EXHIBIT D

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 1

of 60
Category Date Initials Name Hours Description of Task(s)

3 10/1/19 AG Alex Gebert 1.9 Update make-whole analysis for new market rates

3 10/1/19 AG Alex Gebert 2.0 Draft summary re: make-whole analysis

3 10/1/19 BM Brendan Murphy 1.1 Reviewed external analysis on Postpetition Interest and Make Whole Premiums

3 10/1/19 BW Brent Williams 1.5 Review of post-petition interest and make-whole 

3 10/1/19 MM Matt Merkel 1.5 Prepared markup and provided guidance to junior banker on make whole summary

3 10/1/19 MM Matt Merkel 1.4 Made direct edits to make whole summary

3 10/1/19 MM Matt Merkel 1.8 Reviewed updated make whole analysis

3 10/1/19 PG Peter Gnatowski 0.6 Reviewed and commented on updated August MOR summary and analysis

3 10/1/19 RJ Riley Jacobs 1.2 Review Debtors hedging report and exchange motion reporting

3 10/1/19 SG Sherman Guillema 0.2 Reviewed analysis of make-whole premiums

3 10/1/19 ZS Zack Stone 0.4 Research and review equity research reports

3 10/2/19 AG Alex Gebert 1.3 Further updates to make-whole analysis

3 10/2/19 AG Alex Gebert 1.7 Analysis and research of Debtors' NOLs and tax treatment

3 10/2/19 AG Alex Gebert 1.0 Review Debtors' plan re: NOL treatment and emails re: the same

3 10/2/19 BM Brendan Murphy 1.9 Review and comments to internal NOL Analysis and other financial analysis

3 10/2/19 MM Matt Merkel 0.5 Researched net operating losses

3 10/2/19 PG Peter Gnatowski 2.0 Research regarding NOLs

3 10/2/19 PG Peter Gnatowski 1.2 Reviewed and commented on NOL summary and analysis

3 10/2/19 RJ Riley Jacobs 2.3 Review of make whole bond provisions in indentures

3 10/2/19 RJ Riley Jacobs 1.5 Create summary on make whole bond provisions in indentures

3 10/2/19 SG Sherman Guillema 3.8 Conducted research re: Section 382

3 10/3/19 AG Alex Gebert 3.5 Research NOL treatment in precedent cases

3 10/3/19 AG Alex Gebert 0.4 Emails re: tax considerations based on sub-committee call

3 10/3/19 BM Brendan Murphy 0.7 Internal correspondence re: NOL Analysis

3 10/3/19 BM Brendan Murphy 1.4 Review and comments to internal NOL Analysis and other financial analysis

3 10/3/19 EE Erik Ellingson 2.6 Research 382 NOL impact and change of control

3 10/3/19 EE Erik Ellingson 2.1 Prepared NOL tenor and associated analysis

3 10/3/19 EE Erik Ellingson 2.4 Revised net operating loss review summary and analysis - both State and Federal

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 2

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/3/19 MM Matt Merkel 1.5 Made direct edits to make whole summary

3 10/3/19 MM Matt Merkel 1.3 Drafted response to senior banker on updated make whole summary

3 10/3/19 PG Peter Gnatowski 0.8 Reviewed and commented on updated make-whole analysis

3 10/3/19 RJ Riley Jacobs 2.2 Reviewed credit documents re: accrued interest pre and post petition 

3 10/3/19 RJ Riley Jacobs 1.5 Draft analysis of outstanding accrued interest

3 10/3/19 SG Sherman Guillema 0.7 Reviewed documents re: debtors SEC disclosures re: net operating loses

3 10/3/19 ZS Zack Stone 2.0 Reviewed and modified NOL analysis for the Debtors

3 10/3/19 ZS Zack Stone 1.8 NOL Research re: PG&E historical NOLs

3 10/3/19 ZS Zack Stone 2.2 NOL Research re: Section 382

3 10/3/19 ZS Zack Stone 1.5 Summarize NOL Research Notes; circulation to team

3 10/4/19 AG Alex Gebert 1.7 Updated analysis re: make-whole calculation and amounts based on new market rates

3 10/4/19 AG Alex Gebert 0.6 Prepared analysis of PG&E share price and market reaction

3 10/4/19 AG Alex Gebert 0.8 Analysis of Debtors' pre-petition capital structure and accrued interest

3 10/4/19 EE Erik Ellingson 1.4 Reviewed and commented on updated NOL analysis from junior analyst

3 10/4/19 EE Erik Ellingson 0.8 Prepared draft summary of NOLs for counsel regarding reorganization

3 10/4/19 PG Peter Gnatowski 0.9 Additional research and analysis re: NOLs

3 10/4/19 PG Peter Gnatowski 0.3 Reviewed comments from counsel re: NOL and taxes considerations

3 10/5/19 MM Matt Merkel 1.7 Reviewed covenants in pre-petition credit agreement and provided summary

3 10/5/19 PG Peter Gnatowski 0.3 Reviewed credit agreement related to capitalization calculation

3 10/6/19 AG Alex Gebert 1.5 Research NOL monetization mechanisms

3 10/6/19 AG Alex Gebert 2.1 Analysis and calculation of Debtors' NOL

3 10/6/19 AG Alex Gebert 1.8 Prepare sensitivity table of NOL benefit

3 10/6/19 AG Alex Gebert 0.6 Edits to NOL model based on comments

3 10/6/19 BM Brendan Murphy 0.8 Internal correspondence re: NOL Analysis

3 10/6/19 BM Brendan Murphy 2.4 Review and comments to internal NOL Analysis and other financial analysis

3 10/6/19 EE Erik Ellingson 3.8 NOL analysis and modeling - NPV

3 10/6/19 EE Erik Ellingson 2.9 Additional NOL analysis - applying various discount rates and tenors

3 10/6/19 MM Matt Merkel 2.3 Provide guidance and comments on NOL analysis; additional comments on proceeding version

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 3

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/6/19 MM Matt Merkel 0.9 Researched NOL treatment in similar companies

3 10/6/19 MM Matt Merkel 0.6 Drafted summary of NOL analysis based on research

3 10/6/19 PG Peter Gnatowski 0.7 Reviewed NOL research re: comparable companies

3 10/6/19 PG Peter Gnatowski 1.5 Reviewed and commented on NOL analysis

3 10/6/19 ZS Zack Stone 2.4 Initial preparation of NOL financial analysis

3 10/6/19 ZS Zack Stone 1.2 Internal communications and edits to NOL Analysis

3 10/7/19 BM Brendan Murphy 2.4 Review and comments re: internal NOL Analysis and other financial analysis

3 10/9/19 AG Alex Gebert 2.3 Research equity research re: PG&E and other CA utilities

3 10/9/19 BM Brendan Murphy 1.4 Review and comments to updated internal NOL Analysis and other financial analysis

3 10/9/19 BM Brendan Murphy 0.9 Review of analyst research re: PG&E

3 10/9/19 PG Peter Gnatowski 0.5 Reviewed equity research analysis of PG&E stock price target

3 10/9/19 PG Peter Gnatowski 0.2 Reviewed operational integrity supplier reporting from the Debtors

3 10/9/19 PG Peter Gnatowski 1.8 Researched NOL treatment in other bankruptcy cases

3 10/10/19 AG Alex Gebert 1.4 Research NOL treatment and potential monetization

3 10/10/19 AG Alex Gebert 1.2 Research and summarize NOL monetization strategies; internal communications

3 10/10/19 AG Alex Gebert 1.8 Draft key observations/notes from NOL treatment under previous bankruptcy

3 10/10/19 BM Brendan Murphy 0.6 Reviewed NOL treatment in comparable companies

3 10/10/19 BM Brendan Murphy 1.8 Review and comments to NOL monetization strategies

3 10/10/19 BW Brent Williams 1.7 Review of PG&E NOLs and 382 summary presentation for TCC

3 10/11/19 AG Alex Gebert 1.0 Analysis of operational integrity reporting package

3 10/11/19 AG Alex Gebert 2.5 Research Section 382 limitations for background to TCC 

3 10/11/19 AG Alex Gebert 2.3 Prepare presentation materials re: Section 382 limitations for TCC education

3 10/11/19 AG Alex Gebert 1.6 Analysis of pro forma professional fees relative to fee cap, per counsels request

3 10/11/19 BM Brendan Murphy 1.8 Review and comments to updated Lazard fees' analysis for Counsel

3 10/11/19 BM Brendan Murphy 2.2 Analysis and research for Counsel re: NOL Monetization Considerations

3 10/11/19 BW Brent Williams 1.8 Review NOL financial analysis and limitations

3 10/11/19 BW Brent Williams 1.0 Review NOL monetization considerations

3 10/11/19 PG Peter Gnatowski 1.2 Drafted key observations/considerations re: NOL treatment

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 4

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/11/19 PG Peter Gnatowski 0.8 Reviewed and commented on updated analysis of Lazard professional fees

3 10/12/19 AS Alex Stevenson 0.5 Discussion of NOLs

3 10/12/19 BW Brent Williams 1.5 Additional review of NOL monetization presentation for TCC

3 10/12/19 BW Brent Williams 0.5 Internal discussions re: NOLs

3 10/13/19 AG Alex Gebert 1.5 Revisions analysis of professional fees relative to fee cap, per counsels request

3 10/13/19 PG Peter Gnatowski 0.7 Reviewed and comment on professional fee analysis from junior banker

3 10/14/19 AG Alex Gebert 1.8 Additional edits to analysis of professional fees 

3 10/14/19 AG Alex Gebert 0.6 Research and summarize tax receivable agreements

3 10/14/19 BM Brendan Murphy 1.2 Review and comments to updated Lazard's fee analysis for Counsel

3 10/14/19 BW Brent Williams 1.6 Review debtor NOLs and monetization possibilities including tax receivable agreement

3 10/14/19 PG Peter Gnatowski 0.8 Reviewed and comments to professional fee analysis

3 10/15/19 AG Alex Gebert 1.8 Research comparable tax receivable agreement structures

3 10/15/19 BM Brendan Murphy 1.8 Reviewed tax receivable structure and comparable agreements

3 10/15/19 BW Brent Williams 1.0 Review tax receivable agreement structures 

3 10/16/19 AG Alex Gebert 2.0 Analysis of Section 382 / NOL treatment in tax receivable agreement

3 10/16/19 AG Alex Gebert 2.8 Review/variance of latest Subro group holdings to previous group holdings

3 10/16/19 BW Brent Williams 1.2 Review and comment on amended statement of subrogation holdings and variance analysis

3 10/16/19 PG Peter Gnatowski 0.6 Review of Rule 2019 disclosure from trade claims and subrogation

3 10/16/19 PG Peter Gnatowski 1.8 Reviewed and commented on Rule 2019 variance and holdings analysis

3 10/17/19 BM Brendan Murphy 1.7 Analysis and research for Counsel re: NOL Monetization Considerations

3 10/17/19 BM Brendan Murphy 0.8 Review subrogation and equity holders

3 10/18/19 AG Alex Gebert 1.8 Comparison of subrogation group economic holdings

3 10/18/19 AG Alex Gebert 1.5 Comparison of equity group economic holdings

3 10/18/19 AG Alex Gebert 2.5 Further variance analysis of Subro/Equity group holdings based on comments/internal discussion

3 10/18/19 BM Brendan Murphy 0.6 Research re: Bankruptcy Rule 3002(c)(6) 

3 10/18/19 BM Brendan Murphy 2.1 Reviewed and commented updated NOL materials for TCC

3 10/18/19 BM Brendan Murphy 0.4 Review of 2019 equity statement filings

3 10/18/19 BW Brent Williams 1.0 Review and comment on section 382 NOL presentation for TCC

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 5

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/18/19 BW Brent Williams 0.8 Reviewed updated equity and subrogation holders

3 10/18/19 PG Peter Gnatowski 1.8 Revised NOL analysis for TCC meeting based on discussions with counsel

3 10/18/19 PG Peter Gnatowski 1.5 Reviewed and commented on updated analysis and holdings of 2019 holders 

3 10/18/19 PG Peter Gnatowski 0.5 Reviewed updated subro 2019 holders filing and reviewed variance prepared by junior analysts

3 10/18/19 PG Peter Gnatowski 1.8 Edited model based on new assumptions and scenarios 

3 10/20/19 MM Matt Merkel 2.1 Reviewed and revised make whole premium and accrued interest calculations

3 10/20/19 PG Peter Gnatowski 0.5 Reviewed updated make-whole analysis

3 10/20/19 RJ Riley Jacobs 3.2 Update analysis of Subro 2019 disclosure; additional edits and formatting

3 10/20/19 RJ Riley Jacobs 2.6 Reconcile analysis on subro 2019 filing

3 10/21/19 BM Brendan Murphy 1.4 Review and comments to Subro and Equity holdings analysis

3 10/21/19 BM Brendan Murphy 0.5 Review of pleading re: Shareholder 2019 Filing

3 10/21/19 BW Brent Williams 0.8 Review Shareholder holdings and related variance analysis

3 10/21/19 PG Peter Gnatowski 1.3 Reviewed 2019 subrogation disclosures and related analysis ; emails with counsel re: key observations

3 10/21/19 RJ Riley Jacobs 0.8 Review updated shareholders Rule 2019 filings

3 10/21/19 RJ Riley Jacobs 3.6 Update analysis of shareholder rule 2019 disclosure; internal communications

3 10/21/19 RJ Riley Jacobs 2.9 Additional analysis and formatting of Rule 2019 analysis

3 10/21/19 SG Sherman Guillema 1.5 Review and summarize Shareholder Group and Subrogation Group holdings

3 10/21/19 SG Sherman Guillema 2.0 Conducted research and revised materials re: make whole premiums

3 10/22/19 AG Alex Gebert 0.4 Review latest bondholder holdings

3 10/22/19 AG Alex Gebert 2.9 Prepare variance analysis of latest bondholders' economic holdings to previous

3 10/22/19 BM Brendan Murphy 1.0 Reviewed analysis of change in positions of bondholder group

3 10/22/19 BM Brendan Murphy 0.4 Review of Utility Bond 2019 filings

3 10/22/19 BW Brent Williams 1.8 Reviewed key observations of analysis of equity, subrogation and bondholders

3 10/22/19 BW Brent Williams 1.0 Review and comment on bondholder 2019 filing and related analysis

3 10/22/19 MM Matt Merkel 0.5 Reviewed Q3 earnings release schedule for comparable companies

3 10/22/19 PG Peter Gnatowski 1.1 Reviewed and commented on variance analysis of 2019 bondholder filing; drafted observations to counsel

3 10/22/19 PG Peter Gnatowski 0.8 Reviewed revised 2019 holding analysis; internal correspondence re: observations

3 10/22/19 PG Peter Gnatowski 1.5 Research on NOL treatment 

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 6

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/22/19 PG Peter Gnatowski 0.5 Reviewed bondholder variance analysis 

3 10/22/19 RJ Riley Jacobs 3.8 Additional updates to rule 2019 analysis, including addition of new metrics

3 10/22/19 SG Sherman Guillema 1.0 Review bondholder 2019 filing and related analysis

3 10/22/19 SG Sherman Guillema 1.9 Review and comment on utility bond 2019 filing and related analysis

3 10/23/19 AG Alex Gebert 0.6 Review of operational integrity reporting package

3 10/23/19 AG Alex Gebert 1.2 Internal communications and edits to make-whole analysis

3 10/23/19 AG Alex Gebert 0.8 Review make-whole treatment across plans

3 10/23/19 AG Alex Gebert 1.5 Research Debtors' upcoming earnings release and expectations

3 10/23/19 BM Brendan Murphy 0.4 Review of 6.2.4 Bi-Weekly Operational Integrity & Lien Payments Reporting 

3 10/23/19 BW Brent Williams 0.5 Reviewed updated make whole analysis

3 10/23/19 PG Peter Gnatowski 0.5 Reviewed amended filing of Utility Bonds by Schulte; internal correspondence re: analysis

3 10/23/19 PG Peter Gnatowski 1.0 Reviewed and commented on updated analysis of rule 2019 holdings

3 10/23/19 PG Peter Gnatowski 0.3 Reviewed bi-weekly integrity operational and lien supplier report

3 10/23/19 ZS Zack Stone 1.0 Update make-whole provision analysis

3 10/23/19 ZS Zack Stone 1.9 Draft presentation on make whole and interest expense; internal communications

3 10/24/19 ZS Zack Stone 1.5 Edits to presentation on make whole and interest expense

3 10/25/19 MM Matt Merkel 3.0 Made edits to financial model

3 10/25/19 PG Peter Gnatowski 1.0 Researched certain equity positions on PG&E based senior banker request

3 10/25/19 RJ Riley Jacobs 1.4 Research PCG equity positions and create summary

3 10/25/19 RJ Riley Jacobs 1.7 Review operating model re: COC assumptions and resulting variances

3 10/25/19 SG Sherman Guillema 2.5 Reviewed, commented on and revised financial model

3 10/25/19 ZS Zack Stone 1.8 Analyzed stock price related to recent news releases

3 10/26/19 BW Brent Williams 2.5 Reviewed updated financial model and impact of new capital structure

3 10/28/19 AG Alex Gebert 1.3 Review equity analyst commentary on PCG

3 10/28/19 AG Alex Gebert 0.7 Edits to Bondholder economic holdings analysis

3 10/28/19 BM Brendan Murphy 1.7 Review and comments to shareholder and subrogation holdings analysis for Counsel

3 10/28/19 MM Matt Merkel 3.6 Made edits to financial model; rate base build, CoC

3 10/28/19 MM Matt Merkel 0.6 Researched 3rd quarter earnings release for import to model

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 7

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/28/19 MM Matt Merkel 1.2 Reviewed CPUC rate cases reconciliation

3 10/28/19 MM Matt Merkel 1.3 Reviewed PGE and Edison analyst research reports

3 10/28/19 RJ Riley Jacobs 2.6 Add utility bondholders to Rule 2019 analysis and relevant analysis

3 10/28/19 RJ Riley Jacobs 2.3 Additional edits to rule 2019 analysis and review bondholder rule 2019 filing

3 10/29/19 MM Matt Merkel 3.1 Made edits to financial model

3 10/29/19 MM Matt Merkel 2.7 Incorporated comments to financial model from conversation with senior banker

3 10/29/19 NM Naeem Muscatwalla 1.1 Revision to operating model re: interest expense schedule

3 10/29/19 RJ Riley Jacobs 1.6 Review GT&S and TO rate cases for revenue build

3 10/29/19 RJ Riley Jacobs 2.1 Create analysis on GT&S revenue build based on rate case and cost of capital proceedings

3 10/29/19 RJ Riley Jacobs 2.4 Create analysis on TO revenue build based on rate case

3 10/29/19 RJ Riley Jacobs 1.1 Internal communications and edits (formatting) to revenue build analysis of rate cases

3 10/29/19 SG Sherman Guillema 1.2 Reviewed financial model and provided comments

3 10/30/19 EE Erik Ellingson 2.7 Reviewed and analyzed historical bond prices

3 10/30/19 MM Matt Merkel 2.9 Made edits to financial model re: revenue build

3 10/30/19 PG Peter Gnatowski 1.7 Reviewed and commented on bond duration analysis per counsels' request

3 10/30/19 PG Peter Gnatowski 0.7 Reviewed and commented on analysis of updated bond pricing

3 10/30/19 PG Peter Gnatowski 1.1 Reviewed and commented on updated bond tenor analysis, and reviewed select bond data

3 10/30/19 RJ Riley Jacobs 1.5 Research price history of PG&E bonds and circulate summary

3 10/30/19 RJ Riley Jacobs 2.9 Create analysis on PG&E outstanding bonds summarizing key metrics 

3 10/30/19 RJ Riley Jacobs 3.2 Research indentures for outstanding PG&E bonds re: use of proceeds and original principle

3 10/30/19 RJ Riley Jacobs 1.8 Create analysis on bonds re: bond tenor 

3 10/30/19 ZS Zack Stone 1.4 Review court dockets and public filings for backstop party and shareholder analysis

3 10/30/19 ZS Zack Stone 1.8 Prepare analysis for backstop parties and shareholders

3 10/30/19 ZS Zack Stone 1.0 Edits to analysis for backstop parties and shareholders

3 10/30/19 ZS Zack Stone 1.0 Prepare summary notes on backstop party and shareholder analysis reconciliation

3 10/31/19 AG Alex Gebert 2.0 Analysis of future value of Debtors NOLs

3 10/31/19 AG Alex Gebert 2.8 Prepare case study analysis of treatment of NOLs pre/post bankruptcy

3 10/31/19 AG Alex Gebert 2.0 Prepare presentation re: NOLs

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 8

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

3 10/31/19 EE Erik Ellingson 3.4 Tax receivable agreement structure and comparable research

3 10/31/19 MM Matt Merkel 2.5 Made edits to financial model re: debt schedule and scenario analysis

3 10/31/19 PG Peter Gnatowski 1.1 Reviewed and commented on updated NOL analysis and presentation

3 10/31/19 PG Peter Gnatowski 1.2 Reviewed and commented updated bond duration analysis requested by counsel

3 10/31/19 PG Peter Gnatowski 0.3 Reviewed various fee applications including FTI, Alix and Cravath

3 10/31/19 PG Peter Gnatowski 1.5 Edits to shareholder/backstop analysis; internal correspondence re: summary observations

3 10/31/19 PG Peter Gnatowski 0.8 Researched various documents from Debtors re: tax assumptions 

3 10/31/19 RJ Riley Jacobs 2.4 Additional research on subsequent issuances of bonds under previous indentures

3 10/31/19 RJ Riley Jacobs 1.5 Edits to analysis of PG&E historical bond tenor

3 10/31/19 ZS Zack Stone 2.5 Research tax receivable agreements

6 10/1/19 BM Brendan Murphy 0.6 Review of PG&E Reports re: Enhanced Vegetation Management

6 10/1/19 PG Peter Gnatowski 0.5 Reviewed and commented on the Debtors' response to Judge Alsup re: preparation for high wind season

6 10/1/19 PG Peter Gnatowski 0.5 Reviewed updated report from the Debtors' re: status of vegetation management

6 10/1/19 ZS Zack Stone 2.0 Prepared presentation on WSP Debtor Response Summary

6 10/2/19 AG Alex Gebert 1.8 Research damage of CA fires

6 10/2/19 PG Peter Gnatowski 0.5 Edits to wildfire presentation update to TCC

6 10/2/19 ZS Zack Stone 0.8 Update WSP Summary for Judge Order

6 10/3/19 BM Brendan Murphy 0.4 Review of Quanta Motion Reporting

6 10/3/19 PG Peter Gnatowski 0.7 Reviewed updated Quanta reports; prepared summary report for counsel; emails re: same

6 10/3/19 PG Peter Gnatowski 1.2 Research regarding wildfire reports requested by TCC Counsel; emails re: findings

6 10/3/19 RJ Riley Jacobs 1.9 Review Debtors diligence files for transmission and distribution reports

6 10/4/19 BM Brendan Murphy 0.3 Review of internal summary and analysis re: Quanta Motion Reporting

6 10/4/19 EE Erik Ellingson 1.8 Quanta motion reporting review and analysis

6 10/4/19 EE Erik Ellingson 3.8 Review of FEMA wildfire mitigation plan report

6 10/8/19 BM Brendan Murphy 0.8 Review of public articles re: PSPS and financial impact

6 10/8/19 BW Brent Williams 0.5 Review media reports on proposed PSPS

6 10/8/19 PG Peter Gnatowski 0.5 Reviewed anticipated PSPS coverage

6 10/9/19 BM Brendan Murphy 1.0 Internal coordination with BW re: wildfire presentation for committee

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 9

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

6 10/9/19 BW Brent Williams 1.0 Internal discussions re: wildfire presentation for TCC

6 10/9/19 BW Brent Williams 0.5 Reviewed Debtors response to wildfire safety

6 10/9/19 PG Peter Gnatowski 0.5 Reviewed PG&E's response to Judge Alsup re: wildfire safety

6 10/9/19 PG Peter Gnatowski 2.8 Reviewed and edited wildfire presentation update for TCC

6 10/10/19 BW Brent Williams 0.9 Reviewed wildfire insurance coverage

6 10/11/19 BM Brendan Murphy 1.2 Research and analysis for Counsel re: wildfire insurance coverage 

6 10/11/19 BM Brendan Murphy 1.4 Reviewed and commented on wildfire presentation for the TCC

6 10/11/19 BW Brent Williams 1.8 Reviewed and commented on updated wildfire presentation for the committee

6 10/13/19 PG Peter Gnatowski 0.4 Reviewed various news releases re: PSPS program

6 10/14/19 AG Alex Gebert 0.9 Review letters from Governor and Monitor

6 10/14/19 AG Alex Gebert 0.5 Review statement from Bill Johnson

6 10/14/19 BM Brendan Murphy 0.6 Review of PSPS articles (public)

6 10/14/19 BW Brent Williams 0.9 Review media reports on PSPS 

6 10/14/19 PG Peter Gnatowski 0.5 Reviewed wildfire presentation re: high wind season and 2019 ignitions 

6 10/14/19 PG Peter Gnatowski 1.4 Edits to presentation re: wildfire safety

6 10/14/19 PG Peter Gnatowski 0.9 Reviewed governor's and CPUC letters re: PSPS and other news articles

6 10/14/19 ZS Zack Stone 1.6 Review filings re: PSPS information

6 10/14/19 ZS Zack Stone 1.4 Draft summary presentation for PSPS event re: Governors Letter / CPUC Response

6 10/14/19 ZS Zack Stone 1.0 Review insurance disclosures on wildfire coverage

6 10/15/19 BM Brendan Murphy 1.4 Review and comments to Wildfire Status Update Deck for TCC

6 10/15/19 BW Brent Williams 1.5 Review and comment on wildfire presentation to the TCC

6 10/15/19 BW Brent Williams 0.5 Reviewed updated wildfire news coverage

6 10/15/19 PG Peter Gnatowski 0.8 Reviewed draft wildfire update presentation from junior banker; comments on presentation

6 10/15/19 ZS Zack Stone 3.7 Draft summary presentation for PSPS event re: Debtor response / Summary; edits to presentation

6 10/16/19 BM Brendan Murphy 1.5 Review and comments to Wildfire Status Update Deck for TCC

6 10/16/19 EE Erik Ellingson 2.7 Review and comment on updated wildfire presentation

6 10/16/19 PG Peter Gnatowski 1.5 Modified wildfire update presentation for TCC based on comments from counsel

6 10/16/19 ZS Zack Stone 1.6 Updated wildfire presentation for new PSPS presentation

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 10

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

6 10/18/19 BW Brent Williams 1.4 Reviewed and commented on updated wildfire presentation, reflecting comments from counsel

6 10/18/19 BW Brent Williams 0.5 Review media reports on insurance extension

6 10/18/19 PG Peter Gnatowski 0.4 Reviewed CPUC PSPS letters and correspondence

6 10/18/19 ZS Zack Stone 1.0 Review of public news / articles re: Debtor PSPS Response

6 10/21/19 BM Brendan Murphy 1.2 Review and comments to Wildfire Status Update Deck for TCC

6 10/21/19 BW Brent Williams 0.7 Reviewed Governor and CPUC letter to PG&E re: PSPS

6 10/21/19 ZS Zack Stone 1.0 Review disclosures from SEC filings re: wildfire insurance

6 10/22/19 BM Brendan Murphy 1.4 Review and comment on updated wildfire presentation for TCC

6 10/23/19 ZS Zack Stone 1.3 Review and circulate key external articles re: wildfire

6 10/24/19 PG Peter Gnatowski 0.4 Reviewed Quanta reporting update and summary for counsel

6 10/24/19 ZS Zack Stone 1.0 Review and circulate key external articles re: wildfire

6 10/24/19 ZS Zack Stone 0.5 Review of public news / articles re: Local Gov't letter to CPUC

6 10/25/19 AG Alex Gebert 0.8 Reviewed and summarized Quanta reporting

6 10/25/19 AS Alex Stevenson 0.5 Review news release re: Kincade Fire

6 10/25/19 BM Brendan Murphy 0.9 Review insurance coverage and impact from Kincade fires

6 10/25/19 BW Brent Williams 1.0 Review of PG&E insurance coverage for Kincade Fires

6 10/25/19 BW Brent Williams 0.8 Review media reports and CAL FIRE updates on Kincade

6 10/25/19 BW Brent Williams 0.4 Review media reports on Governor Newsome's remarks re: Kincade

6 10/25/19 PG Peter Gnatowski 0.6 Research regarding insurance coverage for fires based on inquiry from TCC

6 10/25/19 PG Peter Gnatowski 0.7 Reviewed updates on Kincade fire from CAL FIRE and other sources

6 10/26/19 AS Alex Stevenson 1.2 Review correspondence and news releases re: Kincade Fire and wildfire presentation 

6 10/26/19 BM Brendan Murphy 1.3 Reviewed and commented on analysis of Kincade fire

6 10/26/19 BW Brent Williams 1.5 Reviewed analysis of Kincade impact on claims

6 10/26/19 EE Erik Ellingson 1.9 Kincade impacts analysis and review

6 10/27/19 AS Alex Stevenson 0.5 Review correspondence and news releases re: Kincade Fire; analysis of potential impact

6 10/27/19 BW Brent Williams 1.8 Reviewed liability analysis of Kincade

6 10/28/19 AG Alex Gebert 2.2 Review and analysis re: treatment of Kincade fire claims

6 10/28/19 BM Brendan Murphy 1.9 Review claim treatment analysis of Kincade fires

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 11

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

6 10/28/19 BW Brent Williams 1.5 Review PG&E PSPS correspondence from CPUC, Governor and others

6 10/28/19 BW Brent Williams 1.8 Review analysis and external documents re: Kincade fire and potential impact

6 10/28/19 BW Brent Williams 1.0 Review post petition/pre-confirmation wildfire issues

6 10/28/19 EE Erik Ellingson 2.2 Review of legal commentary and analysis from postpetition, pre-confirmation wildfire claims

6 10/28/19 PG Peter Gnatowski 0.5 Reviewed CalFire updates on Kincade fire

6 10/28/19 ZS Zack Stone 1.9 Review Wildfire Assistance Program Report Summary

6 10/28/19 ZS Zack Stone 2.4 Prepare Presentation on Wildfire Assistance Program Report Summary

6 10/28/19 ZS Zack Stone 0.8 Review and circulate updated Kincade fire and news articles

6 10/29/19 AS Alex Stevenson 0.8 Internal communication on Kincade fire liabilities

6 10/29/19 BM Brendan Murphy 1.6 Research and analysis for Counsel re: wildfire insurance coverage 

6 10/29/19 BM Brendan Murphy 1.4 Review of PG&E Reports re: Enhanced Vegetation Management

6 10/29/19 BM Brendan Murphy 1.8 Research and analysis for Counsel re: Wildfire Safety and System Hardening

6 10/29/19 BM Brendan Murphy 0.8 Internal communications re: Kincade fire claims

6 10/29/19 BW Brent Williams 1.0 Additional review media reports on Kincade Fire

6 10/29/19 BW Brent Williams 0.8 Internal discussions re: Kincade fires

6 10/29/19 ZS Zack Stone 0.5 Review and circulate updated Kincade fire and news articles

6 10/30/19 BM Brendan Murphy 1.9 Reviewed updated analysis on Kincade fire

6 10/30/19 BM Brendan Murphy 1.0 Review of wildfire assistance program update

6 10/30/19 BW Brent Williams 1.1 Review quarterly report re: administration of wildfire assistance program and diligence materials from Debtors

6 10/30/19 BW Brent Williams 0.8 Review media reports re: PSPS rebates and tower inspections for Kincade fires

6 10/30/19 BW Brent Williams 0.5 Reviewed and commented on updated Kincade fire analysis

6 10/30/19 ZS Zack Stone 1.0 Updated analysis on Kincade fire

6 10/31/19 AG Alex Gebert 1.3 Analysis of effects of Kincade fire claims

6 10/31/19 BM Brendan Murphy 0.9 Review of diligence re: 10.1.5 Wildfire Safety Plan Status Updates 

6 10/31/19 BM Brendan Murphy 0.8 Review of PSPS articles, CA fires, and other news via web (public)

7 10/31/19 BM Brendan Murphy 1.0 Call with Debtor re: business plan diligence questions and related analysis

7 10/31/19 MM Matt Merkel 1.0 Participated in diligence call with AlixPartners re: business plan diligence

7 10/31/19 PG Peter Gnatowski 1.0 Attendance oncall with the Debtors and AlixPartners re: outstanding diligence questions

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 12

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

9 10/1/19 AS Alex Stevenson 0.6 Participate in call with stakeholder re: asset sales

9 10/1/19 MM Matt Merkel 0.6 Participated in SF assets offer call with third party re: asset sales

9 10/2/19 AS Alex Stevenson 2.2 Participate in telephonic meeting with stakeholder group

9 10/2/19 BM Brendan Murphy 2.2 Telephonic meeting with Interested Party re: Plan Negotiations

9 10/4/19 BM Brendan Murphy 1.1 Discussion with Interested Party re: Plan Negotiations and Settlement Offer

9 10/4/19 BW Brent Williams 1.1 Call with interested party re: negotiations

9 10/7/19 BW Brent Williams 0.5 Call with interested party re: case interests

9 10/8/19 BW Brent Williams 0.4 Call with interested party re: case interests

9 10/10/19 BW Brent Williams 1.5 Call with various interested parties re: case interests

9 10/10/19 BW Brent Williams 0.6 Call with interested party re: case interests

9 10/11/19 BM Brendan Murphy 0.8 Call with Counsel / Other Interested Parties re: Plan Documents

9 10/11/19 BW Brent Williams 0.8 Call with interested party and counsel re: negotiations

9 10/13/19 BW Brent Williams 0.6 Call with interested party

9 10/14/19 BM Brendan Murphy 0.9 Call with Counsel / Other Interested Parties re: Plan Documents

9 10/14/19 BM Brendan Murphy 0.7 Call with Counsel / Other Interested Parties re: NOL Issues

9 10/14/19 BW Brent Williams 0.7 Call with interested parties and counsel re: plan issues

9 10/16/19 BM Brendan Murphy 1.4 Calls with Counsel / Other Interested Parties re: Plan Documents

9 10/17/19 BM Brendan Murphy 1.6 Calls with Counsel / Other Interested Parties re: Plan Documents

9 10/21/19 BM Brendan Murphy 1.0 Call with Interested Party

9 10/21/19 BW Brent Williams 1.0 Correspondence with interested party

9 10/21/19 PG Peter Gnatowski 1.0 Correspondences with third-party advisor re: plan interests

9 10/21/19 PG Peter Gnatowski 0.4 Internal correspondence re: updating analysis based on call with third-party advisor 

9 10/23/19 BW Brent Williams 0.5 Correspondence with interested party

9 10/24/19 BW Brent Williams 0.5 Correspondence with interested party re: case interests

9 10/24/19 BW Brent Williams 0.4 Call with interested party re: term sheet

9 10/25/19 BW Brent Williams 1.2 Call with interested party re: negotiations

9 10/27/19 BW Brent Williams 0.3 Call with interested party

9 10/28/19 BW Brent Williams 0.6 Correspondence with interested party re: case interests

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 13

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

9 10/31/19 AS Alex Stevenson 0.4 Correspondence re: meeting with stakeholder group

9 10/31/19 AS Alex Stevenson 1.2 Participate in telephonic meeting with stakeholder group

9 10/31/19 AS Alex Stevenson 0.3 Correspondence with stakeholder group

9 10/31/19 BW Brent Williams 0.3 Call with interested party

10 10/3/19 BM Brendan Murphy 1.1 Strategy meeting with Counsel and BW

10 10/3/19 BW Brent Williams 1.1 Strategy meeting with counsel and BM 

10 10/4/19 BM Brendan Murphy 0.7 Correspondence with Counsel re: Deposition transcript and line-specific testimony

10 10/5/19 AS Alex Stevenson 1.5 Discussion regarding response to Debtors opposition to exclusivity termination motion with counsel, BW, and 

BM

10 10/5/19 BM Brendan Murphy 1.5 Correspondence with Counsel and internal team re: Prep for Exclusivity Hearing

10 10/5/19 BW Brent Williams 1.5 Participated in internal discussion with counsel and BM/AS, re: responses to exclusivity motion

10 10/7/19 AS Alex Stevenson 1.3 Strategy meeting with BW, BM and Jorian Rose, BH

10 10/7/19 BM Brendan Murphy 1.3 Strategy meeting with Counsel, BW, and AS

10 10/7/19 BW Brent Williams 1.3 Meeting with counsel and internal team

10 10/7/19 BW Brent Williams 1.0 Meeting with counsel re: plan proposals

10 10/8/19 AS Alex Stevenson 0.9 Correspondence with Counsel re: 30(b)6 discovery and depositions

10 10/9/19 AS Alex Stevenson 1.5 Call with counsel re: deposition preparation

10 10/9/19 AS Alex Stevenson 0.5 Call with counsel re: deposition preparation

10 10/9/19 BM Brendan Murphy 1.1 Correspondence with Counsel re: strategy given exclusivity termination

10 10/9/19 MM Matt Merkel 0.9 Correspondence with counsel re: questions for depo

10 10/9/19 PG Peter Gnatowski 0.5 Participated in call with counsel regarding Rothschild deposition

10 10/9/19 SG Sherman Guillema 0.9 Correspondence with counsel re: questions for deposition

10 10/10/19 AS Alex Stevenson 0.3 Review correspondence from BH re: POR

10 10/10/19 BM Brendan Murphy 1.1 Call with Counsel re: NOL analysis

10 10/10/19 BM Brendan Murphy 0.4 Correspondence with Counsel re: San Joaquin Irrigation District

10 10/10/19 BW Brent Williams 1.1 Participated in call w/ counsel re: tax issues

10 10/10/19 BW Brent Williams 0.6 Call with counsel re: plan strategy

10 10/10/19 BW Brent Williams 1.0 Discussion with counsel re: exclusivity termination

10 10/10/19 PG Peter Gnatowski 1.1 Correspondence with counsel re: taxes and NOLs

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 14

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

10 10/11/19 AS Alex Stevenson 0.5 Call with counsel re POR

10 10/11/19 BM Brendan Murphy 0.9 Correspondence and discussion with Counsel re: NOL issues

10 10/14/19 BM Brendan Murphy 1.0 Correspondence and discussion with Counsel re: NOL considerations and concerns

10 10/14/19 BW Brent Williams 1.0 Call with counsel re: NOLs

10 10/14/19 PG Peter Gnatowski 1.0 Correspondence with counsel re: NOLs and plan implications

10 10/16/19 BM Brendan Murphy 0.7 Correspondence and discussion with Counsel re: NOL issues

10 10/16/19 BM Brendan Murphy 0.5 Correspondence and discussion with Counsel re: bar date motion

10 10/16/19 BW Brent Williams 0.6 Emails/communications with counsel re interest rates in competing plans

10 10/17/19 AS Alex Stevenson 0.6 Participate on POR call with counsel

10 10/17/19 BW Brent Williams 0.6 Call with counsel re: plan strategy

10 10/17/19 BW Brent Williams 0.5 Emails/communications with counsel re: CPUC meeting

10 10/17/19 PG Peter Gnatowski 1.1 Reviewed memos from counsel to TCC and other presentations

10 10/18/19 BM Brendan Murphy 1.1 Additional correspondence and discussion with Counsel re: NOL issues

10 10/18/19 BW Brent Williams 1.0 Call with counsel re: NOLs

10 10/20/19 BW Brent Williams 0.8 Call with counsel regarding plan scheduling scenarios

10 10/21/19 BM Brendan Murphy 0.6 Correspondence with Counsel re: FEMA and wildfire claims

10 10/21/19 BM Brendan Murphy 0.7 Correspondence with Counsel re: status conference

10 10/21/19 BW Brent Williams 0.6 Communication with counsel re: governmental claims

10 10/21/19 PG Peter Gnatowski 0.4 Reviewed update from counsel on estimation process and hearing

10 10/22/19 BM Brendan Murphy 1.3 Correspondence with Counsel re: Plan-related questions and issues

10 10/22/19 PG Peter Gnatowski 0.2 Reviewed critical dates memo from counsel

10 10/23/19 AS Alex Stevenson 1.0 Meeting with counsel and BW re: POR

10 10/23/19 BW Brent Williams 1.0 Meeting with counsel and AS re: plan proposals

10 10/24/19 BM Brendan Murphy 0.8 Correspondence and discussion with Counsel re: equity backstop and debt commitment letters 

10 10/24/19 BM Brendan Murphy 0.9 Call with Counsel re: Ziman deposition and related financing pleadings

10 10/24/19 BM Brendan Murphy 0.4 Correspondence with Counsel re: Ziman declaration

10 10/24/19 BW Brent Williams 1.1 Discussions with counsel regarding plan issues

10 10/26/19 BM Brendan Murphy 0.8 Correspondence with Counsel re: fires, impact to case, other issues

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 15

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

10 10/27/19 BM Brendan Murphy 0.4 Call with Counsel re: Ziman deposition and related financing pleadings

10 10/27/19 BW Brent Williams 1.2 Discussion with counsel re: Kincade fire claim treatment

10 10/28/19 AS Alex Stevenson 1.0 Call with Baker re: case and POR issues

10 10/28/19 BM Brendan Murphy 1.0 Call with Counsel re: update on case status and strategy 

10 10/28/19 BM Brendan Murphy 0.4 Correspondence with Counsel re: fires, impact to case, other issues

10 10/28/19 BW Brent Williams 1.0 Call with counsel re: plan(s) discussion

10 10/28/19 PG Peter Gnatowski 0.3 Reviewed critical dates memo from counsel

10 10/29/19 BW Brent Williams 0.5 Meeting with counsel re: plan proposals

10 10/29/19 BW Brent Williams 1.0 Discussions with counsel re: inverse condemnation and Kincade fire

10 10/30/19 BM Brendan Murphy 0.7 Call with Counsel re: commitment letters

10 10/30/19 BW Brent Williams 0.7 Call with counsel re: financing motion 

10 10/30/19 BW Brent Williams 1.5 Communications with counsel re: preparation for mediation 

10 10/30/19 PG Peter Gnatowski 0.7 Call with counsel re: commitment letter motion from Debtors

10 10/31/19 BW Brent Williams 1.2 Communications with counsel to prepare for mediation

10 10/31/19 BW Brent Williams 0.8 Meeting with counsel re: plan proposals

11 10/4/19 BM Brendan Murphy 1.3 Drafted questions and analysis for Counsel re: Prep for Exclusivity Hearing

11 10/4/19 MM Matt Merkel 1.4 Reviewed and made edits to diligence list re: summary points for counsel to prep for hearing

11 10/4/19 PG Peter Gnatowski 1.0 Drafted key points for counsel re: competing plans for exclusivity hearing

11 10/5/19 BM Brendan Murphy 1.9 Drafted questions and analysis for Counsel re: Prep for Exclusivity Hearing

11 10/5/19 BM Brendan Murphy 0.7 Internal call re: issues/considerations for Counsel re: Preparation for Exclusivity Hearing

11 10/5/19 BM Brendan Murphy 1.5 Reviewed and commented on updated considerations list for counsel for exclusivity hearing

11 10/5/19 MM Matt Merkel 0.7 Internal call re: summary of points for counsel

11 10/5/19 MM Matt Merkel 1.1 Reviewed and made edits to diligence list re: summary points of counsel

11 10/5/19 PG Peter Gnatowski 0.7 Participated in internal call re: key points of competing plans for counsel in preparation for hearing

11 10/5/19 PG Peter Gnatowski 1.5 Edits to summary of competing plans for counsel based on senior banker feedback

11 10/5/19 PG Peter Gnatowski 0.4 Reviewed and analyzed make-whole analysis per counsel questions

11 10/5/19 PG Peter Gnatowski 1.4 Reviewed updated summary of competing plans based on comments from counsel

11 10/5/19 SG Sherman Guillema 0.7 Internal call re: exclusivity hearing and analysis requested by counsel

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 16

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

11 10/5/19 SG Sherman Guillema 0.3 Revised comparison of considerations re: reorganization plans for counsel

11 10/6/19 BM Brendan Murphy 0.7 Internal correspondence re: issues/considerations for Counsel re: Preparation for Exclusivity Hearing

11 10/7/19 PG Peter Gnatowski 0.2 Reviewed critical dates memo from counsel

11 10/9/19 BM Brendan Murphy 0.8 Internal correspondence re: exclusivity termination and strategy

11 10/11/19 PG Peter Gnatowski 1.0 Finalized key observations/considerations for counsel re: NOLs analysis

11 10/15/19 BM Brendan Murphy 1.6 Review and comment on NOL considerations for counsel

11 10/16/19 BM Brendan Murphy 0.4 Research for Counsel re: Insurance Funding

11 10/24/19 BM Brendan Murphy 0.4 Research for Counsel re: Board members' task and roles

11 10/25/19 RJ Riley Jacobs 2.5 Prepare template for Williams declaration and initial diligence re: commitment letters per counsel's request

11 10/30/19 PG Peter Gnatowski 0.3 Reviewed deposition 30b6 notices from counsel

11 10/31/19 BM Brendan Murphy 1.4 Research and analysis for Counsel re: Wildfire spend and other confidential analysis

11 10/31/19 MM Matt Merkel 2.5 Reviewed and analyzed Debtor's investment banking engagement letters per counsel request

11 10/31/19 MM Matt Merkel 1.3 Drafted summary of scope of engagement re: EL for Counsel

12 10/2/19 AS Alex Stevenson 1.5 Call with TCC negotiating group

12 10/2/19 BM Brendan Murphy 1.5 Call with TCC negotiating committee

12 10/2/19 BW Brent Williams 0.4 Communication with select committee member re: plan(s) discussion

12 10/2/19 BW Brent Williams 1.5 Call with TCC sub group

12 10/3/19 AG Alex Gebert 1.5 Participate on sub-committee call re: third party proposal

12 10/3/19 BM Brendan Murphy 1.5 Participation on TCC Committee call

12 10/3/19 BW Brent Williams 1.5 Participation (telephonic) on TCC committee call

12 10/3/19 PG Peter Gnatowski 1.5 Participation on TCC Committee call

12 10/4/19 BW Brent Williams 1.4 Communication with committee member re: plan(s) discussion

12 10/6/19 BW Brent Williams 1.1 Communication with committee members re: plan(s) discussion

12 10/8/19 BW Brent Williams 1.0 Communication with committee members re: plan(s) discussion

12 10/8/19 BW Brent Williams 0.9 Call with committee member and counsel re: various process discussions

12 10/8/19 NM Naeem Muscatwalla 1.8 Review and internal circulation of files in TCC data room

12 10/8/19 PG Peter Gnatowski 1.0 Reviewed various memos, motions and analyses uploaded to TCC Data site

12 10/9/19 BW Brent Williams 0.6 Communication with committee members re: plan(s) discussion

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 17

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

12 10/10/19 AS Alex Stevenson 2.2 Participate in call with the TCC (NOL issues)

12 10/10/19 BM Brendan Murphy 2.2 Participation on TCC Committee call

12 10/10/19 BW Brent Williams 0.5 Communication with committee members re: AB 1054

12 10/10/19 BW Brent Williams 2.2 Participation in committee call

12 10/10/19 SG Sherman Guillema 2.2 Participation on TCC Committee call

12 10/11/19 BW Brent Williams 0.5 Communication with committee members re: plan(s) discussion

12 10/12/19 BM Brendan Murphy 0.9 Discussion with committee members

12 10/12/19 BW Brent Williams 0.9 Call with committee members 

12 10/13/19 BW Brent Williams 0.6 Communication with committee members re: plan(s) discussion

12 10/15/19 AS Alex Stevenson 2.0 Participate on TCC call

12 10/15/19 BM Brendan Murphy 2.1 Participation on TCC Committee call

12 10/15/19 BW Brent Williams 2.0 Participation in TCC call

12 10/15/19 PG Peter Gnatowski 2.0 Attendance on TCC call

12 10/15/19 RJ Riley Jacobs 2.0 Attendance on committee call telephonically; took notes

12 10/17/19 BW Brent Williams 0.4 Emails/communications with committee re: scheduling

12 10/24/19 BM Brendan Murphy 1.8 Telephonic participation on TCC call

12 10/24/19 BW Brent Williams 1.0 Internal discussions and preparation for committee call re: outstanding items

12 10/24/19 BW Brent Williams 1.8 Participation in TCC call

12 10/24/19 PG Peter Gnatowski 1.8 Participation on TCC Committee call

12 10/25/19 BW Brent Williams 0.8 Emails/communication with committee re: Kincade Fire and impact to POR

12 10/26/19 BW Brent Williams 1.1 Emails/communication with committee re: wildfire insurance

12 10/28/19 BW Brent Williams 0.7 Emails/communication with committee re: Kincade Fire and insurance coverage

13 10/1/19 AG Alex Gebert 2.5 Review and draft commentary re: arguments from joint status conference statements

13 10/1/19 AG Alex Gebert 1.0 Additional research re: joint status conference based on internal discussion

13 10/1/19 BM Brendan Murphy 0.7 Review of Joint Status Conference Statement Notes and Related Documents

13 10/1/19 BM Brendan Murphy 0.3 Review of AP Services August fee statement

13 10/1/19 BM Brendan Murphy 0.5 Review of Pleading re: Response to Fee Examiner Protocol

13 10/1/19 PG Peter Gnatowski 0.2 Reviewed AlixPartners August fee application

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 18

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

13 10/1/19 PG Peter Gnatowski 0.4 Reviewed joint status conference re: estimations

13 10/1/19 RJ Riley Jacobs 1.9 Researched, summarized and circulated relevant dockets internally

13 10/2/19 BM Brendan Murphy 0.7 Review of documents from Debtor re: Butte County DA Settlement Agreement

13 10/2/19 RJ Riley Jacobs 1.2 Researched, summarized and circulated relevant dockets internally

13 10/3/19 RJ Riley Jacobs 0.8 Researched, summarized and circulated relevant dockets internally

13 10/4/19 PG Peter Gnatowski 0.2 Reviewed FTI July fee application

13 10/4/19 PG Peter Gnatowski 0.3 Reviewed 8K re: settlement of Locate and Mark Practices

13 10/4/19 RJ Riley Jacobs 1.5 Researched, summarized and circulated relevant dockets internally

13 10/6/19 MM Matt Merkel 0.5 Review and internal circulation of news articles / docket related to the Debtor

13 10/7/19 PG Peter Gnatowski 0.5 Reviewed updates from estimation hearing

13 10/7/19 RJ Riley Jacobs 0.6 Researched, summarized and circulated relevant dockets internally

13 10/8/19 AG Alex Gebert 1.5 Analysis of Subro settlement motion and RSA

13 10/8/19 BW Brent Williams 2.0 Review of Subro motion and RSA

13 10/8/19 NM Naeem Muscatwalla 1.3 Review and internal circulation of news articles related to the Debtor

13 10/8/19 RJ Riley Jacobs 1.4 Search for and review subro group RSA and motion

13 10/8/19 RJ Riley Jacobs 0.3 Researched, summarized and circulated relevant dockets internally

13 10/8/19 SG Sherman Guillema 0.2 Review Debtor's objection to TCC request for production

13 10/8/19 SG Sherman Guillema 0.2 Review subro group objection to TCC request for production

13 10/8/19 SG Sherman Guillema 3.5 Review subro settlement and RSA

13 10/8/19 SG Sherman Guillema 0.4 Review subro motion for relief from stay

13 10/8/19 SG Sherman Guillema 0.4 Review debtors objection to deposition notice

13 10/8/19 SG Sherman Guillema 0.4 Review subro objection to deposition notice

13 10/8/19 ZS Zack Stone 1.0 Review and circulate public news / articles 

13 10/9/19 AG Alex Gebert 0.5 Review operational integrity shipping and supplier detail

13 10/9/19 BW Brent Williams 1.0 Review Judge Donatos ruling on estimation 

13 10/9/19 NM Naeem Muscatwalla 1.3 Review and internal circulation of news articles related to the exclusivity termination

13 10/10/19 AG Alex Gebert 1.6 Review news and articles re: termination of exclusivity

13 10/10/19 BW Brent Williams 0.8 Review media reports on termination of exclusivity 

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 19

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

13 10/10/19 MM Matt Merkel 0.4 Review exclusivity pleadings

13 10/10/19 NM Naeem Muscatwalla 1.0 Review and internal circulation of news articles related to the Debtor

13 10/10/19 ZS Zack Stone 1.0 Review and circulate public news / articles 

13 10/11/19 RJ Riley Jacobs 0.9 Researched, summarized and circulated relevant dockets internally

13 10/11/19 ZS Zack Stone 0.5 Review and circulate public news / articles 

13 10/14/19 BW Brent Williams 0.5 Review Judge Donato’s scheduling for wildfire claims estimation

13 10/14/19 NM Naeem Muscatwalla 1.0 Review and internal circulation of news articles related to the Debtor

13 10/14/19 RJ Riley Jacobs 0.5 Researched, summarized and circulated relevant dockets internally

13 10/15/19 AS Alex Stevenson 0.3 Review correspondence on bar date

13 10/15/19 NM Naeem Muscatwalla 1.8 Review and internal circulation of files in TCC data room

13 10/15/19 SG Sherman Guillema 0.2 Review correspondence on bar date

13 10/16/19 BM Brendan Murphy 0.6 Correspondence and discussion internally re: bar date motion

13 10/16/19 BM Brendan Murphy 1.4 Review of filed pleadings re: Objections to Subro RSA Motion

13 10/16/19 BW Brent Williams 0.4 Review media reports regarding formation of trade creditor committee

13 10/16/19 NM Naeem Muscatwalla 1.0 Review and internal circulation of news articles related to the Debtor

13 10/16/19 PG Peter Gnatowski 1.6 Reviewed various objections to the Subrogation RSA motion

13 10/16/19 RJ Riley Jacobs 0.6 Create summary of recent news re: SF assets 

13 10/16/19 RJ Riley Jacobs 0.8 Internal communications on California utility service areas

13 10/16/19 RJ Riley Jacobs 1.0 Researched, summarized and circulated relevant dockets internally

13 10/17/19 BW Brent Williams 0.9 Review of AHB objection to debtors RSA motion with Subrogation

13 10/17/19 BW Brent Williams 0.7 Review of Adventist objection to debtors RSA motion with Subrogation

13 10/17/19 BW Brent Williams 1.0 Review of the UCC objection to debtors RSA motion with Subrogation

13 10/17/19 BW Brent Williams 1.5 Review of TCC objection to debtors RSA motion with Subrogation

13 10/17/19 NM Naeem Muscatwalla 0.8 Review and internal circulation of news articles related to the Debtor

13 10/17/19 NM Naeem Muscatwalla 1.5 Review and internal circulation of files in TCC data room

13 10/17/19 RJ Riley Jacobs 2.3 Review objections to the RSA

13 10/17/19 RJ Riley Jacobs 1.4 Summarize objections to the RSA

13 10/17/19 RJ Riley Jacobs 0.6 Researched, summarized and circulated relevant dockets internally

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 20

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

13 10/17/19 SG Sherman Guillema 2.1 Review objections to RSA by UCC, US, and AHC

13 10/18/19 BM Brendan Murphy 1.7 Review and comments for Counsel re: Bar Date motion

13 10/18/19 BM Brendan Murphy 1.1 Review of filed pleadings re: Objections to Subro RSA Motion

13 10/18/19 BM Brendan Murphy 0.7 Review of Bar Date motion

13 10/18/19 BW Brent Williams 1.0 Review draft bar date motion

13 10/18/19 BW Brent Williams 0.4 Review formation of splinter bondholder group

13 10/18/19 BW Brent Williams 0.6 Review of declarations supporting bar date extension

13 10/18/19 NM Naeem Muscatwalla 1.9 Review and internal circulation of news articles related to the Debtor

13 10/18/19 PG Peter Gnatowski 1.0 Reviewed various bar date extension motions and declarations

13 10/18/19 RJ Riley Jacobs 1.9 Researched, summarized and circulated relevant dockets internally

13 10/20/19 BW Brent Williams 1.5 Review supporting numbers in plan scheduling scenarios

13 10/20/19 PG Peter Gnatowski 0.3 Reviewed memo from subro attorney re: timeline 

13 10/20/19 RJ Riley Jacobs 0.3 Researched, summarized and circulated relevant dockets internally

13 10/21/19 AG Alex Gebert 1.2 Review TCC motion to extend bar date

13 10/21/19 AG Alex Gebert 1.8 Review and circulate news and articles re: competing plan proposals

13 10/21/19 AG Alex Gebert 1.3 Review results of estimation status conference hearing

13 10/21/19 BM Brendan Murphy 0.8 Review of pleading re: Baupost Support of RSA

13 10/21/19 BW Brent Williams 0.5 Review winding creek complaint

13 10/21/19 BW Brent Williams 1.5 Review Subro reply to Suborn RSA motion

13 10/21/19 NM Naeem Muscatwalla 1.0 Review and internal circulation of news articles related to the Debtor

13 10/21/19 RJ Riley Jacobs 2.4 Researched, summarized and circulated relevant dockets internally

13 10/22/19 BM Brendan Murphy 0.4 Review of Bakers' critical dates memo

13 10/22/19 BM Brendan Murphy 0.7 Review of Revised Proposed Order for RSA

13 10/22/19 BW Brent Williams 1.1 Review Debtor reply in support of Subro RSA

13 10/22/19 BW Brent Williams 0.4 Update on Donato status conference

13 10/22/19 BW Brent Williams 0.5 Review Baupost Joinder to RSA motion

13 10/22/19 BW Brent Williams 0.6 Review of debtor reply to plan scheduling

13 10/22/19 NM Naeem Muscatwalla 1.2 Review and internal circulation of news articles related to the Debtor

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 21

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

13 10/22/19 PG Peter Gnatowski 0.6 Reviewed Debtors statement on status conference and timeline to confirmation 

13 10/22/19 RJ Riley Jacobs 3.6 Researched, summarized and circulated relevant dockets internally

13 10/22/19 RJ Riley Jacobs 0.7 Compare timelines filed by Ad hoc bondholders and Debtors

13 10/22/19 ZS Zack Stone 1.1 Review and circulate public news / articles 

13 10/23/19 BW Brent Williams 1.0 Review pleadings on Subro motion

13 10/23/19 RJ Riley Jacobs 1.3 Researched, summarized and circulated relevant dockets internally

13 10/24/19 BM Brendan Murphy 0.3 Review of Debtors' Response to Bondholder Motion for Party Status

13 10/24/19 NM Naeem Muscatwalla 1.2 Review and internal circulation of files in TCC data room

13 10/24/19 PG Peter Gnatowski 0.5 Reviewed Debtors' reply to Party Status Motion

13 10/24/19 PG Peter Gnatowski 0.6 Reviewed various memos and analyses prepared by counsel uploaded to TCC website 

13 10/24/19 RJ Riley Jacobs 1.2 Researched, summarized and circulated relevant dockets internally

13 10/24/19 ZS Zack Stone 0.5 Review of public news / articles re: Debtor response to motion

13 10/24/19 ZS Zack Stone 1.2 Review and summary of Debtor data room files re: CCAs

13 10/25/19 EE Erik Ellingson 1.2 Reviewed motion and Boken declaration re: notices of removal; internal correspondence re: summary

13 10/25/19 NM Naeem Muscatwalla 0.7 Review and internal circulation of news articles related to the Debtor

13 10/25/19 PG Peter Gnatowski 0.5 Reviewed motion and declaration from Debtors related to notes of removal of related proceedings

13 10/28/19 AG Alex Gebert 0.6 Review results stemming from wildfire estimation hearing

13 10/28/19 AG Alex Gebert 1.5 Review bar date extension

13 10/28/19 BM Brendan Murphy 1.4 Review of Debtors/UCC Brief on Inverse Condemnation

13 10/28/19 BM Brendan Murphy 0.3 Review of Bakers' critical dates memo

13 10/28/19 BW Brent Williams 1.2 Review of inverse comdemnation brief

13 10/28/19 MM Matt Merkel 0.3 Review and internal circulation of news articles / docket related to the Debtor

13 10/28/19 NM Naeem Muscatwalla 1.1 Review and internal circulation of news articles related to the Debtor

13 10/28/19 PG Peter Gnatowski 1.0 Reviewed brief on inverse condemnation

13 10/28/19 PG Peter Gnatowski 0.5 Reviewed Bar date extension notices and internal correspondence from counsel

13 10/28/19 RJ Riley Jacobs 1.9 Researched, summarized and circulated relevant dockets internally

13 10/29/19 AG Alex Gebert 0.5 Review pleadings re: to expand TCC counsel to estimation hearings

13 10/29/19 BW Brent Williams 3.5 Review joint brief of UCC and Debtor on inverse condemnation/Orsini Declaration

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 22

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

13 10/29/19 BW Brent Williams 0.5 Review order to appoint a mediator 

13 10/29/19 NM Naeem Muscatwalla 0.7 Review and internal circulation of news articles related to the Debtor

13 10/29/19 PG Peter Gnatowski 0.5 Reviewed various press re: Kincade, rebates, mediator appointment, tower inspections

13 10/29/19 RJ Riley Jacobs 1.3 Researched, summarized and circulated relevant dockets internally

13 10/30/19 NM Naeem Muscatwalla 0.7 Review and internal circulation of news articles related to the Debtor

13 10/30/19 PG Peter Gnatowski 0.3 Reviewed RSA extension notices 

13 10/30/19 PG Peter Gnatowski 0.5 Reviewed various press releases including Governor's safety advisory board, PSPS responses to Judge Alsup 

and updates on Kincade fires

13 10/30/19 RJ Riley Jacobs 0.6 Researched, summarized and circulated relevant dockets internally

13 10/30/19 ZS Zack Stone 1.2 Research RSA extension dates

13 10/31/19 NM Naeem Muscatwalla 0.6 Review and internal circulation of news articles related to the Debtor

13 10/31/19 PG Peter Gnatowski 0.3 Reviewed Hedging and Exchange motion reporting from the Debtors

13 10/31/19 RJ Riley Jacobs 1.1 Researched, summarized and circulated relevant dockets internally

13 10/31/19 RJ Riley Jacobs 1.3 Review FTI August fee app and circulate summary

14 10/10/19 EE Erik Ellingson 1.2 Summary operational integrity and shipper warehouse lien reporting

14 10/14/19 MM Matt Merkel 1.3 Reviewed motion on power purchase agreements

14 10/14/19 NM Naeem Muscatwalla 3.4 Review of summary of Second EP Assumption Motion

14 10/21/19 EE Erik Ellingson 3.4 Renewable energy research and analysis

14 10/22/19 PG Peter Gnatowski 0.4 Reviewed motion to assume leases 

14 10/29/19 AS Alex Stevenson 0.3 Discussion of power contract issues with BW

14 10/29/19 BW Brent Williams 0.3 PPA discussion with AS

15 10/1/19 PG Peter Gnatowski 0.5 Reviewed motion and declaration related to employment of Utility CEO

15 10/2/19 AG Alex Gebert 1.0 Review revised compensation of Utility CEO

15 10/15/19 AG Alex Gebert 1.2 Review and summarize recent additions to Debtors Board of Directors

15 10/21/19 AG Alex Gebert 0.8 Review CEO and Board approved compensation order and confirm terms consistent with previously prepared 

materials

15 10/21/19 EE Erik Ellingson 0.8 CEO and BOD compensation order review

15 10/25/19 PG Peter Gnatowski 0.3 Reviewed CEO motion reporting filed by the Debtors

15 10/29/19 AG Alex Gebert 1.6 Review 2019 proposed KEIP terms per counsel's request

16 10/1/19 RJ Riley Jacobs 1.9 Review district court joint status conference pleading and associated documents

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 23

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

16 10/7/19 MM Matt Merkel 2.0 Reviewed research on historical large tort claim settlements

16 10/9/19 BW Brent Williams 1.6 Review of Subro claim analysis 

16 10/11/19 PG Peter Gnatowski 1.5 Correspondence and research for counsel re: FEMA and PE claims

16 10/12/19 BM Brendan Murphy 1.9 Research and analysis for Counsel re: FEMA claims and wildfire claims

16 10/16/19 BM Brendan Murphy 1.6 Review of research from junior bankers on FEMA claims

16 10/16/19 BW Brent Williams 1.5 Reviewed research re: FEMA claims

16 10/18/19 BM Brendan Murphy 1.9 Reviewed precedent case FEMA and gov't claims 

16 10/20/19 PG Peter Gnatowski 0.3 Reviewed research from counsel re: FEMA

16 10/21/19 AS Alex Stevenson 0.2 Review correspondence re: FEMA claims

16 10/21/19 BM Brendan Murphy 1.5 Reviewed solar producers adversary claims

16 10/21/19 BW Brent Williams 1.5 Reviewed and comment on research of governmental claims in precedent cases

16 10/21/19 MM Matt Merkel 1.9 Reviewed solar producers adversary complaint

16 10/21/19 MM Matt Merkel 1.8 Reviewed solar producers adversary complaint precedents

16 10/21/19 MM Matt Merkel 2.4 Reviewed solar producers adversary complaint summary and made direct edits

16 10/21/19 NM Naeem Muscatwalla 2.3 Review of Solar Producers' Adversary Complaint

16 10/21/19 NM Naeem Muscatwalla 3.3 Developed presentation summarizing Solar Producers' Adversary Complaint

16 10/21/19 NM Naeem Muscatwalla 0.6 Internal coordination regarding Solar Producers' Adversary Complaint

16 10/21/19 NM Naeem Muscatwalla 1.5 Revision to presentation summarizing Solar Producers' Adversary Complaint

16 10/21/19 PG Peter Gnatowski 0.3 Reviewed solar complaint; internal correspondence re: same

16 10/21/19 SG Sherman Guillema 1.0 Prepared detailed analysis of FEMA claims

16 10/22/19 AS Alex Stevenson 1.1 Review summary of solar providers adversary proceeding and comment

16 10/22/19 AS Alex Stevenson 0.3 Finalize summary of solar providers adversary proceeding and comment

16 10/22/19 MM Matt Merkel 0.4 Discussed solar producers adversary complaint with senior banker

16 10/22/19 MM Matt Merkel 1.8 Made edits from senior banker to solar producers adversary complaint summary 

16 10/22/19 MM Matt Merkel 0.6 Made edits to solar producer adversary complaint summary from senior banker

16 10/22/19 SG Sherman Guillema 0.5 Revised summary of solar producers adversary complaint

16 10/23/19 BW Brent Williams 1.5 Review and comment on solar adversary complaint summary

16 10/29/19 AG Alex Gebert 1.2 Review FEMA proof of claims documents

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 24

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

16 10/29/19 AS Alex Stevenson 0.2 Discussion with junior banker re: FEMA claim summary

16 10/29/19 BM Brendan Murphy 1.5 Reviewed FEMA proof of claims summary

16 10/29/19 MM Matt Merkel 1.6 Reviewed FEMA Proof of Claims

16 10/29/19 MM Matt Merkel 0.5 Reviewed and provided comments on FEMA proof of claims summary

16 10/29/19 MM Matt Merkel 1.0 Made direct edits to FEMA proof of claims summary

16 10/29/19 PG Peter Gnatowski 0.4 Reviewed FEMA proof of claim; internal correspondence re: same

16 10/29/19 PG Peter Gnatowski 1.0 Reviewed summary of FEMA proof of claim

16 10/29/19 SG Sherman Guillema 1.5 Comments to summary re: FEMA Claims

16 10/29/19 ZS Zack Stone 1.0 Read and review FEMA proof of claims filings

16 10/29/19 ZS Zack Stone 1.5 Prepare analysis of FEMA proof of claims filings

16 10/29/19 ZS Zack Stone 1.0 Edits to analysis of FEMA proof of claims filings

16 10/30/19 AS Alex Stevenson 0.2 Review summary of FEMA claims

16 10/30/19 BM Brendan Murphy 2.2 Research and analysis for Counsel re: FEMA claims and wildfire claims

16 10/31/19 BM Brendan Murphy 2.8 Review and comment on FEMA claim analysis and summary

17 10/1/19 BM Brendan Murphy 0.7 Review and analysis of Debtors' August Real Estate Transactions Report

17 10/1/19 EE Erik Ellingson 1.5 Real Estate transaction report - summary and analysis

17 10/2/19 PG Peter Gnatowski 0.4 Reviewed August real estate transaction report

17 10/9/19 AG Alex Gebert 1.2 Summary and analysis of Debtors' hydroelectric disposition program

17 10/9/19 BM Brendan Murphy 0.8 Document review from Debtor re: Notice regarding minor asset sales

17 10/9/19 EE Erik Ellingson 1.5 Review di mimimus asset sale review

17 10/9/19 PG Peter Gnatowski 0.7 Reviewed Debtors' diligence on proposed asset sales; internal correspondence re: same

17 10/11/19 PG Peter Gnatowski 0.5 Reviewed Debtors reply to SF offer

17 10/16/19 AG Alex Gebert 0.6 Review Debtors response to San Francisco

17 10/16/19 AG Alex Gebert 0.5 Review Governor Newsom comments re: asset sales

17 10/21/19 AS Alex Stevenson 0.4 Review article re: San Jose proposal to municipalize PGE

17 10/21/19 BW Brent Williams 0.4 Review media reports San Jose proposal

17 10/22/19 AG Alex Gebert 0.9 Review and summarize hydroelectric (project chili) sale transaction

17 10/22/19 AS Alex Stevenson 0.2 Review hydro sale proposal 

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 25

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

17 10/22/19 BM Brendan Murphy 0.6 Review of diligence re: Chili Bar Transaction (Hydro)

17 10/22/19 PG Peter Gnatowski 0.5 Reviewed proposed asset sale by the Debtors; drafted questions to the Debtors

17 10/23/19 AS Alex Stevenson 0.2 Review San Jose mayors memo re: municipalization of PGE

18 10/1/19 AG Alex Gebert 1.2 Analysis of latest filed backstop commitment letter and details

18 10/1/19 AS Alex Stevenson 0.6 Review 8-K re: updated backstop commitments and correspondence with team

18 10/1/19 BM Brendan Murphy 0.8 Review and analysis of Debtors' SEC filing re: 8K, Backstop Commitment Letters

18 10/1/19 BW Brent Williams 1.8 Review and comment on equity commitment fee analysis

18 10/1/19 BW Brent Williams 1.7 Reviewed equity backstop filing and commitments

18 10/1/19 MM Matt Merkel 0.4 Reviewed recent case pleadings re: 8K, Backstop Commitment Letters

18 10/1/19 MM Matt Merkel 2.0 Reviewed equity backstop analysis from junior banker and provided comments

18 10/1/19 MM Matt Merkel 1.4 Made direct edits to equity backstop comparison summary

18 10/1/19 PG Peter Gnatowski 2.4 Reviewed and analyzed equity backstop commitments

18 10/1/19 PG Peter Gnatowski 2.2 Reviewed comparison of updated backstop agreements to prior versions

18 10/1/19 PG Peter Gnatowski 1.6 Reviewed summary analysis of key backstop participants; internal discussions re: same

18 10/1/19 PG Peter Gnatowski 1.5 Reviewed and commented on equity backstop analysis 

18 10/1/19 RJ Riley Jacobs 1.6 Review 8-k outlining equity backstop commitments

18 10/1/19 RJ Riley Jacobs 1.4 Review and circulate equity backstop filing

18 10/1/19 SG Sherman Guillema 0.6 Reviewed recent case pleadings re: 8K, Backstop Commitment Letters

18 10/1/19 SG Sherman Guillema 1.4 Revised and commented on analysis of exit financing backstop

18 10/1/19 ZS Zack Stone 2.0 Read and review amended backstop commitments

18 10/1/19 ZS Zack Stone 2.2 Summarize equity backstop commitment holders

18 10/1/19 ZS Zack Stone 2.8 Create presentation on equity backstop amendments

18 10/2/19 AS Alex Stevenson 0.6 Correspondence re equity monetization strategy

18 10/2/19 BW Brent Williams 1.5 Reviewed and commented on presentation of equity backstops

18 10/2/19 PG Peter Gnatowski 1.3 Reviewed and commented on analysis of commitment fees

18 10/2/19 PG Peter Gnatowski 1.5 Reviewed and commented on updated backstop presentation 

18 10/2/19 ZS Zack Stone 0.5 Update Equity backstop commitment holders re: analysis

18 10/2/19 ZS Zack Stone 1.8 Edits to Equity Backstop Commitment Summary and Analysis Presentation

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 26

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/3/19 AG Alex Gebert 1.8 Revisions to backstop analysis based on internal comments

18 10/3/19 AS Alex Stevenson 0.7 Review/comment on backstop analysis

18 10/3/19 BM Brendan Murphy 1.2 Review and comments to internal equity backstop summary & analysis 

18 10/3/19 BM Brendan Murphy 0.8 Review of Ad Hoc Noteholder Commitment Letters

18 10/3/19 BW Brent Williams 1.0 Reviewed revised bondholder financing commitments

18 10/3/19 EE Erik Ellingson 3.8 Equity backstop commitment analysis - monetization of the NOL

18 10/3/19 MM Matt Merkel 2.0 Reviewed and made direct edits to equity backstop summary

18 10/3/19 MM Matt Merkel 2.1 Reviewed equity backstop commitment letters

18 10/3/19 MM Matt Merkel 1.9 Reviewed highly confident letters 

18 10/3/19 MM Matt Merkel 2.1 Drafted summary of financing letters

18 10/3/19 NM Naeem Muscatwalla 4.2 Review of individual backstop commitment letters and compared them to 8-K

18 10/3/19 PG Peter Gnatowski 1.3 Reviewed and commented on comparison of updated confident letters provided by the Debtors

18 10/3/19 PG Peter Gnatowski 0.5 Reviewed certain confident letters in detail

18 10/3/19 PG Peter Gnatowski 0.6 Reviewed updated commitment letters from Bondholders

18 10/3/19 PG Peter Gnatowski 1.5 Edited presentation of backstop presentation based on comments from senior bankers

18 10/3/19 RJ Riley Jacobs 1.5 Review highly confident financing letters

18 10/3/19 RJ Riley Jacobs 2.2 Compare differences in highly confident financing letters

18 10/3/19 RJ Riley Jacobs 1.3 Prepared comparison of equity backstop letters

18 10/3/19 RJ Riley Jacobs 1.1 Review potential allocation of equity offering

18 10/3/19 SG Sherman Guillema 2.0 Reviewed, revised and commented on discussion materials re: Debtors exit financing

18 10/3/19 SG Sherman Guillema 1.5 Reviewed support for Debtor's exist financing (commitment letters and highly confident letters)

18 10/3/19 ZS Zack Stone 0.5 Edits to Equity Backstop Commitment Summary and Analysis Presentation

18 10/4/19 AG Alex Gebert 1.5 Review Debtors' commitment fee letters

18 10/4/19 AG Alex Gebert 2.6 Draft presentation of Debtors' commitment letters

18 10/4/19 BM Brendan Murphy 1.1 Review and comments to internal equity backstop summary & analysis 

18 10/4/19 BW Brent Williams 1.6 Reviewed financing letters and backstop letters from Debtors

18 10/4/19 EE Erik Ellingson 3.4 Review and analysis of bank financing commitments

18 10/4/19 MM Matt Merkel 1.4 Provided guidance on equity monetization analysis tasks to junior bankers

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 27

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/4/19 MM Matt Merkel 1.8 Reviewed equity backstop commitment letters

18 10/4/19 MM Matt Merkel 0.4 Discussed equity backstop commitment letters with junior bankers

18 10/4/19 MM Matt Merkel 1.2 Responded to questions form senior banker on equity backstop analysis

18 10/4/19 MM Matt Merkel 0.4 Reviewed latest comparison of financing commitments

18 10/4/19 NM Naeem Muscatwalla 4.5 Review of individual backstop commitment letters and compared them to 8-K for variances

18 10/4/19 NM Naeem Muscatwalla 1.3 Internal coordination regarding review of backstop commitment letters

18 10/4/19 NM Naeem Muscatwalla 3.0 Additional review of individual backstop commitment letters and compared them to 8-K

18 10/4/19 NM Naeem Muscatwalla 1.1 Compiled and internally circulated a summary of backstop commitment letters

18 10/4/19 PG Peter Gnatowski 0.8 Reviewed updated comparison analysis of backstop letters

18 10/4/19 PG Peter Gnatowski 1.2 Reviewed and commented on analysis of debt commitment letters under competing plans

18 10/4/19 PG Peter Gnatowski 1.4 Reviewed and analyzed term sheets provided to exclusivity objection from Debtors

18 10/4/19 RJ Riley Jacobs 2.6 Comparison of equity backstop letters

18 10/4/19 RJ Riley Jacobs 0.6 Internal communications re: equity backstop letter analysis

18 10/4/19 RJ Riley Jacobs 1.9 Additional review of equity backstop letters

18 10/4/19 RJ Riley Jacobs 1.7 Create summary of equity backstop letters and related comparison

18 10/4/19 SG Sherman Guillema 1.2 Reviewed discussion materials re: equity backstop

18 10/5/19 AG Alex Gebert 0.9 Review of financing and backstop commitment letters

18 10/5/19 AG Alex Gebert 1.5 Update financing commitment presentation

18 10/5/19 BM Brendan Murphy 1.7 Review and comments to internal equity backstop summary & analysis 

18 10/5/19 MM Matt Merkel 1.2 Reviewed and provided comments on equity monetization analysis from junior bankers

18 10/5/19 MM Matt Merkel 3.1 Made direct edits to equity monetization analysis and drafted summary of research

18 10/5/19 MM Matt Merkel 0.9 Reviewed findings from analysts of equity backstop letters review

18 10/5/19 MM Matt Merkel 1.0 Made direct edits to financing commitments comparison

18 10/5/19 NM Naeem Muscatwalla 2.4 Research on comparable secondary offerings for equity monetization

18 10/5/19 NM Naeem Muscatwalla 1.3 Internal coordination regarding equity monetization materials

18 10/5/19 NM Naeem Muscatwalla 3.0 Compiled analysis of comparable secondary offerings for monetization and relevant metrics

18 10/5/19 NM Naeem Muscatwalla 0.8 Received and review of comments related to equity monetization materials

18 10/5/19 NM Naeem Muscatwalla 1.3 Revision to materials related to equity monetization

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 28

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/5/19 SG Sherman Guillema 1.0 Review of analysis re: monetization of post-reorg equity

18 10/5/19 ZS Zack Stone 1.2 Summarize equity monetization analysis

18 10/5/19 ZS Zack Stone 2.2 Draft new equity ownership analysis under Bondholder plan

18 10/6/19 MM Matt Merkel 0.7 Internal communication on equity monetization analysis

18 10/6/19 SG Sherman Guillema 0.7 Internal correspondence re: monetization of post-reorg equity

18 10/7/19 AG Alex Gebert 1.0 Analysis of post-emergence equity ownership

18 10/7/19 MM Matt Merkel 0.9 Provided guidance to junior bankers on equity monetization analysis

18 10/7/19 MM Matt Merkel 2.2 Reviewed content from junior bankers on equity monetization analysis and provided comments

18 10/7/19 MM Matt Merkel 1.4 Reviewed secondary offering case studies and provided comments

18 10/7/19 NM Naeem Muscatwalla 1.3 Review of research compiled on comparable secondary offering case study

18 10/7/19 NM Naeem Muscatwalla 3.6 Research and summary of historical follow-on offerings 

18 10/7/19 NM Naeem Muscatwalla 0.9 Internal coordination related to follow-on offering research and monetization materials

18 10/7/19 NM Naeem Muscatwalla 1.7 Research on historical PG&E offerings

18 10/7/19 RJ Riley Jacobs 1.0 Internal discussion and review of other creditor trust vehicles

18 10/7/19 SG Sherman Guillema 1.2 Conducted analysis of offerings of post-reorg equity

18 10/7/19 ZS Zack Stone 1.4 Internal Discussions re: Secondary Offerings

18 10/7/19 ZS Zack Stone 2.2 Read and research relevant secondary offerings re: case study 1

18 10/7/19 ZS Zack Stone 2.2 Draft relevant secondary offerings presentation re: case study 1

18 10/7/19 ZS Zack Stone 1.5 Read and research additional relevant secondary offerings

18 10/7/19 ZS Zack Stone 2.0 Edits to secondary offerings presentation re: case study 1

18 10/8/19 AG Alex Gebert 2.0 Research secondary equity sales for claim trust

18 10/8/19 MM Matt Merkel 1.0 Reviewed data on historical follow-on equity offerings

18 10/8/19 MM Matt Merkel 1.8 Made direct edits to equity monetization summary

18 10/8/19 NM Naeem Muscatwalla 1.3 Revision to equity monetization materials

18 10/8/19 ZS Zack Stone 1.4 Edits and incremental research to secondary offerings presentation re: case study 1

18 10/9/19 BW Brent Williams 2.0 Reviewed and commented on equity monetization draft presentation

18 10/9/19 MM Matt Merkel 1.8 Reviewed and made direct edits to equity monetization summary

18 10/9/19 MM Matt Merkel 1.0 Reviewed debtor's equity and debt commitment letters

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 29

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/9/19 SG Sherman Guillema 0.7 Edited discussion materials regarding monetization of post-reorg equity

18 10/10/19 AG Alex Gebert 1.6 Research of backstop commitment parties

18 10/10/19 AS Alex Stevenson 1.1 Review analysis of monetization alternatives

18 10/10/19 AS Alex Stevenson 0.7 Participate in call with Lincoln team re: monetization alternatives

18 10/10/19 MM Matt Merkel 0.9 Participated in internal call re: equity monetization summary

18 10/10/19 SG Sherman Guillema 0.9 Participated in internal call re: equity monetization materials

18 10/10/19 ZS Zack Stone 1.0 Internal Discussions re: Equity Monetization

18 10/10/19 ZS Zack Stone 1.2 Research on secondary offerings re: case study 1

18 10/11/19 MM Matt Merkel 2.2 Incorporated edits to equity monetization summary from senior banker

18 10/11/19 MM Matt Merkel 1.7 Reviewed and provided comments on equity monetization analysis from junior bankers

18 10/11/19 MM Matt Merkel 1.0 Reviewed equity backstop summary

18 10/11/19 NM Naeem Muscatwalla 1.3 Internal coordination and review of comments related to equity monetization materials

18 10/11/19 NM Naeem Muscatwalla 4.0 Revision to equity monetization materials

18 10/11/19 NM Naeem Muscatwalla 0.5 Review of additional comments related to equity monetization materials

18 10/11/19 ZS Zack Stone 2.5 Edits to equity monetization presentation re: precedents

18 10/11/19 ZS Zack Stone 1.5 Edits to equity monetization presentation re: PG&E historical

18 10/12/19 MM Matt Merkel 0.4 Reviewed revised equity trust monetization summary and provided comments

18 10/12/19 MM Matt Merkel 2.2 Researched precedent secondary equity offerings

18 10/12/19 MM Matt Merkel 1.5 Made direct edits to equity monetization trust summary

18 10/12/19 NM Naeem Muscatwalla 3.6 Research on monetization of equity in tort cases

18 10/12/19 NM Naeem Muscatwalla 2.9 Revision to equity monetization materials

18 10/12/19 SG Sherman Guillema 1.0 Researched and prepared analysis regarding prior tort trusts equity monetization

18 10/12/19 ZS Zack Stone 2.8 Edits to equity monetization presentation re: precedents

18 10/12/19 ZS Zack Stone 2.4 Edits to equity monetization presentation re: PG&E historical

18 10/14/19 NM Naeem Muscatwalla 1.6 Revision to equity monetization materials

18 10/14/19 SG Sherman Guillema 1.2 Edited discussion materials re: strategy to monetize trust assets

18 10/14/19 ZS Zack Stone 1.0 Edits to equity monetization presentation re: PG&E historical

18 10/15/19 AG Alex Gebert 1.5 Compare new commitment letters to previous letters

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 30

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/15/19 AG Alex Gebert 1.2 Prepare presentation re: new commitment letters

18 10/15/19 AS Alex Stevenson 0.2 Correspondence re: new commitment letters

18 10/15/19 AS Alex Stevenson 1.1 Review presentation on commitment letters and comment

18 10/15/19 AS Alex Stevenson 0.6 Review and comment on monetization strategy presentation

18 10/15/19 BM Brendan Murphy 0.7 Review of Debt Commitment Letters

18 10/15/19 BW Brent Williams 2.0 Review debtors financing commitments and commented on summary

18 10/15/19 EE Erik Ellingson 3.4 Reviewed commitment letters for variances to prior versions

18 10/15/19 MM Matt Merkel 1.7 Reviewed updated Debtor commitment letter

18 10/15/19 MM Matt Merkel 2.3 Drafted summary of financing commitments

18 10/15/19 MM Matt Merkel 0.5 Discussed financing commitment summary and interest rate analysis with senior banker

18 10/15/19 RJ Riley Jacobs 0.9 Review 8-k outlining debt backstop; correspondence re: same

18 10/15/19 SG Sherman Guillema 0.2 Correspondence re: new commitment letters

18 10/15/19 SG Sherman Guillema 1.1 Review presentation on commitment letters and comment

18 10/15/19 ZS Zack Stone 1.0 Review of PG&E 8K re: commitment letters

18 10/16/19 BW Brent Williams 1.2 Reviewed interest rates under updated commitment letters

18 10/16/19 MM Matt Merkel 1.4 Reviewed equity trust monetization summary and provided comments

18 10/16/19 ZS Zack Stone 2.0 Research on secondary offerings re: case study 3

18 10/16/19 ZS Zack Stone 1.6 Draft presentation on secondary offerings re: case study 3

18 10/17/19 AG Alex Gebert 2.2 Research pre- and post-petition equity ownership changes

18 10/17/19 BW Brent Williams 1.5 Reviewed updated equity monetization summary draft presentation

18 10/17/19 MM Matt Merkel 1.7 Made direct edits to equity monetization summary

18 10/17/19 NM Naeem Muscatwalla 1.1 Internal coordination related to equity monetization presentation

18 10/17/19 NM Naeem Muscatwalla 2.8 Created case study #1 (secondary offering) for equity monetization presentation

18 10/17/19 NM Naeem Muscatwalla 2.9 Created case study #2 (secondary offering) for equity monetization presentation

18 10/17/19 SG Sherman Guillema 1.5 Revise discussion materials re: claims trust monetization

18 10/17/19 ZS Zack Stone 2.0 Research on secondary offerings re: case study 4

18 10/17/19 ZS Zack Stone 1.4 Preparing presentation on secondary offerings re: case study 4

18 10/17/19 ZS Zack Stone 2.2 Research on secondary offerings re: case study 5

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 31

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/17/19 ZS Zack Stone 1.0 Preparing presentation on secondary offerings re: case study 5

18 10/18/19 MM Matt Merkel 0.5 Discussed equity monetization summary with senior banker

18 10/18/19 MM Matt Merkel 2.2 Incorporated edits to equity monetization summary from senior banker

18 10/18/19 MM Matt Merkel 1.0 Made direct edits to equity monetization presentation to claims trust

18 10/18/19 NM Naeem Muscatwalla 3.2 Created case study #3 (secondary offering) for equity monetization presentation

18 10/18/19 NM Naeem Muscatwalla 2.4 Created case study #4 (secondary offering) for equity monetization presentation

18 10/18/19 NM Naeem Muscatwalla 0.6 Internal coordination regarding equity monetization materials

18 10/18/19 NM Naeem Muscatwalla 2.0 Revision to equity monetization materials

18 10/18/19 NM Naeem Muscatwalla 0.7 Additional discussions regarding equity monetization materials

18 10/21/19 MM Matt Merkel 2.0 Incorporated edits to equity monetization summary from senior banker

18 10/22/19 AS Alex Stevenson 0.6 Review equity monetization comparables

18 10/22/19 BM Brendan Murphy 0.9 Review and comments to internal equity backstop summary & analysis 

18 10/22/19 MM Matt Merkel 2.0 Made edits to equity monetization summary from senior banker

18 10/22/19 SG Sherman Guillema 1.5 Revised discussion materials re: equity monetization strategy

18 10/23/19 AS Alex Stevenson 1.4 Finalize and discuss draft equity monetization presentation for TCC

18 10/23/19 BW Brent Williams 1.5 Review and discussions - monetization of trust equity

18 10/23/19 EE Erik Ellingson 1.9 Analysis of equity trust monetization

18 10/23/19 MM Matt Merkel 1.1 Made edits to equity monetization summary from senior banker

18 10/23/19 MM Matt Merkel 2.3 Reviewed commitment letter and fees letter motion and declarations

18 10/23/19 NM Naeem Muscatwalla 1.5 Review of individual backstop commitment letters and compared them to 8-K

18 10/23/19 PG Peter Gnatowski 1.2 Reviewed and commented on equity monetization presentation and analysis for claims trust

18 10/23/19 SG Sherman Guillema 1.2 Revised discussion materials re: equity monetization strategy

18 10/23/19 SG Sherman Guillema 2.0 Reviewed commitment letter and fees letter motion and related declarations

18 10/24/19 AG Alex Gebert 1.2 Analysis of backstop commitment letters

18 10/24/19 AS Alex Stevenson 2.2 Review documents and calls re: financing fee motion

18 10/24/19 BM Brendan Murphy 1.9 Review of Debtors' Financing Motion

18 10/24/19 BM Brendan Murphy 1.6 Review of Ziman Declaration re: financing commitment letters

18 10/24/19 BW Brent Williams 1.0 Internal discussion re: financing commitments

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 32

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/24/19 BW Brent Williams 1.8 Reviewed and commented on financing commitment analysis\

18 10/24/19 EE Erik Ellingson 1.5 Reviewed financing commitment letters provided by Debtors

18 10/24/19 EE Erik Ellingson 2.0 Reviewed and commented on debt and equity financing motion analysis

18 10/24/19 MM Matt Merkel 1.8 Reviewed Debtor's motion requesting approval of financing 

18 10/24/19 MM Matt Merkel 3.2 Drafted summary of Debtor's motion requesting approval of financing

18 10/24/19 MM Matt Merkel 2.1 Drafted diligence list on Debtor's financing motion

18 10/24/19 MM Matt Merkel 1.5 Reviewed Debtor's financing commitment letter

18 10/24/19 MM Matt Merkel 1.0 Participated in internal call re: Debtor's motion

18 10/24/19 MM Matt Merkel 0.6 Discussed Debtor's motion with senior banker

18 10/24/19 MM Matt Merkel 1.6 Incorporated senior banker's comments into Debtor's motion summary

18 10/24/19 MM Matt Merkel 2.2 Reviewed and revised exit financing comparison summary

18 10/24/19 NM Naeem Muscatwalla 2.5 Revision to presentation summarizing Debtor's Financing Commitment Motion

18 10/24/19 PG Peter Gnatowski 1.5 Reviewed Debtors motion to approve commitment letters

18 10/24/19 PG Peter Gnatowski 0.7 Reviewed Ziman declaration related to approval of commitment letters

18 10/24/19 PG Peter Gnatowski 1.4 Reviewed and commented on various analyses of commitment letters

18 10/24/19 PG Peter Gnatowski 1.0 Internal call re: analysis of commitment fees for counsel

18 10/24/19 PG Peter Gnatowski 1.5 Reviewed and commented on summary presentation of commitment letters

18 10/24/19 PG Peter Gnatowski 0.8 Reviewed revised presentation on commitment letters

18 10/24/19 RJ Riley Jacobs 1.4 Prepared analysis comparing Debtor financing letters to previous versions

18 10/24/19 SG Sherman Guillema 1.5 Reviewed financing motion and related diligence questions; internal call re: analysis

18 10/24/19 SG Sherman Guillema 2.5 Reviewed internal analysis re: exit financing

18 10/24/19 SG Sherman Guillema 2.0 Reviewed, commented on and revised comparison and summary exit financing

18 10/24/19 ZS Zack Stone 1.2 Draft presentation on commitment fees

18 10/24/19 ZS Zack Stone 1.2 Preparation of Debtor Financing Commitment presentation

18 10/24/19 ZS Zack Stone 1.4 Edits to Debtor Financing Commitment presentation

18 10/25/19 AG Alex Gebert 2.1 Further research re: equity backstop commitment letters and data

18 10/25/19 AG Alex Gebert 1.7 Prepare presentation re: Debtor financing commitments

18 10/25/19 AS Alex Stevenson 3.5 Review documents and correspondence re: financing fee motion

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 33

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/25/19 AS Alex Stevenson 1.6 Discussion re commitment letters

18 10/25/19 BM Brendan Murphy 2.7 Review of Debtors' Financing Motion

18 10/25/19 BM Brendan Murphy 2.1 Review and comments to internal analysis on Debtors' Financing Motion and support documents

18 10/25/19 BM Brendan Murphy 1.6 Internal discussion and correspondence re: analysis on Debtors' Financing Motion

18 10/25/19 BM Brendan Murphy 1.1 Review and comments to updated document request list for Debtors

18 10/25/19 BM Brendan Murphy 0.6 Review of Debt Commitment Letters

18 10/25/19 BW Brent Williams 2.8 Review of debtor motion on financing commitments including declarations and letters

18 10/25/19 BW Brent Williams 1.5 Review and comment on backstop commitment analysis

18 10/25/19 BW Brent Williams 1.6 Internal discussions re: financing motions

18 10/25/19 MM Matt Merkel 1.4 Edited due diligence list re: Debtor's motion

18 10/25/19 MM Matt Merkel 2.3 Researched backstop comparables

18 10/25/19 MM Matt Merkel 2.4 Made direct edits to financing commitment motion summary

18 10/25/19 NM Naeem Muscatwalla 3.8 Research and compilation of data related to precedent backstop commitment letters

18 10/25/19 NM Naeem Muscatwalla 1.1 Internal coordination regarding research on precedent backstop commitment letters

18 10/25/19 NM Naeem Muscatwalla 2.5 Compiled presentation summarizing research on backstop commitment letters from precedent cases

18 10/25/19 NM Naeem Muscatwalla 1.7 Revised presentation of backstop commitment letter on precedent cases

18 10/25/19 PG Peter Gnatowski 1.0 Reviewed and commented on diligence list related to commitment letter motion

18 10/25/19 PG Peter Gnatowski 1.5 Internal correspondence re: commitment letter analysis following TCC questions 

18 10/25/19 PG Peter Gnatowski 1.4 Reviewed and commented on commitment letter analysis for TCC 

18 10/25/19 PG Peter Gnatowski 1.7 Reviewed and commented on analysis of equity backstop allocation

18 10/25/19 PG Peter Gnatowski 1.6 Revised updated analysis of backstop commitment allocation for counsel

18 10/25/19 PG Peter Gnatowski 2.0 Reviewed and commented on updated commitment letter analysis

18 10/25/19 RJ Riley Jacobs 0.8 Review allocations for equity backstop commitments

18 10/25/19 RJ Riley Jacobs 2.3 Reconcile allocations of equity backstop commitments with earlier version 

18 10/25/19 SG Sherman Guillema 1.5 Conducted research on equity backstop

18 10/25/19 ZS Zack Stone 0.5 Internal discussion re: comparable backstop fee analysis

18 10/25/19 ZS Zack Stone 2.0 Research for comparable backstop fee analysis

18 10/25/19 ZS Zack Stone 1.6 Drafted presentation on comparable backstop fee analysis

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 34

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/25/19 ZS Zack Stone 1.0 Edits to Debtor Financing Commitment presentation

18 10/25/19 ZS Zack Stone 2.0 Draft supplemental debtor financing presentation

18 10/26/19 BM Brendan Murphy 1.3 Review of Debtors' Financing Motion

18 10/26/19 BM Brendan Murphy 1.1 Review of Debt Commitment Letters

18 10/26/19 MM Matt Merkel 2.6 Reviewed backstop comparables and provided comments

18 10/26/19 MM Matt Merkel 1.4 Revised changes to backstop comparables

18 10/26/19 NM Naeem Muscatwalla 0.8 Review of comments related to presentation on precedent backstop commitments

18 10/26/19 NM Naeem Muscatwalla 4.5 Revision to presentation summarizing research on backstop commitment letters

18 10/26/19 ZS Zack Stone 2.0 Additional research for comparable backstop fee analysis

18 10/26/19 ZS Zack Stone 1.4 Edits to presentation on comparable backstop fee analysis

18 10/27/19 MM Matt Merkel 1.4 Researched backstop comparables

18 10/27/19 MM Matt Merkel 2.4 Reviewed changes to backstop comparables and made direct edits

18 10/27/19 SG Sherman Guillema 1.0 Reviewed analysis of comparable equity backstop transactions

18 10/28/19 AS Alex Stevenson 0.2 Correspondence re: financing motion

18 10/28/19 AS Alex Stevenson 0.6 Review and comment on backstp analysis

18 10/28/19 MM Matt Merkel 1.6 Reviewed changes to equity backstop comparables summary; correspondence with team

18 10/28/19 PG Peter Gnatowski 2.4 Reviewed select comparable backstop commitment fee letters; internal emails re: same

18 10/28/19 ZS Zack Stone 1.6 Edits to comparable backstop fee analysis and presentation

18 10/29/19 BM Brendan Murphy 1.5 Reviewed and commented on comparable backstop fee analysis

18 10/29/19 MM Matt Merkel 1.1 Researched comparable backstop commitment fees

18 10/29/19 MM Matt Merkel 1.4 Reviewed updates to comparable backstop commitments summary

18 10/29/19 MM Matt Merkel 1.1 Made direct edits to comparable backstop commitments summary

18 10/29/19 MM Matt Merkel 1.1 Made edits to equity backstop fees analysis

18 10/29/19 SG Sherman Guillema 0.7 Reviewed analysis of comparable equity backstop transactions

18 10/29/19 ZS Zack Stone 2.2 Research for comparable backstop fee analysis

18 10/29/19 ZS Zack Stone 1.5 Research and edits for comparable backstop fee analysis

18 10/30/19 AS Alex Stevenson 0.4 Review financing fee analysis and comment

18 10/30/19 AS Alex Stevenson 0.4 Review and comment on backstop fee comparable analysis

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 35

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

18 10/30/19 BM Brendan Murphy 2.8 Reviewed select backstop comparables and comments to backstop analysis

18 10/30/19 MM Matt Merkel 2.0 Researched comparable backstop commitment fees terms

18 10/30/19 MM Matt Merkel 1.1 Reviewed edits to comparable backstop commitment fees summary

18 10/30/19 NM Naeem Muscatwalla 0.8 Revision to materials on comparable equity backstops

18 10/30/19 PG Peter Gnatowski 1.8 Research into commitment letters based on discussions with counsel 

18 10/30/19 PG Peter Gnatowski 1.6 Reviewed and commented on analysis of backstop party holders 

18 10/30/19 PG Peter Gnatowski 1.4 Reviewed and commented on analysis of updated commitment fees

18 10/30/19 PG Peter Gnatowski 1.3 Edited analysis of backstop party holders

18 10/30/19 PG Peter Gnatowski 1.0 Reviewed unredacted engagement letters from commitment letters provided by Debtors; emails re: same

18 10/30/19 ZS Zack Stone 2.0 Research for comparable backstop fee analysis; edits to analysis

18 10/31/19 AG Alex Gebert 2.0 Review RSA extension and financing commitments

18 10/31/19 AS Alex Stevenson 0.3 Review and comment on revised backstop fee comparable analysis

18 10/31/19 EE Erik Ellingson 2.5 Reviewed and comment on equity backstop fee comparables and summary

18 10/31/19 MM Matt Merkel 0.5 Made edits to comparable backstop commitment fees summary

18 10/31/19 PG Peter Gnatowski 1.5 Reviewed and commented on backstop fee comparable analysis

18 10/31/19 SG Sherman Guillema 1.8 Review, revise and comment on discussion materials regarding commitment letters

19 10/1/19 AS Alex Stevenson 0.7 Review analysis of credit rating metrics

19 10/1/19 EE Erik Ellingson 1.8 Reviewed and commented on credit rating metrics for S&P credit rating analysis

19 10/1/19 MM Matt Merkel 1.7 Made direct edits to illustrative S&P credit rating analysis

19 10/1/19 MM Matt Merkel 0.5 Discussed S&P credit rating analysis with senior banker

19 10/1/19 SG Sherman Guillema 0.5 Internal discussion re: S&P credit rating analysis

19 10/1/19 SG Sherman Guillema 0.6 Review and comment on discussion materials re: prospective credit rating

19 10/1/19 ZS Zack Stone 2.0 Edits to S&P Credit Analysis analysis

19 10/1/19 ZS Zack Stone 1.5 Edits to S&P Credit Analysis presentation

19 10/2/19 MM Matt Merkel 0.5 Coordinated call with S&P

19 10/2/19 MM Matt Merkel 1.0 Drafted questions for S&P call

19 10/2/19 MM Matt Merkel 1.6 Reviewed and made direct edits to S&P credit rating analysis

19 10/2/19 MM Matt Merkel 0.4 Internal communication on illustrative credit rating analysis

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 36

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

19 10/2/19 PG Peter Gnatowski 1.2 Reviewed and commented on updated interest rate analysis of competing plans

19 10/2/19 RJ Riley Jacobs 1.1 Review debtors term sheet for post petition interest

19 10/2/19 RJ Riley Jacobs 0.9 Review bondholders term sheet for post petition interest

19 10/2/19 RJ Riley Jacobs 1.8 Create spreadsheet outlining potential post petition payments under plans

19 10/2/19 RJ Riley Jacobs 1.7 Internal communications and edits to post petition interest payments spreadsheet

19 10/2/19 ZS Zack Stone 0.6 Review S&P Credit Analysis re: taxes

19 10/3/19 AS Alex Stevenson 0.8 Participate in call with S&P

19 10/3/19 MM Matt Merkel 0.8 Participated in S&P call

19 10/3/19 MM Matt Merkel 1.8 Reviewed illustrative credit rating analysis and provided comments

19 10/3/19 SG Sherman Guillema 0.8 Call with S&P ratings analyst

19 10/3/19 ZS Zack Stone 0.8 discussion with S&P Ratings

19 10/3/19 ZS Zack Stone 0.6 Summarize notes from conversation with S&P

19 10/3/19 ZS Zack Stone 1.6 Edits to illustrative S&P Credit Analysis re: internal presentation

19 10/4/19 AS Alex Stevenson 1.1 Review credit metric analysis and comment

19 10/4/19 MM Matt Merkel 2.0 Reviewed and made direct edits to illustrative credit rating analysis

19 10/4/19 MM Matt Merkel 1.4 Reviewed illustrative credit rating analysis and provided comments

19 10/4/19 MM Matt Merkel 2.2 Made direct edits to illustrative S&P credit rating analysis

19 10/4/19 SG Sherman Guillema 0.5 Reviewed and commented on underlying calculations re: illustrative credit rating

19 10/4/19 ZS Zack Stone 2.7 Edits to S&P Credit Analysis 

19 10/4/19 ZS Zack Stone 3.1 Edits to illustrative S&P Credit rating presentation

19 10/5/19 AG Alex Gebert 1.5 Prepare interest expense matrix between competing plans

19 10/5/19 AG Alex Gebert 2.0 Comparative analysis of fees/costs of competing plan proposals

19 10/5/19 AG Alex Gebert 0.7 Additional analysis of costs based on internal comments

19 10/5/19 AG Alex Gebert 1.0 Draft presentation re: interest expense sensitivity

19 10/5/19 MM Matt Merkel 1.8 Reviewed and made direct edits to S&P credit rating analysis

19 10/5/19 PG Peter Gnatowski 0.7 Reviewed and commented on interest rate analysis of Debtors' plan 

19 10/5/19 ZS Zack Stone 0.6 Edits to S&P Credit Analysis

19 10/5/19 ZS Zack Stone 1.0 Edits to S&P Credit rating internal presentation

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 37

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

19 10/6/19 ZS Zack Stone 1.4 Edits to S&P Credit Analysis re total leverage and related metrics

19 10/7/19 AS Alex Stevenson 0.5 Final review of credit rating analysis

19 10/7/19 AS Alex Stevenson 0.3 Discussion with SG re credit rating analysis

19 10/7/19 BM Brendan Murphy 2.1 Review of internal analysis re: Credit Rating Analysis

19 10/7/19 EE Erik Ellingson 1.4 Review updated credit rating analysis

19 10/7/19 MM Matt Merkel 1.0 Reviewed edits to illustrative credit rating analysis presentation

19 10/7/19 PG Peter Gnatowski 0.5 Reviewed updated analysis of credit ratings and credit metrics under proposed plans

19 10/7/19 SG Sherman Guillema 0.5 Edited revised draft credit ratings presentation; discussion with AS re: same

19 10/12/19 MM Matt Merkel 1.1 Reviewed updated credit rating analysis

19 10/15/19 AG Alex Gebert 0.9 Update interest expense analysis and re: presentation materials

19 10/15/19 AG Alex Gebert 0.6 Address comments re: interest expense analysis

19 10/15/19 MM Matt Merkel 1.6 Reviewed and updated interest expense analysis

19 10/20/19 PG Peter Gnatowski 0.6 Reviewed and commented on interest rate analysis 

19 10/20/19 PG Peter Gnatowski 2.0 Edits to updated interest rate analysis; internal correspondence

19 10/21/19 MM Matt Merkel 0.5 Made edits to accrued interest expense calculations

19 10/22/19 EE Erik Ellingson 0.9 Reconciled interest rate analysis from junior banker

19 10/22/19 MM Matt Merkel 0.3 Made edits to accrued interest expense calculations

19 10/22/19 PG Peter Gnatowski 1.3 Addition comments re: changes to interest rate analysis 

19 10/23/19 MM Matt Merkel 0.8 Analyzed interest expense differences among competing plans

19 10/23/19 PG Peter Gnatowski 1.1 Reviewed and commented on updated analysis of pre and post-petition interest

19 10/23/19 ZS Zack Stone 2.4 Update pre/post petition interest expense analysis

19 10/24/19 BW Brent Williams 0.9 Review and comment on analysis of interest expense under competing plans

19 10/24/19 EE Erik Ellingson 2.8 Researched comparable interest rates in for public utilities

19 10/25/19 MM Matt Merkel 0.3 Researched S&P liquidity ratio

19 10/25/19 SG Sherman Guillema 3.0 Reviewed rating agency guidelines

19 10/25/19 SG Sherman Guillema 0.5 Internal correspondence regarding potential credit rating of exit financing

19 10/28/19 EE Erik Ellingson 3.4 Additional research on recent public utility bond issuances

19 10/28/19 EE Erik Ellingson 2.3 Prepared summary of comparable bond issuances

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 38

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

19 10/28/19 SG Sherman Guillema 2.9 Reviewed credit ratings reports of comparable utilities; internal communications

20 10/1/19 MM Matt Merkel 1.6 Prepared comments and discussed utility index analysis with junior banker

20 10/1/19 NM Naeem Muscatwalla 3.3 Developed template to populate historical P/E ratios for S&P utility index companies

20 10/1/19 NM Naeem Muscatwalla 3.1 Revision to P/E benchmarking analysis

20 10/1/19 NM Naeem Muscatwalla 0.6 Internal coordination regarding P/E benchmarking analysis

20 10/1/19 PG Peter Gnatowski 0.6 Internal coordination re: PE benchmarking analysis

20 10/1/19 PG Peter Gnatowski 0.6 Reviewed updated utility index analysis; internal comments re: same

20 10/2/19 AG Alex Gebert 0.6 Consolidate benchmarking / valuation analysis and materials

20 10/2/19 MM Matt Merkel 1.4 Reviewed updated utility index

20 10/2/19 NM Naeem Muscatwalla 2.5 Revision to P/E benchmarking of Utility index

20 10/2/19 NM Naeem Muscatwalla 3.1 Incorporated historical LTM EBITDA stats in Utility index

20 10/2/19 NM Naeem Muscatwalla 1.5 Internal coordination regarding P/E benchmarking of Utility Index

20 10/2/19 PG Peter Gnatowski 0.8 Reviewed updated utility index analysis for recent market trends; internal discussions re: edits

20 10/3/19 NM Naeem Muscatwalla 1.1 Internal coordination regarding P/E benchmarking of Utility Index

20 10/7/19 MM Matt Merkel 1.2 Reviewed utility comparables benchmarking / valuation index and provided comments

20 10/7/19 NM Naeem Muscatwalla 3.6 Internal coordination and revision to Utility index benchmarking analysis

20 10/8/19 BW Brent Williams 1.5 Review of PG&E Utility Index comps 

20 10/11/19 AG Alex Gebert 2.5 Research/update comparable precedent transactions

20 10/11/19 AG Alex Gebert 0.8 Internal discussion re: Benchmarking and valuation materials

20 10/11/19 EE Erik Ellingson 2.3 Reviewed and revised historical financials for trading comparables analysis

20 10/11/19 EE Erik Ellingson 2.5 Reviewed updated utility index comps

20 10/11/19 EE Erik Ellingson 2.8 Comparables business model validation and add-back analysis 

20 10/11/19 MM Matt Merkel 2.7 Drafted benchmarking / valuation summary outline

20 10/11/19 RJ Riley Jacobs 0.8 Internal communications re: Debtor benchmarking / valuation presentation

20 10/11/19 ZS Zack Stone 0.8 Internal Discussions re: benchmarking / valuation Deck

20 10/12/19 MM Matt Merkel 1.7 Revised internal benchmarking / valuation summary based on internal call

20 10/13/19 RJ Riley Jacobs 2.9 Research power / energy industry metrics and trends for benchmarking analysis

20 10/14/19 AG Alex Gebert 1.1 Prepare regulatory and company overview slides for benchmarking / valuation deck

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 39

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

20 10/14/19 EE Erik Ellingson 3.6 Benchmarking / valuation presentation research and review

20 10/14/19 EE Erik Ellingson 0.7 Internal call re: benchmarking / valuation and comparable analysis

20 10/14/19 MM Matt Merkel 1.7 Researched updated trading comps for benchmarking analysis

20 10/14/19 MM Matt Merkel 1.6 Reviewed valuation / benchmarking analysis materials from junior bankers

20 10/14/19 MM Matt Merkel 0.8 Made direct edits and provided comments on valuation / benchmarking analysis presentation

20 10/14/19 NM Naeem Muscatwalla 3.0 Develop operating statistic slides comparison for comparable benchmarking companies presentation

20 10/14/19 RJ Riley Jacobs 2.3 Prepare slides on power / energy industry metrics based on research

20 10/14/19 SG Sherman Guillema 3.2 Review and comment on benchmarking/valuation analysis

20 10/14/19 ZS Zack Stone 2.8 Prepare summary slides for summary benchmarking analysis

20 10/14/19 ZS Zack Stone 2.0 Prepare slides for valuation presentation re: alternative methodology

20 10/14/19 ZS Zack Stone 1.7 Prepare slides for revised benchmarking analysis 

20 10/14/19 ZS Zack Stone 2.0 Prepared financial summary for benchmarking analysis

20 10/15/19 AG Alex Gebert 1.5 Prepare company overview in benchmarking / valuation overview

20 10/15/19 MM Matt Merkel 1.6 Reviewed and commented on updated benchmarking analysis

20 10/15/19 SG Sherman Guillema 2.5 Reviewed and revised analysis of comparable companies for valuation analysis 

20 10/15/19 ZS Zack Stone 2.8 Revised benchmarking/ valuation presentation based on comments from senior bankers

20 10/16/19 AG Alex Gebert 1.5 Updates to regulatory and company overview slides

20 10/16/19 MM Matt Merkel 1.4 Reviewed changes to benchmarking /valuation presentation

20 10/16/19 MM Matt Merkel 0.9 Discussed benchmarking / valuation analysis summary with SG

20 10/16/19 ZS Zack Stone 3.2 Edits to benchmarking / valuation presentation re: industry overview; internal communications

20 10/17/19 AG Alex Gebert 1.8 Prepared regulatory analysis for benchmarking / valuation overview

20 10/17/19 AG Alex Gebert 2.1 Research regulatory impact for benchmarking / valuation 

20 10/17/19 EE Erik Ellingson 2.3 Reviewed and commented on updated benchmarking analysis

20 10/17/19 EE Erik Ellingson 1.9 Revised comparable trading comps

20 10/17/19 ZS Zack Stone 2.8 Edits to benchmarking / valuation analysis re: P/E Ratio, Comps Approach

20 10/18/19 MM Matt Merkel 3.2 Reviewed changes to benchmarking and valuation analysis summary

20 10/18/19 MM Matt Merkel 1.4 Made direct edits to benchmarking / valuation analysis presentation

20 10/18/19 ZS Zack Stone 2.5 Edits to benchmarking / valuation presentation re: P/E Ratio, Comps Approach presentation

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 40

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

20 10/18/19 ZS Zack Stone 2.7 Edits to benchmarking / valuation presentation re: alternative methodologies

20 10/21/19 AG Alex Gebert 1.5 Review and address senior comments re: benchmarking / valuation presentation

20 10/21/19 MM Matt Merkel 0.4 Participated in internal discussion re: benchmarking / valuation analysis

20 10/21/19 RJ Riley Jacobs 2.0 Create analysis on 3Q19 Earnings release dates for comps

20 10/21/19 SG Sherman Guillema 0.4 Internal discussion regarding benchmarking / valuation analysis

20 10/21/19 ZS Zack Stone 0.4 Internal Discussions re: benchmarking / valuation Presentation

20 10/22/19 AG Alex Gebert 1.5 Research and review earnings dates of comparable companies

20 10/22/19 AG Alex Gebert 2.5 Updates to benchmarking / valuation presentation (cap structure, financial overview)

20 10/22/19 EE Erik Ellingson 2.1 Updated trading comparables for Q3 financials

20 10/22/19 EE Erik Ellingson 2.4 Additional revision to updated key financial metrics for Q3 results

20 10/22/19 ZS Zack Stone 1.6 Prepared detailed competitor benchmarking analysis (company 11)

20 10/22/19 ZS Zack Stone 1.6 Prepared detailed competitor benchmarking analysis (company 12)

20 10/23/19 MM Matt Merkel 2.9 Reviewed and commented on competitor benchmarking / valuation analysis summary

20 10/23/19 RJ Riley Jacobs 1.2 Additional edits to industry metrics for benchmarking / valuation presentation 

20 10/23/19 SG Sherman Guillema 3.2 Review and revised benchmarking / valuation analysis

20 10/24/19 AG Alex Gebert 2.3 Research equity research re: Utility discounts

20 10/24/19 EE Erik Ellingson 2.7 Reviewed utility discount research

20 10/24/19 NM Naeem Muscatwalla 3.8 Reviewed sell side research to determine discounts applied to PG&E 

20 10/24/19 PG Peter Gnatowski 1.3 Reviewed research on comparable benchmarking / valuation structures for other utilities 

20 10/24/19 RJ Riley Jacobs 2.4 Created summary of utility discounts for benchmarking

20 10/24/19 ZS Zack Stone 1.5 Updated selected benchmarking analysis for public companies re: Company 1 Q3 results

20 10/25/19 BM Brendan Murphy 0.7 Review of Morgan Stanley research report

20 10/25/19 EE Erik Ellingson 4.5 Equity research and update relative to impact of Kincade

20 10/25/19 EE Erik Ellingson 3.1 Reviewed and compared other advisor trading comparables

20 10/25/19 MM Matt Merkel 2.0 Reviewed updated benchmarking analysis for Q3 results

20 10/28/19 AG Alex Gebert 0.4 Review capital structure inputs for benchmarking / valuation presentation

20 10/28/19 MM Matt Merkel 0.6 Participated in internal call re: benchmarking / valuation 

20 10/28/19 ZS Zack Stone 0.6 Participated in internal discussions re: benchmarking / valuation 

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 41

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

20 10/28/19 ZS Zack Stone 1.6 Edits to benchmarking / valuation analysis based on comments from MM

20 10/28/19 ZS Zack Stone 1.8 Additional edits to benchmarking / valuation analysis based on financial results

20 10/28/19 ZS Zack Stone 2.0 Updated benchmarking / valuation analysis for PE ratios

20 10/29/19 EE Erik Ellingson 1.7 Reviewed and commented on updated trading comparables

20 10/29/19 NM Naeem Muscatwalla 2.5 Revisions to benchmarking / valuation deck based on EE comments

20 10/29/19 ZS Zack Stone 1.5 Selected Public Company benchmarking Analysis re: Company 2 Q3 results

20 10/30/19 MM Matt Merkel 1.6 Reviewed selected company financials for benchmarking / valuation analysis

20 10/30/19 ZS Zack Stone 1.9 Selected Public Company benchmarking Analysis re: Company 3 Q3 results

21 10/1/19 AG Alex Gebert 1.0 Review and summarize commentary re: UCC motion to terminate exclusivity

21 10/1/19 BM Brendan Murphy 0.3 Review of Pleading re: UCC in Support of Terminating Exclusivity

21 10/1/19 BM Brendan Murphy 0.3 Review of Pleading re: Public Advocates in Support of Terminating Exclusivity

21 10/1/19 BM Brendan Murphy 2.4 Review of Debtors' Amended Plan and Supporting Exhibits

21 10/1/19 BW Brent Williams 0.5 Review media reports on termination of exclusivity.

21 10/1/19 BW Brent Williams 1.6 Reviewed joint status conference updates and exclusivity pleadings

21 10/1/19 PG Peter Gnatowski 1.0 Reviewed various responses to exclusivity including UCC, Turn, public advocates and union

21 10/2/19 BM Brendan Murphy 0.6 Reviewed external article re: Support for Termination of Exclusivity

21 10/2/19 BM Brendan Murphy 1.9 Reviewed and commented on equity backstop and BH comparison

21 10/2/19 BW Brent Williams 1.5 Review of joinders to termination of exclusivity 

21 10/2/19 PG Peter Gnatowski 1.6 Reviewed and commented on updated analysis of backstop and comparison to bondholder plan

21 10/3/19 AG Alex Gebert 1.4 Prepared analysis of S&U of per Bondholders plan

21 10/4/19 AG Alex Gebert 1.0 Review Debtors' objection to termination

21 10/4/19 AG Alex Gebert 2.3 Draft presentation re: competing plan proposals

21 10/4/19 AG Alex Gebert 1.5 Research and circulate plan proposal summaries to date

21 10/4/19 AS Alex Stevenson 1.7 Review opposition to termination motion and correspondence with team

21 10/4/19 AS Alex Stevenson 0.8 Correspondence re: tax issues

21 10/4/19 BM Brendan Murphy 1.6 Review of Pleading re: Debtors Objection to Joint Motion to Terminate Exclusivity

21 10/4/19 BW Brent Williams 0.8 Discussion re: tax issues and plan

21 10/4/19 BW Brent Williams 2.2 Review of Debtors objection to TCC and bondholder plan

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 42

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

21 10/4/19 BW Brent Williams 1.0 Review media reports on termination of exclusivity 

21 10/4/19 BW Brent Williams 1.1 Reviewed subro response and analysis

21 10/4/19 PG Peter Gnatowski 1.3 Reviewed Debtors objection to terminate exclusivity

21 10/4/19 PG Peter Gnatowski 0.7 Reviewed subrogation response re: exclusivity and analysis of return; emails re: same

21 10/4/19 RJ Riley Jacobs 0.9 Initial review of debtor objection to join motion to end exclusivity

21 10/4/19 SG Sherman Guillema 0.7 Review of Subro Objection to Motion to Terminate Exclusivity

21 10/4/19 SG Sherman Guillema 1.2 Review of Debtors Objection to Joint Motion to Terminate Exclusivity

21 10/4/19 SG Sherman Guillema 2.0 Prepared summary of reorganization plans for counsel

21 10/4/19 ZS Zack Stone 1.0 Read and review amended debtor plan

21 10/5/19 BM Brendan Murphy 1.2 Review of Pleading re: Debtors Objection to Joint Motion to Terminate Exclusivity

21 10/5/19 BW Brent Williams 1.7 Reviewed updated BH and Debtors plans and related changes

21 10/5/19 BW Brent Williams 1.5 Review and comment on comparison of bondholder and equity plans

21 10/5/19 BW Brent Williams 1.2 Reviewed updated analysis of comparison of bondholder and equity plans for TCC

21 10/5/19 PG Peter Gnatowski 1.2 Evaluated economic benefit analysis in Debtors' objection to exclusivity

21 10/5/19 PG Peter Gnatowski 1.2 Reviewed and commented on updated presentation of competing plans

21 10/5/19 PG Peter Gnatowski 0.8 Reviewed and commented on updated sources and uses analysis of competing plans

21 10/5/19 PG Peter Gnatowski 0.5 Reviewed presentation from third-party advisors re: competing plans

21 10/6/19 NM Naeem Muscatwalla 1.8 Research and internal circulation of disclosure statements from precedent bankruptcies

21 10/7/19 BW Brent Williams 1.5 Review of court pleadings associated with the termination of exclusivity hearing

21 10/7/19 MM Matt Merkel 1.2 Made direct edits to competing plans summary analysis

21 10/8/19 MM Matt Merkel 0.9 Reviewed competing plans of reorganization

21 10/8/19 SG Sherman Guillema 0.8 Review subro motion to terminate exclusivity

21 10/9/19 AG Alex Gebert 0.9 Research market reaction to exclusivity termination

21 10/9/19 AG Alex Gebert 0.6 Review order terminating exclusivity

21 10/9/19 AS Alex Stevenson 0.4 Review order terminating exclusivity 

21 10/9/19 AS Alex Stevenson 1.0 Internal communication on exclusivity

21 10/9/19 BW Brent Williams 0.5 Review Judge Montali’s decision on exclusivity 

21 10/9/19 BW Brent Williams 0.8 Review of media reports on exclusivity ruling

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 43

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

21 10/9/19 BW Brent Williams 1.0 Internal discussions re: exclusivity ruling

21 10/9/19 EE Erik Ellingson 0.5 Review of order terminating exclusivity 

21 10/9/19 EE Erik Ellingson 3.9 Equity research and comparables analysis relatively to exclusivity termination

21 10/9/19 PG Peter Gnatowski 0.5 Reviewed court order to terminate exclusivity and related press

21 10/10/19 MM Matt Merkel 0.3 Discussed competing term sheets with senior banker

21 10/10/19 RJ Riley Jacobs 1.2 Read external articles re: exclusivity termination 

21 10/11/19 BW Brent Williams 1.6 Review draft of POR

21 10/11/19 RJ Riley Jacobs 2.4 Review and circulated pleadings on POR, RSA, and Equity Backstops

21 10/13/19 BM Brendan Murphy 1.4 Review and comment on draft POR

21 10/13/19 BW Brent Williams 1.0 Review and comment on plan of reorganization

21 10/14/19 AS Alex Stevenson 2.6 Review draft plan of reorganization and provide comments

21 10/14/19 BM Brendan Murphy 2.4 Additional review for Counsel re: Plan Documents, Plan Issues

21 10/14/19 BM Brendan Murphy 1.0 Summarized for Counsel re: Plan Documents, Plan Issues

21 10/14/19 BM Brendan Murphy 1.6 Review and provide comments to plan term sheet

21 10/14/19 BW Brent Williams 2.5 Reviewed iterations of plan documents and provided comments 

21 10/14/19 BW Brent Williams 1.7 Provided comments on plan issues

21 10/14/19 PG Peter Gnatowski 1.3 Reviewed draft plan document; provided comments

21 10/14/19 PG Peter Gnatowski 1.8 Consolidated internal comments to Plan document

21 10/14/19 PG Peter Gnatowski 0.3 Research conditions re: wildfires in commitment letters; emails with counsel

21 10/14/19 RJ Riley Jacobs 2.0 Research and archive presentation and pleadings related to term sheets and backstops

21 10/14/19 SG Sherman Guillema 2.3 Review and provide comments on TCC/AHC plan

21 10/15/19 AS Alex Stevenson 0.8 Review redline of plan of reorganization

21 10/15/19 BW Brent Williams 1.1 Review and comment on updated TCC/AHB draft plan

21 10/15/19 RJ Riley Jacobs 1.4 Prepared comparison of term sheets and backstop letters

21 10/16/19 BW Brent Williams 1.5 Reviewed RSA pleadings

21 10/16/19 RJ Riley Jacobs 1.2 Research historical POR regarding certain terms

21 10/17/19 BM Brendan Murphy 1.9 Analysis, review, and summarized comments for Counsel re: Plan Documents, Plan Issues

21 10/17/19 BW Brent Williams 1.6 Review and comment on TCC/AHB draft plan

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 44

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

21 10/17/19 EE Erik Ellingson 1.8 Research certain topics related to plan issues

21 10/17/19 PG Peter Gnatowski 0.2 Reviewed statement by the Debtors re: plan

21 10/17/19 PG Peter Gnatowski 1.0 Reviewed and commented to TCC/ABH plan

21 10/17/19 PG Peter Gnatowski 0.8 Reviewed updated drafts of TCC/ABH plan 

21 10/20/19 BM Brendan Murphy 2.9 Review and analysis of proposed Plan schedule, claims and variances

21 10/20/19 BW Brent Williams 1.3 Review plan scheduling scenarios

21 10/21/19 BM Brendan Murphy 2.1 Review and analysis of proposed Plan schedule, claims and variances

21 10/21/19 BW Brent Williams 1.6 Review key provisions in subro RSA pleadings

21 10/21/19 BW Brent Williams 0.5 Review TCC/Bond Plan Schedule Statement

21 10/21/19 PG Peter Gnatowski 1.8 Reviewed and commented on internal return analysis based on comments from third-party advisor

21 10/21/19 PG Peter Gnatowski 0.5 Reviewed plan schedule statement of the TCC 

21 10/21/19 PG Peter Gnatowski 0.8 Reviewed subrogation RSA support from Baupost, Debtors and subrogation holders

21 10/22/19 AS Alex Stevenson 0.8 Review pleadings related to case scheduling and timing of competing plans

21 10/22/19 BM Brendan Murphy 1.6 Reviewed and commented on competing plan summary

21 10/22/19 BM Brendan Murphy 2.4 Analysis, review, and summarized comments for Counsel re: Plan Documents, Plan Issues

21 10/22/19 BW Brent Williams 1.0 Review and comment on comparison of joint and debtor plan

21 10/22/19 MM Matt Merkel 1.4 Reviewed competing plans of reorganization bankruptcy schedules

21 10/23/19 BM Brendan Murphy 1.9 Reviewed comparison of sources and uses

21 10/23/19 BM Brendan Murphy 2.3 Analysis, review, and summarized comments for Counsel re: Plan Documents, Plan Issues

21 10/23/19 BW Brent Williams 1.5 Reviewed updated comparison of plans

21 10/23/19 BW Brent Williams 1.0 Review debtors' competing plan timeline

21 10/28/19 AG Alex Gebert 2.1 Review and analysis of S/U of competing plans

21 10/28/19 MM Matt Merkel 2.1 Reconciled sources and uses of various plans

21 10/31/19 PG Peter Gnatowski 2.2 Reviewed questions for third-party advisors re: proposal; analyzed presentation from third parties re: same

22 10/1/19 BM Brendan Murphy 2.8 Review and analysis of discovery documents for Counsel for Williams deposition

22 10/1/19 BW Brent Williams 1.0 Review key discovery materials for Counsel and questions for deposition

22 10/2/19 BM Brendan Murphy 2.1 Review and analysis of key discovery documents for Counsel for Rosenbaum deposition

22 10/4/19 BW Brent Williams 1.5 Review and comment on discovery questions for Counsel and select exhibits related to deposition

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 45

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

22 10/4/19 PG Peter Gnatowski 1.3 Reviewed deposition production documents provided by the bondholders

22 10/8/19 AG Alex Gebert 3.5 Review discovery documents from Subro

22 10/8/19 AG Alex Gebert 0.6 Internal emails re: relevant discovery documents

22 10/8/19 AS Alex Stevenson 2.7 Prepare questions for deposition of Subrogation Holders Rule 30(b)(6) witness

22 10/8/19 AS Alex Stevenson 0.7 Correspondence re: deposition prep

22 10/8/19 AS Alex Stevenson 0.8 Review subro discovery and correspondence with BH

22 10/8/19 AS Alex Stevenson 3.1 Review documents produced for depositions for subrogation

22 10/8/19 BM Brendan Murphy 0.9 Review of 30(b)6 notice and related documents

22 10/8/19 BM Brendan Murphy 2.0 Review and comments to preliminary deposition questions re: Rothschild

22 10/8/19 BM Brendan Murphy 2.3 Review and analysis of key discovery documents re: Rothschild

22 10/8/19 MM Matt Merkel 2.3 Coordinate access to deposition documents and provided guidance to junior analysts re: document review

22 10/8/19 MM Matt Merkel 3.0 Reviewed production files for subrogation deposition

22 10/8/19 MM Matt Merkel 2.6 Drafted questions list for subro deposition

22 10/8/19 NM Naeem Muscatwalla 2.5 Review of subro discovery files for deposition and organization of relevant files

22 10/8/19 PG Peter Gnatowski 2.5 Reviewed key Rothschild deposition documents

22 10/8/19 PG Peter Gnatowski 3.0 Continued review of key deposition documents

22 10/8/19 PG Peter Gnatowski 1.2 Drafted questions for counsel on deposition documents

22 10/8/19 PG Peter Gnatowski 1.0 Reviewed and commented on other internal questions re: depositions

22 10/8/19 RJ Riley Jacobs 1.8 Initial review of discovery documents received from subro

22 10/8/19 SG Sherman Guillema 1.0 Drafted proposed questions for Homer Parkhill deposition

22 10/9/19 AG Alex Gebert 3.5 Review and indexing of discovery documents from Debtors

22 10/9/19 AG Alex Gebert 0.9 Review and comment on deposition questions

22 10/9/19 AG Alex Gebert 2.5 Review new discovery documents from Debtors

22 10/9/19 AS Alex Stevenson 1.6 Review of key production documents identified from Rothschild and Debtor in preparation for deposition

22 10/9/19 AS Alex Stevenson 0.5 Review of preliminary question list and correspondence with counsel

22 10/9/19 AS Alex Stevenson 1.3 Continued review of selected documents to assist counsel for depositions

22 10/9/19 BM Brendan Murphy 1.7 Review and comments to preliminary deposition questions re: Rothschild

22 10/9/19 BM Brendan Murphy 2.9 Review and analysis of key discovery documents re: Rothschild

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 46

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

22 10/9/19 MM Matt Merkel 2.2 Reviewed Debtor production files

22 10/9/19 MM Matt Merkel 2.3 Drafted additional questions for debtor deposition

22 10/9/19 MM Matt Merkel 1.3 Compiled select subro production files for counsel

22 10/9/19 MM Matt Merkel 0.4 Discussed debtor depo questions with senior banker

22 10/9/19 MM Matt Merkel 1.5 Compiled select debtor production files for counsel

22 10/9/19 MM Matt Merkel 0.9 Coordinate access to additional deposition documents; internal coordination re: review

22 10/9/19 NM Naeem Muscatwalla 3.9 Review of discovery files for deposition and organization of relevant files

22 10/9/19 PG Peter Gnatowski 2.8 Reviewed new key deposition documents uploaded by Counsel

22 10/9/19 PG Peter Gnatowski 1.3 Drafted additional deposition questions for counsel based on new deposition documents

22 10/9/19 PG Peter Gnatowski 0.5 Edits to deposition questions based on internal comments and additions

22 10/9/19 RJ Riley Jacobs 3.6 Review and indexing of discovery documents from Debtor and AHS (pdf and excel docs)

22 10/9/19 RJ Riley Jacobs 1.2 Review production files provided by the Debtors

22 10/9/19 RJ Riley Jacobs 4.3 Additional Review and indexing of discovery documents from Debtor and AHS (emails)

22 10/9/19 RJ Riley Jacobs 3.5 Review and indexing of discovery documents from subrogation group

22 10/9/19 SG Sherman Guillema 3.5 Reviewed of selected files from discovery production re: Homer Parkhill and Jason Wells deposition

22 10/9/19 SG Sherman Guillema 1.5 Drafted potential questions for Jason Wells deposition

22 10/9/19 ZS Zack Stone 1.4 Internal Discussions re: Deposition Discovery

22 10/9/19 ZS Zack Stone 3.0 Reviewing discovery documents for deposition re: Debtors

22 10/9/19 ZS Zack Stone 2.0 Reviewing discovery documents for deposition re: Subro

22 10/9/19 ZS Zack Stone 1.4 Reviewing discovery documents for deposition 

22 10/10/19 AG Alex Gebert 3.5 Review discovery documents

22 10/10/19 AG Alex Gebert 0.5 Created summary of discovery files production

22 10/10/19 AS Alex Stevenson 0.7 Call with SG re: deposition prep and questions

22 10/10/19 AS Alex Stevenson 1.7 Review additional documents with respect to deposition of Jeff Wells

22 10/10/19 BM Brendan Murphy 1.3 Review and comments to preliminary deposition questions re: Rothschild

22 10/10/19 BM Brendan Murphy 2.9 Review and analysis of discovery documents re: Debtor / JWells

22 10/10/19 NM Naeem Muscatwalla 2.3 Review of discovery files for deposition and organization of relevant files

22 10/10/19 PG Peter Gnatowski 3.0 Reviewed key production of documents for Debtor deposition

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 47

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

22 10/10/19 PG Peter Gnatowski 2.5 Reviewed select key deposition documents identified by junior bankers on Debtors deposition

22 10/10/19 PG Peter Gnatowski 1.2 Edits to questions for Debtor deposition

22 10/10/19 PG Peter Gnatowski 0.8 Additional edits to deposition questions based on internal comments

22 10/10/19 RJ Riley Jacobs 1.8 Reviewed deposition documents provided by the Debtors

22 10/10/19 RJ Riley Jacobs 2.9 Additional review and indexing of discovery documents from Debtor and AHS 

22 10/10/19 SG Sherman Guillema 0.7 Internal call with AS re: deposition prep

22 10/10/19 ZS Zack Stone 1.2 Reviewing discovery documents for deposition re: Subro

22 10/11/19 MM Matt Merkel 2.2 Review key discovery documents for Wells deposition

22 10/11/19 PG Peter Gnatowski 0.5 Internal correspondence re: Debtor deposition 

22 10/11/19 PG Peter Gnatowski 1.6 Researched various filings by the Debtors in preparation for deposition exhibits

22 10/11/19 RJ Riley Jacobs 1.8 Internal communication and review of material for depositions

22 10/14/19 AG Alex Gebert 2.1 Review discovery documents from Baupost

22 10/14/19 AS Alex Stevenson 0.4 Review key production files for Baupost deposition and comment

22 10/14/19 BM Brendan Murphy 3.2 Review of discovery documents and analysis for Counsel re: Baupost Deposition

22 10/14/19 EE Erik Ellingson 0.8 Baupost deposition preparation questions review

22 10/14/19 PG Peter Gnatowski 1.0 Drafted questions for deposition of subro insurance party; reviewed related files

22 10/14/19 RJ Riley Jacobs 2.0 Review discovery materials from Baupost

22 10/14/19 SG Sherman Guillema 0.8 Draft potential questions for counsel for Baupost deposition

22 10/15/19 AG Alex Gebert 0.6 Review Baupost discovery files

22 10/15/19 AS Alex Stevenson 0.7 Discussion re: topics for Baupost deposition; review of related production

22 10/15/19 BM Brendan Murphy 1.2 Review of discovery documents and analysis for Counsel re: Baupost Deposition

22 10/15/19 BM Brendan Murphy 1.1 Review and comment on Baupost deposition questions

22 10/15/19 PG Peter Gnatowski 2.1 Reviewed document production for deposition

22 10/15/19 PG Peter Gnatowski 1.8 Additional document review for deposition; comments to counsel re: questions

22 10/24/19 BM Brendan Murphy 0.7 Internal discussion re: Ziman deposition and related financing pleadings

22 10/24/19 BM Brendan Murphy 1.7 Internal analysis and correspondence re: Ziman's declaration

22 10/24/19 BW Brent Williams 0.5 Internal discussion re: Ziman deposition and related financing pleadings

22 10/24/19 BW Brent Williams 0.8 Discussions re: Ziman depositoin and doc review

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 48

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

22 10/24/19 BW Brent Williams 1.0 Reviewed key deposition documents re: financing commitments

22 10/26/19 BM Brendan Murphy 0.4 Internal analysis and correspondence re: Ziman's declaration

22 10/30/19 AG Alex Gebert 1.2 Review TCC 30(b)(6) deposition topics

22 10/30/19 AG Alex Gebert 1.5 Support deposition question preparation

22 10/30/19 BM Brendan Murphy 1.7 Review key Debtor production files and deposition topics for Ziman and Wells

22 10/30/19 MM Matt Merkel 3.0 Drafted supplement depo questions to 30(b)(6)

22 10/30/19 MM Matt Merkel 1.2 Made edits from senior banker to depo questions re: 30(b)(6)

22 10/30/19 MM Matt Merkel 1.3 Reviewed 30(b)(6) deposition notices

22 10/30/19 PG Peter Gnatowski 1.2 Reviewed and commented on new deposition questions for Lazard and the Debtors

22 10/30/19 SG Sherman Guillema 2.5 Reviewed 30(b)(6) notice and prepared potential questions for Ziman re: financing commitments

22 10/31/19 AG Alex Gebert 1.0 Support deposition questions and review of deposition documents

22 10/31/19 AS Alex Stevenson 0.7 Correspondence and comment on deposition prep questions

22 10/31/19 MM Matt Merkel 1.8 Incorporated edits from senior bankers to 30(b)(6) supplemental question list for depositions

22 10/31/19 PG Peter Gnatowski 1.4 Reviewed key deposition production documents

22 10/31/19 PG Peter Gnatowski 1.8 Reviewed various documents and analysis from the Debtors and drafted deposition questions for Ziman and 

Wells depositions

23 10/2/19 BW Brent Williams 4.5 Preparation for deposition

23 10/3/19 BM Brendan Murphy 4.0 Participationat Williams' Deposition (in-person)

23 10/3/19 BM Brendan Murphy 0.4 Researched line-specific testimony per Williams' Rough Depo transcript

23 10/3/19 BM Brendan Murphy 1.5 Read Rosenbaum deposition (final)

23 10/3/19 BW Brent Williams 5.5 Participationin deposition 

23 10/3/19 PG Peter Gnatowski 1.8 Reviewed Rosenbaum deposition transcript

23 10/3/19 PG Peter Gnatowski 2.1 Reviewed Williams deposition transcript

23 10/3/19 PG Peter Gnatowski 1.2 Reviewed key Rosenbaum deposition production files

23 10/4/19 AS Alex Stevenson 2.2 Review deposition transcripts and related materials

23 10/4/19 BM Brendan Murphy 4.7 Participation at Tracy Deposition (in-person)

23 10/4/19 BM Brendan Murphy 0.8 Review of final Tracy deposition re: line-specific testimony

23 10/4/19 BW Brent Williams 1.5 Reviewed summary notes on Tracy deposition

23 10/4/19 PG Peter Gnatowski 4.5 Participated Tracy deposition telephonically

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 49

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

23 10/4/19 RJ Riley Jacobs 2.3 Review deposition of Ad Hoc constituent for key testimony terms

23 10/4/19 RJ Riley Jacobs 2.2 Create summary of deposition of ad hoc constituent; internal communication re: same

23 10/4/19 SG Sherman Guillema 1.0 Reviewed sections of transcript from deposition of Alex Tracy

23 10/5/19 MM Matt Merkel 1.4 Reviewed Tracey deposition for key terms re: make-whole and interest rates

23 10/7/19 AS Alex Stevenson 4.0 Participate in exclusivity hearing

23 10/7/19 BM Brendan Murphy 4.1 Participation at Exclusivity Hearing

23 10/7/19 BW Brent Williams 4.0 Participation in hearing in front of Judge Montali

23 10/7/19 MM Matt Merkel 3.8 Dialed into and listened to exclusivity hearing

23 10/7/19 PG Peter Gnatowski 4.0 Participated in telephonic court hearing of terminating exclusivity

23 10/7/19 SG Sherman Guillema 4.0 Telephonic participation in exclusivity hearing

23 10/10/19 MM Matt Merkel 1.4 Drafted Subrogation deposition summary 

23 10/10/19 MM Matt Merkel 5.0 Participated in Jason Wells deposition

23 10/10/19 MM Matt Merkel 6.0 attended Rothschild deposition

23 10/10/19 PG Peter Gnatowski 1.3 Reviewed subrogation deposition transcript and notes

23 10/10/19 SG Sherman Guillema 1.0 Reviewed and provided notes to MM re: Homer Parkhill deposition

23 10/10/19 SG Sherman Guillema 5.8 Attended and assisted counsel in Homer Parkhill deposition

23 10/11/19 AS Alex Stevenson 1.1 Review deposition transcripts and related materials

23 10/11/19 BM Brendan Murphy 0.6 Review of Homer Parkhill Depo (Rough)

23 10/11/19 MM Matt Merkel 1.3 Drafted and sent around debtor depo summary 

23 10/11/19 PG Peter Gnatowski 1.4 Reviewed Debtor deposition notes; internal correspondence re: same

23 10/11/19 PG Peter Gnatowski 1.5 Reviewed Debtor deposition transcript

23 10/11/19 SG Sherman Guillema 5.0 Attend Wells deposition

23 10/11/19 SG Sherman Guillema 1.2 Review and provided notes to MM re: Jason Wells deposition

23 10/11/19 SG Sherman Guillema 4.7 Attended and assisted counsel in Jason Wells deposition

23 10/14/19 AS Alex Stevenson 1.1 Review deposition transcripts and related materials

23 10/14/19 SG Sherman Guillema 0.5 Review final transcript of Jason Wells for certain terms

23 10/15/19 BW Brent Williams 1.5 Review Wells deposition

23 10/15/19 PG Peter Gnatowski 3.5 Participated in Greenhill and Seiler deposition; internal correspondence re: same

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 50

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

23 10/16/19 AS Alex Stevenson 0.9 Review deposition transcripts and related materials re: Baupost

23 10/16/19 SG Sherman Guillema 1.7 Reviewed transcripts of Greenhill and Seiler deposition

23 10/22/19 BW Brent Williams 0.5 Review Parkhill declaration

23 10/23/19 AG Alex Gebert 3.4 Listen in on Subrogation RSA hearing, circulating notes

23 10/23/19 BM Brendan Murphy 3.5 Participation on PG&E hearing (telephonic)

23 10/23/19 BW Brent Williams 3.4 Participation in omnibus Hearing with Judge montali

23 10/23/19 PG Peter Gnatowski 3.5 Prepare and participate in omnibus hearing

23 10/31/19 BM Brendan Murphy 1.5 Review subrogation deposition transcripts

23 10/31/19 BW Brent Williams 6.0 Participate in mediation and discussions in SF

24 10/8/19 BM Brendan Murphy 2.2 Reviewed business plan based on questions from counsel

24 10/11/19 BM Brendan Murphy 0.9 Drafted additional business plan due diligence questions

24 10/11/19 BM Brendan Murphy 0.7 Internal correspondence re: Updated diligence list for Debtors

24 10/13/19 MM Matt Merkel 1.5 Revised diligence questions list for the debtors

24 10/14/19 MM Matt Merkel 1.2 Revised diligence questions list for the debtors for business plan diligence

24 10/15/19 AS Alex Stevenson 0.2 Review updated business plan due diligence list and comment

24 10/15/19 BM Brendan Murphy 1.2 Review and comments to Supplemental Diligence List for Debtors

24 10/15/19 BM Brendan Murphy 1.3 Reviewed revenue bridge analysis

24 10/15/19 MM Matt Merkel 1.1 Additional revisions to diligence questions list for the debtors based on internal comments

24 10/15/19 PG Peter Gnatowski 1.2 Reviewed business plan diligence provided by the Debtors

24 10/15/19 PG Peter Gnatowski 1.7 Analyzed business plan forecast and drafted internal comments re: additional analysis provided by Debtors

24 10/15/19 RJ Riley Jacobs 2.6 Reconciled rate base forecasts and corresponding ROE / Revenues in business plan

24 10/15/19 RJ Riley Jacobs 1.8 Prepared analysis creating EBITDA bridge to future years in business plan

24 10/16/19 AG Alex Gebert 0.7 Review Debtors' response to diligence questions

24 10/16/19 BM Brendan Murphy 2.1 Review and analysis of Debtors' responses and related financials re: Diligence questions

24 10/16/19 BM Brendan Murphy 1.1 Review draft rate case and revenue bridge

24 10/16/19 BW Brent Williams 1.0 Review debtor due diligence request responses

24 10/16/19 MM Matt Merkel 1.3 Reviewed rate cases revenue bridge

24 10/16/19 MM Matt Merkel 1.4 Reviewed diligence responses from debtor

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 51

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

24 10/16/19 PG Peter Gnatowski 1.2 Reviewed and commented on outstanding business plan diligence materials

24 10/16/19 PG Peter Gnatowski 1.0 Reviewed additional business plan diligence responses provided by the Debtors

24 10/16/19 RJ Riley Jacobs 1.2 Revised revenue bridge based on information provided by the Debtors

24 10/16/19 SG Sherman Guillema 0.7 Review of debtor responses to business plan diligence questions

24 10/17/19 BM Brendan Murphy 2.6 Review and analysis of Debtors' responses re: Diligence questions

24 10/17/19 BM Brendan Murphy 1.8 Review and analysis of Debtors' Business Plan and related documents provided

24 10/17/19 MM Matt Merkel 1.8 Revised diligence questions list for the debtors

24 10/17/19 MM Matt Merkel 2.0 Reviewed rate cases revenue bridge

24 10/17/19 PG Peter Gnatowski 1.0 Reviewed and commented on EBITDA and revenue bridge from junior team

24 10/17/19 PG Peter Gnatowski 0.7 Reviewed and commented on updated reconciliation of EBITDA and revenue to Debtors business plan

24 10/17/19 PG Peter Gnatowski 0.7 Reviewed updated diligence list for latest items received from Debtors

24 10/17/19 RJ Riley Jacobs 1.3 Researched rate case information related to business plan

24 10/17/19 RJ Riley Jacobs 2.0 Prepared EBITDA bridge analysis

24 10/17/19 RJ Riley Jacobs 0.8 Internal communications re: EBITDA bridge analysis

24 10/17/19 RJ Riley Jacobs 2.2 Additional edits to EBITDA bridge based on internal feedback

24 10/18/19 BM Brendan Murphy 0.9 Reviewed updated business plan analysis

24 10/18/19 BW Brent Williams 1.5 Review debtor business plan and supplemental information

24 10/18/19 RJ Riley Jacobs 0.5 Internal communications re: rate case inputs for model

24 10/21/19 BM Brendan Murphy 1.6 Review and analysis of Debtors' responses re: Diligence questions

24 10/21/19 BW Brent Williams 1.0 Internal correspondence re business plan questions

24 10/22/19 PG Peter Gnatowski 1.8 Researched business plan re: senior banker questions

24 10/23/19 BM Brendan Murphy 1.7 Reviewed new business plan financials provided by Debtors

24 10/23/19 MM Matt Merkel 0.9 Discussed diligence questions list for debtor with a senior banker

24 10/23/19 MM Matt Merkel 1.2 Made revisions to diligence questions list for debtor

24 10/23/19 PG Peter Gnatowski 1.8 Reviewed and commented on analysis of rate base to EBITDA bridge; internal correspondence re: same

24 10/23/19 PG Peter Gnatowski 1.0 Reviewed updated internal financial model

24 10/23/19 PG Peter Gnatowski 0.5 Internal call with MM re: outstanding business plan diligence

24 10/23/19 PG Peter Gnatowski 0.8 Reviewed updated business plan diligence list for the Debtors

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 52

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

24 10/23/19 RJ Riley Jacobs 0.9 Internal communications re: forecasting PGE operations

24 10/23/19 RJ Riley Jacobs 1.4 Review company presentations re rate base and cost of capital

24 10/23/19 RJ Riley Jacobs 1.8 Review SEC filings re rate base and cost of capital

24 10/23/19 RJ Riley Jacobs 2.3 Research reconciliation of rate base to internal financials

24 10/23/19 RJ Riley Jacobs 2.5 Prepare analysis reconciling rate base to internal financials; edits to analysis

24 10/23/19 SG Sherman Guillema 0.8 Reviewed diligence request to debtor; discussion with junior banker

24 10/24/19 BM Brendan Murphy 1.8 Review and comments to updated business plan diligence list for Debtors post meeting

24 10/24/19 BW Brent Williams 1.6 Reviewed updated financial model based on business plan updates

24 10/24/19 RJ Riley Jacobs 0.7 Internal communications re: GRC and Cost of Capital Reconciliation analysis

24 10/24/19 RJ Riley Jacobs 1.4 Review GRC for revenue build

24 10/24/19 RJ Riley Jacobs 2.5 Create analysis outlining GRC revenue build 

24 10/25/19 MM Matt Merkel 0.5 Reviewed rate base forecast

24 10/28/19 BM Brendan Murphy 1.6 Reviewed reconciliation of rate base to internal financials

24 10/29/19 PG Peter Gnatowski 2.0 Reviewed and commented on rate case and rate base reconciliation and analysis

24 10/31/19 MM Matt Merkel 0.5 Reviewed business plan diligence responses prior to call with Debtors

25 10/2/19 AG Alex Gebert 2.0 Research CPUC proposed decision re: 2020 GRC and emails re: the same

25 10/2/19 MM Matt Merkel 0.8 Reviewed latest CPUC filings

25 10/2/19 SG Sherman Guillema 3.5 Reviewed key relevant regulatory CPUC filings and impact to PG&E

25 10/3/19 AG Alex Gebert 2.0 Research tax considerations re: change of control on CPUC

25 10/3/19 AG Alex Gebert 1.5 Research CPUC treatment/papers on NOLs

25 10/4/19 MM Matt Merkel 1.4 Reviewed court filing on PPA amendments

25 10/10/19 BM Brendan Murphy 0.5 Internal correspondence re: 1054 presentation and analysis

25 10/10/19 RJ Riley Jacobs 0.8 Review and circulation of AB 1054 materials

25 10/11/19 BW Brent Williams 1.0 Review of AB 1054 materials

25 10/14/19 AG Alex Gebert 1.0 Research initial OII from CPUC

25 10/14/19 AG Alex Gebert 0.8 Review Debtors' response to the OII

25 10/14/19 AG Alex Gebert 3.0 Prepare presentation re: Debtors' response to OII

25 10/14/19 AG Alex Gebert 1.2 Address comments re: CPUC OII

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 53

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Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

25 10/14/19 MM Matt Merkel 2.0 Reviewed Debtor's response to CPUC OII competing

25 10/14/19 MM Matt Merkel 1.9 Reviewed and made direct edits to Debtor's response to CPUC OII summary

25 10/15/19 AG Alex Gebert 2.1 Review and circulate ongoing Order Instituting Investigations of Debtors

25 10/15/19 AS Alex Stevenson 1.8 Review OII and Debtors response re: CPUC plan requirements and related legislation

25 10/15/19 MM Matt Merkel 1.6 Reviewed CPUC/FERC rate cases for revenue bridge

25 10/15/19 MM Matt Merkel 1.0 Reviewed rate cases revenue bridge

25 10/15/19 MM Matt Merkel 1.0 Reviewed CPUC calendar

25 10/15/19 ZS Zack Stone 1.0 Draft CPUC Calendar presentation

25 10/16/19 AS Alex Stevenson 0.5 Discussion with J Bloom re: OII filings

25 10/16/19 MM Matt Merkel 1.4 Reviewed CPUC/FERC rate cases for revenue bridge

25 10/16/19 MM Matt Merkel 1.4 Reviewed CPUC OII calendar draft and provided comments

25 10/16/19 ZS Zack Stone 1.0 Draft CPUC Calendar presentation

25 10/18/19 AG Alex Gebert 0.8 Review CPUC filings

25 10/18/19 MM Matt Merkel 0.6 Reviewed CPUC filings

25 10/18/19 RJ Riley Jacobs 2.3 Search GRC, TO, and GT&S Rate cases for aggregate O&M metrics

25 10/18/19 RJ Riley Jacobs 1.3 Summarize findings on GRC, TO, and GT&S Rate cases for aggregate O&M metrics

25 10/18/19 RJ Riley Jacobs 2.1 Additional research of GRC, TO, and GT&S Rate cases for aggregate O&M metrics

25 10/19/19 AS Alex Stevenson 0.6 Review OII response of TCC

25 10/21/19 AS Alex Stevenson 0.5 Review adversary proceeding motion filed by certain Solar providers

25 10/21/19 BW Brent Williams 1.5 Review and comment on OII documents and internal timeline

25 10/21/19 MM Matt Merkel 1.4 Reviewed TCC CPUC OII response and related schedules

25 10/21/19 MM Matt Merkel 2.3 Reviewed timeline of CPUC OII and made direct edits

25 10/21/19 PG Peter Gnatowski 0.3 Reviewed TCC response to OII

25 10/21/19 SG Sherman Guillema 1.4 Reviewed responses to OII

25 10/21/19 ZS Zack Stone 1.0 Draft PG&E Calendar Presentation

25 10/21/19 ZS Zack Stone 1.5 Research for PG&E Regulatory Calendar

25 10/22/19 AS Alex Stevenson 0.4 Correspondence w/ BW re: CPUC

25 10/22/19 BW Brent Williams 2.0 Internal review of CPUC oversight and regulatory documents and calendar; internal discussions with AS

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 54

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Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

25 10/22/19 MM Matt Merkel 2.1 Reviewed changes to bankruptcy summary timeline schedule

25 10/22/19 MM Matt Merkel 0.3 Searched CPUC website for pre-hearing information 

25 10/22/19 MM Matt Merkel 1.0 Reviewed bankruptcy calendar related pleadings

25 10/22/19 ZS Zack Stone 1.2 Draft PG&E Calendar Presentation

25 10/22/19 ZS Zack Stone 0.5 Organizing CPUC call

25 10/23/19 AS Alex Stevenson 0.4 Discuss CPUC presentation with PG

25 10/23/19 MM Matt Merkel 1.0 Reviewed changes to regulatory bankruptcy summary timeline schedule

25 10/23/19 MM Matt Merkel 1.0 Made direct edits to regulatory bankruptcy calendar summary

25 10/23/19 PG Peter Gnatowski 0.4 Internal discussions with AS re: CPUC presentation

25 10/23/19 PG Peter Gnatowski 1.0 Participated in CPUC pre-hearing conference

25 10/23/19 RJ Riley Jacobs 2.1 Review rate cases re: Rate base proceedings and cost of capital

25 10/23/19 ZS Zack Stone 0.5 Internal Discussions re: PG&E Regulatory Calendar

25 10/23/19 ZS Zack Stone 2.5 Draft PG&E Regulatory Calendar Presentation

25 10/23/19 ZS Zack Stone 1.0 Edits to PG&E Regulatory Calendar Presentation

25 10/24/19 ZS Zack Stone 0.5 Organize support for PG&E regulatory calendar

25 10/25/19 MM Matt Merkel 0.2 Researched AB 1054 for select terms

25 10/28/19 AS Alex Stevenson 0.2 Review correspondence from JB re: AB1054

25 10/29/19 AS Alex Stevenson 0.5 Correspondence on CPUC issues with BW / JB

25 10/29/19 AS Alex Stevenson 0.2 Correspondence with JB re: bondholder CPUC call

25 10/30/19 AS Alex Stevenson 0.1 Correspondence to JB re: CPUC issues

25 10/30/19 BW Brent Williams 1.5 Review and emails on North Bay Lawmakers Legislation vs. power shutdowns 

25 10/31/19 MM Matt Merkel 0.6 Reviewed CPUC calendar updates

25 10/31/19 PG Peter Gnatowski 0.3 Reviewed order establishing briefing and hearing schedule

26 10/2/19 BM Brendan Murphy 2.0 Non-Working Travel from ORD to LGA re: Depositions

26 10/4/19 BM Brendan Murphy 2.0 Non-Working Travel re: LGA to ORD

26 10/6/19 AS Alex Stevenson 2.0 Non-working travel to/from SF

26 10/6/19 BM Brendan Murphy 2.0 Non-Working Travel re: ORD to SFO

26 10/6/19 BW Brent Williams 2.0 Non-working travel to/from SF

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 55

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Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

26 10/7/19 AS Alex Stevenson 2.0 Non-working travel to/from SF

26 10/8/19 BM Brendan Murphy 2.0 Non-Working Travel re: SFO to ORD

26 10/8/19 BW Brent Williams 2.0 Non-working travel to/from SF

26 10/9/19 BW Brent Williams 2.0 Non-working travel to/from SF

26 10/10/19 SG Sherman Guillema 2.0 Travel from Los Angeles to San Francisco (to attend Parkhill and Wells depositions)

26 10/11/19 SG Sherman Guillema 2.0 Travel from San Francisco to Los Angeles (returning from Parkhill and Wells depositions)

26 10/30/19 BW Brent Williams 2.0 Non-working travel to/from SF

27 10/1/19 RJ Riley Jacobs 0.9 Update internal calendars and summarize future proceedings

27 10/3/19 RJ Riley Jacobs 0.5 Update internal calendars and summarize future proceedings

27 10/7/19 AS Alex Stevenson 1.1 Strategy and workplan discussion with BW and BM

27 10/7/19 BM Brendan Murphy 1.1 Strategy discussion with BW and AS

27 10/7/19 BW Brent Williams 1.1 Project administration re: internal strategy

27 10/10/19 AG Alex Gebert 0.5 attendance on internal coordination call/weekly meeting

27 10/10/19 AS Alex Stevenson 0.5 Call with Lincoln team re: case strategy

27 10/10/19 BM Brendan Murphy 0.6 Correspondence with PG re: internal task allocations

27 10/10/19 BM Brendan Murphy 0.5 Internal call re: task allocations

27 10/10/19 EE Erik Ellingson 0.5 Participation in internal coordination call

27 10/10/19 NM Naeem Muscatwalla 0.5 Participation in weekly coordination call

27 10/10/19 PG Peter Gnatowski 0.6 Internal call with BM re: workstreams

27 10/10/19 PG Peter Gnatowski 0.5 Internal call re: case update and outstanding workstreams

27 10/10/19 RJ Riley Jacobs 0.5 Attendance on internal coordination call

27 10/10/19 SG Sherman Guillema 0.5 Discussion of Outstanding Tasks, Deliverables, and Assignments

27 10/10/19 ZS Zack Stone 0.5 Internal Discussions re: Outstanding Tasks

27 10/11/19 AS Alex Stevenson 0.3 Correspondence with BW re: strategy

27 10/11/19 BW Brent Williams 0.3 Internal correspondence with AS re: plan strategy

27 10/11/19 PG Peter Gnatowski 0.6 Updated internal task tracker of outstanding workstreams

27 10/11/19 RJ Riley Jacobs 1.0 Update and organize internal deal folder

27 10/11/19 RJ Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 56

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

27 10/14/19 AG Alex Gebert 0.5 Attendance on internal coordination call/weekly meeting

27 10/14/19 AS Alex Stevenson 0.5 Call with team re: case strategy

27 10/14/19 BM Brendan Murphy 0.5 Internal communications re: strategy

27 10/14/19 BM Brendan Murphy 0.4 Review and comments to updated task tracker 

27 10/14/19 PG Peter Gnatowski 0.5 Weekly team call re: outstanding tasks and case strategy

27 10/14/19 RJ Riley Jacobs 1.5 Updated internal calendars for key hearings

27 10/14/19 ZS Zack Stone 0.5 Participation in internal weekly meeting

27 10/15/19 RJ Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

27 10/16/19 BM Brendan Murphy 1.2 Internal coordination of open tasks

27 10/16/19 BW Brent Williams 1.2 Project administration: coordination of workstreams

27 10/18/19 AS Alex Stevenson 0.5 Correspondence with BW re: strategy

27 10/18/19 BW Brent Williams 0.5 Coordinate with AS on internal strategy

27 10/21/19 AG Alex Gebert 0.5 Attendance on internal coordination call/weekly meeting

27 10/21/19 AS Alex Stevenson 0.5 Discussion re: case strategy with Lincoln team

27 10/21/19 BM Brendan Murphy 0.5 Internal call re: task allocations

27 10/21/19 BW Brent Williams 0.5 Project administration re: internal coordination and strategy

27 10/21/19 EE Erik Ellingson 0.5 Participation in internal coordination call

27 10/21/19 PG Peter Gnatowski 0.5 Participated in weekly call re: outstanding tasks

27 10/21/19 RJ Riley Jacobs 1.2 Update internal calendars and summarize future proceedings

27 10/21/19 ZS Zack Stone 0.5 Participation in internal weekly meeting

27 10/22/19 AS Alex Stevenson 0.8 Communications with BW re: workstreams

27 10/22/19 BW Brent Williams 0.8 Project administration re: internal coordination

27 10/22/19 RJ Riley Jacobs 1.0 Update internal calendars and summarize future proceedings (hearings and internal meetings)

27 10/22/19 RJ Riley Jacobs 0.8 Update internal calendars and summarize future proceedings (status conference/TCC meeting)

27 10/25/19 BM Brendan Murphy 0.3 Reviewed latest task tracker

27 10/25/19 RJ Riley Jacobs 0.6 Update internal calendars and summarize future proceedings (internal meeting/TCC meeting)

27 10/28/19 AS Alex Stevenson 0.5 Discussion re: case strategy with Lincoln team

27 10/28/19 BM Brendan Murphy 0.5 Internal call re: task allocations

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 57

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

27 10/28/19 BW Brent Williams 0.5 Internal discussions re: team strategy

27 10/28/19 BW Brent Williams 0.6 Project administration re: internal coordination of workstreams

27 10/28/19 NM Naeem Muscatwalla 0.6 Participation in weekly coordination call

27 10/28/19 PG Peter Gnatowski 0.6 Participated in weekly team call re: case update and outstanding workstreams

27 10/28/19 ZS Zack Stone 0.5 Internal Discussions re: tasks overview

27 10/28/19 ZS Zack Stone 0.6 Participation in internal weekly meeting

27 10/29/19 RJ Riley Jacobs 0.8 Update internal calendars and summarize future proceedings

27 10/31/19 RJ Riley Jacobs 1.8 Update internal calendars and summarize future hearings / briefs (I.C., Post Petition Interest etc)

31 10/1/19 BM Brendan Murphy 0.6 Reviewed fee examiner responses

31 10/1/19 PG Peter Gnatowski 0.5 Drafted response to fee examiner re: April expenses

31 10/2/19 AG Alex Gebert 1.5 Prepare Lincoln First Interim Fee App

31 10/2/19 PG Peter Gnatowski 1.0 Edits to first interim fee application; internal coordination re: same

31 10/7/19 AG Alex Gebert 2.8 Prepare First Interim Fee Application

31 10/7/19 AG Alex Gebert 2.9 Draft descriptions of time categories for interim fee application

31 10/7/19 PG Peter Gnatowski 1.4 Reviewed and commented on first interim fee application draft

31 10/7/19 PG Peter Gnatowski 2.0 Edited subsequent version of first interim fee application draft 

31 10/7/19 PG Peter Gnatowski 1.2 Continued review of July time detail

31 10/7/19 PG Peter Gnatowski 1.2 Reviewed July expenses and receipts

31 10/7/19 RJ Riley Jacobs 2.4 Preparation of July fee application (professional fees)

31 10/7/19 RJ Riley Jacobs 1.3 Preparation of July fee application (expenses)

31 10/7/19 RJ Riley Jacobs 1.8 Preparation of July fee application (receipt reconciliation)

31 10/7/19 RJ Riley Jacobs 2.2 Internal communications and edits to July fee application

31 10/8/19 AG Alex Gebert 2.5 Prepare First Interim Fee Application

31 10/8/19 AG Alex Gebert 0.9 Prepare June CNO

31 10/8/19 PG Peter Gnatowski 1.0 Reviewed and commented on July fee application and motion

31 10/8/19 PG Peter Gnatowski 1.1 Reviewed supporting schedules for first interim fee applications; comments to junior team re: edits

31 10/8/19 PG Peter Gnatowski 0.3 Reviewed and commented on June CNO

31 10/8/19 RJ Riley Jacobs 1.8 Internal communications and updates to July fee application

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 58

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

31 10/8/19 RJ Riley Jacobs 3.4 Preparation of final July Fee application

31 10/8/19 RJ Riley Jacobs 2.7 Internal conversations and edits to final July fee application

31 10/10/19 PG Peter Gnatowski 0.7 Reviewed comments from senior banker re: July fee application

31 10/10/19 RJ Riley Jacobs 1.8 Additional edits to July fee application

31 10/10/19 RJ Riley Jacobs 0.7 Communications re: final preparation of July fee application

31 10/10/19 RJ Riley Jacobs 2.3 Final prep of July fee application

31 10/11/19 BM Brendan Murphy 2.1 Review and comments to July Fee Statement

31 10/11/19 PG Peter Gnatowski 1.5 Final edits to July fee applications

31 10/11/19 RJ Riley Jacobs 2.1 Additional updates to final preparation of July fee application

31 10/14/19 PG Peter Gnatowski 1.5 Reviewed and edits to first interim fee application

31 10/14/19 RJ Riley Jacobs 2.3 Internal communication and additional edits to final July fee app

31 10/14/19 RJ Riley Jacobs 0.6 Internal communications re: August expenses

31 10/15/19 RJ Riley Jacobs 1.9 Prepare July Fee Examiner / UST package

31 10/16/19 AG Alex Gebert 0.8 Prepare August Fee Application

31 10/16/19 PG Peter Gnatowski 1.0 Reviewed write-up of first interim fee application

31 10/16/19 PG Peter Gnatowski 0.5 Reviewed July fee package for fee examiner

31 10/16/19 RJ Riley Jacobs 1.6 Internal communications and additional updates / formatting of Fee Examiner / UST July Fee Package

31 10/16/19 RJ Riley Jacobs 2.5 Preparation of August fee app

31 10/17/19 AG Alex Gebert 3.0 Prepare August fee application

31 10/17/19 PG Peter Gnatowski 1.5 Reviewed August expense detail

31 10/17/19 PG Peter Gnatowski 1.6 Reviewed August fee detail

31 10/17/19 RJ Riley Jacobs 2.3 August Fee app preparation

31 10/18/19 AG Alex Gebert 1.5 Preparation of August fee app

31 10/18/19 PG Peter Gnatowski 2.0 Reviewed August fee application and time detail

31 10/18/19 RJ Riley Jacobs 3.4 Initial fee app preparation for August (professional fees)

31 10/18/19 ZS Zack Stone 2.8 Preparation of August Fee App re: expenses

31 10/20/19 RJ Riley Jacobs 2.0 Prepare August Fee App (Expenses)

31 10/21/19 PG Peter Gnatowski 1.8 Additional review of August time detail

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 59

of 60
Category Date Initials Name Hours Description of Task(s)

EXHIBIT D

TIME DETAIL

FOR THE PERIOD OCTOBER 1, 2019 TO OCTOBER 31, 2019

31 10/21/19 RJ Riley Jacobs 0.5 Internal communications re: August expenses for fee app

31 10/21/19 ZS Zack Stone 2.0 Preparation of August Fee App re: expenses

31 10/22/19 PG Peter Gnatowski 1.4 Internal correspondence re: interim fee application; reviewed draft motion

31 10/22/19 ZS Zack Stone 2.1 Preparation of August Fee App re: expenses

31 10/23/19 AG Alex Gebert 2.8 Revised interim quarterly fee application

31 10/23/19 BM Brendan Murphy 0.5 Internal discussion re: fee statements and quarterly application

31 10/23/19 ZS Zack Stone 0.5 Preparation of August Fee App re: expenses

31 10/24/19 BM Brendan Murphy 0.5 Review of updated Fee Examiner Protocol

31 10/24/19 PG Peter Gnatowski 1.6 Reviewed subsequent draft of first interim fee application

31 10/24/19 PG Peter Gnatowski 0.3 Reviewed updated fee examiner protocol

31 10/24/19 RJ Riley Jacobs 2.1 Prepare August fee app (professional fees)

31 10/24/19 RJ Riley Jacobs 2.3 May fee app receipt reconciliation

31 10/25/19 ZS Zack Stone 1.0 Edits to August Fee App re: new motion

31 10/28/19 AG Alex Gebert 2.6 Further preparation of first interim fee application

31 10/28/19 BM Brendan Murphy 3.8 Review and comments to draft interim fee application (March to May)

31 10/28/19 PG Peter Gnatowski 1.0 Reviewed and reconciled May and June fee examiner follow up requests

31 10/28/19 PG Peter Gnatowski 2.0 Continued review and revisions to first interim fee application

31 10/28/19 PG Peter Gnatowski 2.0 Review of September time detail

31 10/28/19 RJ Riley Jacobs 2.2 Receipt reconciliation (supplemental) re: June fee application

31 10/28/19 RJ Riley Jacobs 0.9 Reviewed September time detail

31 10/29/19 AG Alex Gebert 1.5 Further preparation of first interim fee application

31 10/29/19 BM Brendan Murphy 2.6 Review and comments to draft interim fee application (March to May)

31 10/29/19 PG Peter Gnatowski 2.0 Reviewed September time detail

31 10/29/19 PG Peter Gnatowski 1.6 Reviewed and commented on updated interim fee application for comments from senior banker

31 10/30/19 RJ Riley Jacobs 2.4 Reviewed September time detail (professional entries)

Case: 19-30088 Doc# 5110-4 Filed: 12/13/19 Entered: 12/13/19 16:49:23 Page 60

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