/19 Erik Ellingson 0.9 Review response WSJ article & debtor court ordered response; internal discussions re: summary

6 8/1/19 Erik Ellingson 1.3 Review junior banker work, and present debtors response to court ordered WSJ article response

6 8/1/19 Peter Gnatowski 2.0 Reviewed Debtors response to Judge's questions and WSJ article; internal coordination re: analysis

6 8/1/19 Peter Gnatowski 0.6 Research re: Wildfire liabilities and public disclosures per TCC member email 

6 8/1/19 Zack Stone 0.5 Preparation and participation in internal discussion on WSJ article response and wildfire prevention

6 8/1/19 Zack Stone 1.5 Review and summarize Debtors' response to WSJ wildfire article

6 8/2/19 Alex Gebert 1.5 Wildfire spend research per request from counsel

6 8/2/19 Brent Williams 1.2 Review PG&E response to WSJ article; internal discussions re: materials to TCC

6 8/2/19 Erik Ellingson 0.8 Wildfire safety response review and discussions with junior bankers re: presentation

6 8/3/19 Brendan Murphy 0.9 Research and analysis for Counsel re: annual wildfire mitigation spend

6 8/3/19 Peter Gnatowski 2.2 Various research re: Debtors' wildfire spend per counsel request

6 8/3/19 Peter Gnatowski 1.2 Prepared analysis re: Debtors' wildfire spend per counsel request

6 8/4/19 Brendan Murphy 1.7 Review and comment on wildfire mitigation spend analysis

6 8/4/19 Matt Merkel 3.1 Researched wildfire mitigation spend for Counsel request

6 8/4/19 Matt Merkel 2.0 Reviewed FERC filings for historical wildfire capex 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 8

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

6 8/4/19 Matt Merkel 2.8 Reviewed and comment on wildfire spend analysis

6 8/4/19 Matt Merkel 0.4 Discussions with junior bankers re: prior wildfire spend analysis

6 8/4/19 Naeem Muscatwalla 1.4 Research on historical wildfire spend

6 8/4/19 Naeem Muscatwalla 2.8 Drafted presentation on historical wildfire spend analysis

6 8/4/19 Naeem Muscatwalla 2.2 Revisions to historical wildfire spend analysis

6 8/4/19 Naeem Muscatwalla 0.6 Internal call regarding presentation on historical wildfire spend research

6 8/4/19 Peter Gnatowski 1.8 Edits to wildfire spend analysis requested by counsel; emails with junior team re: same

6 8/4/19 Riley Jacobs 2.6 Research and internal conversations re: historical wildfire mitigation spend

6 8/4/19 Riley Jacobs 1.8 Internal communications re: historical wildfire mitigation spend

6 8/4/19 Riley Jacobs 1.9 Research rate cases re: historical wildfire mitigation spend

6 8/5/19 Alex Gebert 1.0 Review and circulate summary of Debtors' wildfire safety plan update

6 8/5/19 Brendan Murphy 0.7 Internal call re: wildfire spend analysis

6 8/5/19 Brendan Murphy 1.4 Reviewed analysis and supporting documents re: wildfire mitigation spend analysis 

6 8/5/19 Brendan Murphy 0.4 Review of diligence re: 10.1.5 Wildfire Safety Plan Status Updates 

6 8/5/19 Erik Ellingson 1.0 Review Debtors' updated diligence materials to Wildfire Safety Plan 

6 8/5/19 Matt Merkel 0.8 Prepared for and participated in internal wildfire spend analysis

6 8/5/19 Matt Merkel 1.6 Drafted wildfire spend summary observations for Counsel

6 8/5/19 Peter Gnatowski 1.3 Additional research Debtors' wildfire spend per request from counsel

6 8/5/19 Peter Gnatowski 0.5 Reviewed draft summary analysis requested by counsel re: wildfire spend from MM

6 8/5/19 Peter Gnatowski 1.8 Additional research of wildfire liabilities per request by counsel

6 8/5/19 Peter Gnatowski 1.2 Prepared for and participated in internal call re: analysis for counsel re: wildfire spend

6 8/5/19 Riley Jacobs 0.9 Preparation for and internal conversation: re historical wildfire mitigation spend

6 8/5/19 Riley Jacobs 0.6 Additional research on Debtors' wildfire mitigation spend

6 8/6/19 Alex Gebert 2.0 Review and drafted summary presentation re: Debtors' Wildfire plan update

6 8/6/19 Alex Stevenson 0.2 Review wildfire safety status memo as related to financing alternatives

6 8/6/19 Brendan Murphy 1.9 Review of PG&E Report re: ‘Systemic Issues’ Required by CPUC Investigation Into 2017 Wildfires 

6 8/6/19 Brendan Murphy 0.7 Review and comment on updated wildfire spend analysis 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 9

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

6 8/6/19 Brendan Murphy 2.6 Research and analysis for Counsel re: Wildfire spend and other confidential analysis

6 8/6/19 Brent Williams 2.0 Review and comment on wildfire spend analysis for counsel 

6 8/6/19 Erik Ellingson 2.2 Review of Wildfire Safety Plan update from the Debtors; internal discussions on presentation for counsel

6 8/6/19 Erik Ellingson 1.9 Review of Debtors Response to Commissioner Order (U 39 E ) report review of VM Guidelines

6 8/6/19 Peter Gnatowski 1.0 Reviewed wildfire update from the Debtors; internal discussions re: committee update

6 8/6/19 Riley Jacobs 0.8 Research re: wildfire third party contractor spend per counsel's request

6 8/6/19 Zack Stone 1.5 Review and summarize wildfire safety plan status update

6 8/6/19 Zack Stone 2.0 Review and summarize wildfire safety plan response from the Debtors

6 8/7/19 Brendan Murphy 1.5 Research and analysis for Counsel re: Wildfire spend and other confidential analysis

6 8/7/19 Erik Ellingson 0.8 Review junior banker summary presentation and analysis of the Wildfire Safety Plan Summary

6 8/7/19 Erik Ellingson 0.8 Review the Debtors Response to Commissioner Order (U 39 E ) report review of Reclosers

6 8/7/19 Erik Ellingson 0.7 Review the Response to Commissioner Order Debtors (U 39 E ) report review of Recordkeeping

6 8/7/19 Erik Ellingson 0.9 Review the Response to Commissioner Order Debtors (U 39 E ) report review of Handling of Evidence/C-to-C 

Contact and other risks

6 8/7/19 Erik Ellingson 1.3 Review junior banker response to Commissioner Order Summary

6 8/7/19 Peter Gnatowski 1.8 Reviewed and commented on wildfire safety update presentation for TCC

6 8/7/19 Zack Stone 1.0 Edits to wildfire safety plan summary and analysis based on internal comments

6 8/13/19 Brendan Murphy 0.4 Internal discussion re: Wildfire debrief with Debtors

6 8/13/19 Erik Ellingson 2.7 Reviewed Wildfire Safety plan and status update from the Debtors

6 8/13/19 Erik Ellingson 1.2 Edits to Wildfire Safety Plan summary presentation re: vegetation commentary

6 8/14/19 Alex Gebert 1.5 Comments on wildfire safety plan summary and analysis

6 8/14/19 Brent Williams 2.5 Review and comment on Wildfire Safety Update presentation

6 8/14/19 Erik Ellingson 1.8 Edits to Wildfire Safety presentation re: system hardening metrics and document review

6 8/14/19 Erik Ellingson 1.7 Edits to Wildfire Safety presentation re: staffing and capex update

6 8/14/19 Erik Ellingson 2.6 Incorporated Monitor Report observations into Wildfire Safety presentation

6 8/14/19 Erik Ellingson 1.0 Review of updated Wildfire Summary presentation

6 8/14/19 Erik Ellingson 1.7 Monitor Report Review and Summary Guidance

6 8/14/19 Peter Gnatowski 2.1 Drafted summary observations of wildfire meeting with Debtors and metric updates

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 10

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

6 8/14/19 Peter Gnatowski 0.5 Discussions with junior bankers re: preparing wildfire update to TCC 

6 8/14/19 Peter Gnatowski 2.0 Reviewed and commented on draft wildfire update presentation

6 8/15/19 Alex Gebert 1.0 Review and circulate Monitor's Report

6 8/15/19 Brendan Murphy 1.1 Reviewed and commented on wildfire update presentation based on updates from the Debtors

6 8/15/19 Brendan Murphy 2.3 Review of Monitor’s Report re: Wildfire; internal comments re: analysis and observations

6 8/15/19 Brent Williams 3.5 Review Wildfire Monitor’s Report and related summary analysis

6 8/15/19 Erik Ellingson 2.8 Additional wildfire budget analysis, reporting, and WSP analysis

6 8/15/19 Peter Gnatowski 1.8 Edits to Wildfire update presentation 

6 8/15/19 Peter Gnatowski 1.0 Reviewed monitor' report re: Debtors' wildfire management; internal discussions re: same

6 8/15/19 Peter Gnatowski 0.8 Reviewed various motions including wildfire assistance program criteria motion

6 8/16/19 Brendan Murphy 0.9 Reviewed and commented on updated wildfire update presentation 

6 8/16/19 Brendan Murphy 0.8 Review of Wildfire Safety Plan Status Updates provided by the Debtors

6 8/16/19 Brendan Murphy 1.7 Reviewed and comment on updated wildfire safety presentation to include Monitor Report

6 8/16/19 Erik Ellingson 1.1 Additional wildfire reporting metrics analysis based on internal comments

6 8/16/19 Erik Ellingson 1.9 Final review of TCC wildfire safety plan update

6 8/16/19 Peter Gnatowski 1.8 Reviewed and commented on summary presentation of monitor report

6 8/16/19 Peter Gnatowski 1.5 Reviewed Debtors' Wildfire Status Update report; internal discussions re: summary and presentation

6 8/16/19 Riley Jacobs 2.3 Circulate and review debtors Wildfire safety plan update

6 8/19/19 Brendan Murphy 2.3 Review of and comments to Financial Analysis re: wildfire spend

6 8/19/19 Brendan Murphy 1.0 Research and analysis for Counsel re: Wildfire spend and other confidential analysis

6 8/19/19 Erik Ellingson 2.9 Review of Phase II comments on the Wildfire mitigation plan - CPUC

6 8/19/19 Erik Ellingson 1.2 Incorporation review, and analysis sparked from WSJ wildfire articles

6 8/19/19 Zack Stone 3.0 Update WSP presentation for August 13th Debtor presentation re: Wildfire Safety

6 8/20/19 Brendan Murphy 1.1 Reviewed updated WSP presentation based on new information provided by the Debtors 

6 8/20/19 Brendan Murphy 1.5 Reviewed notes and presentation provided by Debtors on WSP 

6 8/20/19 Brent Williams 2.0 Wildfire Safety review of new updates from the Debtors

6 8/20/19 Erik Ellingson 1.7 Additional feedback and review of Monitor report relative to CPUC guidelines

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 11

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

6 8/20/19 Peter Gnatowski 1.8 Additional updates to wildfire update presentation for counsel

6 8/20/19 Riley Jacobs 2.0 Research NorthStar report and monitoring report per request from senior banker

6 8/20/19 Riley Jacobs 1.4 Review wildfire assistance program update

6 8/20/19 Riley Jacobs 0.5 Review internal notes re: call with external FA on wildfire mitigation

6 8/20/19 Zack Stone 0.5 Read and review relevant filings re: vegetation management progress reports

6 8/21/19 Brendan Murphy 0.8 Review of Monitor’s Report re: Wildfire, for Counsel's Questions

6 8/21/19 Zack Stone 1.5 Additional edits to WSP presentation for August 13th Debtor presentation re: Wildfire Safety

6 8/22/19 Alex Gebert 0.6 Review, circulate, and summarize Debtors' phase 2 wildfire mitigation plan

6 8/22/19 Brendan Murphy 1.3 Review and comments to TCC Presentation re: Wildfire Safety Plan and Monitors Report

6 8/22/19 Erik Ellingson 1.5 Additional review and incorporation of wildfire summary in the TCC Summary Presentation

6 8/22/19 Erik Ellingson 1.8 TCC Meeting Wildfire Deck Preparation

6 8/22/19 Peter Gnatowski 1.7 Additional review of monitor report and continued editing of wildfire presentation for TCC

6 8/22/19 Peter Gnatowski 1.1 Emails with junior bankers re: additional wildfire analysis and summary; reviewed updated analysis

6 8/22/19 Peter Gnatowski 0.5 Reviewed counsel's memo re: wildfire update

6 8/22/19 Zack Stone 1.5 Update WSP presentation for Q2 earnings information re: STIP and wildfire metrics

6 8/23/19 Alex Gebert 0.4 Review and circulate Monitors report and internal discussion re: the same

6 8/23/19 Alex Gebert 0.9 Review and circulate VM inspections report

6 8/23/19 Brendan Murphy 1.6 Review and comments on updated TCC Presentation re: Wildfire Safety Plan and Monitors Report

6 8/23/19 Brendan Murphy 0.8 Review K&E Monitor Team Inspection Deck

6 8/23/19 Brendan Murphy 0.7 Read CPUC Scoping Ruling in Connection With Proceeding on Potential PG&E Violations

6 8/23/19 Brent Williams 1.0 Review wildfire safety presentation to the TCC

6 8/23/19 Erik Ellingson 1.3 Review and incorporation of additional Fed Monitor information into presentation

6 8/23/19 Peter Gnatowski 0.3 Emails and discussions with junior bankers re: additional analysis for wildfire updated presentation

6 8/23/19 Peter Gnatowski 1.2 Addressed comment from BM to TCC Wildfire update presentation; internal discussions with BM re: 

deliverables

6 8/23/19 Zack Stone 3.5 Update and address comments on WSP presentation

6 8/23/19 Zack Stone 1.2 Read, review, and circulate relevant WSP article

6 8/24/19 Erik Ellingson 0.9 Additional edits to wildfire presentation based on internal comments

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 12

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

6 8/24/19 Peter Gnatowski 1.4 Reviewed and commented on updated wildfire analysis

6 8/25/19 Zack Stone 1.0 Internal communications and updates to WSP presentation

6 8/26/19 Brendan Murphy 2.8 Review and comments to TCC Presentation re: Wildfire Safety Plan and Monitors Report

6 8/26/19 Brendan Murphy 1.8 Read Debtors' response re: Phase 2 of Wildfire Mitigation Plan CPUC Proceeding and update in WSP 

presentation

6 8/26/19 Brent Williams 1.0 Review and comment on Wildfire Safety update presentation

6 8/26/19 Peter Gnatowski 1.2 Updated TCC Wildfire update presentation with new analysis 

6 8/26/19 Peter Gnatowski 1.5 Final edits to TCC wildfire update presentation based on comments from BM

6 8/26/19 Zack Stone 0.5 Additional updates to WSP presentation

6 8/28/19 Peter Gnatowski 0.2 Reviewed news releases and PG&E press release re: PSPS and wildfire safety

7 8/1/19 Brendan Murphy 0.4 Correspondence with Debtors re: Motion to Supplement Schedules

7 8/5/19 Brendan Murphy 0.8 Preparation for and call with Debtors re: KEIP and CEO Motions

7 8/13/19 Brendan Murphy 4.4 Preparation for and meeting with Debtors re: Wildfire Update and Tour

7 8/13/19 Peter Gnatowski 4.5 Prepared for and attended wildfire safety meeting at PG&E

7 8/20/19 Alex Gebert 1.0 Prepare for and participate in call with FAs 

7 8/20/19 Alex Gebert 1.9 Drafts summary points based on call with FAs and circulate to the team

7 8/20/19 Brendan Murphy 0.9 Preparation for and participation on call with Debtors/UCC re: Wildfire Update

7 8/20/19 Peter Gnatowski 1.0 Prepared for and participated in call with the Debtors and UCC advisors

7 8/27/19 Brendan Murphy 0.4 Correspondence with Debtor re: Insurance questions / diligence requests

7 8/27/19 Brendan Murphy 0.3 Correspondence with Debtor re: Operating Forecast Roll-Out Meeting

7 8/30/19 Brendan Murphy 0.5 Call with Debtor re: Operating Forecast and Meeting

7 8/30/19 Brendan Murphy 0.7 Preparation and call with Debtor re: Asset Sales Motion / Claims Settlement Motion

7 8/30/19 Brent Williams 0.5 Call with debtor re: business plan 

7 8/30/19 Peter Gnatowski 0.7 Prepared for and participated in call with the Debtors' re: de minimis claims and asset motion

7 8/31/19 Erik Ellingson 0.8 Prepare for and participate in call with Alix Partners re: de minimis asset sale and claims motions

9 8/1/19 Brent Williams 0.5 Call with interested party re: case items

9 8/2/19 Brent Williams 0.5 Call with interested party re: case items

9 8/2/19 Brent Williams 0.7 Call with interested party re: potential plans

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 13

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

9 8/6/19 Alex Stevenson 2.0 Prepare for and participate in call with CPUC advisors

9 8/6/19 Brendan Murphy 2.1 Preparation for and meeting with Interested Party re: case strategy

9 8/6/19 Brent Williams 2.0 Meeting with Baker, CPUC and Governor’s Counsel

9 8/7/19 Brendan Murphy 0.6 Discussion with Interested Party re: term sheet

9 8/8/19 Brendan Murphy 0.6 Preparation for and call with Interested Party re: case issues

9 8/11/19 Alex Stevenson 0.5 Participate in call with Subrogation group advisors

9 8/11/19 Brent Williams 0.5 Call with interested party re: case items

9 8/12/19 Brent Williams 0.5 Call with interested party re: plan progression

9 8/14/19 Brendan Murphy 0.5 Preparation for and discussion with Interested Party re: case issues

9 8/16/19 Brent Williams 1.0 Calls with interest parties re: case issues and mutual interests

10 8/1/19 Brendan Murphy 0.3 Correspondence with Counsel re: Motion to Supplement Schedules

10 8/1/19 Brendan Murphy 1.9 Support and analysis for TCC Counsel re: PG&E First Quarter Financial Report

10 8/1/19 Brendan Murphy 0.8 Analysis and summary for Counsel re: Subro claims / holdings

10 8/1/19 Brent Williams 0.9 Call with counsel re: competing plan protocol

10 8/2/19 Brendan Murphy 0.6 Correspondence and discussion with Counsel re: Discovery document on Wildfire Claims / Treatment

10 8/2/19 Brendan Murphy 0.9 Review of Deposition for Counsel re: James Mesterharm 

10 8/4/19 Brendan Murphy 0.8 Research for Counsel re: Confidential matters

10 8/5/19 Alex Stevenson 0.3 Review and discuss internally correspondence from counsel re: potential asset sale

10 8/5/19 Brendan Murphy 0.4 Internal summary of notes for Counsel re: KEIP and CEO Motions

10 8/6/19 Brendan Murphy 0.3 Discussion with Counsel re: Estimation Brief

10 8/6/19 Brendan Murphy 0.6 Correspondence and discussion with Counsel re: insurance policy overview 

10 8/7/19 Alex Stevenson 0.7 Preparation for and participation in call with counsel re: asset sale 

10 8/7/19 Brent Williams 0.5 Correspondence with counsel on government claims and impact to TCC

10 8/7/19 Brent Williams 0.5 Call with counsel re: CCAs

10 8/8/19 Brendan Murphy 0.9 Correspondence and discussion with Counsel re: case strategy

10 8/8/19 Brendan Murphy 0.3 Correspondence with Counsel re: Draft motions from the Debtor

10 8/8/19 Brent Williams 0.5 Correspondence with Counsel re: Subro term sheet

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 14

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

10 8/9/19 Brent Williams 1.0 Preparation for and call with counsel on Knighthead term sheet analysis

10 8/12/19 Brendan Murphy 0.8 Correspondence and discussion with Counsel re: term sheets and case strategy

10 8/12/19 Brent Williams 0.5 Correspondence to counsel re: UCC proposed timeline on estimation

10 8/12/19 Brent Williams 0.7 Call with counsel re: plan timeline

10 8/12/19 Brent Williams 1.0 Discussions with counsel re: UCC protocol timeline

10 8/12/19 Peter Gnatowski 0.8 Prepared for and participated in call with counsel re: plan process

10 8/13/19 Brendan Murphy 0.5 Correspondence with Counsel re: Business Plan

10 8/13/19 Brent Williams 0.5 Correspondence to counsel re: business plan timing

10 8/15/19 Alex Gebert 1.0 Sort and summarize production information on Debtors' data room per Counsel's request

10 8/15/19 Alex Stevenson 0.2 Call with counsel re: asset sale issues

10 8/15/19 Brent Williams 0.5 Call with counsel re: TCC call

10 8/16/19 Brendan Murphy 0.8 Correspondence and discussion with Counsel re: discovery documents

10 8/16/19 Brendan Murphy 0.6 Correspondence and discussion with Counsel re: business plan update

10 8/16/19 Brent Williams 0.5 Correspondence to counsel re: business plan timing update

10 8/16/19 Peter Gnatowski 0.5 Reviewed files and data room re: production per counsel's request

10 8/17/19 Brendan Murphy 0.3 Discussion with Counsel re: Effect of Exclusivity Ruling

10 8/17/19 Brent Williams 0.8 Correspondence to counsel – Court Rulings

10 8/19/19 Alex Stevenson 0.5 Call with counsel re: asset sale proceeds allocation

10 8/19/19 Brent Williams 1.5 Correspondence to counsel and committee members re: Suborn proposal 

10 8/20/19 Brendan Murphy 0.2 Correspondence with Counsel re: Business Plan

10 8/20/19 Brent Williams 1.0 Correspondence with counsel and committee members re: working group

10 8/21/19 Brendan Murphy 0.3 Correspondence with Counsel re: Insurance Policies and related diligence

10 8/21/19 Brendan Murphy 0.4 Correspondence with Counsel re: Wildfire spend

10 8/21/19 Brent Williams 1.5 Correspondence and correspondence with committee members regarding Suborn proposal.

10 8/21/19 Brent Williams 0.5 Call with counsel re: Suborn proposal.

10 8/22/19 Alex Stevenson 0.8 Correspondence with counsel re: AB235

10 8/22/19 Brent Williams 0.5 Call with counsel re: estimation process 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 15

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

10 8/22/19 Brent Williams 1.1 Correspondence with counsel re: AB235; reviewed internal summary

10 8/22/19 Matt Merkel 1.1 Prepared for and participated in call with Jerry Bloom on AB235 amendments

10 8/22/19 Sherman Guillema 0.8 Prepared for and participated in call with counsel on AB235 amendments

10 8/23/19 Brendan Murphy 0.6 Correspondence with Counsel re: negotiations and status update

10 8/23/19 Brent Williams 0.5 Call with counsel re: estimation process and timeline 

10 8/23/19 Brent Williams 0.5 Prepare for and call with counsel re: plan proposals

10 8/23/19 Brent Williams 0.5 Call with counsel re: proposals and analysis for sub-committee

10 8/23/19 Matt Merkel 0.1 Call with counsel re: AB235

10 8/24/19 Brent Williams 0.5 Correspondence with counsel re: plan proposals and recovery

10 8/25/19 Alex Stevenson 2.3 Prepare for and participate in call with counsel re: AB235 implications

10 8/25/19 Brendan Murphy 1.8 Financial analysis for Counsel re: TCC Committee request of scenarios

10 8/25/19 Brent Williams 0.5 Correspondence with counsel re: scenarios under plans per counsel's request

10 8/25/19 Matt Merkel 1.6 Prepared for and participated in call with Jerry Bloom re: regulatory items

10 8/26/19 Brent Williams 1.0 Correspondence with counsel regarding AB235

10 8/27/19 Brendan Murphy 0.9 Correspondence and discussion with Counsel re: De minimis asset sale and settlement procedures

10 8/27/19 Brent Williams 0.5 Correspondence with counsel re: plan process

10 8/27/19 Brent Williams 0.5 Review Baker comments on AB235

10 8/28/19 Brent Williams 0.5 Correspondence with counsel re: TCC meeting

10 8/29/19 Brendan Murphy 0.4 Correspondence and discussion with Counsel re: De minimis asset sale and settlement procedures based on 

discussions with Debtors

10 8/30/19 Brendan Murphy 0.4 Correspondence with Counsel re: Asset Sales Motion / Claims Settlement Motion

10 8/30/19 Brent Williams 0.5 Correspondence with counsel re: timing of business plan

11 8/1/19 Brendan Murphy 0.5 Research for Counsel re: Household claim data

11 8/1/19 Peter Gnatowski 0.6 Discussions with junior bankers re: additional analysis for declaration

11 8/1/19 Peter Gnatowski 1.2 Reviewed additional analysis prepared by junior banker re: PG&E securities

11 8/1/19 Peter Gnatowski 2.5 Reviewed and edits to BW declaration re: PG&E securities

11 8/1/19 Peter Gnatowski 1.8 Additional edits to BW declaration re: PG&E securities

11 8/1/19 Riley Jacobs 2.3 Research additional securities analysis for declaration per senior banker feedback

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 16

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

11 8/1/19 Riley Jacobs 2.6 Internal communication and additional edits to TCC declaration and excel

11 8/1/19 Riley Jacobs 2.0 Draft and compile exhibits for TCC securities declaration

11 8/1/19 Riley Jacobs 2.1 Edits to exhibits for TCC securities declaration

11 8/2/19 Brendan Murphy 2.8 Research and Analysis for Counsel re: Data for Declaration and Response Pleading

11 8/2/19 Brendan Murphy 2.1 Reviewed and comment to BW declaration for counsel 

11 8/2/19 Peter Gnatowski 2.4 Continued edits and write-up of BW declaration re: PG&E securities

11 8/2/19 Peter Gnatowski 0.8 Discussions with junior bankers re: various analysis and research on PG&E securities

11 8/2/19 Peter Gnatowski 1.0 Edits to declaration based on comments from BM

11 8/2/19 Peter Gnatowski 2.3 Edits and updates to BW declaration re: analysis prepared from junior team

11 8/2/19 Riley Jacobs 2.4 Internal conversation and edits to TCC declaration

11 8/2/19 Riley Jacobs 1.6 Revise exhibits for TCC declaration

11 8/2/19 Riley Jacobs 1.7 Internal discussion and additional edits to TCC declaration based on senior banker comments

11 8/3/19 Brendan Murphy 2.4 Research and Analysis for Counsel re: Data for Declaration and Response Pleading

11 8/3/19 Brent Williams 2.5 Review and comment on declaration

11 8/5/19 Peter Gnatowski 1.2 Edits to summary securities analysis to counsel

11 8/6/19 Brendan Murphy 1.8 Reviewed and edited updated BW declaration for counsel

12 8/1/19 Alex Stevenson 2.7 Prepare for and participate in call with the TCC

12 8/1/19 Brendan Murphy 3.0 Preparation for and participation on TCC Committee call/meeting

12 8/1/19 Brent Williams 2.8 Prepare for and participate in committee meeting call

12 8/1/19 Peter Gnatowski 3.0 Prepare for and participate in TCC weekly meeting

12 8/8/19 Alex Gebert 1.5 Draft and review of committee presentation for upcoming meeting re: term sheets

12 8/8/19 Brendan Murphy 0.8 Review of TCC Presentation and related comments re: Knighthead and Abrams proposal(s)

12 8/8/19 Peter Gnatowski 1.4 Edits to TCC presentation on Knighthead proposal based on internal comments

12 8/8/19 Peter Gnatowski 2.9 Additional edits to Knighthead term sheet analysis; internal emails re: same

12 8/11/19 Naeem Muscatwalla 1.0 Review and circulate new documents posted to TCC's data room 

12 8/15/19 Alex Stevenson 3.0 Prepare for and participate in Committee call

12 8/15/19 Brendan Murphy 3.3 Preparation for and participation on TCC Committee call (telephonic)

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 17

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

12 8/15/19 Brent Williams 3.0 Prepare for and participate in TCC call

12 8/15/19 Peter Gnatowski 3.1 Prepared for and participated in TCC call

12 8/18/19 Brent Williams 1.0 Call with committee members

12 8/22/19 Alex Stevenson 2.0 Prepare for and participate in TCC call

12 8/22/19 Brendan Murphy 2.0 Preparation for and participation on TCC Committee Call

12 8/22/19 Brendan Murphy 1.0 Internal discussion w BW re: TCC Strategy and on-going negotiations

12 8/22/19 Brent Williams 1.2 Internal discussion re: term sheet negotiations; reviewed updated analysis

12 8/22/19 Brent Williams 2.0 Prepare for and participate in TCC call

12 8/22/19 Peter Gnatowski 2.2 Prepared for and participated in TCC Call

12 8/23/19 Alex Gebert 1.9 Prepare for and participate in sub-committee call re: plan proposals

12 8/23/19 Alex Stevenson 1.0 Prepare for and participate in subcommittee TCC call

12 8/23/19 Brendan Murphy 0.5 Internal correspondence with senior banker re: TCC Meeting and deliverables

12 8/23/19 Brendan Murphy 1.0 Preparation for and participation on TCC Sub-Committee call re: term sheets / proposals

12 8/23/19 Brent Williams 0.5 Call with internal team re: subcommittee meeting and presentation 

12 8/23/19 Brent Williams 1.2 Prepare for and call with committee members re: plan proposals

12 8/23/19 Peter Gnatowski 1.0 Prepared for and participated in TCC sub-committee call

12 8/24/19 Brent Williams 0.5 Emails with committee members re: plan proposals

12 8/26/19 Brendan Murphy 0.4 Internal correspondence re: TCC Meeting and deliverables

12 8/26/19 Brent Williams 1.2 Correspondence with committee members regarding AB235 implications on PG&E

12 8/26/19 Naeem Muscatwalla 1.3 Review of new items posted to TCC's data room by counsel

12 8/27/19 Brent Williams 1.0 Internal correspondence re: observations on materials and analyses for committee meeting

12 8/27/19 Peter Gnatowski 1.8 Reviewed and comment on final update presentation for TCC meeting

12 8/27/19 Zack Stone 1.0 Finalize materials for TCC meeting

12 8/28/19 Alex Stevenson 8.0 Participate in TCC in person meeting

12 8/28/19 Alex Stevenson 0.8 Coordinate with AS re: plan negotiations

12 8/28/19 Brendan Murphy 2.1 Preparation for TCC in-person meeting on 8/29, review of presentations for TCC 

12 8/28/19 Brendan Murphy 0.8 Internal discussion w AS re: TCC Strategy and on-going negotiations

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 18

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

12 8/28/19 Brent Williams 1.5 Review and comment on TCC committee presentation materials

12 8/29/19 Brendan Murphy 8.0 TCC in-person committee meeting in Santa Rosa

12 8/29/19 Brent Williams 8.0 Prepare for and site visit to north bay fire area and in-person committee meeting

12 8/29/19 Peter Gnatowski 3.5 Prepared for and participated in TCC meeting (only telephonic portion)

12 8/30/19 Brendan Murphy 0.5 Internal correspondence w BW re: settlement discussions

12 8/30/19 Brent Williams 0.5 Discussions with BM re: negotiations on plan

13 8/1/19 Riley Jacobs 1.3 Researched, summarized and circulated relevant dockets internally

13 8/2/19 Alex Gebert 1.0 Review pleadings and news releases re: case updates

13 8/2/19 Alex Stevenson 0.4 Review press releases and pleadings re: Company interests

13 8/2/19 Brendan Murphy 0.6 Review of Alix Partners' June fee statement

13 8/2/19 Naeem Muscatwalla 1.5 Review of public news / articles on PG&E filing

13 8/2/19 Riley Jacobs 2.0 Researched, summarized and circulated relevant dockets internally

13 8/5/19 Alex Stevenson 0.4 Review pleadings re: energy procurements

13 8/5/19 Alex Stevenson 0.2 Review critical dates for proceedings

13 8/5/19 Brendan Murphy 0.4 Review of Debtors Response to Telephonic Discovery Conference

13 8/5/19 Brent Williams 0.4 Review of Suborn letter to Judge Montali

13 8/5/19 Riley Jacobs 2.2 Researched, summarized and circulated relevant dockets internally

13 8/5/19 Sherman Guillema 2.0 Reviewed various exclusivity and energy procurement pleadings

13 8/5/19 Sherman Guillema 1.5 Review key news articles re case events

13 8/5/19 Zack Stone 2.0 Researched and reviewed relevant dockets/news articles re: various motions on exclusivity

13 8/6/19 Brendan Murphy 0.6 Review of Pleading re: Debtors Objection to Motion to Terminate Exclusivity

13 8/6/19 Brendan Murphy 0.5 Review of Pleading re: UCC / Shareholders Objection to Motion to Terminate Exclusivity

13 8/6/19 Brent Williams 1.0 Review Debtor’s Objection to Suborn motion on exclusivity

13 8/6/19 Naeem Muscatwalla 1.1 Review of public news / articles on PG&E filing

13 8/6/19 Peter Gnatowski 0.7 Reviewed Debtors reply to terminate exclusivity; internal emails re: same

13 8/6/19 Riley Jacobs 2.4 Researched, summarized and circulated relevant dockets internally

13 8/6/19 Sherman Guillema 1.0 Review of public news / articles on PG&E filing

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 19

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

13 8/6/19 Sherman Guillema 3.0 Review pleadings and news articles re case events

13 8/6/19 Zack Stone 1.5 Researched and reviewed relevant dockets/new articles re: exclusivity

13 8/7/19 Alex Gebert 0.5 Review of Knighthead equity holdings

13 8/7/19 Alex Gebert 0.7 Review, summarize, circulate PG&E press releases

13 8/7/19 Alex Stevenson 0.2 Review Lazard fee statement and comment

13 8/7/19 Alex Stevenson 1.0 Review pleadings and press releases related to exclusivity

13 8/7/19 Brendan Murphy 0.4 Review of Pleading re: Columbus Hill Objection to Terminate Exclusivity 

13 8/7/19 Brendan Murphy 0.4 Review of filings and related support re: Lazard May Fee Statement

13 8/7/19 Brendan Murphy 0.3 Review of filings re: Keller and Benvenutti June Fee Statement

13 8/7/19 Brendan Murphy 0.4 Review of Pleading re: Discovery Order

13 8/7/19 Brent Williams 1.0 UCC and Shareholder Response to Suborn Motion on exclusivity

13 8/7/19 Naeem Muscatwalla 0.9 Reviewed and circulated key public news / articles on PG&E filing

13 8/7/19 Riley Jacobs 3.1 Researched, summarized and circulated relevant dockets internally

13 8/7/19 Sherman Guillema 1.0 Review of public news / articles on PG&E filing

13 8/7/19 Sherman Guillema 3.0 Review pleadings and news articles re case events

13 8/7/19 Zack Stone 1.5 Read and review relevant dockets re: equity holder public filings; summarized internally

13 8/8/19 Brendan Murphy 0.4 Review of Pleadings re: SLF Claimants response to Noteholders motion

13 8/8/19 Brendan Murphy 0.8 Review of 2019 PG&E Restructuring Roadmap from Debtwire

13 8/8/19 Brendan Murphy 0.9 Review of public news reports / 13D re: Knighthead and Abrams proposal(s)

13 8/8/19 Brent Williams 1.0 Review Fire Victims Joinder to TCC

13 8/8/19 Naeem Muscatwalla 1.1 Researched and circulated research reports

13 8/8/19 Naeem Muscatwalla 1.1 Review of public news / articles on PG&E filing

13 8/8/19 Riley Jacobs 2.3 Researched, summarized and circulated relevant dockets internally

13 8/8/19 Sherman Guillema 1.0 Review of public news / articles on PG&E filing

13 8/8/19 Sherman Guillema 0.8 Reviewed and circulation of Analyst research reports on Debtor

13 8/9/19 Alex Stevenson 0.4 Review of news articles on PG&E

13 8/9/19 Brendan Murphy 0.3 Review of filings re: Cravath April Fee Application

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 20

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

13 8/9/19 Brent Williams 0.5 Review media reports re: latest financial results and outlook

13 8/9/19 Riley Jacobs 2.9 Researched, summarized and circulated relevant dockets internally

13 8/12/19 Alex Gebert 1.0 Review and circulation of company filings and updates

13 8/12/19 Alex Stevenson 0.6 Review Debtors reply to exclusivity termination motions

13 8/12/19 Naeem Muscatwalla 0.7 Reviewed and circulated key public news / articles on PG&E filing

13 8/12/19 Peter Gnatowski 0.8 Reviewed Debtors' reply re: termination exclusivity; internal emails re: same

13 8/12/19 Peter Gnatowski 0.2 Reviewed news and press releases re: knighthead commitment

13 8/12/19 Riley Jacobs 2.4 Researched, summarized and circulated relevant dockets internally

13 8/13/19 Alex Stevenson 0.4 Review pleadings and news releases including termination of exclusivity

13 8/13/19 Brent Williams 1.0 Review termination of exclusivity motions

13 8/13/19 Brent Williams 0.5 Review media reports re: financial update and plan status

13 8/13/19 Brent Williams 0.5 Review media reports re: competing plan term sheets

13 8/13/19 Naeem Muscatwalla 1.3 Reviewed and circulated key public news / articles on PG&E filing

13 8/13/19 Riley Jacobs 1.8 Researched, summarized and circulated relevant dockets internally

13 8/14/19 Matt Merkel 0.5 Review of recent docket filings re: Utility CEO and plan term sheets

13 8/14/19 Naeem Muscatwalla 1.0 Reviewed and circulated key public news / articles on PG&E filing

13 8/14/19 Riley Jacobs 0.9 Researched, summarized and circulated relevant dockets internally

13 8/15/19 Alex Stevenson 0.6 Review pleadings and news releases including Debtors' statement on plan

13 8/15/19 Brent Williams 1.8 Review Debtor’s Supplemental Statement on POR

13 8/15/19 Erik Ellingson 0.8 Review Order and impact of Denying Exclusivity to Subro

13 8/15/19 Erik Ellingson 0.7 Review Order and impact of Denying Exclusivity to Noteholders

13 8/15/19 Peter Gnatowski 0.5 Reviewed various docket motions including contractor motion 

13 8/15/19 Riley Jacobs 1.8 Researched, summarized and circulated relevant dockets internally

13 8/16/19 Alex Gebert 1.3 Review, summarize, circulate decision re: exclusivity

13 8/16/19 Alex Stevenson 0.4 Review rulings on exclusivity and stay relief

13 8/16/19 Alex Stevenson 0.3 Correspondence with team re: court rulings on exclusivity and stay relief

13 8/16/19 Brendan Murphy 0.7 Internal discussion(s) re: Montali ruling and impact to TCC

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 21

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

13 8/16/19 Brendan Murphy 0.4 Review of Pleading re: Montali Denies Motions to Terminate Exclusivity

13 8/16/19 Brent Williams 1.0 Internal discussion and analysis of exclusivity

13 8/16/19 Riley Jacobs 2.6 Researched, summarized and circulated relevant dockets internally

13 8/19/19 Alex Stevenson 0.2 Review pleadings and news releases re: plans of reorganization

13 8/19/19 Brendan Murphy 0.3 Internal correspondence re: stock volatility and news

13 8/19/19 Brent Williams 0.5 Review media reports re: exclusivity and competing plans

13 8/19/19 Peter Gnatowski 0.2 Reviewed critical dates memo from counsel

13 8/19/19 Riley Jacobs 2.3 Researched, summarized and circulated relevant dockets internally

13 8/19/19 Zack Stone 1.0 Review of public news / articles on PG&E market movements

13 8/20/19 Brendan Murphy 0.3 Review of filing re: Cravath May Fee Application

13 8/20/19 Riley Jacobs 2.2 Researched, summarized and circulated relevant dockets internally

13 8/21/19 Brendan Murphy 0.6 Read August 13 / 14 hearing transcripts

13 8/21/19 Riley Jacobs 2.0 Researched, summarized and circulated relevant dockets internally

13 8/21/19 Zack Stone 0.5 Read and review relevant filings re: hearing transcripts

13 8/22/19 Alex Gebert 0.5 Review, summarize, circulate Debtors' CARE program and related press release

13 8/22/19 Brendan Murphy 0.7 Review of TCC Pleadings filed under seal from Counsel

13 8/22/19 Naeem Muscatwalla 0.9 Review of public news / articles on PG&E filing

13 8/22/19 Peter Gnatowski 0.4 Reviewed Debtors' response to shorten time on business plan; internal emails re: same

13 8/22/19 Peter Gnatowski 0.8 Reviewed various news releases re: PG&E bond securitization; internal discussions re: same

13 8/22/19 Riley Jacobs 1.7 Researched, summarized and circulated relevant dockets internally

13 8/22/19 Riley Jacobs 1.9 Search for and review media articles on AB-235 and proposed amendment

13 8/22/19 Zack Stone 0.5 Read, review, and circulate relevant articles and news sources

13 8/23/19 Alex Stevenson 0.6 Review pleadings and news releases re: Ad Hoc interests

13 8/23/19 Alex Stevenson 0.8 Review PGE request for rehearing on 451 and related responses from TURN 

13 8/23/19 Brendan Murphy 0.5 Read CPUC Stress Test Framework 

13 8/23/19 Brent Williams 1.0 Review media reports re: AB 235 and plan

13 8/23/19 Naeem Muscatwalla 0.8 Review of public news / articles on PG&E filing

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 22

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

13 8/23/19 Naeem Muscatwalla 1.3 Review and circulation of CPUC stress test proposal

13 8/23/19 Peter Gnatowski 0.3 Reviewed various news articles including CPUC investigation

13 8/23/19 Riley Jacobs 1.4 Researched, summarized and circulated relevant dockets internally

13 8/26/19 Alex Gebert 1.0 Review pleadings and news releases re: AB235 and case updates

13 8/26/19 Brent Williams 0.5 Review Suborn response on status conference

13 8/26/19 Peter Gnatowski 0.9 Reviewed various filings including subrogation and Debtors statements on status conference and Court Order 

on AB1054

13 8/26/19 Peter Gnatowski 0.2 Reviewed news articles and third party research reports re: AB 235

13 8/26/19 Riley Jacobs 2.2 Researched, summarized and circulated relevant dockets internally

13 8/26/19 Sherman Guillema 0.5 Reviewed status conference statements 

13 8/26/19 Zack Stone 0.5 Reviewed Debtors and subro status statements 

13 8/27/19 Brendan Murphy 0.3 Review of critical dates memo from Counsel

13 8/27/19 Riley Jacobs 1.0 Researched, summarized and circulated relevant dockets internally

13 8/28/19 Alex Gebert 0.7 Review pleadings and news releases re: case and regulatory environment

13 8/28/19 Brendan Murphy 0.4 Review of Weil June fee statement

13 8/28/19 Riley Jacobs 2.0 Researched, summarized and circulated relevant dockets internally

13 8/30/19 Alex Gebert 1.2 Review Fee Examiners updated protocol; summary observations and requirements to team

13 8/30/19 Riley Jacobs 1.6 Researched, summarized and circulated relevant dockets internally

14 8/1/19 Naeem Muscatwalla 4.0 Review and summary of PPA rulings in precedent bankruptcy cases

14 8/1/19 Naeem Muscatwalla 1.5 Review and summary of Discounted Energy Procurement Agreements

14 8/2/19 Alex Stevenson 0.7 Review summary of PPA / CCA related issues

14 8/2/19 Brendan Murphy 0.8 Internal analysis and summary re: Third Motion to Approve Discounted Energy Procurement Agreements

14 8/2/19 Matt Merkel 1.0 Reviewed third motion to approve discounted energy procurement agreements

14 8/2/19 Matt Merkel 1.6 Drafted summary of third motion to approve discounted energy procurement agreements

14 8/3/19 Alex Stevenson 0.2 Correspondence re: PPA modification motion

14 8/4/19 Matt Merkel 0.5 Drafted CCA financial impact summary 

14 8/5/19 Brent Williams 0.5 Review counsel correspondence on CCAs

14 8/6/19 Brendan Murphy 0.7 Review of due diligence re: Quanta Reporting 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 23

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

14 8/6/19 Brendan Murphy 0.8 Research for Counsel re: Quanta contracts and other confidential analysis

14 8/6/19 Peter Gnatowski 2.5 Research re: third party contractors per counsel request

14 8/6/19 Peter Gnatowski 0.5 Internal discussion re: third party contractors research

14 8/6/19 Peter Gnatowski 0.6 Emails with counsel re: third party contract data

14 8/6/19 Peter Gnatowski 0.4 Reviewed motions re: leases and Boken declaration

14 8/7/19 Alex Gebert 0.5 Review and summary of June Quanta report

14 8/7/19 Brendan Murphy 0.4 Research for Counsel re: Quanta and other confidential analysis

14 8/7/19 Brent Williams 0.5 Review of Quanta May 2019 report

14 8/7/19 Matt Merkel 1.9 Researched CCAs for other utilities

14 8/7/19 Peter Gnatowski 0.3 Reviewed and summarized updated Quanta monthly reports

14 8/12/19 Alex Gebert 0.7 Review of files/reports re: Quanta and/or supporting PEO documents

14 8/13/19 Alex Gebert 1.0 Review of CFL insurance coverage and financial impact

14 8/13/19 Alex Gebert 0.5 Draft questions re: CFL insurance coverage

14 8/17/19 Alex Gebert 1.3 Analysis of Quanta invoice reporting as per Counsel

14 8/17/19 Peter Gnatowski 1.2 Research re: third party contract documents per counsel request

14 8/23/19 Brendan Murphy 0.6 Read pleadings re: Lease extension motion and declaration

14 8/28/19 Peter Gnatowski 0.7 Reviewed omnibus motion and schedules to assume and reject leases or contracts; emails re: same

14 8/28/19 Zack Stone 0.5 Read, review, and summarize relevant motions re: assumption and rejection of leases

15 8/5/19 Brent Williams 1.5 Review and analysis of CEO and KEIP Motions

15 8/7/19 Brendan Murphy 0.6 Review of Pleading re: Support of CEO Retention

15 8/7/19 Peter Gnatowski 0.4 Reviewed various documents related to CEO retention

15 8/9/19 Brendan Murphy 1.3 Review and comment of due diligence re: 9.2 STIP Reporting 

15 8/9/19 Brent Williams 0.8 Review STIP results and related analysis

15 8/9/19 Peter Gnatowski 0.5 Reviewed and comment re: STIP reporting provided by the Debtors

15 8/12/19 Erik Ellingson 1.8 Compensation Review - Vesey

15 8/13/19 Alex Gebert 0.5 Review of Utility CEO retention 

15 8/13/19 Brendan Murphy 0.7 Review of 8K re: Appointment of Utility CEO

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 24

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

15 8/13/19 Peter Gnatowski 0.5 Reviewed new utility CEO 8k; internal discussion re: analysis of compensation

15 8/14/19 Alex Gebert 0.2 Prepare for and internal discussion re: Utility CEO retention

15 8/14/19 Brendan Murphy 0.3 Review Utility CEO retention 

15 8/15/19 Alex Gebert 2.1 Benchmarking analysis of Mr. Vesey's compensation

15 8/15/19 Alex Gebert 1.9 Drafted presentation of Mr. Vesey's retention

15 8/20/19 Alex Gebert 2.5 Further drafting of presentation of Mr. Vesey's retention and comparison

15 8/20/19 Alex Gebert 3.0 Research historical PG&E Utility CEOs (or analogous positions)

15 8/20/19 Alex Gebert 1.7 Prepared comparison analysis of PG&E Utility CEOs (or the like) compensation packages

15 8/20/19 Peter Gnatowski 1.5 Reviewed and commented on Utility CEO summary presentation and analysis

15 8/21/19 Alex Gebert 0.5 Prepare for and discuss Vesey presentation and emails re: the same

15 8/21/19 Brendan Murphy 1.1 Review and comments to CEO Compensation Analysis for TCC

15 8/21/19 Peter Gnatowski 1.7 Edits to Utility CEO summary and analysis; internal discussions with junior bankers re: same

15 8/22/19 Alex Gebert 0.5 Review and circulate Debtors' Q2'19 STIP results

15 8/22/19 Brendan Murphy 0.7 Review and comment on Debtors' STIP results

15 8/22/19 Peter Gnatowski 0.6 Reviewed Q2 STIP results; discussions with junior bankers re: analysis 

15 8/22/19 Peter Gnatowski 0.8 Reviewed and commented on analysis from junior bankers re: STIP metrics

15 8/22/19 Riley Jacobs 1.0 Review Q2 STIP update

15 8/22/19 Riley Jacobs 1.5 Internal discussions and research of STIP / STIP updates

15 8/23/19 Brendan Murphy 0.8 Review Q2 STIP results and targets analysis

15 8/23/19 Peter Gnatowski 1.8 Reviewed and commented on updated STIP analysis

15 8/23/19 Riley Jacobs 1.3 Additional research and discussion on Q2 stip update

15 8/30/19 Brendan Murphy 0.2 Review of due diligence materials from Debtor re: Bill Johnson Equity Grants

15 8/30/19 Brent Williams 0.5 Review Montali order denying KEIP

15 8/30/19 Brent Williams 1.5 Review CEO compensation and dilution treatment

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 25

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

15 8/30/19 Peter Gnatowski 0.5 Reviewed various filings including KEIP Order

15 8/31/19 Brendan Murphy 1.5 Review of and comments to analysis re: Bill Johnson Equity Grants

15 8/31/19 Erik Ellingson 1.3 Review and analysis of Bill Johnson's 2019 equity grants

16 8/1/19 Brendan Murphy 0.4 Review of TCC discovery requests re: Claim accrual

16 8/1/19 Peter Gnatowski 0.3 Emails with counsel re: census data on claims

16 8/2/19 Peter Gnatowski 2.4 Reviewed various claim accrual documents produced by the Debtors

16 8/2/19 Peter Gnatowski 1.8 Continued review of various claim accrual documents produced; emails with junior team re: analysis and 

summary for counsel

16 8/3/19 Alex Gebert 2.0 Review Debtors' diligence re: accrual of claims

16 8/3/19 Alex Gebert 1.1 Preparation for and internal call with junior bankers re: Debtors' diligence re: accrual of claims analysis

16 8/3/19 Brendan Murphy 2.3 Review of discovery documents and analysis for Counsel re: Wildfire Claims / Treatment

16 8/3/19 Brendan Murphy 2.0 Research SEC Filings (10K, 10Q, 8K) and other public documents re: Wildfire Claims / Treatment

16 8/4/19 Alex Gebert 3.2 Further review of Debtors' diligence documents re: accrual of claims 

16 8/4/19 Alex Gebert 3.0 Summarize/key takeaways of Debtors' document review of claim accruals

16 8/4/19 Brendan Murphy 1.9 Reviewed summary and analysis of Debtors' claim accrual production 

16 8/4/19 Brendan Murphy 1.6 Reviewed analyses and files related to Debtors' claim accrual production

16 8/4/19 Peter Gnatowski 1.0 Drafted questions and observations re: claim accrual production

16 8/4/19 Peter Gnatowski 1.4 Reviewed analysis of claim accrual production from the Debtors prepared by AG

16 8/4/19 Peter Gnatowski 2.0 Edits to summary of claim accrual production from the Debtors

16 8/5/19 Alex Gebert 1.0 Internal discussions re: additional claim analysis based on documents produced by the Debtors

16 8/5/19 Alex Gebert 2.0 Additional review of discovery documents related to claim accruals

16 8/5/19 Alex Gebert 2.4 Prepared summary of key documents and analysis of discovery documents to claim accruals

16 8/5/19 Brendan Murphy 2.3 Review and comment on updated analysis for Counsel re: claim accrual

16 8/5/19 Brendan Murphy 1.4 Revised summary to counsel re: discovery documents and analysis observations

16 8/5/19 Brendan Murphy 2.0 Reviewed key documents identified from Debtors re: claim treatment per discovery documents

16 8/5/19 Brent Williams 1.7 Review and comment on summary analysis of claim accruals

16 8/5/19 Peter Gnatowski 1.9 Additional review of key files provided by Debtors' re: wildfire accruals

16 8/5/19 Peter Gnatowski 1.5 Edits to claim accrual analysis based on comments from BM

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 26

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

16 8/7/19 Alex Stevenson 0.4 Internal communications re: trust monetization mechanism

16 8/7/19 Brendan Murphy 1.1 Review of Pleadings re: Estimation Motions and Responses

16 8/7/19 Brendan Murphy 1.3 Review and comment on updated claims analysis per counsel's request

16 8/7/19 Brent Williams 0.8 Review CSA’s objection to Debtor’s Estimation motion

16 8/7/19 Brent Williams 1.0 Review AdHoc Committee response to Debtor’s motion on wildfire estimation

16 8/7/19 Naeem Muscatwalla 1.0 Internal communications on trust monetization strategy

16 8/8/19 Alex Gebert 0.5 Research claim estimation proceedings

16 8/8/19 Alex Stevenson 0.5 Review estimation pleadings and press releases 

16 8/8/19 Alex Stevenson 0.2 Review TCC estimation objection

16 8/8/19 Brendan Murphy 1.0 Review of Pleadings re: TCC Opposition to Estimation Procedures

16 8/8/19 Brent Williams 2.0 Review UCC motion in support of Debtor’s Wildfire Claim estimation procedures

16 8/8/19 Peter Gnatowski 0.4 Reviewed TCC objection to estimation procedures

16 8/8/19 Sherman Guillema 0.7 Internal coordination related to trust monetization strategy

16 8/8/19 Zack Stone 3.0 Research, review, and summarize trusts set up for comparable analysis

16 8/8/19 Zack Stone 0.5 Preparation and participation in internal discussion related to trust monetization strategy

16 8/9/19 Naeem Muscatwalla 0.8 Communications re: trust monetization

16 8/9/19 Sherman Guillema 0.5 Internal communications trust monetization strategy

16 8/9/19 Zack Stone 2.0 Research, review, and summarize monetization of securities for comparable analysis

16 8/9/19 Zack Stone 0.5 Preparation and participation in internal discussion related to trust monetization strategy

16 8/9/19 Zack Stone 2.3 Continued research, review, and summarize of monetization of securities for comparable analysis

16 8/12/19 Alex Stevenson 0.3 Review Debtors replay to estimation motion objections

16 8/12/19 Brendan Murphy 0.8 Review of Pleading re: Debtors reply in support of estimation procedures 

16 8/12/19 Brendan Murphy 2.0 Research and diligence for Counsel re: Confidential analysis

16 8/12/19 Brent Williams 2.0 Review Debtor omnibus reply – Estimation motion

16 8/12/19 Brent Williams 2.0 Review Orsini supplemental declaration – Estimation Motion

16 8/12/19 Peter Gnatowski 0.4 Reviewed other docket motions including Debtors' reply re: estimation procedures

16 8/14/19 Alex Gebert 0.5 Review and analysis of bi-weekly operational integrity and lien payment reporting

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 27

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

16 8/14/19 Brendan Murphy 0.4 Review of operational integrity and supplier payments report 

16 8/15/19 Peter Gnatowski 0.5 Reviewed latest reporting re: operational integrity and shippers from the Debtors

16 8/16/19 Alex Gebert 0.7 Review, summarize, circulate Tubbs decision

16 8/16/19 Brendan Murphy 0.3 Review of Pleading re: Montali Grants Stay Relief re: Tubbs Fire 

16 8/16/19 Brent Williams 1.5 Review of judge Montali Decisions re: Tubbs and exclusivity

16 8/16/19 Peter Gnatowski 0.5 Reviewed various docket motions including orders on exclusivity and Tubbs

16 8/17/19 Erik Ellingson 0.2 Review of WSJ articles re: Tubbs ruling and exclusivity

16 8/19/19 Brent Williams 1.0 Correspondence to counsel and committee re: Tubbs ruling 

16 8/19/19 Peter Gnatowski 0.8 Reviewed various motions including UCC statement on estimation process, Trident retention

16 8/19/19 Sherman Guillema 0.5 Review of recent docket filings regarding estimation 

16 8/20/19 Alex Stevenson 0.2 Review Tubbs pleadings and news releases

16 8/20/19 Brent Williams 0.5 Review media reports re: Tubbs and liabilities

16 8/20/19 Naeem Muscatwalla 0.9 Internal coordination call on trust monetization strategy

16 8/20/19 Riley Jacobs 1.3 Review court dockets on estimation procedures

16 8/20/19 Zack Stone 0.5 Preparation and participation in internal discussions related to trust monetization strategy

16 8/21/19 Alex Gebert 1.0 Review Montali decision re: Estimation and Plan Timeline

16 8/21/19 Alex Stevenson 0.2 Review estimation pleadings and news releases re: Debtor interests

16 8/21/19 Alex Stevenson 0.3 Review Order Regarding Further Hearings on Estimation

16 8/21/19 Brent Williams 1.2 Review Judge Montali’s order regarding plan/estimation timeline

16 8/21/19 Brent Williams 1.4 Review of SLF estimation process brief; discussions re: same

16 8/21/19 Naeem Muscatwalla 1.4 Internal communications on trust monetization strategy

16 8/21/19 Peter Gnatowski 0.8 Reviewed various docket motions including SLF Victims Estimation motion, UCC Statement on Wildfire 

Fund, Debtors' Wildfire Fund Motion

16 8/21/19 Riley Jacobs 1.8 Review internal and external materials on proposed estimation process

16 8/21/19 Riley Jacobs 1.5 Additional review of court dockets on estimation procedures

16 8/21/19 Zack Stone 2.5 Research, review, and summarize monetization of securities for comparable analysis

16 8/21/19 Zack Stone 1.5 Research, review, and summarize trusts set up for comparable analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 28

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

16 8/22/19 Brent Williams 2.0 Review Judge Montali recommendation on Northern District overseeing Estimation process an implications 

16 8/23/19 Alex Stevenson 0.8 Review TCC statement related to estimation and other pleadings

16 8/23/19 Brendan Murphy 0.6 Read TCC statement re: Status Conference on Estimation

16 8/23/19 Brent Williams 1.2 Review of UCC response on estimation process 

16 8/23/19 Peter Gnatowski 0.8 Reviewed various docket motions including TURN securitization objection and TCC statement for conference 

update and estimation

16 8/26/19 Naeem Muscatwalla 1.0 Review and distribution of disclosure statements of precedent bankruptcy cases with trust payouts

16 8/27/19 Alex Gebert 1.2 Review motions and orders stemming from estimation proceedings and impact on plan

16 8/27/19 Alex Gebert 1.0 Review, analyze and circulate operational integrity report

16 8/27/19 Alex Gebert 1.5 Review and analysis of recent liability claims recognition

16 8/27/19 Brendan Murphy 0.5 Review of Claims Settlement Motion

16 8/28/19 Alex Gebert 1.3 Review and analysis of operational integrity re: key suppliers

16 8/28/19 Alex Gebert 1.0 Review and analysis of operational integrity re: liens

16 8/28/19 Brendan Murphy 0.6 Review of Bi-Weekly Operational Integrity & Lien Payments Reporting 

16 8/28/19 Peter Gnatowski 0.3 Reviewed bi-weekly operational integrity suppliers reports from the Debtors

16 8/29/19 Erik Ellingson 1.8 Operating Integrity and Shipper Warehouse Lien Reporting Review and Analysis

17 8/7/19 Alex Stevenson 0.5 Review asset sale alternative and coordinate next steps with team

17 8/8/19 Brendan Murphy 1.0 Review of draft motions from the Debtor re: (1) Settlement Procedures and (2) Di Minimis Asset Transactions

17 8/9/19 Peter Gnatowski 1.2 Reviewed De Minimis Asset sale procedures; internal discussions re: same

17 8/16/19 Brendan Murphy 0.8 Review of Pleading re: Motion to Establish De Minimis Sale Procedures

17 8/16/19 Brendan Murphy 0.6 Additional review of Pleading re: Motion to Establish De Minimis Claim Procedures

17 8/16/19 Brendan Murphy 1.0 Review of Baker Memo re: CPUC Restrictions on Sale of Proceeds

17 8/16/19 Peter Gnatowski 1.1 Reviewed updated motion on di minimus claim and sale procedures; internal discussions re: same

17 8/17/19 Peter Gnatowski 0.5 Reviewed memo from counsel re: CPUC and real estate sales

17 8/19/19 Alex Stevenson 1.0 Correspondence with BW/BM re: asset sale proceeds allocation

17 8/19/19 Brent Williams 1.0 Considerations of asset sales and treatment of proceeds and internal correspondence

17 8/20/19 Erik Ellingson 2.0 CPUC Guidelines review for allocating asset sale proceeds

17 8/22/19 Brendan Murphy 0.2 Internal correspondence with senior banker re: asset sales

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 29

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

17 8/23/19 Brent Williams 1.0 Review asset sales and CPUC rulings on proceeds

17 8/23/19 Peter Gnatowski 1.8 Reviewed and comment on summary and analysis of di minimis claims and asset sales motions

17 8/23/19 Riley Jacobs 2.0 Research pleadings and internal materials on CPUC guidelines of sale proceeds

17 8/26/19 Brendan Murphy 0.5 Read Baker memo re: CPUC Restrictions on Proceeds of Asset Sales 

17 8/27/19 Brendan Murphy 0.6 Review of Boken declaration re: de minimis asset sale motion

17 8/27/19 Brendan Murphy 0.5 Internal correspondence re: de minimis sale motion

17 8/27/19 Brent Williams 1.0 Analysis of and discussions re: asset sales motions

17 8/27/19 Brent Williams 1.0 Review Baker memo on CPUC asset sale guidelines

17 8/27/19 Peter Gnatowski 1.8 Additional review and analysis of di minimis claims and asset motions per counsel request; internal 

discussions re: same

17 8/27/19 Peter Gnatowski 1.3 Drafted considerations and edits to de minimis sale motion based on internal discussions and per counsel's 

guidance

17 8/28/19 Brent Williams 2.8 Review of PG&E asset sales re: potential recovery

17 8/30/19 Brendan Murphy 0.4 Review of Real Estate Transactions Reporting 

17 8/30/19 Brent Williams 1.0 Review debtor reports including real estate transactions

17 8/30/19 Erik Ellingson 2.0 Research prior asset sale motions for comparison to de minimis asset sales

17 8/30/19 Erik Ellingson 2.4 de minimis asset sales motion summary and analysis

17 8/30/19 Erik Ellingson 1.9 de minimis claims motion summary and analysis

17 8/30/19 Peter Gnatowski 0.3 Reviewed real estate transaction report from the Debtors

19 8/7/19 Brendan Murphy 0.5 Review of S&P Reports and related analysis on PG&E

19 8/7/19 Erik Ellingson 1.5 Review historical S&P rating summary analysis and downgrades

19 8/7/19 Naeem Muscatwalla 1.9 Reviewed S&P reports on PG&E re: credit ratings

19 8/7/19 Naeem Muscatwalla 0.8 Compiled and circulated S&P reports on PG&E re: credit ratings

19 8/7/19 Sherman Guillema 2.0 Reviewed S&P reports on PG&E re: credit ratings impact

19 8/12/19 Alex Gebert 0.5 Internal emails re: Debtors' equity commitments

19 8/13/19 Alex Stevenson 0.2 Internal communications re: exit financing analysis

19 8/14/19 Matt Merkel 1.1 Prepared for and participated in S&P ratings call

19 8/15/19 Alex Stevenson 1.1 Prepare for a call with S&P analyst re: investment grade criteria

19 8/15/19 Peter Gnatowski 0.6 Reviewed internal notes re: rating agency 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 30

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

19 8/24/19 Brendan Murphy 0.5 Review of debt capacity analysis

19 8/24/19 Sherman Guillema 1.5 Researched S&P credit rating criteria

19 8/25/19 Sherman Guillema 3.0 Additional research on S&P credit rating criteria

19 8/26/19 Matt Merkel 1.0 Prepared for and participated in call with S&P 

19 8/26/19 Matt Merkel 1.4 Researched S&P credit rating criteria

19 8/26/19 Matt Merkel 1.8 Drafted S&P credit rating analysis materials

19 8/26/19 Peter Gnatowski 0.3 Reviewed updated internal notes re: credit ratings

19 8/26/19 Riley Jacobs 0.6 Internal communications: re credit rating presentation

19 8/26/19 Sherman Guillema 1.7 Researched S&P credit rating criteria

19 8/26/19 Sherman Guillema 1.0 Prepared for and participated in call with credit rating agency

19 8/26/19 Sherman Guillema 0.5 Internal discussion re: S&P credit rating methodology

19 8/26/19 Sherman Guillema 0.5 Reviewed and commented on credit rating analysis

19 8/27/19 Matt Merkel 2.1 Drafted S&P crediting rating presentation

19 8/27/19 Matt Merkel 1.9 Reviewed and made direct edits to credit rating materials from junior banker

19 8/27/19 Matt Merkel 0.3 Prepared for and discussed credit rating analysis with senior banker

19 8/27/19 Matt Merkel 2.0 Made edits to credit rating analysis materials from senior banker

19 8/27/19 Riley Jacobs 3.0 Research re: credit ratings metrics and calculations

19 8/27/19 Riley Jacobs 2.2 Additional research re: credit ratings for comparable utilities

19 8/27/19 Riley Jacobs 2.8 Edits to credit ratings analysis and summary presentation 

19 8/27/19 Sherman Guillema 1.5 Reviewed and commented on updated credit ratings analysis

19 8/27/19 Sherman Guillema 1.5 Reviewed credit rating reports on comparable utilities

19 8/28/19 Matt Merkel 2.2 Researched and responded to senior banker re: S&P ratings questions

19 8/28/19 Matt Merkel 1.6 Made direct edits to ratings agency analysis from senior banker

19 8/28/19 Matt Merkel 0.5 Summarized ratings agency presentation for senior banker

19 8/28/19 Matt Merkel 0.6 Reviewed summary from junior banker on capital structure

19 8/28/19 Sherman Guillema 2.7 Reviewed credit rating reports on comparable utilities

19 8/28/19 Sherman Guillema 0.5 Reviewed and commented on credit ratings analysis and presentation

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 31

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

20 8/9/19 Naeem Muscatwalla 1.7 Research on comparable bond issues and relevant metrics

20 8/9/19 Naeem Muscatwalla 0.9 Internal coordination on debt comparables analysis

20 8/9/19 Naeem Muscatwalla 2.0 Developed analysis on comparable bond issues 

20 8/9/19 Sherman Guillema 1.0 Reviewed and commented on analysis on comparable bond issues 

20 8/9/19 Sherman Guillema 0.6 Internal coordination on debt comparables analysis

20 8/9/19 Sherman Guillema 0.5 Research on comparable bonds from utilities other financial info 

20 8/9/19 Sherman Guillema 0.3 Review of previous bond and equity underwriters for PG&E

20 8/10/19 Naeem Muscatwalla 1.8 Research on comparable bond issues and relevant metrics

20 8/10/19 Naeem Muscatwalla 2.1 Revision to presentation / analysis on financing comps

20 8/10/19 Sherman Guillema 0.5 Research on comparable bond issues and relevant metrics

20 8/10/19 Sherman Guillema 0.5 Review of revised presentation / analysis on financing comps

20 8/11/19 Erik Ellingson 2.3 Reviewed comparables and benchmarking analysis and review for valuation guidance

20 8/11/19 Naeem Muscatwalla 2.5 Continued research on comparable bond issues and relevant metrics

20 8/11/19 Naeem Muscatwalla 2.2 Revision to presentation / analysis on financing comps

20 8/11/19 Naeem Muscatwalla 1.9 Internal communications and additional revisions to presentation / analysis on financing comps

20 8/11/19 Naeem Muscatwalla 1.0 Internal communications re: updating and analyzing benchmarking comps

20 8/11/19 Sherman Guillema 0.5 Review of revised presentation / analysis on financing comps

20 8/11/19 Sherman Guillema 1.2 Internal coordination regarding financing comps

20 8/12/19 Alex Stevenson 0.3 Internal communications re: comparable exit financing analysis

20 8/12/19 Brendan Murphy 0.7 Review analysis of comparable bonds spreads analysis

20 8/12/19 Naeem Muscatwalla 1.9 Revision to presentation / analysis on financing comps based on new research

20 8/12/19 Peter Gnatowski 1.2 Review and comment on debt financing analysis from junior bankers

20 8/13/19 Brent Williams 1.5 Review comparable debt analysis

20 8/13/19 Sherman Guillema 0.5 Review of revised presentation / analysis on financing comps

20 8/20/19 Zack Stone 1.6 Benchmarking analysis for comparable company 1 (Electricity and Natural Gas)

20 8/20/19 Zack Stone 1.4 Benchmarking analysis for comparable company 2 (Electricity and Natural Gas)

20 8/20/19 Zack Stone 1.2 Benchmarking analysis for comparable company 3 (Electricity and Natural Gas)

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 32

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

20 8/20/19 Zack Stone 1.2 Benchmarking analysis for comparable company 4 (Electricity and Natural Gas)

20 8/20/19 Zack Stone 1.2 Benchmarking analysis for comparable company 5 (Electricity and Natural Gas)

20 8/21/19 Alex Gebert 0.7 Research, pull, and analyze analyst reports re: PG&E and comparable companies

20 8/21/19 Zack Stone 1.2 Benchmarking analysis for comparable company 6 (Natural Gas)

20 8/21/19 Zack Stone 1.4 Benchmarking analysis for comparable company 7 (Natural Gas)

20 8/21/19 Zack Stone 0.9 Benchmarking analysis for comparable company 8 (Natural Gas)

20 8/21/19 Zack Stone 1.1 Benchmarking analysis for comparable company 9 (Natural Gas)

20 8/21/19 Zack Stone 1.4 Benchmarking analysis for comparable company 10 (Natural Gas)

20 8/22/19 Zack Stone 1.6 Benchmarking analysis for comparable company 11 (Electricity)

20 8/22/19 Zack Stone 1.3 Benchmarking analysis for comparable company 12 (Electricity)

20 8/22/19 Zack Stone 1.2 Benchmarking analysis for comparable company 13 (Electricity)

20 8/23/19 Matt Merkel 0.6 Reviewed bond comparables and terms

20 8/23/19 Riley Jacobs 1.8 Research comparable new bond raises

20 8/23/19 Zack Stone 1.0 Benchmarking analysis for comparable company 14 (Electricity)

20 8/23/19 Zack Stone 1.1 Benchmarking analysis for comparable company 15 (Electricity)

20 8/23/19 Zack Stone 0.8 Review of financial information for Electricity and Natural Gas comparable companies for benchmarking 

analysis

20 8/23/19 Zack Stone 0.8 Review of financial information for Natural Gas comparable companies for benchmarking analysis

20 8/23/19 Zack Stone 0.8 Review of financial information for Electricity comparable companies for benchmarking analysis

20 8/24/19 Sherman Guillema 1.5 Additional research and review of comparable securities

20 8/25/19 Matt Merkel 1.4 Reviewed comparable bonds research from junior banker

20 8/25/19 Sherman Guillema 1.0 Reviewed comparable bonds research

20 8/26/19 Zack Stone 1.0 Benchmarking analysis for subject company

20 8/27/19 Alex Stevenson 1.5 Review/comment on comparable bond issuance analysis

20 8/27/19 Zack Stone 1.8 Review CFRA industry survey and research on electric utilities

20 8/27/19 Zack Stone 2.0 Summarize and analyze CFRA industry survey on electric utilities - industry trends

20 8/27/19 Zack Stone 2.9 Summarize and analyze CFRA industry survey on electric utilities - financial metrics/other

20 8/28/19 Matt Merkel 0.5 Provided guidance to junior banker on comparable bonds analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 33

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

20 8/28/19 Naeem Muscatwalla 0.5 Internal coordination regarding comparable bond analysis

20 8/28/19 Peter Gnatowski 2.2 Reviewed and comment on updated benchmarking comparable analysis

20 8/28/19 Riley Jacobs 0.6 Internal communication: re utility industry transaction comps

20 8/28/19 Riley Jacobs 2.5 Research utility transaction comps

20 8/28/19 Riley Jacobs 1.8 Create spreadsheet outlining utility industry transaction comps

20 8/28/19 Zack Stone 1.0 Address internal comments CFRA industry survey on electric utilities

20 8/29/19 Alex Gebert 2.6 Precedent transaction analysis (gas, electric, combined)

20 8/29/19 Erik Ellingson 1.4 Review of junior banker prepared materials for PG&E capital structure guidance deck

20 8/29/19 Peter Gnatowski 2.1 Researched and reviewed comparable MCP structures in prior bankruptcy cases

20 8/30/19 Brendan Murphy 0.7 Review of comparable companies and related analysis from Advisors' materials

20 8/30/19 Brent Williams 1.5 Review of comparative company trading multiples

20 8/30/19 Brent Williams 0.5 Review trading comps and value of Debtors based on benchmarks

20 8/30/19 Matt Merkel 1.4 Reviewed comparable capital structure analysis

20 8/30/19 Matt Merkel 1.4 Reviewed capital structure summary from analyst and provided comments

20 8/30/19 Matt Merkel 1.6 Coordinated comparable company analysis

20 8/30/19 Naeem Muscatwalla 1.6 Research of precedent transactions in the Utility space

20 8/30/19 Naeem Muscatwalla 1.2 Updated precedent transactions analysis

20 8/30/19 Naeem Muscatwalla 0.3 Review of PG&E's cost of capital analysis per Bloomberg

20 8/30/19 Naeem Muscatwalla 0.5 Internal coordination regarding public benchmarking comps

20 8/30/19 Peter Gnatowski 2.4 Additional review of comparable company analysis; comments to junior bankers re: same

20 8/30/19 Riley Jacobs 0.5 Internal communications re: updating PGE comps

20 8/30/19 Sherman Guillema 1.5 Provided guidance on comparable capital structure analysis; internal discussions with junior bankers

20 8/30/19 Zack Stone 0.5 Preparation for and internal discussion re comparable capital structure analysis

20 8/30/19 Zack Stone 0.8 Drafted analysis of comparable capital structures

20 8/30/19 Zack Stone 2.0 Additional analysis of capital structure analysis

20 8/30/19 Zack Stone 1.0 Updated benchmarking analysis for comps used by other advisors

20 8/30/19 Zack Stone 0.3 Benchmarking analysis for comparable companies - beta analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 34

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

20 8/31/19 Matt Merkel 1.0 Provided guidance to junior bankers on benchmarking analysis

20 8/31/19 Sherman Guillema 0.7 Internal discussion re: capital structure and benchmarking analysis

21 8/1/19 Alex Stevenson 0.5 Initial review of CPUC competing plan process proposal; call with BW 

21 8/1/19 Brendan Murphy 0.7 Correspondence with Counsel re: Governor's Competing Plan Protocol

21 8/1/19 Brendan Murphy 1.3 Review of Governor's Competing Plan Protocol 

21 8/1/19 Brent Williams 1.5 Review timing issues with trust funding mechanism 

21 8/1/19 Brent Williams 1.0 Review CPUC plan protocol; internal call with AS re: strategy

21 8/1/19 Matt Merkel 1.9 Read/reviewed competing plan protocol

21 8/2/19 Alex Stevenson 1.8 Review, analyze and comment on CPUC process proposal

21 8/2/19 Brendan Murphy 1.6 Review of and comments to presentation re: Governor's Competing Plan Protocol

21 8/2/19 Brent Williams 2.5 Review CPUC protocol and implications 

21 8/2/19 Matt Merkel 0.5 Review of recent docket filings re: new plan term sheets

21 8/2/19 Matt Merkel 2.2 Reviewed and provided comments on competing plan protocol summary

21 8/2/19 Naeem Muscatwalla 2.1 Review of Governor's Competing Plan Proposal

21 8/2/19 Naeem Muscatwalla 2.6 Developed summary presentation on Competing Plan Proposal Protocol for TCC

21 8/2/19 Naeem Muscatwalla 2.0 Revisions to summary presentation on Competing Plan Proposal Protocol for TCC

21 8/2/19 Naeem Muscatwalla 0.9 Internal coordination call to discuss summary presentation on Competing Plan Proposal Protocol

21 8/2/19 Peter Gnatowski 1.5 Reviewed and comment on presentation on competing plan protocol for counsel

21 8/2/19 Peter Gnatowski 0.7 Reviewed competing plan protocol motion

21 8/3/19 Alex Stevenson 0.5 Call with BW re: process overview and latest regulatory filings

21 8/3/19 Brent Williams 0.5 Internal call re: plan process overview and strategy

21 8/3/19 Peter Gnatowski 1.5 Reviewed and commented on updated presentation of competing plan protocol for counsel

21 8/4/19 Alex Stevenson 1.2 Review and comment on presentation to counsel regarding case process proposal

21 8/4/19 Alex Stevenson 0.3 Follow up email correspondence on plan process summary presentation

21 8/4/19 Brendan Murphy 1.1 Review and comments to TCC Presentation re: Governor's Competing Plan Protocol

21 8/4/19 Brent Williams 2.5 Review CPUC plan protocol presentation and comments 

21 8/4/19 Matt Merkel 2.2 Made edits to competing plan protocol summary

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 35

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/4/19 Naeem Muscatwalla 1.6 Revisions to summary presentation on Competing Plan Proposal Protocol

21 8/4/19 Naeem Muscatwalla 0.9 Internal coordination call to discuss summary presentation on Competing Plan Proposal Protocol

21 8/4/19 Peter Gnatowski 1.3 Addressed changes to governor's competing plan protocol summary and analysis

21 8/5/19 Brent Williams 1.0 Internal discussions re: competing plans and related case issues

21 8/6/19 Alex Gebert 0.9 Analysis of Bondholder Plan Proposal

21 8/6/19 Alex Gebert 0.7 Analysis of Subro Group Plan Proposal

21 8/7/19 Alex Gebert 0.5 Internal discussion re: Bondholders' proposal and analysis

21 8/7/19 Alex Gebert 1.0 Prepared analysis of TCC Term Sheet

21 8/7/19 Alex Gebert 1.3 Read, review, and compare Bondholders' Amended Term Plan and Commitment letter

21 8/7/19 Alex Gebert 0.8 Outline and circulate key points re: Plan Proposal Process proposed by Noteholders

21 8/7/19 Alex Stevenson 0.4 Correspondence with team proposal financing issues

21 8/7/19 Alex Stevenson 0.3 Review correspondence re plan protocol 

21 8/7/19 Alex Stevenson 0.3 Correspondence with BW re: plan protocol

21 8/7/19 Alex Stevenson 0.9 Review/analyze statement by ADNG re: protocol and correspondence with Lincoln team

21 8/7/19 Alex Stevenson 0.2 Correspondence with BW re: protocol

21 8/7/19 Brendan Murphy 0.4 Review of documents and internal analysis re: Knighthead 13D

21 8/7/19 Brendan Murphy 1.4 Review and Analysis of Plan Term Sheet re: Confidential Party

21 8/7/19 Brendan Murphy 1.0 Review of and comments to updated analysis of Plan Term Sheet Comparison(s)

21 8/7/19 Brendan Murphy 0.5 Review and comments to a 'Common Interest Arrangement' from an interested party 

21 8/7/19 Brendan Murphy 1.3 Review and analysis of Updated Bonds term sheet

21 8/7/19 Brent Williams 1.5 Review Statement of AdHoc on status of competing plan protocol and internal correspondence 

21 8/7/19 Peter Gnatowski 0.4 Reviewed Knighthead 8k disclosure; emails re: same

21 8/7/19 Peter Gnatowski 2.1 Updated waterfall analysis based on comments from BW 

21 8/7/19 Peter Gnatowski 1.6 Additional edits to waterfall based on various comments from BW and BM

21 8/7/19 Peter Gnatowski 1.8 Reviewed updated plan from bondholders; internal emails re: same

21 8/7/19 Peter Gnatowski 1.0 Reviewed competing plan protocol status; internal discussions re: same

21 8/7/19 Zack Stone 1.5 Preparation and participation in internal discussion re: plan proposals

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 36

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/7/19 Zack Stone 0.5 Read, review, and compare Bondholders' Amended Term Plan and Commitment letter

21 8/8/19 Alex Gebert 2.2 Review and analyze Knighthead term letter

21 8/8/19 Alex Gebert 1.7 Drafted analysis of knighthead proposal

21 8/8/19 Alex Gebert 1.3 Drafted presentation of knighthead proposal

21 8/8/19 Alex Stevenson 2.5 Review and comment on plan proposals analysis

21 8/8/19 Alex Stevenson 0.3 Internal communications re: monetization alternatives

21 8/8/19 Brendan Murphy 0.4 Internal correspondence and strategy discussion re: Knighthead and Abrams proposal(s)

21 8/8/19 Brendan Murphy 1.2 Analysis of Knighthead and Abrams proposal(s)

21 8/8/19 Brent Williams 1.2 Review of amended Commitment Letter and Amended term sheet of Adhoc bondholders

21 8/8/19 Brent Williams 1.8 Review and comment on updated analysis of bondholder term sheet

21 8/8/19 Brent Williams 2.5 Review of Knighthead, Abrams plan term and rights offering

21 8/8/19 Brent Williams 0.5 Review of TCC plan structure

21 8/8/19 Matt Merkel 2.3 Reviewed prior plan proposals for comparing term sheets

21 8/8/19 Matt Merkel 2.1 Made edits to proposal analysis based from senior review

21 8/8/19 Matt Merkel 1.6 Made direct edits to competing plan protocol summary

21 8/8/19 Peter Gnatowski 1.0 Reviewed updated plan from bondholders and protocol; internal emails re: same

21 8/8/19 Peter Gnatowski 1.1 Additional edits to waterfall scenario analysis based on comments from BW

21 8/8/19 Peter Gnatowski 0.6 Reviewed Knighthead plan term sheet

21 8/8/19 Peter Gnatowski 1.6 Reviewed and commented on analysis of Knighthead plan term sheet

21 8/8/19 Peter Gnatowski 1.5 Prepared presentation re: waterfall and recovery based on various assumptions

21 8/8/19 Sherman Guillema 3.0 Analyze plan proposals 

21 8/8/19 Zack Stone 1.0 Read, review, and summarize relevant filings re: backstop

21 8/8/19 Zack Stone 1.5 Prepared analysis requested by senior banker re: Knighthead proposal

21 8/9/19 Matt Merkel 2.8 Drafted side-by-side proposal analysis for comparison

21 8/9/19 Alex Stevenson 0.6 Review and analyze revised ADBH term sheet and commitment letter

21 8/9/19 Brendan Murphy 0.9 Review of Pleadings re: Noteholder Blacklines of Amended Commitment Letter and Term Sheet

21 8/9/19 Brent Williams 1.5 Review Knighthead proposal and comparison analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 37

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/9/19 Brent Williams 1.0 Internal discussion re: plan process and related case issues

21 8/9/19 Peter Gnatowski 1.6 Additional review of updated plan and procedures from Bondholders

21 8/10/19 Alex Gebert 0.6 Analysis of MCP conversion value based on subro proposal

21 8/10/19 Alex Stevenson 0.8 Review and comment on term sheet comparison presentation

21 8/10/19 Brendan Murphy 1.2 Review of TCC Presentation and related comments re: Knighthead and Abrams proposal(s)

21 8/10/19 Brendan Murphy 0.7 Internal correspondence and strategy discussion re: Knighthead and Abrams proposal(s)

21 8/10/19 Brent Williams 1.5 Review and comment on committee presentations re: plan term sheets

21 8/10/19 Matt Merkel 1.8 Made edits to proposal comparison from senior review

21 8/10/19 Naeem Muscatwalla 1.3 Review of Ad Hoc Committee's Revised TS

21 8/10/19 Peter Gnatowski 3.0 Revised TCC presentation re: term sheets based on internal comments

21 8/10/19 Peter Gnatowski 2.0 Edits to Knighthead analysis based on comments from AS; internal discussions re: updates and changes

21 8/10/19 Sherman Guillema 1.5 Research and review bondholder term sheet

21 8/11/19 Alex Gebert 0.5 Review of TCC counter proposal

21 8/11/19 Alex Gebert 2.5 Updated recovery analysis of counter proposal (S&U, distributable value, recovery)

21 8/11/19 Alex Gebert 2.0 Updated summary recovery slides re: to counter proposal

21 8/11/19 Alex Gebert 0.4 Prepare for and participate in internal discussion re: previous term sheet analysis performed

21 8/11/19 Alex Gebert 2.1 Comparison of counter proposal to original proposal

21 8/11/19 Alex Stevenson 0.4 Review alternative proposal from stakeholder group

21 8/11/19 Brendan Murphy 1.4 Review and comments to TCC Presentation re: Q2 Earnings 

21 8/11/19 Brendan Murphy 1.5 Review and comments to TCC Presentation re: Amended Term Sheet from Subrogation Group

21 8/11/19 Brendan Murphy 1.1 Review and analysis of Amended Term Sheet re: Confidential Party

21 8/11/19 Brent Williams 2.5 Review revised subro term sheet

21 8/11/19 Brent Williams 1.5 Review potential TCC plan structure analysis

21 8/11/19 Erik Ellingson 1.9 Reviewed and edited Pref Equity analysis 

21 8/11/19 Matt Merkel 0.6 Review of recent docket filings re: competing plans

21 8/11/19 Matt Merkel 1.0 Review analysis provided by subro re: proposal

21 8/11/19 Matt Merkel 1.8 Reviewed third party proposal summary and provided edits to junior banker

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 38

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/11/19 Matt Merkel 1.6 Made direct edits to the subro proposal summary

21 8/11/19 Naeem Muscatwalla 1.0 Additional review of Ad Hoc Committee's Revised TS

21 8/12/19 Alex Gebert 0.6 Review, summarize, circulate UCC proposed plan protocol

21 8/12/19 Alex Gebert 0.8 Recovery analysis re: Counter Proposal

21 8/12/19 Alex Gebert 1.3 Review, summarize, circulate Debtors' response re: reorg plan

21 8/12/19 Alex Gebert 1.5 Further analysis of counter proposal

21 8/12/19 Alex Gebert 1.2 Review MCP terms within counter proposal and impact to value

21 8/12/19 Alex Stevenson 0.7 Correspondence with BW/BM re: plan process

21 8/12/19 Alex Stevenson 0.6 Review GUC plan protocol proposal

21 8/12/19 Alex Stevenson 0.5 Call with counsel and Lincoln re: protocol timelines

21 8/12/19 Brendan Murphy 1.3 Review and comments to updated TCC Presentation re: Amended Term Sheet from subro

21 8/12/19 Brendan Murphy 0.7 Review of Pleading re: UCC Competing Plan Protocol and internal discussions 

21 8/12/19 Brendan Murphy 0.8 Review and analysis of Amended Term Sheet re: Confidential Party

21 8/12/19 Brent Williams 1.5 Review UCC potential plan protocol timeline

21 8/12/19 Brent Williams 1.0 Review amended term sheet from subro

21 8/12/19 Erik Ellingson 1.7 Knighthead amended 13D Filing Review and Analysis

21 8/12/19 Erik Ellingson 1.7 Additional MCP / Pref Equity Structure review relative to comps

21 8/12/19 Peter Gnatowski 1.3 Reviewed plan analysis from third-party advisors

21 8/12/19 Peter Gnatowski 1.4 Drafted summary and analyzed the analysis provided by third party

21 8/12/19 Peter Gnatowski 1.1 Reviewed UCC plan protocol and commented on analysis/summary

21 8/12/19 Peter Gnatowski 1.4 Reviewed and commented on analysis from junior banker re: term sheet comparison

21 8/12/19 Peter Gnatowski 1.5 Reviewed and compared equity terms in Knighthead proposal

21 8/13/19 Alex Gebert 1.6 Updated MCP conversion value model

21 8/13/19 Alex Gebert 0.4 Internal discussion re: MCP conversion value

21 8/13/19 Alex Gebert 2.0 Additional edits to term sheet analysis from Knighthead / Abrams based on internal comments

21 8/13/19 Brent Williams 1.5 Review and analyze Debtor proposed plan timeline

21 8/13/19 Brent Williams 0.6 Considerations of plan term sheets and re: exit financings

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 39

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/13/19 Erik Ellingson 1.8 Summary and discussion of with junior banker of comparables pref equity securities

21 8/14/19 Brent Williams 1.1 Review and outline re: committee materials – Suborn proposal

21 8/15/19 Brent Williams 1.0 Internal discussion re: plan timing and protocol 

21 8/15/19 Peter Gnatowski 1.8 Drafted presentation for TCC re: summary comparison of proposals

21 8/15/19 Peter Gnatowski 2.2 Updated comparison analysis of various proposals; internal discussions

21 8/16/19 Alex Gebert 0.5 Internal emails re: plan proposals

21 8/16/19 Brent Williams 1.2 Review and comment on analysis of competing plans; internal discussions

21 8/17/19 Alex Gebert 0.6 Prepare for and participate in internal discussion re: competing plan proposals

21 8/17/19 Brendan Murphy 1.4 Review and comments to TCC Presentation re: Term Sheet Analysis

21 8/17/19 Brent Williams 1.0 Review and comment on competing proposal analysis

21 8/17/19 Matt Merkel 0.3 Provided instructions to junior banker on proposals comparison summary

21 8/17/19 Peter Gnatowski 0.4 Internal emails re: updates to comparison analysis of proposals

21 8/18/19 Alex Gebert 1.8 Prepared analyses of updated subro proposal

21 8/18/19 Alex Gebert 1.4 Prepared analysis of Knighthead proposal

21 8/18/19 Alex Gebert 1.5 Prepared analysis of Bondholder proposal

21 8/18/19 Alex Gebert 2.5 Side-by-side comparison of competing proposals

21 8/18/19 Alex Gebert 0.4 Prepare for and participate in further internal discussion re: competing plan proposals

21 8/18/19 Brent Williams 1.5 Reviewed proposals from subro, Knighthead and Ad Hoc Bondholders

21 8/18/19 Brent Williams 1.0 Review and comment on plan term sheet comparisons

21 8/18/19 Matt Merkel 2.3 Reviewed prior proposals and related analysis

21 8/18/19 Matt Merkel 0.3 Discussed plan proposals analysis with junior banker

21 8/18/19 Matt Merkel 1.5 Updated Bondholder proposal detail summary

21 8/18/19 Matt Merkel 1.7 Reviewed updated analysis of subro proposal and provided edits

21 8/18/19 Matt Merkel 1.1 Reviewed updated analysis of Debtor/Knighthead proposal and provided edits

21 8/18/19 Matt Merkel 0.5 Reviewed updated analysis of Bondholders' proposal and provided edits

21 8/18/19 Matt Merkel 0.4 Discussed plan proposals analysis with junior banker

21 8/18/19 Matt Merkel 1.9 Made direct edits to plan proposals summary analysis

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 40

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/18/19 Peter Gnatowski 1.5 Reviewed and commented on updated presentation of competing plans

21 8/18/19 Peter Gnatowski 2.4 Edits to competing plan presentation and analysis

21 8/18/19 Sherman Guillema 1.5 Reviewed prior plan proposals and related analysis

21 8/18/19 Sherman Guillema 0.7 Review and comment on bondholder proposal summary

21 8/18/19 Sherman Guillema 1.0 Reviewed and comment on Subro proposal summary

21 8/18/19 Sherman Guillema 0.8 Reviewed and commented on Knighthead proposal summary

21 8/18/19 Sherman Guillema 0.4 Reviewed and commented on Bondholders' proposal summary

21 8/18/19 Sherman Guillema 0.3 Internal discussion of plan proposals

21 8/18/19 Alex Gebert 2.3 Created additional analysis for competing plan presentation based on internal comments and comments from 

counsel

21 8/19/19 Alex Gebert 1.2 Update Knighthead plan proposal analysis for latest equity commitment

21 8/19/19 Alex Gebert 3.0 Revised plan proposal presentation based on internal comments

21 8/19/19 Alex Gebert 2.0 Edits to plan analysis comparison based on senior level comments

21 8/19/19 Alex Gebert 2.5 Updated plan comparison presentation for additional terms requested by senior banker

21 8/19/19 Alex Gebert 1.7 Update/edit claims recovery on plan proposal comparison excel based on senior level comments

21 8/19/19 Alex Gebert 1.3 Further edits to plan proposal comparison deck based on incorporating additional terms of comparison

21 8/19/19 Brendan Murphy 1.3 Review and comments to TCC Presentation re: Term Sheet Analysis

21 8/19/19 Brent Williams 2.7 Review and comment on proposal comparison presentation for TCC sub-committee

21 8/19/19 Matt Merkel 0.4 Review of recent docket filings re: latest proposed plans

21 8/19/19 Matt Merkel 0.4 Provided guidance to junior banker to edits on proposal summary from senior review

21 8/19/19 Matt Merkel 0.7 Researched subro proposal press articles 

21 8/19/19 Matt Merkel 1.0 Discussed subro proposal summary edits with junior banker

21 8/19/19 Matt Merkel 0.3 Reviewed proposal comparison summary with a senior banker

21 8/19/19 Matt Merkel 2.7 Reviewed in detail and provided comments on revised proposals comparison to junior banker

21 8/19/19 Matt Merkel 0.3 Discussed additional edits to proposal comparison summary with a senior banker

21 8/19/19 Matt Merkel 0.5 Reviewed incorporation of edits from a senior banker to proposal comparison summary

21 8/19/19 Matt Merkel 1.8 Drafted summary of third party proposal at different enterprise values of the Debtors

21 8/19/19 Peter Gnatowski 2.1 Incorporated additional edits to presentation on competing plans

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 41

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/19/19 Peter Gnatowski 0.3 Internal discussions with junior team re: changes to competing plan presentation and analysis

21 8/19/19 Peter Gnatowski 1.8 Reviewed and commented to changes on waterfall of competing plans

21 8/19/19 Peter Gnatowski 2.1 Reviewed and commented on updated competing plan presentation

21 8/19/19 Peter Gnatowski 2.2 Edits to updated competing plan analysis and presentation based on internal comments from senior bankers

21 8/19/19 Riley Jacobs 2.4 Additional review of Debtors reorganization plan

21 8/19/19 Sherman Guillema 0.8 Internal discussion of subrogation proposal

21 8/19/19 Sherman Guillema 0.3 Review and discussion of proposal comparison summary

21 8/19/19 Sherman Guillema 0.2 Discussed edits to proposal comparison summary

21 8/19/19 Sherman Guillema 1.1 Provided guidance on summary of subro proposal

21 8/20/19 Alex Gebert 2.2 Update recovery allocation between wildfire claimants and emails re: the same

21 8/20/19 Alex Stevenson 1.1 Review and comment on presentations to working group on plan term sheets

21 8/20/19 Brendan Murphy 1.6 Review and comments to TCC Presentation re: Term Sheet Analysis

21 8/20/19 Brendan Murphy 1.4 Review and comments to Financial Analysis re: Term Sheet(s) and Waterfall

21 8/20/19 Brent Williams 2.8 Review of various stakeholder proposals including subro, Ad Hoc Bondholders and Debtors

21 8/20/19 Brent Williams 0.5 Review of TCC presentation re: plan proposals

21 8/20/19 Peter Gnatowski 1.8 Reviewed and commented on updated plan proposal analyses 

21 8/21/19 Brendan Murphy 2.1 Review and comments to updated TCC Presentation re: Term Sheet Analysis / Comparisons

21 8/21/19 Brent Williams 0.5 Review and discuss comparisons of term sheets

21 8/21/19 Brent Williams 1.0 Review of subro proposal analysis 

21 8/21/19 Peter Gnatowski 2.6 Drafted comparison of key changes in new third party proposal; internal emails re: same

21 8/21/19 Peter Gnatowski 1.8 Additional edits to proposal comparison based on comments from BM

21 8/22/19 Alex Gebert 2.0 Update plan proposal comparison slides and related commentary

21 8/22/19 Alex Gebert 0.5 Additional edits to plan proposal comparison deck in preparation of sub-committee meeting

21 8/22/19 Alex Stevenson 0.3 Review analysis of plan proposals and comment

21 8/22/19 Brendan Murphy 2.4 Review and comments to TCC Presentation re: Term Sheet Analysis / Comparisons

21 8/22/19 Peter Gnatowski 1.4 Created additional analysis for TCC meeting of competing plans

21 8/23/19 Alex Gebert 1.8 Prepare and edit presentation for sub-committee meeting re: term sheets

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 42

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

21 8/23/19 Alex Stevenson 0.5 Call with BW/BM re: POR strategy

21 8/23/19 Brent Williams 2.0 Review of stakeholder proposals and Comparison; internal discussions with BM/AS

21 8/23/19 Peter Gnatowski 1.5 Edits to proposal comparison presentation for TCC meetings

21 8/24/19 Brendan Murphy 0.6 Internal correspondence w PG re: TCC Meeting and deliverables

21 8/24/19 Brent Williams 2.5 Development and review of restructuring scenarios; internal discussions

21 8/24/19 Peter Gnatowski 0.5 Correspondence with BW re: competing plan analysis edits

21 8/25/19 Alex Stevenson 0.4 Correspondence with Lincoln team re: plan alternatives

21 8/25/19 Brendan Murphy 1.1 Review and comments to TCC Presentation re: Term Sheet Analysis / Comparisons

21 8/25/19 Brent Williams 1.0 Review plan comparisons and provide edits for TCC meeting

21 8/25/19 Brent Williams 2.0 Development and review of restructuring scenarios; internal correspondence

21 8/25/19 Matt Merkel 0.6 Review of recent docket filings re: plan exclusivity and term sheets

21 8/26/19 Alex Stevenson 0.4 Correspondence with BW re: case strategy

21 8/28/19 Brendan Murphy 2.1 Review and comment on plan alternatives presentation; internal discussions

21 8/28/19 Brent Williams 1.0 Review TCC plan strategy and status of competing motions

21 8/28/19 Brent Williams 1.0 TCC presentation comments/edits re: competing term sheets

21 8/29/19 Brent Williams 1.0 Analysis and internal discussions re: settlement procedures

21 8/30/19 Alex Gebert 1.0 Revisions of competing plan proposals based on internal comments

23 8/9/19 Alex Stevenson 2.5 Preparation and participation in status conference re: plan protocol issues

23 8/9/19 Brendan Murphy 2.6 Preparation for and Participation on Court Hearing (telephonic)

23 8/9/19 Brent Williams 2.5 Participate in court hearing

23 8/9/19 Naeem Muscatwalla 2.3 Listen to Special Hearing - Status, CEO Retention, and KEIP discussion

23 8/9/19 Peter Gnatowski 2.5 Participated in court hearing re: plan protocol process

23 8/12/19 Alex Gebert 0.3 Coordinate Court Call for upcoming Debtor hearing

23 8/13/19 Alex Gebert 3.4 Preparation for and attendance on omnibus hearing (audio) and took notes

23 8/13/19 Alex Stevenson 3.5 Preparation for and participation in exclusivity termination hearing

23 8/13/19 Brendan Murphy 3.6 Preparation for and attendance at Hearing (in-person)

23 8/13/19 Brent Williams 3.5 Preparation for and attendance at Hearing (in-person)

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 43

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

23 8/13/19 Peter Gnatowski 3.5 Participated in omnibus hearing re: exclusivity and other motions

23 8/14/19 Alex Gebert 4.0 Preparation for and attendance on omnibus audio call (morning) and took notes

23 8/14/19 Alex Gebert 3.0 Preparation for and attendance on omnibus audio call (afternoon) and took notes 

23 8/14/19 Alex Stevenson 4.0 Attend telephonically bankruptcy hearing re: lift stay

23 8/14/19 Alex Stevenson 3.8 Attend bankruptcy hearing re: estimation

23 8/14/19 Brendan Murphy 4.4 Preparation for and attendance at Hearing (in-person) (morning session)

23 8/14/19 Brendan Murphy 3.4 Preparation for and attendance at Hearing (telephonic) (afternoon session)

23 8/14/19 Brent Williams 4.0 Prepare for and attend morning sessions court hearing in person

23 8/14/19 Brent Williams 3.5 Prepare for and attend afternoon sessions court hearing in person

23 8/14/19 Peter Gnatowski 4.1 Prepared for and participated in court hearing re: claims estimation and Tubbs motions

23 8/14/19 Peter Gnatowski 3.2 Prepared for and participated in afternoon court session

23 8/21/19 Alex Gebert 0.3 Court Call registration for Estimation proceedings

23 8/27/19 Alex Gebert 0.3 Coordinated conference audio line for estimation conference status

23 8/27/19 Brendan Murphy 3.0 Prepared and participate in court hearing on estimation and disclosure statements

23 8/27/19 Brent Williams 2.8 Prepared and participate in court hearing re: estimation status conference

23 8/27/19 Naeem Muscatwalla 3.0 Preparation for and participation in court hearing and took notes

23 8/27/19 Peter Gnatowski 2.7 Participated in court hearing re: claims estimations and other topics

24 8/27/19 Alex Stevenson 0.5 Correspondence re: business plan review

24 8/27/19 Brendan Murphy 0.5 Internal correspondence re: Business Plan rollout

24 8/27/19 Brent Williams 0.5 Emails regarding operating forecast meeting with the Debtors

25 8/1/19 Alex Stevenson 0.4 Internal communications re: CPUC strategy

25 8/2/19 Alex Stevenson 0.8 Review and discuss COC regulatory filing with internal team

25 8/2/19 Alex Stevenson 0.4 Review summary of COC regulatory filing for counsel

25 8/2/19 Alex Stevenson 0.3 Email correspondence re: COC summary

25 8/2/19 Brendan Murphy 0.9 Review Cost of Capital revision request analysis

25 8/2/19 Brent Williams 1.4 Review PG&E revision to COC for 2020

25 8/2/19 Matt Merkel 1.5 Reviewed CoC application update

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 44

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/2/19 Matt Merkel 2.9 Drafted summary of CoC application update

25 8/2/19 Matt Merkel 1.7 Analyzed revenue impact of CoC application update

25 8/5/19 Matt Merkel 1.1 Reviewed CPUC transcripts

25 8/6/19 Alex Stevenson 0.6 Review background material on PCIP prepayment 

25 8/6/19 Naeem Muscatwalla 1.5 Additional review of CPUC transcripts

25 8/6/19 Peter Gnatowski 0.8 Reviewed CPUC report from PG&E re: systematic issues; internal discussions re: summary

25 8/6/19 Sherman Guillema 1.0 Review of CPUC transcripts

25 8/7/19 Brendan Murphy 0.3 Internal correspondence re: securitizing bonds

25 8/7/19 Matt Merkel 2.1 Reviewed CCA PCIA pre-pay proposal

25 8/7/19 Matt Merkel 2.5 Researched PCIA financial impact

25 8/7/19 Matt Merkel 2.0 Researched PCIA rule making

25 8/7/19 Matt Merkel 0.3 Provided guidance to junior banker on PCIA rule making research

25 8/7/19 Naeem Muscatwalla 2.5 Review of PCIA and CCA filing by debtor from April 2018

25 8/7/19 Naeem Muscatwalla 2.1 Review of Oct 11, 2018 CPUC ruling on PCIA

25 8/7/19 Naeem Muscatwalla 2.6 Developed summary slides on PCIA

25 8/7/19 Riley Jacobs 2.5 Internal communications and summarize securitization bonds for utilities

25 8/7/19 Riley Jacobs 0.8 Preparation for and participation on call re: PCIA

25 8/7/19 Sherman Guillema 0.5 Reviewed and commented on summary slides on PCIA

25 8/8/19 Naeem Muscatwalla 1.4 Revisions to summary slides on PCIA

25 8/8/19 Naeem Muscatwalla 0.9 Internal coordination related to PCIA research

25 8/8/19 Matt Merkel 1.4 Reviewed PCIA summary and provided comments

25 8/8/19 Matt Merkel 1.8 Researched PCIA regulatory filings

25 8/8/19 Matt Merkel 2.0 Made direct edits to PCIA summary

25 8/8/19 Matt Merkel 2.5 Researched ERPA regulatory filings 

25 8/8/19 Naeem Muscatwalla 1.5 Review of CPUC rulings related to PCIA

25 8/8/19 Naeem Muscatwalla 0.9 Internal coordination related to PCIA and CCA

25 8/8/19 Naeem Muscatwalla 1.2 Revision to summary slides on PCIA

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 45

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/8/19 Naeem Muscatwalla 1.3 Research on historical PCIA rates for PG&E

25 8/8/19 Naeem Muscatwalla 0.9 Research on PG&E revenue requirements as it relates to PCIA

25 8/8/19 Naeem Muscatwalla 2.3 Revision to summary slides on PCIA

25 8/8/19 Peter Gnatowski 0.3 Reviewed PG&E appeal to CPUC re: cost securitization

25 8/8/19 Riley Jacobs 2.0 Additional research on securitized utility bonds 

25 8/8/19 Riley Jacobs 1.4 Create presentation on securitized utility bonds

25 8/8/19 Zack Stone 2.0 Research, review, and summarize monetization of securities for comparable analysis

25 8/9/19 Naeem Muscatwalla 0.6 Review of Oct 11, 2018 CPUC ruling on PCIA

25 8/9/19 Naeem Muscatwalla 0.7 Internal coordination related to PCIA and CCA

25 8/9/19 Alex Gebert 2.6 Prepare summary slide of regulatory timeline with key filing and decision dates

25 8/9/19 Alex Stevenson 0.8 Review summary of CCA/PCIA impacts and analyze

25 8/9/19 Alex Stevenson 0.1 Correspondence with team re regulatory timeline

25 8/9/19 Erik Ellingson 3.1 ICC Guidance Review from 8-k

25 8/9/19 Matt Merkel 2.0 Made direct edits to PCIA summary

25 8/9/19 Matt Merkel 1.1 Drafted response to team on PCIA summary

25 8/9/19 Matt Merkel 1.4 Researched regulatory timeline dates

25 8/9/19 Matt Merkel 0.3 Pulled and reviewed agenda for upcoming CPUC meeting

25 8/9/19 Riley Jacobs 2.4 Research rate recovery bonds

25 8/9/19 Riley Jacobs 2.3 Updates to presentation on securitized utility bonds

25 8/9/19 Riley Jacobs 2.7 Continued research into comparable rate recovery bond structure

25 8/10/19 Matt Merkel 1.6 Made edits to PCIA summary from senior review

25 8/11/19 Alex Stevenson 0.5 Review and comment on PCIA analysis

25 8/11/19 Matt Merkel 0.3 Made edits to PCIA summary from senior review

25 8/12/19 Alex Stevenson 0.3 Correspondence with team on CCA/PCIA business plan issues

25 8/12/19 Brendan Murphy 0.6 Review of presentation re: PCIA

25 8/12/19 Matt Merkel 2.0 Researched and read Saber testimonies on securitization

25 8/12/19 Matt Merkel 0.2 Researched capital structure information for senior banker and regulatory impact

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 46

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/12/19 Matt Merkel 0.5 Summarized capital structure regulation for senior banker

25 8/12/19 Riley Jacobs 1.1 Read summary on PGE PCIA overview

25 8/12/19 Riley Jacobs 2.0 Additional background research on rate reduction bonds

25 8/12/19 Riley Jacobs 1.3 Search for and summarize information on historical rate reduction bonds

25 8/12/19 Riley Jacobs 1.7 Edits and additions to securitization bond presentation

25 8/12/19 Riley Jacobs 2.1 Search for and summarize information on PGE 2005 securitization bond issue

25 8/13/19 Alex Gebert 1.3 Review of regulatory filings re: securitization

25 8/13/19 Brent Williams 0.5 Review PCIA framework

25 8/13/19 Matt Merkel 1.0 Reviewed and provided comments on securitization summary

25 8/13/19 Matt Merkel 1.9 Researched securitization process details

25 8/13/19 Matt Merkel 1.4 Made direct edits to securitization summary and analysis

25 8/13/19 Matt Merkel 0.3 Provided guidance to junior banker on securitization summary

25 8/13/19 Matt Merkel 1.7 Researched securitization financial impact to Debtors and rate payors

25 8/13/19 Matt Merkel 0.5 Reviewed and provided comments to junior banker on securitization summary

25 8/13/19 Matt Merkel 0.6 Reviewed content from junior banker on securitization summary and provided comments

25 8/13/19 Matt Merkel 1.7 Researched prior utility securitizations

25 8/13/19 Matt Merkel 1.5 Made direct edits to securitization summary from junior banker

25 8/13/19 Riley Jacobs 2.5 Edits to rate reduction bond analysis

25 8/13/19 Riley Jacobs 0.6 Preparation for and internal communication re: securitization analysis

25 8/13/19 Riley Jacobs 2.8 Additional research and edits to securitization analysis and presentation

25 8/13/19 Riley Jacobs 1.8 Research and summarize securitization legislation

25 8/14/19 Matt Merkel 0.5 Provided guidance to junior banker on edits to securitization summary

25 8/14/19 Matt Merkel 1.6 Incorporated edits from senior review to securitization summary

25 8/14/19 Matt Merkel 0.4 Researched and analyzed NPV benefit of securitization

25 8/14/19 Riley Jacobs 2.7 Additional diligence on PGE 2005 bond securitization

25 8/14/19 Riley Jacobs 2.5 Research previous utility securitization offerings

25 8/14/19 Riley Jacobs 2.3 Edits to utility securitization offerings analysis 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 47

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/14/19 Riley Jacobs 2.5 Edits to utility securitization presentation

25 8/15/19 Riley Jacobs 2.1 Prepare additional case study for securitization deck

25 8/15/19 Riley Jacobs 2.4 Additional research of prior securitizations and edits to presentation

25 8/15/19 Riley Jacobs 1.7 Review AB1054 for securitization options and PGE contributions

25 8/19/19 Brent Williams 1.0 Review AB 235 securitization and impacts

25 8/19/19 Erik Ellingson 1.1 Review and comment on wildfire recovery bonds analysis

25 8/21/19 Alex Gebert 1.0 Review draft legislation on Wildfire Recovery Bonds

25 8/21/19 Matt Merkel 0.5 Initially reviewed AB235 amendments draft

25 8/21/19 Peter Gnatowski 1.9 Reviewed AB235 bill; internal discussions re: same

25 8/21/19 Riley Jacobs 0.9 Review AB-1054 related pleadings

25 8/21/19 Sherman Guillema 1.5 Researched AB235 legislation

25 8/22/19 Alex Stevenson 1.7 Review AB235 and proposed amendments thereto

25 8/22/19 Alex Stevenson 0.5 Correspondence with BW re: AB 235

25 8/22/19 Brendan Murphy 0.8 Research for Counsel re: Securitization Bond Proposals

25 8/22/19 Brendan Murphy 0.4 Read articles on AB235 

25 8/22/19 Brent Williams 1.8 Review AB235 legislation and implications

25 8/22/19 Brent Williams 1.1 Reviewed and commented on internal summary of AB 235

25 8/22/19 Brent Williams 0.5 Correspondence with AS re: AB235

25 8/22/19 Erik Ellingson 0.8 AB235 Review and evaluation 

25 8/22/19 Matt Merkel 1.6 Researched defined terms in AB235 amendments draft

25 8/22/19 Matt Merkel 1.3 Read AB235 amendments draft 

25 8/22/19 Matt Merkel 1.0 Provided guidance to junior banker on summary page of AB235 summary and analysis

25 8/22/19 Matt Merkel 1.3 Reviewed AB235 amendments draft summary from junior banker and provided comments

25 8/22/19 Matt Merkel 2.3 Studied AB235 amendments draft in detail

25 8/22/19 Matt Merkel 2.1 Made direct edits to AB235 amendments draft summary

25 8/22/19 Matt Merkel 0.5 Drafted summary email for senior banker on AB235 amendments

25 8/22/19 Naeem Muscatwalla 3.2 Review of proposed draft legislation related to Wildfire Bonds

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 48

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/22/19 Naeem Muscatwalla 3.8 Drafted summary presentation on AB 235 and draft legislation

25 8/22/19 Naeem Muscatwalla 1.0 Internal coordination related to draft legislation analysis

25 8/22/19 Riley Jacobs 1.1 Review AB-1054 legislation

25 8/22/19 Riley Jacobs 0.8 Review SB-901 legislation

25 8/22/19 Riley Jacobs 1.8 Review and summarize potential amendment to AB-235

25 8/22/19 Riley Jacobs 1.2 Create document outlining information on AB-235 proposed amendment

25 8/22/19 Sherman Guillema 3.2 Researched AB235 implications

25 8/22/19 Sherman Guillema 1.7 Reviewed AB235 summary presentation

25 8/22/19 Sherman Guillema 0.4 Drafted summary email for senior banker on AB235 amendments

25 8/22/19 Zack Stone 1.0 Read and review bond securitization articles

25 8/23/19 Alex Gebert 1.0 Review, summarize, and circulate the CPUC Scoping and Memo and Ruling

25 8/23/19 Alex Gebert 1.6 Review and research on public articles related to AB 235 amendment

25 8/23/19 Alex Stevenson 0.5 Review regulatory filings and scoping memo related to 2017 fires

25 8/23/19 Alex Stevenson 0.4 Review summary o AB235 prepared by MM and comment

25 8/23/19 Naeem Muscatwalla 0.4 Internal coordination related to AB235 research

25 8/23/19 Riley Jacobs 1.5 Research utility securitized bond issuances

25 8/23/19 Riley Jacobs 1.9 Research comparable securitization issuances

25 8/23/19 Sherman Guillema 2.0 Researched and reviewed comparable securitizations

25 8/24/19 Alex Stevenson 4.1 Review and comment on analysis of AB235

25 8/24/19 Alex Stevenson 1.8 Review and comment on presentation of AB235 implications

25 8/24/19 Brendan Murphy 0.8 Read articles on AB235 

25 8/24/19 Brendan Murphy 0.8 Internal correspondence re: AB235

25 8/24/19 Matt Merkel 1.4 Researched securitization comparables

25 8/24/19 Matt Merkel 0.8 Internal communications: re comparable finance bonds

25 8/24/19 Matt Merkel 2.2 Revised AB235 summary

25 8/24/19 Matt Merkel 1.5 Reviewed additional AB235 summary content from junior banker and made direct edits

25 8/24/19 Naeem Muscatwalla 2.3 Revision to slides on Wildfire Recovery Bond mechanics

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 49

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/24/19 Naeem Muscatwalla 0.8 Internal coordination related to Wildfire Recovery bonds

25 8/24/19 Riley Jacobs 0.8 Internal communications: re comparable securitization bonds

25 8/24/19 Sherman Guillema 0.8 Internal discussion of securitization

25 8/24/19 Sherman Guillema 1.6 Reviewed AB235 summary prepared by junior bankers

25 8/25/19 Alex Stevenson 2.1 Review and revise presentation on AB235

25 8/25/19 Matt Merkel 0.7 Made edits to AB235 summary and analysis

25 8/25/19 Matt Merkel 1.1 Reviewed and summarized research on AB235

25 8/25/19 Matt Merkel 2.7 Added content to AB235 summary

25 8/25/19 Matt Merkel 2.0 Made edits to AB235 summary per discussion with counsel

25 8/25/19 Naeem Muscatwalla 2.5 Review and research on public articles related to AB 235 amendment

25 8/25/19 Peter Gnatowski 2.5 Drafted securitization bond analysis based on request from TCC counsel

25 8/25/19 Riley Jacobs 1.2 Internal communications and additions to project finance bond analysis

25 8/25/19 Riley Jacobs 0.8 Edits to project finance bond analysis

25 8/25/19 Riley Jacobs 1.7 Research and analyze additional municipal securitizations

25 8/25/19 Sherman Guillema 0.8 Reviewed research on AB235

25 8/25/19 Sherman Guillema 1.0 Reviewed and commented on AB235 summary

25 8/25/19 Sherman Guillema 1.2 Made edits to AB235 summary per discussion with counsel

25 8/25/19 Sherman Guillema 0.5 Additional comments to AB235 summary

25 8/26/19 Alex Stevenson 1.4 Prepare for and call with S&P re: implications of AB235 on credit ratings

25 8/26/19 Alex Stevenson 0.5 Review public statements re: AB235 from other stakeholders

25 8/26/19 Alex Stevenson 1.4 Continued analysis of AB235

25 8/26/19 Brendan Murphy 0.4 Review of internal summary and analysis on AB235

25 8/26/19 Brent Williams 3.0 Review financial implications of AB235 and impact on debt capacity models

25 8/26/19 Brent Williams 1.5 Review of CPUC Scope Ruling on PG&E 2017 potential violations

25 8/26/19 Brent Williams 1.0 Review Morgan Stanley report on AB235

25 8/26/19 Erik Ellingson 2.2 Preparation of historical regulatory environment guidelines for ROE setting

25 8/26/19 Matt Merkel 1.1 Revised materials for TCC presentation based on internal comments

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 50

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

25 8/26/19 Peter Gnatowski 0.4 Reviewed AB235 summary presentation and analysis for TCC

25 8/27/19 Alex Stevenson 1.1 Review and comment on committee presentation materials

25 8/27/19 Alex Stevenson 1.0 Review memo prepared by counsel on AB235

25 8/27/19 Alex Stevenson 0.3 Review regulatory filing re: wildfire costs on AB235

25 8/27/19 Brent Williams 1.8 Review of financial model and implications of AB235

25 8/27/19 Matt Merkel 2.6 Analyzed securitization credit rating 

25 8/27/19 Matt Merkel 1.3 Reviewed PG&E filing re: capital structure update

25 8/27/19 Sherman Guillema 2.2 Researched impact of securitization on credit ratings

25 8/28/19 Alex Gebert 0.8 Review of wildfire order to participate in AB 1054

25 8/28/19 Alex Stevenson 0.3 Review wildfire liability cap calculation under AB1054

25 8/28/19 Brent Williams 1.4 Review amendments to AB235

25 8/28/19 Erik Ellingson 2.9 Preparation of historical regulatory environment guidelines for Rate Base Consideration

25 8/28/19 Naeem Muscatwalla 1.7 Research on CPUC equity ratios and ROE mandates

25 8/28/19 Naeem Muscatwalla 2.0 Drafted slides that summarize CPUC mandates for all CA utilities

25 8/30/19 Alex Stevenson 0.6 Review and comment on pending rate case summary

25 8/30/19 Brent Williams 1.5 Review and comment on AB235 analysis and presentation

25 8/30/19 Naeem Muscatwalla 0.6 Internal coordination regarding CPUC equity ratio and ROE summary

25 8/30/19 Naeem Muscatwalla 1.7 Revision to CPUC summary of equity ratio and ROE

25 8/30/19 Naeem Muscatwalla 1.4 Completed analysis of the impact of securitization on ROE

25 8/31/19 Alex Stevenson 0.2 Review correspondence re: AB235

26 8/12/19 Alex Stevenson 1.0 Non-working travel to SF

26 8/12/19 Brendan Murphy 3.1 Non-Working Travel to SFO for Hearings / Meetings

26 8/12/19 Peter Gnatowski 2.0 Non-Working Travel time to SF

26 8/14/19 Alex Stevenson 1.0 Non-working travel from SF

26 8/14/19 Brendan Murphy 3.1 Non-Working Travel from SFO to ORD for Hearings / Meetings

26 8/14/19 Peter Gnatowski 2.0 Non-Working Travel time to from SF to JFK

26 8/27/19 Alex Stevenson 2.5 Non-working travel

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 51

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

26 8/28/19 Alex Stevenson 2.5 Non-working travel

26 8/28/19 Brendan Murphy 5.6 Non-Working Travel from ORD to Santa Rosa for TCC Meeting on 8/29

26 8/29/19 Brendan Murphy 2.1 Non-Working Travel back to San Fran from Santa Rosa

26 8/30/19 Brendan Murphy 4.1 Non-Working Travel from SFO to ORD

27 8/1/19 Brendan Murphy 0.7 Updated master task allocation matrix for team and discussed internally

27 8/1/19 Peter Gnatowski 0.6 Reviewed and comment on outstanding workstreams; emails with BM re: same

27 8/4/19 Riley Jacobs 0.6 Update internal calendars and summarize future proceedings

27 8/5/19 Alex Gebert 1.0 Preparation for and participation in team strategy touchpoint

27 8/5/19 Alex Stevenson 1.0 Preparation for and participation in Lincoln team call to coordinate strategy

27 8/5/19 Alex Stevenson 0.6 Meeting with SG, MM, NM re: status of various work streams

27 8/5/19 Brendan Murphy 1.0 Internal Strategy Meeting re: responsibility matrix, case issues

27 8/5/19 Brent Williams 1.0 Internal discussions re: plan process and related case issues

27 8/5/19 Matt Merkel 0.6 Internal meeting with AS and NM re: open analyses and tasks

27 8/5/19 Matt Merkel 1.0 Internal call re: status of case and outstanding workstreams

27 8/5/19 Naeem Muscatwalla 0.6 Internal meeting re: open work streams

27 8/5/19 Naeem Muscatwalla 1.0 Preparation for and attendance in internal coordination calls

27 8/5/19 Peter Gnatowski 1.0 Internal call re: case update and status of outstanding tasks

27 8/5/19 Riley Jacobs 1.0 Internal call re: open workstreams and case progress

27 8/5/19 Sherman Guillema 1.0 Preparation for and participation in/attendance on internal coordination calls

27 8/5/19 Zack Stone 1.0 Preparation for and participation in/attendance on internal coordination call

27 8/6/19 Alex Gebert 0.4 Internal discussion re: organization of data distribution

27 8/6/19 Naeem Muscatwalla 0.5 Internal discussions re: data site

27 8/6/19 Naeem Muscatwalla 1.2 Review of CPUC website and set up alerts for individuals in the group

27 8/6/19 Naeem Muscatwalla 0.5 Internal correspondence re: administration of case tasks

27 8/6/19 Riley Jacobs 0.7 Update internal calendars and summarize future proceedings

27 8/6/19 Riley Jacobs 2.3 Drafted junior team administration tasks and emails to junior team regarding allocation of tasks

27 8/6/19 Zack Stone 0.6 Task allocation and administration communication 

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 52

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

27 8/7/19 Alex Stevenson 0.7 Preparation for and call with BW and BM re: case strategy

27 8/7/19 Brendan Murphy 0.7 Cast progress and strategy call with AS and BW

27 8/7/19 Brent Williams 0.7 Internal strategy call

27 8/8/19 Riley Jacobs 0.5 Update internal calendars and summarize future proceedings

27 8/9/19 Brendan Murphy 0.3 Internal correspondence re: workstream tracker

27 8/9/19 Riley Jacobs 0.3 Update internal calendars and summarize future proceedings re: CPUC Meetings

27 8/13/19 Alex Gebert 1.0 Prepare for and discuss open project workstreams and case updates

27 8/13/19 Alex Stevenson 1.0 Strategy and case management meeting with Lincoln team

27 8/13/19 Brendan Murphy 1.0 Internal strategy discussion and correspondence re: open case issues

27 8/13/19 Brent Williams 1.0 Internal discussion re: business plan and re: matters

27 8/13/19 Matt Merkel 1.0 Team strategy call and discussion of open workstreams

27 8/13/19 Peter Gnatowski 1.0 Internal call re: case update and new workstreams

27 8/13/19 Riley Jacobs 0.3 Update internal calendars re: agenda for omnibus hearing

27 8/13/19 Riley Jacobs 1.0 Internal team call re: case update and open issues

27 8/13/19 Sherman Guillema 1.0 Preparation for and participation in/attendance on internal coordination call

27 8/13/19 Zack Stone 1.0 Team case update and strategy call

27 8/15/19 Brendan Murphy 0.6 Updated master task allocation matrix for team based on new tasks

27 8/15/19 Riley Jacobs 0.6 Summarize future proceedings and update internal calendars

27 8/19/19 Alex Gebert 0.5 Prepare for and discuss internally project tracking and organization

27 8/19/19 Alex Stevenson 0.5 Call with team to discuss case strategy

27 8/19/19 Brendan Murphy 0.5 Internal Strategy Meeting re: strategy and case issues

27 8/19/19 Brent Williams 0.5 Internal discussions re: plan process and related case issues

27 8/19/19 Matt Merkel 0.5 Call with team to discuss case update and strategy

27 8/19/19 Naeem Muscatwalla 0.5 Internal coordination related to case strategy and outstanding tasks

27 8/19/19 Peter Gnatowski 0.5 Participated in weekly call on open workstreams and case update

27 8/19/19 Riley Jacobs 1.4 Update Internal Calendars and summarize agenda for future events

27 8/19/19 Riley Jacobs 0.5 Internal strategy meeting

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 53

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

27 8/19/19 Zack Stone 0.5 Internal team discussions re: case developments

27 8/21/19 Alex Stevenson 0.3 Correspondence with BW re: project administration 

27 8/21/19 Brent Williams 0.3 Internal call with AS re: case strategy and administration

27 8/21/19 Riley Jacobs 0.5 Update internal calendars and summarize future proceedings

27 8/22/19 Alex Gebert 0.3 Coordinate junior level banker access to Debtors' data room

27 8/26/19 Alex Gebert 0.5 Internal call re: case issues and strategy

27 8/26/19 Alex Stevenson 0.5 Call with team to review project status

27 8/26/19 Brendan Murphy 0.5 Case progress and strategy call with team

27 8/26/19 Brent Williams 0.5 Internal strategy call

27 8/26/19 Matt Merkel 0.5 Internal team call re: case strategy

27 8/26/19 Naeem Muscatwalla 0.9 Preparation for and participation in/attendance on internal coordination call

27 8/26/19 Peter Gnatowski 0.5 Participated in weekly call on open workstreams and case update

27 8/26/19 Riley Jacobs 0.7 Update internal calendars and summarize future proceedings

27 8/26/19 Zack Stone 0.5 Internal team call re: open workstreams and case strategy

27 8/28/19 Jane Su 1.8 Miscellaneous case administration including Committee meeting material preparation 

27 8/28/19 Jane Su 2.2 Miscellaneous case administration including Committee meeting material preparation

27 8/28/19 Riley Jacobs 0.9 Update internal calendars and summarize future proceedings

31 8/6/19 Naeem Muscatwalla 1.6 Compiled and began review of May fee time detail for application 

31 8/6/19 Riley Jacobs 3.6 Compiled and began review of May expenses based on fee examiner protocol

31 8/6/19 Riley Jacobs 1.5 Internal conversations and edits to May expenses

31 8/9/19 Peter Gnatowski 2.5 Review May time detail 

31 8/9/19 Peter Gnatowski 2.0 Continued review of May time detail

31 8/14/19 Alex Gebert 0.8 Prepare certificate of no objection re: fee application

31 8/14/19 Alex Gebert 0.4 Addressed changes to CNO based on comments from senior banker

31 8/16/19 Peter Gnatowski 0.3 Reviewed and commented to CNO 

31 8/16/19 Peter Gnatowski 2.0 Review of May time review

31 8/20/19 Alex Gebert 0.3 Prepare for and discuss May fee application review

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 54

of 56
Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

31 8/20/19 Peter Gnatowski 1.6 Continued review of May fee detail

31 8/20/19 Peter Gnatowski 1.8 Reviewed comments from fee examiner and reviewed March Expenses; internal discussion

31 8/20/19 Riley Jacobs 1.6 Prepared March fee statement support reconciliation for fee examiner

31 8/21/19 Brendan Murphy 0.9 Review of March fee statement support for Examiner; internal discussions 

31 8/21/19 Riley Jacobs 1.7 Continued review of May expense detail and supporting documentation 

31 8/21/19 Riley Jacobs 2.0 Internal communications and additional March fee application reconciliation

31 8/22/19 Alex Gebert 2.0 Assist in May time review 

31 8/23/19 Peter Gnatowski 2.0 Additional review and edits to May fee application

31 8/23/19 Riley Jacobs 3.0 Continued review of May expense detail and related receipts

31 8/25/19 Peter Gnatowski 2.8 Continued review and refinement of May fee application

31 8/25/19 Riley Jacobs 2.1 Reviewed and refined May fee detail

31 8/26/19 Alex Gebert 3.3 Prepare May fee application (expense detail, exhibits, etc.)

31 8/26/19 Brendan Murphy 0.8 Review of March fee statement support for Examiner

31 8/26/19 Brendan Murphy 2.5 Review and comment on May fee statement and related support

31 8/26/19 Peter Gnatowski 1.5 Reviewed and commented on May expenses for fee application

31 8/26/19 Riley Jacobs 3.0 Revisions to May fee application based on comments from senior bankers

31 8/26/19 Riley Jacobs 2.8 Reconciled May expenses to receipts for fee examiner 

31 8/27/19 Peter Gnatowski 2.1 Revised May fee app motion 

31 8/27/19 Peter Gnatowski 2.0 Additional edits to May fee application

31 8/27/19 Riley Jacobs 2.6 Finalized May expense detail and related support data

31 8/28/19 Alex Gebert 2.0 Assisted in drafting first quarterly interim fee application motion

31 8/28/19 Peter Gnatowski 2.0 Final edits to May fee application motion and related exhibits

31 8/28/19 Peter Gnatowski 2.4 Final edits to May time and expense detail

31 8/28/19 Peter Gnatowski 3.0 Drafted first quarterly interim fee application

31 8/28/19 Riley Jacobs 3.4 Compiled and reviewed June expense detail and related support receipts

31 8/29/19 Alex Gebert 3.0 Compiled and initiated review of June fee detail

31 8/29/19 Peter Gnatowski 2.0 Began review of June time detail

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 55

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Category Date Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD AUGUST 1, 2019 THROUGH AUGUST 31, 2019

31 8/29/19 Riley Jacobs 2.8 Reviewed June time detail

31 8/29/19 Zack Stone 2.7 Assisted in review of June time entries

31 8/30/19 Peter Gnatowski 0.4 Prepared May fee examiner support data in Excel

31 8/30/19 Peter Gnatowski 2.6 Began review of June expense detail from junior banker to match fee examiner protocol

31 8/30/19 Peter Gnatowski 1.7 Continued review of June time detail 

31 8/30/19 Riley Jacobs 2.2 Continued review of June time detail 

31 8/30/19 Riley Jacobs 0.7 Review June expenses and related receipts

31 8/30/19 Riley Jacobs 0.4 Internal communications re: June fee app

31 8/30/19 Zack Stone 1.8 Reviewed and modified June expenses in conjunction with fee examiner protocol

Case: 19-30088 Doc# 4596-4 Filed: 11/07/19 Entered: 11/07/19 12:26:16 Page 56

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